MPEL - News and Analysis from Seeking Alpha 'MPEL' Tag RSS Syndication from SeekingAlpha.com SeekingAlpha.com http://seekingalpha.com/symbol/mpel How My Top Ten 2009 Stock Picks Performed http://seekingalpha.com/article/180940-how-my-top-ten-2009-stock-picks-performed?source=feed 180940 Back in January 2009, I posted a list of my top ten stock picks for 2009.
The original article can be found here.

Start prices are January 1, 2009 and end prices are from December 31, 2009.
The results and recommendations can be found below:

]]> Tue, 05 Jan 2010 09:09:50 -0500 Chris Katje Chris Katje submits:

Back in January 2009, I posted a list of my top ten stock picks for 2009.
The original article can be found here.

Start prices are January 1, 2009 and end prices are from December 31, 2009.
The results and recommendations can be found below:


Complete Story »]]> IMAX JNJ HANS ATVI MO DNDN GLW DE MPEL RIG Chris Katje Tremblant's Big Bet on Research in Motion http://seekingalpha.com/article/179630-tremblant-s-big-bet-on-research-in-motion?source=feed 179630 This is the third quarter 2009 edition of our hedge fund portfolio tracking series. If you're unfamiliar with tracking hedge fund movements or SEC filings, check out our series preface on hedge fund 13F filings.

Next up in our series is Brett Barakett's hedge fund Tremblant Capital. The name Barakett might ring a bell because his brother Timothy used to run fellow hedge fund Atticus Capital (which recently announced it will be shutting down). So while Timothy may have stepped away from the hedge fund game, Brett is still going at it. Before founding his own firm, Brett was previously a portfolio manager for Louis Bacon's hedge fund Moore Capital and in his spare time he enjoys ice hockey. Taken from its site, Tremblant Capital Group's objective is

]]> Wed, 23 Dec 2009 14:48:09 -0500 Market Folly Market Folly submits:

This is the third quarter 2009 edition of our hedge fund portfolio tracking series. If you're unfamiliar with tracking hedge fund movements or SEC filings, check out our series preface on hedge fund 13F filings.

Next up in our series is Brett Barakett's hedge fund Tremblant Capital. The name Barakett might ring a bell because his brother Timothy used to run fellow hedge fund Atticus Capital (which recently announced it will be shutting down). So while Timothy may have stepped away from the hedge fund game, Brett is still going at it. Before founding his own firm, Brett was previously a portfolio manager for Louis Bacon's hedge fund Moore Capital and in his spare time he enjoys ice hockey. Taken from its site, Tremblant Capital Group's objective is


Complete Story »]]> IMAX QCOM PG WYNN UNP MON DTV APOL VIA.B MA MPEL GMCR WMT CAKE INTC LINTA SCHW RHT AAPL GOOG ICLR ECLP HOLX BIDU COST AMZN CNQ AUO CHSI RIMM SYMC RATE WRI MGM LVS WFR GCI HOG CTV SQNM V Market Folly Wall Street Breakfast: Must-Know News http://seekingalpha.com/article/173750-wall-street-breakfast-must-know-news?source=feed 173750

  • AIG bailout was muffed. TARP Special Inspector Neil Barofsky said in a report Monday that the New York Fed mishandled the AIG (AIG) bailout by paying its trading partners in full, where it would have been possible to negotiate partial payments. The Fed didn't use its leverage in negotiations, Barofsky complained, including failing to stress that its participation in the process was purely voluntary. In a response letter, the Fed said the terms of the $85B AIG bailout were appropriate given the severity of the crisis, and that leaning on domestic institutions would have been a "misuse of our supervisory authority" and provided an advantage to foreign institutions.
  • Bernanke gives mixed signals. The recent pickup in the economy "reflects more than purely temporary factors" and continued moderate growth is likely, Fed Chairman Ben Bernanke said in a speech Monday, though constrained lending and weak labor market remain headwinds to robust growth. Inflation expectations haven't responded to upward or downward pressures, he said, noting plenty of resource slack. Bernanke pledged that low-interest, loose monetary policies would continue for an extended period. In a follow-up Q&A, Bernanke said it's "not obvious" that asset prices are out of line, at least inside the U.S., and that "we can never say never" on using interest rates to deflate bubbles, adding we won't have a "real market-based financial system until it's safe to let a financial firm fail."
  • Smelling danger, banks respond. The Financial Services Forum, a lobbying group for 18 of the world's largest financial firms, urged House Financial Services Committee Chairman Barney Frank not to pursue big bank break-up legislation, an idea attracting interest in Congress and causing alarm on Wall Street. In a letter a day before Frank's panel resumes debate on financial reform legislation, the group stressed that size alone does not make firms risky: "The problem is not that some institutions are too large. It's that there is currently no legal authority to unwind, in an orderly way, a failing financial conglomerate."
  • U.S. opens door for China banks. Chinese and U.S. regulators are negotiating an agreement aimed at encouraging Chinese firms to buy into small and medium-sized U.S. banks, sources say, something Chinese bankers complain has been difficult for them in the past. The shift highlights how the global financial landscape has been redrawn post crisis, with cash-rich Chinese banks now a force to be reckoned with on the world scene.
  • UBS urges patience. UBS (UBS) CEO Oswald Gruebel asked investors to be patient, assuring them the bank was on the come-back track. "We have stabilized UBS's financial condition but we still have some serious topics to address," Gruebel insisted. The bank has fixed a goal for pretax profit at around 15 billion Swiss francs ($14.89B) in the next 3-5 years. In a reference to the bank's history of helping rich foreigners evade taxes, which led to a damaging legal tussle with the U.S. government, Gruebel said he was building "a new UBS: one that performs to the highest standards and behaves with integrity and honesty."
  • Obama and Hu set different priorities. At a press conference in Beijing Tuesday, President Obama and Chinese President Hu Jintao had different priorities for economic action. Obama stressed the need for economic balance: "[We need] a strategy where America saves more, spends less, that reduces our long-term debt, and where China makes adjustments... to rebalance its economy and spur domestic demand," Obama said. Hu, on the other hand, thought protectionism was a priority. "I stressed to President Obama that under the current circumstances our two countries need to oppose all kinds of trade protectionism even more strongly."
  • Japan, eyeing bond sales, plans new budget. The Japanese government announced plans for a new budget, seeking to maintain economic stimulus measures to support the economy. But the government may have to cut back on some election spending promises if it seeks to keep bond issuance below ¥44T yen ($494B) in the coming year. There is already pressure on government bond yields as declining tax revenues suggest more extended issuance may be necessary.
  • GMAC chief ousted by board. GMAC CEO Alvaro de Molina was asked to resign by the board after only 19 months at the helm. GMAC had been preparing a request for additional bailout funds from the Treasury. GMAC director Michael A. Carpenter, who will replace de Molina, has said that he will review the need for that request.
  • GM loses $1.5B, but repays loans. General Motors posted a $1.5B loss for Q3, but announced it would repay $6.7B of its $50B government bailout, at the rate of $1B per quarter. Analysts said GM’s results showed a healthier balance sheet, ample cash, and factory production much more in line with consumer demand.
  • BOE director says better keep stimulus. Bank of England director Andrew Sentance, a member of the rate setting committee, said on Tuesday that emergency stimulus measures for the U.K. economy had better remain in place for an undetermined period. "We have to be open-minded" about more quantitative easing, Sentance added, even though he thought that the recession in the U.K. had come to an end.
  • Fed’s Kohn sees no asset bubbles. Fed Vice Chairman Donald Kohn said in a speech Monday that there was no sign of an asset bubble being caused by the low interest-rate policies the central bank was pursuing. Kohn pointed out that the central bank's loose monetary policies were intended to help investors move into riskier assets.
  • U.K. inflation rises. The U.K. Consumer Price Index jumped to 1.5% from a five-year low of 1.1%, the Office of National Statistics said on Tuesday. Food prices pushed the index higher; economists say it's likely only a temporary spike.

Earnings: Tue. Before Open

  • Canadian Solar (CSIQ): Q3 EPS of $0.69 beats by $0.15. Revenue of $213M (-15.6%) in-line. Shares +5.1% premarket. (PR)
  • Covidien (COV): FQ4 EPS of $0.72 beats by $0.02. Revenue of $2.7B (+0.3%) in-line. (PR)
  • Home Depot (HD): Q3 EPS of $0.41 beats by $0.05. Revenue of $16.36B (-8%) in-line. Sees 2010 EPS of $1.55 vs. $1.53 consensus. Same-store sales -6.9%. "There is still a great deal of pressure in the housing and home improvement markets, though there are some positive signs of stabilization." (PR)
  • Jacobs Engineering Group (JEC): FQ4 EPS of $0.63 misses by $0.05. Revenue of $2.55B (-20.1%) in-line. Sees 2010 EPS of $2.00-2.60 vs. $2.83 consensus. (PR)
  • Melco Crown Entertainment (MPEL): Q3 EPS of -$0.08 beats by $0.01. Revenue of $500M (+69.5%) vs. $520M. Shares -4.5% premarket. (PR)
  • Saks (SKS): Q3 EPS of $0.01 beats by $0.12. Revenue of $631M (-8.5%) vs. $624M. SSS -10.1.%. "We believe there is more stability and predictability in our business compared to twelve or even six months ago; however, the overall environment remains challenging." Shares +3% premarket. (PR)

Earnings: Mon. After Close

  • Assured Guaranty (AGO): Q3 adjusted EPS of $0.44 beats by $0.13. Revenue of $389M (+161%) vs. $338M. Shares -0.2% AH. (PR)
  • Pacific Sunwear of California (PSUN): Q3 EPS of -$0.17 beats by $0.03. Revenue of $268M (-17%) vs. $260M. Sees Q4 EPS of -$0.28 to -$0.35 vs. -$0.11. Shares -11.2% AH. Update 4:54 p.m.: Shares -18.8% AH. (PR)
  • Sina (SINA): Q3 EPS of $0.34 beats by $0.03. Revenue of $96.4M (-9%) vs. $99.5M. Sees Q4 revenue of $93M-96M vs. $99.5M. Shares +4.8% AH. (PR)

Today's Markets

Asian and European markets were mixed Tuesday, leaving futures flat after a light-volume overnight session.

]]> Tue, 17 Nov 2009 07:19:39 -0500 Andrew Rosenbaum

  • AIG bailout was muffed. TARP Special Inspector Neil Barofsky said in a report Monday that the New York Fed mishandled the AIG (AIG) bailout by paying its trading partners in full, where it would have been possible to negotiate partial payments. The Fed didn't use its leverage in negotiations, Barofsky complained, including failing to stress that its participation in the process was purely voluntary. In a response letter, the Fed said the terms of the $85B AIG bailout were appropriate given the severity of the crisis, and that leaning on domestic institutions would have been a "misuse of our supervisory authority" and provided an advantage to foreign institutions.
  • Bernanke gives mixed signals. The recent pickup in the economy "reflects more than purely temporary factors" and continued moderate growth is likely, Fed Chairman Ben Bernanke said in a speech Monday, though constrained lending and weak labor market remain headwinds to robust growth. Inflation expectations haven't responded to upward or downward pressures, he said, noting plenty of resource slack. Bernanke pledged that low-interest, loose monetary policies would continue for an extended period. In a follow-up Q&A, Bernanke said it's "not obvious" that asset prices are out of line, at least inside the U.S., and that "we can never say never" on using interest rates to deflate bubbles, adding we won't have a "real market-based financial system until it's safe to let a financial firm fail."
  • Smelling danger, banks respond. The Financial Services Forum, a lobbying group for 18 of the world's largest financial firms, urged House Financial Services Committee Chairman Barney Frank not to pursue big bank break-up legislation, an idea attracting interest in Congress and causing alarm on Wall Street. In a letter a day before Frank's panel resumes debate on financial reform legislation, the group stressed that size alone does not make firms risky: "The problem is not that some institutions are too large. It's that there is currently no legal authority to unwind, in an orderly way, a failing financial conglomerate."
  • U.S. opens door for China banks. Chinese and U.S. regulators are negotiating an agreement aimed at encouraging Chinese firms to buy into small and medium-sized U.S. banks, sources say, something Chinese bankers complain has been difficult for them in the past. The shift highlights how the global financial landscape has been redrawn post crisis, with cash-rich Chinese banks now a force to be reckoned with on the world scene.
  • UBS urges patience. UBS (UBS) CEO Oswald Gruebel asked investors to be patient, assuring them the bank was on the come-back track. "We have stabilized UBS's financial condition but we still have some serious topics to address," Gruebel insisted. The bank has fixed a goal for pretax profit at around 15 billion Swiss francs ($14.89B) in the next 3-5 years. In a reference to the bank's history of helping rich foreigners evade taxes, which led to a damaging legal tussle with the U.S. government, Gruebel said he was building "a new UBS: one that performs to the highest standards and behaves with integrity and honesty."
  • Obama and Hu set different priorities. At a press conference in Beijing Tuesday, President Obama and Chinese President Hu Jintao had different priorities for economic action. Obama stressed the need for economic balance: "[We need] a strategy where America saves more, spends less, that reduces our long-term debt, and where China makes adjustments... to rebalance its economy and spur domestic demand," Obama said. Hu, on the other hand, thought protectionism was a priority. "I stressed to President Obama that under the current circumstances our two countries need to oppose all kinds of trade protectionism even more strongly."
  • Japan, eyeing bond sales, plans new budget. The Japanese government announced plans for a new budget, seeking to maintain economic stimulus measures to support the economy. But the government may have to cut back on some election spending promises if it seeks to keep bond issuance below ¥44T yen ($494B) in the coming year. There is already pressure on government bond yields as declining tax revenues suggest more extended issuance may be necessary.
  • GMAC chief ousted by board. GMAC CEO Alvaro de Molina was asked to resign by the board after only 19 months at the helm. GMAC had been preparing a request for additional bailout funds from the Treasury. GMAC director Michael A. Carpenter, who will replace de Molina, has said that he will review the need for that request.
  • GM loses $1.5B, but repays loans. General Motors posted a $1.5B loss for Q3, but announced it would repay $6.7B of its $50B government bailout, at the rate of $1B per quarter. Analysts said GM’s results showed a healthier balance sheet, ample cash, and factory production much more in line with consumer demand.
  • BOE director says better keep stimulus. Bank of England director Andrew Sentance, a member of the rate setting committee, said on Tuesday that emergency stimulus measures for the U.K. economy had better remain in place for an undetermined period. "We have to be open-minded" about more quantitative easing, Sentance added, even though he thought that the recession in the U.K. had come to an end.
  • Fed’s Kohn sees no asset bubbles. Fed Vice Chairman Donald Kohn said in a speech Monday that there was no sign of an asset bubble being caused by the low interest-rate policies the central bank was pursuing. Kohn pointed out that the central bank's loose monetary policies were intended to help investors move into riskier assets.
  • U.K. inflation rises. The U.K. Consumer Price Index jumped to 1.5% from a five-year low of 1.1%, the Office of National Statistics said on Tuesday. Food prices pushed the index higher; economists say it's likely only a temporary spike.

Earnings: Tue. Before Open

  • Canadian Solar (CSIQ): Q3 EPS of $0.69 beats by $0.15. Revenue of $213M (-15.6%) in-line. Shares +5.1% premarket. (PR)
  • Covidien (COV): FQ4 EPS of $0.72 beats by $0.02. Revenue of $2.7B (+0.3%) in-line. (PR)
  • Home Depot (HD): Q3 EPS of $0.41 beats by $0.05. Revenue of $16.36B (-8%) in-line. Sees 2010 EPS of $1.55 vs. $1.53 consensus. Same-store sales -6.9%. "There is still a great deal of pressure in the housing and home improvement markets, though there are some positive signs of stabilization." (PR)
  • Jacobs Engineering Group (JEC): FQ4 EPS of $0.63 misses by $0.05. Revenue of $2.55B (-20.1%) in-line. Sees 2010 EPS of $2.00-2.60 vs. $2.83 consensus. (PR)
  • Melco Crown Entertainment (MPEL): Q3 EPS of -$0.08 beats by $0.01. Revenue of $500M (+69.5%) vs. $520M. Shares -4.5% premarket. (PR)
  • Saks (SKS): Q3 EPS of $0.01 beats by $0.12. Revenue of $631M (-8.5%) vs. $624M. SSS -10.1.%. "We believe there is more stability and predictability in our business compared to twelve or even six months ago; however, the overall environment remains challenging." Shares +3% premarket. (PR)

Earnings: Mon. After Close

  • Assured Guaranty (AGO): Q3 adjusted EPS of $0.44 beats by $0.13. Revenue of $389M (+161%) vs. $338M. Shares -0.2% AH. (PR)
  • Pacific Sunwear of California (PSUN): Q3 EPS of -$0.17 beats by $0.03. Revenue of $268M (-17%) vs. $260M. Sees Q4 EPS of -$0.28 to -$0.35 vs. -$0.11. Shares -11.2% AH. Update 4:54 p.m.: Shares -18.8% AH. (PR)
  • Sina (SINA): Q3 EPS of $0.34 beats by $0.03. Revenue of $96.4M (-9%) vs. $99.5M. Sees Q4 revenue of $93M-96M vs. $99.5M. Shares +4.8% AH. (PR)

Today's Markets

Asian and European markets were mixed Tuesday, leaving futures flat after a light-volume overnight session.


Complete Story »]]> DIA SPY QQQQ USO GLD AGO AIG COV HD JEC PSUN SINA CSIQ MPEL UBS SKS Andrew Rosenbaum The Complete List of Hong Kong ADR Stocks http://seekingalpha.com/article/173632-the-complete-list-of-hong-kong-adr-stocks?source=feed 173632 The complete list of sponsored Hong Kong ADRs traded on the U.S. organized exchanges is listed below:

ADR Name Ticker Industry
CDC Software CDCS Software&ComputerSvc
City Telecom (H.K.) CTEL Fixed Line Telecom.
Hutchison Telecommunications International HTX Mobile Telecom.
Melco Crown Entertainment MPEL Travel & Leisure
O2Micro International OIIM Tech.Hardware&Equip.
Semiconductor Manufacturing International SMI Tech.Hardware&Equip.

Hutchison Telecommunications International (HTX) is a holding company that provides fixed and mobile telcom services in Hong Kong and many other countries in Asia. YTD the stock is down 25%.

]]> Sat, 14 Nov 2009 14:58:00 -0500 David Hunkar David Hunkar submits:

The complete list of sponsored Hong Kong ADRs traded on the U.S. organized exchanges is listed below:

ADR Name Ticker Industry
CDC Software CDCS Software&ComputerSvc
City Telecom (H.K.) CTEL Fixed Line Telecom.
Hutchison Telecommunications International HTX Mobile Telecom.
Melco Crown Entertainment MPEL Travel & Leisure
O2Micro International OIIM Tech.Hardware&Equip.
Semiconductor Manufacturing International SMI Tech.Hardware&Equip.

Hutchison Telecommunications International (HTX) is a holding company that provides fixed and mobile telcom services in Hong Kong and many other countries in Asia. YTD the stock is down 25%.


Complete Story »]]> CDCS CTEL HTX MPEL OIIM SMI David Hunkar Cramer's Lightning Round - The Mosaic of Junior Gold Miners (11/11/09) http://seekingalpha.com/article/172899-cramer-s-lightning-round-the-mosaic-of-junior-gold-miners-11-11-09?source=feed 172899 Stocks discussed on the lightning round session of Jim Cramer's Mad Money TV Program, Wednesday November 11.

Bullish Calls:

Market Vectors Junior Gold Miners ETF (GDXJ): "I want to move you into the mosaic… the basket of junior gold miners which is GDXJ."

]]> Thu, 12 Nov 2009 06:27:51 -0500 SA Editor Miriam Metzinger Miriam Metzinger submits:

Stocks discussed on the lightning round session of Jim Cramer's Mad Money TV Program, Wednesday November 11.

Bullish Calls:

Market Vectors Junior Gold Miners ETF (GDXJ): "I want to move you into the mosaic… the basket of junior gold miners which is GDXJ."


Complete Story »]]> GDXJ F ADCT WYNN FWLT CL SLW TM MPEL Miriam Metzinger Tuesday's Options Recap http://seekingalpha.com/article/172602-tuesday-s-options-recap?source=feed 172602 Sentiment

Stocks opened lower after four days of gains, but with no real news to guide the market action, are trading mixed late Tuesday. With no economic data and no earnings of broad market significance, the Dow Jones Industrial Average dipped on profit-taking after a four-day 4.7 percent advance.

However, the selling never gathered any momentum and the industrial average has traded in a narrow 63-point range. With an hour left to trade, the Dow has overcome the early weakness and is up 17 points.

]]> Tue, 10 Nov 2009 15:46:47 -0500 Frederic Ruffy Frederic Ruffy submits:

Sentiment

Stocks opened lower after four days of gains, but with no real news to guide the market action, are trading mixed late Tuesday. With no economic data and no earnings of broad market significance, the Dow Jones Industrial Average dipped on profit-taking after a four-day 4.7 percent advance.

However, the selling never gathered any momentum and the industrial average has traded in a narrow 63-point range. With an hour left to trade, the Dow has overcome the early weakness and is up 17 points.


Complete Story »]]> CRI ABK MPEL MBI TRA ARUN S PCLN MON Frederic Ruffy The 10 Most Traded Asian ADRs http://seekingalpha.com/article/167298-the-10-most-traded-asian-adrs?source=feed 167298 With a mix of developing countries such as China, India, Indonesia and developed countries such as Taiwan, South Korea, Singapore and Japan, Asian economies are becoming stronger and as a result investor interest is running high for Asian equities. New Asian companies have been listed on US markets in recent years and still more are being newly listed regularly.

Among the hundreds of Asian ADRs that are traded on a daily basis, the following are the 10 Most Traded Exchange-listed ADRs:

]]> Mon, 19 Oct 2009 10:13:25 -0400 David Hunkar David Hunkar submits:

With a mix of developing countries such as China, India, Indonesia and developed countries such as Taiwan, South Korea, Singapore and Japan, Asian economies are becoming stronger and as a result investor interest is running high for Asian equities. New Asian companies have been listed on US markets in recent years and still more are being newly listed regularly.

Among the hundreds of Asian ADRs that are traded on a daily basis, the following are the 10 Most Traded Exchange-listed ADRs:


Complete Story »]]> TSM SLT MPEL UMC AUO STP YGE LPL MTU INFY David Hunkar Options Trader: Which-Way Wednesday, Fed Edition http://seekingalpha.com/article/162982-options-trader-which-way-wednesday-fed-edition?source=feed 162982

Financial RoadmapWe’re just waiting on the Fed today, as are the rest of the markets.

Yesterday’s volume was the lowest since Sept 11th but not as low as Monday, which was our lowest volume since the end of June, just before we had a 5% correction. June 26th and 29th were our last two consecutive ultra-low volume days but June 30th was much bigger (a down 100 day), July 1st was up again on low volume and then July 2nd was another big down day and we bottomed out on July 10th. That was the time that the media was telling us we were forming a "classic" head and shoulders pattern and were doomed to revisit the March lows. It was also the last time we enthusiastically bought stocks.

]]> Wed, 23 Sep 2009 10:10:31 -0400 Philip Davis Phil Davis submits:

Financial RoadmapWe’re just waiting on the Fed today, as are the rest of the markets.

Yesterday’s volume was the lowest since Sept 11th but not as low as Monday, which was our lowest volume since the end of June, just before we had a 5% correction. June 26th and 29th were our last two consecutive ultra-low volume days but June 30th was much bigger (a down 100 day), July 1st was up again on low volume and then July 2nd was another big down day and we bottomed out on July 10th. That was the time that the media was telling us we were forming a "classic" head and shoulders pattern and were doomed to revisit the March lows. It was also the last time we enthusiastically bought stocks.


Complete Story »]]> DIA AIG EDZ CVX FSLR SRS MPEL BXP Philip Davis Cramer's Lightning Round - Ivanhoe: Neither a Hero Nor a Villain (9/21/09) http://seekingalpha.com/article/162695-cramer-s-lightning-round-ivanhoe-neither-a-hero-nor-a-villain-9-21-09?source=feed 162695 Stocks discussed on the lightning round session of Jim Cramer's Mad Money TV Program, Monday September 21.

Bullish Calls:

Wynn Resorts (WYNN): "You will be the beneficiary of the Hong Kong spinout… that is the best way to play… let’s not outthink this."

]]> Tue, 22 Sep 2009 06:58:07 -0400 SA Editor Miriam Metzinger Miriam Metzinger submits:

Stocks discussed on the lightning round session of Jim Cramer's Mad Money TV Program, Monday September 21.

Bullish Calls:

Wynn Resorts (WYNN): "You will be the beneficiary of the Hong Kong spinout… that is the best way to play… let’s not outthink this."


Complete Story »]]> WYNN WEN CMG CPF IVAN MPEL KBR KR Miriam Metzinger Loss Vegas: Short MGM http://seekingalpha.com/article/162505-loss-vegas-short-mgm?source=feed 162505 The Market Week Ahead

The big important data reports this week are:

Tuesday: New Zealand 2nd Quarter Gross Domestic Product.

]]> Mon, 21 Sep 2009 07:57:49 -0400 Michael Michaud Michael Michaud submits:

The Market Week Ahead

The big important data reports this week are:

Tuesday: New Zealand 2nd Quarter Gross Domestic Product.


Complete Story »]]> MGM LVS BYD PENN ISLE WYNN MPEL MTN FLL UWN CNTY ASCA Michael Michaud Lone Pine Capital's Melco Crown Stake: Betting on a Lower Macau Gaming Revenue Tax? http://seekingalpha.com/article/158981-lone-pine-capital-s-melco-crown-stake-betting-on-a-lower-macau-gaming-revenue-tax?source=feed 158981 I was thinking about shorting Melco Crown (MPEL) until I saw Lone Pine Capital take a 1% stake in Melco Crown. Why did they sell all of their Las Vegas Sands (LVS) position to swap into Melco Crown?

Ask anybody in the hedge fund industry and he will tell you Stephen Mandel is one of the best in the business, if not the best. At the Ira Sohn Conference this May, he said he looks for two components when seeking margin of safety: price paid and strength of business franchise. If given a choice of one or the other, Mandel's preference is strength of the business.

]]> Sun, 30 Aug 2009 06:28:56 -0400 Financial Hippie I was thinking about shorting Melco Crown (MPEL) until I saw Lone Pine Capital take a 1% stake in Melco Crown. Why did they sell all of their Las Vegas Sands (LVS) position to swap into Melco Crown?

Ask anybody in the hedge fund industry and he will tell you Stephen Mandel is one of the best in the business, if not the best. At the Ira Sohn Conference this May, he said he looks for two components when seeking margin of safety: price paid and strength of business franchise. If given a choice of one or the other, Mandel's preference is strength of the business.


Complete Story »]]> MPEL BJK WYNN LVS MGM Financial Hippie Lone Pine Buys Large Cap Global Brands: 13F Filing http://seekingalpha.com/article/157939-lone-pine-buys-large-cap-global-brands-13f-filing?source=feed 157939


This is the second quarter 2009 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out our series preface on hedge fund 13F filings.
]]> Mon, 24 Aug 2009 11:00:03 -0400 Market Folly Market Folly submits:


This is the second quarter 2009 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out our series preface on hedge fund 13F filings.

Complete Story »]]> MCD HPQ NKE SFD ECL LMDIA MPEL SWN PTV FITB PAC ASR MR STI PGR DISCA VPRT KO STRA PROJ GLD UNP MA MSM PCP AMX MJN URBN V JPM GOOG PM QCOM MON PCLN COH FMX Market Folly Trends and Themes Gleaned from Funds' 13F Filings http://seekingalpha.com/article/156462-trends-and-themes-gleaned-from-funds-13f-filings?source=feed 156462 This past Friday was the 45th day of the third quarter and also the deadline for fund managers to file the 13Fs that reflected their holdings as of 6/30/09. Especially given the current market circumstances, 45 days is a LONG time and thus the data can potentially be relatively stale and not reflective of these managers’ current portfolios. Heck, in this market data that is 7 days old may not be indicative of a manager’s current investment philosophy.

Having said that, it is often instructive to take a look at the changes made during Q2 to get a sense of what themes managers are focusing on. Of course, we cannot see their short portfolios so for many of these managers you really only get half the story. But on the long side, having the data from Q4 2008, Q1 2009 and Q2 2009 all together, it is sometimes possible to re-engineer a certain manager’s strategy.

]]> Mon, 17 Aug 2009 06:10:54 -0400 The Inoculated Investor This past Friday was the 45th day of the third quarter and also the deadline for fund managers to file the 13Fs that reflected their holdings as of 6/30/09. Especially given the current market circumstances, 45 days is a LONG time and thus the data can potentially be relatively stale and not reflective of these managers’ current portfolios. Heck, in this market data that is 7 days old may not be indicative of a manager’s current investment philosophy.

Having said that, it is often instructive to take a look at the changes made during Q2 to get a sense of what themes managers are focusing on. Of course, we cannot see their short portfolios so for many of these managers you really only get half the story. But on the long side, having the data from Q4 2008, Q1 2009 and Q2 2009 all together, it is sometimes possible to re-engineer a certain manager’s strategy.


Complete Story »]]> GLD BAC HPQ ORCL RF STI FITB PBG PAS GDX GFI AU CTX KIM YHOO AAPL TUX VRY TCW LIA TOH GFG TIN SEE TEL ESRX COF USB GNW CI FIS FISV AET CNX ANR FWLT FLR MEE COG STR FST WYNN FMX CHK RAI LUK MCD FFH LGF SRS WMB BBI MOT NKE SFD MPEL SLM MHS DECK APOL LVS CCL ATVI UNP V AMX URBN The Inoculated Investor 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 »]]> DIA SPY QQQQ USO GLD ACF AGU AIG ALL ATVI ATW BAC BEAT BEXP BGC BK CECO CF CLR CNQ CSCO CTB CXW EGLE FNM FRE GOOG GXP HCN IO LAMR MBI MF MUR NHP OEH ONNN ONT PCS PRU REG RWT SCI SHO SUN TRA UHAL VRTX WIN WNR NWSA AEE BVF CMCSA CSIQ DPTR DSX DTV EAT EP FUQI GLG HPT HUN IAG KG LINE LXP MPEL NDAQ PXP SIRI TDC TTI WEN WMB Rachael Granby Earnings Season Clues: No All-Clear Yet http://seekingalpha.com/article/149414-earnings-season-clues-no-all-clear-yet?source=feed 149414 Sometimes investors can glean some clues as to the direction of the US markets and economy based on the market’s perception of Earning Season.

Firstly, Bespoke reported last week that the market was entering Earning Season with high expectations (a headwind for the bulls). Drilling down further, Starmine, which has a relatively good record of forecasting earning surprises, gave the following list of five North American stocks that were likely to beat 2Q Street estimates:

]]> Fri, 17 Jul 2009 04:34:04 -0400 Cam Hui Cam Hui submits:

Sometimes investors can glean some clues as to the direction of the US markets and economy based on the market’s perception of Earning Season.

Firstly, Bespoke reported last week that the market was entering Earning Season with high expectations (a headwind for the bulls). Drilling down further, Starmine, which has a relatively good record of forecasting earning surprises, gave the following list of five North American stocks that were likely to beat 2Q Street estimates:


Complete Story »]]> ERTS TSN DFS RSH AAPL MPEL DHI TAC RCL CP Cam Hui Thursday's Options Recap http://seekingalpha.com/article/144082-thursday-s-options-recap?source=feed 144082 Sentiment

Stocks are holding modest gains with help from better-than-expected economic data Thursday. A report released before the opening bell on Wall Street showed a long-awaited decline in continuing claims. After 21 consecutive increases, the Labor Department reported that total insurance claims declined by 148,000 to 6.69 million-- the biggest decline in more than seven years.

The Dow Jones Industrial Average opened steady and then moved higher around 10:00 eastern time after the latest Philadelphia Fed Survey showed surprise improvement. The gauge of regional manufacturing activity rose to -2.2 in June, from -22.6 the month before and much better than the -17 economists had predicted. A separate report, released at the same time, showed the list of leading indicators increasing by 1.2 percent in May, which also topped economist forecasts of 1 percent.

]]> Thu, 18 Jun 2009 16:01:34 -0400 Frederic Ruffy Frederic Ruffy submits:

Sentiment

Stocks are holding modest gains with help from better-than-expected economic data Thursday. A report released before the opening bell on Wall Street showed a long-awaited decline in continuing claims. After 21 consecutive increases, the Labor Department reported that total insurance claims declined by 148,000 to 6.69 million-- the biggest decline in more than seven years.

The Dow Jones Industrial Average opened steady and then moved higher around 10:00 eastern time after the latest Philadelphia Fed Survey showed surprise improvement. The gauge of regional manufacturing activity rose to -2.2 in June, from -22.6 the month before and much better than the -17 economists had predicted. A separate report, released at the same time, showed the list of leading indicators increasing by 1.2 percent in May, which also topped economist forecasts of 1 percent.


Complete Story »]]> FXI ATHR MRVL COH MPEL COST DFS RIMM Frederic Ruffy Cramer's Lightning Round - ProShares UltraFinancials Is a Hoax (6/12/09) http://seekingalpha.com/article/143031-cramer-s-lightning-round-proshares-ultrafinancials-is-a-hoax-6-12-09?source=feed 143031 Stocks discussed on the lightning round session of Jim Cramer's Mad Money TV Program, Friday June 12.

Bullish Calls:

Saytam Computer Services (SAY): "I can't believe this comany reported a decent number...it is so good as a speculative play, I'd buy some."

]]> Mon, 15 Jun 2009 06:21:00 -0400 SA Editor Miriam Metzinger Miriam Metzinger submits:

Stocks discussed on the lightning round session of Jim Cramer's Mad Money TV Program, Friday June 12.

Bullish Calls:

Saytam Computer Services (SAY): "I can't believe this comany reported a decent number...it is so good as a speculative play, I'd buy some."


Complete Story »]]> BTU SAY UNP TTEK UYG RVBD FLR TXT EQIX OSK MPEL LVS PCX Miriam Metzinger Tremblant Bets on Tech Sector http://seekingalpha.com/article/142598-tremblant-bets-on-tech-sector?source=feed 142598 This is the 1st Quarter 2009 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings series preface.

Next up, we have Tremblant Capital Group. Tremblant is a $3 billion hedge fund based in New York and is run by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom we also track). If the last name of 'Barakett' sounds familiar, its because his brother, Timothy Barakett, manages fellow hedge fund Atticus Capital, whose portfolio we recently covered. Taken from its site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process."

]]> Thu, 11 Jun 2009 06:47:18 -0400 Market Folly Market Folly submits:

This is the 1st Quarter 2009 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings series preface.

Next up, we have Tremblant Capital Group. Tremblant is a $3 billion hedge fund based in New York and is run by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom we also track). If the last name of 'Barakett' sounds familiar, its because his brother, Timothy Barakett, manages fellow hedge fund Atticus Capital, whose portfolio we recently covered. Taken from its site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process."


Complete Story »]]> ECLP CMG EYE PG AAPL V MA QCOM JCG ICLR CNQ ABC SCHW RIMM OCR ISRG LVS GMCR SOHU SINA FRED RHT BIDU CVD RATE FDS CAKE EQIX MGM LMDIA GOOG UNP HOLX DTV COST TMO MCK TAP CMG.B WMT CVS GLW NYX LIFE ENR TWTC DELL UNH PDGI MPEL Market Folly Wednesday's Options Recap http://seekingalpha.com/article/142508-wednesday-s-options-recap?source=feed 142508 Sentiment

Stocks opened steady in morning action after a 4 percent gain in Hong Kong's Hang Seng led Asia's markets upward and stock indexes were moving broadly higher in Europe as well. Rallying commodity prices, including crude oil above $71 a barrel, seemed to reflect the view that an economic recovery is underway.

However, the morning rally quickly stalled, as some of the investor focus shifted to happenings in the bond pits, where the yield on the benchmark ten-year Treasury bond made a decisive move to 7 month highs. Then, shortly after a poor showing at an auction of ten-year Treasury notes, bonds sank further and the yield on the ten-year moved up to the 4 percent "psyche" level.

]]> Wed, 10 Jun 2009 16:04:11 -0400 Frederic Ruffy Frederic Ruffy submits:

Sentiment

Stocks opened steady in morning action after a 4 percent gain in Hong Kong's Hang Seng led Asia's markets upward and stock indexes were moving broadly higher in Europe as well. Rallying commodity prices, including crude oil above $71 a barrel, seemed to reflect the view that an economic recovery is underway.

However, the morning rally quickly stalled, as some of the investor focus shifted to happenings in the bond pits, where the yield on the benchmark ten-year Treasury bond made a decisive move to 7 month highs. Then, shortly after a poor showing at an auction of ten-year Treasury notes, bonds sank further and the yield on the ten-year moved up to the 4 percent "psyche" level.


Complete Story »]]> NVDA AKS XHB FXE CROX ALTH MPEL PNC SQNM HD BAC Frederic Ruffy Casino Stocks Could Be a Long Term Jackpot http://seekingalpha.com/article/136692-casino-stocks-could-be-a-long-term-jackpot?source=feed 136692 The "pick of the week" for long term investors: Casino stocks.

We used to think that casinos were recession-proof. But this time, casinos have seen a major slowdown in the industry.

]]> Sun, 10 May 2009 14:56:13 -0400 Gregory Pepin Gregory Pepin submits:

The "pick of the week" for long term investors: Casino stocks.

We used to think that casinos were recession-proof. But this time, casinos have seen a major slowdown in the industry.


Complete Story »]]> LVS MGM MPEL WYNN Gregory Pepin