• Fed probed on Lehman dealings. A court-appointed examiner is investigating whether the Fed improperly cut in front of other creditors in Lehman's $613B bankruptcy. Creditors are outraged that the Fed, which lent Lehman $46B last September just before it went under, were paid back promptly and in full, while they've languished in bankruptcy courts hoping to recoup at least some of their losses. Generally, government agencies, including the Fed, can't be held legally accountable for their actions, though it's not clear that the sovereign immunity principle extends to bankruptcy law.
• Comcast, NBC in talks. Wall Street is largely discounting Comcast's (CMCSA) nuanced denial that it's courting NBC Universal (GE), which left plenty of room for interpretation ("while we do not normally comment on M&A rumors, the report that Comcast has a deal to purchase NBC Universal is inaccurate"). In one scenario favored by Comcast, the two would form a new JV led by Comcast with a 51% stake. Potential sticking points include Comcast's desire to spend as little cash as possible vs. GE's need for money, and Vivendi's 20% stake in NBCU. Investors, who have long pressed Comcast to send more cash their way, aren't likely to be keen on a deal. CMCSA fell 7.2% Thursday, but recovered after-hours. Commenting to reporters on the rumor Friday, GE CEO Jeff Immelt said, "Discussions are ongoing whether it is an IPO or another partnership."
• CIT launches debt swap. CIT Group (CIT) unveiled its debt exchange, asking bondholders to slash at least $5.7B in unsecured debt for either new secured bonds maturing in 4-8 years, preferred shares, or a combination. Sources say creditors holding bonds closest to maturity would receive proportionally more new debt than equity in an effort to achieve some equality, and not pit one group of bondholders against another. Should the exchange fail, CIT will seek court protection through a prepackaged bankruptcy, which it says offers less value to creditors than its proposal.
• Blindsided, BofA ponders options. Sources say Bank of America (BAC) is considering a temporary fill-in for departing CEO Ken Lewis to keep the bank on course while more-permanent candidates mature, yet another sign of how Lewis' sudden resignation blindsided the board. BofA meets today to decide on a course of action, and who will sit on the nominating committee. Sources say the government will have a say in the final selection. There are any number of directions the board could take, with some thought to favor an insider (Sallie Krawcheck, chief risk officer Greg Curl?), and others leaning toward a brand-name outsider (Alan Schwartz, Jerry Grundhofer, Heidi Miller?).
• Bernanke suggests regulation by committee. As expected, Ben Bernanke urged lawmakers Thursday to put the Fed in charge of regulating the largest U.S. financial institutions, but in a nod to critics worried about the Fed's immense power, Bernanke suggested a council of regulators - led by the Treasury - collaborate in monitoring systemic risk. "We have never supported, and the administration has never supported, a situation in which the Fed would be some kind of untrammeled super-regulator," he said (testimony). While many have praised the Fed's efforts to tame the crisis, it's also been criticized for not seeing it coming. As a result, even some of its biggest supporters in Congress predict the Fed's role as a watchdog going forward will be more modest than originally thought.
• U.K. tells Xstrata to put up or shut up. U.K.'s Takeover Panel gave Xstrata (XSRAF.PK) until Oct. 20 to formalize its June 'merger of equals' offer for Anglo American (AAUKY.PK) or walk away for six months. Unless Xstrata has a change of heart about paying a premium or surrendering more than 50% of the combo, it may be difficult to avoid walking away given the broad lack of enthusiasm from Anglo shareholders. "We have reaffirmed our conclusion that Xstrata's proposal is not in the interests of our shareholders," Anglo chief John Parker reiterated today.
• Northrop hands Boeing stunning defeat. Northrop Grumman (NOC) beat out Boeing (BA) for a $3.8B contract to maintain and service the U.S. Air Force's fleet of KC-10 refueling tankers. Analysts said the win was a "stunning upset" for Northrop, given that Boeing has been servicing the KC-10 since its introduction. Boeing said it will review the decision before deciding whether to appeal to the GAO. NOC +5.4% after hours. BA -0.7%.
• Car sales retreat. After two red-hot months of cash-for-clunkers sales, carmakers posted tepid numbers Thursday. GM said its sales dove 45%, Chrysler reported a 42% drop, sales were down 20% at Honda (HMC), 13% at Toyota (TM) and 7% at Nissan (NSANY). Ford's (F) sales fell just 5%, capping a 5% gain for Q3 - its first positive quarter in four years. Hyundai, which has been gaining momentum throughout the recession, was the best performer at +27%. In aggregate, sales dropped 23% from last year and 41% from August.
• Sept. ISM Manufacturing Index came in at 52.6%, short of the consensus of 54%, but still the fifth straight month of expansion (+50%). While the growth rate moderated slightly vs. August's 52.9%, the recovery broadened as the number of industries reporting growth increased from 11 to 13.
• Initial Jobless Claims rose 17K to 551,000, worse than 530,000 consensus forecast. Continuing claims declined by 70K to 6,090,000. Goldman Sachs subsequently downward adjusted its forecast for today's NFP number to -250K vs. a previous -200K and consensus of -175K.
• Aug. Pending Home Sales rose 6.4% from July, well ahead of consensus of +1%. Sales were 12.4% higher vs. last year. The index is now at its highest level since March 2007. The rise "shows buyers are returning to the market and signing contracts," NAR's Lawrence Yun said, adding that some deals aren't closing due to "complex new appraisal rules."
• August Construction Spending: +0.8% to $941.9B/year vs. consensus of -0.1%, and 11.6% below the year-ago estimate. July estimate revised to $934.6B. In the first eight months, spending was $629.5B, 11.9% below the same period in 2008.

Earnings: Thursday After Close

• Accenture (ACN): FQ4 EPS of $0.63 (ex-charge) in-line. Revenue of $5.15B (-14%) in-line. Took charge accounting for $0.24/share; increases annual dividend 50% to $0.75; increases share buyback by $4B. Shares -1.3% AH. (PR)
• Corel Corp. (CREL): Q3 EPS of $0.27 beats by $0.09 (one estimate). Revenue of $47M (-28%) vs. $48.5M. Shares -0.7% AH. (PR)
• Global Payments (GPN): FQ1 EPS of $0.71 beats by $0.06. Revenue of $441M (+9%) vs. $425M. Shares -1.6% AH. (PR)
• Immucor (BLUD): FQ1 EPS of $0.30 beats by $0.05. Revenue of $83M (+14%) vs. $78M. Sees full-year EPS of $1.10-1.17 vs. $1.11. Shares +4.3% AH. (PR)

Today's Markets

Asia markets dropped strongly Friday in reaction to Thursday's U.S. losses. Europe stocks are lower, and futures are down ahead of the NFP number at 8:30 (see today's calendar below).

F1Q10 Earnings Call

October 1, 2009 5:00 pm ET

F4Q09 Earnings Call

July 23, 2009 5:00 pm ET

Global Payments (GPN) May 26, 2009: $33.50
52-week range: $27.48 (Mar. 9, 2009) - $49.87 (Jun. 23, 2008)

According to the company description by MSN MoneyCentral:

Global Payments, Inc. (GPN)

F3Q09 Earnings Call

• Fake profits shake Satyam. Satyam (SAY) shares are down over 70% in Indian trading after B. Ramalinga Raju, the company's founder and chairman, resigned and admitted over $1B of Satyam's balance sheet as of Sept. 30 was inflated non-existing cash and bank balances. In a letter to the board, Raju wrote that the inflated profits had accrued over the last several years and that he was making the announcement "with deep regret, and tremendous burden that I am carrying on my conscience." Managing director B. Rama Raju also resigned. As of 6:40am, U.S. shares were down 76.3% premarket as investors brace for the fallout from "India's Enron."
• FOMC gloomy on inflation, GDP. Minutes from the Dec. 15-16 FOMC meeting were released yesterday and revealed a Fed worried that recovery won't come any time soon: "All told, real GDP was expected to fall much more sharply in the first half of 2009 than previously anticipated... [and] projected to decline for 2009 as a whole." Officials expect unemployment to rise significantly into 2010, and for core inflation to slow considerably in 2009 and edge down further in 2010. Notably, Fed officials revived the possibility of setting an explicit target for inflation. FOMC members also discussed increasing emergency loans that have already doubled the Fed's balance sheet to $2.3T in the past year. (Read the FOMC minutes.)
• Alcoa slashes and sells. Alcoa (AA) will cut over 15,000 jobs, slash capital expenditure by 50% and sell four business divisions as it scales back aluminum production in the face of the global recession. The largest U.S. aluminum producer, Alcoa will also freeze its global salaries and hiring. This is the third cut in as many months as Alcoa struggles to adapt to 'extraordinary times.' Alcoa is due to report FQ4 results early next week.
• Europe shivers as Gazprom cuts gas supply. Russian energy giant Gazprom has cut all natural gas supplies to Ukraine, a nat-gas hub, in response to a price dispute. As a result, fuel shipments across Europe have been drastically reduced or stopped altogether for the first time in three years. Shortage fears sent U.K. gas prices up as much as 27% yesterday, while EU leaders called the reduced supplies 'completely unacceptable' amid continent-wide cold weather. Romania, Bulgaria, Greece, Macedonia and Turkey were all reporting a complete halt to Russian gas deliveries, while Germany, France and Italy have reported sharp reductions.
• Suing Kuwait. Dow Chemical (DOW) announced it will sue Kuwait for over $2.5B for pulling out of their planned $17.4B petrochemical joint venture, and mentioned that two other parties have since expressed interest in the JV unit. "We will stay on strategy," CEO Andrew Liveris insisted. "The news of our demise is greatly exaggerated." But some wonder if Liveris is right, pointing to Dow's planned $15B acquisition of Rohm & Haas (ROH); without Kuwait's cash, Dow will have to take on even more debt (and possibly face a ratings cut), find a new partner or sell non-core assets to make up the difference. Liveris suggested Dow is prepared to pay the penalty for missing next Monday’s deadline for the closure of the strategic Rohm & Haas takeover, but Dow will then have to pay an extra $100M for every month the deal is delayed.
• Lenovo shares suspended. Shares of Lenovo (LNVGY.PK) were suspended from trading today amid market chatter that the PC giant is set to announce a major restructuring plan. The company said its shares were suspended pending the release of price-sensitive information, but didn't elaborate. Lenovo's sales are flagging in the face of the global economic downturn, and the world's No. 4 PC seller is losing market share to aggressive, smaller rivals like Acer, Asustek (AKCPF.PK) and Toshiba (TOSBF.PK).
• BoA cashes in CCB profit. Bank of America (BAC) sold $2.8B of shares in China Construction Bank, or 13% of its stake, at a 12% discount to yesterday's closing price. BoA is trying to take advantage of almost $14B in paper profits from its CCB stake, after paying around $33B to buy Merrill Lynch. CCB fell 8.8% in Hong Kong.
• Getting tough(er) on financial crimes. The Justice Department is strengthening a task force to counter mortgage-related crimes and ensure federal bailouts amid calls by lawmakers and critics to get more aggressive in fighting financial wrongdoing. Joining the Corporate Fraud Task Force will be officials from the Federal Reserve, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Department of Housing and Urban Development, and TARP's special inspector general.
• Non-mfg ticks up slightly. Economic activity in the non-manufacturing sector increased by 3.3% in December to 40.6%, according to ISM, better than the 37.0% consensus. This marked the third month in a row of sector contraction, though the rate slowed slightly.
• Home sales miss consensus. Pending home sales fell a more than expected 4% (vs. -1% consensus), NAR reported, citing mounting job losses and evaporating consumer confidence. NAR chief economist Yun said 2009 will depend heavily on the real-estate weighting of the much-anticipated Obama-boost.
• Retail sales. Retail Chain Store Sales rose 1.4% from last week, ICSC reported, and fell 0.8% Y/Y. "Bargain shoppers were out in force between Christmas and New Year's taking advantage of retailers' need to clear out seasonal merchandise." According to Redbook, national chain store sales fell 0.6% in the first five weeks of December vs. the previous month and fell 1.3% vs. a year ago.

Earnings: Wednesday Before Open

• Family Dollar Stores (FDO): FQ1 EPS of $0.42 beats by $0.02. Revenue of $1.75B (+4.2%) in-line. (PR)

Earnings: Tuesday After Close

• Finish Line (FINL): FQ3 EPS of $0.16 misses by $0.03. Revenue of $257M (-4.4%) vs. $269M. (PR)
• Global Payments (GPN): FQ2 EPS of $0.60 beats by $0.03. Revenue of $401M (+401%) vs. $405M. Sees 2009 EPS of $2.14-2.21 vs. $2.39. Shares -4.4%. (PR)

Today's Markets

• Asia markets closed mostly down. Nikkei +1.7% to 9,239. Hang Seng -3.4% to 14,987. Shanghai -0.7% to 1,924. BSE, pulled down by the Satyam scandal, -7.25% to 9,587.
• In Europe at midday, London -1.4%. Paris +0.06%. Frankfurt -0.9%.
• U.S. futures: Dow -0.6%. S&P -0.7%. Nasdaq -0.4%. Crude -0.04% to $48.56. Gold -0.15% to $864.70.

Wednesday's Economic Calendar

• 7:00 MBA Mortgage Applications
  7:30 Challenger Job-Cut Report
  8:15 ADP Jobs Report
  10:35 EIA Petroleum Status
  1:00 PM Fed's Hoenig speaks on U.S. economic outlook
• Notable earnings before Wednesday's open: FDO, MON, STZ, SVU
• Notable earnings after Wednesday's close: BBBY

Seeking Alpha editor Eli Hoffmann contributed to this post.

Q2 2009 Earnings Call

January 6, 2009 5:00 pm ET

Traders and portfolio managers returning from their holiday vacations will be greeted by earnings and economic news.

Though earnings season will not officially start for another week (Alcoa Inc. (AA) reports on Monday, Jan 12), there are 46 companies confirmed to report this week. These stocks include S&P 500 members Apollo Group, Inc. (APOL), Bed Bath & Beyond Inc. (BBBY), Chevron Corporation (CVX), Family Dollar Stores, Inc. (FDO), KB Home (KBH), Monsanto Company (MON), Constellation Brands, Inc. (STZ) and SuperValu Inc. (SVU).

Back from a rigorous real estate trip to the Wilmington, NC environs. I am finding excellent opportunities to Lease-Option and Land Contract new homes which we build at a reasonable price and market to buyers who are not quite ready for prime time bank financing even though they have good income and very good credit scores. The three bedroom/two bath ranch homes are receiving excellent reviews for quality and livability. Even in a crappy market, business is approaching the brisk stage. I also like multi-family housing, as the supply of renters keeps growing and growing.

On to stocks. Standard and Poor's regularly publishes a list of undervalued stocks that, in their opinion, have superior upward price potential. The stocks inhabiting this list, called the Neural Fair Value 25 Portfolio, have traditionally performed better than the S&P 500, which now means they lose less - but I digress.

I was feeling a little like Chicken Little earlier today, feeling for sure that the 'sky was falling'!

All of my stocks were hitting sale points and one by one I sold every single one of them except Covance (CVD). Perhaps that is the 'shake-out' everyone was looking for, but I didn't panic. I just hit sale points, and I am now down to one position.

On Thursday, I wrote about my sale of Greif (GEF) on an 8% loss.  As I reminded my readers, my portfolio management strategy demands that I unload shares that hit pre-specified losses.  After an initial purchase, stocks that dip 8% are sold.  This limits my losses and enables me to preserve my gains. 

Also, I commented once again about the other part of my portfolio management strategy, that while not actually trying to 'time' the market, is designed to respond to market influences by shifting either into or out of cash and equities depending on the performance of my own holdings in my portfolio.

I thought a picture of a rollercoaster, this one of the Colossos from Germany, might best describe my own feelings of the market as euphoria alternates with depression in what I would have to describe as one major financial 'bi-polar' disorder.  Friday morning, with stocks climbing in anticipation of the House approval of the $700 billion bail-out (rescue?), I picked up my fifth new position, Global Payments (GPN) which I wrote about here on this blog in an earlier post.

Moments later I realized that my Estee Lauder (EL) was now hitting a sale point with an (8)% loss after my initial purchase.  I went ahead and sold my 140 shares of Estee Lauder at a price of $45.532.  These shares had been purchased just weeks ago on 8/14/08 at a cost basis of $49.93/share.  Thus, I had a loss of $(4.40) or (8.8)% since my purchase triggering (manually) my sale of the shares.  EL actually rebounded slightly after my sale, closing Friday at $46.13, down $(2.12) or (4.39)% on the day.

F1Q09 Earnings Call

October 2, 2008 5:00 pm ET

Global Payments

Guidance

The consensus estimate is 60c for EPS and $395.73M for revenue, according to First Call.

Blog readers from just about all corners of the globe have e-mailed me over the past several months looking for investments that may fit into their asset allocation and sector model(s). In this market, one is prone to reply "good luck". But that is a poor response. I have responded to each request as the situation presented itself.

Today, I am giving readers a list of twenty-five stocks that are known as the Neural Fair Value 25 Portfolio. These stocks are judged by several criteria to be undervalued and having a greater potential than other securities to recoup, making money for the astute investor.

• Wachovia, with fresh CEO, loses CFO. Just two weeks after Wachovia (WB) replaced its CEO with former U.S. Treasury Undersecretary Robert Steel, CFO Thomas Wurtz says he will leave the troubled bank once a successor is named. The company gave no explanation.
• Foreclosures more than doubled in Q2 vs. a year ago; one in every 171 U.S. homeowners lost their home, up 121% from a year ago. Falling home prices have left some owing more than their home is worth, one reason for the increase - which in turn puts further pressure on housing prices. "Rising foreclosures are putting downward pressure on prices, increasing the possibility that homeowners will go upside- down on their mortgages," Merrill economist Sheryl King says. "That will cause more losses in mortgage portfolios and less willingness from investors to securitize mortgages and therefore fewer mortgages." Pimco's Bill Gross estimates that about 25M people are at risk of owing more than their homes are worth.
After you finish reading Wall Street BreakfastSeeking Alpha's Market Currentswill keep you current all day long.
• Cleveland-Cliffs: suitor or target? Cleveland-Cliffs' (CLF) largest shareholder, Harbinger Capital, wants the iron-ore producer to put itself up for sale - and forget about its $10B bid for Alpha Natural Resources (ANR). With a 16% stake, Phil Falcone's fund effectively has the ability to block any transaction. He thinks CLF ($93) could fetch up to $130/share.
• Blackstone goes fishing in subprime seas - NY Post. Sources say Blackstone (BX) has earmarked $1.25B to make bets in the subprime market, in partnership with Florida firm Bayview Financial. Bayview has already put 40% of the stake to work, a source says. "Whole residential mortgage loans, including toxic subprime mortgages, are the latest in a series of assets battered by the credit crunch to be eyed by hedge funds and other vulture investors. Only a few deep-pocketed investors will likely make a go of it, however, as investing in mortgages requires access to both capital- and loan-servicing companies, which select and manage the loans. Also drooling over the downtrodden residential-mortgage market are hedge funds Fortress and Och-Ziff (OZM), as well as traditional asset manager BlackRock (BLK)."
• Infineon posts surprising loss, slashes jobs. Infineon (IFX) lost €592M, more than double what analysts predicted. It will shed about 3,000 jobs - more than 10% of its workforce. "Infineon must adapt its size to today's market conditions," it said. "Headcount reductions will be inevitable." Late yesterday QIMONDA AG (QI), in which IFX owns a 77.5% stake, posted a FQ3 loss of €401M, worse than the €287M analysts were looking for.
• Energy top concern. Swollen energy prices are the number-one issue on Americans' minds, a new poll finds. The study has political implications: Voters prefer Democratic energy policy over Republican by a ratio of 42:22. Voters in four battleground sates favor offshore drilling as the top-tier method to address the U.S. petroleum shortfall.
• Deregulation out, regulation in. Housing and financial crises are fueling a new wave of hands-on government regulation of business and the economy, a sharp about face from the deregulation movement that has defined U.S. politics since Ronald Reagan held office. On Thursday, NY Fed governor Timothy Geithner and SEC chief Christopher Cox pushed for more power, and described to the House how government regulation can be strengthened without stifling financial innovation.
• Another try at extending tax credits. Top Senate tax writer Max Baucus unveiled a revised proposal to extend billions of dollars in expiring credits for businesses Thursday night. The bill includes $16.8B in energy-related incentives.
• Europe thinks Fed, China aren't doing enough. European G7 leaders want the Fed to hike interest rates to bolster the dollar and curb global inflationary pressure, sources say. They are think a China interest rate raise would be a boon. The absence of action has some concerned the global economy could slip into a recession not seen since the 1930s. Sources say it may be wishful thinking.
• ECB talks tough. ECB council member Klaus Liebscher says policy makers have room to hike interest rates again, even amid slowing economic growth. The euro rose vs. the dollar in overnight trading, +0.55% to $1.5702. "A lot of people doubted that the poor economic data was going to spell the end of the tightening cycle," Barclays' David Woo says. "The fact that the ECB is still talking tough and oil prices are starting to stabilize is psychologically supportive for the euro."

Earnings: Before Open

• Barnes Group (B): Q2 EPS of $0.6 beats by $0.01. Revenue of $191M (+4.4%) vs. $210.5M. [PR]
• Black & Decker (BDK): Q2 EPS of $1.46 beats by $0.04. Revenue of $1.64B (-3.4%) in-line. [PR]
• Coventry Health Care (CVH): Q2 EPS of $0.55 in-line. Revenue of $2.98B (+27.7%) in-line. [PR]
• Fortune Brands (FO): Q2 EPS of $1.25 beats by $0.05. Revenue of $2.1B (-8.6%) vs. $2.05B. Shares [PR]
• Honda (HMC): Net operating profit rose 8% to ¥179.6B; analysts expected a loss of ¥135.4B. [AP]
• ITT Industries (ITT): Q2 EPS of $1.19 beats by $0.09. Revenue of $3.06B (+37.8%) vs. $2.93B. [PR]
• Netflix (NFLX): Q2 EPS of $0.42 beats by $0.02. Revenue of $338M (+11.2%) in-line. [PR]

Earnings: After Close

• BMC Software (BMC): FQ1 EPS of $0.43 in-line. Revenue of $437.5M (+13.6%) vs. $433M. Shares -3.4%. [PR]
• Burlington Northern Santa Fe (BNI): Q2 EPS of $1.34 beats by $0.04. Revenue of $4.48B (+16.5%) in-line. Shares -0.1%. [PR]
• Celestica (CLS): Q2 EPS of $0.17 in-line. Revenue of $1.88B (-3.1%) vs. $1.93B. Shares +0.8%. [PR]
• Chubb (CB): Q2 EPS of $1.40 misses by $0.07. Net premiums written down 0.4% to $3.05B. Shares -0.6%. [PR]
• CROCS (CROX): Sees Q2 EPS of $0.04-0.08 vs. $0.41. Sees Q3 EPS of $0.01-0.05 vs. $0.57. Sees revenue of $195-205M vs. $282M. [PR]
• CyberSource (CYBS): Q2 EPS of $0.16 beats by $0.01. Revenue of $55.7M (+143.2%) vs. $54.3M. Shares +6%. [PR]
• Global Payments (GPN): FQ4 EPS of $0.52 beats by $0.01. Revenue of $344M (+22.7%) vs. $328M. Shares +0.1%. [PR]
• Ingram Micro (IM): Q2 EPS of $0.35 in-line. Revenue of $8.82B (+7.7%) vs. $8.58B. "We expect the macro-economic softness to continue into the third quarter." [PR]
• Interactive Brokers (IBKR): Q2 EPS of $0.44 misses by $0.06. Revenue of $395M (+34.2%). Shares -15%. [PR]
• Juniper Networks (JNPR): Q2 EPS of $0.28 beats by $0.01. Revenue of $879M (+32.2%) vs. $852M. Shares -3%. [PR]
• PerkinElmer (PKI): Q2 EPS of $0.35 beats by $0.01. Revenue of $529M (+20.9%) vs. $506M. Shares +0.3%. [PR]
• Rambus (RMBS): Q2 EPS of -$0.13 misses by $0.01. Revenue of $35.7M (-24.8%) vs. $34.3M. Shares -1.3%. [PR]
• Riverbed Technology (RVBD): Q2 EPS of $0.13 beats by $0.02. Revenue of $81.6M (+51.1%) vs. $77M. Shares +2.8%. [PR]
• SiRF Technology (SIRF): Q2 EPS of -$0.19 misses by $0.06. Revenue of $63M (-10.6%) vs. $62M. Shares -7.6%. [PR]
• Western Digital (WDC): FQ4 EPS of $0.94 beats by $0.12. Revenue of $1.99B (+45.8%) vs. $1.89B. Shares +1.5%. [PR]
• Wynn Resorts (WYNN): Q2 EPS of $1.11 beats by $0.18. Revenue of $825M (+20%) in-line. Shares +1.5%. [PR]
• YRC Worldwide (YRCW): Q2 EPS of $0.39 beats by $0.10. Revenue of $2.4B (-3.5%) in-line. Shares +2.3%. [PR]

Today's Markets

• Asia markets closed broadly lower Friday. Nikkei -1.97% to 13,335. Hang Seng -1.5% to 22,741. Shanghai -1.55% to 2,865. BSE -3.4% to 14,275.
• In Europe, bourses are under pressure. London -0.7%. Paris -0.8%. Frankfurt -1.1%.
• Futures are down somewhat. Dow -0.12%. S&P -0.12%. Nasdaq -0.07%. Crude +0.62% to $126.27. Gold +1% to $931.60.

F3Q08 (Qtr End 05/31/08) Earnings Call

July 24, 2008 5:00 pm ET

Global Payments

Guidance

The consensus estimate is 51c for EPS and $327.69M for revenue, according to First Call. Guidance for the quarter calls for a range of 49c to 52c.

Many e-mails from my blog commented that the list of stocks appreciating with oil at $150.00 contained some surprises and made for a useful beginning for research. With that in mind, here is what the team at Credit Suisse First Boston came up with for stocks that will be hard hit at that oil strike price:

• Sunoco (SUN)
• Alcoa (AA)
• Dow Chemical (DOW)
• USAirways (LCC)
• Overseas Shipping Group (OSG)
• BE Aerospace (BEAV)
• Clorox (CLX)
• American Axle (AXL)
• General Motors (GM)
• Ford (F)
• Sears Holdings (SHLD)
• Cabela's (CAB)
• Royal Caribbean (RCL)
• Annaly Mortgage (NLY)
• Citi (C)
• AmeriCredit (ACF)
• TDAmeritrade (AMTD)
• Tyco Electronics (TEL)
• Global Payments (GPN)
• Advanced Medical Optics (EYE)
• Becton Dickinson (BDX)

I do not agree with the Dow Chemical selection, as DOW is producing lots of product in countries that have the oil at subsidized prices. I like DOW.

Global Payments, Inc. (GPN)

F3Q08 Earnings Call