CLR - News and Analysis from Seeking Alpha 'CLR' Tag RSS Syndication from SeekingAlpha.com SeekingAlpha.com http://seekingalpha.com/symbol/clr Dow Remains Resilient Despite Calls for a Correction http://seekingalpha.com/article/172382-dow-remains-resilient-despite-calls-for-a-correction?source=feed 172382 Excerpt from Raymond James strategist Jeffrey Saut's latest essay, published Monday November 9th):

... A man has rigged up a turkey trap with a trail of corn leading into a big box with a hinged door. The man holds a long piece of twine connected to the door that he can use to pull the door shut once enough turkeys have wandered into the box. However, once he shuts the door, he can’t open it again without going back into the box, which would scare away any turkeys lurking on the outside. One day he had a dozen turkeys in his box. Then one walked out, leaving eleven. ‘I should have pulled the string when there were twelve inside,’ he thought, ‘but maybe if I wait, he will walk back in.’ While he was waiting for his twelfth turkey to return, two more turkeys walked out. ‘I should have been satisfied with the eleven,’ he thought. ‘If just one of them walks back, I will pull the string.’ While he was waiting, three more turkeys walked out. Eventually, he was left empty-handed. His problem was that he couldn’t give up the idea that some of the original turkeys would return.

]]> Tue, 10 Nov 2009 03:10:34 -0500 Jeffrey Saut Excerpt from Raymond James strategist Jeffrey Saut's latest essay:

Excerpt from Raymond James strategist Jeffrey Saut's latest essay, published Monday November 9th):

... A man has rigged up a turkey trap with a trail of corn leading into a big box with a hinged door. The man holds a long piece of twine connected to the door that he can use to pull the door shut once enough turkeys have wandered into the box. However, once he shuts the door, he can’t open it again without going back into the box, which would scare away any turkeys lurking on the outside. One day he had a dozen turkeys in his box. Then one walked out, leaving eleven. ‘I should have pulled the string when there were twelve inside,’ he thought, ‘but maybe if I wait, he will walk back in.’ While he was waiting for his twelfth turkey to return, two more turkeys walked out. ‘I should have been satisfied with the eleven,’ he thought. ‘If just one of them walks back, I will pull the string.’ While he was waiting, three more turkeys walked out. Eventually, he was left empty-handed. His problem was that he couldn’t give up the idea that some of the original turkeys would return.


Complete Story »]]> ADCT AFL BAC BPZ CLR DIA EAC HUGH JDSU KVHI MOT MU NIHD RFMD SCI SPY WLL Jeffrey Saut Buy Bronco Drilling on Continental Resources Rig Expansion Plan http://seekingalpha.com/article/171750-buy-bronco-drilling-on-continental-resources-rig-expansion-plan?source=feed 171750 Continental Resources (CLR) announced early today a huge expansion in their drilling plans for the Bakken Shale in the Montana and North Dakota area. Forbes.com has some info about the move. Basically CLR had originally expected to end 2009 with 6 rigs working, but now they expect to be using 9 rigs. Then by mid 2010, they expect to be utilizing 23 rigs. Thats 17 more rigs that CLR will be putting to work.

This is just one company operating in the Bakken Shale, not to mention Haynesville or the Marcellus Shale. Its unclear whether Bronco Drilling (BRNC) will benefit directly from this expansion, but it should benefit from the overall capacity utilization in the sector leading to higher day rates and margins.

]]> Fri, 06 Nov 2009 04:29:45 -0500 Stone Fox Capital Stone Fox Capital submits:

Continental Resources (CLR) announced early today a huge expansion in their drilling plans for the Bakken Shale in the Montana and North Dakota area. Forbes.com has some info about the move. Basically CLR had originally expected to end 2009 with 6 rigs working, but now they expect to be using 9 rigs. Then by mid 2010, they expect to be utilizing 23 rigs. Thats 17 more rigs that CLR will be putting to work.

This is just one company operating in the Bakken Shale, not to mention Haynesville or the Marcellus Shale. Its unclear whether Bronco Drilling (BRNC) will benefit directly from this expansion, but it should benefit from the overall capacity utilization in the sector leading to higher day rates and margins.


Complete Story »]]> BRNC CLR Stone Fox Capital Continental Resources Inc. Q3 2009 Earnings Call Transcript http://seekingalpha.com/article/171559-continental-resources-inc-q3-2009-earnings-call-transcript?source=feed 171559 Continental Resources Inc. (CLR)

Q3 2009 Earnings Call

November 05, 2009; 10:00 am ET

]]> Thu, 05 Nov 2009 14:49:08 -0500 Continental Resources Inc. (CLR)

Q3 2009 Earnings Call

November 05, 2009; 10:00 am ET


Complete Story »]]> CLR Duane Grubert: Gas Wants a Wicked Cold Winter http://seekingalpha.com/article/170155-duane-grubert-gas-wants-a-wicked-cold-winter?source=feed 170155 With the oil-and-gas price link weaker than it's been in over a decade and with natural gas too dependent on a fierce winter to fuel demand and drive pricing up, CRT Capital Group Senior VP Duane Grubert likes oil better than gas. Consistent with that stance, he also prefers producers that are leaning more toward oil than gas. In the gas arena, he tells The Energy Report in this exclusive interview, he's sticking with players who are diversifying and tends to choose those that are involved in exploration as well as production.

The Energy Report: Basically, Duane, we'd appreciate a top-down overview of where you see natural gas and oil going in the short run and then long term, and where you see the markets both domestically and internationally.

]]> Fri, 30 Oct 2009 08:19:15 -0400 The Energy Report The Energy Report submits:

With the oil-and-gas price link weaker than it's been in over a decade and with natural gas too dependent on a fierce winter to fuel demand and drive pricing up, CRT Capital Group Senior VP Duane Grubert likes oil better than gas. Consistent with that stance, he also prefers producers that are leaning more toward oil than gas. In the gas arena, he tells The Energy Report in this exclusive interview, he's sticking with players who are diversifying and tends to choose those that are involved in exploration as well as production.

The Energy Report: Basically, Duane, we'd appreciate a top-down overview of where you see natural gas and oil going in the short run and then long term, and where you see the markets both domestically and internationally.


Complete Story »]]> BRY CHK CLR EOG EXXI FCG FST GAZ MMR OIL PXP RDS.A UNG USO WLL XTO The Energy Report New Oklahoma ETF Launches: Essentially Another Energy Fund http://seekingalpha.com/article/169905-new-oklahoma-etf-launches-essentially-another-energy-fund?source=feed 169905 By Patrick Watson

Today the Oklahoma ETF began trading on NYSE Arca under the symbol OOK. This is the first state-based ETF. If ETF investors had been asked a year ago which state would be first to have its own ETF, I doubt that Oklahoma would have been a popular guess. The Oklahoma based sponsors have plans for a similar Texas fund. Both will feature a portfolio of companies headquartered in their respective states.

]]> Thu, 29 Oct 2009 15:03:21 -0400 Invest With An Edge Invest With An Edge submits:

By Patrick Watson

Today the Oklahoma ETF began trading on NYSE Arca under the symbol OOK. This is the first state-based ETF. If ETF investors had been asked a year ago which state would be first to have its own ETF, I doubt that Oklahoma would have been a popular guess. The Oklahoma based sponsors have plans for a similar Texas fund. Both will feature a portfolio of companies headquartered in their respective states.


Complete Story »]]> BOKF CHK CLR DVN HP MMP OGE OKE OKS OOK WMB Invest With An Edge Oklahoma State ETF Launches Tomorrow http://seekingalpha.com/article/169833-oklahoma-state-etf-launches-tomorrow?source=feed 169833 oklahoma10/28/09

The “Oklahoma Fund”, an exchange traded fund comprised of a basket of the Oklahoma state stocks, is set to be released tomorrow on the NYSE under the symbol (OOK). It will be interesting to see how well an ETF based primarily on state pride will be digested by the investment community.

]]> Thu, 29 Oct 2009 10:38:37 -0400 ETF Daily News ETF Daily News submits:

oklahoma10/28/09

The “Oklahoma Fund”, an exchange traded fund comprised of a basket of the Oklahoma state stocks, is set to be released tomorrow on the NYSE under the symbol (OOK). It will be interesting to see how well an ETF based primarily on state pride will be digested by the investment community.


Complete Story »]]> BOKF CHK CLR DVN HP MMP OGE OKE OKS OOK TXF WMB ETF Daily News Continental Resources, Inc. Q2 2009 Earnings Call Transcript http://seekingalpha.com/article/154455-continental-resources-inc-q2-2009-earnings-call-transcript?source=feed 154455 Continental Resources, Inc. (CLR)

Q2 2009 Earnings Call Transcript

August 6, 2009 10:00 am ET

]]> Thu, 06 Aug 2009 16:47:12 -0400 Continental Resources, Inc. (CLR)

Q2 2009 Earnings Call Transcript

August 6, 2009 10:00 am ET


Complete Story »]]> CLR Wall Street Breakfast: Must-Know News http://seekingalpha.com/article/154229-wall-street-breakfast-must-know-news?source=feed 154229

  • Judge holds up BoA settlement. A judge is refusing to allow Bank of America (BAC) to pay a $33M settlement to the SEC in connection to allegations that it made false statements about bonuses in its acquisition of Merrill Lynch, even though both the SEC and Bank of America asked for the settlement to be approved. Judge Jed S. Rakoff said permitting the payment without a hearing would leave the public in the dark about a critical part of the financial sector bailout. Rakoff set a hearing date for Monday.
  • AIG soars on short squeeze. AIG (AIG) shares skyrocketed yesterday, climbing nearly 63% to $22.00. Analysts said the spike was likely a result of a short squeeze on the stock, as investors with short positions before a recent 20-1 reverse stock split rushed to buy scarce shares to cover their positions. Some of the movement could also have been speculative trading ahead of AIG's Q2 earnings report tomorrow. Shares +4.8% premarket (7:00 ET).
  • SEC to sue former AIG chief? The SEC may file a civil suit against former AIG (AIG) Chairman and CEO Hank Greenberg on allegations of accounting fraud, said sources familiar with the matter. Greenberg has been the subject of investigation for more than four years, though he flatly denies any claims of misconduct. The lawsuit could be filed as soon as today.
  • Fannie, Freddie could face major reform. The White House is considering a plan that would strip hundreds of billions of dollars in troubled assets from Fannie Mae (FNM) and Freddie Mac (FRE). The assets would be placed in a government-backed 'bad bank,' leaving Fannie and Freddie with healthy balance sheets while the 'bad bank' would try to collect as much of the outstanding loan balances as possible. A White House spokesman said "it should come as no surprise that the administration is thinking through [government-sponsored enterprises] reform," but no final decisions have been made. Premarket: FNM +4.1%, FRE +7.5% (7:00 ET).
  • BNY Mellon bids TARP adieu. Bank of New York Mellon (BK) became the sixth big lender to exit TARP by paying $136M to buy back its government warrants. The repurchase price was below the $160M estimated by the Congressional Oversight Panel, but by the bank's calculations, the government received a 12% annualized return on its investment.
  • Google ogles web video. Google (GOOG) agreed to acquire On2 Technologies (ONT) in an all-stock deal worth $106.5M. Google, which already owns popular web video site YouTube, hopes the deal will bring it closer to its goal of being an innovator in web video. Separately, Google sold its radio-ad placement technology to WideOrbit Inc., a small San Francisco company. Terms of the deal were not disclosed.
  • CF sweetens offer. CF Industries (CF) raised its all-stock offer for Terra Industries (TRA) to $3.7B, a 29% premium to Terra's Wednesday close, and said it's prepared to return at least $1B in cash to Terra's shareholders if the deal goes through. Agrium (AGU) said it remains committed to acquiring CF Industries.
  • SEC plans to muscle up. The SEC is planning to issue more subpoenas and provide individuals with greater incentives to cooperate with investigations, in part by submitting more requests for immunity. As part of its efforts to increase financial oversight, the SEC also plans to create a new office to monitor incoming tips, and to create new units to investigate cases involving asset management, foreign corrupt practices, market abuses, municipal securities and public pensions, and structured products.
  • News Corp. still waiting for recovery. News Corp. (NWS.A) posted a quarterly loss (see details below), hurt by a fall in advertising and charges related to its MySpace site. Though CEO Rupert Murdoch told investors 'the worst may be behind us,' he also warned that "there are no clear signs yet of a fast economic recovery" and the next few months will be difficult. Murdoch also said News Corp. plans to charge for all its news websites: "Quality journalism is not cheap, and an industry that gives away its content is simply cannibalizing its ability to produce good reporting."
  • Treasury tips towards TIPS. The Treasury will increase the sale of TIPS, inflation-protected bonds, in response to growing demand from China and other investors. The decision is part of a broader effort to make sure the U.S. can finance its burgeoning budget deficit.
  • Taylor Bean stops lending. Taylor Bean & Whitaker, which was suspended earlier this week from making Federal Housing Administration loans, will cease operations and won't fund mortgages in its pipeline. The failure of Taylor Bean, the country's 12th-largest mortgage lender, further consolidates an industry that is coming to be dominated by a handful of large banks.
  • Bank of England boosts buyback plan. The Bank of England maintained its target rate at 0.5%, and increased its asset purchase program by £50B to £175B. Commenting on the inflation/deflation paradox, the central bank noted two conflicting sets of forces: "On the one hand, there is a considerable stimulus still working through from the easing in monetary and fiscal policy... On the other hand, the need for banks to continue repairing their balance sheets is likely to restrict the availability of credit, and past falls in asset prices and high levels of debt may weigh on spending."
  • Monster employment dips down (.pdf). Monster's online employment index inched down in July, falling three points to 114 to reflect a seasonal dip in hiring patterns. Year on year, the index fell by 27%, the least in four months, indicating an improvement in underlying employer demand.
  • Jobless data worse than expected. ADP employment was -371,000 in July vs. consensus of -350K. June's losses were revised to -463K. According to the Challenger, Gray & Christmas job report, firing announcements rose 31% in July to 97,373, marking the first monthly increase since January after June's 'surprisingly low' numbers. "While there are signs that the economy is stabilizing and the pace of layoffs slowing, we are still a long way from a full recovery."
  • Factory orders inch up. June's Factory Orders rose +0.4% to $349B vs. -0.8% consensus. Last month orders were up 1.1%. Shipments increased 2.3% to $358B, the first gain in 11 months. Inventories decreased another 1.2% to $318B, the sixth straight month of shrinkage.

Earnings: Thursday Before Open

  • Ameren (AEE): Q2 EPS of $0.75 beats by $0.08. Revenue of $1.7B (-6%) vs. $2B. (PR)
  • Biovail (BVF): Q2 EPS of $0.50 vs. $0.34 consensus (may not be comparable). Revenue of $193.5M (+4%) vs. $191M. (PR)
  • Brinker International (EAT): FQ4 EPS of $0.52 beats by $0.03. Revenue of $829M (-23%) vs. $853M. Issues downside EPS guidance for FQ1 of $0.12-0.14 vs. $0.29 consensus. Shares -7.3% premarket (8:00 ET). (PR)
  • Canadian Natural Resource (CNQ): Q2 EPS of $1.18 beats by $0.08. Revenue of $2.5B (-43%) vs. $1.7B. (PR)
  • Canadian Solar (CSIQ): Q2 EPS of $0.49 beats by $0.58. Revenue of $114M (-46%) vs. $94M. Shares +16.4% premarket (7:40 ET). (PR)
  • Comcast (CMCSA): Q2 EPS of $0.33 beats by $0.07. Revenue of $8.9B (+4.5%) in-line. (PR)
  • Continental Resources (CLR): Q2 EPS of $0.16 beats by $0.06. Revenue of $152M (-50%) vs. $131M. (PR)
  • Delta Petroleum (DPTR): Q2 EPS of -$0.89 vs. -$0.14 consensus (may not be comparable). Revenue of $23M (-72%) vs. $25M. Shares -4% premarket (8:20 ET). (PR)
  • Diana Shipping (DSX): Q2 EPS of $0.39 misses by $0.01. Revenue of $60M (-31%) vs. $57M. (PR)
  • DirecTV Group (DTV): Q2 EPS of $0.40 misses by $0.03. Revenue of $5.2B (+9%) in-line. (PR)
  • El Paso (EP): Q2 EPS of $0.25 beats by $0.04. Revenue of $973M (-16%) vs. $1.1B. (PR)
  • Fuqi International (FUQI): Q2 EPS of $0.45 beats by $0.14. Revenue of $101M (+51%) vs. $93M. Shares +10.4% premarket (8:10 ET). (PR)
  • GLG Partners (GLG): Q2 EPS of $0.26 beats by $0.22. Revenue of $86M (+263%) vs. $90M. (PR)
  • Hospitality Properites Trust (HPT): Q2 EPS of $0.96 beats by $0.02. Revenue of $267M (-21%) vs. $278M. Shares -4.5% premarket (8:10 ET). (PR)
  • Huntsman (HUN): Q2 EPS of -$0.27 misses by $0.14. Revenue of $1.9B (-36%) vs. $2B. Shares -4.9% premarket (8:10 ET). (PR)
  • IAMGOLD Corp. (IAG): Q2 EPS of $0.15 beats by $0.05. Revenue of $225M (+0.1%) vs. $206M. (PR)
  • King Pharmaceuticals (KG): Q2 EPS of $0.32 beats by $0.06. Revenue of $445M (+12%) vs. $438M. (PR)
  • Lamar Advertising Company (LAMR): Q2 EPS of -$0.13 vs. consensus of -$0.12 (may not be comparable). Revenue of $275M (-15%) in-line. (PR)
  • Lexington Realty Trust (LXP): Q2 EPS of $0.35 beats by $0.01. Revenue of $99M (-21%) vs. $98M. (PR)
  • Linn Energy LLC (LINE): Q2 EPS of $0.45 beats by $0.06. "We believe that the Company is poised to continue to deliver positive results and to grow through additional acquisition opportunities." (PR)
  • Melco Crown Entertainment Ltd. (MPEL): Q2 EPS of -$0.30 misses by $0.17. Revenue of $216M (-44%) vs. $256M. Shares -3.9% premarket (8:10 ET). (PR)
  • MetroPCS Communications (PCS): Q2 EPS of $0.07 misses by $0.07. Revenue of $860M (+27%) vs. $862M. (PR)
  • MF Global (MF): FQ1 EPS of -$0.10 misses by $0.14. Revenue of $271.5M (-27.5%) vs. $271.3M. (PR)
  • NASDAQ (NDAQ): Q2 EPS of $0.47 in-line. Revenue of $367M (-13%) vs. $369M. (PR)
  • Plains Exploration & Production Company (PXP): Q2 EPS of $0.37 beats by $0.05. Revenue of $279M (-62%) vs. $326M. Shares -0.9% premarket (8:00 ET). (PR)
  • Sirius XM Radio (SIRI): Q2 EPS of -$0.01 in-line. Revenue of $608M (+1.2%) in-line. Says cash operating expenses are 28% lower since the merger. Increases full-year income from operations guidance to $400M from $350M. (PR)
  • Teradata (TDC): Q2 EPS of $0.36 beats by $0.11. Revenue of $421M (-7.5%) vs. $414M. (PR)
  • Tetra Technologies (TTI): Q2 EPS of $0.24 beats by $0.05. Revenue of $218M (-28.4%) vs. $229M. Shares +0.75% premarket (8:10 ET). (PR)
  • Wendy's/Arby's Group (WEN): Q2 EPS of $0.06 in-line. Revenue of $913M (+192%) vs. $928M. Shares +1% premarket (8:30 ET). (PR)
  • Western Refining (WNR): Q2 EPS of -$0.11 beats by $0.04. Revenue of $1.6B (-53%) in-line. Shares -7.9% premarket (7:10 ET). (PR)
  • Williams Companies (WMB): Q2 EPS of $0.24 beats by $0.08. Issues in-line EPS guidance for FY '09 of $0.70-0.90 vs. $0.83 consensus. (PR)
  • Windstream (WIN): Q2 EPS of $0.21 misses by $0.02. Revenue of $753M (-6%) vs. $754M. (PR)

Earnings: Wednesday After Close

  • Activision (ATVI): Q2 EPS of $0.08 beats by $0.01. Sees Q3 EPS of $0.03 vs. $0.10. Sees Q3 revenue of $700M vs. $909M. Sees full-year EPS of $0.63 vs. $0.66 and revenue of $4.5B vs. $4.9B. Delaying launch of Singularity and Starcraft II into 2010. Revenue of $1B (+195%) vs. $801M. (PR)
  • Allstate (ALL): Q2 EPS of $0.72 misses by $0.40. Revenue of $8.5B (+15%) vs. $8.2B. (PR)
  • Amerco (UHAL): FQ1 EPS of $1.01 misses by $0.14. Revenue of $521M (-4%) vs. $515M. (PR)
  • AmeriCredit (ACF): FQ4 EPS of $0.23 beats by $0.18. Revenue of $454M (-24%) vs. $413M. (PR)
  • Atwood Oceanics (ATW): FQ3 EPS of $1.05 beats by $0.23. Revenue of $149M (+6%) vs. $142M. (PR)
  • Brigham Exploration Company (BEXP): Q2 EPS of -$0.12 misses by $0.06. Revenue of $10.5M (-58%) vs. $15.2M. (PR)
  • Career Education (CECO): Q2 EPS of $0.07 misses by $0.12. Revenue of $441M (+6%) vs. $419M. Increases stock buyback by $200M to $255.5M. (PR)
  • CardioNet (BEAT): Q2 EPS of $0.11 beats by $0.06. Revenue of $38.3M (+30%) vs. $38.5M. (PR)
  • Cisco Systems (CSCO): FQ4 EPS of $0.31 beats by $0.02. Revenue of $8.5B (-18%) in-line. (PR)
  • Cooper Tire & Rubber (CTB): Q2 EPS of -$0.22 misses by $0.26. Revenue of $773M (+22%) vs. $659M. (PR)
  • Corrections of America (CXW): Q2 EPS of $0.30 beats by $0.02. Revenue of $413M (+6%) vs. $411M. (PR)
  • Eagle Bulk Shipping (EGLE): Q2 EPS of $0.26 in-line. Revenue of $53M (+42%) vs. $52M. (PR)
  • General Cable (BGC): Q2 EPS of $1.02 beats by $0.20. Revenue of $1.1B (-17%) vs. $1.2B. Sees Q3 EPS of $0.45-0.55 vs. $0.72. (PR)
  • Great Plains Energy (GXP): Q2 EPS of $0.26 beats by $0.13. Revenue of $481M vs. $495M. (PR)
  • Health Care REIT (HCN): Q2 EPS of $0.80 in-line. Revenue of $142M (+10%) vs. $140M. (PR)
  • ION Geophysical (IO): Q2 EPS of -$0.05 in-line. Revenue of $101M (-44%) vs. $145M. Sees full-year EPS of -$0.09 to -$0.19 vs. -$0.05. Sees full-year revenue of $450M-500M vs. $534M. (PR)
  • MBIA (MBI): Q2 EPS of $4.30 not comparable to consensus of -$0.92. (PR)
  • Murphy Oil (MUR): Q2 EPS of $0.83 may not be comparable to consensus $0.65. Revenue of $4.6B (-45%) vs. $4B. (PR)
  • Nationwide Health Properties (NHP): Q2 FFO of $0.61 beats by $0.02. Revenue of $97M (+5%) vs. $94M. (PR)
  • News Corp. (NWS.A): FQ4 EPS of -$0.08 misses by $0.26. Revenue of $7.7B (-11%) vs. $7.6B. (PR)
  • ON Semiconductor (ONNN): Q2 EPS of $0.09 beats by $0.07. Revenue of $420M (-25%) vs. $406M. Sees Q3 revenue of $445M-455M vs. $428M. (PR)
  • Orient-Express Hotels (OEH): Q2 EPS of -$0.04 misses by $0.14. Revenue of $132M (-26%) vs. $138M. (PR)
  • Prudential Financial (PRU): Q2 EPS of $1.88 beats by $0.68. Revenue of $6.3B (-8%) vs. $6.6B. Sees full-year EPS of $5.00-5.20 vs. $4.72. (PR)
  • Redwood Trust (RWT): Q2 EPS of $0.10 misses by $0.13. Net interest income of $35M. (PR)
  • Regency Centers (REG): Q2 FFO before impairments of $0.61 beats by $0.32. Net loss attributable to common stockholders of $17.2M. (PR)
  • Service International (SCI): Q2 EPS of $0.12 beats by $0.05. Revenue of $514M (-6%) vs. $494M. Raises full-year EPS guidance to $0.36-0.42 from $0.26-0.36 vs. $0.32. (PR)
  • Sunoco (SUN): Q2 EPS of -$0.27 misses by $0.15. Revenue of $7.5B (-51%) vs. $12B. (PR)
  • Sunstone Hotel Investors (SHO): Q2 FFO of $0.22 misses by $0.11. Revenue of $187M (-23%) vs. $196M. (PR)
  • Vertex Pharmaceuticals (VRTX): Q2 EPS of -$0.99 misses by $0.16. Revenue of $19M (-73%) vs. $33M. (PR)

Today's Markets

Asian markets closed mixed but European markets are starting the day in the black. U.S. futures, once again, are sending no clear signals.

]]> Thu, 06 Aug 2009 07:17:09 -0400 SA Editor Rachael Granby

  • Judge holds up BoA settlement. A judge is refusing to allow Bank of America (BAC) to pay a $33M settlement to the SEC in connection to allegations that it made false statements about bonuses in its acquisition of Merrill Lynch, even though both the SEC and Bank of America asked for the settlement to be approved. Judge Jed S. Rakoff said permitting the payment without a hearing would leave the public in the dark about a critical part of the financial sector bailout. Rakoff set a hearing date for Monday.
  • AIG soars on short squeeze. AIG (AIG) shares skyrocketed yesterday, climbing nearly 63% to $22.00. Analysts said the spike was likely a result of a short squeeze on the stock, as investors with short positions before a recent 20-1 reverse stock split rushed to buy scarce shares to cover their positions. Some of the movement could also have been speculative trading ahead of AIG's Q2 earnings report tomorrow. Shares +4.8% premarket (7:00 ET).
  • SEC to sue former AIG chief? The SEC may file a civil suit against former AIG (AIG) Chairman and CEO Hank Greenberg on allegations of accounting fraud, said sources familiar with the matter. Greenberg has been the subject of investigation for more than four years, though he flatly denies any claims of misconduct. The lawsuit could be filed as soon as today.
  • Fannie, Freddie could face major reform. The White House is considering a plan that would strip hundreds of billions of dollars in troubled assets from Fannie Mae (FNM) and Freddie Mac (FRE). The assets would be placed in a government-backed 'bad bank,' leaving Fannie and Freddie with healthy balance sheets while the 'bad bank' would try to collect as much of the outstanding loan balances as possible. A White House spokesman said "it should come as no surprise that the administration is thinking through [government-sponsored enterprises] reform," but no final decisions have been made. Premarket: FNM +4.1%, FRE +7.5% (7:00 ET).
  • BNY Mellon bids TARP adieu. Bank of New York Mellon (BK) became the sixth big lender to exit TARP by paying $136M to buy back its government warrants. The repurchase price was below the $160M estimated by the Congressional Oversight Panel, but by the bank's calculations, the government received a 12% annualized return on its investment.
  • Google ogles web video. Google (GOOG) agreed to acquire On2 Technologies (ONT) in an all-stock deal worth $106.5M. Google, which already owns popular web video site YouTube, hopes the deal will bring it closer to its goal of being an innovator in web video. Separately, Google sold its radio-ad placement technology to WideOrbit Inc., a small San Francisco company. Terms of the deal were not disclosed.
  • CF sweetens offer. CF Industries (CF) raised its all-stock offer for Terra Industries (TRA) to $3.7B, a 29% premium to Terra's Wednesday close, and said it's prepared to return at least $1B in cash to Terra's shareholders if the deal goes through. Agrium (AGU) said it remains committed to acquiring CF Industries.
  • SEC plans to muscle up. The SEC is planning to issue more subpoenas and provide individuals with greater incentives to cooperate with investigations, in part by submitting more requests for immunity. As part of its efforts to increase financial oversight, the SEC also plans to create a new office to monitor incoming tips, and to create new units to investigate cases involving asset management, foreign corrupt practices, market abuses, municipal securities and public pensions, and structured products.
  • News Corp. still waiting for recovery. News Corp. (NWS.A) posted a quarterly loss (see details below), hurt by a fall in advertising and charges related to its MySpace site. Though CEO Rupert Murdoch told investors 'the worst may be behind us,' he also warned that "there are no clear signs yet of a fast economic recovery" and the next few months will be difficult. Murdoch also said News Corp. plans to charge for all its news websites: "Quality journalism is not cheap, and an industry that gives away its content is simply cannibalizing its ability to produce good reporting."
  • Treasury tips towards TIPS. The Treasury will increase the sale of TIPS, inflation-protected bonds, in response to growing demand from China and other investors. The decision is part of a broader effort to make sure the U.S. can finance its burgeoning budget deficit.
  • Taylor Bean stops lending. Taylor Bean & Whitaker, which was suspended earlier this week from making Federal Housing Administration loans, will cease operations and won't fund mortgages in its pipeline. The failure of Taylor Bean, the country's 12th-largest mortgage lender, further consolidates an industry that is coming to be dominated by a handful of large banks.
  • Bank of England boosts buyback plan. The Bank of England maintained its target rate at 0.5%, and increased its asset purchase program by £50B to £175B. Commenting on the inflation/deflation paradox, the central bank noted two conflicting sets of forces: "On the one hand, there is a considerable stimulus still working through from the easing in monetary and fiscal policy... On the other hand, the need for banks to continue repairing their balance sheets is likely to restrict the availability of credit, and past falls in asset prices and high levels of debt may weigh on spending."
  • Monster employment dips down (.pdf). Monster's online employment index inched down in July, falling three points to 114 to reflect a seasonal dip in hiring patterns. Year on year, the index fell by 27%, the least in four months, indicating an improvement in underlying employer demand.
  • Jobless data worse than expected. ADP employment was -371,000 in July vs. consensus of -350K. June's losses were revised to -463K. According to the Challenger, Gray & Christmas job report, firing announcements rose 31% in July to 97,373, marking the first monthly increase since January after June's 'surprisingly low' numbers. "While there are signs that the economy is stabilizing and the pace of layoffs slowing, we are still a long way from a full recovery."
  • Factory orders inch up. June's Factory Orders rose +0.4% to $349B vs. -0.8% consensus. Last month orders were up 1.1%. Shipments increased 2.3% to $358B, the first gain in 11 months. Inventories decreased another 1.2% to $318B, the sixth straight month of shrinkage.

Earnings: Thursday Before Open

  • Ameren (AEE): Q2 EPS of $0.75 beats by $0.08. Revenue of $1.7B (-6%) vs. $2B. (PR)
  • Biovail (BVF): Q2 EPS of $0.50 vs. $0.34 consensus (may not be comparable). Revenue of $193.5M (+4%) vs. $191M. (PR)
  • Brinker International (EAT): FQ4 EPS of $0.52 beats by $0.03. Revenue of $829M (-23%) vs. $853M. Issues downside EPS guidance for FQ1 of $0.12-0.14 vs. $0.29 consensus. Shares -7.3% premarket (8:00 ET). (PR)
  • Canadian Natural Resource (CNQ): Q2 EPS of $1.18 beats by $0.08. Revenue of $2.5B (-43%) vs. $1.7B. (PR)
  • Canadian Solar (CSIQ): Q2 EPS of $0.49 beats by $0.58. Revenue of $114M (-46%) vs. $94M. Shares +16.4% premarket (7:40 ET). (PR)
  • Comcast (CMCSA): Q2 EPS of $0.33 beats by $0.07. Revenue of $8.9B (+4.5%) in-line. (PR)
  • Continental Resources (CLR): Q2 EPS of $0.16 beats by $0.06. Revenue of $152M (-50%) vs. $131M. (PR)
  • Delta Petroleum (DPTR): Q2 EPS of -$0.89 vs. -$0.14 consensus (may not be comparable). Revenue of $23M (-72%) vs. $25M. Shares -4% premarket (8:20 ET). (PR)
  • Diana Shipping (DSX): Q2 EPS of $0.39 misses by $0.01. Revenue of $60M (-31%) vs. $57M. (PR)
  • DirecTV Group (DTV): Q2 EPS of $0.40 misses by $0.03. Revenue of $5.2B (+9%) in-line. (PR)
  • El Paso (EP): Q2 EPS of $0.25 beats by $0.04. Revenue of $973M (-16%) vs. $1.1B. (PR)
  • Fuqi International (FUQI): Q2 EPS of $0.45 beats by $0.14. Revenue of $101M (+51%) vs. $93M. Shares +10.4% premarket (8:10 ET). (PR)
  • GLG Partners (GLG): Q2 EPS of $0.26 beats by $0.22. Revenue of $86M (+263%) vs. $90M. (PR)
  • Hospitality Properites Trust (HPT): Q2 EPS of $0.96 beats by $0.02. Revenue of $267M (-21%) vs. $278M. Shares -4.5% premarket (8:10 ET). (PR)
  • Huntsman (HUN): Q2 EPS of -$0.27 misses by $0.14. Revenue of $1.9B (-36%) vs. $2B. Shares -4.9% premarket (8:10 ET). (PR)
  • IAMGOLD Corp. (IAG): Q2 EPS of $0.15 beats by $0.05. Revenue of $225M (+0.1%) vs. $206M. (PR)
  • King Pharmaceuticals (KG): Q2 EPS of $0.32 beats by $0.06. Revenue of $445M (+12%) vs. $438M. (PR)
  • Lamar Advertising Company (LAMR): Q2 EPS of -$0.13 vs. consensus of -$0.12 (may not be comparable). Revenue of $275M (-15%) in-line. (PR)
  • Lexington Realty Trust (LXP): Q2 EPS of $0.35 beats by $0.01. Revenue of $99M (-21%) vs. $98M. (PR)
  • Linn Energy LLC (LINE): Q2 EPS of $0.45 beats by $0.06. "We believe that the Company is poised to continue to deliver positive results and to grow through additional acquisition opportunities." (PR)
  • Melco Crown Entertainment Ltd. (MPEL): Q2 EPS of -$0.30 misses by $0.17. Revenue of $216M (-44%) vs. $256M. Shares -3.9% premarket (8:10 ET). (PR)
  • MetroPCS Communications (PCS): Q2 EPS of $0.07 misses by $0.07. Revenue of $860M (+27%) vs. $862M. (PR)
  • MF Global (MF): FQ1 EPS of -$0.10 misses by $0.14. Revenue of $271.5M (-27.5%) vs. $271.3M. (PR)
  • NASDAQ (NDAQ): Q2 EPS of $0.47 in-line. Revenue of $367M (-13%) vs. $369M. (PR)
  • Plains Exploration & Production Company (PXP): Q2 EPS of $0.37 beats by $0.05. Revenue of $279M (-62%) vs. $326M. Shares -0.9% premarket (8:00 ET). (PR)
  • Sirius XM Radio (SIRI): Q2 EPS of -$0.01 in-line. Revenue of $608M (+1.2%) in-line. Says cash operating expenses are 28% lower since the merger. Increases full-year income from operations guidance to $400M from $350M. (PR)
  • Teradata (TDC): Q2 EPS of $0.36 beats by $0.11. Revenue of $421M (-7.5%) vs. $414M. (PR)
  • Tetra Technologies (TTI): Q2 EPS of $0.24 beats by $0.05. Revenue of $218M (-28.4%) vs. $229M. Shares +0.75% premarket (8:10 ET). (PR)
  • Wendy's/Arby's Group (WEN): Q2 EPS of $0.06 in-line. Revenue of $913M (+192%) vs. $928M. Shares +1% premarket (8:30 ET). (PR)
  • Western Refining (WNR): Q2 EPS of -$0.11 beats by $0.04. Revenue of $1.6B (-53%) in-line. Shares -7.9% premarket (7:10 ET). (PR)
  • Williams Companies (WMB): Q2 EPS of $0.24 beats by $0.08. Issues in-line EPS guidance for FY '09 of $0.70-0.90 vs. $0.83 consensus. (PR)
  • Windstream (WIN): Q2 EPS of $0.21 misses by $0.02. Revenue of $753M (-6%) vs. $754M. (PR)

Earnings: Wednesday After Close

  • Activision (ATVI): Q2 EPS of $0.08 beats by $0.01. Sees Q3 EPS of $0.03 vs. $0.10. Sees Q3 revenue of $700M vs. $909M. Sees full-year EPS of $0.63 vs. $0.66 and revenue of $4.5B vs. $4.9B. Delaying launch of Singularity and Starcraft II into 2010. Revenue of $1B (+195%) vs. $801M. (PR)
  • Allstate (ALL): Q2 EPS of $0.72 misses by $0.40. Revenue of $8.5B (+15%) vs. $8.2B. (PR)
  • Amerco (UHAL): FQ1 EPS of $1.01 misses by $0.14. Revenue of $521M (-4%) vs. $515M. (PR)
  • AmeriCredit (ACF): FQ4 EPS of $0.23 beats by $0.18. Revenue of $454M (-24%) vs. $413M. (PR)
  • Atwood Oceanics (ATW): FQ3 EPS of $1.05 beats by $0.23. Revenue of $149M (+6%) vs. $142M. (PR)
  • Brigham Exploration Company (BEXP): Q2 EPS of -$0.12 misses by $0.06. Revenue of $10.5M (-58%) vs. $15.2M. (PR)
  • Career Education (CECO): Q2 EPS of $0.07 misses by $0.12. Revenue of $441M (+6%) vs. $419M. Increases stock buyback by $200M to $255.5M. (PR)
  • CardioNet (BEAT): Q2 EPS of $0.11 beats by $0.06. Revenue of $38.3M (+30%) vs. $38.5M. (PR)
  • Cisco Systems (CSCO): FQ4 EPS of $0.31 beats by $0.02. Revenue of $8.5B (-18%) in-line. (PR)
  • Cooper Tire & Rubber (CTB): Q2 EPS of -$0.22 misses by $0.26. Revenue of $773M (+22%) vs. $659M. (PR)
  • Corrections of America (CXW): Q2 EPS of $0.30 beats by $0.02. Revenue of $413M (+6%) vs. $411M. (PR)
  • Eagle Bulk Shipping (EGLE): Q2 EPS of $0.26 in-line. Revenue of $53M (+42%) vs. $52M. (PR)
  • General Cable (BGC): Q2 EPS of $1.02 beats by $0.20. Revenue of $1.1B (-17%) vs. $1.2B. Sees Q3 EPS of $0.45-0.55 vs. $0.72. (PR)
  • Great Plains Energy (GXP): Q2 EPS of $0.26 beats by $0.13. Revenue of $481M vs. $495M. (PR)
  • Health Care REIT (HCN): Q2 EPS of $0.80 in-line. Revenue of $142M (+10%) vs. $140M. (PR)
  • ION Geophysical (IO): Q2 EPS of -$0.05 in-line. Revenue of $101M (-44%) vs. $145M. Sees full-year EPS of -$0.09 to -$0.19 vs. -$0.05. Sees full-year revenue of $450M-500M vs. $534M. (PR)
  • MBIA (MBI): Q2 EPS of $4.30 not comparable to consensus of -$0.92. (PR)
  • Murphy Oil (MUR): Q2 EPS of $0.83 may not be comparable to consensus $0.65. Revenue of $4.6B (-45%) vs. $4B. (PR)
  • Nationwide Health Properties (NHP): Q2 FFO of $0.61 beats by $0.02. Revenue of $97M (+5%) vs. $94M. (PR)
  • News Corp. (NWS.A): FQ4 EPS of -$0.08 misses by $0.26. Revenue of $7.7B (-11%) vs. $7.6B. (PR)
  • ON Semiconductor (ONNN): Q2 EPS of $0.09 beats by $0.07. Revenue of $420M (-25%) vs. $406M. Sees Q3 revenue of $445M-455M vs. $428M. (PR)
  • Orient-Express Hotels (OEH): Q2 EPS of -$0.04 misses by $0.14. Revenue of $132M (-26%) vs. $138M. (PR)
  • Prudential Financial (PRU): Q2 EPS of $1.88 beats by $0.68. Revenue of $6.3B (-8%) vs. $6.6B. Sees full-year EPS of $5.00-5.20 vs. $4.72. (PR)
  • Redwood Trust (RWT): Q2 EPS of $0.10 misses by $0.13. Net interest income of $35M. (PR)
  • Regency Centers (REG): Q2 FFO before impairments of $0.61 beats by $0.32. Net loss attributable to common stockholders of $17.2M. (PR)
  • Service International (SCI): Q2 EPS of $0.12 beats by $0.05. Revenue of $514M (-6%) vs. $494M. Raises full-year EPS guidance to $0.36-0.42 from $0.26-0.36 vs. $0.32. (PR)
  • Sunoco (SUN): Q2 EPS of -$0.27 misses by $0.15. Revenue of $7.5B (-51%) vs. $12B. (PR)
  • Sunstone Hotel Investors (SHO): Q2 FFO of $0.22 misses by $0.11. Revenue of $187M (-23%) vs. $196M. (PR)
  • Vertex Pharmaceuticals (VRTX): Q2 EPS of -$0.99 misses by $0.16. Revenue of $19M (-73%) vs. $33M. (PR)

Today's Markets

Asian markets closed mixed but European markets are starting the day in the black. U.S. futures, once again, are sending no clear signals.


Complete Story »]]> ACF AEE AGU AIG ALL ATVI ATW BAC BEAT BEXP BGC BK BVF CECO CF CLR CMCSA CNQ CSCO CSIQ CTB CXW DIA DPTR DSX DTV EAT EGLE EP FNM FRE FUQI GLD GLG GOOG GXP HCN HPT HUN IAG IO KG LAMR LINE LXP MBI MF MPEL MUR NDAQ NHP NWSA OEH ONNN ONT PCS PRU PXP QQQQ REG RWT SCI SHO SIRI SPY SUN TDC TRA TTI UHAL USO VRTX WEN WIN WMB WNR SA Editor Rachael Granby Cramer's Mad Money - Second Half of 2009 Predictions (6/26/09) http://seekingalpha.com/article/145679-cramer-s-mad-money-second-half-of-2009-predictions-6-26-09?source=feed 145679 Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Friday June 26.

Predictions: Wells Fargo (WFC), NVR (NVR), Paccar (PCAR), Apple (AAPL)

]]> Sun, 28 Jun 2009 18:33:23 -0400 SA Editor Miriam Metzinger Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Friday June 26.

Predictions: Wells Fargo (WFC), NVR (NVR), Paccar (PCAR), Apple (AAPL)


Complete Story »]]> AAPL APA APC CHK CLR MDRX NVR PCAR SWN WFC XTO SA Editor Miriam Metzinger Double Shale Play in Energy Approaches: EnCana and Continental Resources http://seekingalpha.com/article/141375-double-shale-play-in-energy-approaches-encana-and-continental-resources?source=feed 141375 By Brandon Clay

No sector has escaped the economic calamity since the stock market peaked twenty months ago. The Bush-Obama stimulus plans are now reflating stocks. Commodity-related sectors typically thrive in these conditions. Could energy once again be in the spotlight?

]]> Thu, 04 Jun 2009 11:07:35 -0400 Invest With An Edge Invest With An Edge submits:

By Brandon Clay

No sector has escaped the economic calamity since the stock market peaked twenty months ago. The Bush-Obama stimulus plans are now reflating stocks. Commodity-related sectors typically thrive in these conditions. Could energy once again be in the spotlight?


Complete Story »]]> CLR ECA Invest With An Edge Continental Resources, Inc. Q1 2009 Earnings Call Transcript http://seekingalpha.com/article/136516-continental-resources-inc-q1-2009-earnings-call-transcript?source=feed 136516 Continental Resources, Inc. (CLR)

Q1 2009 Earnings Call Transcript

May 7, 2009 10:00 am ET

]]> Fri, 08 May 2009 10:50:36 -0400 Continental Resources, Inc. (CLR)

Q1 2009 Earnings Call Transcript

May 7, 2009 10:00 am ET


Complete Story »]]> CLR Wall Street Breakfast: Must-Know News http://seekingalpha.com/article/136072-wall-street-breakfast-must-know-news?source=feed 136072

  • Final countdown to stress test results. With just hours to go before the Federal Reserve releases its official stress test report, results continue to leak out. At least seven of the nation's biggest banks reportedly need to boost capital by $65B; Bank of America (BAC) likely has the largest hole to plug with a capital shortfall of around $34B, followed by Wells Fargo (WFC) with $13-15B, GMAC (GJM) with $11.5B, Citigroup (C) with $5B and Morgan Stanley (MS) with $1.5B. At least six institutions won't need any capital at all, including JPMorgan Chase (JPM), Goldman Sachs (GS), MetLife (MET), American Express (AXP), Bank of New York Mellon (BK) and Capital One Financial (COF). Geithner said the results will give a 'reassuring' picture of the banking system's ability to withstand crisis. Financial shares continue to do well in the run-up to the official release: AXP +2.2%, BAC +5.2%, C +7.8%, GS +0.9%, JPM +1.4%, MS +0.5%, WFC +2.5% (7:00 ET).
  • Addressing too-big-to-fail. FDIC's Sheila Bair and Minneapolis Federal Reserve's Gary Stern offered up various solutions for the too-big-to-fail problem in Senate testimony yesterday. Bair wants to see the creation of a systemic-risk council to monitor potentially problematic companies because, as one lawmaker put it, "we cannot afford to replace Citi-sized financial institutions with Citi-sized regulators." Bair also wants the FDIC to be able to wind down bank and thrift holding companies as it now does with failed lenders. Stern suggested stress tests with pre-specified policy requirements, automatic capital protection regimes and insurance premiums on risky activity. (Read Bair's full testimony and Stern's full testimony)
  • Senate fights foreclosures. The Senate approved a bill to reduce home foreclosures, including a provision that would shield mortgage service companies from lawsuits if they participate in federal loan modification programs. The bill did not include a controversial mortgage cramdown proposal some Democrats had been advocating. Lawmakers also raised the FDIC's borrowing authority to $100B from $30B, and extended the $250,000 deposit insurance limit through 2013.
  • Chrysler update. In the words of Fiat CEO Sergio Marchionne, "Chrysler is on track to re-emerge from bankruptcy in 60 days. I will become Chrysler CEO after that." He said the idea has already been discussed with the Treasury.
  • GM seeks stake in Fiat. General Motors (GM) is reportedly asking for a 30% stake in Fiat in return for giving the Italian automaker its Latin American and European operations, while Fiat is offering less than 10%. The talks are the latest development in Fiat's sudden bid to grow into a global auto powerhouse, by acquiring GM's Opel, and a 20% stake in Chrysler.
  • Murdoch: brighter outlook for News Corp. News Corp. (NWS) reported in-line quarterly earnings yesterday (see details below) and a 47% drop in operating income as advertising revenues declined. The company reaffirmed earlier guidance that FY '09 operating income would fall 30%. However, CEO Rupert Murdoch stressed "it is increasingly clear that the worst is over. There are emerging signs in some of our businesses that the days of precipitous decline are done." Murdoch has no plans to buy additional newspapers, and will initiate cost-cutting at MySpace and Fox Interactive Media.
  • SocGen posts loss on writedowns. Societe Generale (SCGLY.PK) reported an unexpected Q1 loss on writedowns connected to U.S. bond insurers and on higher provisions for risky loans. The bank had a net loss of €278M ($370M) vs. analysts' forecasts for a €332M profit, and noted that "acute tensions remain in the financial markets." CEO Frederic Oudea was named chairman, after Daniel Bouton stepped down from the position at the end of April. Shares -3.8% in Paris (7:00 ET).
  • New Kindle for students, newsies. As expected, Amazon (AMZN) released a new and larger e-reader designed for textbooks and newspapers. The Kindle DX will cost $489, a mark-up of $130 over earlier versions of the e-reader, and will go on sale this summer.
  • GE's health-care push. General Electric (GE) plans to announce a health-care initiative today, unveiling its efforts to improve the 'sustainability of global healthcare systems' in the areas of health technology, independent living, rural health and cost containment. The initiative will likely involve at least $1B of R&D spending. Shares +3.1% premarket (7:00 ET).
  • MSFT still open to Yahoo deal. Microsoft (MSFT) CEO Steve Ballmer sees room to work with Yahoo (YHOO) to create a 'better search product' and says a tie-up would have been 'valuable.' He declined to comment on whether the two companies are holding formal talks. Premarket: MSFT +1.1%, YHOO +1.0% (7:00 ET).
  • House hearing on BoA-Merrill. Bank of America (BAC) CEO Ken Lewis and top federal officials will reportedly be asked to testify in the House of Representatives next month regarding claims that the government pressured Bank of America into completing its Merrill Lynch acquisition.
  • Dell may use Android. Dell (DELL) may use Google's (GOOG) Android operating system for future products, according to a press release put out by a small software company. The company's spokeswoman and a Dell representative later said the release was 'issued in error,' but the Dell spokesman confirmed the firm is assessing technology options.
  • Weak April for Costco. Costco (COST) said its April same-store sales were 8% lower than a year ago, even worse than the 6.8% drop analysts expected. The decline was led by a 12% drop internationally, and 7% in the U.S. Total sales fell 6% to $5.18B.
  • Job cuts decline. Firing announcements fell 12% in April M/M to 132,590, marking the third month in a row of job cuts declines, but are up 47% Y/Y. The report by Challenger, Gray & Christmas Inc noted that "job cuts are still at recession levels, but the fact that they are falling is certainly promising." According to ADP, private sector employment fell by 491,000 in April vs. 708,000 in March (revised from 742K) - much less than the 645,000 decline economists expected. Improvement was widespread across industries and across business sizes, but "this is still a major decline in employment."
  • BoE stays put, boosts bond buys. Bank of England kept its key lending rate unchanged at 0.5%, but raised its bond purchase target by £50B to £125B. "The global banking and financial system remains fragile despite further significant intervention by the authorities," the Bank said, noting it expects U.K. inflation to drop below its 2% target later this year. "But surveys at home and abroad show promising signs that the pace of decline has begun to moderate."

Earnings: Thursday Before Open

  • AECOM Technology (ACM): FQ2 EPS of $0.40 in-line. Revenue of $1.5B (+28.7%) vs. $1.6B. (PR)
  • Ansys (ANSS): Q1 EPS of $0.37 beats by $0.01. Revenue of $121M (+10.9%) vs. $125M. (PR)
  • ATP Oil & Gas (ATPG): Q1 EPS of $0.05 beats by $0.40. Revenue of $82M (-63.9%) vs. $92M. (PR)
  • BCE (BCE): Q1 EPS of $0.57 beats by $0.04. Revenue of $3.6B (-0.5%) vs. $4.3B. (PR)
  • Cameron International (CAM): Q1 EPS of $0.59 beats by $0.02. Revenue of $1.3B (-6.1%) vs. $1.4B. (PR)
  • CapitalSource (CSE): Q1 EPS of -$0.36 misses by $0.11. (PR)
  • Continental Resources (CLR): Q1 EPS of -$0.03 misses by $0.03. Revenue of $97M (-57.6%) vs. $112M. (PR)
  • Corrections Corp. of America (CXW): Q1 EPS of $0.29 beats by $0.03. Revenue of $404M (+6.5%) vs. $403M. (PR)
  • Dynegy (DYN): Q1 EPS of -$0.40 misses by $0.36. Revenue of $904M (+66.5%) vs. $683M. (PR)
  • Frontier Communications (FTR): Q1 EPS of $0.12 misses by $0.02. Revenue of $538M (-5.5%) vs. $547M. (PR)
  • General Motors (GM): Q1 EPS of -$9.66 beats by $1.39. Revenue of $22.43B (-47.1%) vs. consensus of $20.19B. Excluding special items, adjusted net loss was $5.9B. Cash fell to $11.6B from $14.2B. Shares +4.8% premarket (7:20 ET). (PR)
  • Holly (HOC): Q1 EPS of $0.44 beats by $0.14. Revenue of $651M (-56%) vs. $590M. (PR)
  • HRPT Properties Trust (HRP): Q1 EPS of $0.28 beats by $0.02. Revenue of $217M (+7.8%) vs. $216M. (PR)
  • Lamar Advertising Company (LAMR): Q1 EPS of -$0.23 beats by $0.06. Revenue of $247M (-12.6%) vs. $244M. (PR)
  • Lexington Realty Trust (LXP): Q1 EPS of $0.38 beats by $0.02. Revenue of $101M (-4.5%) vs. $99M. (PR)
  • Linn Energy LLC (LINE): Q1 EPS of $0.48 beats by $0.09. Revenue of $204M (+19.2%) vs. $171M. (PR)
  • MetroPCS Communications (PCS): Q1 EPS of $0.12 beats by $0.03. Revenue of $795M (+20.1%) vs. $818M. (PR)
  • Nasdaq (NDAQ): Q1 EPS of $0.48 beats by $0.01. Revenue of $369M (-11.9%) vs. $379M. (PR)
  • Omega Healthcare Investors (OHI): Q1 FFO of $0.37 in-line. Revenue of $49M (+20.3%) vs. $42M. Reaffirms FY '09 FFO of $1.47-$1.50. (PR)
  • Perrigo Company (PRGO): FQ3 EPS of $0.50 beats by $0.05. Revenue of $506M (+5.3%) vs. $527M. Issues upside EPS guidance for FY '09 of $1.80-1.90, vs. previous guidance of $1.75-1.90. Shares +4.3% premarket (8:00 ET). (PR)
  • Plains Exploration & Production Company (PXP): Q1 EPS of $1.23 beats by $0.96. Revenue of $228.5M (-63.3%) vs. $302.7M. (PR)
  • Teradata Corporation (TDC): Q1 EPS of $0.26 beats by $0.12. Revenue of $367M (-2.1%) vs. $345M. (PR)

Earnings: Wednesday After Close

  • Anadarko Petroleum (APC): Q1 EPS of -$0.53 beats by $0.09. Revenue of $1.6B (-46.4%) vs. $1.7B. Shares +0.85% AH. (PR)
  • Atwood Oceanics (ATW): FQ2 EPS of $0.88 beats by $0.09. Revenue of $141M (+24%) vs. $139M. Shares +4.4% AH. (PR)
  • Avis Budget Group (CAR): Q1 EPS of -$0.44 beats by $0.19. Revenue of $1.19B (-17.4%) vs. $1.25B. Shares -5.75% AH. (PR)
  • Brookdale Senior Living (BKD): Q1 EPS of -$0.13 beats by $0.20. Revenue of $498M (+3.6%) vs. $495M. (PR)
  • Churchill Downs (CHDN): Q1 EPS of -$0.37 beats by $0.21. Revenue of $73.7M (+12.2%) vs. $67.6M. (PR)
  • Cisco Systems (CSCO): FQ3 EPS of $0.30 beats by $0.05. Revenue of $8.2B vs. $8.07B. CEO John Chambers' comments on the earnings call will be critical, as always. Shares +2.5% AH. (PR)
  • Eagle Bulk Shipping (EGLE): Q1 EPS of $0.37 in-line. Revenue of $56M (+52.6%) vs. $54.4M. Utilization rate 99.6%. Shares -4.5% AH. (PR)
  • Embarq (EQ): Q1 EPS of $1.39 beats by $0.10. Revenue of $1.35B (-7.6%) in-line. (PR)
  • Federal Realty Investment Trust (FRT): Q1 FFO of $0.99 in-line. Revenue of $131M (+3.8%) vs. $130M. Shares flat AH. (PR)
  • Global Industries (GLBL): Q1 EPS of $0.17 beats by $0.10. Revenue of $269.5M (-10.6%) vs. $264M. Shares +2.6% AH. (PR)
  • Goodrich Petroleum (GDP): Q1 EPS of -$0.05 misses by $0.02. Revenue of $28.5M (-38.6%) vs. $21M. Shares -1.8% AH. (PR)
  • Home Properties (HME): Q1 FFO of $0.79 beats by $0.01. Revenue of $129M vs. $122M. Shares flat AH. (PR)
  • ION Geophysical (IO): Q1 EPS of -$0.10 misses by $0.02. Revenue of $107M (-23.8%) vs. $133M. Shares -9.5% AH. (PR)
  • Limelight Networks (LLNW): Q1 EPS of -$0.02 beats by $0.02. Revenue of $33.2M (+9.9%) vs. $32.7M. Shares -0.4% AH. (PR)
  • Macrovision (MVSN): Q1 EPS of $0.31 beats by $0.10. Revenue of $111.2M (+7.2%) vs. $106.7M. Narrows full-year guidance essentially in-line with previous range. Shares +4.7% AH. (PR)
  • Murphy Oil (MUR): Q1 EPS of $0.37 beats by $0.12. Revenue of $3.45B (-47.1%) vs. $4.09B. Sees Q2 EPS in-line. Shares flat AH. (PR)
  • News Corp. (NWS): FQ3 EPS of $0.16 in-line. Revenue of $7.4B vs. $7.71B. Says results "directly reflect the continuing weakness of the global economic climate." Shares +3.3% AH. (PR)
  • ON Semiconductor (ONNN): Q1 EPS of $0.03 beats by $0.10. Revenue of $379M vs. $362M. "Due to the slowdown in the macro economy, along with the reduction of inventory levels throughout the supply chain, we believe the semiconductor industry and ON Semiconductor shipped fewer products than the end-market consumed." Shares +8.9% AH. (PR)
  • Penn Virginia (PVA): Q1 EPS of $0.06 in-line. Revenue of $199M (-20.1%) vs. $221M. Shares +0.3% AH. (PR)
  • Prudential Financial (PRU): Q1 EPS of $1.05 beats by $0.22. Revenue of $1M vs. $1M. Shares +4% AH. (PR)
  • Regency Centers (REG): Q1 FFO of $0.78 beats by $0.01. Cuts quarterly dividend by 36% to $0.46. Shares flat AH. (PR)
  • Symantec (SYMC): FQ4 EPS of $0.38 beats by $0.03. Revenue of $1.49B (+1.49%) in-line. Sees FQ1 EPS and revenue in-line. Shares -0.8% AH. (PR)
  • Sunoco (SUN): Q1 EPS of $0.50 beats by $0.16. Revenue of $6.44B. "We continue to expect a challenging market for petroleum and chemical products due to ongoing economic weakness and additional global supply." Expects 2009 capex to be $200M lower than planned. Shares +0.5% AH. (PR)
  • Tenaris (TS): Q1 EPS of $0.62 misses by $0.06. Revenue of $2.45B (-6.7%) vs. $2.5B. Shares -1% AH. (PR)
  • Tesoro (TSO): Q1 EPS of $0.37 in-line. Revenue of $3.28B (-50.3%) in-line. Shares -2.5% AH. (PR)
  • The Andersons (ANDE): Q1 EPS of $0.27 beats by $0.33. Revenue of $697M (-2.2%) vs. $579M. Shares +14.2% AH. (PR)
  • THQ (THQI): FQ4 EPS of -$0.54 misses by $0.20. Revenue of $170M vs. $149M. Expects year-end cash balance at least $50M higher next year. Secures $35M credit line with BofA (BAC). Shares -0.3% AH. (PR)
  • USEC (USU): Q1 EPS of $0.02 misses by $0.07. Shares -5.1% AH. (PR)

Today's Markets

Another day of solid gains for overseas markets. Tokyo, open for the first time this week, led the way.

]]> Thu, 07 May 2009 07:19:25 -0400 SA Editor Rachael Granby

  • Final countdown to stress test results. With just hours to go before the Federal Reserve releases its official stress test report, results continue to leak out. At least seven of the nation's biggest banks reportedly need to boost capital by $65B; Bank of America (BAC) likely has the largest hole to plug with a capital shortfall of around $34B, followed by Wells Fargo (WFC) with $13-15B, GMAC (GJM) with $11.5B, Citigroup (C) with $5B and Morgan Stanley (MS) with $1.5B. At least six institutions won't need any capital at all, including JPMorgan Chase (JPM), Goldman Sachs (GS), MetLife (MET), American Express (AXP), Bank of New York Mellon (BK) and Capital One Financial (COF). Geithner said the results will give a 'reassuring' picture of the banking system's ability to withstand crisis. Financial shares continue to do well in the run-up to the official release: AXP +2.2%, BAC +5.2%, C +7.8%, GS +0.9%, JPM +1.4%, MS +0.5%, WFC +2.5% (7:00 ET).
  • Addressing too-big-to-fail. FDIC's Sheila Bair and Minneapolis Federal Reserve's Gary Stern offered up various solutions for the too-big-to-fail problem in Senate testimony yesterday. Bair wants to see the creation of a systemic-risk council to monitor potentially problematic companies because, as one lawmaker put it, "we cannot afford to replace Citi-sized financial institutions with Citi-sized regulators." Bair also wants the FDIC to be able to wind down bank and thrift holding companies as it now does with failed lenders. Stern suggested stress tests with pre-specified policy requirements, automatic capital protection regimes and insurance premiums on risky activity. (Read Bair's full testimony and Stern's full testimony)
  • Senate fights foreclosures. The Senate approved a bill to reduce home foreclosures, including a provision that would shield mortgage service companies from lawsuits if they participate in federal loan modification programs. The bill did not include a controversial mortgage cramdown proposal some Democrats had been advocating. Lawmakers also raised the FDIC's borrowing authority to $100B from $30B, and extended the $250,000 deposit insurance limit through 2013.
  • Chrysler update. In the words of Fiat CEO Sergio Marchionne, "Chrysler is on track to re-emerge from bankruptcy in 60 days. I will become Chrysler CEO after that." He said the idea has already been discussed with the Treasury.
  • GM seeks stake in Fiat. General Motors (GM) is reportedly asking for a 30% stake in Fiat in return for giving the Italian automaker its Latin American and European operations, while Fiat is offering less than 10%. The talks are the latest development in Fiat's sudden bid to grow into a global auto powerhouse, by acquiring GM's Opel, and a 20% stake in Chrysler.
  • Murdoch: brighter outlook for News Corp. News Corp. (NWS) reported in-line quarterly earnings yesterday (see details below) and a 47% drop in operating income as advertising revenues declined. The company reaffirmed earlier guidance that FY '09 operating income would fall 30%. However, CEO Rupert Murdoch stressed "it is increasingly clear that the worst is over. There are emerging signs in some of our businesses that the days of precipitous decline are done." Murdoch has no plans to buy additional newspapers, and will initiate cost-cutting at MySpace and Fox Interactive Media.
  • SocGen posts loss on writedowns. Societe Generale (SCGLY.PK) reported an unexpected Q1 loss on writedowns connected to U.S. bond insurers and on higher provisions for risky loans. The bank had a net loss of €278M ($370M) vs. analysts' forecasts for a €332M profit, and noted that "acute tensions remain in the financial markets." CEO Frederic Oudea was named chairman, after Daniel Bouton stepped down from the position at the end of April. Shares -3.8% in Paris (7:00 ET).
  • New Kindle for students, newsies. As expected, Amazon (AMZN) released a new and larger e-reader designed for textbooks and newspapers. The Kindle DX will cost $489, a mark-up of $130 over earlier versions of the e-reader, and will go on sale this summer.
  • GE's health-care push. General Electric (GE) plans to announce a health-care initiative today, unveiling its efforts to improve the 'sustainability of global healthcare systems' in the areas of health technology, independent living, rural health and cost containment. The initiative will likely involve at least $1B of R&D spending. Shares +3.1% premarket (7:00 ET).
  • MSFT still open to Yahoo deal. Microsoft (MSFT) CEO Steve Ballmer sees room to work with Yahoo (YHOO) to create a 'better search product' and says a tie-up would have been 'valuable.' He declined to comment on whether the two companies are holding formal talks. Premarket: MSFT +1.1%, YHOO +1.0% (7:00 ET).
  • House hearing on BoA-Merrill. Bank of America (BAC) CEO Ken Lewis and top federal officials will reportedly be asked to testify in the House of Representatives next month regarding claims that the government pressured Bank of America into completing its Merrill Lynch acquisition.
  • Dell may use Android. Dell (DELL) may use Google's (GOOG) Android operating system for future products, according to a press release put out by a small software company. The company's spokeswoman and a Dell representative later said the release was 'issued in error,' but the Dell spokesman confirmed the firm is assessing technology options.
  • Weak April for Costco. Costco (COST) said its April same-store sales were 8% lower than a year ago, even worse than the 6.8% drop analysts expected. The decline was led by a 12% drop internationally, and 7% in the U.S. Total sales fell 6% to $5.18B.
  • Job cuts decline. Firing announcements fell 12% in April M/M to 132,590, marking the third month in a row of job cuts declines, but are up 47% Y/Y. The report by Challenger, Gray & Christmas Inc noted that "job cuts are still at recession levels, but the fact that they are falling is certainly promising." According to ADP, private sector employment fell by 491,000 in April vs. 708,000 in March (revised from 742K) - much less than the 645,000 decline economists expected. Improvement was widespread across industries and across business sizes, but "this is still a major decline in employment."
  • BoE stays put, boosts bond buys. Bank of England kept its key lending rate unchanged at 0.5%, but raised its bond purchase target by £50B to £125B. "The global banking and financial system remains fragile despite further significant intervention by the authorities," the Bank said, noting it expects U.K. inflation to drop below its 2% target later this year. "But surveys at home and abroad show promising signs that the pace of decline has begun to moderate."

Earnings: Thursday Before Open

  • AECOM Technology (ACM): FQ2 EPS of $0.40 in-line. Revenue of $1.5B (+28.7%) vs. $1.6B. (PR)
  • Ansys (ANSS): Q1 EPS of $0.37 beats by $0.01. Revenue of $121M (+10.9%) vs. $125M. (PR)
  • ATP Oil & Gas (ATPG): Q1 EPS of $0.05 beats by $0.40. Revenue of $82M (-63.9%) vs. $92M. (PR)
  • BCE (BCE): Q1 EPS of $0.57 beats by $0.04. Revenue of $3.6B (-0.5%) vs. $4.3B. (PR)
  • Cameron International (CAM): Q1 EPS of $0.59 beats by $0.02. Revenue of $1.3B (-6.1%) vs. $1.4B. (PR)
  • CapitalSource (CSE): Q1 EPS of -$0.36 misses by $0.11. (PR)
  • Continental Resources (CLR): Q1 EPS of -$0.03 misses by $0.03. Revenue of $97M (-57.6%) vs. $112M. (PR)
  • Corrections Corp. of America (CXW): Q1 EPS of $0.29 beats by $0.03. Revenue of $404M (+6.5%) vs. $403M. (PR)
  • Dynegy (DYN): Q1 EPS of -$0.40 misses by $0.36. Revenue of $904M (+66.5%) vs. $683M. (PR)
  • Frontier Communications (FTR): Q1 EPS of $0.12 misses by $0.02. Revenue of $538M (-5.5%) vs. $547M. (PR)
  • General Motors (GM): Q1 EPS of -$9.66 beats by $1.39. Revenue of $22.43B (-47.1%) vs. consensus of $20.19B. Excluding special items, adjusted net loss was $5.9B. Cash fell to $11.6B from $14.2B. Shares +4.8% premarket (7:20 ET). (PR)
  • Holly (HOC): Q1 EPS of $0.44 beats by $0.14. Revenue of $651M (-56%) vs. $590M. (PR)
  • HRPT Properties Trust (HRP): Q1 EPS of $0.28 beats by $0.02. Revenue of $217M (+7.8%) vs. $216M. (PR)
  • Lamar Advertising Company (LAMR): Q1 EPS of -$0.23 beats by $0.06. Revenue of $247M (-12.6%) vs. $244M. (PR)
  • Lexington Realty Trust (LXP): Q1 EPS of $0.38 beats by $0.02. Revenue of $101M (-4.5%) vs. $99M. (PR)
  • Linn Energy LLC (LINE): Q1 EPS of $0.48 beats by $0.09. Revenue of $204M (+19.2%) vs. $171M. (PR)
  • MetroPCS Communications (PCS): Q1 EPS of $0.12 beats by $0.03. Revenue of $795M (+20.1%) vs. $818M. (PR)
  • Nasdaq (NDAQ): Q1 EPS of $0.48 beats by $0.01. Revenue of $369M (-11.9%) vs. $379M. (PR)
  • Omega Healthcare Investors (OHI): Q1 FFO of $0.37 in-line. Revenue of $49M (+20.3%) vs. $42M. Reaffirms FY '09 FFO of $1.47-$1.50. (PR)
  • Perrigo Company (PRGO): FQ3 EPS of $0.50 beats by $0.05. Revenue of $506M (+5.3%) vs. $527M. Issues upside EPS guidance for FY '09 of $1.80-1.90, vs. previous guidance of $1.75-1.90. Shares +4.3% premarket (8:00 ET). (PR)
  • Plains Exploration & Production Company (PXP): Q1 EPS of $1.23 beats by $0.96. Revenue of $228.5M (-63.3%) vs. $302.7M. (PR)
  • Teradata Corporation (TDC): Q1 EPS of $0.26 beats by $0.12. Revenue of $367M (-2.1%) vs. $345M. (PR)

Earnings: Wednesday After Close

  • Anadarko Petroleum (APC): Q1 EPS of -$0.53 beats by $0.09. Revenue of $1.6B (-46.4%) vs. $1.7B. Shares +0.85% AH. (PR)
  • Atwood Oceanics (ATW): FQ2 EPS of $0.88 beats by $0.09. Revenue of $141M (+24%) vs. $139M. Shares +4.4% AH. (PR)
  • Avis Budget Group (CAR): Q1 EPS of -$0.44 beats by $0.19. Revenue of $1.19B (-17.4%) vs. $1.25B. Shares -5.75% AH. (PR)
  • Brookdale Senior Living (BKD): Q1 EPS of -$0.13 beats by $0.20. Revenue of $498M (+3.6%) vs. $495M. (PR)
  • Churchill Downs (CHDN): Q1 EPS of -$0.37 beats by $0.21. Revenue of $73.7M (+12.2%) vs. $67.6M. (PR)
  • Cisco Systems (CSCO): FQ3 EPS of $0.30 beats by $0.05. Revenue of $8.2B vs. $8.07B. CEO John Chambers' comments on the earnings call will be critical, as always. Shares +2.5% AH. (PR)
  • Eagle Bulk Shipping (EGLE): Q1 EPS of $0.37 in-line. Revenue of $56M (+52.6%) vs. $54.4M. Utilization rate 99.6%. Shares -4.5% AH. (PR)
  • Embarq (EQ): Q1 EPS of $1.39 beats by $0.10. Revenue of $1.35B (-7.6%) in-line. (PR)
  • Federal Realty Investment Trust (FRT): Q1 FFO of $0.99 in-line. Revenue of $131M (+3.8%) vs. $130M. Shares flat AH. (PR)
  • Global Industries (GLBL): Q1 EPS of $0.17 beats by $0.10. Revenue of $269.5M (-10.6%) vs. $264M. Shares +2.6% AH. (PR)
  • Goodrich Petroleum (GDP): Q1 EPS of -$0.05 misses by $0.02. Revenue of $28.5M (-38.6%) vs. $21M. Shares -1.8% AH. (PR)
  • Home Properties (HME): Q1 FFO of $0.79 beats by $0.01. Revenue of $129M vs. $122M. Shares flat AH. (PR)
  • ION Geophysical (IO): Q1 EPS of -$0.10 misses by $0.02. Revenue of $107M (-23.8%) vs. $133M. Shares -9.5% AH. (PR)
  • Limelight Networks (LLNW): Q1 EPS of -$0.02 beats by $0.02. Revenue of $33.2M (+9.9%) vs. $32.7M. Shares -0.4% AH. (PR)
  • Macrovision (MVSN): Q1 EPS of $0.31 beats by $0.10. Revenue of $111.2M (+7.2%) vs. $106.7M. Narrows full-year guidance essentially in-line with previous range. Shares +4.7% AH. (PR)
  • Murphy Oil (MUR): Q1 EPS of $0.37 beats by $0.12. Revenue of $3.45B (-47.1%) vs. $4.09B. Sees Q2 EPS in-line. Shares flat AH. (PR)
  • News Corp. (NWS): FQ3 EPS of $0.16 in-line. Revenue of $7.4B vs. $7.71B. Says results "directly reflect the continuing weakness of the global economic climate." Shares +3.3% AH. (PR)
  • ON Semiconductor (ONNN): Q1 EPS of $0.03 beats by $0.10. Revenue of $379M vs. $362M. "Due to the slowdown in the macro economy, along with the reduction of inventory levels throughout the supply chain, we believe the semiconductor industry and ON Semiconductor shipped fewer products than the end-market consumed." Shares +8.9% AH. (PR)
  • Penn Virginia (PVA): Q1 EPS of $0.06 in-line. Revenue of $199M (-20.1%) vs. $221M. Shares +0.3% AH. (PR)
  • Prudential Financial (PRU): Q1 EPS of $1.05 beats by $0.22. Revenue of $1M vs. $1M. Shares +4% AH. (PR)
  • Regency Centers (REG): Q1 FFO of $0.78 beats by $0.01. Cuts quarterly dividend by 36% to $0.46. Shares flat AH. (PR)
  • Symantec (SYMC): FQ4 EPS of $0.38 beats by $0.03. Revenue of $1.49B (+1.49%) in-line. Sees FQ1 EPS and revenue in-line. Shares -0.8% AH. (PR)
  • Sunoco (SUN): Q1 EPS of $0.50 beats by $0.16. Revenue of $6.44B. "We continue to expect a challenging market for petroleum and chemical products due to ongoing economic weakness and additional global supply." Expects 2009 capex to be $200M lower than planned. Shares +0.5% AH. (PR)
  • Tenaris (TS): Q1 EPS of $0.62 misses by $0.06. Revenue of $2.45B (-6.7%) vs. $2.5B. Shares -1% AH. (PR)
  • Tesoro (TSO): Q1 EPS of $0.37 in-line. Revenue of $3.28B (-50.3%) in-line. Shares -2.5% AH. (PR)
  • The Andersons (ANDE): Q1 EPS of $0.27 beats by $0.33. Revenue of $697M (-2.2%) vs. $579M. Shares +14.2% AH. (PR)
  • THQ (THQI): FQ4 EPS of -$0.54 misses by $0.20. Revenue of $170M vs. $149M. Expects year-end cash balance at least $50M higher next year. Secures $35M credit line with BofA (BAC). Shares -0.3% AH. (PR)
  • USEC (USU): Q1 EPS of $0.02 misses by $0.07. Shares -5.1% AH. (PR)

Today's Markets

Another day of solid gains for overseas markets. Tokyo, open for the first time this week, led the way.


Complete Story »]]> ACM AMZN ANDE ANSS APC ATPG ATW AXP BAC BCE BK BKD C CAM CAR CHDN CLR COF COST CSCO CSE CXW DELL DIA DYN EGLE EQ FRT FTR GDP GE GJM GLBL GLD GMGMQ.PK GOOG GS HME HOC HRP IO JPM LAMR LINE LLNW LXP MET MS MSFT MUR MVSN NDAQ NWS OHI ONNN PCS PRGO PRU PVA PXP QQQQ REG SCGLY.PK SPY SUN SYMC TDC THQI TS TSO USO USU WFC YHOO SA Editor Rachael Granby Touradji Capital Makes Big Bet on GE http://seekingalpha.com/article/129860-touradji-capital-makes-big-bet-on-ge?source=feed 129860 This is the 4th Quarter 2008 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings preface.

Next up is Touradji Capital ran by Paul Touradji. Touradji is one of many well-known 'Tiger Cubs' who started their own firms after leaving Julian Robertson's Tiger Management. We've already covered many of the 'Tiger Cub' funds including Stephen Mandel's Lone Pine Capital, Andreas Halvorsen's Viking Global, Lee Ainslie's Maverick Capital, Chase Coleman's Tiger Global, Chris Shumway's Shumway Capital Partners, and John Griffin's Blue Ridge Capital.

]]> Tue, 07 Apr 2009 05:33:19 -0400 Market Folly Market Folly submits:

This is the 4th Quarter 2008 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings preface.

Next up is Touradji Capital ran by Paul Touradji. Touradji is one of many well-known 'Tiger Cubs' who started their own firms after leaving Julian Robertson's Tiger Management. We've already covered many of the 'Tiger Cub' funds including Stephen Mandel's Lone Pine Capital, Andreas Halvorsen's Viking Global, Lee Ainslie's Maverick Capital, Chase Coleman's Tiger Global, Chris Shumway's Shumway Capital Partners, and John Griffin's Blue Ridge Capital.


Complete Story »]]> APA APC BHI CFW CHK CLR CRK CVI DPTR DVN EAC FTO GE GU HES HK HOS JEC KAZ MDR MOS NBL NUE RIG RRC SCU SD SPY STLD TLM TRA TSO WLL XLE XTO Market Folly If Bernanke Manages to Stabilize Things, These Sectors Will Rally http://seekingalpha.com/article/123738-if-bernanke-manages-to-stabilize-things-these-sectors-will-rally?source=feed 123738 Excerpt from Raymond James strategist Jeffrey Saut's latest essay, published Monday (March 2nd):

In past missives we have posed the question, “What if, by flooding the system with money, creating negative real interest rates, reintermediation, and stabilizing the financial meltdown, Ben Bernanke is closer to fixing the economy than anyone currently thinks?” If so, what should precede a stock market rally would be a rally in corporate bonds, a rally in copper, a rally in TIPs (Treasury Inflation-Protected Securities), and a general rally in all reflation “plays” as the current pricing of extraordinary levels of deflation into stocks/Treasury Bonds fades. And, that is what has started to happen with copper rallying 7.9% last week, crude oil better by 15%, and unleaded gasoline surging 18.6%.

]]> Tue, 03 Mar 2009 03:45:58 -0500 Jeffrey Saut Excerpt from Raymond James strategist Jeffrey Saut's latest essay:

Excerpt from Raymond James strategist Jeffrey Saut's latest essay, published Monday (March 2nd):

In past missives we have posed the question, “What if, by flooding the system with money, creating negative real interest rates, reintermediation, and stabilizing the financial meltdown, Ben Bernanke is closer to fixing the economy than anyone currently thinks?” If so, what should precede a stock market rally would be a rally in corporate bonds, a rally in copper, a rally in TIPs (Treasury Inflation-Protected Securities), and a general rally in all reflation “plays” as the current pricing of extraordinary levels of deflation into stocks/Treasury Bonds fades. And, that is what has started to happen with copper rallying 7.9% last week, crude oil better by 15%, and unleaded gasoline surging 18.6%.


Complete Story »]]> CLR CNX NRGY RIG SPY Jeffrey Saut Continental Resources: A Time to Advance, and a Time to Retreat http://seekingalpha.com/article/123743-continental-resources-a-time-to-advance-and-a-time-to-retreat?source=feed 123743 Last week Continental Resources (CLR) reported earnings. The figures were a bit disappointing as the company essentially broke even for the quarter. Management blamed falling commodity prices for the earnings miss which is no surprise given the steep drop in oil and natural gas prices.

But despite the lackluster performance, the stock actually traded higher after the report. Apparently traders were pleased with the fiscal discipline management is employing to ensure the company remains healthy throughout these challenging times.

]]> Tue, 03 Mar 2009 03:42:25 -0500 Zachary Scheidt Zachary Scheidt submits:

Last week Continental Resources (CLR) reported earnings. The figures were a bit disappointing as the company essentially broke even for the quarter. Management blamed falling commodity prices for the earnings miss which is no surprise given the steep drop in oil and natural gas prices.

But despite the lackluster performance, the stock actually traded higher after the report. Apparently traders were pleased with the fiscal discipline management is employing to ensure the company remains healthy throughout these challenging times.


Complete Story »]]> CLR Zachary Scheidt Continental Resources Q4 2008 Earnings Call Transcript http://seekingalpha.com/article/123007-continental-resources-q4-2008-earnings-call-transcript?source=feed 123007 Continental Resources, Inc. (CLR)

Q4 2008 Earnings Call

February 26, 2009 10:00 AM ET

]]> Thu, 26 Feb 2009 19:10:36 -0500 Continental Resources, Inc. (CLR)

Q4 2008 Earnings Call

February 26, 2009 10:00 AM ET


Complete Story »]]> CLR Wall Street Breakfast: Must-Know News http://seekingalpha.com/article/122820-wall-street-breakfast-must-know-news?source=feed 122820

  • AIG carve up? Sources say AIG (AIG) is in advanced talks with U.S. officials about a radical restructuring plan that would split the troubled insurer into at least three government-controlled divisions. Described by one insider as a 'controlled break-up,' the move could end AIG's 90-year history of independence and serve as a model for carving up other troubled institutions. Under the plan, the government would swap its 80% stake in the insurer for large stakes in three units - AIG’s Asian operations, its international life insurance business and the US personal lines business. In return, officials would relax the terms of AIG's loans or even cancel a large portion of them. AIG would remain as a holding company but could disappear if the government decides to recoup taxpayer money by selling or listing the three divisions separately. The overhaul could be announced Monday.
  • Citi deal imminent. Citigroup (C) is very close to an agreement to boost the government's stake in the ailing company to 40%, and an announcement could come as soon as today. Executives have been rushing to identify potential problems from an increased government stake, including local laws in certain countries that would require Citigroup to apply for new charters or, in the case of Mexico, to potentially give up some or all of ownership in Grupo Financiero Banamex, the No. 2 bank in Mexico by assets, if the government takes more than a 10% stake in Citigroup.
  • The unstoppable budget deficit. The White House is projecting a $1.75T deficit for the current fiscal year, including a new $250B slush fund in case banks need more money. Officials say Obama has no plans to use the $250B, but wanted to include an 'overly conservative' placeholder just in case. The 134-page budget outlines health, tax and energy priorities, and includes a 10-year $634B reserve fund to help pay for Obama's proposed healthcare reforms and $537B for the U.S. military. The White House will also propose $634B in new taxes on upper-income Americans. The budget is due at 11:00 ET.
  • UBS shakes up top job. In the latest shake-up of its top management, UBS (UBS) announced the surprise departure of CEO Marcel Rohner. The position will be filled by Oswald Grubel, the former CEO at rival Credit Suisse (CS). In a statement, UBS said Rohner had told the board last month that he planned to retire as CEO after the conclusion of the "ongoing investment bank repositioning and wealth management restructuring phase," but is now leaving immediately. Rohner's sudden departure comes after UBS agreed to a $780M settlement with the Justice Department and amid an ongoing civil inquiry into tax evasion. Shares +10.0% premarket (7:00 ET).
  • Record loss at RBS. Royal Bank of Scotland (RBS) posted a full year loss of £24.1B ($34.3B), the biggest loss in British history. The record loss reflected a £16.2B write down against acquisitions and another £7.9B in operating losses. Reacting to the losses, RBS will put £325B of investments into a state insurance program. In return, the bank will pay a fee of £6.5B over seven years in the form of preference shares. RBS will also shift £540B of toxic assets to a new unit, including derivatives and mortgage-backed securities, and will increase lending by £50B over the next two years while aiming to reduce expenses by £2.5B. Shares +20.2% premarket (7:00 ET).
  • Exelon gains ground in NRG bid. Exelon (EXC) said its $6B tender offer for NRG Energy (NRG) won more than 51% of the outstanding shares, giving it strong leverage in its hostile pursuit of NRG. NRG has already rejected Exelon's offer twice, saying the price 'manifestly undervalues' NRG and expressing doubt whether Exelon would be able to finance the transaction. Winning the tender gives Exelon the right to acquire NRG, assuming Exelon shareholders agree to the deal and it receives regulatory approval. However, Exelon has good reason to try for a friendly acquisition since it will make the regulatory approval easier and will allow Exelon access to NRG's books.
  • BoA considers private bank sale. Bank of America (BAC) is reportedly looking to sell a private bank it inherited from Merrill Lynch. Merrill bought the bank in question, First Republic Bank, for $1.8B in September 2007. At the time, First Republic had $10B of deposits. Possible buyers include Goldman Sachs (GS) and Morgan Stanley (MS), both of which are trying to expand their deposit-gathering businesses.
  • Another fraud bites the dust. The most recent financial fraud to come to light revolves around two money managers who have been accused of misappropriating at least $533M to fund their own lavish lifestyles. The two men, Paul Greenwood and Stephen Walsh, were arrested by the FBI and face criminal charges of conspiracy, securities fraud and wire fraud. They are accused of running a fraudulent investment-advisory scheme since 1996 in which the men raised $668M from institutional clients and pocketed most of the money. Alleged victims include Carnegie Mellon University, the University of Pittsburgh and the Iowa Public Employees Retirement System.
  • Home sales fall. Existing Home Sales fell 5.3% to 4.49M/year in January, and are down 8.6% from a year ago. NAR's Lawrence Yun blamed the drop on would-be buyers waiting for more clarity on the nature of a government housing stimulus. Median prices -14.8% from a year ago.

Earnings: Thursday Before Open

  • American Tower (AMT): Q4 EPS of $0.21 beats by $0.07. Revenue of $408M (+8%) vs. $407M. (PR)
  • Boyd Gaming (BYD): Q4 EPS of $0.13 in-line. Revenue of $422.6M (-11.7%) vs. $423.4M. (PR)
  • Cablevision (CVC): Q4 EPS of -$1.11 misses by $1.44. Revenue of $2.05B (+11.4%) vs. $2.06B. (PR)
  • Continental Resources (CLR): Q4 EPS of $0.00 misses by $0.19. Revenue of $136M (-14.6%) vs. $160M. (PR)
  • Digital Realty Trust (DLR): Q4 EPS of $0.20 beats by $0.06. Revenue of $147M (+3.6%) vs. $144M. (PR)
  • Dynegy (DYN): Q4 EPS of -$0.01 beats by $0.01. Revenue of $795M (+9.8%) vs. $769M. (PR)
  • El Paso (EP): Q4 EPS of $0.21 in-line. Revenue of $1.3B (+6.4%) vs. $1.2B. (PR)
  • EMCOR Group (EME): Q4 EPS of $0.90 beats by $0.16. Revenue of $1.7B (-4.9%) vs. $1.8B. (PR)
  • ENSCO International (ESV): Q4 EPS of $2.14 beats by $0.08. Revenue of $622M (+20.2%) vs. $616M. (PR)
  • First American (FAF): Q4 EPS of $0.10 beats by $0.03. Revenue of $1.35B (-28%) vs. $1.43B. (PR)
  • Frontier Oil (FTO): Q4 EPS of $0.32 misses by $0.09. Revenue of $1.35B (+2.2%) vs. $1.61B. (PR)
  • Frontline (FRO): Q4 EPS of $1.03 misses by $0.08. Revenue of $452M (+36.2%) vs. $328M. (PR)
  • GM (GM): Q4 EPS of -$9.65 misses by $2.25 (-that's a $9.6B loss). Revenue of $30.8B vs. $35.13B. GM burned through another $6.2B in cash. 2008 sales of 8.35M vehicles, down 11%. (PR)
  • Global Industries (GLBL): Q4 EPS of -$0.24 misses by $0.17. Revenue of $250M (-4.8%) vs. $242M. (PR)
  • HRPT Properties Trust (HRP): Q4 EPS of $0.05 in-line. Revenue of $218M (+9.7%) vs. $211M. (PR)
  • Huntsman (HUN): Q4 EPS of -$0.38 misses by $0.33. Revenue of $2.05B (-18.2%) vs. $2.44B. (PR)
  • Iron Mountain (IRM): Q4 EPS of $0.01 misses by $0.16. Revenue of $753M (+3.6%) in-line. (PR)
  • King Pharmaceuticals (KG): Q4 EPS of $0.24 beats by $0.01. Revenue of $348M (-34.8%) vs. $345M. (PR)
  • Lamar Advertising Company (LAMR): Q4 EPS of -$0.08 misses by $0.01. Revenue of $279M (-8.4%) vs. $285M. (PR)
  • Limited Brands (LTD): Q4 EPS of $0.68 beats by $0.04. Revenue of $3.0B (-8.7%) in-line. (PR)
  • Linn Energy LLC (LINE): Q4 EPS of $0.00 misses by $0.32. Revenue of $155M (+2.7%) vs. $163M. Shares -2.6% premarket. (PR)
  • LKQ (LKQX): Q4 EPS of $0.10 misses by $0.04. Revenue of $470M (+13.4%) vs. $490M. (PR)
  • MetroPCS Communications (PCS): Q4 EPS of $0.04 misses by $0.03. Revenue of $724M (+22.4%) vs. $765M. (PR)
  • Nasdaq (NDAQ): Q4 EPS of $0.53 beats by $0.02. Revenue of $403M (-3.9%) vs. $414M. (PR)
  • NII Holdings (NIHD): Q4 EPS of $0.05 misses by $0.38. Revenue of $989.5M (+5.3%) vs. $1.0B. (PR)
  • Omnicare (OCR): Q4 EPS of $0.66 beats by $0.03. Revenue of $1.6B (+2.7%) in-line. (PR)
  • RAIT Financial Trust (RAS): Q4 EPS of $0.33 misses by $0.05. Revenue of $57.4M (-1.7%) vs. $54.9M. (PR)
  • Rowan Companies (RDC): Q4 EPS of $1.28 beats by $0.19. Revenue of $613M (-1.7%) vs. $615M. (PR)
  • Safeway (SWY): Q4 EPS of $0.80 misses by $0.01. Revenue of $13.82B (+3.4%) vs. $14.29B. (beats by $0.26. Revenue of $13.3B (-11.9%) vs. $14.0B. (PR)
  • Sonus Networks (SONS): Q4 EPS of -$0.37 misses by $0.35. Revenue of $89.5M (-7.8%) vs. $64.1M. (PR)
  • Southern Union Company (SUG): Q4 EPS of $0.47 beats by $0.03. Revenue of $727M (+75.3%) vs. $692M. (PR)
  • Warnaco Group (WRC): Q4 EPS of $0.29 beats by $0.14. Revenue of $446M (-4.4%) vs. $451M. (PR)

Earnings: Wednesday After Close

  • Aruba Networks (ARUN): FQ2 EPS of $0.02 beats by $0.02. Revenue of $47.7M (+17.5%) vs. $45.5M. Shares +11.6% AH. (PR, earnings call transcript)
  • Assured Guaranty (AGO): Q4 EPS of $0.04 beats by $0.03. Revenue of $123.3M (+22.1%) vs. $135.6M. (PR)
  • Avis Budget Group (CAR): Q4 EPS of -$1.08 misses by $0.61. Revenue of $1.26B (-9%) in-line. Shares -2% AH. (PR)
  • Express Scripts (ESRX): Q4 EPS of $0.83 in-line. Revenue of $5.51B (-0.9%) vs. $5.45B. Shares -1.6% AH. (PR)
  • El Paso (EP): Sees 2009 EPS of $0.85-1.05 vs. $1.11 consensus. Shares -2.65% AH. (PR)
  • Flowserve (FLS): Q4 EPS of $20.3 beats by $0.14. Revenue of $1.17B (+5.4%) vs. $1.26B. Shares +7.3% AH. (PR)
  • Fluor (FLR): Q4 EPS of $1.04 beats by $0.12. Revenue of $6.07B (+28.9%) vs. $5.81B. Sees 2009 EPS of $3.90-4.20 vs. $3.76. Shares +12.3% AH. (PR, earnings call transcript)
  • Genco Shipping (GNK): Q4 EPS of $1.55 misses by $0.01. Revenue of $101.6M (+54.6%) vs. $100.2M. Shares +1.5% AH. (PR)
  • Goodrich Petroleum (GDP): Q4 EPS of -$0.01 beats by $0.06. Revenue of $44.1M (+35.7%) vs. $49.9M. (PR)
  • Medicis Pharmaceutical (MRX): Q4 EPS of $0.42 beats by $0.11. Revenue of $136M (+1.4%) vs. $127M. Sees Q1 EPS of $0.15-0.18 vs. $0.30 and revenue of $125-130M vs. $129.5M. (PR)
  • Netease.com (NTES): Q4 EPS of $0.65 beats by $0.21. Revenue of $117.5M (-0.6%) in-line. Shares +5.3% AH. (PR)
  • Plains Exploration & Production Company (PXP): Q4 EPS of -$0.31 misses by $0.73. Revenue of $-33.5M vs. $328M. Shares -6.9% AH. (PR)
  • Salesforce.com (CRM): Q4 EPS of $0.11 beats by $0.04. Revenue of $290M vs. $285M. Sees full-year EPS of $0.54-0.55 vs. $0.51. "Salesforce.com is proud to be the first billion dollar cloud computing company." Shares +5.3% AH. (PR, earnings call transcript)
  • Savient Pharmaceuticals (SVNT): Q4 EPS of -$0.45 misses by $0.12. (PR)
  • Service International (SCI): Q4 EPS of $0.09 beats by $0.01. Revenue of $517M vs. $510M. Sees 2009 EPS of $0.26-0.36 vs. $0.38. Shares -0.3% AH. (PR)
  • Tenaris (TS): Q4 EPS of $1.01 beats by $0.02. Revenue of $3.23B vs. $3.01B. Shares -5.4% premarket. (PR)
  • True Religion Apparel (TRLG): Q4 EPS of $0.53 beats by $0.06. Revenue of $73M (+38.5%) vs. $68.7M. Shares flat AH. (PR)
  • USEC (USU): Q4 EPS of $0.16 in-line. Revenue of $432M vs. $440M. Sees 2009 revenue of $2.2-2.25B vs. $2.01B consensus. Shares -0.6% AH. (PR)

Today's Markets

  • Asia stocks end Thursday mostly lower, with China pacing losses on a late-day selloff. Nikkei -0.04% to 7,458. Hang Seng -0.85% to 12,895. Shanghai -3.87% to 2,121. BSE +0.59% to 8,955.
  • Europe markets have moved off their highs but remain up at midday, with banks leading the way after details of the U.K. asset protection scheme seem to be less onerous than originally feared. London +1.5%. Paris +1.5%. Frankfurt +1.8%.
  • U.S. stock futures are higher in a volatile premarket session as traders await a slate of data including Jan. durable-goods, new home sales and weekly jobless claims. Dow +1.05% to 7304. S&P +1.2% at 771. Nasdaq +1%. Crude +1.8% to $43.30. Gold -1.9% at $947.70.

Thursday's Economic Calendar

Seeking Alpha editor Eli Hoffmann contributed to this post.

]]> Thu, 26 Feb 2009 07:19:09 -0500 SA Editor Rachael Granby

  • AIG carve up? Sources say AIG (AIG) is in advanced talks with U.S. officials about a radical restructuring plan that would split the troubled insurer into at least three government-controlled divisions. Described by one insider as a 'controlled break-up,' the move could end AIG's 90-year history of independence and serve as a model for carving up other troubled institutions. Under the plan, the government would swap its 80% stake in the insurer for large stakes in three units - AIG’s Asian operations, its international life insurance business and the US personal lines business. In return, officials would relax the terms of AIG's loans or even cancel a large portion of them. AIG would remain as a holding company but could disappear if the government decides to recoup taxpayer money by selling or listing the three divisions separately. The overhaul could be announced Monday.
  • Citi deal imminent. Citigroup (C) is very close to an agreement to boost the government's stake in the ailing company to 40%, and an announcement could come as soon as today. Executives have been rushing to identify potential problems from an increased government stake, including local laws in certain countries that would require Citigroup to apply for new charters or, in the case of Mexico, to potentially give up some or all of ownership in Grupo Financiero Banamex, the No. 2 bank in Mexico by assets, if the government takes more than a 10% stake in Citigroup.
  • The unstoppable budget deficit. The White House is projecting a $1.75T deficit for the current fiscal year, including a new $250B slush fund in case banks need more money. Officials say Obama has no plans to use the $250B, but wanted to include an 'overly conservative' placeholder just in case. The 134-page budget outlines health, tax and energy priorities, and includes a 10-year $634B reserve fund to help pay for Obama's proposed healthcare reforms and $537B for the U.S. military. The White House will also propose $634B in new taxes on upper-income Americans. The budget is due at 11:00 ET.
  • UBS shakes up top job. In the latest shake-up of its top management, UBS (UBS) announced the surprise departure of CEO Marcel Rohner. The position will be filled by Oswald Grubel, the former CEO at rival Credit Suisse (CS). In a statement, UBS said Rohner had told the board last month that he planned to retire as CEO after the conclusion of the "ongoing investment bank repositioning and wealth management restructuring phase," but is now leaving immediately. Rohner's sudden departure comes after UBS agreed to a $780M settlement with the Justice Department and amid an ongoing civil inquiry into tax evasion. Shares +10.0% premarket (7:00 ET).
  • Record loss at RBS. Royal Bank of Scotland (RBS) posted a full year loss of £24.1B ($34.3B), the biggest loss in British history. The record loss reflected a £16.2B write down against acquisitions and another £7.9B in operating losses. Reacting to the losses, RBS will put £325B of investments into a state insurance program. In return, the bank will pay a fee of £6.5B over seven years in the form of preference shares. RBS will also shift £540B of toxic assets to a new unit, including derivatives and mortgage-backed securities, and will increase lending by £50B over the next two years while aiming to reduce expenses by £2.5B. Shares +20.2% premarket (7:00 ET).
  • Exelon gains ground in NRG bid. Exelon (EXC) said its $6B tender offer for NRG Energy (NRG) won more than 51% of the outstanding shares, giving it strong leverage in its hostile pursuit of NRG. NRG has already rejected Exelon's offer twice, saying the price 'manifestly undervalues' NRG and expressing doubt whether Exelon would be able to finance the transaction. Winning the tender gives Exelon the right to acquire NRG, assuming Exelon shareholders agree to the deal and it receives regulatory approval. However, Exelon has good reason to try for a friendly acquisition since it will make the regulatory approval easier and will allow Exelon access to NRG's books.
  • BoA considers private bank sale. Bank of America (BAC) is reportedly looking to sell a private bank it inherited from Merrill Lynch. Merrill bought the bank in question, First Republic Bank, for $1.8B in September 2007. At the time, First Republic had $10B of deposits. Possible buyers include Goldman Sachs (GS) and Morgan Stanley (MS), both of which are trying to expand their deposit-gathering businesses.
  • Another fraud bites the dust. The most recent financial fraud to come to light revolves around two money managers who have been accused of misappropriating at least $533M to fund their own lavish lifestyles. The two men, Paul Greenwood and Stephen Walsh, were arrested by the FBI and face criminal charges of conspiracy, securities fraud and wire fraud. They are accused of running a fraudulent investment-advisory scheme since 1996 in which the men raised $668M from institutional clients and pocketed most of the money. Alleged victims include Carnegie Mellon University, the University of Pittsburgh and the Iowa Public Employees Retirement System.
  • Home sales fall. Existing Home Sales fell 5.3% to 4.49M/year in January, and are down 8.6% from a year ago. NAR's Lawrence Yun blamed the drop on would-be buyers waiting for more clarity on the nature of a government housing stimulus. Median prices -14.8% from a year ago.

Earnings: Thursday Before Open

  • American Tower (AMT): Q4 EPS of $0.21 beats by $0.07. Revenue of $408M (+8%) vs. $407M. (PR)
  • Boyd Gaming (BYD): Q4 EPS of $0.13 in-line. Revenue of $422.6M (-11.7%) vs. $423.4M. (PR)
  • Cablevision (CVC): Q4 EPS of -$1.11 misses by $1.44. Revenue of $2.05B (+11.4%) vs. $2.06B. (PR)
  • Continental Resources (CLR): Q4 EPS of $0.00 misses by $0.19. Revenue of $136M (-14.6%) vs. $160M. (PR)
  • Digital Realty Trust (DLR): Q4 EPS of $0.20 beats by $0.06. Revenue of $147M (+3.6%) vs. $144M. (PR)
  • Dynegy (DYN): Q4 EPS of -$0.01 beats by $0.01. Revenue of $795M (+9.8%) vs. $769M. (PR)
  • El Paso (EP): Q4 EPS of $0.21 in-line. Revenue of $1.3B (+6.4%) vs. $1.2B. (PR)
  • EMCOR Group (EME): Q4 EPS of $0.90 beats by $0.16. Revenue of $1.7B (-4.9%) vs. $1.8B. (PR)
  • ENSCO International (ESV): Q4 EPS of $2.14 beats by $0.08. Revenue of $622M (+20.2%) vs. $616M. (PR)
  • First American (FAF): Q4 EPS of $0.10 beats by $0.03. Revenue of $1.35B (-28%) vs. $1.43B. (PR)
  • Frontier Oil (FTO): Q4 EPS of $0.32 misses by $0.09. Revenue of $1.35B (+2.2%) vs. $1.61B. (PR)
  • Frontline (FRO): Q4 EPS of $1.03 misses by $0.08. Revenue of $452M (+36.2%) vs. $328M. (PR)
  • GM (GM): Q4 EPS of -$9.65 misses by $2.25 (-that's a $9.6B loss). Revenue of $30.8B vs. $35.13B. GM burned through another $6.2B in cash. 2008 sales of 8.35M vehicles, down 11%. (PR)
  • Global Industries (GLBL): Q4 EPS of -$0.24 misses by $0.17. Revenue of $250M (-4.8%) vs. $242M. (PR)
  • HRPT Properties Trust (HRP): Q4 EPS of $0.05 in-line. Revenue of $218M (+9.7%) vs. $211M. (PR)
  • Huntsman (HUN): Q4 EPS of -$0.38 misses by $0.33. Revenue of $2.05B (-18.2%) vs. $2.44B. (PR)
  • Iron Mountain (IRM): Q4 EPS of $0.01 misses by $0.16. Revenue of $753M (+3.6%) in-line. (PR)
  • King Pharmaceuticals (KG): Q4 EPS of $0.24 beats by $0.01. Revenue of $348M (-34.8%) vs. $345M. (PR)
  • Lamar Advertising Company (LAMR): Q4 EPS of -$0.08 misses by $0.01. Revenue of $279M (-8.4%) vs. $285M. (PR)
  • Limited Brands (LTD): Q4 EPS of $0.68 beats by $0.04. Revenue of $3.0B (-8.7%) in-line. (PR)
  • Linn Energy LLC (LINE): Q4 EPS of $0.00 misses by $0.32. Revenue of $155M (+2.7%) vs. $163M. Shares -2.6% premarket. (PR)
  • LKQ (LKQX): Q4 EPS of $0.10 misses by $0.04. Revenue of $470M (+13.4%) vs. $490M. (PR)
  • MetroPCS Communications (PCS): Q4 EPS of $0.04 misses by $0.03. Revenue of $724M (+22.4%) vs. $765M. (PR)
  • Nasdaq (NDAQ): Q4 EPS of $0.53 beats by $0.02. Revenue of $403M (-3.9%) vs. $414M. (PR)
  • NII Holdings (NIHD): Q4 EPS of $0.05 misses by $0.38. Revenue of $989.5M (+5.3%) vs. $1.0B. (PR)
  • Omnicare (OCR): Q4 EPS of $0.66 beats by $0.03. Revenue of $1.6B (+2.7%) in-line. (PR)
  • RAIT Financial Trust (RAS): Q4 EPS of $0.33 misses by $0.05. Revenue of $57.4M (-1.7%) vs. $54.9M. (PR)
  • Rowan Companies (RDC): Q4 EPS of $1.28 beats by $0.19. Revenue of $613M (-1.7%) vs. $615M. (PR)
  • Safeway (SWY): Q4 EPS of $0.80 misses by $0.01. Revenue of $13.82B (+3.4%) vs. $14.29B. (beats by $0.26. Revenue of $13.3B (-11.9%) vs. $14.0B. (PR)
  • Sonus Networks (SONS): Q4 EPS of -$0.37 misses by $0.35. Revenue of $89.5M (-7.8%) vs. $64.1M. (PR)
  • Southern Union Company (SUG): Q4 EPS of $0.47 beats by $0.03. Revenue of $727M (+75.3%) vs. $692M. (PR)
  • Warnaco Group (WRC): Q4 EPS of $0.29 beats by $0.14. Revenue of $446M (-4.4%) vs. $451M. (PR)

Earnings: Wednesday After Close

  • Aruba Networks (ARUN): FQ2 EPS of $0.02 beats by $0.02. Revenue of $47.7M (+17.5%) vs. $45.5M. Shares +11.6% AH. (PR, earnings call transcript)
  • Assured Guaranty (AGO): Q4 EPS of $0.04 beats by $0.03. Revenue of $123.3M (+22.1%) vs. $135.6M. (PR)
  • Avis Budget Group (CAR): Q4 EPS of -$1.08 misses by $0.61. Revenue of $1.26B (-9%) in-line. Shares -2% AH. (PR)
  • Express Scripts (ESRX): Q4 EPS of $0.83 in-line. Revenue of $5.51B (-0.9%) vs. $5.45B. Shares -1.6% AH. (PR)
  • El Paso (EP): Sees 2009 EPS of $0.85-1.05 vs. $1.11 consensus. Shares -2.65% AH. (PR)
  • Flowserve (FLS): Q4 EPS of $20.3 beats by $0.14. Revenue of $1.17B (+5.4%) vs. $1.26B. Shares +7.3% AH. (PR)
  • Fluor (FLR): Q4 EPS of $1.04 beats by $0.12. Revenue of $6.07B (+28.9%) vs. $5.81B. Sees 2009 EPS of $3.90-4.20 vs. $3.76. Shares +12.3% AH. (PR, earnings call transcript)
  • Genco Shipping (GNK): Q4 EPS of $1.55 misses by $0.01. Revenue of $101.6M (+54.6%) vs. $100.2M. Shares +1.5% AH. (PR)
  • Goodrich Petroleum (GDP): Q4 EPS of -$0.01 beats by $0.06. Revenue of $44.1M (+35.7%) vs. $49.9M. (PR)
  • Medicis Pharmaceutical (MRX): Q4 EPS of $0.42 beats by $0.11. Revenue of $136M (+1.4%) vs. $127M. Sees Q1 EPS of $0.15-0.18 vs. $0.30 and revenue of $125-130M vs. $129.5M. (PR)
  • Netease.com (NTES): Q4 EPS of $0.65 beats by $0.21. Revenue of $117.5M (-0.6%) in-line. Shares +5.3% AH. (PR)
  • Plains Exploration & Production Company (PXP): Q4 EPS of -$0.31 misses by $0.73. Revenue of $-33.5M vs. $328M. Shares -6.9% AH. (PR)
  • Salesforce.com (CRM): Q4 EPS of $0.11 beats by $0.04. Revenue of $290M vs. $285M. Sees full-year EPS of $0.54-0.55 vs. $0.51. "Salesforce.com is proud to be the first billion dollar cloud computing company." Shares +5.3% AH. (PR, earnings call transcript)
  • Savient Pharmaceuticals (SVNT): Q4 EPS of -$0.45 misses by $0.12. (PR)
  • Service International (SCI): Q4 EPS of $0.09 beats by $0.01. Revenue of $517M vs. $510M. Sees 2009 EPS of $0.26-0.36 vs. $0.38. Shares -0.3% AH. (PR)
  • Tenaris (TS): Q4 EPS of $1.01 beats by $0.02. Revenue of $3.23B vs. $3.01B. Shares -5.4% premarket. (PR)
  • True Religion Apparel (TRLG): Q4 EPS of $0.53 beats by $0.06. Revenue of $73M (+38.5%) vs. $68.7M. Shares flat AH. (PR)
  • USEC (USU): Q4 EPS of $0.16 in-line. Revenue of $432M vs. $440M. Sees 2009 revenue of $2.2-2.25B vs. $2.01B consensus. Shares -0.6% AH. (PR)

Today's Markets

  • Asia stocks end Thursday mostly lower, with China pacing losses on a late-day selloff. Nikkei -0.04% to 7,458. Hang Seng -0.85% to 12,895. Shanghai -3.87% to 2,121. BSE +0.59% to 8,955.
  • Europe markets have moved off their highs but remain up at midday, with banks leading the way after details of the U.K. asset protection scheme seem to be less onerous than originally feared. London +1.5%. Paris +1.5%. Frankfurt +1.8%.
  • U.S. stock futures are higher in a volatile premarket session as traders await a slate of data including Jan. durable-goods, new home sales and weekly jobless claims. Dow +1.05% to 7304. S&P +1.2% at 771. Nasdaq +1%. Crude +1.8% to $43.30. Gold -1.9% at $947.70.

Thursday's Economic Calendar

Seeking Alpha editor Eli Hoffmann contributed to this post.


Complete Story »]]> AGO AIG AMT ARUN BAC BYD C CAR CLR CRM CS CVC DIA DLR DYN EME EP ESRX ESV EXC FAF FLR FLS FRO FTO GDP GLBL GLD GMGMQ.PK GNK GS HRP HUN IRM KG LAMR LINE LKQX LTD MRX MS NDAQ NIHD NRG NTES OCR PCS PXP QQQQ RAS RBS RDC SCI SHLD SONS SPY SUG SVNT SWY TRLG TS UBS USO USU WRC SA Editor Rachael Granby Bullish Signs from Oil http://seekingalpha.com/article/116773-bullish-signs-from-oil?source=feed 116773 uso

Oil has been in the headlines a lot lately and I’ve been watching from a distance until yesterday. My proprietary system issued a buy signal on USO yesterday but there are a few caveats I want to talk about before we go all in this sector. First off, we put in a higher low last week at 28.42 with volume being quite heavy during the selling of the last couple of weeks. We also have a reverse head and shoulder pattern forming which, if it plays out, should have this chart trading in the mid 45’s sometime in the next month or so. Individual issues in this sector should fare much better and a few I’m looking at are:

]]> Tue, 27 Jan 2009 13:17:36 -0500 Jeff Pierce Jeff Pierce submits:

uso

Oil has been in the headlines a lot lately and I’ve been watching from a distance until yesterday. My proprietary system issued a buy signal on USO yesterday but there are a few caveats I want to talk about before we go all in this sector. First off, we put in a higher low last week at 28.42 with volume being quite heavy during the selling of the last couple of weeks. We also have a reverse head and shoulder pattern forming which, if it plays out, should have this chart trading in the mid 45’s sometime in the next month or so. Individual issues in this sector should fare much better and a few I’m looking at are:


Complete Story »]]> BBG BJS CLR COG DVN EAC EOG RRC TDW XCO XEC Jeff Pierce Deutsche Bank Names the Best and Worst Hedged Energy Companies http://seekingalpha.com/article/115222-deutsche-bank-names-the-best-and-worst-hedged-energy-companies?source=feed 115222 With oil prices dropping daily, it sucks to be an energy company. Or does it?

In 2009 and 2010, hedges may be saviours for outfits toiling in the oilpatch. Deutsche Bank Securities picked through the companies it covers and concluded that

]]> Sun, 18 Jan 2009 04:18:43 -0500 FP Trading Desk FP Trading DeskFP Trading Desk submits:

With oil prices dropping daily, it sucks to be an energy company. Or does it?

In 2009 and 2010, hedges may be saviours for outfits toiling in the oilpatch. Deutsche Bank Securities picked through the companies it covers and concluded that


Complete Story »]]> APA APC CLR DPTR DVN EQT KWK NFX SD SWN XCO XTO FP Trading Desk Earnings Power Stocks for 2009 http://seekingalpha.com/article/115378-earnings-power-stocks-for-2009?source=feed 115378 After my book It’s Earnings That Count (McGraw-Hill, 2004) was published, The Motley Fool’s Tim Beyers asked me what criteria he should use to build a mechanical screening to find his own earnings power-type stocks. An earnings power stock is a company that has 1) high-quality earnings, 2) a durable competitive advantage, and 3) an attractive valuation, as I have written about since 2002 for RealMoney.com.

Every December since, Beyers has run a screen for the upcoming year. We now have four years of results, and the performance is impressive. Our Earnings Power screen has:

]]> Fri, 16 Jan 2009 01:50:00 -0500 Hewitt Heiserman Hewitt Heiserman submits:

After my book It’s Earnings That Count (McGraw-Hill, 2004) was published, The Motley Fool’s Tim Beyers asked me what criteria he should use to build a mechanical screening to find his own earnings power-type stocks. An earnings power stock is a company that has 1) high-quality earnings, 2) a durable competitive advantage, and 3) an attractive valuation, as I have written about since 2002 for RealMoney.com.

Every December since, Beyers has run a screen for the upcoming year. We now have four years of results, and the performance is impressive. Our Earnings Power screen has:


Complete Story »]]> AMTD CLR GIGM KHD MAD TS XOM Hewitt Heiserman