Daily Markets - Financial News & Opinions

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• Goldman’s Earnings Call Overshadowed By Obama’s Glass-Steagall Revival
• Swiss Franc: Continuation Of The Rebound
• Australian Dollar: The Bias Remains Bullish
• Swiss Franc: Continuation Of The Rebound
• Japanese Yen: The Upside Prevails
• British Pound: The Upside Prevails
• Euro: Bounce
• FCC Abolishes Terrestrial Loophole
• Cubist Misses Estimate
• Forex Trading: USDCAD Finds Sellers Against The 100 Day MA
• Capital One Revenue Surpasses
• Stock Market News Briefs: Air Products And Chemicals, Inc., BB&T Corporation, Deutsche Bank AG, General Electric Company, Johnson Controls, Inc., McDonald’s Corporation, Schlumberger N.V., SunTrust Banks, Inc., Google Inc.
• Forex Trading: GBPUSD Falls Below 1.6109. Pressure Remains.
• Con Edison Falls Behind Consensus
• Google Beats, Shares Down
• Forex Trading: EURUSD Consolidates With 1.4117 Being A Key Level Today.
• AmEx Beats On Lower Credit Losses
• Obama And The Banker Quick Shuffle
• Forex Trading: GBPUSD Falls In Early NY Trade After Corrective Move Earlier. Yesterdays Low Tested
• Mutual Funds: Top Growth Equity Funds
• Mutual Funds: Top Van Kampen Funds
• Stock Buy: Genesco Inc.
• Bear Of The Day: GlaxoSmithKline (GSK)
• Stock Buy: Cymer Inc.
• Stock Buy: Alberto Culver Co.
• Bull Of The Day: Arrow Electronics (ARW)
• Faltering Earnings Momentum At Comcast

Goldman’s Earnings Call Overshadowed By Obama’s Glass-Steagall Revival Posted: 22 Jan 2010 07:45 AM PST Goldman Sachs Group Inc. (GS) yesterday (Thursday) reported blowout fourth-quarter earnings after dramatically reducing compensation. However, that earnings call was overshadowed by U.S. President Barack Obama’s announcement that he will effectively restore some provisions of the Depression-era Glass-Steagall Act. Obama’s plan would prohibit banks from running proprietary trading operations solely for their own profit and sponsoring hedge funds and private equity funds. It also proposes … [visit site to read more]

Swiss Franc: Continuation Of The Rebound Posted: 22 Jan 2010 07:18 AM PST Update on supports and resistances. … [visit site to read more]

Australian Dollar: The Bias Remains Bullish Posted: 22 Jan 2010 07:18 AM PST Update on supports and resistances. … [visit site to read more]

Swiss Franc: Continuation Of The Rebound Posted: 22 Jan 2010 07:18 AM PST Update on supports and resistances. … [visit site to read more]

Japanese Yen: The Upside Prevails Posted: 22 Jan 2010 07:17 AM PST Update on supports and resistances. … [visit site to read more]

British Pound: The Upside Prevails Posted: 22 Jan 2010 07:17 AM PST Update on supports and resistances. … [visit site to read more]

Euro: Bounce Posted: 22 Jan 2010 07:17 AM PST Update on supports and resistances. … [visit site to read more]

FCC Abolishes Terrestrial Loophole Posted: 22 Jan 2010 07:00 AM PST In a major move, the US telecom regulator Federal Communications Commission ("FCC”) recently voted for the elimination of the so-called "Terrestrial Loophole” regulation that so far allowed cable operators to block competitors' access to some popular video programming. The FCC voted 4-to-1 for abolishing the rule under the regulator's Cable Act of 1992. The opposing vote came from a Republican member of the FCC.  The laissez-faire Terrestrial Loophole regulation enabled cable … [visit site to read more]

Cubist Misses Estimate Posted: 22 Jan 2010 06:45 AM PST Cubist Pharmaceuticals (CBST) reported earnings per share (EPS) of 38 cents for the fourth quarter of 2009, missing the Zacks Consensus Estimate by 3 cents and down from $1.43 reported in the year-ago period. Last year's results were inflated by a tax benefit of $100 million. However, excluding non-recurring expenses and income, EPS for the fourth quarter was 68 cents, a marginal decline compared to 71 cents reported in the year-ago period. For the full year, Cubist reported EPS of $2.29, … [visit site to read more]

Forex Trading: USDCAD Finds Sellers Against The 100 Day MA Posted: 22 Jan 2010 06:33 AM PST The USDCAD moved up to test the key 100 day MA level at the 1.0575 (I mistakeningly said the level was 1.0580 in an earlier post - CLICK HERE ).  Sellers emerged at the level (high reached 1.0570) and has come off a bit. However, the market will now see what that correction brings. Below there is a triple top against the 1.0522 level and I would expect that intraday traders would look to test the resolve the conviction of the market by buying against the level, with stops … [visit site to read more]

Capital One Revenue Surpasses Posted: 22 Jan 2010 06:30 AM PST Capital One Financial Corp.'s (COF) fourth quarter net income from continuing operations of 90 cents per share was substantially better than the Zacks Consensus Estimate of 45 cents. This also compares favorably to a net loss of $3.67 per share in the year-ago period.  Results for the quarter benefited over the prior-year quarter primarily from increased revenues. Also, resilience and strong profitability of the domestic credit card and auto finance businesses acted as positive … [visit site to read more]

Stock Market News Briefs: Air Products And Chemicals, Inc., BB&T Corporation, Deutsche Bank AG, General Electric Company, Johnson Controls, Inc., McDonald’s Corporation, Schlumberger N.V., SunTrust Banks, Inc., Google Inc. Posted: 22 Jan 2010 06:27 AM PST  Air Products (APD) reported fiscal first quarter earnings of $1.16, two cents higher than anticipated, on inline revenues of $2.2 billion, off 1% from a year ago  BB&T (BBT) posted fourth quarter results of 27 cents, 6 cents better than expected  GE (GE) beat estimates by 2 cents, reporting earnings of 28 cents versus 36 cents last year on revenues of $41.4 billion. “GE’s environment has improved and we saw some encouraging signs at year-end…Capital Finance is … [visit site to read more]

Forex Trading: GBPUSD Falls Below 1.6109. Pressure Remains. Posted: 22 Jan 2010 06:22 AM PST The GBPUSD after testing the 1.6109 level and bouncing slightly but is now broken the key level (see chart above).  The move below the 200 day MA is of significance today and seems to have the market looking for further downside pressure for the pair.   The prior low for the week did come in at the 1.6124 level and will be eyed as a level today for the market to stay below.   If this level is able to hold, the bias to the downside should … [visit site to read more]

Con Edison Falls Behind Consensus Posted: 22 Jan 2010 06:15 AM PST Consolidated Edison Inc. (ED) announced its fourth quarter results of fiscal 2009 with earnings per share (EPS) of 67 cents, which fell short of both the Zacks Consensus EPS Estimate of 77 cents and the year-ago EPS of 72 cents. EPS was affected by the dilutive effect of a higher weighted average number of common shares outstanding of 278.2 million compared to 274.2 million shares in the prior-year quarter.  However, Consolidated Edison surpassed its year-ago quarterly GAAP EPS of 58 … [visit site to read more]

Google Beats, Shares Down Posted: 22 Jan 2010 06:02 AM PST   Google Inc. (GOOG) reported another strong quarter, with earnings beating the Zacks consensus by 44 cents and revenue beating by around 37%.  Shares were on an uptrend during the day, but fell off slightly after hours.   Revenue   Gross revenue of $6.67 billion was up 12.3% sequentially and 17.1% year over year. Management stated that strength was broad-based, with search, display, apps and mobile registering growth. Seasonal strength, economic recovery across many … [visit site to read more]

Forex Trading: EURUSD Consolidates With 1.4117 Being A Key Level Today. Posted: 22 Jan 2010 06:01 AM PST The EURUSD has found the comfort zone at the 1.4117 level .  The price has been a floor and a ceiling over the last few days, and is also near the 38.2% retracement of the move up from yesterdays low which comes in at the 1.4113. The 200 bar MA on the 5 minute chart comes in at the 1.4122 currently.  The 100 bar MA on the same chart (blue line in chart above) comes in at 1.4136 currently.  The 1.4136 level will be used as topside resistance this morning. If the … [visit site to read more]

AmEx Beats On Lower Credit Losses Posted: 22 Jan 2010 06:00 AM PST American Express Company's (AXP) fourth quarter earnings from continuing operations of 59 cents per share were ahead of the Zacks Consensus Estimate of 56 cents. This also compares favorably to an earnings from continuing operations of 26 cents in the prior-year quarter.  Including income from discontinued operations, GAAP net income came in at $716 million or 60 cents per share, compared to $240 million or 21 cents in the year ago.  AmEx’s earnings improved from the prior year … [visit site to read more]

Obama And The Banker Quick Shuffle Posted: 22 Jan 2010 05:01 AM PST Let’s start with the basics. Politicians spend other peoples’ money freely. When it comes to looking after themselves we have the expenses scandal. Bankers’ are equally wreckless with clients money, investing in risky assets and trying to make big profits but not worried about losing too much. However, with their own money, i.e. bonus’s recent days have shown that no matter how bad the effect, the money will be paid to the bankers. Morgan Stanley allocated 62% of its income to staff … [visit site to read more]

Forex Trading: GBPUSD Falls In Early NY Trade After Corrective Move Earlier. Yesterdays Low Tested Posted: 22 Jan 2010 04:38 AM PST The GBPUSD corrected to the 200 and 100 hour moving average area.  The price is down testing the low from yesterday at 1.6124.  Additional support comes in at the 1.6109. I would expect some buyers against these levels.  but don't ignore a break as the price is now back below the 200 day MA.  The 200 day MA comes in at the   1.6169 level today and will be an upside resistance level to start the NY trading day.  Yesterday the price moved below this key … [visit site to read more]

Mutual Funds: Top Growth Equity Funds Posted: 21 Jan 2010 10:51 PM PST Today we are featuring top-performing "Growth” equity mutual funds, which primarily invest in equity securities, focusing on long-term growth. Investors can find such growth funds by checking out the entire list of the Zacks #1 Rank Growth Equity Funds. 5 Burgeoning Picks Vanguard Capital Opportunity (VHCOX) was incepted in August 1995. This growth fund seeks long-term capital appreciation. Companies with mid to small market capitalizations that show significant potential for … [visit site to read more]

Mutual Funds: Top Van Kampen Funds Posted: 21 Jan 2010 10:22 PM PST In our Best of Funds Family series, we are focusing today on funds from Van Kampen Investments, one of the oldest and largest investment management companies in the US, which manages approximately $85 billion in assets. We are spotlighting five funds here: two fixed-income funds (Corporate & National Municipal), two sectoral equity funds (Utility and Non US) and one growth equity Fund. Van Kampen Corporate Bond A (ACCBX) seeks both current income and capital appreciation. It was incepted in … [visit site to read more]

Stock Buy: Genesco Inc. Posted: 21 Jan 2010 09:00 PM PST Genesco Inc. (GCO) is trading at a great value but also has earnings momentum on analyst upgrades and a bullish outlook. Company Description Genesco sells footwear, headwear and other accessories in the U.S. and Canada. Products are branded under Journeys, Lids, Underground Station and others. Tops Estimates Genesco reported third-quarter results for fiscal 2010 on Nov 24 that included $390 million in sales. The number was even with the same period last year, but is a victory given the … [visit site to read more]

Bear Of The Day: GlaxoSmithKline (GSK) Posted: 21 Jan 2010 09:00 PM PST GlaxoSmithKline (GSK) reported third quarter income of $0.92 per American Depository Share (ADS), 3 cents below the Zacks Consensus Estimate. The company reported earnings of $0.94 in the year-ago period. Third quarter revenue increased 3%. While the company’s diversified base and presence in different geographical areas should help support revenues, we remain concerned about future growth prospects given the patent challenges being faced by several of Glaxo’s products. With several products … [visit site to read more]

Stock Buy: Cymer Inc. Posted: 21 Jan 2010 09:00 PM PST Cymer, Inc. (CYMI) has seen demand pick up for its light sources as the semiconductor industry ramps up production. CYMI has surprised on estimates 2 out of the last 4 quarters by an average of 45.64%. Cymer is trading at 14.8x forward earnings. Company Description Cymer manufactures excimer light sources that are used by chipmakers to pattern advanced semiconductor chips. The company’s installed base comprises 3,300 systems. Cymer Readies Fourth Quarter Results Cymer is scheduled to report … [visit site to read more]

Stock Buy: Alberto Culver Co. Posted: 21 Jan 2010 09:00 PM PST Alberto Culver Co. (ACV) continues to pressure its 52-week high just above $29 on rising estimates and a bullish next-year estimate of 14%. Company Description Alberto-Culver Co and its subsidiaries specialize in developing consumer and household products that it sells both domestically and internationally. The company’s product portfolio ranges from moisturizing lotions to cleaning products. Alberto Culver had paid a dividend since 1967 and has a market cap of $2.85 billion. Third-Quarter … [visit site to read more]

Bull Of The Day: Arrow Electronics (ARW) Posted: 21 Jan 2010 09:00 PM PST Arrow Electronics, Inc. (ARW) recently upgraded its outlook for the fourth quarter of 2009. The company now expects revenues to come between $3.8 billion and $4.2 billion in the December quarter, up from the previous guidance of $3.65 billion to $4.25 billion. Management stated that the upgrade in guidance was driven by stronger than expected growth in the components business. However, sales in the last few weeks of December will determine sales of the computing solutions business. Earnings … [visit site to read more]

Faltering Earnings Momentum At Comcast Posted: 21 Jan 2010 04:04 PM PST Comcast’s (CMCSA) earnings outlook appears far less robust than in the recent past. The cable giant is scheduled to report fourth-quarter 2009 results on February 3. The current Zacks Consensus Estimate for the quarter is 27 cents, which has seen no revisions in the last three months. Stability comes to mind when we look back at the company’s results in the last quarter of 2008, when it earned the same amount (27 cents). We do not see any surprises this quarter, with earnings expected to be … [visit site to read more]

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