NEM - News and Analysis from Seeking Alpha 'NEM' Tag RSS Syndication from SeekingAlpha.com SeekingAlpha.com http://seekingalpha.com/symbol/nem Report from Europe: More Soggy Economic Data but Stocks Don't Care http://seekingalpha.com/article/173571-report-from-europe-more-soggy-economic-data-but-stocks-don-t-care?source=feed 173571

Having briefly scanned the dataflow Friday before checking out the price action, your writer had thought he may be confronted with somewhat softer markets. Wrong. Rather, a combination of slightly weaker than expected GDP growth in Europe and a wider trade deficit and decline in consumer confidence in the US seems to have been trumped by a decent earnings report from Walt Disney (DIS) and upped Christmas guidance from JC Penney (JCP). Indeed, in the US, consumer cyclicals led the way with a 1.5% gain, versus a 0.6% gain for the S&P 500. Commodity markets were mixed. The most notable features were a new closing high for gold and another sharp jump in the Baltic Dry Freight Index. The latter is now at its highest level this year, with strong Chinese demand for core and iron ore, port congestion in China and Australia and generally tight ship availability.

Indeed, there is a toy called a “Weeble,” shaped more or less like an egg with a weight at the bottom so that no matter how hard or frequently you try to knock it down, it always bounces back. Risk appetite, it feels, is the market’s Weeble of the moment. As often as it is knocked over by a nugget of bad news, concerns over risk asset valuation or the vagaries of chartists, risk appetite comes bouncing back. The “weight” which ensures the bounce back is a combination of the ongoing improvement in the global economy and the power of the trend. Occasional disappointments on the data front have simply not got the power to force a change in attitude toward risk so long as the trend remains your friend. Monday this argument has been reinforced by yet more dodgy real world data with US retail sales ex autos disappointing at 0.2% versus the 0.4% expected, and the Empire manufacturing survey slipping to 23.51 against a forecast of 30. Yet the market just keeps on rallying.

]]> Mon, 16 Nov 2009 11:28:10 -0500 The Mole The Mole submits:

Having briefly scanned the dataflow Friday before checking out the price action, your writer had thought he may be confronted with somewhat softer markets. Wrong. Rather, a combination of slightly weaker than expected GDP growth in Europe and a wider trade deficit and decline in consumer confidence in the US seems to have been trumped by a decent earnings report from Walt Disney (DIS) and upped Christmas guidance from JC Penney (JCP). Indeed, in the US, consumer cyclicals led the way with a 1.5% gain, versus a 0.6% gain for the S&P 500. Commodity markets were mixed. The most notable features were a new closing high for gold and another sharp jump in the Baltic Dry Freight Index. The latter is now at its highest level this year, with strong Chinese demand for core and iron ore, port congestion in China and Australia and generally tight ship availability.

Indeed, there is a toy called a “Weeble,” shaped more or less like an egg with a weight at the bottom so that no matter how hard or frequently you try to knock it down, it always bounces back. Risk appetite, it feels, is the market’s Weeble of the moment. As often as it is knocked over by a nugget of bad news, concerns over risk asset valuation or the vagaries of chartists, risk appetite comes bouncing back. The “weight” which ensures the bounce back is a combination of the ongoing improvement in the global economy and the power of the trend. Occasional disappointments on the data front have simply not got the power to force a change in attitude toward risk so long as the trend remains your friend. Monday this argument has been reinforced by yet more dodgy real world data with US retail sales ex autos disappointing at 0.2% versus the 0.4% expected, and the Empire manufacturing survey slipping to 23.51 against a forecast of 30. Yet the market just keeps on rallying.


Complete Story »]]> DIS JCP BKS C XOM FDX LOW JWN ABX AA NEM INTC S TOL PEUGY.PK DCX WMT BHP RTP LNMIY.PK GOLD VIVEF.PK GE CMCSA TEF HIT SSNLF.PK GDNNY.PK TYEKF.PK SWY KGSPF.PK CPYYY.PK The Mole Update: Gold Mining Stock Hedge Ratios http://seekingalpha.com/article/172561-update-gold-mining-stock-hedge-ratios?source=feed 172561 By Brad Zigler

Yesterday's Desktop column ("Investors Thinking: Time To Hedge Gold Stocks?") recapped a strategy for hedging gold mining stocks originally presented in "More On Hedging Gold Stocks."

]]> Tue, 10 Nov 2009 14:30:16 -0500 Hard Assets Investor Hard Assets Investor submits:

By Brad Zigler

Yesterday's Desktop column ("Investors Thinking: Time To Hedge Gold Stocks?") recapped a strategy for hedging gold mining stocks originally presented in "More On Hedging Gold Stocks."


Complete Story »]]> DZZ GDX GG KGC GRS AUY AEM NEM ABX EGO Hard Assets Investor Holiday Shopping Tips for Gold Stocks http://seekingalpha.com/article/172128-holiday-shopping-tips-for-gold-stocks?source=feed 172128 By Brad Zigler

You'd think last month's earnings releases would have given a boost to gold stocks, since four of the five components of the NYSE Arca Gold Miners Index (GDM) reporting posted positive results. Yet, going into the last week of October, miners' stock prices slumped, only to emerge at the end even lower.

]]> Mon, 09 Nov 2009 14:20:03 -0500 Hard Assets Investor Hard Assets Investor submits:

By Brad Zigler

You'd think last month's earnings releases would have given a boost to gold stocks, since four of the five components of the NYSE Arca Gold Miners Index (GDM) reporting posted positive results. Yet, going into the last week of October, miners' stock prices slumped, only to emerge at the end even lower.


Complete Story »]]> GDM GLD GDX AEM NEM ABX GFI Hard Assets Investor Silver Prices Are About to Fall http://seekingalpha.com/article/171442-silver-prices-are-about-to-fall?source=feed 171442 Don’t get me wrong. I love silver. As a very long term investment, you cannot find anything better. If you ignore short and medium term volatility, and simply hold your metal for a long term of years, you will probably do okay. The world is running out of silver. The painful part of this "buy and hold" strategy, however, is in watching prices get periodically clobbered.

Another strategy is to keep a “core” long term portfolio, while, at the same time, keeping a non-core or speculative portfolio. In the speculative portfolio you attempt to profit by buying and selling on the price swings. In both cases, you will buy on the lows, but, instead of just holding for years, you buy low and sell high on a regular basis.

]]> Thu, 05 Nov 2009 07:30:52 -0500 Avery Goodman Avery Goodman submits:

Don’t get me wrong. I love silver. As a very long term investment, you cannot find anything better. If you ignore short and medium term volatility, and simply hold your metal for a long term of years, you will probably do okay. The world is running out of silver. The painful part of this "buy and hold" strategy, however, is in watching prices get periodically clobbered.

Another strategy is to keep a “core” long term portfolio, while, at the same time, keeping a non-core or speculative portfolio. In the speculative portfolio you attempt to profit by buying and selling on the price swings. In both cases, you will buy on the lows, but, instead of just holding for years, you buy low and sell high on a regular basis.


Complete Story »]]> SLV SIVR GLD SGOL HL SLW NEM ABX GOLD GG SLGLF FVITF.PK CDE RTP BHP AUY PAAS Avery Goodman Gold: It's All About the Dollar and (Yes Dr. Roubini), Inflation http://seekingalpha.com/article/171069-gold-it-s-all-about-the-dollar-and-yes-dr-roubini-inflation?source=feed 171069 Gold prices surged to a new high Tuesday on news that India's central bank bought $6.7 billion worth of gold from the International Monetary Fund (IMF). December gold jumped as high as $1,087, before settling at $1,084.90 an ounce on the NYMEX breaking the previous record of $1,072 an ounce on Oct. 14. Prices are now up 22.7% for the year heading for a ninth straight annual increase. (Fig. 1, click to enlarge)


Unusual Correlation

]]> Wed, 04 Nov 2009 05:53:05 -0500 Dian L. Chu Gold prices surged to a new high Tuesday on news that India's central bank bought $6.7 billion worth of gold from the International Monetary Fund (IMF). December gold jumped as high as $1,087, before settling at $1,084.90 an ounce on the NYMEX breaking the previous record of $1,072 an ounce on Oct. 14. Prices are now up 22.7% for the year heading for a ninth straight annual increase. (Fig. 1, click to enlarge)


Unusual Correlation


Complete Story »]]> ABX KGC JAG NEM AUY Dian L. Chu On China's 8.9% GDP Growth http://seekingalpha.com/article/170497-on-china-s-8-9-gdp-growth?source=feed 170497 China Federation of Logistics and Purchasing reports October manufacturing (PMI – purchasing manager’s index) rose to 55.2, a full point increase over September 2009. Chinese manufacturing has risen for the eighth straight month, continuing signs that economic recovery in China is on stable ground.

Further, signs of a more robust expansion follow an already healthy economic recovery, with China reporting 8.9% GDP growth in the third quarter -- the highest rate for any major economy in the world. The China Gross Domestic Product is worth 4.326 Trillion dollars or 6.98% of the world economy, according to the World Bank.

]]> Mon, 02 Nov 2009 06:22:03 -0500 James Rickman James Rickman submits:

China Federation of Logistics and Purchasing reports October manufacturing (PMI – purchasing manager’s index) rose to 55.2, a full point increase over September 2009. Chinese manufacturing has risen for the eighth straight month, continuing signs that economic recovery in China is on stable ground.

Further, signs of a more robust expansion follow an already healthy economic recovery, with China reporting 8.9% GDP growth in the third quarter -- the highest rate for any major economy in the world. The China Gross Domestic Product is worth 4.326 Trillion dollars or 6.98% of the world economy, according to the World Bank.


Complete Story »]]> OSKFF.PK AEM HL NEM PD James Rickman Newmont Mining Corp. Q3 2009 Earnings Call Transcript http://seekingalpha.com/article/169997-newmont-mining-corp-q3-2009-earnings-call-transcript?source=feed 169997 Newmont Mining Corp (NEM)

Q3 2009 Earnings Call

October 29, 2009 10:00 am ET

]]> Thu, 29 Oct 2009 19:50:22 -0400 Newmont Mining Corp (NEM)

Q3 2009 Earnings Call

October 29, 2009 10:00 am ET


Complete Story »]]> NEM Wall Street Breakfast: Must-Know News http://seekingalpha.com/article/169784-wall-street-breakfast-must-know-news?source=feed 169784

  • CIT snags $4.5B lifeline. A group of hedge funds including many of its bondholders offered to lend CIT Group (CIT) $4.5B to build creditor support for a controversial debt exchange, pitting them against activist investor Carl Icahn, who wants the swap voted down. The lifeline comes as CIT's lenders must decide by midnight tonight whether to support its proposed debt exchange, a pre-packaged bankruptcy plan, or neither. Sources say the funds bought up CIT debt last summer on a bet the government would bail out the troubled lender, and stand to lose from a freefall bankruptcy, which Icahn is pushing for.
  • Mutual funds use Fed bucks to buy bonds. Mutual funds - including those run by T. Rowe Price (TROW) and BlackRock (BLK) - are using Fed financing to reap 15%-plus returns with limited risk. The Fed's TALF (Term Asset-Backed Securities Loan Facility) offers low-cost financing to buy AAA-rated bonds backed by consumer and business loans, as well as commercial mortgages. Investors can borrow up to 95% of the bonds' value by pledging the securities and some additional collateral, and have no obligation to repay the loan beyond the collateral - in essence shifting most of the potential losses to the government. In the words of one fund manager: "This is one of those opportunities that, as an investor, we have to take advantage of."
  • IMF boosts Asia growth outlook. The IMF raised its 2009-2010 growth forecast for Asia's economy, but warned that a fragile recovery in advanced economies and lingering problems in the global financial system still pose risks. IMF now sees Asia growth of 2.8% and 5.8% this year and next, up from previous estimates of 1.2% and 4.3% - far higher than the 1.25% growth expected from G-7 economies, but well short of the region's 6.66% average. The report says the region is outpacing other parts of the world, with 'green shoots' of recovery appearing earlier and taking firmer root than elsewhere. (IMF Asia Outlook)
  • U.S.-China trade talks open on sour note. China/U.S. trade talks opened on a discordant note Thursday as fresh frictions surfaced after China announced plans to investigate dumping allegations against Detroit's Big Three automakers. Punitive measures are unlikely to cause much harm since most of the vehicles they sell are made in China, but another row - on top of disputes over steel pipes, chicken, movies and music - could further stress their tenuous relationship ahead of Obama's Nov. 15 visit.
  • Economists shave GDP estimates after weak orders. Durable goods orders rose 1% in September, short of the 1.5% gain economists expected, but a reverse of August's 2.4% drop. Following the weaker-than-expected gain, Goldman Sachs economist Ed McKelvey dropped his Q3 GDP growth estimate - due out this morning - to 2.7% from a previous 3%. "The headline gain in orders was in line with expectations but not as firm as we had thought," he said. Later, Morgan Stanley and Merrill Lynch followed suit, with Morgan shaving its outlook to 3.8% from 3.9%, and Merrill to 2.3% from 2.5%.
  • AIG recoups CDS losses. AIG (AIG) is seeing billions of dollars in inflows from recovering credit-default swaps - the very securities that helped level the insurer. Q2 inflows may have topped $3B, including at least $1B from Goldman Sachs (GS). Credit-default swaps - a type of insurance policy on securities backed by assets such as mortgages - required AIG to put up huge amounts of collateral when the investments they backed fell in value. Many of the sour trades were closed out last year by the government, a move that saved AIG, but may have deprived it of billions of dollars.
  • Homebuyer credit extension nears approval. Key senators voiced support for extending and expanding the soon-to-expire homebuyer tax credit, and a vote on the measure could come next week. The current plan would see the $8,000 first-time homebuyer tax credit, set to expire at the end of November, extended through April 2010, and would allow for people who have been in their home for at least five years to receive a $6,500 tax credit if they purchase a new primary residence. The income limit on the credit would also rise to $125,000 from $75,000.
  • House panel approves credit rating rules. The House Financial Services Committee signed off (49-14) on legislation aimed at ratings agencies, including barring them from consulting for companies they're also rating, and requiring raters to have outsiders on their boards. The bill also enables investors to sue firms for failing to carry out their duties.
  • Fed: To grow or to shrink? A draft bill of new financial-regulation legislation moving through Congress would give the Fed substantial new powers, including the authority to force large firms to shrink if their size threatens the broader economy. The view is likely to conflict with the Senate's, where financial regulation is moving at a much slower pace, and members of both parties remain wary of offering the Fed - seen by many as partially responsible for the collapse - any new authority.
  • New home sales flatline. New home sales fell 3.6% in September to an annual rate of 402K, well short of economist consensus of 440K and last month's downward-revised 417K. Months' supply rose to 7.5 from 7.3 in August. Sales were down 7.8% year-over year, and, from the peak of the residential construction boom back in mid-2005, sales are down 71.1%. After adjusting for population growth since the pre-2009 all-time low in 1981, sales are now 15% below previous records. (Census Bureau's New Home Sales (.pdf))
  • Norway tightens rates. Norway became the first European country to hike interest rates post-crisis, lifting its key rate by 25 bps to 1.5%. Governor Svein Gjedrem noted inflation is higher than expected, while unemployment was "considerably lower than previously projected," and indicated rates would rise gradually. On Oct. 6, Australia became the first G-20 nation to tighten. (Norges Bank statement)

Earnings: Thur. Before Open

  • ABB Ltd. (ABB): Net income of $1.03B (+12%). Sales $7.9B (-10%). Orders $7.06B (-21%). "It remains unclear when and how quickly capital investments by customers will recover from the downturn. In addition, the volatility of raw material prices and the limited availability of project funding continue to influence the timing of many power and industrial investment decision." ABB preannounced on Oct. 19. Shares -2.1% premarket. (PR)
  • Aetna (AET): Q3 EPS of $0.69 beats by $0.03. Revenue of $8.72B (+14.4%) in-line. Sees full-year EPS of $2.75 vs. $2.86 consensus. (PR)
  • Allegheny Energy (AYE): Q3 EPS of $0.59 beats by $0.06. Revenue of $794M (-6.6%) vs. $952M. (PR)
  • Allergan (AGN): Q3 EPS of $0.70 in-line. Revenue of $1.13B (+4.2%) vs. $1.08B. Shares +0.8% premarket. (PR)
  • American Electric Power Company (AEP): Q3 EPS of $0.93 beats by $0.08. Revenue of $3.5B (-16.7%) vs. $3.97B. (PR)
  • AstraZeneca (AZN): Q3 EPS of $1.46 beats by $0.06. Revenue of $8.2B (+5.5%) vs. $7.9B. Sees full-year core EPS of $6.20-6.40 vs. consensus of $5.99. Shares +0.7% premarket. (PR)
  • AutoNation (AN): Q3 EPS of $0.36 beats by $0.01. Revenue of $2.92B (-13.2%) vs. $3.13B. "Cash for Clunkers was a highly effective stimulus program that provided a much needed lift in auto sales and has set the stage going forward for a gradual recovery of new vehicle sales." Says CARS boosted Q3 EPS by $0.07. Approves $250M buyback. (PR)
  • Avon (AVP): Q3 EPS of $0.42 beats by $0.02. Revenue of $2.55B (-3.5%) in-line. (PR)
  • Barrick Gold (ABX): Q3 EPS of $0.54 beats by $0.07. Revenue of $2.1B (+11.6%) in-line. Significantly reduced gold hedges, and will eliminate within 12 months. (PR)
  • BioCryst Pharmaceuticals (BCRX): Q3 EPS of -$0.28 misses by $0.06. Revenue of $10.5M (+18%) vs. $4.6M. BioCryst recently received FDA approval to use its flu I.V. drug peramivir as an emergency treatment against H1N1. (PR)
  • Brookfield Properties (BPO): Q3 FFO of $0.34 in-line. Revenue of $657M (-7.1%) vs. $580M. (PR)
  • Burger King (BKC): FQ1 EPS of $0.34 misses by $0.03. Revenue of $637M (-5.4%) vs. $653M. Expects the unpredictable consumer environment will persist in fiscal 2010. (PR)
  • Brunswick (BC): Q3 EPS of -$1.53 misses by $0.19. Revenue of $666M (-35.9%) vs. $701M. Shares -5.1% premarket. (PR)
  • CME Group (CME): Q3 EPS of $3.35 beats by $0.06. Revenue of $650M (-17.4%) in-line. "As the economy continues to stabilize, there is room for further organic growth in our core business. At the same time, we are actively working to ensure that the benefits our business model brings to the financial system are communicated to the legislators and regulators who are charged with regulatory reform." (PR)
  • CNOOC (CEO): Q3 revenue of 23.8B yuan ($3.47B, -23.1%) vs. estimate of 21.6B. Avg. selling price -36.6% to $67.83/barrel. Net daily production +18.4% to 647K. Capital expenditure +10.3% to 11.24B yuan. Shares -0.9% premarket. (Bloomberg, PR)
  • Colgate-Palmolive (CL): Q3 EPS of $1.12 beats by $0.01. Revenue of $4B (+0.3%) in-line. (PR)
  • Corinthian Colleges (COCO): FQ1 EPS of $0.37 beats by $0.09. Revenue of $388M (+34.2%) vs. $378M. Total student population +25% to 93.5K. Sees full-year EPS of $1.55-1.60 vs. $1.35. Shares +5% premarket. (PR)
  • Cott (COT): Q3 EPS of $0.18 beats by $0.02. Revenue of $405M (-3.7%) in-line. To sell $200M in senior notes due in 2017, and use proceeds to fund a previously announced tender offer for notes due in 2011. (PR)
  • Deutsche Bank (DB): Q3 net profit €1.4B from €414M a year ago. Pre-tax profit of €1.3B from €93M. Net writedowns of €300M. Risk provision of €544M, up from €236M a year ago, but down from €1B in Q2. Return on equity 15% vs. 1% last year. Says it reduced levels of trading risk, "even at the expense of short-term revenue gains." DB released preliminary results last week. Shares -2.6% premarket. (PR)
  • Digital Realty Trust (DLR): Q3 FFO of $0.74 beats by $0.02. Revenue of $163M (+14.9%) in-line. Shares (PR)
  • Eastman Kodak (EK): Q3 EPS of -$0.23 misses by $0.04. Revenue of $1.78B (-25.9%) vs. $1.89B. Sees revenue decline at high-end of previous 12-18% range. (PR)
  • Expedia (EXPE): Q3 EPS of $0.48 beats by $0.05. Revenue of $852M (+2.3%) vs. $829M. "Travelers are clearly responding to our improving value proposition, as we broaden our fee cuts and increase the depth and breadth of our global supply." Shares +6.8% premarket. (PR)
  • ExxonMobil (XOM): Q3 EPS of $0.98 misses by $0.05. Revenue of $82.3B (-40.3) vs. $85.2B. Shares -1.5% premarket. (PR)
  • France Telecom (FTE): Q3 Ebitda of €4.56B (-8%), in line with consensus. Revenue of €12.69B (-6.4%) vs. €12.85B. Expects Q4 to be similar to Q3, and will thus continue to implement cost savings plans to prevent its Ebitda margin from declining further. Shares -0.5% in Paris. (PR, WSJ)
  • GrafTech International (GTI): Q3 EPS of $0.15 beats by $0.09. Revenue of $165M (-47.8%) vs. $162M. (PR)
  • Kellogg Company (K): Q3 EPS of $0.94 beats by $0.10. Revenue of $3.28B (-0.3%) in-line. "The current economic environment has placed significant pressure on our consumers." (PR)
  • KBR Inc. (KBR): Q3 EPS of $0.45 beats by $0.04. Revenue of $2.84B (-5.9%) in-line. (PR)
  • Mack-Cali Realty (CLI): Q3 FFO of $0.81 beats by $0.05. Revenue of $194M (-5.3%) vs. $175M. (PR)
  • Monster Worldwide (MWW): Q3 EPS of $0.01 beats by $0.01. Revenue of $215M (-35.2%) vs. $223M. (PR)
  • Moody's (MCO): Q3 EPS of $0.43 beats by $0.05. Revenue of $452M (+4.2%) vs. $417M. Declares quarterly dividend of $0.10. (PR I, II)
  • Motorola (MOT): Q3 EPS of $0.01 beats by $0.01. Revenue of $5.45B vs. $5.54B. Appoints Edward Fitzpatrick as CFO. Sees Q4 continuing operations EPS of $0.07-0.09 vs. $0.06. Shares +4.3% premarket. (PR)
  • MPS Group (MPS): Q3 EPS of $0.06 beats by $0.04. Revenue of $408B (-29.4%) vs. $403B. MPS is being acquired by Adecco. (PR)
  • Mylan Laboratories (MYL): Q3 EPS of $0.32 beats by $0.05. Revenue of $1.26B (-23.7%) in-line. Sees 2010 EPS of $1.24-1.28 vs. $1.17. (PR)
  • Newmont Mining (NEM): Q3 EPS of $0.79 beats by $0.24. Revenue of $2.05B (+49.5%) vs. $1.72B. (PR)
  • Nintendo (NTDOY.PK): H1 net profit of ¥69.5B ($768M, -52%). Sales of ¥548B (-34.5%). Cuts H1 dividend by 37% to ¥270. Sold 5.75M Wii consoles (-43%) and 11.7M DS hand-held player sales (vs. 13.7M last year). Sees full-year net income of ¥230B vs. ¥270B consensus, full operating profit of ¥370B (-33%), sales of ¥1.5T (-18%), and Wii sales of 20M (vs. previous 26M). (PR I, II, III, Bloomberg)
  • Noble Energy (NBL): Q3 EPS of $1.10 beats by $0.28. Revenue of $621M (-43.4%) vs. $657M. (PR)
  • NRG Energy (NRG): Q3 EPS of $1.02 misses by $0.12. Revenue of $2.92B vs. $2.18B. (PR)
  • Office Depot (ODP): Q3 EPS of -$0.08 beats by $0.02. Revenue of $3.03B (-17.2%) in-line. (PR)
  • OfficeMax (OMX): Q3 EPS of $0.08 misses by $0.06. Revenue of $1.83B (-12.6%) in-line. Same-store sales -11.5%. Continues to anticipate macro employment trends will not turn positive until well into 2010. (PR)
  • Patterson-UTI Energy (PTEN): Q3 EPS of -$0.12 beats by $0.04. Revenue of $176M (-71%) vs. $163M. (PR)
  • PG&E (PCG): Q3 EPS of $0.93 beats by $0.02. Revenue of $3.23B (+12.3%) vs. $3.48B. (PR)
  • PPL Corp. (PPL): Q3 EPS of $0.52 beats by $0.07. Revenue of $1.8B vs. $3B. (PR)
  • Procter & Gamble (PG): FQ1 EPS of $1.06 beats by $0.07. Revenue of $19.8B (-6%) in-line. (PR)
  • Shell (RDS.A): Adjusted net income of $2.62B vs. consensus of $2.5B. Revenue of $75B, down from $131.6B a year ago. "Q3 results were affected by the weak global economy. Upstream and downstream profitability has been sharply reduced compared to year-ago levels. We see some indications that energy demand and pricing are improving, but the outlook remains very uncertain, and we are not expecting a quick recovery." Shares -3.5% in London. (PR)
  • Smith International (SII): Q3 EPS of $0.07 misses by $0.08. Revenue of $1.88B (-34.1%) in-line. (PR)
  • Sprint Nextel (S): Q3 EPS of -$0.17 misses by $0.02. Revenue of $8.04B (-8.8%) in-line. Net subscribers -135K. Post-paid churn 2.17% vs. 2.05% in Q2, due to seasonality and heightened competition. Pre-paid churn 6.65% vs. 6.38% in Q2. (PR)
  • Taiwan Semi (TSM): Q3 EPS of $0.18 in-line. Revenue of $2.74B (-8.1%) in-line. Gross margin +1.5 points from Q2 to 47.7%. Sees Q4 revenue of NT$90-92B vs. consensus of NT$85.8B. (PR)
  • Ventas (VTR): Q3 EPS of $0.66 beats by $0.03. Revenue of $236M (+0.3%) vs. $230M. (PR)
  • Virgin Media (VMED): Q3 operating cash flow of £348M (+7%) vs. consensus of £337M. Ebitda of £348M. Revenue of £953M (+1.3%) vs. £942M. Net additions of 8,100 vs. 8,000. (PR)
  • Williams Companies (WMB): Q3 EPS of $0.24 beats by $0.05. Shares +2.2% premarket. (PR)
  • Xcel Energy (XEL): Q3 EPS of $0.48 misses by $0.02. Revenue of $2.31B (-18.8%) vs. $3.01B. (PR)

Earnings: Wed. After Close

  • AFLAC (AFL): Q3 EPS of $1.25 beats by $0.05. Revenue of $4.5B (+23%) vs. $4.7B. Shares -0.2% AH. (PR)
  • Agnico-Eagle Mines (AEM): Q3 EPS of -$0.11 vs. estimate of $0.20; results include foreign exchange loss and other items accounting for cost of $0.14/share. Revenue of $159M (+91%) vs. $183M. Shares -8.3% AH. (PR)
  • Akamai Technologies (AKAM): Q3 EPS of $0.38 beats by $0.03. Revenue of $207M (+5%) vs. $199M. Shares +9.6% AH. (PR)
  • Annaly Mortgage Management (NLY): Q3 EPS of $0.75 beats by $0.03. Net interest income of $436M (+24%). Shares +2.3% AH. (PR)
  • AvalonBay Communities (AVB): Q3 FFO of $1.09 beats by $0.01. Revenue of $224M (+0.3%). Sees Q4 FFO of $0.61-0.64 vs. $0.97 and full-year FFO of $3.86-3.90 vs. $4.19. (PR)
  • Brandywine Realty Trust (BDN): Q3 FFO of $0.44 beats by $0.08. Revenue of $147M (+2%) vs. $141M. Raises full-year FFO guidance to $1.82-1.85 from $1.75-1.80, vs. $1.78. Sees fiscal 2010 FFO of $1.23-1.34 vs. $1.38. Shares -1.9% AH. (PR)
  • Cadence (CDNS): Q3 EPS of $0.03 beats by $0.04. Revenue of $216M (-7%) vs. $215M. Sees Q4 EPS of $0.02-0.04 vs. $0.01, and full-year EPS of -$0.08 to -$0.10 vs. -$0.14. (PR)
  • Cerner (CERN): Q3 EPS of $0.61 in-line. Revenue of $409M (-3%) vs. $421M. Sees Q4 EPS of $0.68-0.74 vs. $0.74. Shares -1.9% AH. (PR)
  • CB Richard Ellis Group (CBG): Q3 EPS of $0.08 misses by $0.02. Revenue of $1B (-23%) in-line. Shares -4% AH. (PR)
  • Duke Realty (DRE): Q3 FFO of $0.32 beats by $0.01. Revenue of $224M (+4.1%) vs. $219M. (PR)
  • Equity Residential (EQR): Q3 FFO of $0.53 beats by $0.01. Revenue of $493M (-4%) vs. $487M. Sees Q4 FFO of $0.49-0.53 vs. $0.49. (PR)
  • Express Scripts (ESRX): Q3 EPS ex-items of $0.99 beats by $0.19. Revenue of $5.6B (+3%) vs. $5.5B. Sees full-year EPS of $3.76-3.82 vs. $3.49. Shares +0.8% AH. (PR)
  • First Solar (FSLR): Q3 EPS of $1.79 beats by $0.05. Revenue of $481M (+38%) vs. $529M. Shares -15.9% AH. (PR)
  • Genco Shipping & Trading (GNK): Q3 EPS of $1.09 beats by $0.08. Revenue of $93M (-14%) vs. $91M. Shares -2.9% AH. (PR)
  • Helix Energy Solutions Group (HLX): Q3 EPS of $0.04 misses by $0.01. Revenue of $216M (-65%) vs. $249M. Shares -0.3% AH. (PR)
  • LSI Logic (LSI): Q3 EPS of $0.18 beats by $0.14. Revenue of $578M (-19%) vs. $556M. Sees Q4 EPS of $0.07-0.13 vs. $0.06 and Q4 revenue of $605M-645M vs. $587M. Shares +7% AH. (PR)
  • Lincoln National (LNC): Q3 EPS of $0.84 beats by $0.08. Revenue of $2.1B (-8%) vs. $2.4B. Shares +9.2% AH. (PR)
  • O'Reilly Automotive (ORLY): Q3 EPS of $0.63 beats by $0.07. Revenue of $1.26B (+13%) vs. $1.23B. Comparable store sales up 5.3%; "Continued improvement in our gross margin results fueled by improved acquisition costs as the result of our increased purchasing power." Shares -0.2% AH. (PR)
  • Owens-Illinois (OI): Q3 EPS of $0.74 misses by $0.19. Revenue of $1.9B (-7%) in-line. Shares -6% AH. (PR)
  • Questar (STR): Q3 EPS of $0.60 beats by $0.09. Revenue of $600M (-21%) vs. $542M. Raises full-year EPS guidance to $2.45-2.55 from $2.35-2.45, vs. $2.57. (PR)
  • Realty Income (O): Q3 FFO of $0.47 beats by $0.01. Revenue of $82M (flat) in-line. Sees full-year FFO of $1.86-1.92 vs. $1.83. Shares +2.3% AH. (PR)
  • Ryland Group (RYL): Q3 EPS of -$1.20 misses by $0.31. Revenue of $328M (-40%) vs. $352M. Shares -0.5% AH. (PR)
  • Symantec (SYMC): FQ2 EPS of $0.36 beats by $0.03. Revenue of $1.48B (-3%) vs. $1.43B. Shares +6.1% AH. (PR)
  • Teck Resources (TCK): Q3 EPS of $0.59 beats by $0.09. Revenue of $2.1B in-line. Sees 2009 coal sales of 19.5-20.5M tons, slightly higher than previous guidance. Shares +4.1% AH. (PR)
  • Teradyne (TER): Q3 EPS of $0.14 beats by $0.03. Revenue of $262M (-12%) vs. $256M. Sees Q4 EPS of $0.12-0.17 vs. $0.12 on Q4 revenue of $255M-270M vs. $252M. Shares +2.2% AH. (PR)
  • Trinity Industries (TRN): Q3 EPS of $0.29 beats by $0.04. Revenue of $557M (-52%) vs. $564M. Sees Q4 EPS of $0.08-0.13 vs. $0.06. Shares -1.3% AH. (PR)
  • XL Capital (XL): Q3 EPS of $0.89 beats by $0.26. Revenue of $1.5B (-15%) vs. $1.7B. Shares +5.2% AH. (PR)

Today's Markets

Asia markets moved sharply lower Thursday, but losses in Europe were mild and U.S. futures have moved higher overnight following Wednesday's losses.

]]> Thu, 29 Oct 2009 07:19:37 -0400 SA Editor Eli Hoffmann

  • CIT snags $4.5B lifeline. A group of hedge funds including many of its bondholders offered to lend CIT Group (CIT) $4.5B to build creditor support for a controversial debt exchange, pitting them against activist investor Carl Icahn, who wants the swap voted down. The lifeline comes as CIT's lenders must decide by midnight tonight whether to support its proposed debt exchange, a pre-packaged bankruptcy plan, or neither. Sources say the funds bought up CIT debt last summer on a bet the government would bail out the troubled lender, and stand to lose from a freefall bankruptcy, which Icahn is pushing for.
  • Mutual funds use Fed bucks to buy bonds. Mutual funds - including those run by T. Rowe Price (TROW) and BlackRock (BLK) - are using Fed financing to reap 15%-plus returns with limited risk. The Fed's TALF (Term Asset-Backed Securities Loan Facility) offers low-cost financing to buy AAA-rated bonds backed by consumer and business loans, as well as commercial mortgages. Investors can borrow up to 95% of the bonds' value by pledging the securities and some additional collateral, and have no obligation to repay the loan beyond the collateral - in essence shifting most of the potential losses to the government. In the words of one fund manager: "This is one of those opportunities that, as an investor, we have to take advantage of."
  • IMF boosts Asia growth outlook. The IMF raised its 2009-2010 growth forecast for Asia's economy, but warned that a fragile recovery in advanced economies and lingering problems in the global financial system still pose risks. IMF now sees Asia growth of 2.8% and 5.8% this year and next, up from previous estimates of 1.2% and 4.3% - far higher than the 1.25% growth expected from G-7 economies, but well short of the region's 6.66% average. The report says the region is outpacing other parts of the world, with 'green shoots' of recovery appearing earlier and taking firmer root than elsewhere. (IMF Asia Outlook)
  • U.S.-China trade talks open on sour note. China/U.S. trade talks opened on a discordant note Thursday as fresh frictions surfaced after China announced plans to investigate dumping allegations against Detroit's Big Three automakers. Punitive measures are unlikely to cause much harm since most of the vehicles they sell are made in China, but another row - on top of disputes over steel pipes, chicken, movies and music - could further stress their tenuous relationship ahead of Obama's Nov. 15 visit.
  • Economists shave GDP estimates after weak orders. Durable goods orders rose 1% in September, short of the 1.5% gain economists expected, but a reverse of August's 2.4% drop. Following the weaker-than-expected gain, Goldman Sachs economist Ed McKelvey dropped his Q3 GDP growth estimate - due out this morning - to 2.7% from a previous 3%. "The headline gain in orders was in line with expectations but not as firm as we had thought," he said. Later, Morgan Stanley and Merrill Lynch followed suit, with Morgan shaving its outlook to 3.8% from 3.9%, and Merrill to 2.3% from 2.5%.
  • AIG recoups CDS losses. AIG (AIG) is seeing billions of dollars in inflows from recovering credit-default swaps - the very securities that helped level the insurer. Q2 inflows may have topped $3B, including at least $1B from Goldman Sachs (GS). Credit-default swaps - a type of insurance policy on securities backed by assets such as mortgages - required AIG to put up huge amounts of collateral when the investments they backed fell in value. Many of the sour trades were closed out last year by the government, a move that saved AIG, but may have deprived it of billions of dollars.
  • Homebuyer credit extension nears approval. Key senators voiced support for extending and expanding the soon-to-expire homebuyer tax credit, and a vote on the measure could come next week. The current plan would see the $8,000 first-time homebuyer tax credit, set to expire at the end of November, extended through April 2010, and would allow for people who have been in their home for at least five years to receive a $6,500 tax credit if they purchase a new primary residence. The income limit on the credit would also rise to $125,000 from $75,000.
  • House panel approves credit rating rules. The House Financial Services Committee signed off (49-14) on legislation aimed at ratings agencies, including barring them from consulting for companies they're also rating, and requiring raters to have outsiders on their boards. The bill also enables investors to sue firms for failing to carry out their duties.
  • Fed: To grow or to shrink? A draft bill of new financial-regulation legislation moving through Congress would give the Fed substantial new powers, including the authority to force large firms to shrink if their size threatens the broader economy. The view is likely to conflict with the Senate's, where financial regulation is moving at a much slower pace, and members of both parties remain wary of offering the Fed - seen by many as partially responsible for the collapse - any new authority.
  • New home sales flatline. New home sales fell 3.6% in September to an annual rate of 402K, well short of economist consensus of 440K and last month's downward-revised 417K. Months' supply rose to 7.5 from 7.3 in August. Sales were down 7.8% year-over year, and, from the peak of the residential construction boom back in mid-2005, sales are down 71.1%. After adjusting for population growth since the pre-2009 all-time low in 1981, sales are now 15% below previous records. (Census Bureau's New Home Sales (.pdf))
  • Norway tightens rates. Norway became the first European country to hike interest rates post-crisis, lifting its key rate by 25 bps to 1.5%. Governor Svein Gjedrem noted inflation is higher than expected, while unemployment was "considerably lower than previously projected," and indicated rates would rise gradually. On Oct. 6, Australia became the first G-20 nation to tighten. (Norges Bank statement)

Earnings: Thur. Before Open

  • ABB Ltd. (ABB): Net income of $1.03B (+12%). Sales $7.9B (-10%). Orders $7.06B (-21%). "It remains unclear when and how quickly capital investments by customers will recover from the downturn. In addition, the volatility of raw material prices and the limited availability of project funding continue to influence the timing of many power and industrial investment decision." ABB preannounced on Oct. 19. Shares -2.1% premarket. (PR)
  • Aetna (AET): Q3 EPS of $0.69 beats by $0.03. Revenue of $8.72B (+14.4%) in-line. Sees full-year EPS of $2.75 vs. $2.86 consensus. (PR)
  • Allegheny Energy (AYE): Q3 EPS of $0.59 beats by $0.06. Revenue of $794M (-6.6%) vs. $952M. (PR)
  • Allergan (AGN): Q3 EPS of $0.70 in-line. Revenue of $1.13B (+4.2%) vs. $1.08B. Shares +0.8% premarket. (PR)
  • American Electric Power Company (AEP): Q3 EPS of $0.93 beats by $0.08. Revenue of $3.5B (-16.7%) vs. $3.97B. (PR)
  • AstraZeneca (AZN): Q3 EPS of $1.46 beats by $0.06. Revenue of $8.2B (+5.5%) vs. $7.9B. Sees full-year core EPS of $6.20-6.40 vs. consensus of $5.99. Shares +0.7% premarket. (PR)
  • AutoNation (AN): Q3 EPS of $0.36 beats by $0.01. Revenue of $2.92B (-13.2%) vs. $3.13B. "Cash for Clunkers was a highly effective stimulus program that provided a much needed lift in auto sales and has set the stage going forward for a gradual recovery of new vehicle sales." Says CARS boosted Q3 EPS by $0.07. Approves $250M buyback. (PR)
  • Avon (AVP): Q3 EPS of $0.42 beats by $0.02. Revenue of $2.55B (-3.5%) in-line. (PR)
  • Barrick Gold (ABX): Q3 EPS of $0.54 beats by $0.07. Revenue of $2.1B (+11.6%) in-line. Significantly reduced gold hedges, and will eliminate within 12 months. (PR)
  • BioCryst Pharmaceuticals (BCRX): Q3 EPS of -$0.28 misses by $0.06. Revenue of $10.5M (+18%) vs. $4.6M. BioCryst recently received FDA approval to use its flu I.V. drug peramivir as an emergency treatment against H1N1. (PR)
  • Brookfield Properties (BPO): Q3 FFO of $0.34 in-line. Revenue of $657M (-7.1%) vs. $580M. (PR)
  • Burger King (BKC): FQ1 EPS of $0.34 misses by $0.03. Revenue of $637M (-5.4%) vs. $653M. Expects the unpredictable consumer environment will persist in fiscal 2010. (PR)
  • Brunswick (BC): Q3 EPS of -$1.53 misses by $0.19. Revenue of $666M (-35.9%) vs. $701M. Shares -5.1% premarket. (PR)
  • CME Group (CME): Q3 EPS of $3.35 beats by $0.06. Revenue of $650M (-17.4%) in-line. "As the economy continues to stabilize, there is room for further organic growth in our core business. At the same time, we are actively working to ensure that the benefits our business model brings to the financial system are communicated to the legislators and regulators who are charged with regulatory reform." (PR)
  • CNOOC (CEO): Q3 revenue of 23.8B yuan ($3.47B, -23.1%) vs. estimate of 21.6B. Avg. selling price -36.6% to $67.83/barrel. Net daily production +18.4% to 647K. Capital expenditure +10.3% to 11.24B yuan. Shares -0.9% premarket. (Bloomberg, PR)
  • Colgate-Palmolive (CL): Q3 EPS of $1.12 beats by $0.01. Revenue of $4B (+0.3%) in-line. (PR)
  • Corinthian Colleges (COCO): FQ1 EPS of $0.37 beats by $0.09. Revenue of $388M (+34.2%) vs. $378M. Total student population +25% to 93.5K. Sees full-year EPS of $1.55-1.60 vs. $1.35. Shares +5% premarket. (PR)
  • Cott (COT): Q3 EPS of $0.18 beats by $0.02. Revenue of $405M (-3.7%) in-line. To sell $200M in senior notes due in 2017, and use proceeds to fund a previously announced tender offer for notes due in 2011. (PR)
  • Deutsche Bank (DB): Q3 net profit €1.4B from €414M a year ago. Pre-tax profit of €1.3B from €93M. Net writedowns of €300M. Risk provision of €544M, up from €236M a year ago, but down from €1B in Q2. Return on equity 15% vs. 1% last year. Says it reduced levels of trading risk, "even at the expense of short-term revenue gains." DB released preliminary results last week. Shares -2.6% premarket. (PR)
  • Digital Realty Trust (DLR): Q3 FFO of $0.74 beats by $0.02. Revenue of $163M (+14.9%) in-line. Shares (PR)
  • Eastman Kodak (EK): Q3 EPS of -$0.23 misses by $0.04. Revenue of $1.78B (-25.9%) vs. $1.89B. Sees revenue decline at high-end of previous 12-18% range. (PR)
  • Expedia (EXPE): Q3 EPS of $0.48 beats by $0.05. Revenue of $852M (+2.3%) vs. $829M. "Travelers are clearly responding to our improving value proposition, as we broaden our fee cuts and increase the depth and breadth of our global supply." Shares +6.8% premarket. (PR)
  • ExxonMobil (XOM): Q3 EPS of $0.98 misses by $0.05. Revenue of $82.3B (-40.3) vs. $85.2B. Shares -1.5% premarket. (PR)
  • France Telecom (FTE): Q3 Ebitda of €4.56B (-8%), in line with consensus. Revenue of €12.69B (-6.4%) vs. €12.85B. Expects Q4 to be similar to Q3, and will thus continue to implement cost savings plans to prevent its Ebitda margin from declining further. Shares -0.5% in Paris. (PR, WSJ)
  • GrafTech International (GTI): Q3 EPS of $0.15 beats by $0.09. Revenue of $165M (-47.8%) vs. $162M. (PR)
  • Kellogg Company (K): Q3 EPS of $0.94 beats by $0.10. Revenue of $3.28B (-0.3%) in-line. "The current economic environment has placed significant pressure on our consumers." (PR)
  • KBR Inc. (KBR): Q3 EPS of $0.45 beats by $0.04. Revenue of $2.84B (-5.9%) in-line. (PR)
  • Mack-Cali Realty (CLI): Q3 FFO of $0.81 beats by $0.05. Revenue of $194M (-5.3%) vs. $175M. (PR)
  • Monster Worldwide (MWW): Q3 EPS of $0.01 beats by $0.01. Revenue of $215M (-35.2%) vs. $223M. (PR)
  • Moody's (MCO): Q3 EPS of $0.43 beats by $0.05. Revenue of $452M (+4.2%) vs. $417M. Declares quarterly dividend of $0.10. (PR I, II)
  • Motorola (MOT): Q3 EPS of $0.01 beats by $0.01. Revenue of $5.45B vs. $5.54B. Appoints Edward Fitzpatrick as CFO. Sees Q4 continuing operations EPS of $0.07-0.09 vs. $0.06. Shares +4.3% premarket. (PR)
  • MPS Group (MPS): Q3 EPS of $0.06 beats by $0.04. Revenue of $408B (-29.4%) vs. $403B. MPS is being acquired by Adecco. (PR)
  • Mylan Laboratories (MYL): Q3 EPS of $0.32 beats by $0.05. Revenue of $1.26B (-23.7%) in-line. Sees 2010 EPS of $1.24-1.28 vs. $1.17. (PR)
  • Newmont Mining (NEM): Q3 EPS of $0.79 beats by $0.24. Revenue of $2.05B (+49.5%) vs. $1.72B. (PR)
  • Nintendo (NTDOY.PK): H1 net profit of ¥69.5B ($768M, -52%). Sales of ¥548B (-34.5%). Cuts H1 dividend by 37% to ¥270. Sold 5.75M Wii consoles (-43%) and 11.7M DS hand-held player sales (vs. 13.7M last year). Sees full-year net income of ¥230B vs. ¥270B consensus, full operating profit of ¥370B (-33%), sales of ¥1.5T (-18%), and Wii sales of 20M (vs. previous 26M). (PR I, II, III, Bloomberg)
  • Noble Energy (NBL): Q3 EPS of $1.10 beats by $0.28. Revenue of $621M (-43.4%) vs. $657M. (PR)
  • NRG Energy (NRG): Q3 EPS of $1.02 misses by $0.12. Revenue of $2.92B vs. $2.18B. (PR)
  • Office Depot (ODP): Q3 EPS of -$0.08 beats by $0.02. Revenue of $3.03B (-17.2%) in-line. (PR)
  • OfficeMax (OMX): Q3 EPS of $0.08 misses by $0.06. Revenue of $1.83B (-12.6%) in-line. Same-store sales -11.5%. Continues to anticipate macro employment trends will not turn positive until well into 2010. (PR)
  • Patterson-UTI Energy (PTEN): Q3 EPS of -$0.12 beats by $0.04. Revenue of $176M (-71%) vs. $163M. (PR)
  • PG&E (PCG): Q3 EPS of $0.93 beats by $0.02. Revenue of $3.23B (+12.3%) vs. $3.48B. (PR)
  • PPL Corp. (PPL): Q3 EPS of $0.52 beats by $0.07. Revenue of $1.8B vs. $3B. (PR)
  • Procter & Gamble (PG): FQ1 EPS of $1.06 beats by $0.07. Revenue of $19.8B (-6%) in-line. (PR)
  • Shell (RDS.A): Adjusted net income of $2.62B vs. consensus of $2.5B. Revenue of $75B, down from $131.6B a year ago. "Q3 results were affected by the weak global economy. Upstream and downstream profitability has been sharply reduced compared to year-ago levels. We see some indications that energy demand and pricing are improving, but the outlook remains very uncertain, and we are not expecting a quick recovery." Shares -3.5% in London. (PR)
  • Smith International (SII): Q3 EPS of $0.07 misses by $0.08. Revenue of $1.88B (-34.1%) in-line. (PR)
  • Sprint Nextel (S): Q3 EPS of -$0.17 misses by $0.02. Revenue of $8.04B (-8.8%) in-line. Net subscribers -135K. Post-paid churn 2.17% vs. 2.05% in Q2, due to seasonality and heightened competition. Pre-paid churn 6.65% vs. 6.38% in Q2. (PR)
  • Taiwan Semi (TSM): Q3 EPS of $0.18 in-line. Revenue of $2.74B (-8.1%) in-line. Gross margin +1.5 points from Q2 to 47.7%. Sees Q4 revenue of NT$90-92B vs. consensus of NT$85.8B. (PR)
  • Ventas (VTR): Q3 EPS of $0.66 beats by $0.03. Revenue of $236M (+0.3%) vs. $230M. (PR)
  • Virgin Media (VMED): Q3 operating cash flow of £348M (+7%) vs. consensus of £337M. Ebitda of £348M. Revenue of £953M (+1.3%) vs. £942M. Net additions of 8,100 vs. 8,000. (PR)
  • Williams Companies (WMB): Q3 EPS of $0.24 beats by $0.05. Shares +2.2% premarket. (PR)
  • Xcel Energy (XEL): Q3 EPS of $0.48 misses by $0.02. Revenue of $2.31B (-18.8%) vs. $3.01B. (PR)

Earnings: Wed. After Close

  • AFLAC (AFL): Q3 EPS of $1.25 beats by $0.05. Revenue of $4.5B (+23%) vs. $4.7B. Shares -0.2% AH. (PR)
  • Agnico-Eagle Mines (AEM): Q3 EPS of -$0.11 vs. estimate of $0.20; results include foreign exchange loss and other items accounting for cost of $0.14/share. Revenue of $159M (+91%) vs. $183M. Shares -8.3% AH. (PR)
  • Akamai Technologies (AKAM): Q3 EPS of $0.38 beats by $0.03. Revenue of $207M (+5%) vs. $199M. Shares +9.6% AH. (PR)
  • Annaly Mortgage Management (NLY): Q3 EPS of $0.75 beats by $0.03. Net interest income of $436M (+24%). Shares +2.3% AH. (PR)
  • AvalonBay Communities (AVB): Q3 FFO of $1.09 beats by $0.01. Revenue of $224M (+0.3%). Sees Q4 FFO of $0.61-0.64 vs. $0.97 and full-year FFO of $3.86-3.90 vs. $4.19. (PR)
  • Brandywine Realty Trust (BDN): Q3 FFO of $0.44 beats by $0.08. Revenue of $147M (+2%) vs. $141M. Raises full-year FFO guidance to $1.82-1.85 from $1.75-1.80, vs. $1.78. Sees fiscal 2010 FFO of $1.23-1.34 vs. $1.38. Shares -1.9% AH. (PR)
  • Cadence (CDNS): Q3 EPS of $0.03 beats by $0.04. Revenue of $216M (-7%) vs. $215M. Sees Q4 EPS of $0.02-0.04 vs. $0.01, and full-year EPS of -$0.08 to -$0.10 vs. -$0.14. (PR)
  • Cerner (CERN): Q3 EPS of $0.61 in-line. Revenue of $409M (-3%) vs. $421M. Sees Q4 EPS of $0.68-0.74 vs. $0.74. Shares -1.9% AH. (PR)
  • CB Richard Ellis Group (CBG): Q3 EPS of $0.08 misses by $0.02. Revenue of $1B (-23%) in-line. Shares -4% AH. (PR)
  • Duke Realty (DRE): Q3 FFO of $0.32 beats by $0.01. Revenue of $224M (+4.1%) vs. $219M. (PR)
  • Equity Residential (EQR): Q3 FFO of $0.53 beats by $0.01. Revenue of $493M (-4%) vs. $487M. Sees Q4 FFO of $0.49-0.53 vs. $0.49. (PR)
  • Express Scripts (ESRX): Q3 EPS ex-items of $0.99 beats by $0.19. Revenue of $5.6B (+3%) vs. $5.5B. Sees full-year EPS of $3.76-3.82 vs. $3.49. Shares +0.8% AH. (PR)
  • First Solar (FSLR): Q3 EPS of $1.79 beats by $0.05. Revenue of $481M (+38%) vs. $529M. Shares -15.9% AH. (PR)
  • Genco Shipping & Trading (GNK): Q3 EPS of $1.09 beats by $0.08. Revenue of $93M (-14%) vs. $91M. Shares -2.9% AH. (PR)
  • Helix Energy Solutions Group (HLX): Q3 EPS of $0.04 misses by $0.01. Revenue of $216M (-65%) vs. $249M. Shares -0.3% AH. (PR)
  • LSI Logic (LSI): Q3 EPS of $0.18 beats by $0.14. Revenue of $578M (-19%) vs. $556M. Sees Q4 EPS of $0.07-0.13 vs. $0.06 and Q4 revenue of $605M-645M vs. $587M. Shares +7% AH. (PR)
  • Lincoln National (LNC): Q3 EPS of $0.84 beats by $0.08. Revenue of $2.1B (-8%) vs. $2.4B. Shares +9.2% AH. (PR)
  • O'Reilly Automotive (ORLY): Q3 EPS of $0.63 beats by $0.07. Revenue of $1.26B (+13%) vs. $1.23B. Comparable store sales up 5.3%; "Continued improvement in our gross margin results fueled by improved acquisition costs as the result of our increased purchasing power." Shares -0.2% AH. (PR)
  • Owens-Illinois (OI): Q3 EPS of $0.74 misses by $0.19. Revenue of $1.9B (-7%) in-line. Shares -6% AH. (PR)
  • Questar (STR): Q3 EPS of $0.60 beats by $0.09. Revenue of $600M (-21%) vs. $542M. Raises full-year EPS guidance to $2.45-2.55 from $2.35-2.45, vs. $2.57. (PR)
  • Realty Income (O): Q3 FFO of $0.47 beats by $0.01. Revenue of $82M (flat) in-line. Sees full-year FFO of $1.86-1.92 vs. $1.83. Shares +2.3% AH. (PR)
  • Ryland Group (RYL): Q3 EPS of -$1.20 misses by $0.31. Revenue of $328M (-40%) vs. $352M. Shares -0.5% AH. (PR)
  • Symantec (SYMC): FQ2 EPS of $0.36 beats by $0.03. Revenue of $1.48B (-3%) vs. $1.43B. Shares +6.1% AH. (PR)
  • Teck Resources (TCK): Q3 EPS of $0.59 beats by $0.09. Revenue of $2.1B in-line. Sees 2009 coal sales of 19.5-20.5M tons, slightly higher than previous guidance. Shares +4.1% AH. (PR)
  • Teradyne (TER): Q3 EPS of $0.14 beats by $0.03. Revenue of $262M (-12%) vs. $256M. Sees Q4 EPS of $0.12-0.17 vs. $0.12 on Q4 revenue of $255M-270M vs. $252M. Shares +2.2% AH. (PR)
  • Trinity Industries (TRN): Q3 EPS of $0.29 beats by $0.04. Revenue of $557M (-52%) vs. $564M. Sees Q4 EPS of $0.08-0.13 vs. $0.06. Shares -1.3% AH. (PR)
  • XL Capital (XL): Q3 EPS of $0.89 beats by $0.26. Revenue of $1.5B (-15%) vs. $1.7B. Shares +5.2% AH. (PR)

Today's Markets

Asia markets moved sharply lower Thursday, but losses in Europe were mild and U.S. futures have moved higher overnight following Wednesday's losses.


Complete Story »]]> DIA SPY QQQQ USO GLD ABB AEM AET AFL AIG AKAM AVB AVP BDN BKC BLK CBG CDNS CEO CERN CIT CL DB DRE EK EQR ESRX FSLR FTE GNK GS HLX KBR LNC LSI MCO MYL NEM NLY NTDOY.PK O OI OMX ORLY PG RDS.A RYL S SII STR SYMC TCK TER TRN TROW TSM VMED XL ABX AEP AN MOT MWW ODP BCRX BPO CLI CME COT DLR GTI MPS NBL NRG XOM AGN AYE AZN BC COCO EXPE K PCG PPL PTEN VTR WMB XEL Eli Hoffmann Next Week's Key Earnings Reports http://seekingalpha.com/article/168574-next-week-s-key-earnings-reports?source=feed 168574 More companies are set to report earnings next week than this week, but the big names have already come and gone.

There are a lot of second-tier reports to focus on next week, however, and below we provide a list of the names that investors will be following most. As shown, Corning (GLW) and Verizon (VZ) kick off the week with reports on Monday morning, while Baidu (BIDU) will surely be active after the close. Johnson Controls (JCI), Under Armour (UA), Valero Energy (VLO), and United States Steel (X) report Tuesday morning, and Visa (V) will give us some important data on consumer spending on Tuesday afternoon. General Dynamics (GD), International Paper (IP), WellPoint (WLP) report Wednesday morning, while there aren't any big hitters reporting Wednesday after the close. On Thursday, we get reports from Chicago Mercantile Exchange Holdings (CME), Eastman Kodak (EK), Motorola (MOT), Newmont Mining (NEM), Office Depot (ODP), Procter and Gamble (PG), Sprint Nextel (S), and Exxon Mobil (XOM), which will be the biggest day of the week for earnings. Finally, Chevron (CVX) finishes off the week with earnings on Friday before the open.

]]> Fri, 23 Oct 2009 16:13:49 -0400 Bespoke Investment Group Hickey and Walters (Bespoke) submit:

More companies are set to report earnings next week than this week, but the big names have already come and gone.

There are a lot of second-tier reports to focus on next week, however, and below we provide a list of the names that investors will be following most. As shown, Corning (GLW) and Verizon (VZ) kick off the week with reports on Monday morning, while Baidu (BIDU) will surely be active after the close. Johnson Controls (JCI), Under Armour (UA), Valero Energy (VLO), and United States Steel (X) report Tuesday morning, and Visa (V) will give us some important data on consumer spending on Tuesday afternoon. General Dynamics (GD), International Paper (IP), WellPoint (WLP) report Wednesday morning, while there aren't any big hitters reporting Wednesday after the close. On Thursday, we get reports from Chicago Mercantile Exchange Holdings (CME), Eastman Kodak (EK), Motorola (MOT), Newmont Mining (NEM), Office Depot (ODP), Procter and Gamble (PG), Sprint Nextel (S), and Exxon Mobil (XOM), which will be the biggest day of the week for earnings. Finally, Chevron (CVX) finishes off the week with earnings on Friday before the open.


Complete Story »]]> GLW VZ JCI UA VLO X V BIDU GD IP WLP CME EK MOT NEM ODP PG S XOM CVX Bespoke Investment Group Larkin: Gold's Stealth Bull Market http://seekingalpha.com/article/168557-larkin-gold-s-stealth-bull-market?source=feed 168557 With gold riding ever-higher peaks lately, it's hard to imagine that any investor could still remain in the dark about the potential of the yellow metal. But despite the record-breaking prices, says S&P Equity Analyst Leo Larkin, the greater investing public just hasn't jumped on board the gold train. That could mean even higher prices ahead, he says, both for bullion and miners.

An expert in metals and mining, Mr. Larkin recently sat down with HAI Associate Editor Lara Crigger to share his thoughts on gold, including whether the rally is overheated, how miners both large and small will fare in the coming months, and whether investors have missed their chance to get in.

]]> Fri, 23 Oct 2009 15:11:27 -0400 Hard Assets Investor Hard Assets Investor submits:

With gold riding ever-higher peaks lately, it's hard to imagine that any investor could still remain in the dark about the potential of the yellow metal. But despite the record-breaking prices, says S&P Equity Analyst Leo Larkin, the greater investing public just hasn't jumped on board the gold train. That could mean even higher prices ahead, he says, both for bullion and miners.

An expert in metals and mining, Mr. Larkin recently sat down with HAI Associate Editor Lara Crigger to share his thoughts on gold, including whether the rally is overheated, how miners both large and small will fare in the coming months, and whether investors have missed their chance to get in.


Complete Story »]]> NEM ABX AUY AEM Hard Assets Investor Investors Jostle over the Oil Sands Prize http://seekingalpha.com/article/168153-investors-jostle-over-the-oil-sands-prize?source=feed 168153

By Andrew Willis

South Korea’s $1.8-billion foray into the oil patch reinforces a long-established trend: Canada’s oil sands will be developed by foreign energy companies.

]]> Thu, 22 Oct 2009 11:21:00 -0400 Streetwise Blog Streetwise Blog submits:

By Andrew Willis

South Korea’s $1.8-billion foray into the oil patch reinforces a long-established trend: Canada’s oil sands will be developed by foreign energy companies.


Complete Story »]]> HTE NEM XOM RDS.A BP BTE PWE BNPUF.PK CNQ Streetwise Blog Five Charts from 2009 GFMS Gold Survey http://seekingalpha.com/article/167435-five-charts-from-2009-gfms-gold-survey?source=feed 167435 The price of gold continues its upward march. It reached $1,060 an ounce on Tuesday October 20th due to the weak US dollar and investors choosing gold as an alternative to holding dollars.

Reuters reports:

]]> Tue, 20 Oct 2009 02:17:45 -0400 David Hunkar David Hunkar submits:

The price of gold continues its upward march. It reached $1,060 an ounce on Tuesday October 20th due to the weak US dollar and investors choosing gold as an alternative to holding dollars.

Reuters reports:


Complete Story »]]> GLD ABX GG NEM KGC AU GFI HMY GDX GOLD NCMGY.PK AEM David Hunkar Timberline Resources: A Production Focused Mining Company http://seekingalpha.com/article/166577-timberline-resources-a-production-focused-mining-company?source=feed 166577 Timberline Resources (TLR) announced yesterday that successful surface drilling at its Butte Highlands Gold Project has increased gold mineralization from 500,000 ounces to over 750,000 ounces, using a cut off grade of 0.25 opt. This increase does not include the results of a 5 hole drilling program which was recently completed by the company of which results will be made public in the next couple of weeks.

I remain bullish on TLR even since my write up in mid July when the stock was at $0.40. There are not many mining companies that exist that own their own drilling company and have a gold mine fully funded to production by the largest independent underground mining contractor in the country, Small Mines Development (SMD). Wall Street is starting to wake up to this rare low risk/high reward situation.

]]> Wed, 14 Oct 2009 18:04:34 -0400 Ian Cassel Timberline Resources (TLR) announced yesterday that successful surface drilling at its Butte Highlands Gold Project has increased gold mineralization from 500,000 ounces to over 750,000 ounces, using a cut off grade of 0.25 opt. This increase does not include the results of a 5 hole drilling program which was recently completed by the company of which results will be made public in the next couple of weeks.

I remain bullish on TLR even since my write up in mid July when the stock was at $0.40. There are not many mining companies that exist that own their own drilling company and have a gold mine fully funded to production by the largest independent underground mining contractor in the country, Small Mines Development (SMD). Wall Street is starting to wake up to this rare low risk/high reward situation.


Complete Story »]]> TLR NEM Ian Cassel Paulson and Faber: Similar Macro Outlooks http://seekingalpha.com/article/166409-paulson-and-faber-similar-macro-outlooks?source=feed 166409 We’re starting a regular new feature at TPC in which we’ll summarize some of the most recent macro and micro outlooks from so-called investment gurus. This week’s edition will start with two investors who have handled the crisis (and recovery) remarkably well: John Paulson and Marc Faber. Both have similar macro outlooks:

John Paulson: Paulson made waves in 2008 with his billion dollar gains from the sub-prime crisis. The master wave rider was short all the way down and then reversed his bearish course in stunning fashion as he went long the very same things he made so much money betting against. In late February he referred to the market as the “buying opportunity of a lifetime”. Paulson’s reflation trade is turning out to be another home run. Paulson clearly believes in the Fed’s ability to reflate us out of this mess. In the last 6 months he has made massive bets on gold and gold related equities. In addition, Paulson has put his money on the opposite side of the trade he made a killing in last year – he now owns massive stakes in several large banks including Bank of America (BAC) as well as the toxic Capital One Financial (COF). Paulson is even putting together money for a “real estate recovery” fund.

]]> Wed, 14 Oct 2009 07:11:18 -0400 The Pragmatic Capitalist We’re starting a regular new feature at TPC in which we’ll summarize some of the most recent macro and micro outlooks from so-called investment gurus. This week’s edition will start with two investors who have handled the crisis (and recovery) remarkably well: John Paulson and Marc Faber. Both have similar macro outlooks:

John Paulson: Paulson made waves in 2008 with his billion dollar gains from the sub-prime crisis. The master wave rider was short all the way down and then reversed his bearish course in stunning fashion as he went long the very same things he made so much money betting against. In late February he referred to the market as the “buying opportunity of a lifetime”. Paulson’s reflation trade is turning out to be another home run. Paulson clearly believes in the Fed’s ability to reflate us out of this mess. In the last 6 months he has made massive bets on gold and gold related equities. In addition, Paulson has put his money on the opposite side of the trade he made a killing in last year – he now owns massive stakes in several large banks including Bank of America (BAC) as well as the toxic Capital One Financial (COF). Paulson is even putting together money for a “real estate recovery” fund.


Complete Story »]]> EWS NEM NG SCPZF.PK UDN GLD BAC COF The Pragmatic Capitalist Report from Europe: Waiting for Earnings-Fest http://seekingalpha.com/article/166249-report-from-europe-waiting-for-earnings-fest?source=feed 166249

The Dow broke out to a new 52-week high yesterday with the S&P 500 not far behind it in light trading. The major support came from tech names after upgrades by Deutsche Bank of the semi conductor sector and Barclays of the hardware space while the VIX declined to 23, a one-year low.

More importantly and raising a few eyebrows today is news that the day before they report earnings, Goldman Sachs (GS) was cut to Neutral by the now independent uber bank analyst Meredith Whitney. Recall her “buy” call just before last quarter’s results was right on the money (and of course her now famous call on Citibank (C) in 2007 when she foresaw a dividend cut and said they were in big trouble). Expect some softness on the back of this as when the Laura Croft of financial analysts speaks, folks listen.

]]> Tue, 13 Oct 2009 11:31:13 -0400 The Mole The Mole submits:

The Dow broke out to a new 52-week high yesterday with the S&P 500 not far behind it in light trading. The major support came from tech names after upgrades by Deutsche Bank of the semi conductor sector and Barclays of the hardware space while the VIX declined to 23, a one-year low.

More importantly and raising a few eyebrows today is news that the day before they report earnings, Goldman Sachs (GS) was cut to Neutral by the now independent uber bank analyst Meredith Whitney. Recall her “buy” call just before last quarter’s results was right on the money (and of course her now famous call on Citibank (C) in 2007 when she foresaw a dividend cut and said they were in big trouble). Expect some softness on the back of this as when the Laura Croft of financial analysts speaks, folks listen.


Complete Story »]]> QQQQ DIA SPY GS INTC ALTR CSX JNJ DVN CTXS NEM XOM ERO UUP UDN CIT ELN DRAGF.PK ABX XSRAF.PK The Mole Mickey Fulp: Rare Earths Are 'Flavor of the Year' http://seekingalpha.com/article/165894-mickey-fulp-rare-earths-are-flavor-of-the-year?source=feed 165894
Shifting gears from gold to energy, Mercenary Geologist Mickey Fulp focuses on the latest rage: rare earth elements (REEs). In this exclusive interview with The Energy Report, Mickey discusses China's monopoly on REEs and the resultant shock waves still rocking Western industrialized countries and Japan. While fear of China protectionism looms, Mickey sees plenty of opportunity in "cream-of-the-crop North American companies" that are presently undervalued.

The Energy Report: You've been traveling quite a bit this summer. Can you highlight some of the places you've visited?

]]> Sun, 11 Oct 2009 06:33:41 -0400 The Energy Report The Energy Report submits:


Shifting gears from gold to energy, Mercenary Geologist Mickey Fulp focuses on the latest rage: rare earth elements (REEs). In this exclusive interview with The Energy Report, Mickey discusses China's monopoly on REEs and the resultant shock waves still rocking Western industrialized countries and Japan. While fear of China protectionism looms, Mickey sees plenty of opportunity in "cream-of-the-crop North American companies" that are presently undervalued.

The Energy Report: You've been traveling quite a bit this summer. Can you highlight some of the places you've visited?


Complete Story »]]> AVARF.PK RRLMF.PK NEM QSURF.PK USU HTHXF.PK DNN STHJF.PK The Energy Report Bullish Sentiment Continues for Gold and Silver Stocks http://seekingalpha.com/article/165542-bullish-sentiment-continues-for-gold-and-silver-stocks?source=feed 165542 In analyzing the sentiment towards gold stocks, I am going to start with a tactic from Bernie Schaeffer of Schaeffer’s Research. I believe he espouses the idea of looking at the consensus view of analysts. If most analysts are bullish on a stock or sector, then where is the money going to come from to push shares higher? Conversely, if a sector is rising but the analysts are not bullish, they can change their mind and that provides further buying power.

As far as the gold and silver shares, I was curious as to the consensus analyst rating, 2010 earnings growth forecast and price target. In the graph below, I show the current analyst rating on the stock, the consensus forecast for 2010 earnings growth and how far above the current price, the mean price target is. Remember that analysts rate stocks 1.0 (strong buy) to 5.0 (strong sell). A 3.0 means hold, while a 2.0 means buy or accumulate. Since Wall Street is naturally optimistic, a 3.0 basically means “sell” and a 2.0 means “hold”.

]]> Thu, 08 Oct 2009 11:22:01 -0400 Jordan Roy-Byrne In analyzing the sentiment towards gold stocks, I am going to start with a tactic from Bernie Schaeffer of Schaeffer’s Research. I believe he espouses the idea of looking at the consensus view of analysts. If most analysts are bullish on a stock or sector, then where is the money going to come from to push shares higher? Conversely, if a sector is rising but the analysts are not bullish, they can change their mind and that provides further buying power.

As far as the gold and silver shares, I was curious as to the consensus analyst rating, 2010 earnings growth forecast and price target. In the graph below, I show the current analyst rating on the stock, the consensus forecast for 2010 earnings growth and how far above the current price, the mean price target is. Remember that analysts rate stocks 1.0 (strong buy) to 5.0 (strong sell). A 3.0 means hold, while a 2.0 means buy or accumulate. Since Wall Street is naturally optimistic, a 3.0 basically means “sell” and a 2.0 means “hold”.


Complete Story »]]> GDX GG NEM AU KGC AUY AEM RGLD EGO SLW PAAS CDE HL SLV Jordan Roy-Byrne Report from Europe: Golden Bulls Rule http://seekingalpha.com/article/165085-report-from-europe-golden-bulls-rule?source=feed 165085

The slumbering bull went walkabout yesterday ahead of the kickoff in earning season as the cheerleaders of the V shaped recovery heralded the pickup in the US service sector. Indeed in the past 24 hours the news flow has certainly had a better tone, as evident in the bounce in US and European equity markets. The gain in services ISM to 50.9 means it is above 50 for the first time in 12 months. In terms of the details, business activity and new orders posted the strongest gains. The employment index, however, remained below 50 at 44.3. So the data remains equivocal, bearing in mind the Nonfarm Payrolls and the Manufacturing disappointments last week.

The US markets have opened up sharply with the likes of Alcoa (AA) (ahead of their earnings tomorrow), AK Steel (AKS) and Newmont Mining (NEM) bid on a strong performance by mining and metal producers in Europe. Barrick Gold (ABX) is moving ahead with the yellow metal at $1039 and Exxon (XOM) is well supported with the black stuff back over $71 barrel. Corning (GLW) is getting a lift from a UBS upgrade to a “buy” on demand from China. Regional financial names like Hartford (HIG), Zions Bancorp (ZION) and Regions Financial (RF) are also seeing a lot of buying this afternoon.

]]> Tue, 06 Oct 2009 11:38:38 -0400 The Mole The Mole submits:

The slumbering bull went walkabout yesterday ahead of the kickoff in earning season as the cheerleaders of the V shaped recovery heralded the pickup in the US service sector. Indeed in the past 24 hours the news flow has certainly had a better tone, as evident in the bounce in US and European equity markets. The gain in services ISM to 50.9 means it is above 50 for the first time in 12 months. In terms of the details, business activity and new orders posted the strongest gains. The employment index, however, remained below 50 at 44.3. So the data remains equivocal, bearing in mind the Nonfarm Payrolls and the Manufacturing disappointments last week.

The US markets have opened up sharply with the likes of Alcoa (AA) (ahead of their earnings tomorrow), AK Steel (AKS) and Newmont Mining (NEM) bid on a strong performance by mining and metal producers in Europe. Barrick Gold (ABX) is moving ahead with the yellow metal at $1039 and Exxon (XOM) is well supported with the black stuff back over $71 barrel. Corning (GLW) is getting a lift from a UBS upgrade to a “buy” on demand from China. Regional financial names like Hartford (HIG), Zions Bancorp (ZION) and Regions Financial (RF) are also seeing a lot of buying this afternoon.


Complete Story »]]> AA AKS NEM ABX XOM GLW HIG ZION RF RTP GOLD VLKAY.PK The Mole Invest in Precious Metal Miners During the Coming Earnings Season http://seekingalpha.com/article/164256-invest-in-precious-metal-miners-during-the-coming-earnings-season?source=feed 164256 Despite the artificial rebound in the economy, which will likely lead to higher than expected earnings at least for the coming earnings season, there is one industry in particular that should post record profits. I'm not saying money can't be made elsewhere, but if you had to put all your eggs in one basket, it would definitely be in the mining complex, or the precious metal miners to be exact. There are two reasons for this rationale.

As for the gold miners (which I'm slightly more bullish on for earnings season, as opposed to the silver miners), they have averaged a record 3 month (quarterly) market price. This, combined with many miners scrambling to ramp up production on new projects, will easily surpass past revenue records among the miners. Augmenting this fact, are the very low cash costs (and all in costs for that matter), which will undoubtedly help to set record net profits, cash flows and operating margins.

]]> Thu, 01 Oct 2009 07:11:19 -0400 Hyperinflation Despite the artificial rebound in the economy, which will likely lead to higher than expected earnings at least for the coming earnings season, there is one industry in particular that should post record profits. I'm not saying money can't be made elsewhere, but if you had to put all your eggs in one basket, it would definitely be in the mining complex, or the precious metal miners to be exact. There are two reasons for this rationale.

As for the gold miners (which I'm slightly more bullish on for earnings season, as opposed to the silver miners), they have averaged a record 3 month (quarterly) market price. This, combined with many miners scrambling to ramp up production on new projects, will easily surpass past revenue records among the miners. Augmenting this fact, are the very low cash costs (and all in costs for that matter), which will undoubtedly help to set record net profits, cash flows and operating margins.


Complete Story »]]> GG NEM AEM AUY JAG SLW SSRI CDE GDX FRMSF.PK Hyperinflation Gold and Silver 'Bubble' Has Long Way to Go http://seekingalpha.com/article/163407-gold-and-silver-bubble-has-long-way-to-go?source=feed 163407 On Oct. 27th, 2008 Goldcorp (NYSE:GG) closed at $15.06. Agnico-Eagle Mines (NYSE:AEM) closed the same day at $21.70.

Fast forward less than eleven months later to Sept. 16th, 2009. GG closed at $42.93 and AEM closed at $71.27. Over a 200% gain for GG and over a 300% for AEM. That would amaze even the most enthusiastic gold bug.

]]> Fri, 25 Sep 2009 07:04:05 -0400 Marc Courtenay Marc Courtenay submits:

On Oct. 27th, 2008 Goldcorp (NYSE:GG) closed at $15.06. Agnico-Eagle Mines (NYSE:AEM) closed the same day at $21.70.

Fast forward less than eleven months later to Sept. 16th, 2009. GG closed at $42.93 and AEM closed at $71.27. Over a 200% gain for GG and over a 300% for AEM. That would amaze even the most enthusiastic gold bug.


Complete Story »]]> GG AEM SLW SSRI NEM ABX SCGDX GLD SLV Marc Courtenay