Escolar Documentos
Profissional Documentos
Cultura Documentos
10 September 2010
U.S.
Free Edition
Stock recommendations and price targets from top The DJIA closed up 47.42 points, or 0.46 percent, at
brokerage firms 10,462.77. The S&P 500 gained 5.37 points, or 0.49
percent, at 1,109.55.
Important Events Scheduled on 13 September
In afternoon trading, the dollar rose 0.4 percent to 84.16
Economic Events yen.
* CLOSING VALUES
Genzyme begins round of layoffs - Reports
New rest rules for airline pilots under proposal Copper ( Dec) 341.3 -3.05
Wheat (Dec) 738.5 1.75
Bernstein
ConAgra Foods Cuts price target to $25 from $28 Market-perform
Hershey Cuts price target to $49 from $52 Market-perform
HJ Heinz Raises price target to $52 from $49 Market-perform
JM Smucker Raises price target to $68 from $66 Market-perform
Kraft Foods Raises price target to $38 from $37 Outperform
McCormick Raises price target to $45 from $44 Market-perform
Sara Lee Raises price target to $14 from $13 Market-perform
KeyBanc
D.R Horton Starts with hold ratings Hold
Lennar Starts with buy ratings Buy
Masco Starts with hold ratings Hold
Pulte Group Starts with hold ratings Hold
Stanley Black & Decker Starts with buy ratings Buy
Caris
Amazon.com Raises price target to $140 from $125 Average
Becton Dickinson Starts with average ratings Average
C.R Bard Starts with average ratings Average
National Semiconductor Cuts price target to $13 from $14 Average
RBC
Bank of America Cuts price target to $16 from $19 Outperform
Cisco Systems Cuts rating to $26 from $28 Outperform
National Semiconductor Cuts price target to $13 from $15 Sector perform
Nokia Raises price target to $14 Outperform
UBS
Citrix Systems Raises price target to $67 from $52 Neutral
Intuit Cuts to neutral from buy on valuation Neutral
Red Hat Raises price target to $44 from $35 Buy
Salesforce.com Raises price target to $135 from $115 Buy
Jefferies
Computer Sciences Raises price target to $53 from $47 Buy
National Semiconductor Cuts price target to $10 from $12 Underperform
Texas Instruments Cuts target to $29 from $37 Buy
Citigroup
El Paso Cuts price target to $12.3 from $13
EQT Cuts price target to $41.5 from $46.5
Williams Companies Cuts price target to $30 from $31
KBW
Comerica Raises to outperform from market perform Outperform
Zions Bancorp Cuts price target by $2 to $23 Market-perform
Wells Fargo
C.R. Bard Downgrades to market perform Market-perform
Piper Jaffray
Moody's Raises price target to $31 from $29 Overweight
Miller Tabak
National Semiconductor Raises to buy from neutral Buy
S&P Equity
National Semiconductor Cuts target price by $5 to $16 Hold
Wunderlich
Northeast Utilities Downgrades to hold from buy Hold
Credit Suisse
Omnicom Group Raises price target to $43 from $40 Outperform
Stifel
Texas Instruments Cuts price target to $29 from $32 Buy
Wedbush
Intuit Removes from best ideas list; keeps outperform rating Outperform
Disclaimer: The views and investment tips expressed by investment experts are their own, and not that of IBTimes or its management. We advise users to check with
certified experts before taking any investment decisions.
THE ECONOMIC MONITOR - U.S.
BP Plc said it would delay the release of its third quarter results by a week "We will not reach peak levels of production, past peak levels of production, for
because of added complexities in its accounts due to costs associated with the several years even on a reasonably optimistic trajectory...assuming the economy
Gulf of Mexico oil spill. A spokesman denied it was related to the discovery of grew by 3 percent a year," he said.
any new liabilities.
Casey's General Stores Inc revealed that it was in buyout talks with convenience
store operator 7-Eleven. 7-Eleven had offered the company $40 per share in SEC probing certain investment advisory firms: WSJ
cash earlier this month. The $2.03 billion offer topped a $38.50-a-share offered
by Canada's largest convenience store chain; Alimentation Couche-Tard Inc. The Wall Street Journal reported that the U.S. securities regulator is
Casey's said its board "firmly believes that Casey's value substantially exceeds investigating investment advisory firms that channel investors' money into
$40 per share" but has authorized discussions with 7-Eleven. hedge funds. The SEC's inquiry has identified about a dozen firms for
questioning but the list could eventually
increase, the newspaper reported. The
Foster's wine may get more buyout interest-Sources newspaper said the move would be one of
SEC's broadest examinations ever of funds of
Sources familiar with the recent proceeding of Foster’s wine business told hedge funds and advisers specializing in hedge
Reuters that two of the world's biggest private equity firms, Kohlberg Kravis funds. The SEC's initial inquiry has involved firms
Roberts & Co and TPG, are potentially interested in Foster, but they are not overseeing $100 million to $15 billion in assets.
currently working on rival bids. Other private equity firms are also potentially According to the funds, they collect fees from
interested in the wine unit, including KKR and TPG, industry sources familiar with various investors and hand over the money to
the situation said. multiple hedge fund managers. The advisers
collect fees of 1 percent to 2 percent, or as much as $2 million for every $100
million invested. Clients pay additional fees to the underlying hedge funds, the
IBM to invest in data centers newspaper said.
IBM said while opening a new centre in Wroclaw, southwestern Poland that it
was to invest $1 billion to build and expand data centers around the world as New rest rules for airline pilots under proposal
part of a wider effort to boost revenue from emerging markets. The company
did not provide a timeframe for the investment target. "This $1 billion plus multi- Under a U.S. government proposal now airlines would be required to give pilots
year campaign is twofold -- improve the design and technology used in client longer rest periods and scale back duty time.
data centers and expand geographic reach," IBM said.
The Federal Aviation Administration (FAA) changes could force airlines to hire
more pilots, change flight schedules, and revamp negotiated union work rules.
Lululemon posts higher profit The FAA regulation also would apply to operations at U.S. regional carriers, such
as Delta's Comair affiliate and Pinnacle Airlines Inc's Colgan Air.
Lululemon Athletica Inc raised its full-year financial forecasts as the firm raised
net revenue of $645 million to $650 million and earnings per share of $1.18- Airlines have warned that if the regulations, which were widely expected, are too
$1.22 for its fiscal year. Lululemon earned $21.8 million in its second quarter, up onerous, carriers could wind up reducing capacity to keep costs in line.
from $9.2 million a year ago. The company's net revenue rose 56 percent to
$152.2 million.
THE ECONOMIC MONITOR - U.S.
K12 is expected to post a loss of 8 cents per share for the fourth quarter, down
Economic Events from the loss 2 cents for the same period a year ago. The technology-based
education company posted better-than-expected results in the recent third
ATLANTA - Federal Reserve Bank of Atlanta President Dennis Lockhart quarter helped by strong enrollment growth, and raised its full-year net income
moderates a question-and-answer session for Sir Nigel Sheinwald, British outlook. For the third quarter ended March 31, net income was $6.1 million, or
ambassador to the United States - 1630 GMT 20 cents a share, compared with $3.5 million, or 12 cents a share, a year ago.
Revenue rose 25 percent to $96.6 million while total enrollments grew 21
Most developed nations have implemented percent to 67,560.
stimulus plans to drive economic recovery. By
contrast, British Prime Minister David Cameron's Analysts expect Peerless Manufacturing to report a profit of 9 cents per share,
new coalition government has adopted an austerity down from 20 cents a year earlier for the fourth quarter.
program to tackle the United Kingdom's £155
billion ($241 billion) budget deficit for the current
fiscal year. CORPORATE RESULTS
Sir Nigel Sheinwald, British Ambassador to the DATE - 13/September2010
United States, and Dennis P. Lockhart, president and CEO of the Federal Reserve
Bank of Atlanta, will discuss the U.K.'s economic recovery strategy as well as its COMPANY NAME EVENT
relations with the United States at an upcoming luncheon sponsored by the
Frequency Electronics Q1 2011
World Affairs Council of Atlanta and the British American Business Group-Atlanta.
H.B. Fuller Q3 2010
WASHINGTON - USDA releases weekly U.S. export inspections for grains,
W.W. Grainger August Sales Release
oilseeds, 1100/1500
Matrix Service Q4 2010
WASHINGTON - Treasury Department announces weekly sale of 4-week bills,
National Technical Systems Q2 2011
1100/1500
TRC Companies Q4 2010
Freddie Mac said today it plans to sell $4 billion of reference bills on Monday,
Lannett Q4 2010
September 13. The bills will be sold over the Internet in a Dutch auction. In such
uniform price auctions, successful bidders pay only the price of the lowest Globecomm Systems Q4 2010
accepted bid rather than the actual price as in a conventional multiple-price
K12 Q4 2010
auction.
Evolution Petroleum Q4 2010
WASHINGTON - Treasury Department weekly sale of 3-, 6-month bills,
1130/1530
MARKET PERFORMANCE
The scheduled offerings include $2 billion of three-month bills due December 13,
2010 and $2 billion of six-month bills due March 14, 2011.
DJIA
WASHINGTON - USDA issues weekly Crop Progress, 1600/2000
Last week's crop progress report by the USDA, saw corn crop condition down
one percent over the past week though remaining close to the historical average.
The USDA estimated 69% of the corn crop is in good or excellent condition,
while 11% is in poor or very poor condition. During this week in 2009, 69% of the
crop was in good or excellent condition and 9% was in poor or very poor
condition. The soybean crop condition remained unchanged from the past week.
Corn prices increased 7.2% over the past week ending at $4.51 per bushel,
soybeans were up 2.1% to $10.43 per bushel, and wheat ended the week up
6.0%, closing at $7.02 per bushel. Year-over-year corn prices are up 49.1%,
soybeans are up 7.7%, and wheat is up 62.8%.
Corporate Events
No S&P 500 companies reporting results on September 13, 2010
MARKET BRIEFING
U.S. stocks posted gains for a second week in a row since June, with upbeat reports from Japan and China helped lifting the hopes about the global
economy. The Dow and S&P 500 closed the week with their seventh gain in eight sessions today in a turnaround period for stocks that has seen
investors' worst fears about the economy start to dissipate. The Dow Jones Industrial Average closed up 47.42 points, or 0.46 percent, at 10,462.77. The
S&P 500 gained 5.37 points, or 0.49 percent, at 1,109.55. The Nasdaq Composite was up 6.28 points, or 0.28 percent, at 2,242.48. For the week, the
Dow rose 0.1 percent and the S&P rose 0.5 percent. The Nasdaq was up 0.4 percent on the week.
The U.S. dollar rose against the yen and commodity bloc currencies gained as strong Chinese trade data bolstered optimism about the global economy.
China's imports leaped in August, boding well for a strengthening of domestic demand in an economy that has become a major driver of global growth.
In afternoon trading, the dollar rose 0.4 percent to 84.16 yen, after rising to a session high of 84.38 yen. The dollar rose 0.4 percent to 1.0221 Swiss francs,
while the euro was up 0.6 percent at 1.2955 francs, having earlier hitting the day's high of 1.3074 francs. The euro rose 0.2 percent to $1.2730 near the
day's high of $1.2747. It gained 0.6 percent to 107.00 yen.
U.S. Treasuries fell for the third consecutive day and logged their worst week since March as heavy government and corporate supply weighed on a
market many still see as over-priced. That raises the stakes for the bond market in next week's flurry of reports, including August retail sales on Tuesday.
In late New York trade, 10-year notes were down 10/32 in price, yielding 2.80 percent versus Thursday's close of 2.76 percent. During the sell-off, 10-year
yields briefly touched 2.82 percent, their highest in a month. The 30-year long bond was down 13/32 in price, yielding 3.87 percent versus Thursday's
close of 3.85 percent. Long bonds were suffering their third week of price declines, the first losing streak of this duration since February.
U.S. crude oil futures ended higher, closing out the week up 2.5 percent, as a shutdown of a major Enbridge pipeline to the Midwest spawned supply
uncertainty for the region's refineries. Traders also covered short positions as they mounted another storm watch, this time on Tropical Storm Igor,
though it was still out in the far eastern Atlantic and posed no immediate threat to land or energy interests in the Gulf of Mexico. On the New York
Mercantile Exchange, crude for October delivery settled up $2.20, or 2.96 percent, at $76.45 a barrel. It earlier rose to a session high of $76.59, the
highest since Aug. 17's intraday peak of $76.63. In the early going, it traded as low as $74.37. For the week, the contract rose $1.85, or 2.5 percent,
gaining after a small loss in the week to Sept. 3. In early trading, strong August import data from China, a major driver of global growth, also helped
push up crude futures prices.
Gold held steady below $1,250 as a lack of fresh investment demand balanced against investors' lingering worries about the global economy. Spot gold
was at $1,249.80 an ounce by 1514 GMT, less than $20 away from an all-time high above $1,264 an ounce struck in June, versus Thursday's $1,248.27 an
ounce. It fell to a session low of $1,236.55 an ounce. Bullion earlier this week touched its highest in two months above $1,262 an ounce on renewed
worries about the European banking sector but it gave up some gains after upbeat economic data on Thursday soothed some investor fears. U.S. gold
futures for December delivery were down $1.4 at $1,249.5 an ounce. The all-time high on the December futures chart sits at $1,270.60 per ounce.
Forecast: -$106 billion Prior: -103.6 billion 0830 Export Prices 0.10% -0.20%
The budget deficit in July was smaller compared with the same month last year. 0830 Empire State Index 8.6 7.1
The reduction in budget deficit was helped by a gain in corporate tax revenue,
with the economy recovering from the worst economic slump in 70 years. The 0915 Indust Output mm 0.20% 1%
excess of spending over revenue totaled $165 billion last month following a
shortfall of $180.7 billion in July 2009, according to a Treasury Department report 0915 Capital Utilization 74.90% 74.80%
issued last month in Washington. The gap for the fiscal year that started in
October was $1.17 trillion compared with $1.27 trillion last year at the same time.
Frequency: Monthly
ECONOMIC CALENDAR