Submitted By Optiondragon
The Verve - Bitter Sweet Symphony
From briefing.com
Periodicals Wrap-Up for Tuesday, May 13th
WALL STREET JOURNAL: Lockheed Martin Corp. (LMT) is expected to beat out Boeing (BA) for an approximate $1.8B contract to from the U.S. Air Force to build a new generation of navigation satellites, the Wall Street Journal reported…According to the Wall Street Journal, former American International Group (AIG) CEO Maurice R. “Hank” Greenberg is pressing the troubled insurer to turn the company around. He says that he and other major shareholders have “deep concern about the persistent and seemingly endless destruction of value at AIG.”…FINANCIAL TIMES: Hybrid Capital Second, a Morgan Stanley (MS) investment vehicle, increased its stake in internet start-up Livedoor to 18.15% from 12.76% in March, the Financial Times reported, superseding the company’s founder, Takafumi Horie… TELEGRAPH: After it incurred $3.2B of bad debts in the first three months of the year, the Telegraph reported that Knight Vinke, an HSBC (HBC) shareholder, has renewed calls for the bank to shed its U.S. consumer finance business…
20% wind energy by 2030-Pacific Business News
The U.S. Department of Energy issued a report saying that wind power could generate 20% of U.S. electricity needs by 2030. Although it could dramatically reduce greenhouse gases and enhance our energy security, significant challenges will need to be overcome. Improved turbine technology, significant changes in transmission systems, and larger expanded markets to buy the power are needed in order to meet the goals that the department has set forth.
Nymex members may kill Chicago Mercantile takeover deal-NY Post
New York Mercantile Exchange (NMX) members are going to attempt to torpedo the exchange’s acquisition by CME Group’s (CME) Chicago Mercantile Exchange, unless Chicago Mercantile raises its offer by a significant amount, according to The Post.
Canadian Solar-CSIQ reports Q1 EPS 65c ex items vs. consensus of 31c
Reports Q1 revenue $171.2M vs. consensus of $151.88M. The company remains on track to achieve prior guidance of shipping 200 -220MW of regular solar modules in 2008.
CSIQ sees Q2 revenue $185M-$190M vs. consensus of $167.62M
Shipments for Q208 are expected to be approximately 45MW, including some tolling business.
Actionable.
LDK: Reiterate Strong Buy following Q1 EPS upside@NEED
Needham notes that Q1 EPS beat consensus by 6c and that construction of the two polysilicon plants are on track. They find the stock undervalued at current levels and maintain a $95 target.
Fed Chairman Bernanke in a speech in Washington said the financial markets are still far from normal but that he sees better conditions in them. The Chairman also said the Fed is ready to raise the size of the TAF auctions if needed. The markets also got a boost from better than expected earnings from Wal-Mart (WMT), and the announcement that Hewlett-Packard (HPQ) offered to buy EDS Corp. (EDS) for $25 a share in a deal valued at $13.9B.
RIMM: Street estimates too aggressive, look to buy lower@PACS
PacCrest says the analyst meeting highlighted RIMM’s strength of execution and long-term opportunities, but they contend street assumptions are too aggressive and point out management has indicted faster ARPU erosion and lower margins than they modeled. PacCrest believes the Blackberry Bold launch is likely targeted for August. They maintain an Outperform rating.
Louis Navellier’s Quantum Growth Update
Louis Navellier’s Quantum Growth Update is positive on BAP, GTI, NXY, and PBT; cautious on BBD, ITU, and OMG.
RIMM target raised to $160 from $150@OPCO
After RIMM had an upbeat analyst day, Oppenheimer reports that their recent checks show strong demand for the Curve, Pearl, and 8800 series. The firm does not think that the company will be significantly hurt by Apple’s (AAPL) 3G iPhone, and they maintained their Outperform rating on RIMM.
RIMM target raised to $165 from $140@SBSH
Citigroup raised RIMM’s target and estimates after checks indicated Curve shipments into Sprint (S) and Verizon (VZ) have begun and to reflect their belief that the new Bold product will begin shipping internationally this summer. They expect Bold will be a key international growth driver. Shares remain Buy rated.
FLR reports Q1 EPS $1.50 vs. consensus of $1.27
Reports Q1 revenue $4.80B vs. consensus $4.64B.
FLR expects FY08 EPS $6.25-$6.55 vs. consensus $5.63
FLR Q1 results impressive, but maintain Hold on valuation@GABE
Gabelli maintains a Hold rating on the stock following the company’s Q1 results.
FLR upgraded to Buy from Hold@LAZA
Lazard upgraded FLR following the Q1 beat and raised guidance.
FLR announces 2-for-1 stock split- May 7
Fluor Corporation’s board of directors has approved a two-for-one stock split. The stock split will be effected in the form of a stock dividend of one additional share of the company’s common stock for each share held by shareholders of record at the close of business on June 16, 2008. The additional shares will be distributed on July 16, 2008. As of April 30, 2008 there were 88,702,644 shares of common stock outstanding.
BYI: Maintain Buy following solid Q3 results@DBAB
Deutsche Bank believes the company continues to take market share and maintains a Buy rating with the company heading into a massive dual product cycle.
UA: New footwear line may not be meeting expectations@THNK
After channel checks, ThinkPanmure believes UA’s new footwear line launch may not be living up to investors’ expectations. They believe sales have been good in the first week, but not exciting. Shares remain Source of Funds rated.
ATW target raised to $130 from $103, maintain Buy@BOFA
Banc of America raised their estimates after the company reported results that exceeded their expectations and believes 2008/2009 availability provides upside.
FOSL reports Q1 EPS 43c vs. consensus of 40c
Reports Q1 revenue $356.2M vs. consensus of $348.24M.
FOSL sees FY08 EPS $2.26-$2.22 vs. consensus of $2.15
For the full fiscal year 2008 they currently estimate net sales growth in the mid-teens.
WMT reports Q1 EPS 76c vs. consensus of 75c
Reports Q1 revenue $95.3B vs. consensus of $92.44B.
WMT sees Q2 EPS 78c-81c vs. consensus of 81c
Asian Markets Wrap-Up for Tuesday, May 13—Earthquake economic ramifications
Stocks rose in most Asian countries, with the automobile and technology sectors driving the surge. JAPAN: Stocks climbed, fueled by favorable forecasts from Nikon (NINOY) and Fujitsu (FJTSY). The Nikkei 225 Stock Average added 1.53% to 13,953.73. Nikon jumped 13%, after the camera maker announced that its annual profit would increase this year. Tamron, a developer of camera lenses, advanced 6.3%. Fujitsu said its profit will more than double this year, and its stock climbed 13%. Isuzu (ISUZY) advanced 6.2%, after the company said demand from developing countries would help raise its earnings in 2008. CHINA: Stocks fell in the wake of the devastating earthquake that hit central China. The CSI 300 Index dropped 1.36% to 3,851.69. PetroChina (PTR) slid 2.6%, after the government forced the company to close its wells in the region hit by the earthquake. China Life Insurance (LFC) slumped 4.7% on fears that the company would be hit by more claims arising from the earthquake. On the other hand, Shanghai No. 1 Pharmacy Co. climbed 10%, as investors bet that the company would benefit from increased spending on medical supplies in the wake of the earthquake. AROUND ASIA: South Korea’s KRX 100 Index added 1.40%, while Taiwan’s Taiex rose 1.81% and Hong Kong’s Hang Seng Index increased 1.95%…Australia said it would lower the tax paid by overseas investors on dividends from managed funds to 22.5% from 30% on July 1, with the rate dropping to 15% in July 2009 and 7.5% in July 2010.
GNK target raised to $100 from $93, reiterate Buy@JEFF
Jefferies raised their target on the company’s accretive three vessel acquisition and finds the stock attractively valued.
MHP added to Conviction Buy List; maintain Buy@GSCO
PCP: Are buyers on any weakness from A380 delay@AMTR
Am Tech believes the delay is relatively minor compared to its previous schedule changes, but believes it will impact aerospace suppliers from a headline risk perspective. They are buyers of PCP, especially on weakness.
RIMM: Target to $148 from $145, reiterate Buy@GSCO
Goldman said it has increased confidence in the BlackBerry ecosystem and the company’s ability to gain share in the smartphone market.
Fast Money position update- Jeff likes WMT, Guy likes CSCO, Tim likes TKC, Pete likes AMAT. Macke Owns (MSFT), (INTC), (ATVI); Najarian Owns (AAPL), (BKC), (ENER), (TSO), (XLF), (PDE), (DIS); Najarian Owns (AA) Calls, (C) Calls, (MSFT) Calls, (YHOO) Calls; Adami Owns (AGU), (BTU), (NUE), (C), (GS), (MSFT), (INTC); Seymour Owns (CSCO), (INTC), (MBI), (MER), (TSO); Seygem Asset Management Owns (VIP).
Watching the solars, shippers, 4 Horsemen (GOOG, AMZN, AAPL, RIMM), BIDU, FLR, ENER, XLF and brokers to the reaction to Ben’s speech. Keep nimble and pick plays with a high probability of success. Look for great setups and run technicals through supply and demand (support and resistance levels). Great luck and great trading.
