Shares of Smith & Wesson Holding Corp. (NASDAQ: SWHC) soared after reporting record earnings for the quarter, with the next quarter also expected to be robust as well.
In its fiscal quarter ending July 31, net income climbed to $18.9 million, or 28 cents a share, on sales of $136 million. That was a huge increase over the $2.3 million, or 4 cents a share recorded last year for the same quarter.
This was far beyond analysts' expectations, which was 18 cents a share on sales of $128.7 million.
For the next quarter, which is usually seasonally slow, Smith & Wesson is looking for sales in a range of $130 million to $135 million, and earnings of 19 to 21 cents a share. Analysts are estimating sales of $119 million and earnings of 13 cents a share for the fiscal second quarter.
For the the fiscal year ending in April, 2013, the company projects earnings from 85 to 90 cents a share on revenue of $530 million to $540 million. That would be a gain of almost 33 percent over 2011.
That would also explode past analysts' estimates of 57 a share for the year, which would include special items. Sales are expected to come in at $498.2 million for the year.
According to Smith & Wesson, the reason for the jump in sales was the introduction of the Shield, which is marketed as "slim, concealable power." It is offered in 9mm & .40-caliber versions
While that may be true in general, specifically the reason is because of the corrupt Obama administration, which has flamed the fire of racism where it doesn't exist, causing many people to stock up on firearms in preparation for possible further unrest and danger.
If Obama were to surprisingly win reelection, gun sales would soar, while if Romney wins, you may see a reduction in sales in response to a safer, more competent and honest administration.
As it is, the gun manufacturer has a backlog of just under $400 million, a 164 percent rise over last year in the same period.
Smith & Wesson Holding Corp. closed the session Thursday at $9.00, gaining $0.28, or 3.21 percent. In after hours trading, the shares of the company skyrocketed to $10.72, jumping $1.72. or 19.11 percent.
Thursday, September 6, 2012
Wednesday, September 5, 2012
Boeing (BA) Says China Needs Over 5,000 Planes
China will need 5,260 new commercial planes over the next two decades, said Boeing (NYSE:BA), which will generate approximately $670 billion during the period.
While nowhere near as lucrative as the Chinese market, India will also be a major player for aircraft, with estimates that they'll need 1,450 new planes by 2031, which are valued at $175 billion.
For China, Boeing said that the majority of the deliveries will be for small and intermediate twin-aisles, which are represented by the Boeing 787 Dreamliner and 777.
As for single-aisle aircraft, Boeing sees overall deliveries reaching about 3,650 by 2031.
According to Randy Tinseth, Boeing Commercial Airplanes vice president of Marketing, over the next 20 years global expansion for Chinese should grow at a healthy 8.9 percent clip.
For all airlines, over the next couple of decades expenditures are expected to come in at about $4 trillion.
The question for makers of planes are how profitable these sales will be because they're battling it out for market share, which in some cases has resulted in slashing prices by as much as 50 percent to win the orders.
With higher fuel costs airlines are looking for streamlined planes to cut back on costs.
While nowhere near as lucrative as the Chinese market, India will also be a major player for aircraft, with estimates that they'll need 1,450 new planes by 2031, which are valued at $175 billion.
For China, Boeing said that the majority of the deliveries will be for small and intermediate twin-aisles, which are represented by the Boeing 787 Dreamliner and 777.
As for single-aisle aircraft, Boeing sees overall deliveries reaching about 3,650 by 2031.
According to Randy Tinseth, Boeing Commercial Airplanes vice president of Marketing, over the next 20 years global expansion for Chinese should grow at a healthy 8.9 percent clip.
For all airlines, over the next couple of decades expenditures are expected to come in at about $4 trillion.
The question for makers of planes are how profitable these sales will be because they're battling it out for market share, which in some cases has resulted in slashing prices by as much as 50 percent to win the orders.
With higher fuel costs airlines are looking for streamlined planes to cut back on costs.
Thursday, August 30, 2012
CIGNA (CI) (BCOV) (CPN) (FRO) (GIVN) (LPX) (P) (WWE) (ZLC) Upgraded by Analysts
CIGNA Co. (CI), Brightcove (BCOV), Calpine (CPN), Frontline Ltd. (FRO), Given Imaging Ltd (GIVN), Louisiana-Pacific Co. (LPX), Pandora Media (P), World Wrestling Entertainment Inc (WWE) and Zale Corp (ZLC) were upgraded by analysts.
Raymond James upgraded Brightcove (BCOV) from an "Outperform" rating to a "Strong-Buy" rating. They have a price target of $26.00 on the company.
Credit Suisse (CS) upgraded CIGNA Co. (CI) from an "Neutral" rating to a "Outperform" rating. They have a price target of $56.00 on the company.
Barclays Capital upgraded Calpine (CPN) from an "Equal Weight" rating to a "Overweight" rating. They have a price target of $21.00 on the company.
Wells Fargo & Co. (WFC) upgraded Frontline Ltd. (FRO) from an "Underperform" rating to a "Market Perform" rating.
WBB Securities upgraded Given Imaging Ltd (GIVN) from an "Hold" rating to a "Speculative Buy" rating. They have a price target of $17.50 on the company.
Bank of America (BAC) upgraded Louisiana-Pacific Co. (LPX) from an "Neutral" rating to a "Buy" rating. They have a price target of $16.00 on the company.
Canaccord Genuity upgraded Pandora Media (P) from an "Hold" rating to a "Buy" rating. They have a price target of $16.00 on the company.
Roth Capital upgraded World Wrestling Entertainment Inc (WWE) from an "Neutral" rating to a "Buy" rating. They have a price target of $12.00 on the company.
Northcoast Research upgraded Zale Corp (ZLC) from an "Neutral" rating to a "Buy" rating. They have a price target of $7.00 on the company.
Raymond James upgraded Brightcove (BCOV) from an "Outperform" rating to a "Strong-Buy" rating. They have a price target of $26.00 on the company.
Credit Suisse (CS) upgraded CIGNA Co. (CI) from an "Neutral" rating to a "Outperform" rating. They have a price target of $56.00 on the company.
Barclays Capital upgraded Calpine (CPN) from an "Equal Weight" rating to a "Overweight" rating. They have a price target of $21.00 on the company.
Wells Fargo & Co. (WFC) upgraded Frontline Ltd. (FRO) from an "Underperform" rating to a "Market Perform" rating.
WBB Securities upgraded Given Imaging Ltd (GIVN) from an "Hold" rating to a "Speculative Buy" rating. They have a price target of $17.50 on the company.
Bank of America (BAC) upgraded Louisiana-Pacific Co. (LPX) from an "Neutral" rating to a "Buy" rating. They have a price target of $16.00 on the company.
Canaccord Genuity upgraded Pandora Media (P) from an "Hold" rating to a "Buy" rating. They have a price target of $16.00 on the company.
Roth Capital upgraded World Wrestling Entertainment Inc (WWE) from an "Neutral" rating to a "Buy" rating. They have a price target of $12.00 on the company.
Northcoast Research upgraded Zale Corp (ZLC) from an "Neutral" rating to a "Buy" rating. They have a price target of $7.00 on the company.
Thursday, July 12, 2012
QE3 Pressure Rising on Bernanke
Even though it's a failed strategy, the pressure is rising on Ben Bernanke to institute another round of quantitative easing to give the appearance something is being, and can be done, to stimulate the economy.
With no hint in the minutes from the latest FOMC meeting the Federal Reserve is close to pulling the trigger on QE3, it does appear pressure is growing for something to be done, as unemployment remains high, as no job growth is really happening, as the few jobs being created doesn't even keep up with those entering the job market for the first time, let alone those in the job market for years continuing to look for jobs without success.
The growing consensus is the Fed won't wait until the job market further deteriorates to institute more easing. It can't afford to look like they waited too long and are now behind the economic curve.
But whether the idea of QE3 is attractive to you or not, it's going to come, and for investors they must prepare accordingly in the areas they're prepared to put their money into.
There is no doubt commodity and commodity-related companies will largely benefit from the next round of stimulus. The U.S. dollar will start to plummet again after the recent outrageous upward climb, based upon nothing else than it being perceived as the only safe place to park one's money during that period of time.
At this time investors will have to wait until it happens, in the meantime building up their strategy as to how the next round of easing will affect the market.
With no hint in the minutes from the latest FOMC meeting the Federal Reserve is close to pulling the trigger on QE3, it does appear pressure is growing for something to be done, as unemployment remains high, as no job growth is really happening, as the few jobs being created doesn't even keep up with those entering the job market for the first time, let alone those in the job market for years continuing to look for jobs without success.
The growing consensus is the Fed won't wait until the job market further deteriorates to institute more easing. It can't afford to look like they waited too long and are now behind the economic curve.
But whether the idea of QE3 is attractive to you or not, it's going to come, and for investors they must prepare accordingly in the areas they're prepared to put their money into.
There is no doubt commodity and commodity-related companies will largely benefit from the next round of stimulus. The U.S. dollar will start to plummet again after the recent outrageous upward climb, based upon nothing else than it being perceived as the only safe place to park one's money during that period of time.
At this time investors will have to wait until it happens, in the meantime building up their strategy as to how the next round of easing will affect the market.
Friday, June 22, 2012
Pep Boys (PBY) (JACK) (KMB) (OME) (SVU) (TFM) Ratings, Price Targets
Pep Boys (PBY), Jack in the Box Inc. (JACK), Kimberly Clark Corp (KMB), Omega Protein Co. (OME), Supervalu (SVU) and The Fresh Market (TFM) had ratings and price targets on them upgraded by analysts.
Argus upgraded Pep Boys (PBY) from a "Sell" rating to a "Buy" rating. They have a price target of $12.00 on the company.
Bank of America (NYSE: BAC) upgraded Jack in the Box Inc. (JACK) from an "Underperform" rating to a "Buy" rating. They have a price target of $32.00 on the company.
Argus upgraded Kimberly Clark (KMB) from a "Hold" rating to a "Buy" rating. They have a price target of $92.00 on the company.
DA Davidson upgraded Omega Protein Co. (OME) from an "Underperform" rating to a "Buy" rating. They have a price target of $10.00 on the company.
Northcoast Research upgraded Supervalu (SVU) from a "Sell" rating to a "Neutral" rating.
Piper Jaffray upgraded The Fresh Market Inc (TFM) from a "Neutral" rating to a "Overweight" rating.
Argus upgraded Pep Boys (PBY) from a "Sell" rating to a "Buy" rating. They have a price target of $12.00 on the company.
Bank of America (NYSE: BAC) upgraded Jack in the Box Inc. (JACK) from an "Underperform" rating to a "Buy" rating. They have a price target of $32.00 on the company.
Argus upgraded Kimberly Clark (KMB) from a "Hold" rating to a "Buy" rating. They have a price target of $92.00 on the company.
DA Davidson upgraded Omega Protein Co. (OME) from an "Underperform" rating to a "Buy" rating. They have a price target of $10.00 on the company.
Northcoast Research upgraded Supervalu (SVU) from a "Sell" rating to a "Neutral" rating.
Piper Jaffray upgraded The Fresh Market Inc (TFM) from a "Neutral" rating to a "Overweight" rating.
Friday, June 1, 2012
Ford's (F) Production Challenges
Ford Motor (NYSE: F) faces production challenges according to CEO Alan Mulally, who says demand for its best-selling models can't be kept up with by the company.
Mulally concludes the firm will be hard pressed to boost growth in the months going forward as a result.
The problem of course is the weak global economy, which makes it extremely difficult to project sales in the near future. Even in the best of economies it's a uncertain art.
That means the company faces uncertainty as to spending to encourage growth, which when demand slows down, would crush them, as it did General Motors (NYSE: GM) in the past.
Many times it's best to lose sales than to attempt to extract every revenue ounce out of the company. That's where Ford is at today.
About all that Ford can do at this time is to boost overtime and adjust its production schedules. Other than that, it's too much of a risk to add factories and go further into debt.
Until there is more clarity, we should see Ford continue at its production pace. That could be last for some time, which could be good for investors, as it removes a lot of volatility from the mix, assuming demand for popular models continue.
Mulally concludes the firm will be hard pressed to boost growth in the months going forward as a result.
The problem of course is the weak global economy, which makes it extremely difficult to project sales in the near future. Even in the best of economies it's a uncertain art.
That means the company faces uncertainty as to spending to encourage growth, which when demand slows down, would crush them, as it did General Motors (NYSE: GM) in the past.
Many times it's best to lose sales than to attempt to extract every revenue ounce out of the company. That's where Ford is at today.
About all that Ford can do at this time is to boost overtime and adjust its production schedules. Other than that, it's too much of a risk to add factories and go further into debt.
Until there is more clarity, we should see Ford continue at its production pace. That could be last for some time, which could be good for investors, as it removes a lot of volatility from the mix, assuming demand for popular models continue.
Monday, May 28, 2012
Spanish Borrowing Costs Soaring
With the fourth-largest bank in the country - Bankia SA - teetering on collapse, Spain announced a plant to save the bank via further expanding its debt.
Ignoring the poor practices of banks in the nation, along with spending more than the country can afford, Prime Minister Mariano Rajoy rather chose to point the blame on uncertainty over the euro zone for the rising costs of borrowing.
Rajoy said this in a news conference:
As Keynesianism (using debt to fund government programs and growth) is increasingly seen as a failed "economic" method, countries in Europe and other areas of the world, are embedded in a financial circumstance they don't have the will or means to remedy.
Greece is a good test case to see how the populations will respond when austerity is enforced in response to unsustainable budgets. It won't be pretty as things get worse.
According to Reuters, Spain is thinking about funding Bankia using sovereign paper, which would result in the country taking shares in the bank. That would raise the debts in Spain to 79.8 percent of the estimated economic production in 2012.
The Spanish government has already injected $4.5 billion into the company, and parent BFA has requested an additional $23.8 billion on top of that.
Even though the bailout is immanent, the means Spain will take to employ it still hasn't been decided.
Interest rates on Spain's 10-year bonds have jumped to 6.42 percent on the secondary market, moving closer to the 7.0 percent mark which is believed to be unsustainable.
Rajoy continues to insist that's because of the situation in Europe and Greece, and not related to Bankia itself.
To make things worse for Spain, the government announced the areas of the country that are in serious debt face a refinancing bill of 36 billion euros, far above the the formerly estimated 8 billion.
Spain is the one country most analysts and observers believe would bring the euro zone to its knees if it defaulted, probably ending the misguided experiment.
Ignoring the poor practices of banks in the nation, along with spending more than the country can afford, Prime Minister Mariano Rajoy rather chose to point the blame on uncertainty over the euro zone for the rising costs of borrowing.
Rajoy said this in a news conference:
There are major doubts over the euro zone and that makes the risk premium for some countries very high. That's why it would be a very good idea to deliver a clear message there's no going back for the euro.The costs of borrowing aren't because of the uncertainty surrounding the region, but rather because nations in the euro zone, just like Spain, refuse to stop spending in regard to promises they cannot keep.
As Keynesianism (using debt to fund government programs and growth) is increasingly seen as a failed "economic" method, countries in Europe and other areas of the world, are embedded in a financial circumstance they don't have the will or means to remedy.
Greece is a good test case to see how the populations will respond when austerity is enforced in response to unsustainable budgets. It won't be pretty as things get worse.
According to Reuters, Spain is thinking about funding Bankia using sovereign paper, which would result in the country taking shares in the bank. That would raise the debts in Spain to 79.8 percent of the estimated economic production in 2012.
The Spanish government has already injected $4.5 billion into the company, and parent BFA has requested an additional $23.8 billion on top of that.
Even though the bailout is immanent, the means Spain will take to employ it still hasn't been decided.
Interest rates on Spain's 10-year bonds have jumped to 6.42 percent on the secondary market, moving closer to the 7.0 percent mark which is believed to be unsustainable.
Rajoy continues to insist that's because of the situation in Europe and Greece, and not related to Bankia itself.
To make things worse for Spain, the government announced the areas of the country that are in serious debt face a refinancing bill of 36 billion euros, far above the the formerly estimated 8 billion.
Spain is the one country most analysts and observers believe would bring the euro zone to its knees if it defaulted, probably ending the misguided experiment.
Friday, May 25, 2012
Peter Schiff Says Stimulus Worst Choice for EU
Peter Schiff recently stated that the worst choice that could be made by the EU would be for them to put more stimulus into play.
After former French President Sarkozy was voted out of office, German Chancellor Angela Merkel lost her most important ally in implementing austerity measures, and so has been under increasing pressure to cave on going the stimulus route rather than cutting back on spending.
Schiff doesn't think Germany will cave in. He said, "Either Greece is going to leave the euro zone, or it's going to have to accept austerity as a price of remaining a member. There's no way that Germany is just going to cave and support the Greek welfare state."
Of course the real issue isn't the largely irrelevant Greece, but the obvious consequences of other nations lining up soon afterwards to demand they be bailed out as well.
Germany will find itself footing the bill for much of that, draining valuable resources that could be used for productive means and redistributing it to governments who refuse to cut spending to sustainable levels. In other words, the German people will get screwed.
Schiff doesn't believe it will happen, but I'm not so sure. Never underestimate the stupidity in regard to failing Keynesianism, which supports the anemic idea that governments can endlessly spend themselves into prosperity.
The failure in Europe and the growing, unsustainable debt levels in the United States show that Keynesianism is dying and a complete failure, and leaders need to accept that as the reality of the future.
Austerity will be forced on nations around the world whether they like it or not, but it won't come without a lot of pain, as the promises made by politicians who are supported by elites pursuing a New World Order, have never been realistic, and the day of reckoning will be soon at hand for those who have refused to take action and continue to kick the can down the road in hopes the default won't happen on their watch.
Peter Schiff is right in saying the worst action by Europe would be to throw more money into the economy via another stimulus, but it would be surprising to me if Merkel holds out and refuses to engage in more money printing, as most leaders and everyday people don't understand the precipice they're all heading for.
If Merkel has any courage, she would resist stimulus and remain firm on austerity as the economic answer for the region. There is no other way.
After former French President Sarkozy was voted out of office, German Chancellor Angela Merkel lost her most important ally in implementing austerity measures, and so has been under increasing pressure to cave on going the stimulus route rather than cutting back on spending.
Schiff doesn't think Germany will cave in. He said, "Either Greece is going to leave the euro zone, or it's going to have to accept austerity as a price of remaining a member. There's no way that Germany is just going to cave and support the Greek welfare state."
Of course the real issue isn't the largely irrelevant Greece, but the obvious consequences of other nations lining up soon afterwards to demand they be bailed out as well.
Germany will find itself footing the bill for much of that, draining valuable resources that could be used for productive means and redistributing it to governments who refuse to cut spending to sustainable levels. In other words, the German people will get screwed.
Schiff doesn't believe it will happen, but I'm not so sure. Never underestimate the stupidity in regard to failing Keynesianism, which supports the anemic idea that governments can endlessly spend themselves into prosperity.
The failure in Europe and the growing, unsustainable debt levels in the United States show that Keynesianism is dying and a complete failure, and leaders need to accept that as the reality of the future.
Austerity will be forced on nations around the world whether they like it or not, but it won't come without a lot of pain, as the promises made by politicians who are supported by elites pursuing a New World Order, have never been realistic, and the day of reckoning will be soon at hand for those who have refused to take action and continue to kick the can down the road in hopes the default won't happen on their watch.
Peter Schiff is right in saying the worst action by Europe would be to throw more money into the economy via another stimulus, but it would be surprising to me if Merkel holds out and refuses to engage in more money printing, as most leaders and everyday people don't understand the precipice they're all heading for.
If Merkel has any courage, she would resist stimulus and remain firm on austerity as the economic answer for the region. There is no other way.
Thursday, May 24, 2012
China's Economic Challenges Continue
New data from the HSBC Flash Purchasing Managers Index confirms that factory orders in China are slowing, as it dropped from Aprils final reading of 49.3 to May's final reading of 48.7.
This is the seventh month in a row that the index has been under 50, which means the economy continues to contract.
Hopes that China's economy will rebound in the second half appear to be dashed, as the global economic slowdown continues.
HSBC's chief economist Qu Hongbin, said this, "Policymakers have been and will step up easing efforts to stabilize growth. As long as the easing measures filter through, China will secure a soft landing in the coming quarters."
This not only points to a weakening Chinese economy, but other economies around the world as well, as that's where the weakness lies, with orders plunging from overseas customers. That means those businesses don't see strong demand in the near future.
According to Markit Economics Research,, for new export orders, the sub-index fell from 50.2 in April to 47.8 in May, bringing it down to close to March's final reading of 47.7.
Other weak economic indicators in China for April resulted in the Chinese central bank cutting the amount of cash banks must hold in reserve in order to provide more liquidity in the economy.
That hasn't worked so far, as there is more than enough liquidity, but not much demand for capital. That has resulted in few loans.
Unfortunately, the failed Keynesian idea of spending more money by the government in an attempt to boost growth is being considered by Beijing, which is now going to go further into debt by financing infrastructure projects, which of course means an attempt to artificially prop up the economy in hopes the private sector will rebound.
You would think China would look to the fiasco in Europe and the extraordinary debt in the U.S. as examples of what not to do. But they are ignoring all that, apparently thinking they won't face similar issues by participating in the same practices. They're wrong!
This is also the outlook of new socialist French President Francois Hollande, who wants to stimulate the French economy as well, by focusing on "growth" rather than fiscal discipline.
To think of this a novel idea is of course ridiculous. Some even call it 'game-changing.' What's changing the game about governments spending themselves into failure. What doesn't Hollande understand about the sovereign debt crisis in the region?
He's a socialist of course, so he's even more blinded by the idea of government as savior than most. Yet encouraging more spending will lead Europe quickly closer to the economic precipice than they are now.
Most of Hollandes idea is centered around eurobonds, which is pooled European debt. What it would do is destroy the free markets once and for all, as the market wouldn't be allowed to punish poorly run countries, but rather the cost of money would be the same no matter what the credit rating or outlook of the country is.
In other words, it would take even more incentive away for countries to to get their financial houses in order, and they would attempt to spend themselves out of the dilemna. This is another spin on failing Keynesianism, and will itself fail over time.
Out of control spending and political promises in Italy and Spain has resulted in the countries having to pay close to five times as much interest as Germany does when issuing national bonds.
To socialists like Hollande this is an outrage. He doesn't like the idea of markets forcing discipline on governments, and wants to eliminate that altogether.
It will be a disaster if it is ultimately agreed to, as the last bit of restaint would be taken off of the irresponsible governments in the region, and they would be able to be able to just about spend with impunity, as the cost of failed policies couldn't be interfered with by the market through higher interest rates.
That means the countries in Europe would all be viewed the same in regard to eurobonds, even though they would widely differ in financial health.
Chancellor Angela Merkel rightly opposes this, and would be irresponsible to the German people if she were to agree to it. Her concerns are rightly that the German people would have to underwrite the weaker and vastly irresponsible nations of the eurozone in perpetuity. She is right.
If she does agree to it, it will show that the obsessive idea of keeping the eurozone and European Union in tact is more important than the people of the nations represented; especially those that have their financial houses in relatively healthy order.
Going back to China, it needs to learn from this fiasco if they're going to avoid the same fate in the future.
This is the seventh month in a row that the index has been under 50, which means the economy continues to contract.
Hopes that China's economy will rebound in the second half appear to be dashed, as the global economic slowdown continues.
HSBC's chief economist Qu Hongbin, said this, "Policymakers have been and will step up easing efforts to stabilize growth. As long as the easing measures filter through, China will secure a soft landing in the coming quarters."
This not only points to a weakening Chinese economy, but other economies around the world as well, as that's where the weakness lies, with orders plunging from overseas customers. That means those businesses don't see strong demand in the near future.
According to Markit Economics Research,, for new export orders, the sub-index fell from 50.2 in April to 47.8 in May, bringing it down to close to March's final reading of 47.7.
Other weak economic indicators in China for April resulted in the Chinese central bank cutting the amount of cash banks must hold in reserve in order to provide more liquidity in the economy.
That hasn't worked so far, as there is more than enough liquidity, but not much demand for capital. That has resulted in few loans.
Unfortunately, the failed Keynesian idea of spending more money by the government in an attempt to boost growth is being considered by Beijing, which is now going to go further into debt by financing infrastructure projects, which of course means an attempt to artificially prop up the economy in hopes the private sector will rebound.
You would think China would look to the fiasco in Europe and the extraordinary debt in the U.S. as examples of what not to do. But they are ignoring all that, apparently thinking they won't face similar issues by participating in the same practices. They're wrong!
This is also the outlook of new socialist French President Francois Hollande, who wants to stimulate the French economy as well, by focusing on "growth" rather than fiscal discipline.
To think of this a novel idea is of course ridiculous. Some even call it 'game-changing.' What's changing the game about governments spending themselves into failure. What doesn't Hollande understand about the sovereign debt crisis in the region?
He's a socialist of course, so he's even more blinded by the idea of government as savior than most. Yet encouraging more spending will lead Europe quickly closer to the economic precipice than they are now.
Most of Hollandes idea is centered around eurobonds, which is pooled European debt. What it would do is destroy the free markets once and for all, as the market wouldn't be allowed to punish poorly run countries, but rather the cost of money would be the same no matter what the credit rating or outlook of the country is.
In other words, it would take even more incentive away for countries to to get their financial houses in order, and they would attempt to spend themselves out of the dilemna. This is another spin on failing Keynesianism, and will itself fail over time.
Out of control spending and political promises in Italy and Spain has resulted in the countries having to pay close to five times as much interest as Germany does when issuing national bonds.
To socialists like Hollande this is an outrage. He doesn't like the idea of markets forcing discipline on governments, and wants to eliminate that altogether.
It will be a disaster if it is ultimately agreed to, as the last bit of restaint would be taken off of the irresponsible governments in the region, and they would be able to be able to just about spend with impunity, as the cost of failed policies couldn't be interfered with by the market through higher interest rates.
That means the countries in Europe would all be viewed the same in regard to eurobonds, even though they would widely differ in financial health.
Chancellor Angela Merkel rightly opposes this, and would be irresponsible to the German people if she were to agree to it. Her concerns are rightly that the German people would have to underwrite the weaker and vastly irresponsible nations of the eurozone in perpetuity. She is right.
If she does agree to it, it will show that the obsessive idea of keeping the eurozone and European Union in tact is more important than the people of the nations represented; especially those that have their financial houses in relatively healthy order.
Going back to China, it needs to learn from this fiasco if they're going to avoid the same fate in the future.
Wednesday, May 23, 2012
Facebook (FB) IPO Facing Numerous Lawsuits
There was no question lawsuits would start flying as the disastrous story of the IPO of Facebook (NASDAQ: FB) unfolded, with three lawsuits already filed in regard to the company going public, with one of them being against Nasdaq OMX Group, which delayed the IPO because of technical issues, and also had difficulty sending executions confirmations to let traders know they had been successfully completed.
Another lawsuit was filed against Facebook, Facebook officers, and the underwriters of the IPO.
From the complaint:
It centers around the lowering of revenue forecasts by Morgan Stanley consumer Internet analyst, Scott Devitt, which was unusual because it was done at a late hour of the offering, while in the midst of Facebook's roadshow leading up to the IPO.
Questions on whether retail customers received the news in a timely manner is a major question generated by the suit.
Facebook was trading at $31.83, gaining $0.83, or 2.68 percent, as of 11:21 AM EDT.
Another lawsuit was filed against Facebook, Facebook officers, and the underwriters of the IPO.
From the complaint:
The true facts at the time of the IPO were that Facebook was then experiencing a severe and pronounced reduction in revenue growth due to an increase of users of its Facebook app or website through mobile devices rather than a traditional PC such that the Company told the Underwriter Defendants to materially lower their revenue forecasts for 2012. And, defendants failed to disclose that during the roadshow conducted in connection with the IPO, certain of the Underwriter Defendants reduced their second quarter and full year 2012 performance estimates for Facebook, which revisions were material information which was not shared with all Facebook investors, but rather, was selectively disclosed by defendants to certain preferred investors and omitted from the Registration Statement and/or Prospectus.Among the defendants named in the lawsuit include Facebook executives Mark Zuckerberg, CFO David Ebersman and Chief Accounting Officer David Spillane; board members of the company Marc Andreessen, Peter Thiel, Erskine Bowles, Donald Graham, Jim Breyer and Reed Hastings; and underwriters Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), JPMorgan Chase (NYSE:JPM), Merrill Lynch (BAC) and Barclays Capital.
It centers around the lowering of revenue forecasts by Morgan Stanley consumer Internet analyst, Scott Devitt, which was unusual because it was done at a late hour of the offering, while in the midst of Facebook's roadshow leading up to the IPO.
Questions on whether retail customers received the news in a timely manner is a major question generated by the suit.
Facebook was trading at $31.83, gaining $0.83, or 2.68 percent, as of 11:21 AM EDT.
Tuesday, May 22, 2012
Hopes for Pfizer's (PFE) Vyndaqel Dashed by FDA
If the report from the Food and Drug Administration is used as an indicator, Pfizer's (NYSE: PFE) new drug Vyndaqel has a big uphill battle to climb if it hopes to win approval in the United States.
Vyndaqel, which is a drug developed to treat transthyretin familial amyloid polyneuropathy, which is a neurodegenerative disease.
FDA reviewer Devanand Jillapalli said this in a report prepared to be reviewed by the advisory panel, “I recommend a complete response action, based on inadequate evidence of effectiveness.” What that means is it is recommended the drug be rejected.
Pfizer has already been approved in Europe for the drug, but in the U.S. it is believed they haven't performed a strong enough study to substantiate claims the drug works as the company asserts.
In a document prepared for the review panel on Thursday, Pfizer admits the product was developed on a fast-forward basis, although that quick process is in fact allowed and supported by the FDA.
At this stage of the process these are only recommendations, and once the panel reviews and listens to arguments from a variety of sources of input, they will make their recommendations to the FDA, which at that time make the decision to accept or reject the treatment in the U.S.
The disease has no approved treatment in the United States at this time.
Pfizer has been under growing pressure to produce new lines of drugs that are protected by patents as former blockbuster drugs like Lipitor are now competing with generic drug makers.
Vyndaqel, which is a drug developed to treat transthyretin familial amyloid polyneuropathy, which is a neurodegenerative disease.
FDA reviewer Devanand Jillapalli said this in a report prepared to be reviewed by the advisory panel, “I recommend a complete response action, based on inadequate evidence of effectiveness.” What that means is it is recommended the drug be rejected.
Pfizer has already been approved in Europe for the drug, but in the U.S. it is believed they haven't performed a strong enough study to substantiate claims the drug works as the company asserts.
In a document prepared for the review panel on Thursday, Pfizer admits the product was developed on a fast-forward basis, although that quick process is in fact allowed and supported by the FDA.
At this stage of the process these are only recommendations, and once the panel reviews and listens to arguments from a variety of sources of input, they will make their recommendations to the FDA, which at that time make the decision to accept or reject the treatment in the U.S.
The disease has no approved treatment in the United States at this time.
Pfizer has been under growing pressure to produce new lines of drugs that are protected by patents as former blockbuster drugs like Lipitor are now competing with generic drug makers.
Monday, May 21, 2012
Yahoo (YHOO) Pops on Alibaba Sale
Sales of Yahoo (NASDAQ: YHOO) were popping in early Monday trading as confirmation of the speculation the company was going to sell some of its holdings in Alibaba has investors liking what they heard.
Yahoo owns approximately 40 percent of Alibaba, and said it will sell about 50 percent of its stake, which would raise about $7.1 billion for the tech giant.
Per terms of the deal, it'll be for preferred stock in Alibaba as well as cash.
The company stated it will give back most of the cash to its shareholders.
Industry watchers see this as probably clearing the way for a probable initial public offering by the Chinese tech firm.
When Alibaba goes public, other terms of the sell are it will have to allow Yahoo to sell it shares in the company at that time, or Alibaba will have to acquire 254 percent of Yahoo's remaining shares it holds in the company.
Yahoo was trading at $15.53, gaining $0.11, or 0.71 percent, as of 11:03 AM EDT. It has soared as high as $16.00 on the day.
Yahoo owns approximately 40 percent of Alibaba, and said it will sell about 50 percent of its stake, which would raise about $7.1 billion for the tech giant.
Per terms of the deal, it'll be for preferred stock in Alibaba as well as cash.
The company stated it will give back most of the cash to its shareholders.
Industry watchers see this as probably clearing the way for a probable initial public offering by the Chinese tech firm.
When Alibaba goes public, other terms of the sell are it will have to allow Yahoo to sell it shares in the company at that time, or Alibaba will have to acquire 254 percent of Yahoo's remaining shares it holds in the company.
Yahoo was trading at $15.53, gaining $0.11, or 0.71 percent, as of 11:03 AM EDT. It has soared as high as $16.00 on the day.
Friday, May 18, 2012
Facebook (FB) IPO Fails to Meet Hype
However it may be spun, the IPO of Facebook (NASDAQ: FB) was a disaster by any measure, as the much-hyped bringing of the company public resulted in a deafening yawn, as the social networking company ended its first day of trading a mere 38 cents over its initial offering price of $38.00, with almost 600 million shares exchanging hands.
Now that the company is under scrutiny as never before as to its business model, many are concerned over how it's going to make money going forward, as a significant number of advertisers and marketers don't consider it a good place to spend money.
I've heard that from a number of online marketers over the years who did a lot of experimenting on Facebook with very little return for their money.
The question is how long with advertisers go along with the hype with so little impact from their campaigns.
Having a huge number of people interact on Facebook is one thing, but very few want to interact with ads, or even take notice of them. That's the major problem Mark Zuckerberg, Facebook, and his team face ahead.
That's not to say the share price of the company won't grow, as it simply has too much publicity not to have people in states of euphoria dump their dollars on the company shares, not even knowing the risks associated with its dubious business model, which the company itself admits is under pressure because of privacy concerns around the world.
To make matters worse on its opening date, reports say that underwriters JPMorgan (NYSE: JPM) and Morgan Stanley (NYSE: MS) acquired shares in the company to keep it from dropping under its offering price. That doesn't bode well for the company.
Once the realization the business model of Facebook is flawed, who knows what the company will morph into via acquisitions and new focus, as pressure will inevitably mount for the company to grow revenue and earning in a way it hasn't proven it can do over time.
Maybe we'll eventually see a Facebook smart phone and tablet in the future. Growth will have to come from somewhere.
Now that the company is under scrutiny as never before as to its business model, many are concerned over how it's going to make money going forward, as a significant number of advertisers and marketers don't consider it a good place to spend money.
I've heard that from a number of online marketers over the years who did a lot of experimenting on Facebook with very little return for their money.
The question is how long with advertisers go along with the hype with so little impact from their campaigns.
Having a huge number of people interact on Facebook is one thing, but very few want to interact with ads, or even take notice of them. That's the major problem Mark Zuckerberg, Facebook, and his team face ahead.
That's not to say the share price of the company won't grow, as it simply has too much publicity not to have people in states of euphoria dump their dollars on the company shares, not even knowing the risks associated with its dubious business model, which the company itself admits is under pressure because of privacy concerns around the world.
To make matters worse on its opening date, reports say that underwriters JPMorgan (NYSE: JPM) and Morgan Stanley (NYSE: MS) acquired shares in the company to keep it from dropping under its offering price. That doesn't bode well for the company.
Once the realization the business model of Facebook is flawed, who knows what the company will morph into via acquisitions and new focus, as pressure will inevitably mount for the company to grow revenue and earning in a way it hasn't proven it can do over time.
Maybe we'll eventually see a Facebook smart phone and tablet in the future. Growth will have to come from somewhere.
Thursday, May 17, 2012
Wal-Mart (WMT) Reports Great First Quarter
Wal-Mart (NYSE: WMT) hit all cylinders in the first quarter, with U.S. and international sales both doing well, as did Sam's Club.
Even though the currency market was a negative for the company for the quarter, it was still able to generate 8.6 percent consolidated net sales growth year-over-year.
Same-store sales in the United States climbed a healthy 2.6 percent over the same quarter in 2011, while Sam's Club sales, not including fuel, jumped 5.3 percent.
Wal-Mart International sales soared by 15 percent as the company continues its aggressive expansion. Operating income at the unit rose 21 percent over last year during the same period.
Diluted earnings per share beat previous guidance, coming in at $1.09, up from the $0.98 a share last year in the same quarter, an increase of over 11 percent. Analysts had been looking for $1.04 a share for in the quarter.
Guidance from Wal-Mart for the second quarter in 2013 is projected to come in at a range of $1.13 to $1.18 a share.
Wal-Mart also announced it is boosting its dividend to an annual $1.59 a share, upping it by 9 percent.
The giant retailer was trading at $62.23, up $3.04, or 5.14 percent, as of 1:45 PM EDT.
Even though the currency market was a negative for the company for the quarter, it was still able to generate 8.6 percent consolidated net sales growth year-over-year.
Same-store sales in the United States climbed a healthy 2.6 percent over the same quarter in 2011, while Sam's Club sales, not including fuel, jumped 5.3 percent.
Wal-Mart International sales soared by 15 percent as the company continues its aggressive expansion. Operating income at the unit rose 21 percent over last year during the same period.
Diluted earnings per share beat previous guidance, coming in at $1.09, up from the $0.98 a share last year in the same quarter, an increase of over 11 percent. Analysts had been looking for $1.04 a share for in the quarter.
Guidance from Wal-Mart for the second quarter in 2013 is projected to come in at a range of $1.13 to $1.18 a share.
Wal-Mart also announced it is boosting its dividend to an annual $1.59 a share, upping it by 9 percent.
The giant retailer was trading at $62.23, up $3.04, or 5.14 percent, as of 1:45 PM EDT.
Central Banks Buying Gold
With the exception of China, most gold consumption and investment in gold dropped in the first quarter.
Balancing that off a little was the continual acquisition of gold by a number of central banks.
Countries boosting their official gold reserves in the first quarter included Tajikstan, Kazakhstan, Russia, Mexico, the Philippines, Belarus and Ukraine.
Even though central bank demand for gold remains relatively robust, it did drop significantly from the first quarter of 2011, falling 41 percent. But the first quarter of 2011 was an unusual one for gold demand, so the drop in demand was expected. In the first quarter of 2012 central banks acquired 80.8 tons of gold.
For the year, according to the WGC, investment gold demand climbed by 13 percent to 389.3 tons. Gold coins and bar demand fell 17 percent year-over-year.
With economic conditions continue to be the same in 2012 as they were in 2011, the WGC says it expects central banks to continue buying on a net basis.
They base that probability the increasing strategy of countries diversifying their foreign reserves, while others attempt to keep their current ratio of gold to foreign reserves in tact, requiring them to buy more gold.
Balancing that off a little was the continual acquisition of gold by a number of central banks.
Countries boosting their official gold reserves in the first quarter included Tajikstan, Kazakhstan, Russia, Mexico, the Philippines, Belarus and Ukraine.
Even though central bank demand for gold remains relatively robust, it did drop significantly from the first quarter of 2011, falling 41 percent. But the first quarter of 2011 was an unusual one for gold demand, so the drop in demand was expected. In the first quarter of 2012 central banks acquired 80.8 tons of gold.
For the year, according to the WGC, investment gold demand climbed by 13 percent to 389.3 tons. Gold coins and bar demand fell 17 percent year-over-year.
With economic conditions continue to be the same in 2012 as they were in 2011, the WGC says it expects central banks to continue buying on a net basis.
They base that probability the increasing strategy of countries diversifying their foreign reserves, while others attempt to keep their current ratio of gold to foreign reserves in tact, requiring them to buy more gold.
Wednesday, May 16, 2012
JPMorgan (JPM) Sued by Investors Over Trading Loss
It didn't take long for the expected lawsuits against JPMorgan (NYSE:JPM) to emerge in response to the trading loss of $2 billion last quarter, as two lawsuits have already been filed against the giant bank, with more probably to come.
One of the lawsuits accuses the company of securities fraud, based upon “materially false and misleading statements and omissions” allegedly made by CEO Jamie Dimon on the April 13 earnings call.
The complaint states this:
“Defendants misrepresented the losses and risk of loss to the company arising from massive bets on derivative contracts related to credit indexes reflecting interest rates on corporate bonds. These derivative bets went horribly wrong, resulting in billions of dollars in lost capital for the company and billions more in lost market capitalization for JPMorgan shareholders.”
In the other lawsuit top executives Dimon and CFO Douglas Braunstein, along with the board members of the bank being accused of being in breach of fiduciary duty, wasting corporate assets and receiving unjust enrichment.
This appears to be an attempt to take advantage of what appears to be an investing mistake which cost the bank money in order to gain back some of the losses.
An error made in investments isn't a legal matter, in spite of the hype of the Federal Reserve, SEC and FBI investigating the bank.
One of the lawsuits accuses the company of securities fraud, based upon “materially false and misleading statements and omissions” allegedly made by CEO Jamie Dimon on the April 13 earnings call.
The complaint states this:
“Defendants misrepresented the losses and risk of loss to the company arising from massive bets on derivative contracts related to credit indexes reflecting interest rates on corporate bonds. These derivative bets went horribly wrong, resulting in billions of dollars in lost capital for the company and billions more in lost market capitalization for JPMorgan shareholders.”
In the other lawsuit top executives Dimon and CFO Douglas Braunstein, along with the board members of the bank being accused of being in breach of fiduciary duty, wasting corporate assets and receiving unjust enrichment.
This appears to be an attempt to take advantage of what appears to be an investing mistake which cost the bank money in order to gain back some of the losses.
An error made in investments isn't a legal matter, in spite of the hype of the Federal Reserve, SEC and FBI investigating the bank.
Tuesday, May 15, 2012
Moody's (MCO) Downgrades Italian Banks
A total of 26 banks in Italy were downgraded by Moody's (NYSE:MCO) today, prompting outrage from the Italian banking association, saying the actions from the rating agency were irresponsible and unjustified.
After the downgrades, when measured against similar countries in the European Union, Italian banks are now among the lowest in rank.
This of course makes it even more difficult for the banks, which will now face higher financing costs, as well as making funding in general harder to come by because of the ongoing sovereign debt crisis in the region.
UniCredit and IntesaSanpaolo, the two largest banks in Italy are expected to be okay, but smaller banks like Banca Monte dei Paschi di Siena, which was cut to just above junk status, will struggle in funding and higher costs.
For now, the short-term requirements of the Italian banks were met via 3-year loans from the ECB. Even so, over the long term there is strong concern and fears over the Italian banks will be able to be funded in light of the sovereign debt crisis, which continues on as governments have little will to cut back on spending and shrink the debt.
Italy alone has a gigantic 1.9 billion euro debt, putting it in danger of collapsing from the crisis. For the local banks, it will make it much harder to acquire funding.
To make matters worse, the banking problems in Spain are escalating, as is political volatility in Greek, where citizens refuse to accept the government - which made unsustainable promises - must cut back on spending if the country is to financially survive.
This is of course the entire story of the EU, which has long ago abandoned free markets and limited government to socialist and fascist practices which are destroying them as a parasite does any host.
After the downgrades, when measured against similar countries in the European Union, Italian banks are now among the lowest in rank.
This of course makes it even more difficult for the banks, which will now face higher financing costs, as well as making funding in general harder to come by because of the ongoing sovereign debt crisis in the region.
UniCredit and IntesaSanpaolo, the two largest banks in Italy are expected to be okay, but smaller banks like Banca Monte dei Paschi di Siena, which was cut to just above junk status, will struggle in funding and higher costs.
For now, the short-term requirements of the Italian banks were met via 3-year loans from the ECB. Even so, over the long term there is strong concern and fears over the Italian banks will be able to be funded in light of the sovereign debt crisis, which continues on as governments have little will to cut back on spending and shrink the debt.
Italy alone has a gigantic 1.9 billion euro debt, putting it in danger of collapsing from the crisis. For the local banks, it will make it much harder to acquire funding.
To make matters worse, the banking problems in Spain are escalating, as is political volatility in Greek, where citizens refuse to accept the government - which made unsustainable promises - must cut back on spending if the country is to financially survive.
This is of course the entire story of the EU, which has long ago abandoned free markets and limited government to socialist and fascist practices which are destroying them as a parasite does any host.
UBS (UBS) Led by Wealth Management Unit
Led by its wealth management unit, UBS (NYSE:UBS) reported solid earnings for its latest quarter. The division generated a pre-tax profit of $866 million for the quarter, up 70 percent over the prior quarter, and a 24 percent improvement for the same period last year.
This bodes well for the financial institution, as wealth management is a far more predictable business than sales & trading, which has recently crushed JPMorgan (NYSE:JPM) with a $2 billion loss and fading confidence in the company.
Another good sign for UBS is its exposure to the wealth management business, which accounts for an estimated 40 percent of its share price. On the other hand, JPMorgan is estimated to have only 10 percent of its share price associated with wealth management, making it far less predictable, and more volatile as well.
The good performance from the unit of UBS comes from shrinking expenses as a result of changes made in relationship to employee pension plans.
Also contributing to profits was the performance of the wealth management unit in North and South America, where pre-tax profits rose by 34 percent to $225 million from the previous quarter.
That's not to say the sales & trading of the division tanked, as it still generated $1.1 billion in earnings for the period. Overall, the unit landed $1.6 billion in revenue for the quarter.
This bodes well for the financial institution, as wealth management is a far more predictable business than sales & trading, which has recently crushed JPMorgan (NYSE:JPM) with a $2 billion loss and fading confidence in the company.
Another good sign for UBS is its exposure to the wealth management business, which accounts for an estimated 40 percent of its share price. On the other hand, JPMorgan is estimated to have only 10 percent of its share price associated with wealth management, making it far less predictable, and more volatile as well.
The good performance from the unit of UBS comes from shrinking expenses as a result of changes made in relationship to employee pension plans.
Also contributing to profits was the performance of the wealth management unit in North and South America, where pre-tax profits rose by 34 percent to $225 million from the previous quarter.
That's not to say the sales & trading of the division tanked, as it still generated $1.1 billion in earnings for the period. Overall, the unit landed $1.6 billion in revenue for the quarter.
Jim Rogers: U.S. Debt Unsolvable
In an interview with Steve Forbes of Forbes.com, billionaire investor and commodity expert Jim Rogers said he sees nothing out there that will be able to solve the "staggering debt" now weighing on the United States.
Rogers said:
I would like to think that there’s something which is going to save us. I can think of some things which will give us rallies. But I cannot see anything – I mean, look at Japan. Japan has staggering internal debt. They still are externally a creditor nation. They still have a balance of trade surplus. We’re the largest external debtor nation in history and the largest internal debtor nation in history. We’ll have rallies. But ... I don’t see what can cause us to repeat, perhaps, the ’70s. We’re in relative decline ... I don’t see that that relative decline will stop.
As Rogers mentioned, there will be rallies, but with no political will to change the outrageous spending in Washington, there is no way out but an eventual default by the country.
It's only a matter of what type of default, not whether there will be one or not.
Rogers said:
I would like to think that there’s something which is going to save us. I can think of some things which will give us rallies. But I cannot see anything – I mean, look at Japan. Japan has staggering internal debt. They still are externally a creditor nation. They still have a balance of trade surplus. We’re the largest external debtor nation in history and the largest internal debtor nation in history. We’ll have rallies. But ... I don’t see what can cause us to repeat, perhaps, the ’70s. We’re in relative decline ... I don’t see that that relative decline will stop.
As Rogers mentioned, there will be rallies, but with no political will to change the outrageous spending in Washington, there is no way out but an eventual default by the country.
It's only a matter of what type of default, not whether there will be one or not.
Monday, May 14, 2012
Gold Prices Fall on Stronger Dollar
A temporarily strengthening U.S. dollar continues to put pressure on gold prices, as investors pour money into the greenback based upon perceived safety.
This of course isn't a nod towards a really strong dollar, but rather the consequences of an falling euro in response to the endless sovereign debt crisis in Europe, as well as the volatile political climate.
Gold prices will continue to fall, as they usually do, as long as the U.S. dollar gets stronger against the euro. As soon as that changes it will reverse, and gold prices will resume their climb.
Until that happens, we could see gold prices drop to December lows of close to $1,520, and from there, if the euro remains weak, gold could fall below the $1,500 an ounce mark.
The U.S. dollar climbed against a basket of major currencies while the euro dropped to a four-month low against the dollar.
Also pressuring gold is the unwinding of bullish positions in the metal by money managers, who have slashed their long positions by about 20 percent. That brings holdings in gold futures by the money managers to the lowest level since the latter part of 2008.
Since the fundamentals accompanying the rise in gold prices remain in place, it's only a matter of a relatively short time before prices start to climb again.
This of course isn't a nod towards a really strong dollar, but rather the consequences of an falling euro in response to the endless sovereign debt crisis in Europe, as well as the volatile political climate.
Gold prices will continue to fall, as they usually do, as long as the U.S. dollar gets stronger against the euro. As soon as that changes it will reverse, and gold prices will resume their climb.
Until that happens, we could see gold prices drop to December lows of close to $1,520, and from there, if the euro remains weak, gold could fall below the $1,500 an ounce mark.
The U.S. dollar climbed against a basket of major currencies while the euro dropped to a four-month low against the dollar.
Also pressuring gold is the unwinding of bullish positions in the metal by money managers, who have slashed their long positions by about 20 percent. That brings holdings in gold futures by the money managers to the lowest level since the latter part of 2008.
Since the fundamentals accompanying the rise in gold prices remain in place, it's only a matter of a relatively short time before prices start to climb again.
Best Buy (BBY) Chairman Richard Schulze Stepping Down
An outside law firm hired by Best Buy after its audit committee found the CEO at the time, Brian Dunn, had violated company policy by entering into a relationship with a female employee, has now resulted in founder and Chairman of the company, Richard Schulze, stepping down from his Chairman position.
The reason for the pressure on Schulze to step down comes from the fact he knew about the relationship and failed to report and deal with it per company policy by reporting it to the audit committee.
While Dunn was found to have an inappropriate relationship with the female employee based upon company policy, the law firm did say there wasn't any misuse of company funds or resources in connection to the relationship, as well as no use of aircraft for the purpose of facilitating the relationship.
Even so, Dunn still received a huge $6.6 million severance package.
Schulze said in a statement, "In December, when the conduct of our then-CEO was brought to my attention, I confronted him with the allegations (which he denied), told him his conduct was totally unacceptable and contrary to Best Buy's policies and everything I, and the company, stand for. I understand and accept the findings of the Audit Committee."
Schulze will remain on through June 13, with a new title of chairman emeritus. That is simply an honorary position given him until he finishes his term.
Hatim Tyabji will replace Schulze. Tyabji is the chairman of Best Buy's audit committee.
After dropping to 3-year lows, Best Buy has rebounded, trading at $19.61, up $0.33, or 1.71 percent, as of 12:00 PM EDT.
The reason for the pressure on Schulze to step down comes from the fact he knew about the relationship and failed to report and deal with it per company policy by reporting it to the audit committee.
While Dunn was found to have an inappropriate relationship with the female employee based upon company policy, the law firm did say there wasn't any misuse of company funds or resources in connection to the relationship, as well as no use of aircraft for the purpose of facilitating the relationship.
Even so, Dunn still received a huge $6.6 million severance package.
Schulze said in a statement, "In December, when the conduct of our then-CEO was brought to my attention, I confronted him with the allegations (which he denied), told him his conduct was totally unacceptable and contrary to Best Buy's policies and everything I, and the company, stand for. I understand and accept the findings of the Audit Committee."
Schulze will remain on through June 13, with a new title of chairman emeritus. That is simply an honorary position given him until he finishes his term.
Hatim Tyabji will replace Schulze. Tyabji is the chairman of Best Buy's audit committee.
After dropping to 3-year lows, Best Buy has rebounded, trading at $19.61, up $0.33, or 1.71 percent, as of 12:00 PM EDT.
Chesapeake (CHK) Faces Increasing Shareholder Pressure
Chesapeake Energy Corporation (NYSE:CHK) CEO Aubrey K. McClendon, who is also co-founder of the company, faces growing pressure from shareholders as the company struggles to survive in the midst of heavy debt and anemic natural gas prices.
With just about everyone in the industry knowing the financial struggles of the company, it has made it impossible to sell quality assets for what they're worth, as the company has been receiving low ball offers for some of its properties. That's not likely to change in the current scenario Chesapeake faces.
That has led to more debt, as the company announced it has secured a $3 billion loan from Jefferies Group (NYSE:JEF) and Goldman Sachs (NYSE:GS).
Low natural gas prices have hammered the company after its debt load grew to $13 billion as a result of aggressively investing in numerous properties.
Speculation as to the reason behind taking on more debt to deal with the situation is the board of Chesapeake is probably requiring McClendon to go that route rather than sell good assets at fire sale prices.
The $3 billion in financing should help Chesapeake boost its negotiating position a little, although time is definitely working against it. Chespeake recently said it will delay some of its asset sales in order to secure the financing, which resulted in the shares getting hammered, plunging over 13 percent on Friday, May 11.
After the fallout, a Chesapeake spokesman asserted it still has the of still hitting the asset sales target of $10 billion they set for 2012.
Billionaire Carl Icahn is building a significant stake in Chesapeake again, which would probably force the hand of McClendon to take the necessary steps to right the company ship.
The last time Icahn did this he acquired over 5 percent of Chesapeake, which forced McClendon to sell all its holdings in the Fayetteville shale of Louisiana for close to $5 billion for the purpose of reducing debt. Icahn reportedly made about $500 million after he sold his shares in the company.
There is growing pressure from Shareholders for McClendon to step down as CEO of Chesapeake.
With just about everyone in the industry knowing the financial struggles of the company, it has made it impossible to sell quality assets for what they're worth, as the company has been receiving low ball offers for some of its properties. That's not likely to change in the current scenario Chesapeake faces.
That has led to more debt, as the company announced it has secured a $3 billion loan from Jefferies Group (NYSE:JEF) and Goldman Sachs (NYSE:GS).
Low natural gas prices have hammered the company after its debt load grew to $13 billion as a result of aggressively investing in numerous properties.
Speculation as to the reason behind taking on more debt to deal with the situation is the board of Chesapeake is probably requiring McClendon to go that route rather than sell good assets at fire sale prices.
The $3 billion in financing should help Chesapeake boost its negotiating position a little, although time is definitely working against it. Chespeake recently said it will delay some of its asset sales in order to secure the financing, which resulted in the shares getting hammered, plunging over 13 percent on Friday, May 11.
After the fallout, a Chesapeake spokesman asserted it still has the of still hitting the asset sales target of $10 billion they set for 2012.
Billionaire Carl Icahn is building a significant stake in Chesapeake again, which would probably force the hand of McClendon to take the necessary steps to right the company ship.
The last time Icahn did this he acquired over 5 percent of Chesapeake, which forced McClendon to sell all its holdings in the Fayetteville shale of Louisiana for close to $5 billion for the purpose of reducing debt. Icahn reportedly made about $500 million after he sold his shares in the company.
There is growing pressure from Shareholders for McClendon to step down as CEO of Chesapeake.
JPMorgan (JPM) CIO Steps Down after $2 Billion Loss
The chief investment officer of JPMorgan (NYSE:JPM), Ina Drew, who oversaw the division of the giant bank responsible for $2 billion in losses in the last quarter, has "retired."
Drew has offered to step down several times since the revelation of the enormous losses, and finally has taken the step. According to a regulatory filing, Drew made $15.5 million in 2011, one of the highest salaries at the bank.
In April CEO Jamie Dimon asserted there was no reason for concerns over the trading practices of the bank, although at the time he said that the losses hadn't happened yet. They have come over the last six weeks.
He said on Sunday on NBC's "Meet the Press" that he was "dead wrong" about the trading situation at the bank, adding, "We made a terrible, egregious mistake."
Speaking even stronger about the situation, Dimon concluded, "There's almost no excuse for it."
The purpose of the trades in question, which were centered around credit derivatives, are supposed to be used as a hedge against financial risk. Instead it appears they were attempted to be used as a way to generate profits for the bank, which resulted in the huge losses.
There is an ongoing internal investigation into the causes of the huge losses by the bank.
At least two more executives at the bank are expected to resign sometime soon.
JPMorgan was trading at $36.19, falling $0.77, or 2.08 percent, as of 11:04 AM EDT.
Drew has offered to step down several times since the revelation of the enormous losses, and finally has taken the step. According to a regulatory filing, Drew made $15.5 million in 2011, one of the highest salaries at the bank.
In April CEO Jamie Dimon asserted there was no reason for concerns over the trading practices of the bank, although at the time he said that the losses hadn't happened yet. They have come over the last six weeks.
He said on Sunday on NBC's "Meet the Press" that he was "dead wrong" about the trading situation at the bank, adding, "We made a terrible, egregious mistake."
Speaking even stronger about the situation, Dimon concluded, "There's almost no excuse for it."
The purpose of the trades in question, which were centered around credit derivatives, are supposed to be used as a hedge against financial risk. Instead it appears they were attempted to be used as a way to generate profits for the bank, which resulted in the huge losses.
There is an ongoing internal investigation into the causes of the huge losses by the bank.
At least two more executives at the bank are expected to resign sometime soon.
JPMorgan was trading at $36.19, falling $0.77, or 2.08 percent, as of 11:04 AM EDT.
Tuesday, May 8, 2012
Randgold's (GOLD) Hammering Continues
Following its record breaking previous quarter, shares of Randgold Resources (NASDAQ: GOLD) continues to get pummeled by investors after its latest quarter results revealed the company profits were down by 28 percent and its gold production down 13 percent over the previous quarter.
So far it hasnt mattered to investors that the company profits were up 126 percent over the first quarter of 2011.
That hasn't influenced JPMorgan Chase (NYSE: JPM), which upgraded it from an "Underweight" rating to a "Neutral" rating.
Since its report on May 3, Randgold had plunged from $86.40 a share down to $77.37 a share, as of 1:56 PM EDT. It is down $3.55, or 4.39 percent on the day so far.
It appears the company is now being oversold.
So far it hasnt mattered to investors that the company profits were up 126 percent over the first quarter of 2011.
That hasn't influenced JPMorgan Chase (NYSE: JPM), which upgraded it from an "Underweight" rating to a "Neutral" rating.
Since its report on May 3, Randgold had plunged from $86.40 a share down to $77.37 a share, as of 1:56 PM EDT. It is down $3.55, or 4.39 percent on the day so far.
It appears the company is now being oversold.
Wednesday, April 25, 2012
Exxon (XOM) (CPK) (NGG) (OAS) (SU) (NKA) (HES) Ratings, Price Targets
Exxon Mobil (XOM), Chesapeake Utilities (CPK), National Grid (NGG), Oasis Petroleum Inc. (OAS), Suncor Energy Inc. (SU), Niska Gas Storage (NKA) and Hess (HES) had ratings and price targets on them adjusted by analysts.
Hilliard Lyons upgraded Chesapeake Utilities Corp (CPK) from a "Neutral" rating to a "Long" rating. They have a price target of $45.00 on the company.
Morgan Stanley upgraded National Grid (NGG) to an Overweight" rating.
Stephens upgraded Oasis Petroleum Inc. (OAS) from an "Equal Weight" rating to a "Overweight" rating.
BMO Capital Markets upgraded Suncor Energy Inc. (SU) from a "Market Perform" rating to a "Outperform" rating.
Raymond James upgraded Exxon Mobil (XOM) from a "Market Perform" rating to a "Outperform" rating.
Wells Fargo & Co. upgraded Niska Gas Storage (NKA) from an "Underperform" rating to a "Market Perform" rating.
Raymond James downgraded Hess Corp (HES) from an "Outperform" rating to a "Market Perform" rating.
Hilliard Lyons upgraded Chesapeake Utilities Corp (CPK) from a "Neutral" rating to a "Long" rating. They have a price target of $45.00 on the company.
Morgan Stanley upgraded National Grid (NGG) to an Overweight" rating.
Stephens upgraded Oasis Petroleum Inc. (OAS) from an "Equal Weight" rating to a "Overweight" rating.
BMO Capital Markets upgraded Suncor Energy Inc. (SU) from a "Market Perform" rating to a "Outperform" rating.
Raymond James upgraded Exxon Mobil (XOM) from a "Market Perform" rating to a "Outperform" rating.
Wells Fargo & Co. upgraded Niska Gas Storage (NKA) from an "Underperform" rating to a "Market Perform" rating.
Raymond James downgraded Hess Corp (HES) from an "Outperform" rating to a "Market Perform" rating.
AngloGold (AU) (KWK) (RRC) (RY) (RF) (FITB) (COF) (HBAN) Ratings, Price Targets
AngloGold Ashanti (AU), Quicksilver Resources Inc (KWK), Range Resources (RRC), RBC Capital (RY), Regions Financial Corp (RF), Fifth Third Bancorp (FITB), Capital One (COF) and Huntington Bancshares Incorporated (HBAN) had ratings and price targets on them adjusted by analysts.
TheStreet downgraded AngloGold Ashanti (AU) to a "Hold" rating.
Howard Weil downgraded Quicksilver Resources (KWK) from an "Outperform" rating to a "Market Perform" rating.
Societe Generale initiated coverage on Range Resources (RRC). They placed a "Buy" rating on the company..
Bank of America upgraded RBC Capital (RY) from an "Neutral" rating to a "Buy" rating. They have a price target of $65.00 on the company.
Miller Tabak upgraded Regions Financial Corp (RF) from a "Neutral" rating to a "Buy" rating.
Deutsche Bank upgraded Fifth Third Bancorp (FITB) from a "Hold" rating to a "Buy" rating.
JPMorgan Chase upgraded Capital One (COF) from an "Neutral" rating to an "Overweight" rating. $70.00
Susquehanna downgraded Huntington Bancshares Incorporated (HBAN) from a "Positive" rating to a "Neutral" rating.
TheStreet downgraded AngloGold Ashanti (AU) to a "Hold" rating.
Howard Weil downgraded Quicksilver Resources (KWK) from an "Outperform" rating to a "Market Perform" rating.
Societe Generale initiated coverage on Range Resources (RRC). They placed a "Buy" rating on the company..
Bank of America upgraded RBC Capital (RY) from an "Neutral" rating to a "Buy" rating. They have a price target of $65.00 on the company.
Miller Tabak upgraded Regions Financial Corp (RF) from a "Neutral" rating to a "Buy" rating.
Deutsche Bank upgraded Fifth Third Bancorp (FITB) from a "Hold" rating to a "Buy" rating.
JPMorgan Chase upgraded Capital One (COF) from an "Neutral" rating to an "Overweight" rating. $70.00
Susquehanna downgraded Huntington Bancshares Incorporated (HBAN) from a "Positive" rating to a "Neutral" rating.
Friday, April 20, 2012
Agnico (AEM) (IVN) (FSLR) (ACI) (NFX) (ARLP) Ratings, Price Targets
Agnico-Eagle Mines Limited (AEM), Ivanhoe Mines Ltd (IVN), First Solar, Inc. (FSLR), Arch Coal, Inc. (ACI), Newfield Exploration Co. (NFX) and Alliance Resource (ARLP) had ratings and price targets on them adjusted by analysts.
Zacks downgraded Agnico-Eagle Mines Limited (AEM) from a "Neutral" rating to a "Underperform" rating.
TD Securities upgraded Ivanhoe Mines Ltd (IVN) from a "Reduce" rating to a "Hold" rating.
Cantor Fitzgerald upgraded First Solar, Inc. (FSLR) from a "Sell" rating to a "Hold" rating.
Morgan Stanley downgraded Arch Coal, Inc. (ACI) from an "Equal Weight" rating to a "Underweight" rating.
Barrington Research initiated coverage on Newfield Exploration Co. (NFX). They placed an "Outperform" rating and a price target of $44.00 on the company.
Raymond James upgraded Alliance Resource (ARLP) from a "Market Perform" rating to a "Strong-Buy" rating.
Zacks downgraded Agnico-Eagle Mines Limited (AEM) from a "Neutral" rating to a "Underperform" rating.
TD Securities upgraded Ivanhoe Mines Ltd (IVN) from a "Reduce" rating to a "Hold" rating.
Cantor Fitzgerald upgraded First Solar, Inc. (FSLR) from a "Sell" rating to a "Hold" rating.
Morgan Stanley downgraded Arch Coal, Inc. (ACI) from an "Equal Weight" rating to a "Underweight" rating.
Barrington Research initiated coverage on Newfield Exploration Co. (NFX). They placed an "Outperform" rating and a price target of $44.00 on the company.
Raymond James upgraded Alliance Resource (ARLP) from a "Market Perform" rating to a "Strong-Buy" rating.
Monday, April 16, 2012
Anadarko (APC) (OAS) (CAM) (HAL) (MPC) (RIG) (WLL) Ratings, Price Targets
Anadarko Petroleum (APC), Oasis Petroleum Inc. (OAS), Cameron (CAM), Halliburton (HAL), Marathon Petroleum (MPC), Transocean (RIG) and Whiting Petroleum Co. (WLL) had ratings and price targets on them adjusted by analysts.
CLSA upgraded Anadarko Petroleum (APC) from an "Outperform" rating to a "Buy" rating.
Pritchard upgraded Oasis Petroleum Inc. (OAS) from a "Neutral" rating to a "Buy" rating.
Raymond James downgraded Cameron (CAM) from a "Strong-Buy" rating to a "Market Perform" rating.
Raymond James downgraded Halliburton (HAL) from an "Outperform" rating to a "Market Perform" rating.
Deutsche Bank downgraded Marathon Petroleum (MPC) from a "Buy" rating to a "Hold" rating.
Raymond James downgraded Transocean (RIG) from a "Strong-Buy" rating to a "Market Perform" rating.
CLSA downgraded Whiting Petroleum Co. (WLL) from an "Outperform" rating to a "Buy" rating.
CLSA upgraded Anadarko Petroleum (APC) from an "Outperform" rating to a "Buy" rating.
Pritchard upgraded Oasis Petroleum Inc. (OAS) from a "Neutral" rating to a "Buy" rating.
Raymond James downgraded Cameron (CAM) from a "Strong-Buy" rating to a "Market Perform" rating.
Raymond James downgraded Halliburton (HAL) from an "Outperform" rating to a "Market Perform" rating.
Deutsche Bank downgraded Marathon Petroleum (MPC) from a "Buy" rating to a "Hold" rating.
Raymond James downgraded Transocean (RIG) from a "Strong-Buy" rating to a "Market Perform" rating.
CLSA downgraded Whiting Petroleum Co. (WLL) from an "Outperform" rating to a "Buy" rating.
Eldorado (EGO) (ANR) (FCX) (RRC) (CHK) (TC) Ratings, Price Targets
Eldorado Gold Co. (EGO), Alpha Natural Resources (ANR), Freeport McMoRan Copper and Gold (FCX), Range Resources (RRC), Thompson Creek Metals (TC) and Chesapeake Energy (CHK) had ratings and price targets on them adjusted by analysts.
TD Securities upgraded Eldorado Gold Co. (EGO) to a "Buy" rating.
Citigroup upgraded Alpha Natural Resources (ANR) from a "Neutral" rating to a "Buy" rating.
Citigroup upgraded Freeport McMoRan Copper and Gold (FCX) from a "Neutral" rating to a "Buy" rating.
Macquarie upgraded Range Resources (RRC) from a "Neutral" rating to a "Outperform" rating.
UBS AG upgraded Thompson Creek Metals (TC) from a "Neutral" rating to a "Buy" rating.
Citigroup downgraded Chesapeake Energy (CHK) from a "Buy" rating to a "Neutral" rating.
TD Securities upgraded Eldorado Gold Co. (EGO) to a "Buy" rating.
Citigroup upgraded Alpha Natural Resources (ANR) from a "Neutral" rating to a "Buy" rating.
Citigroup upgraded Freeport McMoRan Copper and Gold (FCX) from a "Neutral" rating to a "Buy" rating.
Macquarie upgraded Range Resources (RRC) from a "Neutral" rating to a "Outperform" rating.
UBS AG upgraded Thompson Creek Metals (TC) from a "Neutral" rating to a "Buy" rating.
Citigroup downgraded Chesapeake Energy (CHK) from a "Buy" rating to a "Neutral" rating.
Wednesday, April 11, 2012
W&T (WTI) (CHK) (CLNE) (NOG) (RECV) (RGP) (SXLP) Ratings, Price Targets
W&T Offshore, Inc. (WTI), Chesapeake Energy (CHK), Clean Energy Fuels Corp. (CLNE), Northern Oil & Gas, Inc. (NOG), Recovery Energy (RECV), Regency Energy Partners LP (RGP) and Signature Exploration and Production (SXLP) had ratings and price targets on them adjusted by analysts.
Pritchard upgraded W&T Offshore, Inc. (WTI) from a "Neutral" rating to a "Buy" rating.
Tudor Pickering downgraded Chesapeake Energy (CHK) from a "Buy" rating to an "Accumulate" rating.
Piper Jaffray initiated coverage on Clean Energy Fuels Corp. (CLNE). They placed a "Neutral" rating and a price target of $20.00 on the company.
Capital One upgraded Northern Oil & Gas, Inc. (NOG). They placed a "Strong-Buy" rating and a price target of $20.00 on the company.
Sidoti initiated coverage on Recovery Energy (RECV). They placed a "Buy" rating on the company.
JPMorgan Chase & Co. initiated coverage on Regency Energy Partners LP (RGP). They placed an "Overweight" rating and a price target of $28.00 on the company.
Auriga downgraded Signature Exploration and Production (SXLP). They placed a "Hold" rating and a price target of $51.00 on the company.
Pritchard upgraded W&T Offshore, Inc. (WTI) from a "Neutral" rating to a "Buy" rating.
Tudor Pickering downgraded Chesapeake Energy (CHK) from a "Buy" rating to an "Accumulate" rating.
Piper Jaffray initiated coverage on Clean Energy Fuels Corp. (CLNE). They placed a "Neutral" rating and a price target of $20.00 on the company.
Capital One upgraded Northern Oil & Gas, Inc. (NOG). They placed a "Strong-Buy" rating and a price target of $20.00 on the company.
Sidoti initiated coverage on Recovery Energy (RECV). They placed a "Buy" rating on the company.
JPMorgan Chase & Co. initiated coverage on Regency Energy Partners LP (RGP). They placed an "Overweight" rating and a price target of $28.00 on the company.
Auriga downgraded Signature Exploration and Production (SXLP). They placed a "Hold" rating and a price target of $51.00 on the company.
Eldorado (EGO) (GOLD) (TC) (BAC) (RJF) (DB) (FGP) Ratings, Price Targets
Eldorado Gold Co. (EGO), Randgold Resources Ltd. (GOLD), Thompson Creek Metals (TC), Bank of America (BAC), Raymond James (RJF), Deutsche Bank (DB) and Ferrellgas Partners (FGP) had ratings and price targets on them adjusted by analysts.
Canaccord Genuity upgraded Eldorado Gold Co. (EGO) from a "Hold" rating to a "Buy" rating.
Stifel Nicolaus upgraded Randgold Resources Ltd. (GOLD) from a "Hold" rating to a "Buy" rating. They placed a price target of $110.00 on the company.
Deutsche Bank upgraded Thompson Creek Metals (TC) from a "Sell" rating to a "Hold" rating.
Guggenheim upgraded Bank of America (BAC) from a "Neutral" rating to a "Buy" rating. They placed a price target of $11.00 on the company.
Wells Fargo & Co. initiated coverage on Raymond James (RJF). They have an "Outperform" rating on the company.
TheStreet upgraded Deutsche Bank (DB) to a "Hold" rating.
JPMorgan Chase & Co. initiated coverage on Ferrellgas Partners (FGP). They placed an "Underweight" rating and a price target of $12.00 on the company.
Canaccord Genuity upgraded Eldorado Gold Co. (EGO) from a "Hold" rating to a "Buy" rating.
Stifel Nicolaus upgraded Randgold Resources Ltd. (GOLD) from a "Hold" rating to a "Buy" rating. They placed a price target of $110.00 on the company.
Deutsche Bank upgraded Thompson Creek Metals (TC) from a "Sell" rating to a "Hold" rating.
Guggenheim upgraded Bank of America (BAC) from a "Neutral" rating to a "Buy" rating. They placed a price target of $11.00 on the company.
Wells Fargo & Co. initiated coverage on Raymond James (RJF). They have an "Outperform" rating on the company.
TheStreet upgraded Deutsche Bank (DB) to a "Hold" rating.
JPMorgan Chase & Co. initiated coverage on Ferrellgas Partners (FGP). They placed an "Underweight" rating and a price target of $12.00 on the company.
Thursday, April 5, 2012
NRG (NRG) (SLB) (SRE) (CXPO) (EGN) (CVE) (RDS-A) (HES) Ratings, Price Targets
NRG Energy, Inc. (NRG), Schlumberger (SLB), Sempra Energy (SRE), Crimson Exploration (CXPO), Energen (EGN), Cenovus Energy (CVE), Royal Dutch Shell (RDS-A) and Hess (HES) had ratings and price targets on them adjusted by analysts.
Sterne Agee upgraded Schlumberger (SLB) from a "Neutral" rating to a "Buy" rating. $93.00
RBC Capital upgraded Sempra Energy (SRE) from a "Sector Perform" rating to a "Outperform" rating.
Macquarie upgraded NRG Energy, Inc. (NRG) from a "Neutral" rating to an "Outperform" rating.
MLV & Co initiated coverage on Crimson Exploration (CXPO). They have a "Buy" rating and a price target of $5.50 on the company.
Sterne Agee initiated coverage on Energen (EGN). They have a "Buy" rating and a price target of $60.00 on the company.
CIBC upgraded Cenovus Energy (CVE) from a "Sector Perform" rating to a "Outperform" rating.
Tudor Pickering upgraded Royal Dutch Shell (RDS-A) to a "Buy" rating.
Tudor Pickering upgraded Hess (HES) from a "Buy" rating to an "Accumulate" rating.
Sterne Agee upgraded Schlumberger (SLB) from a "Neutral" rating to a "Buy" rating. $93.00
RBC Capital upgraded Sempra Energy (SRE) from a "Sector Perform" rating to a "Outperform" rating.
Macquarie upgraded NRG Energy, Inc. (NRG) from a "Neutral" rating to an "Outperform" rating.
MLV & Co initiated coverage on Crimson Exploration (CXPO). They have a "Buy" rating and a price target of $5.50 on the company.
Sterne Agee initiated coverage on Energen (EGN). They have a "Buy" rating and a price target of $60.00 on the company.
CIBC upgraded Cenovus Energy (CVE) from a "Sector Perform" rating to a "Outperform" rating.
Tudor Pickering upgraded Royal Dutch Shell (RDS-A) to a "Buy" rating.
Tudor Pickering upgraded Hess (HES) from a "Buy" rating to an "Accumulate" rating.
Newmont (NEM) (GG) (KGC) (JAG) (IVN) (STVZF) (PPP) Ratings, Price Targets
Newmont Mining Co. (NEM), Goldcorp Inc. (GG), Kinross Gold (KGC), Jaguar Mining (JAG), Ivanhoe Mines Ltd (IVN), Silvercrest Mines (STVZF) and Primero Mining Corp. (PPP) had ratings and price targets on them adjusted by analysts.
Citigroup downgraded Newmont Mining Co. (NEM) from a "Buy" rating to a "Neutral" rating.
Citigroup initiated coverage on Goldcorp Inc. (GG). They have a "Neutral" rating on the company.
Citigroup initiated coverage on Kinross Gold (KGC). They have a "Buy" rating on the company.
RBC Capital downgraded Jaguar Mining (JAG) from a "Sector Perform" rating to an "Underperform" rating.
BMO Capital Markets downgraded Ivanhoe Mines Ltd (IVN) from an "Outperform" rating to a "Market Perform" rating.
Roth Capital initiated coverage on Silvercrest Mines (STVZF). They have a "Buy" rating on the company.
BMO Capital Markets upgraded Primero Mining Corp. (PPP) from a "Market Perform" rating to an "Outperform" rating.
Citigroup downgraded Newmont Mining Co. (NEM) from a "Buy" rating to a "Neutral" rating.
Citigroup initiated coverage on Goldcorp Inc. (GG). They have a "Neutral" rating on the company.
Citigroup initiated coverage on Kinross Gold (KGC). They have a "Buy" rating on the company.
RBC Capital downgraded Jaguar Mining (JAG) from a "Sector Perform" rating to an "Underperform" rating.
BMO Capital Markets downgraded Ivanhoe Mines Ltd (IVN) from an "Outperform" rating to a "Market Perform" rating.
Roth Capital initiated coverage on Silvercrest Mines (STVZF). They have a "Buy" rating on the company.
BMO Capital Markets upgraded Primero Mining Corp. (PPP) from a "Market Perform" rating to an "Outperform" rating.
Monday, April 2, 2012
Halliburton (HAL) (HERO) (RIG) (HFC) (CXO) (CVE) (KEG) (NOV) Ratings, Price Targets
Halliburton (HAL), Hercules Offshore, Inc. (HERO), Transocean (RIG), HollyFrontier (HFC), Concho Resources Inc. (CXO), Cenovus Energy (CVE), Key Energy (KEG) and National-Oilwell Varco, Inc. (NOV) had ratings and price targets on them adjusted by analysts.
Howard Weil downgraded Halliburton (HAL) from an "Outperform" rating to a "Market Perform" rating. $43.00
CLSA upgraded Hercules Offshore, Inc. (HERO) from an "Underperform" rating to a "Buy" rating.
CLSA upgraded Transocean (RIG) from an "Underperform" rating to an "Outperform" rating.
Credit Suisse downgraded HollyFrontier (HFC) from an "Outperform" rating to a "Neutral" rating.
Deutsche Bank upgraded Concho Resources Inc. (CXO) Hold" rating to a "Buy" rating.
Barclays Capital downgraded Cenovus Energy (CVE) from an "Overweight" rating to a "Equal Weight" rating.
Howard Weil Key Energy (KEG) from a "Focus Stock" rating to an "Outperform" rating. They have a price target of $20.00 on the company.
Howard Weil downgraded National-Oilwell Varco, Inc. (NOV) from an "Outperform" rating to a "Market Perform" rating.
Howard Weil downgraded Halliburton (HAL) from an "Outperform" rating to a "Market Perform" rating. $43.00
CLSA upgraded Hercules Offshore, Inc. (HERO) from an "Underperform" rating to a "Buy" rating.
CLSA upgraded Transocean (RIG) from an "Underperform" rating to an "Outperform" rating.
Credit Suisse downgraded HollyFrontier (HFC) from an "Outperform" rating to a "Neutral" rating.
Deutsche Bank upgraded Concho Resources Inc. (CXO) Hold" rating to a "Buy" rating.
Barclays Capital downgraded Cenovus Energy (CVE) from an "Overweight" rating to a "Equal Weight" rating.
Howard Weil Key Energy (KEG) from a "Focus Stock" rating to an "Outperform" rating. They have a price target of $20.00 on the company.
Howard Weil downgraded National-Oilwell Varco, Inc. (NOV) from an "Outperform" rating to a "Market Perform" rating.
Hecla (HL) (MTL) (MT) (POT) (AGU) (PAAS) (AXP) Ratings, Price Targets
Hecla Mining (HL), Mechel (MTL), ArcelorMittal (MT), Potash (POT), Agrium Inc. (AGU), Pan American Silver (PAAS) and American Express (AXP) had ratings and price targets on them adjusted by analysts.
BNP Paribas upgraded ArcelorMittal (MT) from an "Underperform" rating to a "Neutral" rating.
UBS AG downgraded Mechel (MTL) from a "Buy" rating to a "Neutral" rating.
Stifel Nicolaus initiated coverage on Potash (POT). They placed a "Buy" rating and price target of $56.00 on the company.
Stifel Nicolaus initiated coverage on Agrium Inc. (AGU). They placed a "Buy" rating and price target of $105.00 on the company.
Deutsche Bank initiated coverage on Hecla Mining (HL). They placed a "Hold" rating and price target of $5.50 on the company.
BMO Capital Markets initiated coverage on Pan American Silver (PAAS). They placed an "Outperform" rating and price target of $35.00 on the company.
Wells Fargo & Co. downgraded American Express (AXP) from an "Outperform" rating to a "Market Perform" rating.
BNP Paribas upgraded ArcelorMittal (MT) from an "Underperform" rating to a "Neutral" rating.
UBS AG downgraded Mechel (MTL) from a "Buy" rating to a "Neutral" rating.
Stifel Nicolaus initiated coverage on Potash (POT). They placed a "Buy" rating and price target of $56.00 on the company.
Stifel Nicolaus initiated coverage on Agrium Inc. (AGU). They placed a "Buy" rating and price target of $105.00 on the company.
Deutsche Bank initiated coverage on Hecla Mining (HL). They placed a "Hold" rating and price target of $5.50 on the company.
BMO Capital Markets initiated coverage on Pan American Silver (PAAS). They placed an "Outperform" rating and price target of $35.00 on the company.
Wells Fargo & Co. downgraded American Express (AXP) from an "Outperform" rating to a "Market Perform" rating.
Wednesday, March 28, 2012
Rex (REXX) (WFT) (OSG) (TNK) (TNP) (OXF) (HTS) Ratings, Price Targets
Rex Energy (REXX), Weatherford (WFT), Overseas Shipholding Group Inc. (OSG), Teekay Tankers Ltd. (TNK), Tsakos Energy Navigation (TNP), Oxford Resource Partners (OXF) and Hatteras Financial Corp. (HTS) had ratings and price targets on them adjusted by analysts.
Capital One upgraded Rex Energy (REXX) to a "Neutral" rating.
Guggenheim downgraded Weatherford (WFT) from a "Buy" rating to a "Neutral" rating.
Dahlman Rose upgraded Overseas Shipholding Group Inc. (OSG) from a "Sell" rating to a "Hold" rating.
Dahlman Rose upgraded Teekay Tankers Ltd. (TNK) from a "Hold" rating to a "Buy" rating. They have a price target of $7.00 on the company.
Dahlman Rose upgraded Tsakos Energy Navigation (TNP) from a "Hold" rating to a "Buy" rating. They have a price target of $12.00 on the company.
Raymond James downgraded Oxford Resource Partners (OXF) from an "Outperform" rating to an "Underperform" rating.
Deutsche Bank upgraded Hatteras Financial Corp. (HTS) from a "Hold" rating to a "Buy" rating.
Capital One upgraded Rex Energy (REXX) to a "Neutral" rating.
Guggenheim downgraded Weatherford (WFT) from a "Buy" rating to a "Neutral" rating.
Dahlman Rose upgraded Overseas Shipholding Group Inc. (OSG) from a "Sell" rating to a "Hold" rating.
Dahlman Rose upgraded Teekay Tankers Ltd. (TNK) from a "Hold" rating to a "Buy" rating. They have a price target of $7.00 on the company.
Dahlman Rose upgraded Tsakos Energy Navigation (TNP) from a "Hold" rating to a "Buy" rating. They have a price target of $12.00 on the company.
Raymond James downgraded Oxford Resource Partners (OXF) from an "Outperform" rating to an "Underperform" rating.
Deutsche Bank upgraded Hatteras Financial Corp. (HTS) from a "Hold" rating to a "Buy" rating.
Agnico (AEM) (SCCO) (BAC) (UBS) (HWD) (FRC) (FHN) Ratings, Price Targets
Agnico-Eagle Mines Limited (AEM), Southern Copper (SCCO), Bank of America (BAC), UBS AG (UBS), Harry Winston Diamond (HWD), First Republic Bank (FRC) and First Horizon National Co. (FHN) had ratings and price targets on them adjusted by analysts.
Global Hunter Securities initiated coverage on Agnico-Eagle Mines Limited (AEM). They place a "Buy" rating and a price target of $46.00 on the company.
Morgan Stanley upgraded Southern Copper (SCCO) from an "Equal Weight" rating to an "Overweight" rating.
Robert W. Baird downgraded Bank of America (BAC) from an "Outperform" rating to an "Neutral" rating. They have a price target of $10.00 on the company.
ISI Group downgraded UBS AG (UBS) from a "Buy" rating to a "Hold" rating.
BMO Capital Markets downgraded Harry Winston Diamond (HWD) from an "Outperform" rating to an "Market Perform" rating.
BMO Capital Markets initiated coverage on First Republic Bank (FRC). They placed an "Outperform" rating on the company.
Sterne Agee upgraded First Horizon National Co. (FHN) from an "Underperform" rating to a "Neutral" rating.
Global Hunter Securities initiated coverage on Agnico-Eagle Mines Limited (AEM). They place a "Buy" rating and a price target of $46.00 on the company.
Morgan Stanley upgraded Southern Copper (SCCO) from an "Equal Weight" rating to an "Overweight" rating.
Robert W. Baird downgraded Bank of America (BAC) from an "Outperform" rating to an "Neutral" rating. They have a price target of $10.00 on the company.
ISI Group downgraded UBS AG (UBS) from a "Buy" rating to a "Hold" rating.
BMO Capital Markets downgraded Harry Winston Diamond (HWD) from an "Outperform" rating to an "Market Perform" rating.
BMO Capital Markets initiated coverage on First Republic Bank (FRC). They placed an "Outperform" rating on the company.
Sterne Agee upgraded First Horizon National Co. (FHN) from an "Underperform" rating to a "Neutral" rating.
Monday, March 26, 2012
Dendreon (DNDN) (BHI) (HFC) (WY) (EXM) (PKD) Ratings, Price Targets
Dendreon Co. (DNDN), Baker Hughes (BHI), HollyFrontier Corp (HFC), Weyerhaeuser (WY), Excel Maritime Carriers Ltd (EXM) and Parker Drilling Company (PKD) had ratings and price targets on them adjusted by analysts.
Wells Fargo & Co. downgraded Baker Hughes (BHI) from a "Outperform" rating to an "Market Perform" rating.
Raymond James downgraded HollyFrontier Corp (HFC) from a "Outperform" rating to an "Underperform" rating.
Scotia Capital downgraded Weyerhaeuser (WY) from a "Sector Perform" rating to an "Underperform" rating.
Canaccord Genuity initiated coverage on Dendreon Co. (DNDN). They placed a "Hold" rating and a price target of $11.00 on the company.
Imperial Capital initiated coverage on Excel Maritime Carriers Ltd (EXM). They placed an "Underperform" rating and price target of $1.14 on the company.
Sidoti initiated coverage on Parker Drilling Company (PKD). They placed a "Buy" rating on the company.
Wells Fargo & Co. downgraded Baker Hughes (BHI) from a "Outperform" rating to an "Market Perform" rating.
Raymond James downgraded HollyFrontier Corp (HFC) from a "Outperform" rating to an "Underperform" rating.
Scotia Capital downgraded Weyerhaeuser (WY) from a "Sector Perform" rating to an "Underperform" rating.
Canaccord Genuity initiated coverage on Dendreon Co. (DNDN). They placed a "Hold" rating and a price target of $11.00 on the company.
Imperial Capital initiated coverage on Excel Maritime Carriers Ltd (EXM). They placed an "Underperform" rating and price target of $1.14 on the company.
Sidoti initiated coverage on Parker Drilling Company (PKD). They placed a "Buy" rating on the company.
DTE (DTE) (TE) (WEC) (WFT) (WR) (LNT) Ratings, Price Targets
DTE Energy (DTE), TECO Energy, Inc. (TE), Wisconsin Energy (WEC), Weatherford (WFT), Westar Energy, Inc. (WR) and Alliant Energy (LNT) had ratings and price targets on them adjusted by analysts.
Macquarie upgraded DTE Energy (DTE) from a "Neutral" rating to an "Outperform" rating.
Macquarie upgraded TECO Energy, Inc. (TE) from an "Underperform" rating to a "Neutral" rating.
Barclays Capital upgraded Wisconsin Energy (WEC) from an "Equal Weight" rating to a "Overweight" rating.
Simmons upgraded Weatherford (WFT) to an "Overweight" rating.
Barclays Capital upgraded Westar Energy, Inc. (WR) from an "Equal Weight" rating to a "Overweight" rating.
Barclays Capital upgraded Alliant Energy (LNT) from an "Equal Weight" rating to a "Overweight" rating.
Macquarie upgraded DTE Energy (DTE) from a "Neutral" rating to an "Outperform" rating.
Macquarie upgraded TECO Energy, Inc. (TE) from an "Underperform" rating to a "Neutral" rating.
Barclays Capital upgraded Wisconsin Energy (WEC) from an "Equal Weight" rating to a "Overweight" rating.
Simmons upgraded Weatherford (WFT) to an "Overweight" rating.
Barclays Capital upgraded Westar Energy, Inc. (WR) from an "Equal Weight" rating to a "Overweight" rating.
Barclays Capital upgraded Alliant Energy (LNT) from an "Equal Weight" rating to a "Overweight" rating.
Friday, March 23, 2012
Peabody (BTU) (CNX) (CAM) (DRQ) (LINE) (DG) Ratings, Price Targets
Peabody Energy Corp. (BTU), CONSOL Energy Inc. (CNX), Cameron (CAM), Dril-Quip (DRQ), Linn Energy, LLC (LINE) and Dollar General (DG) had ratings and price targets on them adjusted by analysts.
Davenport downgraded Peabody Energy Corp. (BTU) from a "Buy" rating to a "Neutral" rating.
Davenport downgraded CONSOL Energy Inc. (CNX) from a "Buy" rating to a "Neutral" rating.
RBC Capital upgraded Cameron (CAM) from a "Outperform" rating to a "Top Pick" rating.
Tudor Pickering upgraded Dril-Quip (DRQ) to an "Accumulate" rating.
Bank of America initiated coverage on Linn Energy, LLC (LINE). They placed a "Buy" rating on the company.
Nomura upgraded Dollar General (DG) from a "Neutral" rating to a "Buy" rating.
Davenport downgraded Peabody Energy Corp. (BTU) from a "Buy" rating to a "Neutral" rating.
Davenport downgraded CONSOL Energy Inc. (CNX) from a "Buy" rating to a "Neutral" rating.
RBC Capital upgraded Cameron (CAM) from a "Outperform" rating to a "Top Pick" rating.
Tudor Pickering upgraded Dril-Quip (DRQ) to an "Accumulate" rating.
Bank of America initiated coverage on Linn Energy, LLC (LINE). They placed a "Buy" rating on the company.
Nomura upgraded Dollar General (DG) from a "Neutral" rating to a "Buy" rating.
Randgold (GOLD) (ANR) (DB) (DFS) (GS) (COR) Ratings, Price Targets
Randgold Resources Ltd. (GOLD), Alpha Natural Resources (ANR), Deutsche Bank (DB), Discover Financial Services (DFS), Goldman Sachs (GS) and CoreSite Realty Corp (COR) had ratings and price targets on them adjusted by analysts.
Citigroup downgraded Randgold Resources Ltd. (GOLD) from a "Buy" rating to a "Neutral" rating.
Davenport downgraded Alpha Natural Resources (ANR) from a "Buy" rating to a "Neutral" rating.
RBC Capital upgraded Deutsche Bank (DB) from a "Sector Perform" rating to a "Outperform" rating.
Goldman Sachs upgraded Discover Financial Services (DFS) from a "Neutral" rating to a "Buy" rating.
RBC Capital upgraded Goldman Sachs (GS) from a "Underperform" rating to a "Sector Perform" rating.
Citigroup downgraded CoreSite Realty Corp (COR) from a "Buy" rating to a "Neutral" rating.
Citigroup downgraded Randgold Resources Ltd. (GOLD) from a "Buy" rating to a "Neutral" rating.
Davenport downgraded Alpha Natural Resources (ANR) from a "Buy" rating to a "Neutral" rating.
RBC Capital upgraded Deutsche Bank (DB) from a "Sector Perform" rating to a "Outperform" rating.
Goldman Sachs upgraded Discover Financial Services (DFS) from a "Neutral" rating to a "Buy" rating.
RBC Capital upgraded Goldman Sachs (GS) from a "Underperform" rating to a "Sector Perform" rating.
Citigroup downgraded CoreSite Realty Corp (COR) from a "Buy" rating to a "Neutral" rating.
Thursday, March 22, 2012
Sun Life (SLF) (CVBF) (FHN) (FITB) (FRC) (BCH) (SLF) Ratings, Price Targets
Sun Life Financial Inc. (SLF), CVB Financial Corp (CVBF), First Horizon National Co. (FHN), Fifth Third Bancorp (FITB), First Republic Bank (FRC), Banco de Chile (BCH) and Sun Life Financial Inc. (SLF) had ratings and price targets on them adjusted by analysts.
Wunderlich downgraded CVB Financial Corp (CVBF) from a "Buy" rating to a "Hold" rating. $12.00
Morgan Stanley downgraded First Horizon National Co. (FHN) from an "Overweight" rating to an "Equal Weight" rating.
Sterne Agee downgraded Fifth Third Bancorp (FITB) from a "Buy" rating to a "Neutral" rating.
Morgan Stanley upgraded First Republic Bank (FRC) from an "Equal Weight" rating to an "Overweight" rating.
Credit Suisse initiated coverage on Banco de Chile (BCH). They placed an "Outperform" rating on the company.
Credit Suisse initiated coverage on Banco Santander-Chile (SAN). They placed an "Outperform" rating on the company.
Desjardins upgraded Sun Life Financial Inc. (SLF) from a "Hold" rating to a "Buy" rating.
Wunderlich downgraded CVB Financial Corp (CVBF) from a "Buy" rating to a "Hold" rating. $12.00
Morgan Stanley downgraded First Horizon National Co. (FHN) from an "Overweight" rating to an "Equal Weight" rating.
Sterne Agee downgraded Fifth Third Bancorp (FITB) from a "Buy" rating to a "Neutral" rating.
Morgan Stanley upgraded First Republic Bank (FRC) from an "Equal Weight" rating to an "Overweight" rating.
Credit Suisse initiated coverage on Banco de Chile (BCH). They placed an "Outperform" rating on the company.
Credit Suisse initiated coverage on Banco Santander-Chile (SAN). They placed an "Outperform" rating on the company.
Desjardins upgraded Sun Life Financial Inc. (SLF) from a "Hold" rating to a "Buy" rating.
Exxon (XOM) (EMR) (GLF) (HOS) (SUBCY) (XEC) Ratings, Price Targets
Exxon Mobil (XOM), Emerson Electric Co. (EMR), Gulfmark Offshore (GLF), Hornbeck Offshore (HOS), Subsea 7 SA (SUBCY) and Cimarex Energy Co. (XEC) had ratings and price targets on them adjusted by analysts.
JPMorgan Chase & Co. upgraded Exxon Mobil (XOM) from an "Underweight" rating to a "Neutral" rating.
Nomura upgraded Emerson Electric Co. (EMR) from a "Neutral" rating to a "Buy" rating.
Morgan Stanley initiated coverage on Gulfmark Offshore (GLF). They placed an "Equal Weight" rating on the company.
Morgan Stanley initiated coverage on Hornbeck Offshore (HOS). They placed an "Equal Weight" rating on the company.
JPMorgan Chase & Co. upgraded Subsea 7 SA (SUBCY) from a "Neutral" rating to a "Overweight" rating.
Caris & Co. initiated coverage on Cimarex Energy Co. (XEC). They placed an "Average" rating on the company.
JPMorgan Chase & Co. upgraded Exxon Mobil (XOM) from an "Underweight" rating to a "Neutral" rating.
Nomura upgraded Emerson Electric Co. (EMR) from a "Neutral" rating to a "Buy" rating.
Morgan Stanley initiated coverage on Gulfmark Offshore (GLF). They placed an "Equal Weight" rating on the company.
Morgan Stanley initiated coverage on Hornbeck Offshore (HOS). They placed an "Equal Weight" rating on the company.
JPMorgan Chase & Co. upgraded Subsea 7 SA (SUBCY) from a "Neutral" rating to a "Overweight" rating.
Caris & Co. initiated coverage on Cimarex Energy Co. (XEC). They placed an "Average" rating on the company.
Wednesday, March 21, 2012
Gold Could Jump on Inflation, Dollar, India Jewelry Demand
Gold prices may be poised to rebound as several elements are combining to give the yellow metal a probable boost.
Federal Reserve Chairman Ben Bernanke made a statement that rising oil prices could spark inflation, the U.S. dollar has been under pressure, and jewelers in India are ending a 5-day shutdown protesting proposed tax increases from the Indian government; all of which could push gold prices up quickly over the short term.
Another major factor is the ongoing sovereign debt crisis in Europe, which continues to weigh down the Zone. The media has neglected it recently, so it hasn't been part of the conversation, even though it's a significant factor in the movement of gold prices.
Bernanke was extremely bearish on European banks, which points to the fact there will be more quantitative easing coming, which is also very bullish for gold.
So far in 2012 gas prices in the U.S. have soared 18 percent, reaching a ten-month high of $3.864 a gallon Wednesday. Not only is inflation a trigger for gold prices to rise, but in the case of higher gas prices, it takes away from consumer spending, which weakens the economy, which also can push gold prices higher.
Gold for April delivery on New York Mercantile Exchange the Comex division of the New York Mercantile Exchange settled at $1,650.30 an ounce, up $3.30, or 0.2 percent.
Federal Reserve Chairman Ben Bernanke made a statement that rising oil prices could spark inflation, the U.S. dollar has been under pressure, and jewelers in India are ending a 5-day shutdown protesting proposed tax increases from the Indian government; all of which could push gold prices up quickly over the short term.
Another major factor is the ongoing sovereign debt crisis in Europe, which continues to weigh down the Zone. The media has neglected it recently, so it hasn't been part of the conversation, even though it's a significant factor in the movement of gold prices.
Bernanke was extremely bearish on European banks, which points to the fact there will be more quantitative easing coming, which is also very bullish for gold.
So far in 2012 gas prices in the U.S. have soared 18 percent, reaching a ten-month high of $3.864 a gallon Wednesday. Not only is inflation a trigger for gold prices to rise, but in the case of higher gas prices, it takes away from consumer spending, which weakens the economy, which also can push gold prices higher.
Gold for April delivery on New York Mercantile Exchange the Comex division of the New York Mercantile Exchange settled at $1,650.30 an ounce, up $3.30, or 0.2 percent.
Hercules (HERO) (STI) (NI) (OSHC) (NWSA) (NRGY) Ratings, Price Targets
Hercules Offshore, Inc. (HERO), SunTrust (STI), Nisource (NI), Ocean Shore Holding (OSHC), News Corp. (NWSA) and Inergy (NRGY) had ratings and price targets on them adjusted by analysts.
FBR Capital upgraded Hercules Offshore, Inc. (HERO) from a "Underperform" rating to a "Market Perform" rating. They have a price target of $5.75 on the company.
Guggenheim downgraded SunTrust (STI) from a "Buy" rating to a "Neutral" rating.
KeyBanc upgraded Nisource (NI) from a "Hold" rating to a "Buy" rating. They have price target of $26.50 on the company.
Sandler O'Neill downgraded Ocean Shore Holding (OSHC) from a "Buy" rating to a "Hold" rating.
Macquarie upgraded News Corp. (NWSA) from a "Underperform" rating to a "Neutral" rating.
Credit Suisse initiated coverage on Inergy (NRGY). They have an "Outperform" rating on the company.
FBR Capital upgraded Hercules Offshore, Inc. (HERO) from a "Underperform" rating to a "Market Perform" rating. They have a price target of $5.75 on the company.
Guggenheim downgraded SunTrust (STI) from a "Buy" rating to a "Neutral" rating.
KeyBanc upgraded Nisource (NI) from a "Hold" rating to a "Buy" rating. They have price target of $26.50 on the company.
Sandler O'Neill downgraded Ocean Shore Holding (OSHC) from a "Buy" rating to a "Hold" rating.
Macquarie upgraded News Corp. (NWSA) from a "Underperform" rating to a "Neutral" rating.
Credit Suisse initiated coverage on Inergy (NRGY). They have an "Outperform" rating on the company.
Royal Gold (RGLD) (BHI) (BBT) (COF) (RT) (SABA) Ratings, Price Targets
Royal Gold, Inc. (RGLD), Baker Hughes (BHI), BB&T (BBT), Capital One (COF), Ruby Tuesday (RT) and Saba Software (SABA) had ratings and price targets on them adjusted by analysts.
National Bank upgraded Royal Gold, Inc. (RGLD) to an "Outperform" rating.
Global Hunter Securities downgraded Baker Hughes (BHI) from a "Accumulate" rating to a "Neutral $60.00 $40.00" rating.
Guggenheim downgraded BB&T (BBT) from a "Buy" rating to a "Neutral" rating.
Guggenheim upgraded Capital One (COF) from a "Neutral" rating to a "Buy" rating.
Raymond James upgraded Ruby Tuesday (RT) from a "Market Perform" rating to a "Outperform" rating.
Benchmark Co. upgraded Saba Software (SABA) from a "Hold" rating to a "Buy" rating. They have a price target of $16.00 on the company.
National Bank upgraded Royal Gold, Inc. (RGLD) to an "Outperform" rating.
Global Hunter Securities downgraded Baker Hughes (BHI) from a "Accumulate" rating to a "Neutral $60.00 $40.00" rating.
Guggenheim downgraded BB&T (BBT) from a "Buy" rating to a "Neutral" rating.
Guggenheim upgraded Capital One (COF) from a "Neutral" rating to a "Buy" rating.
Raymond James upgraded Ruby Tuesday (RT) from a "Market Perform" rating to a "Outperform" rating.
Benchmark Co. upgraded Saba Software (SABA) from a "Hold" rating to a "Buy" rating. They have a price target of $16.00 on the company.
Tuesday, March 20, 2012
RRI (GEN) (NE) (OGZPY) (DO) (HERO) (NOG) (UPS) Ratings, Price Targets
RRI Energy, Inc. (GEN), Noble (NE), Gazprom OAO (OGZPY), Diamond Offshore Drilling, Inc. (DO), Hercules Offshore, Inc. (HERO), Northern Oil & Gas, Inc. (NOG) and United Parcel Service, Inc. (UPS) had ratings and price targets on them adjusted by analysts.
Deutsche Bank downgraded RRI Energy, Inc. (GEN) from a "Hold" rating to a "Sell" rating.
Macquarie downgraded Noble (NE) from a "Outperform" rating to a "Neutral" rating.
Citigroup downgraded Gazprom OAO (OGZPY) Buy" rating to a "Neutral" rating.
Macquarie upgraded Diamond Offshore Drilling, Inc. (DO) from a "Underperform" rating to a "Neutral" rating.
Macquarie upgraded Hercules Offshore, Inc. (HERO) from a "Underperform" rating to a "Neutral" rating.
SunTrust upgraded Northern Oil & Gas, Inc. (NOG) from a "Neutral" rating to a "Buy" rating.
Stifel Nicolaus downgraded United Parcel Service, Inc. (UPS) from a "Buy" rating to a "Hold" rating.
Deutsche Bank downgraded RRI Energy, Inc. (GEN) from a "Hold" rating to a "Sell" rating.
Macquarie downgraded Noble (NE) from a "Outperform" rating to a "Neutral" rating.
Citigroup downgraded Gazprom OAO (OGZPY) Buy" rating to a "Neutral" rating.
Macquarie upgraded Diamond Offshore Drilling, Inc. (DO) from a "Underperform" rating to a "Neutral" rating.
Macquarie upgraded Hercules Offshore, Inc. (HERO) from a "Underperform" rating to a "Neutral" rating.
SunTrust upgraded Northern Oil & Gas, Inc. (NOG) from a "Neutral" rating to a "Buy" rating.
Stifel Nicolaus downgraded United Parcel Service, Inc. (UPS) from a "Buy" rating to a "Hold" rating.
IAMGOLD (IAG) (KMI) (ZION) (CIG) (HOG) (DOLE) (DPZ) Ratings, Price Targets
IAMGOLD (IAG), Kinder Morgan (KMI), Zions Bancorporation (ZION), Companhia Energetica de MinasGerais (CIG), Harley-Davidson, Inc. (HOG), Dole Food (DOLE) and Domino's Pizza, Inc. (DPZ) had ratings and price targets on them adjusted by analysts.
Macquarie upgraded IAMGOLD (IAG) from a "Neutral" rating to a "Outperform" rating.
Bank of America downgraded Kinder Morgan (KMI) to an "Underperform" rating.
Sanford C. Bernstein downgraded Zions Bancorporation (ZION) from a "Outperform" rating to a "Market Perform" rating.
UBS AG upgraded Companhia Energetica de MinasGerais (CIG) from a "Sell" rating to a "Neutral" rating.
BMO Capital Markets upgraded Harley-Davidson, Inc. (HOG) from a "Market Perform" rating to an "Outperform" rating.
JPMorgan Chase & Co. downgraded Dole Food (DOLE) from an "Overweight" rating to a "Neutral" rating.
Bank of America downgraded Domino's Pizza, Inc. (DPZ) to an "Underperform" rating.
Macquarie upgraded IAMGOLD (IAG) from a "Neutral" rating to a "Outperform" rating.
Bank of America downgraded Kinder Morgan (KMI) to an "Underperform" rating.
Sanford C. Bernstein downgraded Zions Bancorporation (ZION) from a "Outperform" rating to a "Market Perform" rating.
UBS AG upgraded Companhia Energetica de MinasGerais (CIG) from a "Sell" rating to a "Neutral" rating.
BMO Capital Markets upgraded Harley-Davidson, Inc. (HOG) from a "Market Perform" rating to an "Outperform" rating.
JPMorgan Chase & Co. downgraded Dole Food (DOLE) from an "Overweight" rating to a "Neutral" rating.
Bank of America downgraded Domino's Pizza, Inc. (DPZ) to an "Underperform" rating.
Monday, March 19, 2012
Devon (DVN) (RSOL) (SOL) (ESV) (EXM) (SXC) (PETD) (SUBCY) Ratings, Price Targets
Devon Energy Co. (DVN), Real Goods Solar, Inc. (RSOL), ReneSola Ltd. (SOL), ENSCO PLC (ESV), Excel Maritime Carriers Ltd (EXM), Suncoke Energy (SXC), Petroleum Development Co. (PETD) and Subsea 7 SA (SUBCY) had ratings and price targets on them adjusted by analysts.
Cantor Fitzgerald downgraded Real Goods Solar, Inc. (RSOL) from a "Buy" rating to a "Hold" rating.
Macquarie downgraded ReneSola Ltd. (SOL) from a "Neutral" rating to a "Underperform" rating.
Goldman Sachs upgraded Devon Energy Co. (DVN) from a "Neutral" rating to a "Buy" rating.
JPMorgan Chase & Co. upgraded ENSCO PLC (ESV) from a "Neutral" rating to a "Overweight" rating.
Jefferies Group upgraded Excel Maritime Carriers Ltd (EXM) from a "Underperform" rating to a "Hold" rating.
Goldman Sachs upgraded Suncoke Energy (SXC) from a "Neutral" rating to a "Buy" rating.
BMO Capital Markets initiated coverage on Petroleum Development Co. (PETD). They have an "Outperform" rating.
Societe Generale upgraded Subsea 7 SA (SUBCY) from a "Sell" rating to a "Hold" rating.
Cantor Fitzgerald downgraded Real Goods Solar, Inc. (RSOL) from a "Buy" rating to a "Hold" rating.
Macquarie downgraded ReneSola Ltd. (SOL) from a "Neutral" rating to a "Underperform" rating.
Goldman Sachs upgraded Devon Energy Co. (DVN) from a "Neutral" rating to a "Buy" rating.
JPMorgan Chase & Co. upgraded ENSCO PLC (ESV) from a "Neutral" rating to a "Overweight" rating.
Jefferies Group upgraded Excel Maritime Carriers Ltd (EXM) from a "Underperform" rating to a "Hold" rating.
Goldman Sachs upgraded Suncoke Energy (SXC) from a "Neutral" rating to a "Buy" rating.
BMO Capital Markets initiated coverage on Petroleum Development Co. (PETD). They have an "Outperform" rating.
Societe Generale upgraded Subsea 7 SA (SUBCY) from a "Sell" rating to a "Hold" rating.
Newfield (NFX) (PKD) (ACI) (NE) (NUE) (TRGP) (SCHW) Ratings, Price Targets
Newfield Exploration Co. (NFX), Parker Drilling Company (PKD), Arch Coal, Inc. (ACI), Noble Corp (NE), Nucor Co. (NUE), Targa Resources Investments Inc (TRGP) and Charles Schwab (SCHW) had ratings and price targets on them adjusted by analysts.
Goldman Sachs downgraded Newfield Exploration Co. (NFX) from a "Buy" rating to a "Neutral" rating.
Standpoint Research upgraded Parker Drilling Company (PKD) from a "Hold" rating to a "Buy" rating.
Goldman Sachs downgraded Arch Coal, Inc. (ACI) from a "Neutral" rating to a "Sell" rating.
Standpoint Research downgraded Noble Corp (NE) from a "Buy" rating to a "Hold" rating.
UBS AG upgraded Nucor Co. (NUE) from a "Neutral" rating to a "Buy" rating.
JPMorgan Chase & Co. initiated coverage on Targa Resources Investments Inc (TRGP). They placed an "Overweight" rating on the company.
Citigroup upgraded Charles Schwab (SCHW) from a "Neutral" rating to a "Buy" rating.
Goldman Sachs downgraded Newfield Exploration Co. (NFX) from a "Buy" rating to a "Neutral" rating.
Standpoint Research upgraded Parker Drilling Company (PKD) from a "Hold" rating to a "Buy" rating.
Goldman Sachs downgraded Arch Coal, Inc. (ACI) from a "Neutral" rating to a "Sell" rating.
Standpoint Research downgraded Noble Corp (NE) from a "Buy" rating to a "Hold" rating.
UBS AG upgraded Nucor Co. (NUE) from a "Neutral" rating to a "Buy" rating.
JPMorgan Chase & Co. initiated coverage on Targa Resources Investments Inc (TRGP). They placed an "Overweight" rating on the company.
Citigroup upgraded Charles Schwab (SCHW) from a "Neutral" rating to a "Buy" rating.
Friday, March 16, 2012
Abraxas (AXAS) (SDRL) (OII) (STT) (MSFT) (APKT) (CHMT) Ratings, Price Targets
Abraxas Petroleum Corp. (AXAS), Seadrill Ltd (SDRL), Oceaneering International (OII), State Street Co. (STT), Microsoft (MSFT), Acme Packet, Inc. (APKT) and Chemtura (CHMT) had ratings and price targets on them adjusted by analysts.
SunTrust downgraded Abraxas Petroleum Corp. (AXAS) from a "Buy" rating to a "Neutral" rating.
Dahlman Rose downgraded Seadrill Ltd (SDRL) from a "Buy" rating to a "Hold" rating.
Tudor Pickering downgraded Oceaneering International (OII) from a "Hold" rating to a "Accumulate" rating.
Rochdale Securities upgraded State Street Co. (STT) from a "Neutral" rating to a "Buy" rating.
Argus upgraded Microsoft (MSFT) from a "Hold" rating to a "Buy" rating. They placed a price target of $39.00 on the company.
Northland Securities upgraded Acme Packet, Inc. (APKT) from a "Market Perform" rating to a "Outperform" rating.
Oppenheimer upgraded Chemtura (CHMT) from a "Market Perform" rating to a "Outperform" rating.
SunTrust downgraded Abraxas Petroleum Corp. (AXAS) from a "Buy" rating to a "Neutral" rating.
Dahlman Rose downgraded Seadrill Ltd (SDRL) from a "Buy" rating to a "Hold" rating.
Tudor Pickering downgraded Oceaneering International (OII) from a "Hold" rating to a "Accumulate" rating.
Rochdale Securities upgraded State Street Co. (STT) from a "Neutral" rating to a "Buy" rating.
Argus upgraded Microsoft (MSFT) from a "Hold" rating to a "Buy" rating. They placed a price target of $39.00 on the company.
Northland Securities upgraded Acme Packet, Inc. (APKT) from a "Market Perform" rating to a "Outperform" rating.
Oppenheimer upgraded Chemtura (CHMT) from a "Market Perform" rating to a "Outperform" rating.
Comstock (LODE) (QRE) (RBS) (BLK) (BWLD) (CHKP) (RHT) Ratings, Price Targets
Comstock Mining Inc. (LODE), QR Energy LP (QRE), Royal Bank Scotland (RBS), BlackRock, Inc. (BLK), Buffalo Wild Wings (BWLD), Check Point Software (CHKP) and Red Hat (RHT) had ratings and price targets on them adjusted by analysts.
Global Hunter Securities initiated coverage on Comstock Mining Inc. (LODE). They placed a "Buy" rating and price target of $3.50 on the company.
Stifel Nicolaus downgraded QR Energy LP (QRE) from a "Buy" rating to a "Hold" rating.
UBS AG downgraded Royal Bank Scotland (RBS) from a "Neutral" rating to a "Buy" rating.
Deutsche Bank downgraded BlackRock, Inc. (BLK) from a "Buy" rating to a "Hold" rating.
Wedbush downgraded Buffalo Wild Wings (BWLD) from an "Outperform" rating to a "Neutral" rating.
Cowen downgraded Check Point Software (CHKP) from an "Outperform" rating to a "Neutral" rating.
Morgan Stanley downgraded Red Hat (RHT) from an "Overweight" rating to an "Equal Weight" rating.
Global Hunter Securities initiated coverage on Comstock Mining Inc. (LODE). They placed a "Buy" rating and price target of $3.50 on the company.
Stifel Nicolaus downgraded QR Energy LP (QRE) from a "Buy" rating to a "Hold" rating.
UBS AG downgraded Royal Bank Scotland (RBS) from a "Neutral" rating to a "Buy" rating.
Deutsche Bank downgraded BlackRock, Inc. (BLK) from a "Buy" rating to a "Hold" rating.
Wedbush downgraded Buffalo Wild Wings (BWLD) from an "Outperform" rating to a "Neutral" rating.
Cowen downgraded Check Point Software (CHKP) from an "Outperform" rating to a "Neutral" rating.
Morgan Stanley downgraded Red Hat (RHT) from an "Overweight" rating to an "Equal Weight" rating.
Thursday, March 15, 2012
Dendreon (DNDN) (RRMS) (EXEL) (PGN) (NUVA) (OMG) (PFCB) Ratings, Price Targets
Dendreon Co. (DNDN), Rose Rock Midstream (RRMS), Exelixis, Inc. (EXEL), Progress Energy (PGN), NuVasive (NUVA), OM Group Inc (OMG) and P.F. Chang's China Bistro (PFCB) had ratings and price targets on them adjusted by analysts.
Robert W. Baird upgraded Rose Rock Midstream (RRMS) to an "Outperform" rating.
Stifel Nicolaus initiated coverage on Dendreon Co. (DNDN). They placed a "Hold" rating on the company.
Stifel Nicolaus initiated coverage on Exelixis, Inc. (EXEL). They placed a "Buy" rating and a price target of $8.00 on the company.
Dahlman Rose initiated coverage on Progress Energy (PGN). They placed a "Hold" rating on the company.
JMP Securities upgraded NuVasive (NUVA) from a "Market Perform" rating to a "Outperform" rating.
First Analysis upgraded OM Group Inc (OMG) from a "Equal Weight" rating to a "Overweight" rating.
Argus upgraded P.F. Chang's China Bistro (PFCB) from a "Sell" rating to a "Hold" rating.
Robert W. Baird upgraded Rose Rock Midstream (RRMS) to an "Outperform" rating.
Stifel Nicolaus initiated coverage on Dendreon Co. (DNDN). They placed a "Hold" rating on the company.
Stifel Nicolaus initiated coverage on Exelixis, Inc. (EXEL). They placed a "Buy" rating and a price target of $8.00 on the company.
Dahlman Rose initiated coverage on Progress Energy (PGN). They placed a "Hold" rating on the company.
JMP Securities upgraded NuVasive (NUVA) from a "Market Perform" rating to a "Outperform" rating.
First Analysis upgraded OM Group Inc (OMG) from a "Equal Weight" rating to a "Overweight" rating.
Argus upgraded P.F. Chang's China Bistro (PFCB) from a "Sell" rating to a "Hold" rating.
Amerigas (APU) (JOY) (NSC) (RRMS) (LSI) (IVR) (LVLT) Ratings, Price Targets
Amerigas Partners Lp (APU), Joy Global Inc. (JOY), Norfolk Southern Corp. (NSC), Rose Rock Midstream (RRMS), LSI Co. (LSI), Invesco Mortgage Capital (IVR) and Level 3 (LVLT) had ratings and price targets on them adjusted by analysts.
Janney Montgomery Scott downgraded Amerigas Partners Lp (APU) from a "Buy" rating to a "Neutral" rating.
UBS AG downgraded Joy Global Inc. (JOY) from a "Buy" rating to a "Neutral" rating.
Barclays Capital downgraded Norfolk Southern Corp. (NSC) to an "Equal Weight" rating.
Robert W. Baird downgraded Rose Rock Midstream (RRMS) from a "Outperform" rating to a "Neutral" rating. They have a price target of $25.00 on the company.
Credit Agricole downgraded LSI Co. (LSI) to a "Sell" rating.
FBR Capital upgraded Invesco Mortgage Capital (IVR) to a "Market Perform" rating.
Bank of America upgraded Level 3 (LVLT) to a "Buy" rating.
Janney Montgomery Scott downgraded Amerigas Partners Lp (APU) from a "Buy" rating to a "Neutral" rating.
UBS AG downgraded Joy Global Inc. (JOY) from a "Buy" rating to a "Neutral" rating.
Barclays Capital downgraded Norfolk Southern Corp. (NSC) to an "Equal Weight" rating.
Robert W. Baird downgraded Rose Rock Midstream (RRMS) from a "Outperform" rating to a "Neutral" rating. They have a price target of $25.00 on the company.
Credit Agricole downgraded LSI Co. (LSI) to a "Sell" rating.
FBR Capital upgraded Invesco Mortgage Capital (IVR) to a "Market Perform" rating.
Bank of America upgraded Level 3 (LVLT) to a "Buy" rating.
Wednesday, March 14, 2012
Great Plains (GXP) (VOD) (AEO) (ALTR) (ALU) (CBS) (GEOY) Ratings, Price Targets
Great Plains Energy (GXP), Vodafone (VOD), American Eagle (AEO), Altera (ALTR), Alcatel Lucent (ALU), CBS (CBS) and GeoEye (GEOY) had ratings and price targets on them adjusted by analysts.
Citigroup initiated coverage on Great Plains Energy (GXP). They placed a "Buy" rating on the company.
BNP Paribas downgraded Vodafone (VOD) from a "Neutral" rating to an "Underperform" rating.
Caris & Co. upgraded American Eagle (AEO) from an "Average" rating to an "Buy" rating.
Goldman Sachs upgraded Altera (ALTR) to a "Buy" rating.
BMO Capital Markets upgraded Alcatel Lucent (ALU) from a "Market Perform" rating to an "Outperform" rating.
RBC Capital upgraded CBS (CBS) from a "Outperform" rating to an "Top Pick" rating.
Dougherty & Co upgraded GeoEye (GEOY) from a "Neutral" rating to an "Buy" rating.
Citigroup initiated coverage on Great Plains Energy (GXP). They placed a "Buy" rating on the company.
BNP Paribas downgraded Vodafone (VOD) from a "Neutral" rating to an "Underperform" rating.
Caris & Co. upgraded American Eagle (AEO) from an "Average" rating to an "Buy" rating.
Goldman Sachs upgraded Altera (ALTR) to a "Buy" rating.
BMO Capital Markets upgraded Alcatel Lucent (ALU) from a "Market Perform" rating to an "Outperform" rating.
RBC Capital upgraded CBS (CBS) from a "Outperform" rating to an "Top Pick" rating.
Dougherty & Co upgraded GeoEye (GEOY) from a "Neutral" rating to an "Buy" rating.
Citigroup (C) (MTDR) (RKT) (TCBI) (AMT) (TCB) (RLD) Ratings, Price Targets
Citigroup (C), Matador Resources Co (MTDR), Rock-Tenn Company (RKT), Texas Capital (TCBI), American Tower Corporation (AMT), TCF Financial Co. (TCB) and RealD (RLD) had ratings and price targets on them adjusted by analysts.
Stifel Nicolaus upgraded Anadarko Petroleum (APC) from a "Hold" rating to a "Buy" rating. They had a price target of $100.00 on the company.
JPMorgan Chase & Co. downgraded Citigroup (C) from an "Overweight" rating to a "Neutral" rating.
Credit Agricole downgraded Rock-Tenn Company (RKT) to an "Underperforml" rating.
SunTrust downgraded Texas Capital (TCBI) from a "Buy" rating to a "Neutral" rating.
JPMorgan Chase & Co. upgraded American Tower Corporation (AMT) from a "Neutral" rating to a "Overweight" rating.
Sterne Agee upgraded TCF Financial Co. (TCB) from a "Neutral" rating to a "Buy" rating.
Dougherty & Co upgraded RealD (RLD) from a "Neutral" rating to a "Buy" rating.
Stifel Nicolaus upgraded Anadarko Petroleum (APC) from a "Hold" rating to a "Buy" rating. They had a price target of $100.00 on the company.
JPMorgan Chase & Co. downgraded Citigroup (C) from an "Overweight" rating to a "Neutral" rating.
Credit Agricole downgraded Rock-Tenn Company (RKT) to an "Underperforml" rating.
SunTrust downgraded Texas Capital (TCBI) from a "Buy" rating to a "Neutral" rating.
JPMorgan Chase & Co. upgraded American Tower Corporation (AMT) from a "Neutral" rating to a "Overweight" rating.
Sterne Agee upgraded TCF Financial Co. (TCB) from a "Neutral" rating to a "Buy" rating.
Dougherty & Co upgraded RealD (RLD) from a "Neutral" rating to a "Buy" rating.
Tuesday, March 13, 2012
Cobalt (CIE) (MTDR) (OIS) (WFM) (ASML) (AVG) (KR) Get New Coverage
Cobalt International Energy (CIE), Matador Resources Co (MTDR), Oil States International, Inc. (OIS), Whole Foods Market (WFM), ASML Holding (ASML), AVG Technologies (AVG) and Kroger (KR) had coverage on them initiated by analysts.
Credit Suisse initiated coverage on Cobalt International Energy (CIE). They placed an "Outperform" rating on the company.
RBC Capital initiated coverage on Matador Resources (MTDR). They placed an "Outperform" rating and price target of $16.00 on the company.
Barclays Capital initiated coverage on Oil States International, Inc. (OIS). They placed an "Overweight" rating on the company.
UBS AG initiated coverage on Whole Foods Market (WFM). They placed an "Buy" rating on the company.
RBC Capital initiated coverage on ASML Holding (ASML). They placed an "Outperform" rating and price target of $56.00 on the company.
JPMorgan Chase & Co. initiated coverage on AVG Technologies (AVG). They placed an "Overweight" rating on the company.
UBS AG initiated coverage on Kroger (KR). They placed an "Neutral" rating on the company.
Credit Suisse initiated coverage on Cobalt International Energy (CIE). They placed an "Outperform" rating on the company.
RBC Capital initiated coverage on Matador Resources (MTDR). They placed an "Outperform" rating and price target of $16.00 on the company.
Barclays Capital initiated coverage on Oil States International, Inc. (OIS). They placed an "Overweight" rating on the company.
UBS AG initiated coverage on Whole Foods Market (WFM). They placed an "Buy" rating on the company.
RBC Capital initiated coverage on ASML Holding (ASML). They placed an "Outperform" rating and price target of $56.00 on the company.
JPMorgan Chase & Co. initiated coverage on AVG Technologies (AVG). They placed an "Overweight" rating on the company.
UBS AG initiated coverage on Kroger (KR). They placed an "Neutral" rating on the company.
Suntech (STP) (MANT) (SCGLY) (ABV) (MDR) (CVC) (CVS) Downgraded
Suntech Power (STP), ManTech (MANT), Societe Generale SA (SCGLY), Companhia De Bebidas (ABV), McDermott International (MDR), CVS Caremark (CVS) and Cablevision (CVC) were downgraded by analysts.
Nomura downgraded Suntech Power (STP) to a "Reduce" rating.
Wells Fargo & Co. downgraded ManTech (MANT) from a "Market Perform" rating to an "Underperform" rating.
HSBC downgraded Societe Generale SA (SCGLY) from a "Overweight" rating to an "Neutral" rating.
HSBC downgraded Companhia De Bebidas (ABV) to a "Neutral" rating.
Howard Weil downgraded McDermott International (MDR) from a "Outperform" rating to an "Market Perform" rating. They have a price target of $16.00 on the company.
Deutsche Bank downgraded Cablevision (CVC) from a "Buy" rating to an "Hold" rating.
BMO Capital Markets downgraded CVS Caremark (CVS) from a "Outperform" rating to an "Market Perform" rating.
Nomura downgraded Suntech Power (STP) to a "Reduce" rating.
Wells Fargo & Co. downgraded ManTech (MANT) from a "Market Perform" rating to an "Underperform" rating.
HSBC downgraded Societe Generale SA (SCGLY) from a "Overweight" rating to an "Neutral" rating.
HSBC downgraded Companhia De Bebidas (ABV) to a "Neutral" rating.
Howard Weil downgraded McDermott International (MDR) from a "Outperform" rating to an "Market Perform" rating. They have a price target of $16.00 on the company.
Deutsche Bank downgraded Cablevision (CVC) from a "Buy" rating to an "Hold" rating.
BMO Capital Markets downgraded CVS Caremark (CVS) from a "Outperform" rating to an "Market Perform" rating.
Monday, March 12, 2012
Dynegy (DYN) (FGP) (PTEN) (ARII) (MAIN) (FSBI) (GIS) Downgraded
Dynegy Inc. (DYN), Ferrellgas Partners (FGP), Patterson-UTI (PTEN), American Railcar Industries (ARII), Main Street Capital Co. (MAIN), Fidelity Bancorp Inc (FSBI) and General Mills (GIS) were downgraded by analysts.
BTIG downgraded Dynegy Inc. (DYN) from a "Buy" rating to a "Neutral" rating.
Wells Fargo & Co. downgraded Ferrellgas Partners (FGP) from a "Market Perform" rating to a "Underperform" rating.
Miller Tabak downgraded Patterson-UTI (PTEN) from a "Buy" rating to a "Sell" rating.
KeyBanc downgraded American Railcar Industries (ARII) from a "Buy" rating to a "Hold" rating.
Morgan Keegan downgraded Main Street Capital Co. (MAIN) from an "Outperform" rating to a "Market Perform" rating.
TheStreet downgraded Fidelity Bancorp (FSBI) to a "Sell" rating.
Goldman Sachs downgraded General Mills (GIS) from a "Buy" rating to a "Neutral" rating.
BTIG downgraded Dynegy Inc. (DYN) from a "Buy" rating to a "Neutral" rating.
Wells Fargo & Co. downgraded Ferrellgas Partners (FGP) from a "Market Perform" rating to a "Underperform" rating.
Miller Tabak downgraded Patterson-UTI (PTEN) from a "Buy" rating to a "Sell" rating.
KeyBanc downgraded American Railcar Industries (ARII) from a "Buy" rating to a "Hold" rating.
Morgan Keegan downgraded Main Street Capital Co. (MAIN) from an "Outperform" rating to a "Market Perform" rating.
TheStreet downgraded Fidelity Bancorp (FSBI) to a "Sell" rating.
Goldman Sachs downgraded General Mills (GIS) from a "Buy" rating to a "Neutral" rating.
Friday, March 9, 2012
JinkoSolar (JKS) (ERII) (GGC) (STO) (ESV) (SBMRY) (MSO) Ratings, Price Targets
JinkoSolar Holding Co., Ltd. (JKS), Energy Recovery (ERII), Georgia Gulf (GGC), Statoil (STO), ENSCO PLC (ESV), SABMiller plc (SBMRY) and Martha Stewart Living Omnimedia, Inc. (MSO) had ratings and price targets on them adjusted by analysts.
Ardour Capital upgraded Energy Recovery (ERII) from a "Hold" rating to a "Accumulate" rating.
Wells Fargo & Co. upgraded Georgia Gulf (GGC) from a "Market Perform" rating to a "Outperform" rating.
Deutsche Bank upgraded Statoil (STO) from a "Hold" rating to a "Buy" rating.
Sanford C. Bernstein upgraded ENSCO PLC (ESV) from an "Outperform" rating to a "Market Perform" rating.
Natixis downgraded SABMiller plc (SBMRY) from a "Buy" rating to a "Neutral" rating.
Auriga downgraded JinkoSolar Holding Co., Ltd. (JKS) from a "Sell" rating to a "Hold" rating.
Roth Capital downgraded Martha Stewart Living Omnimedia, Inc. (MSO) from a "Neutral" rating to a "Sell" rating.
Ardour Capital upgraded Energy Recovery (ERII) from a "Hold" rating to a "Accumulate" rating.
Wells Fargo & Co. upgraded Georgia Gulf (GGC) from a "Market Perform" rating to a "Outperform" rating.
Deutsche Bank upgraded Statoil (STO) from a "Hold" rating to a "Buy" rating.
Sanford C. Bernstein upgraded ENSCO PLC (ESV) from an "Outperform" rating to a "Market Perform" rating.
Natixis downgraded SABMiller plc (SBMRY) from a "Buy" rating to a "Neutral" rating.
Auriga downgraded JinkoSolar Holding Co., Ltd. (JKS) from a "Sell" rating to a "Hold" rating.
Roth Capital downgraded Martha Stewart Living Omnimedia, Inc. (MSO) from a "Neutral" rating to a "Sell" rating.
Arch Coal (ACI) (E) (RDS.A) (WTI) (TOL) (VOLC) (BGCP) Ratings, Price Targets
Arch Coal, Inc. (ACI), Eni S.p.A. (E), Royal Dutch Shell (RDS.A), W&T Offshore, Inc. (WTI), Toll Brothers, Inc. (TOL), Volcano (VOLC) and BGC Partners, Inc. (BGCP) had ratings and price targets on them adjusted by analysts.
BMO Capital Markets downgraded Arch Coal, Inc. (ACI) from an "Outperform" rating to a "Market Perform" rating.
Sanford C. Bernstein downgraded Eni S.p.A. (E) from an "Outperform" rating to a "Market Perform" rating.
Sanford C. Bernstein downgraded Royal Dutch Shell (RDS.A) from an "Outperform" rating to a "Market Perform" rating.
Global Hunter Securities upgraded W&T Offshore, Inc. (WTI) from an "Accumulate" rating to a "Buy" rating. They raised their price target on them from $25.00 to $30.00.
Credit Suisse upgraded Toll Brothers, Inc. (TOL) from a "Neutral" rating to a "Outperform" rating.
Goldman Sachs upgraded Volcano (VOLC) from a "Neutral" rating to a "Buy" rating.
Keefe, Bruyette & Woods downgraded BGC Partners, Inc. (BGCP) from an "Outperform" rating to a "Market Perform" rating.
BMO Capital Markets downgraded Arch Coal, Inc. (ACI) from an "Outperform" rating to a "Market Perform" rating.
Sanford C. Bernstein downgraded Eni S.p.A. (E) from an "Outperform" rating to a "Market Perform" rating.
Sanford C. Bernstein downgraded Royal Dutch Shell (RDS.A) from an "Outperform" rating to a "Market Perform" rating.
Global Hunter Securities upgraded W&T Offshore, Inc. (WTI) from an "Accumulate" rating to a "Buy" rating. They raised their price target on them from $25.00 to $30.00.
Credit Suisse upgraded Toll Brothers, Inc. (TOL) from a "Neutral" rating to a "Outperform" rating.
Goldman Sachs upgraded Volcano (VOLC) from a "Neutral" rating to a "Buy" rating.
Keefe, Bruyette & Woods downgraded BGC Partners, Inc. (BGCP) from an "Outperform" rating to a "Market Perform" rating.
Thursday, March 8, 2012
WPX (WPX) (AMID) (SSW) (DPM) (BG) (SGY) Ratings, Price Targets
WPX ENERGY INC (WPX), American Midstream Partners LP (AMID), Seaspan Co. (SSW), DCP Midstream Partners, LP (DPM), Bunge Limited (BG) and Stone Energy (SGY) had ratings and price targets on them adjusted by analysts.
Bank of America downgraded American Midstream Partners LP (AMID) from a "Buy" rating to a "Neutral" rating.
Credit Suisse downgraded Seaspan Co. (SSW) from a "Neutral" rating to a "Underperform" rating.
Bank of America upgraded DCP Midstream Partners, LP (DPM) from a "Neutral" rating to a "Buy" rating.
Feltl & Co. initiated coverage on Bunge Limited (BG). They have a "Strong-Buy" rating and a price target of $83.00 on the company.
Sidoti initiated coverage on Stone Energy (SGY). They placed a "Buy" rating on the company.
JPMorgan Chase & Co. initiated coverage on WPX ENERGY (WPX). They placed a "Neutral" rating on the company.
Bank of America downgraded American Midstream Partners LP (AMID) from a "Buy" rating to a "Neutral" rating.
Credit Suisse downgraded Seaspan Co. (SSW) from a "Neutral" rating to a "Underperform" rating.
Bank of America upgraded DCP Midstream Partners, LP (DPM) from a "Neutral" rating to a "Buy" rating.
Feltl & Co. initiated coverage on Bunge Limited (BG). They have a "Strong-Buy" rating and a price target of $83.00 on the company.
Sidoti initiated coverage on Stone Energy (SGY). They placed a "Buy" rating on the company.
JPMorgan Chase & Co. initiated coverage on WPX ENERGY (WPX). They placed a "Neutral" rating on the company.
Wednesday, March 7, 2012
China's Corn Supply Less Than Reported
China's domestic supply of corn appears to be quite a bit less than estimated, as local and regional farmers, apparently in an attempt to boost their status with the Chinese government appear to have overestimated the corn harvest in the country.
Both the Chinese government and the USDA said the country had produced a record crop of 191.8 million tons in 2011, but that appears to be anywhere from 6.8 million tons to 24 million tons less than the actual corn production numbers.
Domestic Chinese corn has already started to jump in price in response to government agencies and private producers bidding for the grain in the tighter-than-expected market.
Originally the USDA estimated China's corn imports at about 4 million tons, assuming the accuracy of the 191.8 million ton figure. That could, and probably will change significantly as the situation unfolds. Some estimate that corn production in China for 2011 may be as low as 168 million tons.
China has officially come out and said they have enough corn reserves and won't need to import a lot of corn for 2012, but that could be a negotiating ploy to keep corn prices somewhat stable as demand ramps up.
Even so, and with the drought pressuring corn supply in Brazil and Argentina, China can easily enough shift to importing wheat as a secondary choice if corn prices rise too high, waiting for an opportune time when the price pulls back. It'll be an interesting year for corn imports and exports around the world, including the United States.
Both the Chinese government and the USDA said the country had produced a record crop of 191.8 million tons in 2011, but that appears to be anywhere from 6.8 million tons to 24 million tons less than the actual corn production numbers.
Domestic Chinese corn has already started to jump in price in response to government agencies and private producers bidding for the grain in the tighter-than-expected market.
Originally the USDA estimated China's corn imports at about 4 million tons, assuming the accuracy of the 191.8 million ton figure. That could, and probably will change significantly as the situation unfolds. Some estimate that corn production in China for 2011 may be as low as 168 million tons.
China has officially come out and said they have enough corn reserves and won't need to import a lot of corn for 2012, but that could be a negotiating ploy to keep corn prices somewhat stable as demand ramps up.
Even so, and with the drought pressuring corn supply in Brazil and Argentina, China can easily enough shift to importing wheat as a secondary choice if corn prices rise too high, waiting for an opportune time when the price pulls back. It'll be an interesting year for corn imports and exports around the world, including the United States.
STWA (ZERO) Soars on LG Partner Letter of Intent
A letter of intent to use STWA, Inc.'s (OTC.BB: ZERO.OB) Applied Oil Technology™ (AOT™) by LG Partners sent shares of STWA soaring Wednesday, with the company closing up over 26 percent on the day.
The press release said this, "LG Partners is currently developing the $2.5 billion, 900-mile pipeline to transport medium and heavy crude oil to markets currently experiencing a lack of diverse pipeline suppliers. This multinational pipeline is designed to be 42" in diameter, with a transport capacity of 30 to 60 million tons of crude oil per year, or approximately 600,000 to 1.2 million barrels per day."
Also described in the press release was the technology STWA has designed for improved costs and efficiencies of pipeline operations:
"STWA's Applied Oil Technology™ (AOT™) is designed to allow pipeline operators to temporarily reduce the viscosity of the crude oil within their pipeline(s) to reduce the fluid-drag (also known as friction-loss) between the fluid and the pipeline. By reducing the friction loss, pipeline operators' pump systems require less energy to maintain a constant flow rate, thereby directly reducing daily operation costs."
The significance of this isn't simply making a potential deal, but because of the ability to make the deal, it appears the company is subtly announcing the trial phase of the Applied Oil Technology is over, and commercialization is ready to begin.
STWA closed Wednesday at $0.46, up $0.09, or 26.03 percent. They traded as high as $0.49 before pulling slightly back. They've trading in a 52-week range of $0.18 to $0.49, and have a market cap now of $52.08 million.
Trading volume Wednesday was almost ten times the average 3-month volume.
The press release said this, "LG Partners is currently developing the $2.5 billion, 900-mile pipeline to transport medium and heavy crude oil to markets currently experiencing a lack of diverse pipeline suppliers. This multinational pipeline is designed to be 42" in diameter, with a transport capacity of 30 to 60 million tons of crude oil per year, or approximately 600,000 to 1.2 million barrels per day."
Also described in the press release was the technology STWA has designed for improved costs and efficiencies of pipeline operations:
"STWA's Applied Oil Technology™ (AOT™) is designed to allow pipeline operators to temporarily reduce the viscosity of the crude oil within their pipeline(s) to reduce the fluid-drag (also known as friction-loss) between the fluid and the pipeline. By reducing the friction loss, pipeline operators' pump systems require less energy to maintain a constant flow rate, thereby directly reducing daily operation costs."
The significance of this isn't simply making a potential deal, but because of the ability to make the deal, it appears the company is subtly announcing the trial phase of the Applied Oil Technology is over, and commercialization is ready to begin.
STWA closed Wednesday at $0.46, up $0.09, or 26.03 percent. They traded as high as $0.49 before pulling slightly back. They've trading in a 52-week range of $0.18 to $0.49, and have a market cap now of $52.08 million.
Trading volume Wednesday was almost ten times the average 3-month volume.
CVR (CVI) (TSO) (APC) (HES) (MRO) (TLM) (AVAV) Ratings, Price Targets
CVR Energy, Inc. (CVI), Tesoro Co. (TSO), Anadarko Petroleum (APC), Hess Corp. (HES), Marathon Oil Co. (MRO), Talisman Energy (TLM) and AeroVironment (AVAV) had ratings and price targets on them adjusted by analysts.
Macquarie downgraded CVR Energy, Inc. (CVI) from a "Outperform" rating to a "Neutral" rating.
Bank of America upgraded Tesoro Co. (TSO) from a "Underperform" rating to a "Neutral" rating.
Global Hunter Securities initiated coverage on Anadarko Petroleum (APC). They placed a "Buy" rating and price target of $102.00 on the company.
Global Hunter Securities initiated coverage on Hess Corp. (HES). They placed a "Neutral" rating and price target of $70.00 on the company.
Global Hunter Securities initiated coverage on Marathon Oil Co. (MRO). They placed a "Neutral" rating and price target of $37.00 on the company.
Global Hunter Securities initiated coverage on Talisman Energy (TLM). They placed a "Neutral" rating " rating and price target of $14.50 on the company.
EarlyBird Capital downgraded AeroVironment (AVAV) from a "Buy" rating to a "Hold" rating.
Macquarie downgraded CVR Energy, Inc. (CVI) from a "Outperform" rating to a "Neutral" rating.
Bank of America upgraded Tesoro Co. (TSO) from a "Underperform" rating to a "Neutral" rating.
Global Hunter Securities initiated coverage on Anadarko Petroleum (APC). They placed a "Buy" rating and price target of $102.00 on the company.
Global Hunter Securities initiated coverage on Hess Corp. (HES). They placed a "Neutral" rating and price target of $70.00 on the company.
Global Hunter Securities initiated coverage on Marathon Oil Co. (MRO). They placed a "Neutral" rating and price target of $37.00 on the company.
Global Hunter Securities initiated coverage on Talisman Energy (TLM). They placed a "Neutral" rating " rating and price target of $14.50 on the company.
EarlyBird Capital downgraded AeroVironment (AVAV) from a "Buy" rating to a "Hold" rating.
Alpha (ANR) (MPC) (BID) (WWE) (CCIH) (GCA) (GDP) Ratings, Price Targets
Alpha Natural Resources (ANR), Marathon Petroleum (MPC), Sotheby's (BID), World Wrestling Entertainment Inc (WWE), Chinacache International Holdings Limited (CCIH), Global Cash Access Holdings, Inc. (GCA) and Goodrich Petroleum Co. (GDP) had ratings and price targets on them adjusted by analysts.
CRT Capital upgraded Alpha Natural Resources (ANR) to a "Sell" rating.
Benchmark Co. initiated coverage on Marathon Petroleum (MPC). They placed a "Hold" rating and price target of $39.00 on the company.
Williams Capital downgraded Sotheby's (BID) from a "Buy" rating to a "Hold" rating.
Roth Capital downgraded World Wrestling Entertainment (WWE) from a "Buy" rating to a "Neutral" rating.
Pacific Crest downgraded Chinacache International Holdings Limited (CCIH) from an "Outperform" rating to a "Sector Perform" rating.
Compass Point upgraded Global Cash Access Holdings, Inc. (GCA) from a "Neutral" rating to a "Buy" rating. They raised their price target from $5.00 to $12.00 on the company.
Capital One downgraded Goodrich Petroleum Co. (GDP) to a "Neutral" rating.
CRT Capital upgraded Alpha Natural Resources (ANR) to a "Sell" rating.
Benchmark Co. initiated coverage on Marathon Petroleum (MPC). They placed a "Hold" rating and price target of $39.00 on the company.
Williams Capital downgraded Sotheby's (BID) from a "Buy" rating to a "Hold" rating.
Roth Capital downgraded World Wrestling Entertainment (WWE) from a "Buy" rating to a "Neutral" rating.
Pacific Crest downgraded Chinacache International Holdings Limited (CCIH) from an "Outperform" rating to a "Sector Perform" rating.
Compass Point upgraded Global Cash Access Holdings, Inc. (GCA) from a "Neutral" rating to a "Buy" rating. They raised their price target from $5.00 to $12.00 on the company.
Capital One downgraded Goodrich Petroleum Co. (GDP) to a "Neutral" rating.
Tuesday, March 6, 2012
Mississippi Wastes $75 Million on Ethanol Scam
I wonder if the politicians in Mississippi know how to read or listen, as the news of the hundreds of millions wasted on so-called renewable energy by the Obama administration doesn't seemed to have reached the deep south, with Mississippi throwing around $75 million in low interest loans for the building of cellulosic biofuels plant in the state.
They also have offered up $155 million in tax incentives to get the boondoggle going. What a criminal waste of the taxpayer's money. And yes it is taxpayers money because they're the ones that will have to pay for it when it crashes and burns.
The company confisgating the state loan is named Virdia, which just changed its name from HCL Cleantech. They take natural matter such as woodchips and other plant matter and convert it into sugar, which is then converted into ethanol.
Virdia CEO Philippe Lavielle admits the amount of money offered by the state, along with $10 million in venture debt and another $20 million in venture capital equity isn't enough to build a viable plant that can successfully operate at a commercial level and compete against corn-based ethanol. He confessed concerning the money that "it takes more than that. It takes a chemical firm that will want to build it to have access to sugars for their own conversion processes."
According to Lavielle, the costs of building a commerical plant which would produce about 500,000 tons of sugar on an annual basis is $380 million. That could supply a 25-million-gallon ethanol plant, according to the CEO.
Another negative factor and complication to the success of such a plant would be the need for it to be located close to a chemical plant or a paper mill so it could be able to tap into the power infrastructure serving those businesses, and in the case of the paper mill, to be able to use the existing equipment for handling wood. Lavielle says it'll take up to three years for a plant like that to be built.
Historically capital requirements and projections are almost without exception much higher and take a lot longer to reach the expected goals.
To be able to compete with the scammy and damaging corn-based ethanol, Lavielle says corn would have to remain at a price of over $4 a bushel. While corn prices in the United States are higher now because of droughts in Argentina and Brazil which are expected to generate more exports for U.S. corn, that's a temporary situation, and corn could easily plummet below the $4 mark very rapidly.
Add to this the cost factors associated with cellulosic, which includes the requirement of having a wood production facility very close or the cost of shipping wood and plant matter to the facility soars.
Looking at the overall picture, ethanol, no matter what the form, is a waste of valuable time and money.
New discoveries of oil and gas shale, along with the technology to extract it from the rock, has changed the entire energy game in the United States, which now has enough energy to last possibly for centuries.
The known reserves already are estimated to last for well over a century in the United States, and there are many areas where it is unknown as to how much there actually is in America, let alone across the world. That's the future of American energy independence, not these idiotic and irresponsible projects that are truly nothing more than a scam. Ethanol, whether produced by corn, wood chips or plant material, is nothing more than that.
The people of Mississippi should be outraged over this travesty, but they're surely drinking the kool aide of jobs being created, even though not too long afterwards when the company declares bankruptcy, they'll all be lost.
They also have offered up $155 million in tax incentives to get the boondoggle going. What a criminal waste of the taxpayer's money. And yes it is taxpayers money because they're the ones that will have to pay for it when it crashes and burns.
The company confisgating the state loan is named Virdia, which just changed its name from HCL Cleantech. They take natural matter such as woodchips and other plant matter and convert it into sugar, which is then converted into ethanol.
Virdia CEO Philippe Lavielle admits the amount of money offered by the state, along with $10 million in venture debt and another $20 million in venture capital equity isn't enough to build a viable plant that can successfully operate at a commercial level and compete against corn-based ethanol. He confessed concerning the money that "it takes more than that. It takes a chemical firm that will want to build it to have access to sugars for their own conversion processes."
According to Lavielle, the costs of building a commerical plant which would produce about 500,000 tons of sugar on an annual basis is $380 million. That could supply a 25-million-gallon ethanol plant, according to the CEO.
Another negative factor and complication to the success of such a plant would be the need for it to be located close to a chemical plant or a paper mill so it could be able to tap into the power infrastructure serving those businesses, and in the case of the paper mill, to be able to use the existing equipment for handling wood. Lavielle says it'll take up to three years for a plant like that to be built.
Historically capital requirements and projections are almost without exception much higher and take a lot longer to reach the expected goals.
To be able to compete with the scammy and damaging corn-based ethanol, Lavielle says corn would have to remain at a price of over $4 a bushel. While corn prices in the United States are higher now because of droughts in Argentina and Brazil which are expected to generate more exports for U.S. corn, that's a temporary situation, and corn could easily plummet below the $4 mark very rapidly.
Add to this the cost factors associated with cellulosic, which includes the requirement of having a wood production facility very close or the cost of shipping wood and plant matter to the facility soars.
Looking at the overall picture, ethanol, no matter what the form, is a waste of valuable time and money.
New discoveries of oil and gas shale, along with the technology to extract it from the rock, has changed the entire energy game in the United States, which now has enough energy to last possibly for centuries.
The known reserves already are estimated to last for well over a century in the United States, and there are many areas where it is unknown as to how much there actually is in America, let alone across the world. That's the future of American energy independence, not these idiotic and irresponsible projects that are truly nothing more than a scam. Ethanol, whether produced by corn, wood chips or plant material, is nothing more than that.
The people of Mississippi should be outraged over this travesty, but they're surely drinking the kool aide of jobs being created, even though not too long afterwards when the company declares bankruptcy, they'll all be lost.
Chesapeake's (CHK) and McClendon's Shale Revenue Alternative
The announcement from Chesapeake Energy (CHK) CEO Aubrey McClendon and Kohlberg Kravis Roberts & Co. (KKR) that they are entering a $250 million joint venture received mixed responses from pundits and analysts.
As for the deal, KKR will supply $225 million of the investment while Chesapeake will invest the remaining $25 million.
The purpose of the joint venture is for the two companies to acquire more oil and gas shale plays in order to generate royalties from the properties.
Chesapeake will do the majority of the lifting because of its expertise in the sector; owning and managing the shale assets on behalf of the venture.
With KKR putting up 90 percent of the capital, it has to stand to reason that they will almost assuredly, after some management fees, take in that same amount in royalties.
Aubrey McClendon has an insatiable drive to own more and more shale assets. But with the capital spigot running dry for Chesapeake, he's extending the reach of the company through the joint venture.
KKR director Robert Antablin said this, "Driven predominantly by the recent advancements in unconventional oil and gas technology, we continue to see attractive opportunities to invest behind the domestic exploration and production of oil and gas."
On Chesapeake's part, they must get more access to oil assets because the low price of natural gas has pressured the company's margins and earnings.
In 2011 they spend upwards of $1 billion to make acquisitions to that effect. This venture gives them access to more land and oil assets without having to cough up money it simply no longer has to make the deals it needs for shale oil acreage.
This assumes McClendon isn't blind or foolish enough to buy up even more major gas holdings with the additional capital in his hands.
The market wasn't impressed with the announcement of the joint venture, as many investors and onlookers believe Chesapeake is already in way over its head. They've already sold off some of its properties and made deal with other parterns.
So the idea of pursuing even more acreage doesn't sound too good for those who have watched Chesapeake with consternation as its debt soared and gas prices plummeted.
If this capital isn't used to acquire significant oil assets, it'll be a shock, and the future of Chesapeake would look as bleak as it ever has.
The good news is if they keep focused, Chesapeake is a good at sourcing and managing resources as anyone out there, and lower risk plays like this could help them gain some respectibility and bring back some significant profitability back to the company.
KKR closed at $13.61, down $0.25, or 1.80 percent. Chesapeake ended the session at $23.56, plunging $0.67, or 2.77 percent.
As for the deal, KKR will supply $225 million of the investment while Chesapeake will invest the remaining $25 million.
The purpose of the joint venture is for the two companies to acquire more oil and gas shale plays in order to generate royalties from the properties.
Chesapeake will do the majority of the lifting because of its expertise in the sector; owning and managing the shale assets on behalf of the venture.
With KKR putting up 90 percent of the capital, it has to stand to reason that they will almost assuredly, after some management fees, take in that same amount in royalties.
Aubrey McClendon has an insatiable drive to own more and more shale assets. But with the capital spigot running dry for Chesapeake, he's extending the reach of the company through the joint venture.
KKR director Robert Antablin said this, "Driven predominantly by the recent advancements in unconventional oil and gas technology, we continue to see attractive opportunities to invest behind the domestic exploration and production of oil and gas."
On Chesapeake's part, they must get more access to oil assets because the low price of natural gas has pressured the company's margins and earnings.
In 2011 they spend upwards of $1 billion to make acquisitions to that effect. This venture gives them access to more land and oil assets without having to cough up money it simply no longer has to make the deals it needs for shale oil acreage.
This assumes McClendon isn't blind or foolish enough to buy up even more major gas holdings with the additional capital in his hands.
The market wasn't impressed with the announcement of the joint venture, as many investors and onlookers believe Chesapeake is already in way over its head. They've already sold off some of its properties and made deal with other parterns.
So the idea of pursuing even more acreage doesn't sound too good for those who have watched Chesapeake with consternation as its debt soared and gas prices plummeted.
If this capital isn't used to acquire significant oil assets, it'll be a shock, and the future of Chesapeake would look as bleak as it ever has.
The good news is if they keep focused, Chesapeake is a good at sourcing and managing resources as anyone out there, and lower risk plays like this could help them gain some respectibility and bring back some significant profitability back to the company.
KKR closed at $13.61, down $0.25, or 1.80 percent. Chesapeake ended the session at $23.56, plunging $0.67, or 2.77 percent.
Wisconsin Corn, Crop Prices for February 2012
Prices for corn and other Wisconsin crops were mixed for February, with month over month and year over year prices fluctuating.
For corn, the average price per bushel climbed to $5.97, a gain of 19 cents over January's price, and a jump of 38 cents over the price of a bushel in February 2011. However, it was less than the average price of corn per bushel in the U.S. for February, which came in at $6.16 as of the middle of the month.
The price of soybeans, on average, was at $12.50 per bushel in the middle of February, up 60 cents a bushel over January, but dropping 40 cents a bushel against the February 2011 price. It was higher than the overall U.S. soybean average of $12.30 a bushel as of the middle of February.
Oats in Wisconsin generated $3.59 a bushel, up 31 cents over January and 47 cents higher than the price in February 2011. That was a little less than the U.S. average of $3.66 a bushel for oats.
For alfalfa hay, the price as of the middle of February was $125.00 a ton, $25.00 over the price of February 2011, but about the same as January 2012.
For corn, the average price per bushel climbed to $5.97, a gain of 19 cents over January's price, and a jump of 38 cents over the price of a bushel in February 2011. However, it was less than the average price of corn per bushel in the U.S. for February, which came in at $6.16 as of the middle of the month.
The price of soybeans, on average, was at $12.50 per bushel in the middle of February, up 60 cents a bushel over January, but dropping 40 cents a bushel against the February 2011 price. It was higher than the overall U.S. soybean average of $12.30 a bushel as of the middle of February.
Oats in Wisconsin generated $3.59 a bushel, up 31 cents over January and 47 cents higher than the price in February 2011. That was a little less than the U.S. average of $3.66 a bushel for oats.
For alfalfa hay, the price as of the middle of February was $125.00 a ton, $25.00 over the price of February 2011, but about the same as January 2012.
Carrizo (CRZO) (FST) (PKD) (CCO) (NVS) (MWW) (TSN) Ratings, Price Targets
Carrizo Oil & Gas (CRZO), Forest Oil Co. (FST), Parker Drilling Company (PKD), Clear Channel Outdoor Holdings, Inc. (CCO), Novartis (NVS), Monster Worldwide, Inc. (MWW) and Tyson Foods, Inc. (TSN) had ratings and price targets adjusted by analysts.
Imperial Capital downgraded Carrizo Oil & Gas (CRZO) to an "Outperform" rating.
Capital One upgraded Forest Oil Co. (FST) to a "Neutral" rating.
Global Hunter Securities initiated coverage on Parker Drilling Company (PKD). They placed an "Accumulate" rating on the company.
Wells Fargo & Co. downgraded Clear Channel Outdoor Holdings, Inc. (CCO) from an "Outperform" rating to a "Market Perform" rating.
JPMorgan Chase & Co. downgraded Novartis (NVS) from an "Overweight" rating to a "Neutral" rating.
Evercore Partners upgraded Monster Worldwide, Inc. (MWW) from an "Equal Weight" rating to a "Overweight" rating.
Davenport upgraded Tyson Foods, Inc. (TSN) from a "Neutral" rating to a "Buy" rating.
Imperial Capital downgraded Carrizo Oil & Gas (CRZO) to an "Outperform" rating.
Capital One upgraded Forest Oil Co. (FST) to a "Neutral" rating.
Global Hunter Securities initiated coverage on Parker Drilling Company (PKD). They placed an "Accumulate" rating on the company.
Wells Fargo & Co. downgraded Clear Channel Outdoor Holdings, Inc. (CCO) from an "Outperform" rating to a "Market Perform" rating.
JPMorgan Chase & Co. downgraded Novartis (NVS) from an "Overweight" rating to a "Neutral" rating.
Evercore Partners upgraded Monster Worldwide, Inc. (MWW) from an "Equal Weight" rating to a "Overweight" rating.
Davenport upgraded Tyson Foods, Inc. (TSN) from a "Neutral" rating to a "Buy" rating.
Harvest (HNR) (KWK) (CRZBY) (NLY) (DB) (WAT) (AMGN) Ratings
Harvest Natural Resources, Inc. (HNR), Quicksilver Resources Inc (KWK), Commerzbank AG (CRZBY), Annaly Capital Management, Inc. (NLY), Deutsche Bank (DB), Waters Corporation (WAT) and Amgen, Inc. (AMGN) had ratings on them initiated or adjusted by analysts.
Pritchard upraded Harvest Natural Resources, Inc. (HNR) from a "Neutral" rating to a "Buy" rating.
Capital One upgraded Quicksilver Resources Inc (KWK) to a "Neutral" rating.
ING Group downgraded Commerzbank AG (CRZBY) from a "Buy" rating to a "Hold" rating.
Wells Fargo & Co. downgraded Annaly Capital Management, Inc. (NLY) from a "Outperform" rating to a "Market Perform" rating.
ING Group initiated coverage on Deutsche Bank (DB). They placed a "Buy" rating on the company.
Morgan Stanley initiated coverage on Waters Corporation (WAT). They placed an "Overweight" rating on the company.
Sanford C. Bernstein downgraded Amgen, Inc. (AMGN) from a "Outperform" rating to a "Market Perform" rating.
Pritchard upraded Harvest Natural Resources, Inc. (HNR) from a "Neutral" rating to a "Buy" rating.
Capital One upgraded Quicksilver Resources Inc (KWK) to a "Neutral" rating.
ING Group downgraded Commerzbank AG (CRZBY) from a "Buy" rating to a "Hold" rating.
Wells Fargo & Co. downgraded Annaly Capital Management, Inc. (NLY) from a "Outperform" rating to a "Market Perform" rating.
ING Group initiated coverage on Deutsche Bank (DB). They placed a "Buy" rating on the company.
Morgan Stanley initiated coverage on Waters Corporation (WAT). They placed an "Overweight" rating on the company.
Sanford C. Bernstein downgraded Amgen, Inc. (AMGN) from a "Outperform" rating to a "Market Perform" rating.
Monday, March 5, 2012
China's Gold Strategy
There are a lot of theories being thrown around as to why China is acquiring so much gold. Everything from a failing economy to diversification are part of the media narrative.
I don't think it's primarily related to those or other assumptions, although the there is probably some truth to the diversification element of the story.
At bottom though, it appears China is positioning itself to enhance its currency, and make it much more desirable to the world, as the U.S. dollar continues to weaken because of the horrendous policies of the government and endless printing of U.S. dollars by the Federal Reserve.
With the U.S. dollar inevitably going the way of the British Pound, as far as being the reserve currency of the world, China, no doubt, wants to embrace that role with the renminbi.
This appears to be the reason the country is encouraging its citizens to acquire gold, and why it's importing so much even while it mines gold domestically at record levels.
China has a much longer timeframe than America and the West, and they'll be content to continually acquire gold in preparation for the eventual migration of the world to the renminbi as the reserve currency. It's only a matter of when, not if.
I don't think it's primarily related to those or other assumptions, although the there is probably some truth to the diversification element of the story.
At bottom though, it appears China is positioning itself to enhance its currency, and make it much more desirable to the world, as the U.S. dollar continues to weaken because of the horrendous policies of the government and endless printing of U.S. dollars by the Federal Reserve.
With the U.S. dollar inevitably going the way of the British Pound, as far as being the reserve currency of the world, China, no doubt, wants to embrace that role with the renminbi.
This appears to be the reason the country is encouraging its citizens to acquire gold, and why it's importing so much even while it mines gold domestically at record levels.
China has a much longer timeframe than America and the West, and they'll be content to continually acquire gold in preparation for the eventual migration of the world to the renminbi as the reserve currency. It's only a matter of when, not if.
Enbridge's (ENB) U.S. Pipeline Remains Closed
After a two-vehicle accident in Illinois close to the the township of New Lenox, the pipeline of Enbridge (NYSE:ENB), which delivers the majority of oil from Canada to the United States, remains closed, and may remain closed for up to four more days.
The accident took place by an above-ground part of the conduit close to a pumping station.
Enbridge's Line 14/64, which delivers 318,000 barrel a day, will probably result in pressuring prices for Canadian crude in response to the accident.
Line 14, may start up again as early as Wednesday, while Line 64, is estimated to restart on Thursday.
Enbridge spokeswoman Lorraine Little said these estimates are subject to change because they were the initial assessments made by the company.
The capacity for Line 14/64 is north of 2 million barrels a day, which amounts to close to 3 percent of American imports. Canada exports the oil from Alberta tar sands.
Potentially affected by the slowdown is Exxon Mobil (NYSE:XOM), which receives some oil from the pipeline, which they get at its refinery located in Joliet, Illinois. Exxon says at this time they are meeting contractual obligations.
Enbridge was trading at $38.34, down $0.38, or 0.98 percent, as of 12:16 PM EST. Exxon was trading at $86.63, up $0.30, or 0.35 percent.
The accident took place by an above-ground part of the conduit close to a pumping station.
Enbridge's Line 14/64, which delivers 318,000 barrel a day, will probably result in pressuring prices for Canadian crude in response to the accident.
Line 14, may start up again as early as Wednesday, while Line 64, is estimated to restart on Thursday.
Enbridge spokeswoman Lorraine Little said these estimates are subject to change because they were the initial assessments made by the company.
The capacity for Line 14/64 is north of 2 million barrels a day, which amounts to close to 3 percent of American imports. Canada exports the oil from Alberta tar sands.
Potentially affected by the slowdown is Exxon Mobil (NYSE:XOM), which receives some oil from the pipeline, which they get at its refinery located in Joliet, Illinois. Exxon says at this time they are meeting contractual obligations.
Enbridge was trading at $38.34, down $0.38, or 0.98 percent, as of 12:16 PM EST. Exxon was trading at $86.63, up $0.30, or 0.35 percent.
Corn and Midwest Storms and Hurricanes
Damage to corn and other crops have yet be assessed from the destructive hurricanes and storms which ravage much of the midwest and parts of the south.
States and surrounding regions most affected by the storms are Kentucky, Illinois and Indiana.
Of particular interest will be the extent of damage to any stored grains or crops, as well as on the building and storage units themselves.
It'll probably take some time before we know if there is enough damage to have a significant impact on crop prices or exports.
States and surrounding regions most affected by the storms are Kentucky, Illinois and Indiana.
Of particular interest will be the extent of damage to any stored grains or crops, as well as on the building and storage units themselves.
It'll probably take some time before we know if there is enough damage to have a significant impact on crop prices or exports.
Argentina, Brazil Corn Production May Exceed Estimates
Corn production estimates last month by the U.S. Department of Agriculture for Argentina and Brazil may have been understated, as a report from Informa Economics on March 2 said.
Drought in both countries resulted in the USDA projection a 22 million ton harvest in Argentina and a 61 million ton harvest in Brazil. According to Informa, those numbers could reach 22.5 million tons of corn harvested in Argentina and 61.5 million tons or corn harvested in Brazil for 2012.
Offsetting that data was the news South Korea’s Nonghyup Feed Inc., the largest buyer of feed grains in the country, acquired 126,000 metric tons of U.S. corn on March second, which is scheduled for July delivery.
That has helped push up the price of corn futures slightly in Monday trading.
Drought in both countries resulted in the USDA projection a 22 million ton harvest in Argentina and a 61 million ton harvest in Brazil. According to Informa, those numbers could reach 22.5 million tons of corn harvested in Argentina and 61.5 million tons or corn harvested in Brazil for 2012.
Offsetting that data was the news South Korea’s Nonghyup Feed Inc., the largest buyer of feed grains in the country, acquired 126,000 metric tons of U.S. corn on March second, which is scheduled for July delivery.
That has helped push up the price of corn futures slightly in Monday trading.
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