Morning @ Cantor
Morning
@ Cantor 7/23
Today’s
Stories From Cantor Fitzgerald
Sal
Catrini (908) 517-5067
CONTENTS: All
Headings Are Functioning Links
Sector News: Energy, Industrials, Transports, TMT, Materials, Autos, Fins, Real Estate, Consumer, Gaming/Lodging, HC, Europe
Trading Wrap, Asia Trading
Wrap
Investment Banking Wrap: M&A, Money Raising
o
US
Stock Futures… S&P Futures up
4.6 points
o Europe stocks off highs, up 0.3% at 7am et ..
European stocks climbed for a fourth day on better-than-forecast U.K. economic
growth and German business confidence and earnings from Adidas AG to Akzo Nobel
NV that topped estimates
o German IFO rises by largest amount since
German unification and at three-year highs.
o UK Pound and EUR both spike..EUR approaching
1.30 again..in front of stress tests and post a slew of good EU eco data
Thursday and Friday
o Earnings season: Of the 136 companies that have reported
earnings since July 12, about 85 percent have beaten forecasts for
earnings-per- share, according to Bloomberg data. But….Less than 70 percent
have topped sales estimates
§ MSFT nice beat and
guidance… Enterprise looks good…… but earning flops
from Amazon and Sandisk might be offset by decent AXP and COF quarters (COF
traded off a bit)
§ ERIC dn 5% after
reporting this am… EPS were lower than expectations
§ Adidas jumps after EPS
(hit midday in US yest)
§ Ford just reported..look better first
blush
o EU Stress tests about noon ET
o Libor
falls again…3-month: Dollar: 0.493% vs prior 0.498%
o Rates move higher Friday…overnight, U.S. Two-Year Yields Extend Record Low on
Europe Bank Concern… Treasury two-year yields reached a record
low for a fourth-straight day
§ The
two-year note yielded 0.56 percent as of 8:37 a.m. in London, according to
BGCantor Market Data, after dropping to a record 0.5516 percent
§ Yield curve widens…The
difference in yield between two- and 10-year securities headed for a weekly
increase
o EU banks mixed…but Best performers are Greek
Banks today ..with
some exceptions
o Base
metals up big Thursday….lead up almost 4%, copper was up 7.15 to
$3.1645 on the comex…this morning, base metals up small to copper, up less than 1%.
o Gold Climbs Above $1,200 in London overnight… Spot
gold was up $10 yesterday…now spot gold is up $2 just under 1200
o Copper Heads for Best Week in 5 Months on Demand
o
Crude dn small…Oil Is Near 11-Week High
as Equities Rise, Storm Heads for Gulf
o
Energy
Markets Oil
Futures Exodus Biggest Since Lehman Demise – BBG
§
Investors are exiting the oil- futures market
at the fastest pace since the collapse of Lehman Brothers Holdings Inc. amid
evidence the global economic recovery is slowing
§
Bets
on West Texas Intermediate crude slumped 13.2 percent in the 60 days through
July 20 to the lowest level since November, data from CME Group Inc.’s New York
Mercantile Exchange and London’s ICE Futures Europe exchange show. The last
time open interest fell more was the 13.7 percent decline over the similar
period through Oct. 7, 2008, three weeks after Lehman filed for the biggest
bankruptcy in U.S. history.
o
EU
Stress!!
§ Goldman sachs says on EU
Stress texts…10 will fail - per BBG
§ Banking stress tests may
reveal some Spanish institutions would need more capital - El Pais
§ All German Landesbanken have passed EU bank
stress test – FAZ
§ Swiss are toughest! Regulators are to publish the results of an
exercise Swiss bankers say was ‘twice as tough’ as the EU scenario, which is
expected to give a clean bill of health to Credit Suisse and UBS – FT
§ Lagarde expects France's banks to get good
stress-test results – economist
§ Moody's places Hungary's
BAA1 sovereign rating under review for possible downgrade – Reuters
o Big call :
SEC
Grants Six-Month Delay on Asset-Backed Ratings Disclosure
o
Big
call that hit late in US thursday…..may have weighed on US
close a bit…ECB President Trichet calls
for global tightening -- FT article
o No Double Dip!!! European Central Bank Executive Board member
Jose Manuel Gonzalez-Paramo said the latest economic reports lower the risk
that the euro-area economy will fall back into a recession. BBG
§ “The latest data are reducing the risk of a
double-dip recession,” Gonzalez-Paramo told reporters today in San Sebastian,
Spain. “The first indicators for July, for example, are quite positive, in
terms of confidence, industrial production, etc.”
o FX: EUR/USD surged over 50 pips after a stronger than
expected German IFO data to test above 1.2930/.
o FX: The GBP/USD pair soared towards 1.54 after the strong UK
GDP showing
o FX: USD/CNY: PBoC sets yuan mid point at 6.7790 v 6.7800
prior close
o FX: China Central Bank Xiao-lian: Pondering publishing CNY
exchange rates against a basket of currencies rather than just the USD; To help
increase the exchange rate transparency - Oriental Daily
o FX: more verbal intervention from Tokyo. With Yen weakness lagging the overall
risk-asset bounce, Economic Minister Arai followed Finance Ministry
officials overnight, noting the govt is closely monitoring FX levels and is
increasingly uncompfortable with strong Yen. Subsequently, USD/JPY rose to
session highs above 87.00 - TTN
o Chinese Lenders Will Need
to Raise More Capital, S&P Says
o China may implement a property tax over the
next 2-3 years - China Daily citing Ministry of Finance
o U.S.
Signals to China It Won't Keep Out of South Sea – BBG
o N. Korea Warns of
‘Physical Response’ to U.S. Drills – BBG
·
Overseas
Action
o
Europe stocks off highs, up 0.3% at 7am et
§
EUR
spikes..approaching 1.30 again..in front of stress tests and post a slew of
good eco data Thursday and Friday
§
The
UK was the first western European nation to reklease Q2 GDP data. It was good
as GDP was seen at 1.1% when just 0.6% was expected.
§
Once
again the level of confidence in german business circles has improved more than
expected. Ifo business climate was booked at 106.2 when just 101.5 was forecast
and expectations rise to 105,5 cf. an expectation of 101.6. These are the
highest reading since 2007.
§
After
the Ifo reading the € makes gains against the $.
§
The
European Bank Strees Tests are generally expected to be favorable although
there are grumbles that the test is not very "stressful" at
all.
§
Sector
wise the laggards are all typical defensives wherwas the leadership is a mix of
aggressive cyclicals i.e. high beta stocks and beta neutral names
o
Asia: Nikkei +2.28%; Hang
Seng +1.10%; Shanghai Composite +0.38
o Data:
§
Data
continues good overseas today
§
UK Q2 Advanced GDP +1.1% q/q vs consensus
0.6% vs prior +0.3%
§
Germany Jul IFO Business Climate 106.2 vs
consensus 101.6 and prior 101.8
§
Expectations 105.5 vs consensus 101.6 and
prior 102.4
§
Germany Jul IFO Business Climate 106.2 vs
consensus 101.6
§
UK growth far better ..UK pound rallies on
the data
§
Thai
Central Bank Raises Growth Forecast on Exports
o
Global
rates:
§
Indonesian
Central bank governor-designate says he see's no need to raise interest rates
in 2010 and expects the country's full year 2010 inflation rate to be around 6%
§
India's
central bank meets next Tue
·
India
government advisor Rangarajan: Monetary policy should operate with a bias
towards tightening to tame inflation
- Economics today:
o EU Stress tests about noon ET
- Earnings
today
o Companies due to report before the bell
include: DOV, F, HON, JCI, KMB, MCD, MHP, NEE, R, SLB, SNA, TROW, VZ
o Companies due to report after the close
include: EEP
·
Banks under scrutiny today: A
White House-appointed pay watchdog will cite 17 financial firms for making $1.6
billion in "ill-advised" payments during the height of the financial
crisis, people familiar with the matter said.
o
Kenneth
Feinberg, the Obama administration's special master for compensation, is
scheduled to release a report Friday detailing payouts
o
Among the firms he is expected to name are
Goldman Sachs, J.P. Morgan and Citigroup
o
http://online.wsj.com/article/SB10001424052748704421304575383620582719174.html?mod=ITP_pageone_1
·
·
Top
M&A
o
PTV Kock Industries is in 'deep discussions' to
buy Pactiv Corp -- NY Post
o
BJ BJ's Wholesale is officially up for sale --
NY Post
o KWK
+17.6% (to sell 100% interest in KGS for $1B)
o
MENT Mentor Graphics holder Carl Icahn discloses
a 13.07% stake in an amended 13D filing; up from 11.94% stake disclosed on
6-Jul
·
Top $
Raising
o General
Motors planning to file for IPO during the week of 16-Aug – Reuters
o
GTIV Gentiva Health loan postponed by banks - Dow
Jones
·
Big Positive
Credit story today: SEC Breaks
Impasse With Rating Firms ..will allow bond sales without ratings firms
o
The
Securities and Exchange Commission moved to defuse turmoil in the bond markets
caused by ratings firms' refusal to allow their credit ratings to be used in
deal documents.
o
Late
Thursday the agency said it would temporarily allow bond sales to go ahead
without credit ratings in bond offering documents, a move that would end an
effective stalemate between ratings agencies and issuers
·
Credit markets: A Rally in 'Junk'…Two new high-yield corporate bonds came to market Thursday amid a
rally in the broader secondary market
o
Junk
bonds were up nearly across the board in secondary market trade, led by large
borrowers like First Data Corp. and
Freescale Semiconductor, both of which underwent large leveraged buyouts during
the credit boom several years ago. WSJ
o
In
the primary market, the pair of deals Thursday brought to seven the number of
new issues seen so far this week, worth a combined $4.8 billion. That compares
to four deals worth $2.1 billion last week, according to data provider Dealogic
- Credit
markets: Islamic
bonds' stellar performance draws mainstream investors
o
Market-beating
performance of Islamic bonds sold by Malaysia's biggest oil company, Petroliam
Nasional, is attracting demand from institutional bond buyers worldwide who
aren't restricted by Islam's ban on profiting from interest. Petronas' 4.25%
notes maturing in 2014 returned 1.4% in June, 1.7% this month and 6% for the
year. Bloomberg (23 Jul.)
·
Taxes!! Geithner:
Taxes on Wealthiest to Rise –WSJ link
·
FED
WATCH: Fed to shift
policy if recovery stalls – FT
o
Ben Bernanke reiterates that the Federal
Reserve would act if the US economy does not continue to improve as new data
corroborated his ‘unusually uncertain’ outlook
o
http://link.ft.com/r/G8OTZZ/IYUXAV/4AWNW/V1ZYMK/JIFQV9/ID/h
·
FED
WATCH: Fed reports
balance sheet assets of $2.335T on Wednesday, ($8.4B) w/w and +$294.3B y/y
o
Holdings of US Treasury securities were $777B
on 21-Jul, +$8M w/w and +$84.3B y/y
o
Holdings of mortgage-backed securities were
$1.124T on 21-Jul, ($3.97B) w/w and +$579.1B y/y.
o
Holdings of federal agency debt securities
were $159.4 on 21-Jul, ($2.7B) w/w and +$56.7B y/y.
·
ECB
chief calls for global tightening - FT
o
Public spending cuts and tax increases should
be imposed immediately across the industrialised world as evidence of a healthy
European recovery mounts, according to Jean-Claude Trichet, president of the
European Central Bank
o
http://link.ft.com/r/G8OTZZ/IYUXAV/4AWNW/V1ZYMK/RNHPW6/ID/h
·
Money Flows: AMG data reports equity fund outflows of ($566M) in w/e 21-Jul vs inflows
of $4.7B in w/e 14-Jul
·
Money Flows: U.S. equity
funds lost an estimated $7.6 billion (0.2% of assets) in June as the average
fund dropped 4.8%. Although the average fund is up 3.0% in July, outflows
have persisted, amounting to an estimated $10.6 billion (0.3% of assets). TRIMTABS
o Retail
Investors and Day Traders Downbeat on Equities. U.S. Equity Funds Post
Outflows for Twelve Consecutive Weeks, and AAII Bearish Sentiment Jumps to
45.0%, Third-Highest Level This Year. Leveraged Short U.S. Equity ETFs
Issue 1.5% of Assets in Past Week.
o
While the S&P 500 is up 6.1% in July,
both retail investors and day traders are bearish, which is bullish from a
contrarian perspective.
o
Retail investors seem intent on selling
regardless of the stock market’s short-term moves. U.S. equity funds have
posted outflows for 12 consecutive weeks, and outflows were sizeable in each of
the past three weeks.
·
China’s sovereign wealth fund : China’s CIC May Post Record Year for 2009
as Markets Recover - BBG
o
set to post its best yearly gain in 2009
after stepping up investments in commodities to ride a rebound in global
markets
o
China Investment Corp. is likely to report a
return on its global portfolio “well over 10 percent” in its upcoming annual
statement, said Rachel Ziemba, London-based senior analyst at Roubini Global
Economics.
o
The $300 billion fund had a 2.1 percent loss
on its global assets in 2008, after chalking up a 0.2 percent return in its
starting year of 2007
o
“2010 will be a tougher year for CIC given that many risky assets have suffered,” Ziemba said.
“CIC’s pace of purchases seems to have slowed down in the first half of 2010,
as it has spent a greater portion of its liquid funds, having deployed much of
the international portfolio in 2009.”
·
Singapore sovereign wealth fund cautious: GIC Says World May See Recession Sooner
Than Expected – BBG
o
The global rebound is “fragile” and shocks
could push the world toward another recession, according to Government of
Singapore Investment Corp., manager of more than $100 billion of the nation’s
foreign reserves
o
Risks to the global recovery have increased
due to Europe’s debt turmoil, continued deleveraging in the U.S. and
protectionist pressures, Tony Tan, deputy chairman of GIC, said in a speech in
Singapore today. The fund is ranked the world’s sixth-largest state investment
company by Sovereign Wealth Fund Institute in California.
·
Citadel’s Head of Equity Research Ravi Mattu Leaves - BBG
o
Ravi Mattu, head of equity research at
Citadel Securities, left the investment-banking unit of the brokerage firm
started by Ken Griffin
o
Mattu left last week, said Devon Spurgeon, a
spokeswoman for the Chicago-based Citadel LLC. No replacement has been named,
she said.
o
The
departure follows the ouster in May of Patrik Edsparr, head of the securities
unit, who clashed with Griffin over strategy and culture. Griffin has struggled
to find the right people to run his investment bank.
·
Fannie Mae and Freddie Mac Treasury Sec Geithner: Fannie Mae and Freddie
Mac "are next" after FinReg reform - Jul 21st interview w Charlie
Rose
·
Goldman Sachs Said to
Give AIG-Hedging List to Investigators – BBG
o
Goldman Sachs
told U.S. investigators which counterparties it used to hedge the risk
that American International Group . would fail
o
The list was sought by panels reviewing the
beneficiaries AIG’s $182.3 billion government bailout
o
Goldman Sachs, which received $12.9 billion
after the 2008 rescue tied to contracts with the insurer, has said it didn’t
need AIG to be rescued because it was hedged against the firm’s failure.
o
“We want to know the identity of those
parties, partly just to know where American taxpayer dollars went, but partly
to assess Goldman’s claim,” said Elizabeth Warren, chairman of the
Congressional Oversight Panel, in a Senate hearing this week.
o
“We cannot evaluate the credibility of their
claim that they had nothing at stake one way or the other in the AIG bailout.”
·
Good news: U.S.
regional banks' earnings show a rebound in credit
o
KeyCorp,
Huntington Bancshares, Fifth Third Bancorp and other regional banks in the U.S.
reported improvement in their loan books for the second quarter. Banks,
particularly regional ones, will continue to deal with soft demand for loans,
but they appear to have accounted for mistakes made during the property bubble.
The Wall Street Journal (23 Jul.)
·
BP (-0.8%). Due to the strengthening
of Tropical Storm Bonnie, the drilling of the relief well in the Gulf may
be delayed by up to two weeks
·
Tropical Storm Bonnie Heading for Florida,
Oil Spill in Gulf
·
BP: US Senate
Committee Backs Down Over Plans to Call Tony Blair Over Lockerbie Bomber
Release - BBG
o
The US Senate committee investigating the
release of the Lockerbie bomber appears to have mysteriously backed down over
plans to call Tony Blair to testify
o
The committee seemingly drafted a letter to
ask the former Prime Minister to appear before it but this was never sent.
·
Chemicals: ASH
reports a beat
o
Ashland reports Q3 adjusted EPS $1.22 vs
Reuters $1.13
o
Company reports revenues of $2.36B vs Reuters
$2.30B.
·
Chemicals: Akzo
Nobel (+5%). 2Q figures come in
stronger than expected, with sales and net profit ahead of estimates.
- MOS…small beat… Potash Guidance Weaker
o
Call
10am ET
888-713-4215 code #75349645.
- POT…may
be negatively impacted by MOS quarter
·
MOS: Mosaic, North America’s second-
largest fertilizer producer, said it’s considering payment of a special
dividend this year and acquiring makers of phosphate crop nutrients
o
“We do
have a strong balance sheet, we do have a lot of cash on the balance sheet,”
Chief Executive Officer James Prokopanko said today in a telephone interview
·
E*Trade rose
7.1 percent to $14.30 in after-hours trading yesterday in New York. The company
reported
·
SNV -6.6% … SNV Synovus reports Q2 EPS .. SNV- disappointing Q
driven by higher provision expenses.
·
Consumer neg data points pile up…
o AMZN
-14.6%
o
RST -12%
.. Rosetta Stone shows Another Warning
o CAKE-
mixed to worse Q2. Comps were slgightly better in the Q,
but consensus for the 2H10 was worse. Negative menu mix is expected to continue
positive pricing effects in the coming Q.
- Tech mixed to neg overnight
o MSFT
traded dn small..- better Q4 on broad based growth, better MBD ,
and strong windows performance. Bookings were a major positive in the Q. Msft
has shown an increased focus on cost control and with a healthy top line
provided a strong beat. Mgmt stated the corporate Pc refresh cycle has
accelerated. Consumer purchases of Office 2010 and windows 7 were strong in the
Q. MSFT has an analyst day on July 29th. The failure of the Kin does
not appear to haave aany material effect on numbers.
o SNDK
-8%
o CPWR -12.1%
o
QLGC
-11.1%
o
ACTG
-11.3%
o ERIC
dn 5% after reporting this am… EPS
were lower than expectations.
§ Revs
miss most on street too
§ component
shortages once again
§ call at 1:00pm UK:
at www.ericsson.com/investors.
§ Alcatel-Lucent Shares Open -1.8% To EUR2.08 After
Ericsson 2Q
o Wipro
(WPRO.IN) Q1 results topped estimates
o Vodafone
rallied 1.3 percent to 151 pence after the company reported..Vodafone (VOD.LN)
Q1 revenue £11.27B vs Reuters £11.21B; reaffirms full year outlook
·
Healthcare
big miss..BEC -11.5% .. Beckman Coulter downgraded to Hold
from Buy at Jefferies – Jefferies downgraded Beckman Coulter following the
company's weaker than expected Q2 report and reduced guidance
- Credit cards, consumer:
§
AXP: American Express beats
§
AXP
reported Q2 EPS of $0.84, above
consensus at $0.78
§
Spending data looks good!!
§
Reserves show bigger release than expected…ie
better Credit Costs
§
higher opex, taxes hurts
§
American
Express 'Remain Cautious About The Economy' >AXP
§
Shares
Slip small in After-Hours After 5% Day Gain
o COF
-4.4%..beat ests..but “reserve bleed” doesn’t please street
§ Credit
losses OK..and Higher opex
o MSFT
·
SLB: WSJ article pos in front of Friday EPS
·
SLB
reports mainly in line this am
·
Scania reports… Scania Returns To 2Q Profit; Upbeat On Outlook
o
http://online.wsj.com/article/BT-CO-20100723-703471.html?mod=WSJ_latestheadlines
·
Saab reports…. Saab AB operating profit drops in Q2, cuts 2010
profitability outlook
o
Swedish defence and aerospace group Saab AB
(STO:SAAB B) said today its operating profit shrank to SEK 276 million (USD
37.9m/EUR 29.3m) in the second quarter of 2010, and cut its full-year
profitability target.
o
http://adpnews.info/?nid=38c6fd742d271dfc
·
RFID players….WMT and privacy: Wal-Mart
Radio Tags to Track Clothing
o
While
the tags can be removed from clothing and packages, they can't be turned off,
and they are trackable. Some privacy advocates
hypothesize that unscrupulous marketers or criminals will be able to drive by
consumers' homes and scan their garbage to discover what they have recently
bought.
o
They
also worry that retailers will be able to scan customers who carry new types of
personal ID cards as they walk through a store, without their knowledge.
·
Lack of votes may mean end for energy bill - WP link
o
Conceding
that they can't find enough votes for the legislation, Senate Democrats on
Thursday abandoned efforts to put together a comprehensive energy bill that
would seek to curb greenhouse gas emissions, delivering a potentially fatal
blow to a proposal the party has long touted….
·
Afghan leaders are cutting ties with Karzai - WP
link
o
The man who served as President Hamid Karzai's
top intelligence official for six years has launched an urgent campaign to warn
Afghans that their leader has lost conviction in the fight against the Taliban
and is recklessly pursuing a political deal with insurgents.
·
Panel: Rangel broke rules – WP.. Rangel
charged with multiple violations by House ethics panel
o
A
House ethics subcommittee announced Thursday that it found that Rep. Charles B.
Rangel violated congressional ethics rules and that it will prepare for a
trial, probably beginning in September. The panel is expected to make the
details of his alleged violations public next Thursday.
·
US vs China: U.S.
Strengthens Asia Military Links Amid Concerns Over China – BBG
o
Hillary Clinton joined Asia’s biggest
security forum in Hanoi today as the U.S. strengthened defense ties across a
region where China’s expanding military reach has triggered unease
o
Clinton yesterday discussed military
cooperation with Vietnam and Defense Secretary Robert Gates restored ties with
Indonesia’s special forces after a 12-year gap. A day earlier, the two
officials affirmed U.S. support for South Korea in Seoul ahead of joint naval
drills that China criticized
o
Clinton is set to meet China’s Foreign
Minister Yang Jiechi in Hanoi, where both are attending the 27-member Asean
Regional Forum. China considers the entire South China Sea as its own,
dismissing rival claims, and is building a blue-water fleet to project power
beyond its own borders
·
Equity Recap
o Technically,
they still need to take out 1,100 on the sp 500 and if we can hurdle that, you
have 1113 your 200 day and 1122 your 150 day
o Billy Clark and Team
- Rates
Commentary
o After yesterday's vicious rally post
Bernanke's testimony in front of the Senate, Treasuries opening up overnight n
Asia slightly higher versus yesterday's 3PM closes. The market came off these
low yields throughout the European trading session on the better German
purchasing index and UK retail sales which gave a bid to European equities and
the Euro. As the New York session opened, Treasuries continued to leak lower
with the exception on the long end as the curve continuing its curve
flattening. Claims data today came in mixed with initial worse than expected by
19K but continuing better than expected by 103K. Equities opened up well bid
which continued after the much better than anticipated existing home sales:
5.37M vs. 5.10K -5.1% MoM vs. -9.9% MoM. The market from the midmorning through
close felt quiet but made a complete reversal on curve as the short through
intermediate were firmer while the long end traded down nearly 3/8 point
steepening out significantly throughout the afternoon and into the close. At
3PM Treasuries were lower in price across the curve by ~1-5bps with the long
end the worst performer.
o Chairman Bernanke's testimony today in front
of the House did not shed any additional major information that was not
presented yesterday. The Treasury also announced next weeks auction schedule
which will include $38Bln 2s, $37Bln 5s and $29Bln 7s.
o With no major data on the calendar tomorrow
investors will be focusing on the European stress tests results which will be
released at noon EST as well as the continued corporate earnings.
o Primary Dealer
_files/image001.gif)
o SLB reports mainly in line this am
o
Oil Is Near 11-Week High as Equities Rise, Storm Heads for Gulf
o
BP:
Coast Guard's Allen: Relief work on the Gulf well to be suspended for several
days; Workers to evacuate starting tonight because of coming tropical storm
o
Energy
Markets Oil
Futures Exodus Biggest Since Lehman Demise – BBG
§
Investors are exiting the oil- futures market
at the fastest pace since the collapse of Lehman Brothers Holdings Inc. amid
evidence the global economic recovery is slowing
§
Bets
on West Texas Intermediate crude slumped 13.2 percent in the 60 days through
July 20 to the lowest level since November, data from CME Group Inc.’s New York
Mercantile Exchange and London’s ICE Futures Europe exchange show. The last
time open interest fell more was the 13.7 percent decline over the similar
period through Oct. 7, 2008, three weeks after Lehman filed for the biggest
bankruptcy in U.S. history.
o
Lack of votes may mean end for energy bill - WP link
§
Conceding
that they can't find enough votes for the legislation, Senate Democrats on
Thursday abandoned efforts to put together a comprehensive energy bill that
would seek to curb greenhouse gas emissions, delivering a potentially fatal
blow to a proposal the party has long touted….
o
BP (-0.8%). Due to the strengthening
of Tropical Storm Bonnie, the drilling of the relief well in the Gulf may
be delayed by up to two weeks
o
Tropical Storm Bonnie Heading for Florida,
Oil Spill in Gulf
o
BP's Alaska assets still for sale - Dow Jones
o
APC - US
lawmakers attack Macondo well partners - FT
§ for
refusing to pay their share of clean-up costs
§ Senator
John McCain was the first to attack Anadarko Petroleum and a unit of Japan’s
Mitsui after the company chiefs told a Congressional subcommittee they were
awaiting the results of investigations into the US’s biggest oil spill before
considering reimbursements to BP
§ http://www.ft.com/cms/s/0/4000596a-95df-11df-bbb4-00144feab49a.html
o BP Sues Six Former Staff for Misusing Confidential
Information - BBG
§ BP Plc is suing six former members of its energy team in
Singapore claiming they misused confidential information to help rival Shenzhen
Brightoil Group gain a “strategic advantage.”
§ The six, including Quek Chin Thean, formerly global head
of residues trading, and legal manager Simon Cheong, had “access to and
possessed intricate knowledge” of BP’s business and commercial strategies and
trade secrets, according to papers filed with the Singapore High Court.
Unauthorized disclosure of the information would harm BP “immeasurably” and
create a “significant new competitor that is well aware of our trading
strategies,” BP said in the court filing.
o
SLB: WSJ article pos in front of Friday EPS: The Short Story on Schlumberger: Go Long
§ Investors
have gotten bullish on Schlumberger, pushing the stock up 8% this week, thanks
to rival Halliburton. That company said Monday that its second-quarter earnings
rose 83%, far outpacing expectations of a 28% increase. The hope is that
Schlumberger, the world's biggest oil-services company, does likewise when it
reports second-quarter results Friday.
o KWK
+17.6% (to sell 100% interest in KGS for $1B)
o Richard
Kinder, chairman and CEO of Kinder Morgan Energy Partners (KMP), tells
Cramer that his company had a good quarter, with all of its products faring
well in a difficult environment. He adds that the company is seeing the start
of a turnaround in airline fuels and hopes the trend continues. He also notes
that the company has not made a decision as to whether it will take the utility
side of its business public.
o Oil shock ‘likely’ within decade, warns Huhne – FT
§ Britain
is ‘very likely’ to face an oil shock within the next decade, triggering
economic volatility as fraught with ‘nasty surprises’ as the 1970s, the energy
secretary has warned
§ http://link.ft.com/r/G8OTZZ/IYUXAV/4AWNW/V1ZYMK/JIFQCK/ID/h
o MUR Murphy Oil selling refining business- Reuters
§ Murphy Oil Corp (MUR.N)
said on Thursday it would sell its three refineries to focus on oil and gas
exploration and its U.S. retail business
§ "From time to time
we get indications of interest and that's why we hired Goldman," Mindy
West, the company's treasurer, said. "For Murphy, they are just
nonstrategic assets."
§ http://www.reuters.com/article/idUSN2211971220100722
o
SEP
Spectra Energy Partners increases quarterly distribution by 2.4% to $0.43 from
$0.42
o
CVI CVR
Energy unit agrees to extend by a year the term of its crude oil supply
agreement with Vitol Inc
o
WPZ,
OKS Williams Partners notifies ONEOK Partners of its
intention to increase ownership in Overland Pass to 50%
o
CVA
Covanta Holding reports Q2 EPS
§ CVA- Q2
miss despite strong cash generation. Maintenece expense timing helped to drive
to the Q negative. Contract transitions were a driver to the downside in the Q.
the conf call is at 830 AM. The dial-in number is: 877-806-3982; pass code:
84494781.
o
NFX Newfield
Exploration reports Q2 EPS
o
NST
NSTAR reports Q2 EPS
o
MOS…small
beat… Potash Guidance Weaker
§
Call
10am ET
888-713-4215 code #75349645.
o
POT…may
be negatively impacted by MOS quarter
o
MOS: Mosaic, North America’s
second- largest fertilizer producer, said it’s considering payment of a special
dividend this year and acquiring makers of phosphate crop nutrients
§
“We do
have a strong balance sheet, we do have a lot of cash on the balance sheet,”
Chief Executive Officer James Prokopanko said today in a telephone interview
o
Scania reports… Scania Returns To 2Q Profit; Upbeat On Outlook
§ http://online.wsj.com/article/BT-CO-20100723-703471.html?mod=WSJ_latestheadlines
o
Saab reports…. Saab AB operating profit drops in Q2, cuts 2010 profitability
outlook
§ Swedish defence and aerospace group Saab AB (STO:SAAB B)
said today its operating profit shrank to SEK 276 million (USD 37.9m/EUR 29.3m)
in the second quarter of 2010, and cut its full-year profitability target.
§ http://adpnews.info/?nid=38c6fd742d271dfc
o Defense sector: NYT article:
Pentagon Faces Intensifying Pressures to Trim Budget
§ Lawmakers,
administration officials and analysts said the combination of big budget
deficits, the winding down of the war in Iraq and President Obama’s pledge to
begin pulling troops from Afghanistan next year were leading Congress to
contemplate reductions in Pentagon financing requests.
§ http://www.nytimes.com/2010/07/23/us/politics/23budget.html?ref=todayspaper&pagewanted=all
o Rivals
Race for Tanker Deal – WSJ link
o Shareholder
Standard Life rejects 325p per share offer for Tomkins – FT
o
Chemicals: Akzo
Nobel (+5%). 2Q figures come in
stronger than expected, with sales and net profit ahead of estimates.
o
Chemicals: ASH
reports a beat
§ Ashland reports Q3 adjusted EPS $1.22 vs Reuters $1.13
§ Company reports revenues of $2.36B vs Reuters $2.30B.
o
BLDR
Builders FirstSource reports Q2 EPS
o
CHCI
Comstock Homebuilding announces departure of CFO Jeffrey Dauer effective 31-Aug
o
IRBT
IRobot awarded $20.5M US Navy contract
o
BUCY
Bucyrus reports Q2 EPS
o
ITI
Iteris Holdings reports Q1 EPS
o
CYMI
Cymer reports Q2 EPS
o
VICR
Vicor reports Q2 EPS
o
DXPE DXP
Enterprises reports Q2 EPS
o
MATW
Matthew's reports Q3 EPS
o
GDI
Gardner Denver reports Q2 EPS
o
FWRD
Forward Air reports Q2 EPS
o
LEG
Leggett & Platt reports Q2 EPS
o
MTD
Mettler-Toledo reports Q2 EPS
o CVA- Q2
miss despite strong cash generation. Maintenece expense timing helped to drive
to the Q negative. Contract transitions were a driver to the downside in the Q.
the conf call is at 830 AM. The dial-in number is: 877-806-3982; pass code:
84494781.
TECH/MEDIA/TELECOM
o
o MSFT-
better Q4 on broad based growth, better MBD , and strong
windows performance. Bookings were a major positive in the Q. Msft has shown an
increased focus on cost control and with a healthy top line provided a strong
beat. Mgmt stated the corporate Pc refresh cycle has accelerated. Consumer
purchases of Office 2010 and windows 7 were strong in the Q. MSFT has an
analyst day on July 29th. The failure of the Kin does not appear to
haave aany material effect on numbers.
o
AEIS- better Q driven by
strong results from the inverter business.Orders were up 60% in the Q, although
much of the beat was due to inverter backlog in the Q.
o CBE- better
Q2 and Q3 guidance. Q2 upside driven by solid tools performance. Jv guidance
look strong as the street was expecting some Q headwind from the JV.
o CCMP-
mixed Q with higher revs and lower EPS. EPS did not
include a negative preannouncement made last week which took into account the
DuPont air products litigation. Wafer starts in the Q are expected to be
better by semi equip companies followed by a slowdown in the December Q.
o CY- solid
Q with better revs and record Gms. Guided Q3 above driven by seasonal strength
an Truetouch ramps. Comms, Industrial, and military end markets drove
the Q beat. Q3 opex guidance looks higher,nce. but due to higher rievs
Q3 should show strong performance.
o
ISLN- down 1.5% better
Q on strong margin performance and better channel investments. The Q
performance led to better CY10 guidance. An improving It spending environment
helped to drive the upside to the Q.
o SYNT-
better Q2 driven by strong macro IT demand. The product
pipeline remains strong, and mgmt raised 2H10 guidance on strong trends, and
the better Q2. SYNT increased billable customers in the Q which should
lead to future upside.
o
TEL- strong Q and better
guidance in a seasonally down Q. upside in the Q was driven by strong top line
growth. The ADCT acquisition appears to weigh on revs, but could provide upside
to future earnings. Even with the upside guidance could see some
negatives from auto production in the sept Q.
o TNB- solid
Q driven by strong seasonal patterns. Lower expenses and higher margins also
drove the beat. Mgmt gave a better guidance view and the industrial and
electrical end markets showed higher demand
o TZOO-
strong Q, but no guidance given. The company reported the third straight
loss in the European market, but expects to see profitability in 3 quarters. Growth
in newsletter subs ricers and investment in fly.com could drive future Q
upside.
o
UTEK- Strong Q based on top
line growth from solid order performance. Guidance for the coming Q was
significantly better based on the strong order growth and am impressive book to
bill of 1.8. the ramp of the Sapphire litho tool and the Singapore fab are
expected to lift margins in coming Qs and lead to growth in the future
o WCC- lower
than expected Q2, and cautious tone on guidance. Guidance could be conservative
if end market trends continue to improve like they did in this Q. Better
Q2 was driven by strong construction sales and Q3 is expected to see seasonal
growth.
o XRX- mixed
Q with upside driven by good expense mgmt. The new deal pipeline and ACS
integration could provide upside to coming earnings. Lower SAG expenses also
helped to drive Q upside. Services signings in the Q were very strong and along
with a good deal pipeline should drive strong future earnings. Strong existing
contract renewals instead of new contracts helped to drive to the upside.
o ACTG-
disappointing Q2
o AVID-
weaker Q, but future trends look to be positive, and mgmt
is positive on the current product pipeline.
o
CPHD- better Q2, and good FY
guidance, but the margin growth rate appears to be declining. Mgmt noted
customers continue to use its Xpert MSRA BC test even though it has been
recalled. some false negatives seen clinically were due to the presence of new
MRSA strains not known when the product was created
o
CPWR- Q1 rev was worse, but
EPS was in line. Momentum in Growth engines continued in Q1
o CYMI-
up 1.95% strong Q2,driven by strong unit
shipments, but Q3 guidance looks disappointing due to a very sharp rise in
opex. The rise in opex came due to the ramp of EUV which is ecpected to be
amaajor driver in the long term so the street will most likely not view as a
negative. CYMI’s share at Samsung is under pressure weighing on future
earnings.
o FLEX-
better Q despite component shortages in the
infrastructure segment. Guidance was strong. Power supplies and camera module
business is tracking slower and could provide some disappointment in the coming
Q. the component shortages led to higher inventories in the Q which
could affect coming Qs.
o FTNT-
better Q2 led by very strong billings. Q3 guidance was
also better driven by the better Q2 billings. FY guidance was also raised and
still may be conservative. Service provider deals were cited as driving growth,
but mgmt was cautious on Europe.
o HITT-
better Q2 and Q3 guided better.
o INFA-
better Q2 and strong guidance driven by a strong product
cycle. INFA also recorded record deal sizes in the Q which could lead to future
upside.
o INFN-
very strong Q and guidance. Demand is mproving across all
geographies and demand types. Four 10% customers in Q2 helped to drive o the
upside in the Q and could drive to the upside for Qs to come. Product &
services mix along with better volumes is expected to drive the better Q3
o LSCC-
beat and raise Q2. LSCC could take share from XLNX and
ALTR in the coming Q in the 3g wireless infrastructure market. LSCC is also
expected to increase penetration into its lower end markets to help fuel future
demand. Booking in the Q were strong and are expected to remain stron
gin the coming Q
o MCRL-
Q3 top line was worse, but bottom line was in line due to
cost constraints. MCRL said new order bookings were robust, but Q3 guidance
remained in line.
o MSCC-
better Q2 and Q3 guidance driven by stronger defense,
industrial, and mobile segments. The defense segment is expexted to be one of
the strongest drivers to Q3 growth. Bears will look to a big 16% decline in
medical as a major negative in Q2, but mgmt expects the segment to show growth
after Q3.
o NCR- better
Q and guidance remains the same. An overfunded pension looks to be keeping the
valuation down. Core businesses look to be improving, and vcould provide some
upside to coming Qs. Order trends in ATM s were positive and could provide some
upside to coming Qs.
o NTCT-
better Q and FY guidance is mostly in line
o XXIA-
better Q driven by strength from organic products. Future
Q growth could come from top line growth and a reduced cost profile.
o PMCS-
better Q2 and higher Q3 guidance. Highr margins and a lower
tax rate drove the EPS beat. Mgmt said it expects growth from all segments in
the coming Q except WAN. Wireline inventory in China may be a concern, but mgmt
noted they will attempt to work that down in Q3. Enterprise storage is expected
to perform well in the coming Q to drive a strong Q3. New products could start
adding to revs in early 2011.
o
QLGC- mixed Q1 and
conservative guidance. Network products performed well, but host products
showed a sequential decline in the Q. Softer server sales from ORCL can
be blamed for weakness host revs. QLGC is still mentioned as a leading
takeout candidate in tech.
o ETFC-
very strong Q driven by lower LLP and loan/securities
sales. LLPs fell well below expectations on the Q and accounted for a large
portion of the beat. ETFC reported weak DARTs in the Q but new accounts were
very strong
o
RVBD- strong Q2 driven by an
increase in demand in the company’s new high end products. RVBDS is continuing
to increase its market share and product growth looks remained strong in the Q.
Q3 guidance is better on the strong demand and good product mix that helped to
drive Q2.
o SNDK-
better Q driven by strong demand from NAND flash in
smartphones, Web tablets, and strong performance from consumer data/video
storage. Guidance was roughly in line and SNDK announced the planned
retirement of its CEO Eli Harari. ASP trends look strong for the coming Qs.
o SWKS-
Solid results and outlook driven by new customer ramps.
SWKS looks to be benefitting from share gains at nokia and the ramp of new
smartphone programs. Q3 guidance also handily beat estimates.
o AMZN-
down 11% after hours. Disappointing Q2 and guidance.
Electronics and General merchandise performed well, but media was a big
underperformer in the Q. After reporting strong kindle results just a few days
ago AMZN’s miss comes as a surprise. AMZN looks to be increasing
spending to help its push to go worldwide. Other ebook stores are seen hurting
AMZN in 2011. AMZN is also increasing capacity in preparation for
increased demand in EGMs in Q4.
o ERIC-
disappointing Q2 driven to the negative by component
shortages and a sales decline in India. Margins were still better in the Q.
o RFID players….WMT
and privacy: Wal-Mart Radio Tags to Track Clothing
§ While
the tags can be removed from clothing and packages, they can't be turned off,
and they are trackable. Some privacy advocates hypothesize that
unscrupulous marketers or criminals will be able to drive by consumers' homes
and scan their garbage to discover what they have recently bought.
§
They also worry that retailers will be able
to scan customers who carry new types of personal ID cards as they walk through
a store, without their knowledge.
o
BIDZ Bidz.com announces completion of 2.2M share
stock buyback
o
DBTK Double-Take Software stockholders approve
Vision Solutions merger
o
RNWK RealNetworks names Bob Kimball CEO;
effective immediately
o
MENT Mentor Graphics holder Carl Icahn discloses
a 13.07% stake in an amended 13D filing; up from 11.94% stake disclosed on
6-Jul
o
Solar: Cloudy horizon ahead for
solar module market in 2011- IMS
o
Semis: TV semiconductor market
to boom in 2010- iSuppli
o
Steel
prices in China, the world’s biggest producer, rose for the first week in eight as
mills passed on higher raw material costs.
BBG
o
Xstrata (XTA.LN) as much likely to be a
seller as a buyer of Lonmin (LMI.LN) -- Bernstein
o
Norilsk
Nickel (+2.8%). Sources report te
Russian Government may be seeking to buy a stake in the company. BBG
o
Nucor (NUE),…Dan
DiMicco, chairman and CEO of Nucor (NUE), tells Cramer that the company
is performing well in a lousy market, with a strong increase in profit margins
and a slight boost in total shipments. He adds that the company has a strong
cash position and is adding to its growth platform for the future. Cramer
remains positive.
o
JFE Holdings Bloomberg) -- JFE Holdings
Inc., Japan’s second- largest steelmaker, plans to invest about $1 billion in
India’s JSW Steel Ltd., said a person with direct knowledge of the deal
o
Glencore/ Xstrata (XTA LN) Bloomberg quoted Nomura Holdings as saying that
Glencore International is unlikely to merge with Xstrata Plc before selling
shares in an initial public offering. Two people familiar with the matter said
recently that Glencore, the commodities trader that already holds 34% of
Xstrata is studying a merger with the mining company to gain more access to
financing. The general reaction to any potential Xstrata Glencore merger at
least before a potential Glencore IPO has been lukewarm. Uncertainty remains regarding the possibility
of Glencore reversing into Xstrata as an alternative to any potential IPO.
o
FMG.AU: CEO Forrest: New mining
tax will not be able to raise A$10.5B in the first 2 years of the tax from just
FMG, BHP and - - Rio Tinto; Tax will have to hit the junior and developers much
harder to reach target - The Australian
o
LGL.AU: Independent advisor
to Lihir gives "OK" to Newcrest Mining's offer of A$9.5B offer;
Still anticipating other offers before shareholder vote on August 23rd - The
Australian
o Metals Exploration gets 35.8 mln stg buyout offer-
Reuters
§ UK-based Metals
Exploration's key shareholder offered to take it private for about 35.8 million
pounds ($54.6 million) in cash, in a bid to control the mining firm's gold and
molybdenum project in Philippines.
§ The offer price of 13
pence for each share in the Western Pacific Rim-focused company represents a
premium of about 27 percent to Metals Exploration's Thursday close
§ http://www.reuters.com/article/idUSSGE66M0AF20100723
o
Ford just reported..look better first
blush
o
General Motors planning to file for IPO
during the week of 16-Aug – Reuters
o
ALV
Autoliv reports and
guides better
o
Porsche (PAH3.GR) CEO tells Stuttgarter
Zeitung, unit sales in 2009/2010 are significantly higher vs previous year
o
European Automobile Manufacturers'
Association (ACEA) Commercial Vehicles Registrations +13.2% y/y in June
§
In Jun new registrations rose in all segments
of commercial vehicles with 166,929 new registrations. H1 new registrations
rose +4.3% to 887,862
o
Volkswagen says H1 sales up +16% for Group
and Core Brand -- Reuters
o
China’s
Auto Prices May Decline Steadily, NDRC Says -
BBG
§ China’s vehicle prices may decline steadily in the second
half of 2010 because of increasing inventories and pressure by wholesalers to
meet sales targets, the country’s planning ministry said
§ Automakers may join dealers in offering discounts in the
fourth quarter, Cheng Xiaodong, an official with the National Development and
Reform Commission, said today in a statement
o Tomkins shareholder slates $4.5 billion takeover
offer- Reuters
§ A shareholder in Tomkins
urged the UK car parts maker on Thursday to reject the 325 pence cash offer
approach from a consortium, and said it would not back any the deal if it were
to go ahead
§ “The proposed bid
materially undervalues the group and its prospects," said David Cumming,
Head of UK Equities at Standard Life Investments
§ http://www.reuters.com/article/idUSTRE66L4FY20100722
o
Credit
cards, consumer: AXP,
COF report overnight
§
AXP: American Express beats
§
AXP
reported Q2 EPS of $0.84, above consensus
at $0.78
§
Spending data looks good!!
§
Reserves show bigger release than expected…ie
better Credit Costs
§
higher opex, taxes hurts
§
American
Express 'Remain Cautious About The Economy' >AXP
§
Shares
Slip small in After-Hours After 5% Day Gain
o COF
-4.4%..beat ests..but “reserve bleed” doesn’t please street
§ Credit
losses OK..and Higher opex
o Profit
Patch? Cutting Reserves– WSJ link
§ First
Horizon National and other banks, citing improving credit conditions, are
returning to profitability by reducing their reserves for loan losses.
o
UBS
Hustles to Rebuild After Crises – WSJ link
o
SEC
Breaks Impasse With Rating Firms – WSJ link
o
Pay
Czar to Bash Bank Payments – WSJ link
o
Chinese Lenders Will Need to Raise More
Capital, S&P Says
o
Goldman Sachs Said to Give AIG-Hedging List
to Investigators – BBG
§ Goldman Sachs told
U.S. investigators which counterparties it used to hedge the risk that American
International Group . would fail
§ The list was sought by panels reviewing the beneficiaries
AIG’s $182.3 billion government bailout
§ Goldman Sachs, which received $12.9 billion after the
2008 rescue tied to contracts with the insurer, has said it didn’t need AIG to
be rescued because it was hedged against the firm’s failure.
§ “We want to know the identity of those parties, partly
just to know where American taxpayer dollars went, but partly to assess
Goldman’s claim,” said Elizabeth Warren, chairman of the Congressional
Oversight Panel, in a Senate hearing this week.
§ “We cannot evaluate the credibility of their claim that
they had nothing at stake one way or the other in the AIG bailout.”
o
Banks under scrutiny today:
A White House-appointed pay watchdog will cite 17 financial firms for making
$1.6 billion in "ill-advised" payments during the height of the
financial crisis, people familiar with the matter said.
§
Kenneth Feinberg, the Obama administration's
special master for compensation, is scheduled to release a report Friday
detailing payouts
§
Among the firms he is expected to name are
Goldman Sachs, J.P. Morgan and Citigroup
§
http://online.wsj.com/article/SB10001424052748704421304575383620582719174.html?mod=ITP_pageone_1
o
Swiss aim to steal EU stress test
thunder - FT
§
Regulators are to publish the results of an
exercise Swiss bankers say was ‘twice as tough’ as the EU scenario, which is
expected to give a clean bill of health to Credit Suisse and UBS - FT
§
http://link.ft.com/r/G8OTZZ/IYUXAV/4AWNW/V1ZYMK/EWQK8Q/ID/h
o
IBNK
Integra Bank announces closing of sale of 5 branches of subsidiary to First
Security Bank
o
COBZ
CoBiz Financial reports Q2 EPS ..COBZ- worse Q2
o
FIBK
First Interstate BancSystem reports Q2 EPS
§ FIBK-
disappointing Q due to higher loan losses. Future
estimates could come under review gien this Q disappointment.
o
OCFC
OceanFirst Financial reports Q2 EPS
o
SBSI
Southside Banc reports Q2 EPS
o
TNCC
Tennessee Commerce Bancorp modifies S1 filing; increase offering size to $69M
from $50M through Macquarie
o
FPFC
First Place Financial reports Q4 EPS
o
DNBK
Danvers Bancorp reports Q2 EPS
o
METR
Metro Bancorp reports Q2 EPS
o
Fed reports balance sheet assets of $2.335T
on Wednesday, ($8.4B) w/w and +$294.3B y/y
o
MSFG
Mainsource Financial reports Q2 EPS
o
FPFC
First Place Financial withdraws $80M secondary offering filed on 3-Jun; cites
unfavorable market conditions
o
PNSN
Penson Worldwide reports Q2 EPS
o
AMG data reports equity fund outflows of
($566M) in w/e 21-Jul vs inflows of $4.7B in w/e 14-Jul
o
GBCI
Glacier Bancorp reports Q2 EPS
§ GBCI-
in line Q driven by stronger fee income and a reduced tax
rate. Higher OREO costs and a worse margins were negatives in the Q. Early
stage delinquencies improved in the Q which could be a negastive for Qs to
come. Deposit growth in the Q was also strong, providing more upside for Qs to
come
o
BKMU Bank
Mutual reports Q2 EPS
o
INDB
Independent Bank reports Q2 EPS
o
SBCF
Seacoast Banking reports Q2 EPS
o
CYN City
National reports Q2 EPS
§ CYN- much
better Q2 and expects strong profitability in 2010.
o
WHG
Westwood Holdings Group reports Q2 EPS
o
FFIN
First Financial Bankshares reports Q2 EPS
o
CRBC
Citizens Republic reports Q2 EPS ..CRBC- in line Q with positives in the
Q improvements in credit metrics despite balance sheet shrinkage. Loan demands
weakened in the Q.
o
WAL
Western Alliance Bancorp reports Q2 EPS
§ WAL- better
Q mostly due to one time charges. Without the charges the Q is a miss. Credit
quality improved in the Q boding well for future Qs. Balance sheet growth was
also another ery positive sign in the Q.
o
BXS- worse Q with the
downside driven by from a loss due to MSR impairment. The real estae segment
also drove to BXS downside. The company specified that the negatives occurred
in markets already exhibiting signs of stress.
o
EDR- in line Q2 and strong Q3
guidance. Leasing space for the coming year is pacing well and is a major
reason for the strong guidance.
o
SRCE 1st
Source reports Q2 EPS
o
IBKR
Interactive Brokers reports Q2 EPS
§ IBKR-
worse Q2 due to hedging losses. Tighter spread in the Q
are a major headwind to earnings. Investment banking has been slow for the last
few Qs on weaker market making and tightening option spreads. IBKR could show
some upside if the euro shows some strength in the coming Q.
o
SIVB SVB
Financial reports Q2 EPS
§ SIVB-
better Q driven by improving credit margins and a higher
US dollar. Loan growth was also a major positive for the Q and could be a sign
of positive trends to come. Loan demand was strong at the end f the Q and is
expected to continue into the coming Q.
o
ASBC
Associated Bancorp reports Q2 EPS
o SNV Synovus reports Q2 EPS .. SNV- disappointing
Q driven by higher provision expenses.
o
o
PBCT
People's United Financial named John Barnes CEO; effective immediately
o
ETFC: Up 7% - E*TRADE reports Q2 EPS
o
FII
Federated Investors reports Q2 EPS
§
FII- worse Q after removing a
$25m insurance recovery. Higher expenses and a higher tax rate drove to the
downside. Short term rates trended higher in the Q.
o
CADE
Cadence Financial reports Q2 EPS
o
CB- worse Q with downside coming from worse than
expected catastrophe losses. The company maintained guidance even with the
worse catastrophe losses.
o
PTP
Platinum Underwriters increased the authorized amount under its existing share
repurchase program to a total of up to $250.0M of its common shares
o
GLCH
Gleacher & Co reports Q2 EPS
§
GLCH- disappointing Q driven
by downside from early termination of a real estate lease from a merger. The
top line showed -31.2% growth Q/Q on weaker principal transactions and worse
investment banking. GLCH needs stronger results from investment banking
to produce a strong Q.
o UCBI United Community Banks reports
o FFIN-
strong Q given by good core earnings power.
o TRAD TradeStation downgraded to market
perform from outperform at Keefe, Bruyette & Woods
o
WL Wilmington Trust reports
o
o Fannie Mae and Freddie Mac Treasury Sec Geithner: Fannie Mae and Freddie
Mac "are next" after FinReg reform - Jul 21st interview w Charlie
Rose
o
GRT Glimcher Realty upgraded to hold from sell at Citi
o
PEB Pebblebrook Hotel Trust 17M share secondary offering
priced at $17 through Raymond James and BofA Merrill Lynch
o Time for true debate on
Fannie and Freddie – FT
§ Astonishingly
the 2,300 page financial reform bill that President Barack Obama signed this
week makes barley any mention of the problem of government-sponsored
enterprises
§ http://link.ft.com/r/G8OTZZ/IYUXAV/4AWNW/V1ZYMK/9ZKMLY/ID/h
o PAA Plains All
American downgraded to market perform from outperform at Morgan Keegan
o for-profit colleges – Administration proposal aims to tighten oversight
of for-profit colleges – WP
·
Education Secretary Arne Duncan proposed
Thursday that for-profit colleges be required to show through certain new
measures that their graduates are not saddled with too much debt, an initiative
he said was meant to protect students from "a few bad actors" in the
industry
o RFID players….WMT and
privacy: Wal-Mart Radio Tags to Track Clothing
§
While
the tags can be removed from clothing and packages, they can't be turned off,
and they are trackable. Some privacy advocates
hypothesize that unscrupulous marketers or criminals will be able to drive by
consumers' homes and scan their garbage to discover what they have recently
bought.
§
They
also worry that retailers will be able to scan customers who carry new types of
personal ID cards as they walk through a store, without their knowledge.
§
http://online.wsj.com/article/SB10001424052748704421304575383213061198090.html?mod=WSJ_newsreel_business
o MAT: WSJ article… MGA
Entertainment Wins Back Bratz Dolls
·
Toy maker MGA Entertainment Inc.
Thursday won back the rights to its popular Bratz doll line from Mattel
Inc., notching a significant legal victory, though the long-running doll wars
case will possibly be retried.
o Adidas,
the world’s second-largest sporting-goods maker, rose more than 3 percent after
reporting
o
EDCI EDCI
Holdings approves dissolution distribution payment of $10.5M, or $1.56 per
share
o
GLDC
Golden Enterprises announces retirement of Chairman John Stein
o
TIF
Barron's Weekday Trader is positive on Tiffany & Company
o
RRR RSC
Holdings reports Q2 EPS
o
LPS Lender
Processing reports Q2 EPS
o
RT Ruby
Tuesday reports Q4 EPS
o VVI Viad Corp
reports
o
COLM
Columbia Sportswear reports Q2 EPS
o
DECK
Deckers Outdoor reports Q2 EPS
o
BOOT
LaCrosse Footwear reports Q2 EPS
o
CMG
Chipotle Mexican Grill reports Q2 EPS
o
JJSF
J&J Snack Foods reports Q3 EPS
o COLM-
better Q2 and FY guidance although COLM did not raise
margin guidance.
o DECK-
better Q2 showing EPS growth of 160% in the Q. Top line,
margins, and expenses were all better. Strong results were driven by
both the UGG and Teva brands. Inventories were lean and could remain that way
for Qs to come. Trends were positive in the Q showing more room for growth.
o LEG- better
Q on the top and bottom line. Increases FY guidance to in line to slightly
better
o AMX- mostly
in line Q2. Net adds in the Q were better. Margins in mexico wre in line, but
brazil’s growth was slightly disappointing.
o BJRI-
better Q driven by strong sudtomer traffic, higher
prices, and a positive sales mix. Margins improved due to lower ingredient
costs. Ten new restaurants are expected to be opened on 2010
o CAKE-
mixed to worse Q2. Comps were slgightly better in the Q,
but consensus for the 2H10 was worse. Negative menu mix is expected to continue
positive pricing effects in the coming Q.
o CMG- better
Q2 and guidance. Better than expected SSS drove the upside to the Q. restaurant
margins were worse due to reinvestment in labor and higher marketing spending.
Even with data coming in worse CMG has yet to see a slowdown in industry
trends.
o EZPW-
in line Q3. Trends are troubling due to high loan demand
and weakening retail sales. Growth from the Q came mostly from US pawn and
EZMONEY even though EZMONEY growth missed due to bad debt costs. Growth is
continued to increase due to Q3 acquisitions.
o
PNSN- Mixed Q. revs were in
line in Q2, but EPS was a big miss.
o
Sands
China CEO Leaves – WSJ link
o BEC -11.5% .. Beckman Coulter downgraded to Hold
from Buy at Jefferies – Jefferies downgraded Beckman Coulter following the
company's weaker than expected Q2 report
and reduced guidance
o BAX Baxter
upgraded to buy from neutral at Goldman Sachs, added to the Conviction Buy List
o
GTIV Gentiva
Health loan postponed by banks - Dow Jones
o
BCR C.R.
Bard guides Q3 EPS
o
ARRY
Array Biopharma upgraded to buy from neutral at UBS; target remains $4.25..
Firm cites valuation.
o
WOOF VCA
Antech issues correction regarding previously disclosed guidance
o
IPXL
Impax Laboratories receives final FDA approval for generic Opana ER tablets
o
INHX
Inhibitex reports independent data safety monitoring board recommends
continuation of phase II clinical trial of FV-100 for treatment of shingles
o
ETRM
EnteroMedics reports Q2 EPS
o
CALX
Calix Networks reports Q2 EPS
o
VASC
Vascular Solutions reports Q2 EPS
o
ELGX
Endologix reports Q2 EPS
o
TFX
Teleflex reports Q2 EPS
o
CPHD
Cepheid reports Q2 EPS
o
WOOF VCA
Antech reports Q2 EPS
o
BLUD
Immucor reports Q4 EPS
o
THRX
Theravance reports Q2 EPS
o
BCR C.R.
Bard reports Q2 EPS
o
HGSI
Human Genome reports Q2 EPS
o
AMSG
AmSurg reports Q2 EPS
o
Stocks mentioned on CNBC's Mad Money with Jim
Cramer - TheStreet.
·
+ NUE,
KMP,DVN, NVDA, CRM and VMW
·
-RAX
·
Oils
·
BP (-0.8%). Due to the strengthening
of Tropical Storm Bonnie, the drilling of the relief well in the Gulf may
be delayed by up to two weeks,
·
Chemicals
·
Akzo
Nobel (+5%). 2Q figures come in
stronger than expected, with sales and net profit ahead of estimates.
·
Utilities
·
United
Utilities
(+0.7%). Trading statement reports trading inline and a final dividend of 23p a
share.
·
Miners
·
Norilsk
Nickel (+2.8%). Sources report te
Russian Government may be seeking to buy a stake in the company. BBG
·
Consumer
·
Inter Parfums reports.. Raises full year
sales target to exceed €280M
·
Adidas, the world’s second-largest
sporting-goods maker, rose more than 3 percent after reporting
Japan
• NKY
+2.28%, TPX +1.92%
• NKY
rose tracking US lead overnight and after the yen weakened with eyes on the
results of the European stress test. Turnover on the TPX rose to 1.22 trillion
yen from 1.08 trillion yen yesterday
• Stocks
rose across most sectors led by oil & gas, industrials, tech, materials and
consumer
• Exporters
rose: autos +2.06%, CE +3.61%, precision +2.29%
• Shippers
+3.67
• Best
performing sectors on the TPX: real estate +3.77%, glass & ceramics +3.73%,
shippers +3.67%; worst performing sectors: electric power & gas -0.25%,
airline +0.01%, retail +0.25%
Hong Kong
• HSI
+1.10%; HSCEI +1.37%
• Stocks
rose to 1-mth high after US companies lifted profit forecasts, and Microsoft
posted better than expected earnings. Turnover on the HSI fell to HK $12.08B
from HK$14.39B yesterday
• Commodities
producers rose after metal prices rose
China
• SHCOMP
+0.38%; SZCOMP +0.31%
• Stocks
rose on speculation the government won’t introduce more measures to curb bank
loans and property prices after leaders pledged policy stability. Turnover on
the SHCOMP fell to 92.86B yuan from 104.09B yuan yesterday
• Stocks
rose across most sectors led by financials, telecom, health care, oil 7 gas and
consumer. Utilities and tech fell
INVESTMENT
BANKING
o
VRX Valeant Pharmaceuticals, Biovail (BVF)
merger granted early termination of the waiting period under Hart-Scott-Rodino
o GM to buy ACF AmeriCredit for $3.5 bln, key for
IPO- Reuters (yesterday)
o General Motors plans to
buy auto finance company AmeriCredit for $3.5 billion in a cash deal financed
by government bailout money and aimed at removing a major investor concern
before a planned IPO
o "It is going to be
much more beneficial for GM to have a captive finance arm when they go to do
their IPO. Without it, it puts them at a disadvantage,"
o http://www.reuters.com/article/idUSN2222437920100722
o BJ BJ's looks at its future, including possible
sale
o The smallest of the three
large warehouse chains, BJ's Wholesale has been rumored to be a takeover target
since its shares jumped 15 percent on July 1 -- but it recently hired
investment bank Greenhill & Co. to explore strategic alternatives
o And more, a West Coast
buyout firm has been kicking the tires
o That firm, which is
likely a leading contender to buy the chain, appears to be Leonard Green &
Partners, a Los Angeles buyout firm that disclosed a 9.5-percent stake in the
retailer earlier this month
o http://www.nypost.com/p/news/business/buying_wholesale_WlUeTlyzQgVVdY9GPBo7QJ
o BP Alaska Fields Still On Table As Asset Sales
Continue- WSJ
o Some of BP’s oil
production assets in Alaska remain up for sale, despite not being included in a
$7b package of assets sold to energy company Apache (APA) Tuesday
o BP is also proceeding
quickly with talks with a number of parties about other asset sales that are
part of a push to raise $10b to help cover the cost of the Gulf of Mexico oil
spill
o http://online.wsj.com/article/BT-CO-20100721-709912.html
o DO Diamond, ESV Ensco aim to buy rigs as others
flee- Reuters
o Two of the world's top
five oil rig contractors, Diamond and Ensco, are gearing up to buy more rigs as
many seem even more likely to be sold due to the regulatory backlash over the
Gulf of Mexico oil disaster
o Diamond Offshore Drilling
said it had cut its dividend for the second time this year both as a defensive move
and to free up funds to snap up rigs at good prices.
o Ensco has made no secret
of its desire to accelerate efforts to add high-end rigs to its fleet. In May,
the company lost out to Seadrill in a bidding battle for Scorpion Offshore
o http://www.reuters.com/article/idUSN2227389020100722
o MOS Mosaic Considers Special Dividend, May Make
Purchases- BBG
o Mosaic., North America’s
second-largest fertilizer producer, said it’s considering payment of a special
dividend this year and acquiring makers of phosphate crop nutrients.
o Mosaic, which had cash
and cash equivalents of $2.52 billion as of May 31, said shipments of phosphate
and potash fertilizers will rise this year because farmers need to improve
yields to meet demand
o Corporate Library, GovernanceMetrics merge- Reuters
o The combined firm will
focus on the development and sale of corporate governance risk ratings,
governance advisory and analytical services on 5,400 companies worldwide
o "The merger of The
Corporate Library and GMI fills a void in the investment and insurance markets
for a global corporate governance research and ratings resource by uniting two
pioneering enterprises,"
o http://www.reuters.com/article/idUSN228701820100722
o DIS Disney About To Acquire Playdom- TechCrunch
o Disney and social gaming
startup Playdom are in “very” late stage acquisition discussions
o Some sources have said
the deal is signed and in the closing process. Others say it hasn’t been signed
yet and could still unravel
o http://techcrunch.com/2010/07/22/disney-acquire-playdom/
o Koch eyeing PTV Pactiv- NYPOST
o Koch Industries is now in
deep discussions to buy Pactiv, the maker of Hefty bags -- with final bids
likely due in early to mid-August
o The company has been
trading near its 52-week high since mid-May -- since the Wall Street Journal
reported that private equity firm Apollo Management was in talks to buy it.
o Fed approves Toronto-Dominion purchase of TSFG -
Reuters
o The Federal Reserve said
on Thursday it approved Toronto-Dominion Bank's acquisition of The South
Financial Group.
o Toiletries firm Philosophy on the block- Reuters
o Upmarket toiletries and
cosmetics firm Philosophy Inc, owned by private equity firm Carlyle, is seeking
buyers and has hired an investment bank to advise it
o Goldman Sachs is advising
on the sale and the company could be worth more than $1b, the source said. The
source declined to be identified because the process is not public
o http://www.reuters.com/article/idUSN2227075420100722
o Metals Exploration gets 35.8 mln stg buyout offer-
Reuters
o UK-based Metals
Exploration's key shareholder offered to take it private for about 35.8 million
pounds ($54.6 million) in cash, in a bid to control the mining firm's gold and
molybdenum project in Philippines.
o The offer price of 13
pence for each share in the Western Pacific Rim-focused company represents a
premium of about 27 percent to Metals Exploration's Thursday close
o http://www.reuters.com/article/idUSSGE66M0AF20100723
o Carlyle Said to Seek $1 Billion From Sale of
Philosophy Inc- BBG
o Carlyle Group is seeking
about $1 billion in a sale of skin-care company Philosophy Inc., three years
after acquiring the maker of “Hope in a Jar” moisturizer for half that amount
o The Washington-based firm
hired Goldman Sachs Group Inc. to explore options and may consider an initial
public offering if no buyer emerges
o ATAC ATC Technology Sued Over $512 Million
Takeover- BBG
o ATC Technology a maker of
automotive drive-train products including transmissions, was sued by a
shareholder who contends the company is worth more than a $512.6 million offer
from Genco Distribution System
o Investor Ronald Demarines
is asking a judge to halt the planned buyout at its current price and to award
damages and legal fees
o KWK Quicksilver to sell Quicksilver Gas for $701
mln- Reuters
o Oil and natural gas
company Quicksilver Resources said it agreed to sell its limited partnership
Quicksilver Gas Services LP to Crestwood Midstream Partners II LLC for $701
million in cash, mainly to repay debt
o Shares of Quicksilver
Resources rose more than 16 percent in extended trade after closing at $12.75
Thursday on the New York Stock Exchange
o http://www.reuters.com/article/idUSSGE66L0S920100722
o MUR Murphy Oil selling refining business- Reuters
o Murphy Oil Corp (MUR.N)
said on Thursday it would sell its three refineries to focus on oil and gas exploration
and its U.S. retail business
o "From time to time
we get indications of interest and that's why we hired Goldman," Mindy
West, the company's treasurer, said. "For Murphy, they are just
nonstrategic assets."
o http://www.reuters.com/article/idUSN2211971220100722
o JSW Steel, JFE deal likely next week- Reuters
o India's third largest
steelmaker, JSW Steel, is likely to announce a stake sale to Japan's JFE
Holdings Inc on July 27
o A partnership will give
the Japanese steelmaker a crucial foothold in the high-growth Indian market,
while JSW is planning to expand production to meet strong demand
o http://af.reuters.com/article/metalsNews/idAFTOE66M03820100723
o Santander says has 98.4 pct of Puerto Rico unit-
Reuters
o Spanish bank Santander
said on Friday it now had 98.4 percent of the shares in its Puerto Rico unit
BanCorp following an offer worth about $56 million, or $12.69/share
o http://www.reuters.com/article/idUSLDE66M0BJ20100723
o Unitas seeks buyers for NZ Yellow Pages- Reuters
o Private equity owners of
New Zealand's Yellow Pages Group have launched a sale process for the business,
two sources familiar with the deal said on Friday, in a sale media reports say
could be worth around $700 million.
o Sumitomo Mitsui eyes stakes in N.Amercian
banks-Nikkei
o Sumitomo Mitsui has
listed around 100 North American banks as possible targets, Senior Managing
Director Hiroshi Minoura said in an interview
o http://www.reuters.com/article/idUSTOE66L08M20100722
o Royal Mail sell-off likely within 2-3 years- FT
o Royal Mail is likely to
be partly or wholly in private hands within two to three years, giving it
freedom to escape the Treasury’s control and raise money to invest
o The government is
considering options including a 100 per cent flotation, a staged approach or
sale of a stake to an industry or private equity buyer. Employees will be
offered a stake, probably through a John Lewis-style trust.
o http://www.ft.com/cms/s/0/a66ab4ee-95a7-11df-b5ad-00144feab49a.html
o Norilsk Nickel (+2.8%). Sources report te Russian
Government may be seeking to buy a stake in the company- BBG
o Tomkins shareholder slates $4.5 billion takeover
offer- Reuters
o A shareholder in Tomkins
urged the UK car parts maker on Thursday to reject the 325 pence cash offer
approach from a consortium, and said it would not back any the deal if it were
to go ahead
o “The proposed bid
materially undervalues the group and its prospects," said David Cumming,
Head of UK Equities at Standard Life Investments
o http://www.reuters.com/article/idUSTRE66L4FY20100722
o Standard Life rejects £2.9bn Tomkins offer- FT
o Standard Life, one of the
leading shareholders in Tomkins, has set its face against accepting a
325p-a-share offer that values the UK engineering company at £2.9b ($4.4b),
amid suggestions that some shareholders could demand £3.5b or more for the
business
o The statement from
Standard Life is the first clear rejection of any leading investor in an
approach for Tomkins from a consortium comprised of Onex
o http://www.ft.com/cms/s/0/7871177e-95c3-11df-b5ad-00144feab49a.html
$ RAISING
o CITIC Group eyes $12 bln HK IPO next year- SCMP
§ CITIC Group is
considering a $12 billion listing in Hong Kong, a move that can help the
state-owned conglomerate raise its profile and reduce debt
§ The listing of the
conglomerate could take place by the end of next year
§ http://af.reuters.com/article/metalsNews/idAFTOE66M00C20100723
o De Beers has no plans to IPO at moment: CEO-
Reuters
§ Sources close to the
situation told Reuters in May that De Beers' owners, including mining group
Anglo American, have been considering a possible re-listing of the firm, but
felt the time was not right yet
§ De Beers is 45 percent
owned by mining group Anglo American (AAL.L), 40 percent by South Africa's
Oppenheimer family and 15 percent by the Botswana government
§ http://www.reuters.com/article/idUSTRE66M10920100723
o Green Dot rises in NYSE debut- Reuters
§ Shares of Green Dot
opened at $43.15, 19.9 percent above their initial public offering price on the
New York Stock Exchange
§ Analysts say Green Dot
needs to reduce its reliance on the discount retailer, which recently renewed
its contract with Green Dot until 2015. Wal-Mart also took a minority stake in
Green Dot as part of that deal
o TNCC Tennessee Commerce Bancorp increase offering size
to $69M from $50M through Macquarie
o GM plans to file for IPO during week of Aug 16-
Reuters
§ General Motors Co plans
to file its registration for an initial public offering during the week of
August 16, just after the expected date for its second quarter results
§ By filing with the SEC in
August, GM is aiming to complete its IPO before the November U.S. elections
§ http://www.reuters.com/article/idCNN2226017420100723?rpc=44
PRICINGS
o Initial
Offerings
o
SRGV Surgivision 2.5m
share IPO expected to price wk of 7/19 via Rodman & Renshaw: Price Talk
$13-14
§
Price talk cut to
$9-11 from $13-15
o Secondary
Offerings
o APA Apache 23M share secondary offering priced at $88
through Goldman, BofA, Citi and J.P. Morgan
o
PEB
Pebblebrook Hotel Trust 17M share secondary offering priced at $17 through
Raymond James and BofA Merrill Lynch
NEWS
o
GTIV Gentiva Loan
Pushed Back Amid Soft Demand, SEC Probe- WSJ
§ If Gentiva Health
Services (GTIV) wants to secure the $600 million it needs to buy Odyssey
Healthcare (ODSY), it may have to give lenders better terms or more money
§ The banks arranging
Gentiva's loan have postponed closing the deal until at least next week
§ http://online.wsj.com/article/BT-CO-20100721-717358.html
o
VIV Vivendi
Arranges Refinancing Of EUR1 Bln Credit Line- WSJ
§ French media and
telecommunications company Vivendi SA (VIV.FR) Friday said it just completed
the refinancing of a three-year credit line for EUR1 billion, which would have
matured Feb. 29, 2011
§ http://online.wsj.com/article/BT-CO-20100723-701381.html
o
Big Positive Credit story today: SEC Breaks Impasse With Rating Firms ..will
allow bond sales without ratings firms
§ The Securities and
Exchange Commission moved to defuse turmoil in the bond markets caused by
ratings firms' refusal to allow their credit ratings to be used in deal
documents.
§ Late Thursday the agency
said it would temporarily allow bond sales to go ahead without credit ratings
in bond offering documents, a move that would end an effective stalemate between
ratings agencies and issuers
o
Energy: APA Apache 23M share
secondary offering priced at $88 through Goldman, BofA, Citi and J.P. Morgan
o
Real Estate: PEB Pebblebrook Hotel Trust 17M share
secondary offering priced at $17 through Raymond James and BofA Merrill Lynch
o
Financials: FPFC First Place Financial withdraws
$80M secondary offering
CONFERENCES
o
AGORA FINANCIAL LLC Investment Symposium -
Jul 19, 2010 - Jul 23, 2010
o
Macquarie Securities Emerging Leaders
Corporate Day - Hong Kong - Jul 22, 2010 - Jul 23, 2010
o
Opal Financial Group Family Office &
Private Wealth Management Forum - Jul 21, 2010 - Jul 23, 2010
o
Opal Financial Group Public Funds Summit East
- Jul 21, 2010 - Jul 23, 2010
o
Terrapinn Banking Outlook Conference - Jul
19, 2010 - Jul 23, 2010
o
United Nations Environment Programme
International Water Forum - Financing Water Systems and Governance - Jul 22,
2010 - Jul 23, 2010
COMPANY MEETINGS/OTHER DAILY EVENTS
o Results
of European bank stress tests are disclosed.
o
Vodafone issues an interim management statement
o
Secretary of State Hillary Clinton attends a
meeting of the Association of Southeast Asian Nations
ECONOMICS
·
0830 Initial Jobless Claims
·
1000 Leading Indicators
·
1000 Existing Home Sales
·
1000 house Price Index
EARNINGS
o
Materials
o
Friday July 23: SXT, USLM, ASH, MTX, TNH,
TRA, ACO, GNI, SYNL
o
Industrials/Homebuilders
o
Friday July 23: SKY, SNA, R, BZC, TDY, CBAK,
ESIO, OICO, CMCO, BNI, HON, MOG/A , SPWRA, DOV, GRC, IR, UACL
o
Consumer/Retail/Education
o
Friday July 23: MCD, GAP, CSS, GLDC, KMB, VVI
o
Financials
o
Friday July 23: CASS, SOMH, BKYF, GHL, CADE,
CBC, TOWN, GSBC, HTBK, NPBC, OPOF, QCRH, SBSI, SCBT, ABBC, BKMU, DCOM, HOME,
MLVF, PVSA, EBTC, FCBC, UCBI, FFNW, FPFC, SIFI, WSB, TROW, EBTX, DGICA, BKBK,
DNBK, FFIN, FISI, MBRG, OSBC , PRSP, SONA, STSA, TOFC, UBSH, UBSI, WL, LSBX,
NFSB
o
Tech/Telecom
o
Friday July 23: PXLW, VZ, ABTL, KLAC, MOSY,
TUNE, CYBS, NWK, OCLR, IEC, SNWL, PTIX
o
Utilities
o
Friday July 23: FPL, UTL
o
Healthcare
o
Friday July 23: CELG, MDXG, MELA, NXTM, SPNC,
UTMD, ZOLL, ETRM, IDXX
o
Real Estate
o
Friday July 23: RAS, DLR
o
Media
o
Friday July 23: XSEL, MHP
o
Energy
o
Friday July 23: HERO, NFX, EEP, SLB
o
Gaming, Lodging, & Leisure
o
Friday July 23: CYBI
o
Autos
o
Friday July 23: F, SPAR, JCI
o
Transportation
o
Friday July 23: HRZ
***All eco data from Bloomberg and DJ
Prepared
by staff of Cantor Fitzgerald & Co. ("Cantor") and is for
information purposes only. It is not intended to form the basis of any
investment decision, should not be considered a recommendation by Cantor or any
other person and does not constitute an offer or solicitation with respect to
the purchase or sale of any investment nor is it a confirmation of terms. Any calculations
and valuations presented herein are intended as a basis for discussion. Sources
of information are believed to be reliable but Cantor makes no representation
and gives no warranty that the information contained herein is accurate or
complete. Any opinions or estimates given may change. Cantor undertakes no
obligation to provide recipients with any additional information or any update
to or correction of the information contained herein. This material is intended
solely for institutional investors and investors who Cantor reasonably believes
are institutional investors. Cantor, its officers, employees, affiliates and
partners shall not be liable to any person in any way whatsoever for any
losses, costs or claims howsoever arising from any inaccuracies or omissions in
the information contained herein or any reliance on that information. Cantor
may have positions in financial instruments mentioned, may have acquired such
positions at prices no longer available, and may have interests different or
adverse to your interests. No liability is accepted by Cantor for any
loss that may arise from any use of the information contained herein or derived
here from. This product may not be reproduced or redistributed outside the
recipient's organization. Sources: Cantor Fitzgerald & Co., Reuters,
Bloomberg, CNBC, Dow Jones, Marketwatch, Trade-Alert, and the Wall Street
Journal.