Morning @ Cantor
Morning
@ Cantor 8/3
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
·
US
Stock Futures
o SPs
flat to dn
o EU
stocks…near highs, dn 0.1%
§ European markets opened lower as better than expected
earnings from BMW (BMW.GR) and Deutsche Post (DPW.GR)
§ Autos do
well in EU today…Auto numbers in US today..BMW reported
§ BP falling slightly today
o PG
misses ests, guides mixed….DOW mixed, EMR better
o
Rumor that PBoC might again raise the Reserve Requirement
Rate provides pause in global equity rally; USD at fresh multi-month lows – TTN
o
Australia
Central Bank (RBA) leaves interest rates unchanged at 4.50%; as expected
o
USD at lows a 7am et… continues to hit
multi-month lows
o
Rates dn nicely across the curve at 7am et…
o
US 2-year yield at record low below 0.545%
o
this morning, base
metals are giving some back…Zinc is down 2.5%,
copper down 1%
o
The Australian dollar slips against its U.S.
counterpart, after the central Reserve Bank of Australia holds interest rates
steady.
o
Libor dn again….3-month: Dollar: 0.435% vs prior 0.444%
o
Fed Watch stories: a
lot of press this week in front of Aug 10 meeting. Most dovish
§ 2 Year At New Record Low Yield As Fed Now
Expected To Use Mortgage Prepayment Cash To Buy Treasurys – ZH link
§ Bernanke's comments Monday reiterated the soft growth outlook but did
not mention any potential Fed intervention, leading the markets to look at
tomorrow's PCE data and home sales followed later this week with the employment
reports (ADP Wednesday and the government report Friday). Cantor primary dealer desk
§ US Fed to
consider 'symbolic' shift on securities
·
US Federal Reserve officials will consider a
modest but symbolically important change in the management of its massive
securities portfolio when they meet next week, amid signs the economy may be
losing momentum, the Wall Street Journal
·
Fed officials meeting on August 10
·
Bernanke
said on Monday that the economy was improving but has yet to recover fully,
noting that US monetary policy must remain accommodative.
·
But
he gave no clues on the Fed's likely next move
§ Bullard Says Fed Must Be Ready to Confront
Deflation from CNBC
§ Fed Likely to Pass On
More Stimulus Amid Signs Economy Weak – BBG
·
Federal Reserve policy makers signaled they
will probably pass on providing more stimulus at their Aug. 10 meeting and wait
to see if signs of weaker economic growth persist
·
Chairman Ben S. Bernanke told lawmakers in
South Carolina yesterday that consumer spending is “likely to pick up” amid a
“moderate” expansion.
·
“The only thing that could push the committee
to ease, or a signal that tightening is even further off, might be a worse-
than-expected employment report,” says
Laurence Meyer, a former Fed governor (BBG)
o Geithner Offers 5 Standards for Global Bank
Reform from CNBC
§ Treasury Sec Geithner: US banks in
"strong position" for global capital requirements; Federal Reserve
still has significant capacity to act on economy
o China
vs US: Former
PBoC Adviser Yu:
US Treasuries fail to provide safety or liquidity when it comes to managing
China's $2.45T foreign-exchange reserves - China Daily
o PBoC
may raise reserve requirement ratio in October - Securities Times
o Japan
PM Kan: To consider whether to
take any additional stimulus measures – TTN
o Unions in Britain are threatening a campaign
of national strikes during the autumn season protesting against government
spending measures – TTN
o Gold
stories:
§ Spot
gold was up $1 yesterday…this morning, spot gold is up $3 to
$1186
§ China's PBOC Unveils Steps to Develop Gold Market from CNBC
·
China will allow its banks to export and
import more gold as part of a programme to push forward the development of the
country's market in the precious metal, the central bank said on Tuesday
§ Barrick
Gold chairman says price of gold will rise for years, company will keep raising
dividend - Globe and Mail
·
Overseas
Action
o EU
stocks…near highs, dn 0.1%
o Asia:
Nikkei +1.29%; Hang Seng +0.21%; Shanghai Composite (1.70%)
o Data:
§ Eurozone Jun PPI + 0.3% m/m vs
consensus +0.4%
§ Swiss July CPI M/M: -0.7% v -0.5%e
§ UK PMI data falls steeper
than expected
§ Global rates: Australia’s central bank today kept its
benchmark interest rate unchanged for a third month and economists forecast Bank Indonesia will leave its
reference rate at a record-low 6.5 percent tomorrow. BBG
§ Reserve Bank of Australia slightly more hawkish than anticipated
·
Reserve
Bank of Australia on hold at 4.5% as expected, reiterates inflation to remain
at top half of target range
§ Australian markets were in focus ..data ..Both
retail sales and building approvals data presented a disappointing picture with
a 4-month low in the former and 9-month low in the latter, sending AUD back
below 0.91 handle
§ Philippine Policy ‘Appropriate’ as Inflation Gives
Flexibility - BBG
§ China new loans at 700bn
yuan in July: paper from Business Spectator
·
Estimate made after 243bn yuan lent last
month.
·
Chinese banks extended new local currency
loans of an estimated 700 billion yuan ($A114 billion) in July, the official Shanghai
Securities News reported
§ JPMorgan . said China stocks may post a
“longer and more powerful” rebound than the brokerage previously expected as
the government boosts efforts to sustain economic expansion. BBG
- Economics
today:
o ICSC-Goldman Chain Store at 07:45 ET
o Jun Personal Income, Personal Consumption,
Core PCE Price Index at 08:30 ET
o Redbook Chain Store at 08:55 ET
o Jun Pending Home Sales, Jun Factory Orders at
10:00 ET
o API Crude Inventories at 16:30 ET
o ABC Consumer Comfort at 17:00 ET
o domestic auto sales will be reported
throughout the day
- Earnings:
o Companies due to report before the bell
include: ADM, AMT, BHI, CLX, COH, CTSH, DF, DHI, DISCA, DOW, DUK, EMR, ETR,
ETZ, FE, GAS, HCP, MA, MMC, MRO, NI, NYX, PFE, PG, PH, PNW, RDC, SII, SRE, TAP,
THC, VNO
o Companies due to report after the close
include: APC, AVB, CBS, CHK, ERTS, HRS, MOLX, NV, OKE, PBI, PCLN, UNM, WFMI,
XL
o
o
For-Profit
Colleges’ Deception Uncovered by U.S. Investigation –
BBG
·
Recruiters at U.S. for-profit colleges lied
to entice students and encouraged them to commit fraud to qualify for aid, a
report by the Government Accountability Office found
·
Recruiters at all 15 colleges studied by the
GAO, Congress’s investigational arm, misled potential students about the costs,
duration and quality of their programs, according
to a report obtained by Bloomberg News that will be released publicly tomorrow.
The 30-page report said recruiters at four of the colleges encouraged fraud on
loan applications, without identifying the institutions
·
Top
M&A
o Genzyme has started takeover
talks with Sanofi-Aventis after receiving a proposal from the French drugmaker,
Bloomberg reports
o Genzyme
has received soft inquiries from
GlaxoSmithKline (GSK.LN), Pfizer (PFE), Johnson & Johnson (JNJ) - NYT
DealBook
o Lionsgate Rejects Icahn’s Tender Offer for $6.50 a Share
o Nexus Energy Jumps in Sydney on Shell Bid
Speculation - BBG
o KGC in gold space buying rest of RBI CN
they don’t already own, 17% premium
o Gold-mining companies have been involved in about $32 billion of
deals this year, compared with about $4.8 billion a year
earlier, according to data compiled by Bloomberg.
o LGL.AU:
Barrick Gold does not plan to make a competing acquisition offer to
that of Newcrest's A$9.7B for Lihir - The Australian
o NWSA News Corp
preparing bid for Texas Rangers - FanHouse
o WPO: Washington Post to sell Newsweek to Harman - FT
o Shares in Occidental Petroleum
changed little in response to news that two investors are organizing a proxy
fight aimed at changing the oil company's compensation and succession policies
o MetLife
sells more equity than planned for Alico
·
Top $
Raising
o
Global
I.P.O. Proceeds Hit Pre-2008 Crisis Levels from DealBook
§ Proceeds from initial public offerings in July soared on
a global basis, hitting their highest level since before the 2008 financial
meltdown, according to Thomson Reuters data.
o
The surge in U.S.
corporate bond volume continues Monday
§ At least 9 issuers, including IBM, Citigroup and
ArcelorMittal, the world’s largest steelmaker, tapped the market Monday,
raising $12 billion
§ Companies sold $90.4 billion of U.S. corporate bonds in
July, the most in that month since at least 1999, Bloomberg data show. Average
yields on the securities fell to 5.01 percent on July 31, the lowest since
April 2004
o
Signs
of Strength Emerge in I.P.O. Market – link from NYT > Business
§ The I.P.O. pipeline for American companies expanded
rapidly in the second quarter, nearing a record high for volume, as dozens of
new companies filed registration statements for initial public offerings of
their stock, according to Ernst & Young
o
Trony
Solar Gives Up I.P.O., Another Green Casualty from DealBook
§ Trony Solar, Chinese thin-film solar module maker, has
canceled its filing for an initial public offering on the New York Stock
Exchange after eight months. The move further solidifies the green sector's
miserable I.P.O. streak, VentureBeat reported.
o MET MetLife 75M-share secondary priced at $42/share
through BofA, Credit Suisse, Deutsche, HSBC, UBS, and Wells Fargo
o PBR Petrobras clarifies information on public share offering ..Petrobras clarifies the information
published yesterday by the Folha de São Paulo newspaper in an article entitled
"Petrobras wants to make a public offering on the stock exchange"
which stated that "Petrobras redesigned its capitalization. The equity
offering, initially restricted to existing shareholders, is likely to be
modeled as a global offering, open to all interested parties in Brazil and the
world".
·
Treasury links 5.6
million hires to tax credits from Reuters
§ Businesses eligible for tax credits under an Obama
administration stimulus package hired an estimated 5.6 million workers, the
Treasury Department said on Monday.
·
Waiting
on 401(K) Match Return from WSJ.com
§ Roughly a year into the economic expansion, many
employees are still waiting for the restoration of one of their most important
benefits, the 401(k) match.
·
US State Funding Plan Stalls in Senate – CNBC link
o The plan would have been paid for by closing tax
loopholes enjoyed by big multinational companies.
o The U.S. Senate will likely consider a revised version in
coming days
·
Greece to Pass First Deficit Test as Budget Challenges
Mount - BBG
o
Greece’s austerity drive may pass its first test this
week as a European Union-led mission prepares to
dole out more rescue funds for a government trying to cut the euro-region’s
second-biggest budget gap and weather a recession
o
In approving the second tranche of a
three-year, 110 billion-euro ($145 billion) bailout, the EU and International
Monetary Fund are likely to praise Greece’s progress and say that more work is
needed to lock in the gains, economists said.
·
FX theme:
Extraordinary and debilitating yen strength persists and is now prompting major Japanese exporters to revise
their assumption for the dollar-yen and euro-yen rates. The new rates for 2H of
FY2010 generally fall into the range of 85-90 yen against the dollar and
110-115 yen against the euro whereas the June tankan consensus dollaryen figure
was 90.16. Honda, for example, has set its assumed rate for the October-March
half at 85 yen, compared with the initial 90 yen. Profits, of course, will
suffer – Uwe Parpart
·
FX theme: China sees need to expand yuan trade range:
report from Business Spectator
o No timeframe given for change
o
China
needs to expand the trading range of the yuan against the US dollar in future,
deputy central bank governor Hu Xiaolian said in published remarks.
o
The
People's Bank of China, the central bank, now sets a daily mid-point for the
yuan to rise or fall up to 0.5 per cent against the dollar during a day,
although in actual trading, the yuan has rarely approached the limit.
o
"The
present 0.5 per cent daily limit is still appropriate for now, but it will be
expanded in future," Mr Hu was quoted by the official Chinese Securities
Journal as saying
·
Deflation refresher – FT
o
It’s
a deflation déjà vu. The looming Lost Decade. The exfiltration of inflation.
o
The
summer of 2009 was characterised by one almighty debate between those expecting
Japan-style deflation, those who forecast inflation — and those who thought
monetary conditions would be ‘just right.’
o
(Where, we ask, are the stagflationists?)
o
Fast
forward a year and we’re having the same argument, though the emphasis has
shifted dramatically. The deflationistas appear to have suddenly grabbed the
upper hand.
o
http://ftalphaville.ft.com/blog/2010/08/03/304136/a-deflation-refresher/
·
Food Inflation!: Wheat
prices up 50% since June FT Russian Drought hurts
o
Wheat prices have seen the biggest one-month
jump in more than three decades on the back of a severe drought in Russia,
prompting warnings by the food industry of rising prices for flour-related
products such as bread and biscuits.
o
Food executives are also warning about
surging prices for feeding and malting barley, which could push higher the
retail cost of products from poultry to beer.
o
European wheat prices jumped 8 per cent on
Monday to €211 a tonne, the highest in two years
·
Funds news stories :
o
Funds’ Derivatives Disclosures Inadequate, SEC Says - BBG
§ U.S. regulators said mutual funds aren’t telling
investors enough about why they use derivatives, with some funds providing
“generic” disclosures and others failing to explain how the products affect
performance
§ Regulators said they are concerned that the use of
derivatives has increased in the mutual-fund industry without shareholders
comprehending the risks or investment strategies.
o
TPG-Axon,
Montrica Plan to Merge from WSJ.com
§ Dinakar Singh's New York hedge fund TPG-Axon Capital
Management is absorbing London's Montrica Investment Management to create a
firm with $9 billion in combined assets.
o MS Morgan Stanley to spin off FrontPoint Partners –
CNBC
o BX Blackstone Group lines up
roughly $850M in purchases – WSJ
·
Demand positive:
o
Deutsche Post sees sharp rise in freight
volumes from FT
§ Europe’s biggest mail and express delivery company raises
its outlook after global economic recovery boosted freight volumes in the
second quarter
·
Baltic Dry was up 0.5% yesterday, 12th
consecutive up day...
·
Xstrata (+1%).1H figures were
better than expected, with Net and Revenue beating analyst estimates.
·
BYD Boyd Gaming reports
mixed to worse ..EBITDA, rev may not be enough today
·
SVR 3 cents better and boosted
guidance, traded up a point after the bell
·
KALU aluminum, 32
cents better, revs 2million better, steel space, was quoted up a
point after the bell
·
BGC industrial space, 1 cent
light, guided 3rd qtr lower sees .43-.55 est. .53
·
SYKE
-31.2% (earnings)
·
FIRE
+4.4% (to enter S&P SmallCap 600)
·
BHI reported..call 830 am et
·
NYX beats estimates today ….
·
OTTR reported
·
VMC …. Q2 results,
guidance below expectations
·
CAL
Continental Airlines
o
Continental Airlines Inc.'s (CAL) traffic,
capacity and plane fullness all rose in July from the prior-year period, though
the gains were less pronounced than they were last month.
·
Taylor Wimpey [TW.UK] returned to profitability in its
first half and reported increasing home sales in UK and Spain. Company was
satisfied with current trading. This lifted shares by 4.7% at the open
·
BMW
[BMW.GE] shares traded higher by 2.2% after its earnings result beat analysts
estimates and the company reported an overall increase in units deliveries and
production. Noted that the Chinese market would provide the biggest contribution to
worldwide growth and reaffirmed its expectations for a significant increase
full-year group profit
o
DSM [DSM.NV] opened higher by 0.5% on strong
results and positive outlook for the remainder of the year However, company
expected the demand in building and construction markets to remain at
relatively low level and sales at its Performance Material segment to be lower
in H2 than in H1.
·
Politics stories:
·
Gulf disaster is biggest accidental
spill in history, analysis says - WP
o
The
blown-out well in the Gulf of Mexico gushed 12 times faster than the government
and BP estimated in the early weeks of the crisis and has spilled a whopping
4.9 million barrels, or 205.8 million gallons, according to a more detailed
analysis announced late Monday.
·
Obama:
combat mission in Iraq to end this month from Reuters
o
President Barack Obama vowed on Monday to
make good on his promise to end U.S. combat operations in Iraq by the end of
August, despite a dangerous political deadlock in Baghdad and a recent surge in
militant violence.
·
Poll:
GOP takes lead in see-sawing congressional matchup – link from the Hill
o
Voters prefer a generic Republican candidate
over a Democratic candidate by a 5-point margin, according to a Gallup tracking
poll released Monday
o
48 percent of registered voters said they
would choose a Republican candidate for Congress, while 43 percent said they
would prefer a Democratic candidate
o
Those numbers follow two weeks of polling
during which the opposite was true.
·
Rep. Waters likely broke
ethics rules, panel finds – WP
o
An
ethics report released Monday found that Rep. Maxine Waters probably broke
conflict-of-interest rules in urging federal aid for a bank where her husband
had served on the board and owned hundreds of thousands of dollars in stock.
·
Immigration: Virginia AG Rules Officers Can Check
Immigration Status, Aren't Required
·
Immigration: U.S. Deportation Data Reflect Shift from WSJ.com
o
A record number of criminal aliens have been
deported this year, reflecting a shift by the Obama administration
·
California
Supreme Court upholds law barring affirmative action from Los Angeles Times
o
The California Supreme Court Monday decided
that Proposition 209, which banned affirmative action in government, does not
violate federal constitutional guarantees of equal protection.
·
Gunmen
kill at least 37 in Karachi, Pakistan from Los Angeles Times
§ Cars and stores are set on fire after the assassination of
a lawmaker
§ Gunmen killed at least 37 people in Pakistan's largest
city after the assassination of a lawmaker, officials said Tuesday. Dozens of
vehicles and shops were set on fire as security forces struggled to gain
control of Karachi
·
Iranian Oil Minister to Travel to China Tomorrow, Shana Reports
o
Iranian Oil Minister Masoud Mir- Kazemi will
travel to Beijing tomorrow for talks with Chinese energy officials, the
ministry’s Shana news agency reported.His deputy, Alireza Zeighami, has been in
China since July 30 for talks to attract investment in building refineries in
the Persian Gulf country, Shana said
·
N. Korea Threatens ‘Physical Retaliation’ Against Naval
Drills - BBG
o
North Korea’s military warned it may make a
“physical retaliation” against South Korean naval ships carrying out military
drills near their disputed border later this week, and told all shipping to
avoid the area.
o
South Korea plans to stage anti-submarine
exercises for five days starting Aug. 5 to improve the nation’s defenses. The
South says a North Korean torpedo sank one of its warships in March, killing 46
sailors. The North denies the charges, accusing the South of fabricating
evidence.
·
Equity Recap
o They
started them higher and never gave any back as the day wore on. They
shrugged off the weaker data out of china with better euro zone data and
the continuation of better corporate earnings. So a 2% move across the board
with some new month money helping, although we did not see much of that here.
There is still no anxiety to be left behind with markets barely flat for YTD
and although the corporate earnings have been better, the view around the world
is that it is the USA who is shaping up to be the ugly sister with the
economic data of late. Technically you have been flirting with that 150 moving
average on the spz which was 1125 or futures which some say you need to take
out to confirm, which is 1,121 but either way, one thing we know, it’s been all
on really anemic volume which the pundits don’t like to see. But for now with
the corporate earnings beating for the most part, rates at zero and no other
real instruments to play, this could have legs. And at some point you
have to think of the elections coming in January, I would think bodes well
for the market with a more republican office watching over the dems. But
the action I’m seeing, the seasoned guys for the most part are taking sales
into this but there are some adding on to existing names and quant’s
continue to be on both sides of the ball as well. There are not many
shorting this from what I see but there have been some recent shorts who can’t
grit this out and have been covering.
o Overnight,
Asian markets rallied as China reported the weakest manufacturing data in over
a year, leading some investors to hope that any further tightening by Chinese
officials may now be on hold. European stocks also rallied (DAX up 2.3%, CAC
up3% and FTSE up 2.7%), led by strong bank earnings (BNP and HSBC each up over
5%). S&P futures, in response, were stronger, up about 1%. There was
a brief hesitation once the cash market opened, but with good economic numbers
at 10:00 (Construction Spending and the ISM Manufacturing index both surprising
to the upside), the rally continued and traders spent the entire session adding
to gains. Futures ended at 1121.80, up over 23 points, or about 2.1%. The
next resistance for the futures is 1129.20 (high of 6/21).Also leading the
market higher were the miners (BHP up 3.7%) and the Industrials. All 10 S&P
Industry groups rallied more than 1%, with Energy (up 3.56%) and Materials (up
2.65%) the strongest. Energy moved up with Oil, which closed at $81.43. Copped
ended at $3.38, its highest close since April. The US Dollar fell against
all 16 of its counterparts. So far, about 63% of the S&P 500 companies have
reported earnings; of these, 77% have topped estimates. In the resource group,
AA (up 4.8%), XOM (up 3.8%), APC (up 8.4%), CLF (up 7.1%) and NOV (up 5%)
were standout gainers. Other big gainers: ODP (up 10%) and AGN (up 6%).
o Billy Clark and Team
·
Rates Commentary
o The Treasury market opened up Sunday night
slightly lower versus Friday's marks on light volume. China's PMI was slightly
lower than expected but still showed expansion. As New York opened,
Treasuries remained lower versus Friday's levels with the curve slightly
steeper. The curve continuing its steepening throughout the morning as the long
end significantly lagged, while the short/intermediate sectors were better
supported with the continued growth concerns and more talk of the Fed easing
and Q/E 2. The midmorning ISM release was slightly better than expected (55.5
vs. 54.5), however there was only a small selloff which quickly reversed as
underlying numbers were not as strong (weaker new orders). Treasuries
settled down in the late morning and afternoon with the intermediate
through the long end drifting lower aided by the large corporate calendar
especially in the 10 year sector and the rally in equities (US indices up ~2%).
At 3PM, benchmarks were lower in price across the curve with yields ~1.5-9bps
higher, the 30 year significantly lagged with 5/30s over 4bps steeper, 10/30s
~3.0steeper.
o Bernanke's comments today reiterated the soft
growth outlook but did not mention any potential Fed intervention, leading the
markets to look at tomorrow's PCE data and home sales followed later this week
with the employment reports (ADP Wednesday and the government report Friday).
o Primary Dealer
·
Investment Grade Recap
o
August picked up where July left off with
better buyers and aggressively priced new issues. Bonds continue to trade
very well off bwic’s/owic’s as I was lifted on a couple offers early on
(DUK 40s at +80) at aggressive levels and then a block of HON 37s traded at +79
late in the afternoon. Cash remains to be put to work IG Corps, it is as
simple as that, not much “cheap” talk as Duncan was active in MSFT 14s wrapped
around -20/5yr and there were a number of articles over the weekend about MCD’s
10yr issue that came at +55 (3.50%), the lowest yield that we have seen since
1995 and still traded up from there. Over $10BN in issuance today from a
wide swath of names – I had NWL come at +175 and went out +173-170 after
+210-215 talk, Richie Pezzella was active in IBM 3yrs wrapped around +25, came
+30, Jordan Goodman had C and CS, and Matt Duncan was active in EXPE and also
had OMC and MTNA in new deals.
o
More economic data tomorrow should help giver
further direction to the market although the way earnings are coming in and
equities responding it is hard to see anything but terrible numbers slowing
down this market. Should remain interesting as we approach’s Friday’s NFP
number and talk is already for negative number being attributable to the census
workers being fired.
o
We should expect to see more aggressive new
issuance as the summer goes on and we will continue to focus on the curve
stories we like – 2017-2019 v 10yr and 2020s maturies vs olb – we covered on
pretty much everything we bid in that space today – will be bidding more
aggressively tomorrow.
o Michael
Salemo
- CMBS Recap
o
For a Monday saw a decent amount in for the
bid ($340mm). $100mm of the BWICs were
AM, AJ and mez bonds with the majority from insur cos. Our view has not changed despite the recent
rally- we like '06 AMs and up. Not
original: hear a number of Street research groups have a similar view.
o
CMBS didnt disappoint tightening 5-10bps with
GG10s finishing 9bps tighter (+340/$101-09).
Despite the high dollars, we still like '05 lcfs. '05 lcfs are at their recent wides vs REITs
specifically Simon 5yrs. Further, seems
like Tier 1 and 2 '05s have compressed.
Like the WBCMT 05-C20 A7s we own, even after defaulting the lates still
have 35% credit support=> +162/152 mkt.
o
AMs continue to march tighter. BACM 07-4 AMs covered today $87-28 which is a
duper/AM spread of 320 bps; 10+bps tighter in the past week. Keep in mind the '07 Tier 1/2 duper/AM spread
differential got into the low +200s in April.
o
NEWS
o
1.
TREPP: CMBS Delinquency Rate Levels Off Again - Up 12 BPs in July - Rate
Now 8.71%. The rate of increase in the
delinquency rate for commercial real estate loans in commercial mortgage-backed
securities (CMBS) showed more signs of moderating in July.
o
2. GS
deal in the mkt. Expect it to go well,
nice deal. Cant say that about all the
recent deals.
o Geordie
Walker
- Convertible Recap
o Newell
Rubbermaid (NWL) announced an offer to exchange common stock and cash for any
or all of their 5.5% Convertible Senior Notes due 2014. This left everyone
speculating on what other companies would be interested in pursuing this type
of transaction. Away from that, trace volumes were the normal summer
Monday doldrums. Volumes were spread across a broad list of names with no
one security dominating the market activity. Equity market euphoria spilled
over into our market where we saw customer buys outnumber customer sells.
Teleflex (TFX) announced a $350MM Convertible deal after hours in conjunction
with an amendment to their senior secured credit facility and prepaying notes
due in 2012 & 2014.
o Tom
Fazio
o BHI
reported
o HW Headwaters
reports
o WTI
W&T Offshore reports
o AHD
Atlas Pipeline Holding reports
o SOLF
Solarfun Power reports
o NI NiSource
reports Q2 EPS $0.13 ex-items vs Reuters $0.09 …Reaffirms full
year EPS guidance of $1.10-$1.20 vs Reuters $1.
o VQ
Venoco reports mixed at best
o GAS
NICOR reports Q2 EPS $0.53 vs Reuters $0.44 ..Reaffirms full year EPS guidance
of $3.10-$3.30 vs Reuters $3.00
o UNS
Unisource Energy reports
o Nexus
Energy Jumps in Sydney on Shell Bid Speculation – BBG
o
VQ
Venoco says President Bill Schneider will resign effective 13-Aug to pursue
other opportunities
o
SM SM
Energy provides quarterly operations update
o
OII
Oceaneering acquires SMX International Canada
o
SM SM
Energy reports Q2 EPS
o
DK
Delek US Holdings and Shell Canada Products end negotiations for potential sale
of Shell Montreal East refinery
o
RAME RAM
Energy Resources reports Q2 EPS
o
WTI
W&T Offshore increases quarterly dividend by 33.3% to $0.04 from $0.03
o
BQI
Oilsands Quest files to register an additional $9.8M in equities
o
CRK
Comstock Resources reports Q2 EPS
o
HK
Petrohawk Energy reports Q2 EPS
o
FST
Forest Oil reports Q2 EPS
o
CHK
Chesapeake Energy provides quarterly operational update
o
o New Rules for Oil Drilling Imperil Some Rig
Operators – WSJ
§ But
many drilling rigs are too small to accommodate newer and bigger BOPs, and it
will cost billions of dollars to upgrade them all.
§
§ One
contractor, Diamond Offshore Drilling Inc., the world's second-largest rig operator
by market value, has already had to slash its dividend to conserve cash as the
prospect of mounting costs looms.
o Methane Monitors Weren't Disabled, Massey
Says
§ MAssey Energy said methane monitors weren't
disabled in a key section of the coal mine where 29 workers were killed in an
April 5 explosion
o Mitsui
(8031.JP) withholding payment of $480M bill from BP for oil-spill costs -
Nikkei
o BP
(BP/ LN) The Kuwait Investment Authority said yesterday it has received no
offer from BP to raise its stake in the group. "The Kuwait Investment
Authority did not receive an offer from BP to increase its stake in the
company. Furthermore, KIA made no statement to any local newspaper regarding
this issue" Dalal Al-Refai, Public relations office at KIA, said. Daily Al
Anba reported earlier that it KIA didn't intend to exit its stake in BP PLC and
was considering acquiring an additional interest in the company.
o The blown-out well in the Gulf of Mexico
gushed even more oil than the worst-case scenario envisioned, a
whopping 4.9 million barrels, or 205.8 million gallons, according to a new
analysis by government scientists charged with estimating the flow rate. WP
§ http://link.email.washingtonpost.com/r/92KH5M/5C0ILN/EENL2S/ITCCAG/O8STN/82/t
o
CalSTRS seeks to unseat 4 Oxy directors over
executive pay from L.A. Times
§ Teachers pension fund and Relational Investors tell
Occidental Petroleum they will put up their own slate of board candidates in an
effort to rein in high pay and set up a management succession plan
§ The state's second-largest public pension fund and a
private equity investment partner will try to unseat four directors of
Occidental Petroleum Corp. over concerns about the Los Angeles oil company's
high executive pay and lack of a management succession plan
o
Iranian Oil Minister to Travel to China Tomorrow, Shana Reports
§ Iranian Oil Minister Masoud Mir- Kazemi will travel to
Beijing tomorrow for talks with Chinese energy officials, the ministry’s Shana
news agency reported.His deputy, Alireza Zeighami, has been in China since July
30 for talks to attract investment in building refineries in the Persian Gulf
country, Shana said.
o
Petrobras Debt Risk Climbs to Highest in 18 Months – BBG
§ Petroleo Brasileiro SA is losing investor confidence on
concern its credit rating will be cut after a Brazilian plan raised the
relative risk associated with the state-run oil producer’s debt to the highest
in 18 months
§ Five-year credit default swaps on Petrobras, as the
company is known, cost 177 basis points, or 1.77 percentage points, compared
with 113 for contracts on Brazil debt,
o PBR Petrobras
clarifies information on public share offering ..Petrobras clarifies
the information published yesterday by the Folha de São Paulo newspaper in an
article entitled "Petrobras wants to make a public offering on the stock
exchange" which stated that "Petrobras redesigned its capitalization.
The equity offering, initially restricted to existing shareholders, is likely
to be modeled as a global offering, open to all interested parties in Brazil
and the world".
o
ESLR
Evergreen Solar reports Q2 EPS
o DOW
reports mixed to worse ….
o EMR Emerson
reports, guides better
o
o
Weekly USDA crop report says 71% of corn in
good or excellent condition; compares to 72% last week and 68% in prior year.
o ETN Sandy Cutler, chairman and CEO of Eaton (ETN),
tells Cramer that power management is one of the bankable trends for the coming
years as the price of energy gets increasingly expensive. He adds that the
company has meaningful leverage when it comes to helping its customers use less
energy and use it more safely. He also highlights data centers and trucking as
two other bright spots for the company.
o
RBC
Regal Beloit reports Q2 EPS
o
BLL Ball
Corp completes sale of its plastic packaging, Americas, business to Amcor
Limited for ~$280M
o WLK Westlake
Chemical reports
o
SLI SL
Industries reports Q2 EPS
o
FLS
Flowserve announces agreement with Saudi Aramco for the Yanbu export refinery
project
o
CAP CAI
International files $30M mixed shelf; also files to register 1.69M shares for
holders
o
COIN
Converted Organics says R&D Director Dr. William Torrello and Finance and
Chief Accounting Officer Ellen O'Neil have left the company
o
BGC
General Cable reports Q2 adj. EPS
o
FIX
Comfort Systems USA reports Q2 EPS
o
CIR
CIRCOR International reports Q2 EPS
o
VLNC
Valence Technology receives $13M battery order from Smith Electric Vehicles US
o
BEZ
Baldor Electric CEO McFarland to step down on 31-Dec
o
GFF
Griffon reports Q3 EPS
o
DCO
Ducommun reports Q2 EPS
o
AIMC
Altra Holdings reports Q2 EPS
o
ROG
Rogers Corp reports Q2 EPS
o
CGNX
Cognex reports Q2 EPS
o
ESLR
Evergreen Solar reports Q2 EPS
o
Deutsche Post sees sharp rise in freight
volumes from FT
§ Europe’s biggest mail and express delivery company raises
its outlook after global economic recovery boosted freight volumes in the
second quarter
o
CAL
Continental Airlines
§
Continental Airlines Inc.'s (CAL) traffic,
capacity and plane fullness all rose in July from the prior-year period, though
the gains were less pronounced than they were last month.
o
TECH/MEDIA/TELECOM
o
ACTU- mixed Q with the top line in line and EPS
misses. License revs in the Q were strong
o
EXTR- in line Q and guidance also looks in line.
o
INSP- mixed Q with revs higher, but the bottom
line misses slightly. Core revs are up 20% y/y. Q3 guidance looks slightly
light.
o
IVAC- down 5.9%. Better
Q3 and backlog appears to be decreasing. Guidance looks much worse for
Q3 and mgmt reiterated FY guidance that is mostly in line.
o
OPLK- up 14.5%. better Q on
the top and bottom line, and guides Q1 much higher.
o PWAV-
mixed Q2.
o RTEC-
up 6.5%. Better Q and expects rev growth of 6-10%
o UNCA-
mostly in line Q with the subscription and license revs
as the main positive drivers.
o
CGNX- Very strong Q2 with the
top line reaching a record high. CGNX performed well across all segments. Mgmt
guided Q3 better with booking hitting a new record in Q2.
o POWI-
better Q2 and guides in line. Consumer and industrial are
showing solid growth heading into the second half of the year. On the
negative side POWI has seen slowed booking and reduction in lead times in the
Q.
o SNCR-
Better Q2 although T AT&T still accounts for roughly
2/3 of their rev which could be troubling. Connected devices and cable were the
positive drivers in the Q. New customer adds of Panasonic and Lenevo
could be major drivers to future earnings.
o
VRSN- Solid Q2, but results in
legal make outlook look more uncertain. Mgmt announced a buyback of 1.5b. VRSN
expects guidance to improve slightly over the next few Qs.
o Semis:
iSuppli raises semiconductor forecast for 2010- Digitimes
o
HPQ Hewlett-Packard Settles False Claims Case
With U.S. – BBG
§
The agreement would resolve a Justice
Department investigation of whether the company overcharged taxpayers through a
General Services Administration contract
§
The accord also would settle claims in a
False Claims Act lawsuit, first filed by a whistleblower and later joined by
the U.S., that the company paid kickbacks.
o
CPII, CMTL CPI International and Comtech receive
additional DoJ request regarding HSR approval of merger agreement
o
FIRE Sourcefire to replace ADPT in the S&P
SmallCap 600 after the close August 4
o
PXLW Pixelworks announced resignation of Chairman
Allen Alley on July 29
o
RIMM Reportedly To Allow
India To Monitor BlackBerry Services- Barron’s
o
3D: Some Directors Say No To 3D- Barron’s
§
http://feedproxy.google.com/~r/barrons/techtraderdaily/feed/~3/Kni_4OdiNys/
o
ERTS: NFL players target Madden in EA lawsuit-
CNET
o
3DTV: LG expects to sell 1,000 3D LCD TVs in 2010
in Taiwan- Digitimes
o
NAND: White-box tablets spur low-density NAND
flash pricing- inSpectrum
o
GOOG: Google's Hong Kong
question page blocked in China- Reuters
o DIS
WSJ finds Walt Disney's valuation interestingly high, given its tendency to
overpay for acquisitions
o CTSH
Cognizant Technology reports
o NICE
Nice Systems reports
o NVMI
Nova Measuring reports
o RLD -6.7% (earnings)
o JPMorgan’s
Masters Says ‘Don’t Panic’ as Commodities Unit Slips - BBG
§ Blythe Masters, JPMorgan Chase & Co.’s head of
commodities, sought to reassure her team on an internal conference call after
“extremely difficult” dismissals, defections and a first half in which some
results were as much as 20 percent below expectations
§ “Don’t panic,” she said in summing up the 35-minute call,
a recording of which was obtained by Bloomberg News. “No one’s going to get
screwed. We’re not going to do crazy things on compensation at the end of the
year.”
§ “If you look at our
overall client-driven results across the entire franchise over the first half
of the year, the printed number leaves us 20 percent below plan,” she said. She
hopes the second quarter “proves to be a record bad quarter for us in that
there’s nothing but upside from here,”
o
China's PBOC Unveils Steps to Develop Gold Market from CNBC
§ China
will allow its banks to export and import more gold as part of a programme to
push forward the development of the country's market in the precious metal, the
central bank said on Tuesday
o Barrick
Gold chairman says price of gold will rise for years, company will keep raising
dividend - Globe and Mail
o KGC
in gold space buying rest of RBI CN they don’t already own, 17% premium
o LGL.AU: Barrick Gold does not plan to make a
competing acquisition offer to that of Newcrest's A$9.7B for Lihir - The
Australian
o Chemtura
Corp., the bankrupt plastic- additives maker, asked a judge to approve a
revised agreement among its creditors in support of its reorganization
o Fresnillo (+0.6%). 1H figures a touch ahead of analyst
estimates.
o Xstrata (+1%).1H figures were better than expected,
with Net and Revenue beating analyst estimates.
o
Xstrata
is to invest a further $5bn in its mines as it targets organic growth rather
than acquisitions, the Switzerland-based mining giant said on Tuesday on the
back of a $3.2bn half-year profit.
o China Iron and Steel Assoc. (CISA): China
market share of top 3 global miners (BHP, Rio Tinto, Vale) has declined notably
in June
o China
Iron and Steel Assoc. (CISA): China's top 10 steel mills controlled 43.7% of
the market in the 1H of 2010, +2.7% y/y; Domestic production is decreasing
import levels
o
Fortescue sees volatile iron ore prices from Business Spectator
§ Forrest
sees softer prices this qtr, says China still top buyer.
o
VMC
Vulcan Materials reports Q2 cont. EPS
§ VMC …. Q2 results, guidance
below expectations
o
KALU
+4.4% (earnings) … KALU Kaiser
Aluminum reports Q2 EPS
o
AKS AK
Steel announces price increase for carbon steel products
o
IPHS
Innophos Holdings reports Q2 EPS
o
BMW
[BMW.GE] shares traded higher by 2.2% after its earnings result beat analysts
estimates and the company reported an overall increase in units deliveries and
production. Noted that the Chinese market would provide the biggest
contribution to worldwide growth and reaffirmed its expectations for a
significant increase full-year group profit
o
Luxury Demand Drives BMW Results from WSJ.com
§
BMW said net profit leaped thanks to booming
demand for luxury cars in China along with a recovery of the U.S.
market, and reiterated that growth is expected to continue in the second half.
o
U.S. Auto Parts Network Inc , an online
provider of aftermarket auto parts, said it would buy smaller rival Whitney
Automotive Group for about $27.5 million to expand its presence in the
do-it-yourself market. Reuters
o
Suit Alleges Toyota Knew of Problems from WSJ.com
§
A new lawsuit accuses Toyota of knowing its
vehicles had electronic problems long before acceleration incidents that
prompted world-wide recalls.
o MET MetLife 75M-share secondary priced at
$42/share through BofA, Credit Suisse, Deutsche, HSBC, UBS, and Wells Fargo
o Banking system
on verge of new crisis, hedge fund Noster Capital warns from
Telegraph
§ The
banking system could be on the brink of another crisis, according to one hedge
fund manager who has taken a series of short positions against some of Europe's
largest financial institutions.
o
Northern Rock's 'bad bank' makes a profit, 'good bank' a
loss from Telegraph
§
The nationalised lender's so-called 'bad
bank' made £350m first-half profit, while its 'good bank' posted a £143m loss.
o
Santander Snaps up US, UK Assets from CNBC
§ Teh Spanish Bank is poised to make two more bold acquisitions
as it continues to scoop up the assets of troubled rivals, the Financial Times
reports.
o
VRTS
Virtus Investment Partners reports Q2 EPS
o
BKMU Bank
Mutual cuts quarterly dividend by 57.1% to $0.03 from $0.07
o
HF HFF
Inc reports Q2 EPS
o
UTR
Unitrin reports Q2 operating EPS
o
AFG
American Financial Group reports Q2 EPS
o
FSR
Flagstone Reinsurance reports Q2 EPS
o
GLRE
Greenlight Re reports Q2 EPS
o
AGII Argo
International Holdings reports Q2 EPS
o
GAIN
Gladstone Investment reports Q1 net investment income $4.21M
o
MIG
Meadowbrook Insurance reports Q2 EPS
o
FMR
First Mercury Financial reports Q2 operating EPS
o
CLP
Colonial Properties completes at-the-market equity offering program
o
ECPG
Encore Capital Group reports Q2 EPS
o
NARA Nara
Bancorp announces resignation of Christine Oh as acting CFO
o
GFIG GFI
Group reports Q2 EPS
o
PFG
Principal Financial reports Q2 operating EPS
o
EVR Evercore Partners reports
o
TNS -17.6% (earnings)
o
PHH PHH Corp reports
o
Homebuilder ..DHI will
report this morning…
o
Homebuilder .. Taylor Wimpey [TW.UK] returned to
profitability in its first half and reported increasing home sales in UK and
Spain. Company was satisfied with current trading. This lifted shares by 4.7%
at the open
o
FR First Industrial Realty reports Q2 FFO
o
Probes Spotlight Dual Roles in Housing Deals from WSJ.com
§ Probes of the collapsed mortgage-bond boom are shedding
light on how Wall Street firms, including Deutsche Bank, sometimes created
securities and sold them to some investors, while advising others to bet
against them
o
Blackstone to buy mall, warehouse stake from Reuters
§ Blackstone Group LP has agreed to buy a Hawaiian shopping
mall and a stake in a warehouse venture for a combined $859 million, a source
familiar with the subject said on Monday.
o
Moinian eyes hotel partner from NY Post
·
Just two years ago, the Midtown block bounded
by Broadway and Eighth Avenue and West 54th and 55th streets was poised for
"sweeping change," as we wrote at the time. Boston Properties was
gearing up for a giant office tower at 250 W. 55th St. and Harry Gross and
joint-venture...
o
Countrywide to Settle Lawsuits for $600
Million from DealBook
·
Countrywide Financial has agreed to pay $600
million to settle shareholder lawsuits in the largest payout so far from the
mortgage meltdown, The Associated Press reported
o LTC LTC Properties announces registered direct placement of
1.5M shares of stock at $24.70/share
o
RSO
Resource Capital reports Q2 REIT taxable income per share
o
LTC LTC
Properties announces registered direct placement of 1.5M shares of stock at
$24.70/share
o
GKK
Gramercy Capital reports Q2 FFO
o
PSB PS
Business Parks reports Q2 FFO
o
PKY
Parkway Properties reports Q2 recurring FFO
o
DDR
Developers Diversified Realty reports Q2 operating FFO
o
PKY
Parkway Properties signs 205K square foot lease extension
o
CIM
Chimera Investment reports Q2 EPS
o
UDR UDR
Inc reports Q2 FFO
o Kilroy Realty Corp. (KRC) reported
o
BAM
Brookfield Asset Management acquires 65% equity stake in Fairfield as it
emerges from bankruptcy
o
o
Food Inflation!:
Wheat prices up 50% since June
FT Russian Drought hurts
§ Wheat prices have seen the biggest one-month jump in more
than three decades on the back of a severe drought in Russia, prompting
warnings by the food industry of rising prices for flour-related products such
as bread and biscuits.
§ Food executives are also warning about surging prices for
feeding and malting barley, which could push higher the retail cost of products
from poultry to beer.
§ European wheat prices jumped 8 per cent on Monday to €211
a tonne, the highest in two years
o
PG misses ests, guides
mixed….
o
Wheat Soars; Rogers Sees 'Much Higher' Food
Prices from CNBC
o
FDP Fresh Del Monte reports..in line
o
CIX
CompX International reports Q2 EPS
o
STMP
Stamps.com entered settlement terms with Kara Technology--8-K
o
CLX
Consensus segment results for Clorox
o
LGF
Lionsgate's board rejects Icahn's unsolicited tender offer
o
WPO
Sidney Harman to purchase Newsweek from The Washington Post Company
o
DF Consensus
segment results for Dean Foods
o
OMX
Consensus segment results for OfficeMax
o
III
Information Services Group reports Q2 adjusted EPS
o
LOV
Spark Networks receives letter from 6.7% holder, Osmium Partners, demanding
action to improve shareholder value
o
EXBD Corporate
Executive Board reports Q2 EPS
o
HLF
Herbalife reports Q2 GAAP EPS
o
TNS TNS
Inc. reports Q2 adj. EPS
o
CHUX
O'Charley's names David Head President and CEO
o
CKEC
Carmike Cinemas reports Q2 EPS
o
TXRH
Texas Roadhouse reports Q2 EPS
o
Macau Casino Sales Rise as World Cup Gamblers
Return (Update1)
o
Casino revenue in Macau, the world’s biggest
gambling hub, surged 70 percent in July from a year earlier as bettors resumed
wagering on card games and slot machines in the Chinese city after the soccer
World Cup
o
Revenue of 16.3 billion patacas ($2 billion)
in July was also 20 percent higher than in June, according to data from Macau’s
Gaming Inspection and Coordination Bureau. The World Cup had kept some gamblers
away in June, when casino sales fell 20 percent from the previous month.
o
SUMR
Summer Infant reports Q2 EPS
o
BYD
Boyd Gaming reports mixed to worse
..EBITDA, rev may not be enough today
o
Q2 EPS $0.05 ex-items vs Reuters $0.10; First
Call $0.11
o
revenues of $578.4M vs Reuters $588.9M; First
Call $591.7M
o
Q2 adjusted EBITDA
$113.5M vs Reuters $118.2M
o
BYD
says, although conditions remain uncertain, it believes long-term stabilizing
trends are still in place, and that year-over-year growth is achievable by the
end of 2010.
o
PFE Pfizer reports Q2 EPS $0.62 ex-items
vs Reuters $0.52…
Reaffirms full year guidance
o
SNTS
+11.9% (earnings)
o
HLF +10%
(earnings)
o
HOLX
+5.5% (earnings)
o
SUPG
+4.7% (earnings)
o
VITA
-14.4% (earnings)
o VICL Vical
reports Q2
o
DUSA DUSA
Pharmaceuticals reports Q2 EPS
o DVA 1 cent light, revs
100,000 light but already has been beaten up in diagnostic space with DGX in
space recently getting spanked
o
BKD
Brookdale Senior Living reports Q2 EPS
o
GENZ,
SNY Sanofi and Genzyme are now in friendly talks -- WSJ,
citing sources
o
GENZ
Sanofi sent offer letter to Genzyme; companies are discussing the offer -
Reuters, citing a source
o
IDRA
Idera Pharmaceuticals to raise $15M in registered direct offering through
Rodman & Renshaw
o
DCTH
Delcath Systems holder Laddcap discloses distribution of 1.7M shares in amended
13D filing
o
LRP
Legacy Healthcare Properties amends IPO offering registration; changes
underwriters to Jefferies and Stifel from UBS.
o
TFX
Teleflex plans to offer $350M in convertible senior subordinated notes through
Goldman Sachs, Jefferies, Morgan Stanley, BofA Merrill and JPMorgan
o
VITA
Orthovita reports Q2 EPS
o
TFX
Teleflex files mixed securities shelf of indeterminate amount
o
MIPI
Molecular Insight Pharmaceuticals receives sixth extension of waiver agreement
with bond holders
o
CUTR
Cutera reports Q2 EPS
o
STXS
Stereotaxis reports Q2 EPS
o
BMRN
Biomarin Pharmaceutical reports Q2 GAAP EPS
o
WMGI
Wright Medical reports Q2 adj. EPS
o BMRN BioMarin Announces Results for phase 1 clinical
study of BMN 195 for Duchenne Muscular Dystrophy
o AMPH American Physicians Services reports Q2 EPS
o VVUS Vivus reports Q2 EPS
o ArQule
(ARQL), Daiichi Sankyo (4568.JP) to move forward with phase 3 clinical trial of
ARQ 197 in non-small cell lung cancer
o ACOR
Acorda Therapeutics reports
o MD
Mednax reports
o CRVL
Corvel reports..better
·
Stocks mentioned on CNBC's Mad Money with Jim
Cramer - TheStreet.com
+ VMW,
EMC, ETN, JPM, MRO, UAM, IRBT, DE, UPS and FDX
o
·
Miners
·
Xstrata (+1%).1H figures were better than expected,
with Net and Revenue beating analyst estimates.
·
Fresnillo (+0.6%). 1H figures a touch ahead of analyst
estimates.
·
Utilities
·
Drax (+2.3%). 1H Pre-tax profit £132m, very
strong year-on-year. Figures look good overall.
·
Chemicals
·
DSM (-2%). 2Q Figures beat estimates, but
comments from the CEO have been taken as a warning on 2H.
·
Arkema (+6.6%). Company swings to a profit and
raise their FY guidance.
o
Taylor Wimpey [TW.UK] returned to profitability in its
first half and reported increasing home sales in UK and Spain. Company was
satisfied with current trading. This lifted shares by 4.7% at the open
·
o
Japan
• NKY+1.29%,
TPX +1.00%
• NKY
opened higher tracking Wall Street overnight after strong European banks
results and better-than-expected US economic data boosted sentiments. But the
yen’s strength capped further gains. Turnover on the TPX fell to 1.13 trillion yen
from 1.38 trillion yen yesterday
• Stocks
rose across most sectors led by oil & gas, materials, industrials, health
care and financials. Utilities and telecom fell
• Exporters
rose: autos +1.26%, CE -1.02%, precision +1.59%
• Traders
+3.18%, oil & gas producers +2.49%, mining +2.23% after commodities prices
rose
• Banks
+0.41%
• Best
performing sectors on the TPX: traders +3.18%, securities +2.93%, oil &
coal +2.67%; worst performing sectors: utilities 0.11%, info & comm.
+0.04%, real estate +0.17%
Hong Kong
• HSI +0.21%; HSCEI -0.57%
• Stocks opened higher
tracking US lead overnight, but traded steadily. Turnover on the HSI rose to
HK$22.13B from HK$13.78B yesterday
• Mainland banks were mixed
after the Securities Times reported the central bank may hike RRR in October
• Exporters rose after US
stocks reached a 10-week high
• Macau gaming rose after
report casino revenue surged 70% YoY to 16.3B patacas (+20% MoM) in July as
bettors returned to the tables and slot machines after the World Cup
China
• SHCOMP
-1.70%; SZCOMP -1.65%
• Stocks
fell led by banks and properties developers after the Securities Times reported
the central bank may hike RRR in October. Turnover on the SHCOMP rose to
108.77B yuan from 92.70B yuan yesterday
• Banks
-2.18%, real estate -0.15% after the Securities Times reported the central bank
may hike RRR in October. The Shanghai Securities News reported new loans may
have reached ~700B yuan in July, up from 603.4B yuan in June
• Oil
& gas producers -1.52% after China National Petroleum Corp. said crude oil
demand growth may continue to slow in 3Q as a cooling economy cuts requirements
for fuel including diesel
• Iron
& steel -2.50% after S&P put Chalco on “watch negative” after Simandou
investment. Separately, China Iron & Steel Association reported slowing
steel demand had led 40% of mills to cut output or put plants on maintenance
this year
INVESTMENT
BANKING
o Gold miner KGC Kinross to buy Red Back for $7 bln-
Reuters
o Gold miner Kinross Gold
Corp said it will buy the 91 percent of Red Back Mining that it does not
already own for around $7 billion to create one of the world's largest gold
miners
o "We see this as an
opportunity to acquire an absolutely world class asset at a fair price -- it
effectively turbo-charges our growth profile," Kinross Chief Executive Tye
Burt said
o http://www.reuters.com/article/idUSN0210899420100802
o Gold Takeovers Set Record to Boost Fees at BMO,
HSBC, Merrill- BBG
o Global gold mining
takeovers set a record this year with “chest-beating” miners chasing deals as
the price of the metal surged
o Kinross Gold’s purchase
of Red Back Mining for about $7.1b
yesterday took the value of gold deals to $32 billion this year, accounting for
38 percent of all mining acquisitions
o INTC Infineon confirms talks to sell wireless unit-
Reuters
o German chipmaker Infineon
said it is in talks with interested parties about the future of its wireless
unit and said it had made significant progress within the discussions
o A company spokeswoman
declined to say who had expressed interest in Infineon.
o Infineon could make a
decision on the sale of its wireless chip unit on Wednesday
o http://www.reuters.com/article/idUSTRE6713I320100802
o WSJ discusses if AAPL should buy Infineon
o http://blogs.wsj.com/deals/2010/08/02/evening-reading-should-apple-buy-infineon/
o SNY Sanofi sends $69/share offer to GENZ Genzyme-
Reuters
o Sanofi-Aventis sent a
takeover proposal valued at about $18.4 billion, or $69 per share, to
biotechnology company Genzyme Corp and the two sides are discussing the offer
o Sanofi's board last week
authorized the company to press ahead with a formal offer for Genzyme worth up
to $70 per share, or $18.7 billion
o http://www.reuters.com/article/idUSN0210254320100802
o GENZ Genzyme started takeover talks with SNY Sanofi
after receiving proposal- BBG
o Genzyme’s shareholders
are looking for a bid above $80/ share, or $21.3b, these people said. The
boards met separately yesterday to discuss their strategies and how to proceed
o “Genzyme is pretty
unique,” said Sven Borho, a partner with Orbimed Advisors, holder of about 2.5
million Genzyme shares, in a July 26 telephone interview. “I don’t think the
$80s are unrealistic.”
o The Kuwait Investment Authority denied it received
an offer from BP to raise its stake in
the group- S&P
o "The Kuwait
Investment Authority did not receive an offer from BP to increase its stake in
the company. Furthermore, KIA made no statement to any local newspaper
regarding this issue"
o Bidders set to battle for Rangers baseball team-
Reuters
o The Texas Rangers may be
fighting for a playoff spot, but the real battle is taking place off the field
on Wednesday, when the auction for the bankrupt Major League Baseball team is
scheduled to begin
o Angry creditors including
banks and hedge funds are hoping for a bidding war, while possible buyers
including Texas billionaire Mark Cuban are angling for control of the pro
sports franchise
o http://www.reuters.com/article/idUSN0226209120100802
o Rupert Murdoch's NWS News Corp. Weighing Bid on
Rangers- Fanhouse
o The Rangers are scheduled
to be auctioned on Wednesday at a federal courthouse in Fort Worth, capping a
drawn-out sale process that now includes several of the most influential
figures in the sports business.
o The Fort Worth
Star-Telegram first reported News Corp.'s interest in the Rangers over the
weekend, and as of late Monday, Fox executives were working the phones in
discussions with Major League Baseball and with other prospective bidders for
the team,
o http://mlb.fanhouse.com/2010/08/02/sources-rupert-murdochs-news-corp-weighing-bid-on-rangers/
o LGF Lionsgate's Board of Directors Rejects Icahn's
Unsolicited Tender Offer- BBG
o Lionsgate said its board
rejected the unsolicited tender offer from Carl Icahn and certain of his
affiliated entities to purchase up to all of the common shares of LGF for
$6.50/ share.
o Houlihan Lockey declined to endorse TRB Tribune LBO
–WSJ
o Houlihan Lokey rejected
overtures from Tribune around March 2007 to provide a solvency opinion
labelling Zell's takeover financially sound
o Houlihan believed the
deal would saddle the newspaper and television company with too much debt
o http://www.reuters.com/article/idUSSGE67207220100803
o Santander snaps up rivals’ assets- FT
o Santander is poised to
make two more bold acquisitions – in the UK and US – as the Spanish bank
continues to scoop up the assets of troubled rivals
o In the US, Santander has
agreed a preliminary deal to buy $4.3bn of car loans from HSBC, part of the
wind-down of the UK bank’s troubled American consumer finance arm
o Meanwhile, the bank is
set to announce the acquisition of 318 branches from the Royal Bank of
Scotland, mainly in north-west England.
o http://www.ft.com/cms/s/0/2ea870ca-9e69-11df-a5a4-00144feab49a.html
o US House subcommittee chair backs CMCSA Comcast-NBC
deal- Reuters
o A lawmaker who chairs the
U.S. House of Representatives' communications subcommittee is urging regulators
to approve Comcast’s purchase a controlling stake in NBC, as long as consumers
still have access to a wide array of video programming
o Representative Rick
Boucher sent letters dated Monday to the Department of Justice and the Federal
Communications Commission, which are reviewing the proposed deal
o http://www.reuters.com/article/idUSN0210187820100802
o Huawei Said to Have Failed in U.S. Takeover Bids-
BBG
o Huawei Technologies
failed to reach agreements to buy two U.S. assets last month, even though the
Chinese phone-equipment maker offered at least $100m more in each case
o The sellers doubted
Huawei’s ability to win U.S. government approval to purchase software supplier
2Wire Inc. and Motorola Inc.’s wireless-equipment unit
o ABX Barrick Gold rules out war with Newcrest on
Lihir takeover- BBG
o BARRICK Gold has ruled
out a takeover bid for Lihir Gold that would trump a $9.7 billion scrip and
cash offer from Newcrest Mining
o Lihir chief executive
Graeme Hunt said last week it was possible another suitor could emerge for the
Papua New Guinea-focused goldminer, with speculation centring on North American
giants NEM Newmont Mining and Canada's Barrick Gold
o Couche-Tard extends tender offer for CASY Casey's
to Aug. 30- Reuters
o Casey's, which described
Canada's largest convenience store operator's sweetened bid of $36.75 per share
in cash as inadequate, said the number of shares tendered into Couche-Tard's
offer had declined to 12 percent of total shares from about 19.2 percent on
July 12.
o http://www.reuters.com/article/idUSSGE6710M120100802
o PRTS U.S. Auto Parts to buy Whitney Automotive-
Reuters
o U.S. Auto Parts Network ,
an online provider of aftermarket auto parts, said it would buy smaller rival Whitney
Automotive Group for about $27.5 million to expand its presence in the
do-it-yourself market.
o http://www.reuters.com/article/idUSSGE6710LV20100802
o TECD Tech Data Corp. Reports Agreement to Buy
Triade Holding- BBG
o AG cannot release subpoenaed records- Reuters
o The Connecticut Supreme
Court said state Attorney General Richard Blumenthal cannot publicize
confidential business documents obtained under subpoena in an antitrust probe,
prompting him to say he might try to have the ruling overturned.
o Monday's unanimous
decision reversed a Feb. 2009 lower court ruling. It was a victory for Brown
& Brown (BRO.N), that had turned over about 12,000 subpoenaed documents in
a multiyear probe into alleged improper contingent commissions in the insurance
industry
o http://www.reuters.com/article/idUSN029464020100802
o Stereo magnate Harman to buy WPO Newsweek- Reuters
o The Washington Post will
sell Newsweek to 91-year-old audio equipment magnate Sidney Harman, who
promised to retain most of the U.S. weekly's 350 employees and give it a couple
of years to reverse losses
o The founder of HAR Harman
International won the well-known news magazine after an auction that had drawn
bidders including Fred Drasner, the former publisher of the NY Daily News and
U.S. News & World Report, and OpenGate Capital, owner of TV Guide
o http://www.reuters.com/article/idUSN0210172220100802
o EnQuest to buy Canada's SE Stratic Energy for $45
mln- Reuters
o British oil and gas firm
EnQuest said on Tuesday it agreed to acquire Canada's Stratic Energy for $45.7
million in an all-stock deal that would raise its reserves in the North Sea.
o The offer represents a 70
percent premium to Stratic's Friday close of 10 Canadian cents on the Toronto
Venture Exchange
o http://www.reuters.com/article/idUSSGE6720A820100803
o Hanwha Chemical says to buy Solarfun for $370 mln-
Reuters
o South Korea's Hanwha
Chemical said on Tuesday it would acquire a 49.99 percent stake in Chinese
photovoltaic cell maker Solarfun Power Holdings for 434b won ($370m) in cash
o Hanwha declined to reveal
the purchase price per share and said the deal was aimed at expanding into a
new business and securing production capacity in the fast-growing Chinese
market
o http://www.reuters.com/article/idUSTOE67207220100803
o JC Flowers eyes Reliance stake, sees more deals-
Reuters
o JC Flowers outlined an
innovative plan to invest in building society Kent Reliance, and said it was
likely to clinch similar deals with other mutually-owned British lenders
o JC Flowers' deal with
Kent Reliance allows the lender to raise 50 million pounds ($79m) of fresh
capital by selling a stake to the buyout firm while retaining its mutual status
o http://www.reuters.com/article/idUSLDE67207820100803
o TPG-Axon, Montrica Plan to Merge- WSJ
o Dinakar Singh's New York
hedge fund TPG-Axon Capital Management is absorbing London's Montrica
Investment Management to create a firm with $9b in combined assets
o The planned merger, which
brings two former Goldman Sachs Group Inc. traders back together, is one of the
bigger hedge-fund tie-ups at a time of industry consolidation and with more
mergers expected
o Nexus Energy Jumps in Sydney on Shell Bid
Speculation- BBG
o Nexus Energy Ltd. rose
the most since October 2008 in Sydney after the Australian newspaper said some
shareholders were approached about a possible takeover bid.
o The gas producer jumped
23 percent to 37.5 Australian cents by the 4:10 p.m. close, the most since Oct.
21, 2008
o Nexus Energy Says It Hasn't Received a Takeover
Approach From Any Party- BBG
o BX Blackstone Group lines up roughly $850M in
purchases, WSJ- SA
o People with knowledge of
the deals say Blackstone will buy:
o the Pearlridge Center
shopping mall on Oahu with Glimcher Realty Trust (GRT) for $242M
o an 80% stake in a
warehouse-space JV with Prologis (PD) from Eaton Vance Management (EV) for
$105M plus the assumption of $512M in debt
o Mission Capital says in reverse takeover talks-
Reuters
o Property investment and
management firm Mission Capital said on Monday it was in preliminary talks for
an acquisition, which would be regarded as a reverse takeover.
o The company, which had
also evaluated a number of other potential investment opportunities, said its shares
would be immediately suspended from the AIM.
o Ball Corp. completes $280M sale of
plastic-packaging business- HuffPo
o Ball Corp. said Monday it
has completed the sale of its U.S. plastic packaging business to Australia's
Amcor Ltd. for $280 million
o
http://www.huffingtonpost.com/wires/2010/08/02/ball-corp-completes-280m-_ws_668157.html
$ RAISING
IPOs
·
Signs of Strength
Emerge in I.P.O. Market- Dealbook
o The I.P.O. pipeline for
American companies expanded rapidly in the second quarter, nearing a record
high for volume, as dozens of new companies filed registration statements for
initial public offerings of their stock
o The growing number of
potential stock offerings illustrates what appears to be a renewed optimism in
the capital markets, even though some companies that have already registered
remain nervous about a market downturn
o http://dealbook.blogs.nytimes.com/2010/08/02/signs-of-strength-emerge-in-i-p-o-market/
·
Trony Solar Gives
Up I.P.O., Another Green Casualty- Dealbook
o Chinese thin-film solar
module maker Trony Solar has canceled its filing for an initial public offering
on the New York Stock Exchange after eight months. The move further solidifies
the green sector’s miserable I.P.O. streak
o http://dealbook.blogs.nytimes.com/2010/08/03/trony-solar-gives-up-i-p-o-another-green-casualty/
·
I.P.O. Expected
for Lung Device Maker Electromed- Dealbook
o Electromed, which makes a
device that helps lung disease patients breathe, expects to conduct its initial
public offering in the next two weeks
o The New Prague, Minn.,
company plans to sell 2 million shares for $4 to $6 per share. The underwriter
of the IPO will have the option to buy another 300,000 shares to cover excess
demand. If all shares are sold, the company said it expects to collect as $9.7
million
o http://dealbook.blogs.nytimes.com/2010/08/03/i-p-o-expected-for-lung-device-maker-electromed/
·
Global I.P.O.
Proceeds Hit Pre-2008 Crisis Levels- Dealbook
o Proceeds from initial
public offerings in July soared on a global basis, hitting their highest level
since before the 2008 financial meltdown
o The $30.5 billion that
new issues raised globally in July was the most since November 2007 and
exceeded the amount raised by follow-on issues for the month
o http://dealbook.blogs.nytimes.com/2010/08/03/global-i-p-o-proceeds-hit-pre-2008-crisis-levels/
·
MS Morgan Stanley
Said to Plan FrontPoint Spinoff- Dealbook
o Morgan Stanley is
planning to spin off FrontPoint Partners, the Greenwich, Conn., hedge fund it
bought in 2006
o The broad financial
regulatory law that was enacted last month restricts bank ownership of hedge
funds and Morgan Stanley, among others, has been considering what to do with
its hedge fund stakes.
·
SKS prices IPO at
top end, raises $358 mln- Reuters
o The initial public
offering, which closed on Monday, was priced at 985 rupees a share, said the
source who could not be identified because he was not authorized to speak to
the media
o The sale of 16.8 million
shares received bids for 13.7 times the shares on offer, stock exchange data
showed
PRICINGS
o Initial
Offerings
o
AMBO Ambow Education 21.4m
share IPO expected to proce 8/4 via JPM and GS: Price Talk $10-12
o
TSRX Trius Therapeutics -6 million
shares expected to price Monday via Citigroup. Price talk: $12 to $14.
o
IL IntraLinks 11m
share IPO expected to price 8/4 via MS, DB, and CS: Price talk $14-16
o NXPI
NXP Semiconductors 34m share IPO expected to price 8/5 via CS,
GS, BoA, MS, and Barclays: Price Talk $18-21
o GMAN
Gormans Stores 5.4m share IPO expected to price week of 8/2
via Piper and Wells Fargo: Price Talk $13-15
o PATH
NuPathe 5m share IPO expected to price week of 8/2 via Leerink and
Lazard: Price Talk $14-16
o Secondary
Offerings
o
FTLK Funtalk China Holdings 12m share secondary
expected to price 8/3 via BoA
o
TNCC Tennessee Commerce
Bancorp secondary expected to price 8/3 via
o
LTC LTC
Properties announces registered direct placement of 1.5M shares of stock at
$24.70/share
o
MET
MetLife 75M-share secondary priced at $42/share through BofA, Credit Suisse,
Deutsche, HSBC, UBS, and Wells Fargo
NEWS
·
Venture Investors
Seek ‘Ninja Assassin’ Entrepreneurs- NYT
o “What I’m looking for is
what I call a Ninja assassin — a creative, fearless, nimble, focused
entrepreneur,” Ann Miura-Ko, a 33-year-old partner with newly formed venture
firm Floodgate Fund in Palo Alto, California, told Reuters.
o “They’re the kind of
person who’s taking a different path and is singularly passionate about a particular
idea.”
o http://dealbook.blogs.nytimes.com/2010/08/03/venture-investors-seek-ninja-assassin-entrepreneurs/
·
MET MetLife sells
more equity than planned for AIG’s Alico- Reuters
o MetLife Inc (MET.N) said
it sold more than $3 billion of stock to help pay for its acquisition of the
foreign life insurance business of American International Group, (AIG.N) or
about 50 percent more than it originally expected
o The company said it sold
75 million shares at $42 per share on Monday, for gross proceeds of $3.15
billion. The underwriters also have the option to buy an additional 11.25
million shares to cover over-allotments
o http://www.reuters.com/article/idUSN0225533820100803
·
Brookfield and
Fairfield Announce Completion of Fairfield’s Reorganization- PR
o Brookfield Asset Management and Fairfield
Residential Company today announced the completion of Fairfield's
reorganization and emergence from Chapter 11 protection
o In addition, Brookfield, Fairfield management and
long standing partner, California State Teachers' Retirement System (CalSTRS),
have invested approximately $29 million to recapitalize the company
·
Chemtura Urges Approval of New Bankruptcy
Plan Deal- BBG
o Chemtura Corp., the bankrupt plastic-additives
maker, asked a judge to approve a revised agreement among its creditors in support
of its reorganization
o U.S. Bankruptcy Judge Robert Gerber in Manhattan
should reject shareholder objections to the agreement, Chemtura said today in
court documents
·
The
surge in U.S. corporate bond volume continues Monday
o At least 9 issuers, including IBM, Citigroup and
ArcelorMittal, the world’s largest steelmaker, tapped the market Monday,
raising $12 billion
o Companies sold $90.4 billion of U.S. corporate bonds
in July, the most in that month since at least 1999, Bloomberg data show.
Average yields on the securities fell to 5.01 percent on July 31, the lowest
since April 2004
·
Healthcare: TFX Teleflex plans to offer $350M in
convertible senior subordinated notes through Goldman Sachs, Jefferies, Morgan
Stanley, BofA Merrill and JPMorgan
·
Energy: BQI Oilsands Quest files to register an
additional $9.8M in equities
·
Materials: HPJ Hong Kong Highpower Technology
files $50M mixed shelf
·
Energy: XEL Xcel Energy to offer 19M shares
through BofA/Merrill Lynch, Barclays and JPMorgan; enters forward agreement
·
Healthcare: IDRA Idera Pharmaceuticals to raise
$15M in registered direct offering through Rodman & Renshaw
·
Services: CAP CAI International files $30M mixed
shelf; also files to register 1.69M shares for holders
·
Financials: Investec to place up to 22M new
ordinary shares
·
NEOP Neoprobe Corporation files $20M mixed
shelf; also files to register 15M shares for holders
·
PBR Petrobras clarifies information on
public share offering ..Petrobras clarifies the information published
yesterday by the Folha de São Paulo newspaper in an article entitled
"Petrobras wants to make a public offering on the stock exchange"
which stated that "Petrobras redesigned its capitalization. The equity
offering, initially restricted to existing shareholders, is likely to be
modeled as a global offering, open to all interested parties in Brazil and the
world".
o
CONFERENCES
o
Bank of America Merrill Lynch India Investor
Forum - Singapore - Aug 03, 2010 - Aug 04, 2010
o
Bank of America Merrill Lynch Senior IT
Executive & Private Technology Company Conference - Aug 03, 2010
o
Chinese Society of Rare Earths' International
Conference on Rare Earth Development and Application - Aug 02, 2010 - Aug 06,
2010
o
JPMorgan Mexico CEO/CFO Conference - Aug 02,
2010 - Aug 04, 2010
o
Marcus Evans Affordable Housing Projects
Conference - Aug 02, 2010 - Aug 03, 2010
o
Sapporo Securities Exchange SSE-Listed
Companies Presentation Meeting - Aug 03, 2010
o
Vertical Research Partners Industrial
Conference - Aug 03, 2010 - Aug 05, 2010
·
10:15AM: TNB
o
Wedbush Morgan Securities Life Sciences Best
Ideas MAC: Management Access Conference - Aug 03, 2010
·
8AM: DVAX , MAPP
·
8:35AM: IRWD
·
10:35AM: AMLN
·
11:10AM: BIOD
·
1PM: TSPT
·
1:35PM: CADX , CELG
·
2:10PM: ABT
·
3PM: CLDA , DCTH
·
3:35PM: AVNR
·
4:10PM: IDIX , XNPT
·
NTS: HTWR , HUM
o
TODAY’S EVENTS
o
Shareholder Meetings
§
AINV, CSS, ATK, PBH, SPCHB, HGG, UVV, ALTE,
EMMS
o
NATI analyst meeting
o
LEAP analyst meeting
o
ECONOMICS
o
0745 ICSC-Goldman Sachs Chain Store Sales
Index
o
0830 Personal Income & Outlays
o
0855 Johnson Redbook Retail Sales Index
o
1000 Pending Home Sales Index
o
1000 Manufacturers' Shipments, Inventories
& Orders
o
1630 API Weekly Statistical Bulletin
o
1700 ABC News Consumer Comfort Index
o
NTS: Domestic Auto Industry Sales
o EARNINGS
o Autos
·
ARM, LEA, STRT, WATG
o Materials
·
WLK, DOW, BZ, BKI, GLT, MERC, BCPC, IOSP,
LNDC, NEU
o Consumer/Retail/Education
·
TRLG, PTRY, WEYS, COH, CIX, DENN, MRT, MSSR,
RUBO, OMX, TLF, SAM, TAP, KAR, BPI, UTI, TISI, WFMI, CLX, PG, HHGP, KFRC, DF,
DOLE, XPRT, PEET, GEO, ELRC, JAH
o
Energy
·
HW, SOLF, OKE, MRO, HERO, RDC, UNT, ALY, BHI,
OIS, SII, APC, AREX, ATLS, BBG, BEXP, CHK, HK, RAME, REXX, SGY, VQ, WTI, XCO,
INT, MMP, OKS
o Financials
·
EVR, PHH, ACAS, OZM, RAND, CACC, MMC, NFP,
RODM, CNO, PL, , HCC, AFSI, AXS, FAF, INDM, NATL, NYM , XL, ACF, BOCH, BTFG,
HMPR, HWBK, PABK, SSFN, MXGL, NYX, OCN, RDN, MA, FTBK
o Gaming,
Lodging, & Leisure
·
GET, OEH, WOLF, FUN, BYD, MGM, WMS
o Healthcare
·
ACOR, ARNA, CRA, CRIS, DNDN, DUSA, ENZN, PLX,
SVNT, VICL, ZGEN, AMMD, ATSI, DXCM, EXAC, IMGG, MAKO, MASI, SIRO, SLTM, STE,
VITA, THC, AHCI, CRVL, EMS, LDR, MD, NRCI, RHB, STRC, AGAM, ATRI, INSV, STAA,
WST, BIO, CALP, CBM, HNT, AKRX, IPXL, MTXX, PFE, POZN
o Industrials/Homebuilders
·
DHI, TWIN, TWIN, NGA, PH, SPR, TREX, CCC,
MLM, ECHO, RTI, , ATCO, MOCO, TG, ESE, JBT, MWA, TRS, WTS, CAP, SSCCQ, GWR,
YRCW, DGI, ADM, FDP, GLDD, FRPT, WNC
o Media
·
NCMI, CBS, DISCA, LBTYA, RENT
o Real Estate
·
GOOD, VNO, DFT, COHN, NYMT, SFI, DEI, FSP,
GOV, KRC, LXP, FOR, MLP, ZIPR, AVB, BRE, ALX, CBL, GTY, IRC, PEI, FCH, HCP
o
Tech/Telecom
·
KNXA, SMCI, STEC, BTUI, SCON, VSH, ELON,
MOLX, MRCY, ERTS, GLUU, LEDR, CTSH, ARP, PBI, CSCD, NVMI, ACTS, KOPN, QUIK, CVLT
, SOFO, NVTL, IPGP, OTT, SMLC, DSCM, PCLN, IGLD, INUV, JCOM, LOOK, OPEN , WBMD,
WWWW, BBOX, HRS, SONS, TLGD, AMT, LEAP
o Transportation
·
AAWW, EXPD, PNCL, RJET, OSG, DTG, HTZ
o Utilities
·
DUK, ETR, FE, PNW, UNS, GAS, SGU, NRG, MDU,
NI, SRE
***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
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the information contained herein or any reliance on that information. Cantor
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