NU - News and Analysis from Seeking Alpha 'NU' Tag RSS Syndication from SeekingAlpha.com SeekingAlpha.com http://seekingalpha.com/symbol/nu 19 High Yield Stocks that Historically Outperform http://seekingalpha.com/article/172117-19-high-yield-stocks-that-historically-outperform?source=feed 172117 In early October I detailed 2 high yield investment strategies (part 1 and 2) that have had a history of outperformance. Below is the list of stocks meeting the two strategies criteria as of the close on November 6th. Obviously, past performance does not mean these strategies will continue to outperform in the future. However, a variety of momentum strategies (part 1) have been detailed extensively on Scott's Investments and the high yield momentum strategy is similar in nature to other successful momentum strategies.

The first screen looks for high yielding high momentum stocks. I screened the S&P 500 for stocks yielding greater then 4% and then ranked them by 6 month returns. There were 59 results and per article 1, the highest momentum, high yield stocks have historically been the best performing so I have listed the top 20% (based on 6 month returns) of results, or 12 stocks. I have also included the percent each stock is above the 200 day moving average for informational purposes:
Ticker Company Free Trend Analysis Dividend Yield Performance (Half Year) 200-Day SMA Price
RRD R.R. Donnelley & Sons Company Here 4.96% 62.64% 56.30% 20.98
PLD ProLogis Here 5.18% 41.74% 30.86% 11.58
VTR Ventas Inc. Here 5.24% 39.60% 27.39% 39.13
MRK Merck & Co. Inc. Here 4.66% 37.05% 16.79% 32.59
LEG Leggett & Platt, Incorporated Here 5.35% 32.52% 26.41% 19.44
HCP HCP, Inc. Here 6.63% 32.08% 21.15% 27.75
EQR Equity Residential Here 4.68% 30.54% 22.54% 28.85
HCN Health Care REIT Inc. Here 6.45% 29.82% 17.89% 42.14
DTE DTE Energy Co. Here 5.53% 27.29% 22.12% 38.34
TEG Integrys Energy Group, Inc. Here 7.61% 27.13% 15.73% 35.75
POM Pepco Holdings, Inc. Here 7.08% 27.06% 12.71% 15.26
SE Spectra Energy Corp. Here 5.17% 26.74% 18.48% 19.34
Align Right
The second screen looks for stocks in the S&P 500 yielding greater than 3.5%, with a payout ratio less then 50%. An explanation of the reasons behind the strategy is here. I have included some additional momentum columns for information purposes:
]]> Mon, 09 Nov 2009 02:32:36 -0500 Scott's Investments Scott's Investments submits:

In early October I detailed 2 high yield investment strategies (part 1 and 2) that have had a history of outperformance. Below is the list of stocks meeting the two strategies criteria as of the close on November 6th. Obviously, past performance does not mean these strategies will continue to outperform in the future. However, a variety of momentum strategies (part 1) have been detailed extensively on Scott's Investments and the high yield momentum strategy is similar in nature to other successful momentum strategies.

The first screen looks for high yielding high momentum stocks. I screened the S&P 500 for stocks yielding greater then 4% and then ranked them by 6 month returns. There were 59 results and per article 1, the highest momentum, high yield stocks have historically been the best performing so I have listed the top 20% (based on 6 month returns) of results, or 12 stocks. I have also included the percent each stock is above the 200 day moving average for informational purposes:
Ticker Company Free Trend Analysis Dividend Yield Performance (Half Year) 200-Day SMA Price
RRD R.R. Donnelley & Sons Company Here 4.96% 62.64% 56.30% 20.98
PLD ProLogis Here 5.18% 41.74% 30.86% 11.58
VTR Ventas Inc. Here 5.24% 39.60% 27.39% 39.13
MRK Merck & Co. Inc. Here 4.66% 37.05% 16.79% 32.59
LEG Leggett & Platt, Incorporated Here 5.35% 32.52% 26.41% 19.44
HCP HCP, Inc. Here 6.63% 32.08% 21.15% 27.75
EQR Equity Residential Here 4.68% 30.54% 22.54% 28.85
HCN Health Care REIT Inc. Here 6.45% 29.82% 17.89% 42.14
DTE DTE Energy Co. Here 5.53% 27.29% 22.12% 38.34
TEG Integrys Energy Group, Inc. Here 7.61% 27.13% 15.73% 35.75
POM Pepco Holdings, Inc. Here 7.08% 27.06% 12.71% 15.26
SE Spectra Energy Corp. Here 5.17% 26.74% 18.48% 19.34
Align Right
The second screen looks for stocks in the S&P 500 yielding greater than 3.5%, with a payout ratio less then 50%. An explanation of the reasons behind the strategy is here. I have included some additional momentum columns for information purposes:

Complete Story »]]> CAG CMS DTE EIX EQR EXC FPL HCN HCP LEG MRK NU PLD POM RRD SE SUN TEG VTR Scott's Investments Smart Grid Investment Grants: The 'Also-Ran's http://seekingalpha.com/article/169428-smart-grid-investment-grants-the-also-ran-s?source=feed 169428 By Jeff St. John

For every one project that got a piece of $3.4 billion in Department of Energy stimulus grants on Tuesday, three projects didn't.

]]> Wed, 28 Oct 2009 07:20:00 -0400 Greentech Media Greentech Media submits:

By Jeff St. John

For every one project that got a piece of $3.4 billion in Department of Energy stimulus grants on Tuesday, three projects didn't.


Complete Story »]]> AEE D NGG NU PCG Greentech Media 34 Safe Dividend Stocks; 9 Criteria to Select Them http://seekingalpha.com/article/164223-34-safe-dividend-stocks-9-criteria-to-select-them?source=feed 164223 By Hao Jin

The Fed is going to keep interest rates near zero for the foreseeable future. With 10-Year Treasury yields around 3.5%, solid blue chip companies offering decent dividends become popular. Not only do they offer current income and the possibility of capital gains, they also have better protection against inflation than regular bonds. No wonder Warren Buffett wrote, “Buy American. I Am.” in The New York Times last October.

]]> Thu, 01 Oct 2009 05:03:07 -0400 myWealth.com Sean Hyman submits:

By Hao Jin

The Fed is going to keep interest rates near zero for the foreseeable future. With 10-Year Treasury yields around 3.5%, solid blue chip companies offering decent dividends become popular. Not only do they offer current income and the possibility of capital gains, they also have better protection against inflation than regular bonds. No wonder Warren Buffett wrote, “Buy American. I Am.” in The New York Times last October.


Complete Story »]]> ABT AEP AGL ATO BMY BP CEL CNP D DEO ENB ETR EXC FPL HNZ KFT KMB MCD MO NGG NU OGE PCG PEG PM PPL PTNR RAI SCG SO SPY SYY VZ XEL myWealth.com Which Dividend Stocks Are Relatively Safe? http://seekingalpha.com/article/163610-which-dividend-stocks-are-relatively-safe?source=feed 163610 The Fed is going to keep interest rates near zero for the foreseeable future. With 10 year treasury yields around 3.5%, solid blue chip companies offering decent dividends becomes popular. Not only do they offer current income and the possibility of capital gains, they also have better protection against inflation than regular bonds. No wonder Warren Buffett wrote “Buy American. I Am” article on The New York Times last October. (source: NY Times)

However, the economy is still in the bottoming process. There is a potential risk for the economic to backslide. Which blue chips are relatively safe?

]]> Sun, 27 Sep 2009 06:32:20 -0400 Hao Jin Hao Jin submits:

The Fed is going to keep interest rates near zero for the foreseeable future. With 10 year treasury yields around 3.5%, solid blue chip companies offering decent dividends becomes popular. Not only do they offer current income and the possibility of capital gains, they also have better protection against inflation than regular bonds. No wonder Warren Buffett wrote “Buy American. I Am” article on The New York Times last October. (source: NY Times)

However, the economy is still in the bottoming process. There is a potential risk for the economic to backslide. Which blue chips are relatively safe?


Complete Story »]]> ABT AEP AGL ATO BMY BP CEL CNP D DEO ENB ETR EXC FPL HNZ KFT KMB MCD MO NGG NU OGE PCG PEG PM PPL PTNR RAI SCG SO SPY SYY VZ XEL Hao Jin Identifying Large Cap Investment Opportunities http://seekingalpha.com/article/162852-identifying-large-cap-investment-opportunities?source=feed 162852 The Applied Finance Group (AFG) has a disciplined approach for identifying companies that are expected to outperform and underperform the market by using proprietary metrics and measurements that have been tested and proven through time. Because AFG’s research is fundamentally derived, AFG’s quantitative analysis spans across growth and value stocks, all sectors, industries, and market caps with over 20,000 covered securities globally. Using AFG’s proprietary criteria, AFG publishes a monthly buy/sell list to provide clients with a refined focused list as a starting point for potential investments. AFG clients can then use Value Expectations to further analyze the expectations embedded in a security’s price and to build out their own model to refine an intrinsic value of a company based on their own expectations.

When searching for Large-Cap ideas, AFG’s Buy/Sell list is a good starting place as it has proven to create a significant spread in performance between companies that come up on AFG’s buy list and those on the sell list. Further focusing on companies based on AFG’s proprietary screening criteria (Economic Margin, valuation, quality of earnings, and management’s ability to create shareholder wealth) will save investors time in their research process. The result is a target group of stocks that can help you outperform as well as identify potential torpedoes to avoid in your portfolios.

]]> Wed, 23 Sep 2009 02:33:31 -0400 Value Expectations Value Expectations submits:

The Applied Finance Group (AFG) has a disciplined approach for identifying companies that are expected to outperform and underperform the market by using proprietary metrics and measurements that have been tested and proven through time. Because AFG’s research is fundamentally derived, AFG’s quantitative analysis spans across growth and value stocks, all sectors, industries, and market caps with over 20,000 covered securities globally. Using AFG’s proprietary criteria, AFG publishes a monthly buy/sell list to provide clients with a refined focused list as a starting point for potential investments. AFG clients can then use Value Expectations to further analyze the expectations embedded in a security’s price and to build out their own model to refine an intrinsic value of a company based on their own expectations.

When searching for Large-Cap ideas, AFG’s Buy/Sell list is a good starting place as it has proven to create a significant spread in performance between companies that come up on AFG’s buy list and those on the sell list. Further focusing on companies based on AFG’s proprietary screening criteria (Economic Margin, valuation, quality of earnings, and management’s ability to create shareholder wealth) will save investors time in their research process. The result is a target group of stocks that can help you outperform as well as identify potential torpedoes to avoid in your portfolios.


Complete Story »]]> ARG BTU CEPH CIEN CL CVS D DO EOG EQT ETN FO HAS IGT ISRG MAR MCD MU MWW NEM NU PEG PH RL S SEE SIAL SWK SYMC TAP TMO TSN WAT X Value Expectations Soros Holdings Q2 Update: Still Heavy on Convertible Bonds http://seekingalpha.com/article/158249-soros-holdings-q2-update-still-heavy-on-convertible-bonds?source=feed 158249 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.

Next up is George Soros' hedge fund firm, Soros Fund Management. Soros is one of the gurus we track on the blog due to his excellent track record and insightful macro take on things. His current take on the crisis and financial markets is laid out in his latest book, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means. If you want to get a better sense as to how Soros formulates his investment theses, we highly recommend reading his first book, The Alchemy of Finance. This book is a staple in our recommended reading list and after you read it, you'll understand why.

]]> Tue, 25 Aug 2009 16:36:48 -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.

Next up is George Soros' hedge fund firm, Soros Fund Management. Soros is one of the gurus we track on the blog due to his excellent track record and insightful macro take on things. His current take on the crisis and financial markets is laid out in his latest book, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means. If you want to get a better sense as to how Soros formulates his investment theses, we highly recommend reading his first book, The Alchemy of Finance. This book is a staple in our recommended reading list and after you read it, you'll understand why.


Complete Story »]]> ACI AEP ANV APA ARG AUDC AYE AZO BBBB BEXP BFLY BPZ BRY CA CCK CEG CMC CMCSA COH COP CSX CVA DIOD DPL ELX ETR EWW EXAR EXTR FLEX FMCN FORM FTO GS HES IBN IOC KSS LLTC LSI LWSN M MON MVSN NBR NG NU OXY PBR PBRA PEG POT PPL PXD PXP RFMD RRD SD SJM SKF SPSS SU T TDC TECD TER UNP VALE VIGN VSH VZ WAB WAG WY XCO Market Folly Smart Grid Stimulus Applications: $2.85B and Counting http://seekingalpha.com/article/154576-smart-grid-stimulus-applications-2-85b-and-counting?source=feed 154576

By Jeff St. John

At least 10 more utilities on Thursday added their multi-million dollar requests to a growing list of those seeking part of $3.3 billion in federal smart grid stimulus grants.

]]> Fri, 07 Aug 2009 04:04:34 -0400 Greentech Media Greentech Media submits:

By Jeff St. John

At least 10 more utilities on Thursday added their multi-million dollar requests to a growing list of those seeking part of $3.3 billion in federal smart grid stimulus grants.


Complete Story »]]> AEE CNP D DUK ED FE GE LNT NGG NST NU PCG POM Greentech Media Visa: Next on the S&P 500? http://seekingalpha.com/article/146443-visa-next-on-the-s-p-500?source=feed 146443 In recent blog posts I've talked about the Dow effect and Russell effect, so I decided I would devote this post to the S&P effect. The S&P 500, much like the Dow, has a committee which selects the stocks in the index. I believe it's only a matter of time before Visa (V) is added to the S&P 500.

I believe this because Visa is the last credit card giant not listed in the index, not to mention Visa is larger and more profitable than all four of the similar companies currently listed in the index. These companies are: American Express (AXP), Capital One (COF), Discover Financial (DFS), and (Mastercard (MA)).Visa's current market cap is actually bigger than any two of the four added together.

]]> Wed, 01 Jul 2009 08:30:38 -0400 Marco Hickey Marco Hickey submits:

In recent blog posts I've talked about the Dow effect and Russell effect, so I decided I would devote this post to the S&P effect. The S&P 500, much like the Dow, has a committee which selects the stocks in the index. I believe it's only a matter of time before Visa (V) is added to the S&P 500.

I believe this because Visa is the last credit card giant not listed in the index, not to mention Visa is larger and more profitable than all four of the similar companies currently listed in the index. These companies are: American Express (AXP), Capital One (COF), Discover Financial (DFS), and (Mastercard (MA)).Visa's current market cap is actually bigger than any two of the four added together.


Complete Story »]]> AAPL AXP COF DFS DIA DNR DO DV FTI GOOG HCN HRL IRM IWM IWN IWW MA NU ORLY QQQQ SPY TLT TWC V VTR Marco Hickey Hedge Fund Moore Stakes Out Energy Bets http://seekingalpha.com/article/146318-hedge-fund-moore-stakes-out-energy-bets?source=feed 146318 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.

This week is 'global macro week' here at Market Folly and we'll be covering some of the equity positions of the major global macro strategy hedge funds. We want to start off this week with a slight disclaimer. Since global macro funds trade all different types of asset classes, they're not an ideal bunch to track or to clone a portfolio from. However, they are some of the smartest minds out there in terms of secular themes, trading, and market timing. As such, we monitor their movements in equities to get a sense as to what sectors they like, when they're moving out of long equity positions, and to see if we can see any secular themes they might be playing. So, this week is not so much about tracking as much as it is about taking a step back and observing the 'bigger picture.'

]]> Wed, 01 Jul 2009 02:20:01 -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.

This week is 'global macro week' here at Market Folly and we'll be covering some of the equity positions of the major global macro strategy hedge funds. We want to start off this week with a slight disclaimer. Since global macro funds trade all different types of asset classes, they're not an ideal bunch to track or to clone a portfolio from. However, they are some of the smartest minds out there in terms of secular themes, trading, and market timing. As such, we monitor their movements in equities to get a sense as to what sectors they like, when they're moving out of long equity positions, and to see if we can see any secular themes they might be playing. So, this week is not so much about tracking as much as it is about taking a step back and observing the 'bigger picture.'


Complete Story »]]> ACE AMR ATVI BMY CAL CAT CHL CMI CMS CTXS DAL DNA EMC EMR ERTS FCX FSLR FWLT HD HES HPQ JOYG LEN LO LOW MET MO MON MU MXGL NTAP NU OI OXY PBRA PBW PG PHO PM POT RIG RVBD SGP SHAW SNP STT SWK TOL UTX WHR WMT WYE X XHB XLE XOM Market Folly Wall Street Breakfast: Must-Know News http://seekingalpha.com/article/134232-wall-street-breakfast-must-know-news?source=feed 134232

  • Chrysler Ch. 11 imminent. Talks between Chrysler lenders and the Treasury broke down Wednesday, making it all but certain that the automaker will file for bankruptcy today. Government officials say everything is in place to ensure the company makes it through court quickly, possibly in as little as a few weeks. Even as the automaker prepares for a likely bankruptcy, Obama said he's hopeful Chrysler will be able to push forward with a Fiat alliance.
  • GM bondholders prep counteroffer. General Motors' (GM) bondholders plan to reject GM's April 27 debt exchange offer, and to present a counteroffer that would give them control of the automaker. Sources say the counteroffer proposes that bondholders and a UAW retiree medical fund both exchange all their claims for equity stakes of 58% and 41% respectively. Common shareholders would be left with 1% ownership. A committee representing bondholders will present the alternative plan to the auto task force today. Shares +3.9% premarket (7:00 ET).
  • FOMC: recession is easing. As expected, the FOMC kept rates steady at 0-0.25%. The committee pointed to signs of economic improvement, and forecast a gradual recovery amid market weakness: "Although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time. Nonetheless, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability." Even as the FOMC took note of some 'green shoots' in markets, it left the door open to boosting emergency financial programs if necessary. (Read the FOMC statement)
  • 100+ PPIP applications. More than 100 firms applied to participate in PPIP, the Treasury's toxic-asset purchase program. At least five will get preliminary approval by May 15, at which point they can begin raising the expected minimum of $500M in private capital. (Read the Treasury's statement)
  • Lewis ousted as chairman. A shareholder proposal removed Bank of America (BAC) CEO Ken Lewis from his position as chairman of the board, a possible precursor to his eventual replacement as CEO. The proposal passed narrowly, with 50.34% of the vote. Board member Walter Massey will assume the chairman's post.
  • State Street probed over mortgage securities. Massachusetts' top securities regulator launched a probe into whether State Street Corp (STT) misled pension funds over the risk level of certain investments. In particular, regulators are investigating whether State Street represented mortgage-backed securities as low-risk vehicles, and whether funds marketed as safe held 'potentially inappropriate' derivatives, swaps and other securities. A State Street spokeswoman declined to comment.
  • FBI probes Freddie losses. The FBI is reportedly investigating possible accounting violations at Freddie Mac (FRE), trying to determine whether the mortgage giant improperly delayed the recognition of billions of dollars of losses. The losses, incurred from 2001-2004, were connected to derivatives contracts and are due to be gradually recognized in quarterly earnings statements over the next several years.
  • IBM offers pre-stimulus financing. IBM (IBM) is offering $2B in financing to customers who want to invest in broadband and healthcare technologies but are waiting to receive government stimulus funds. Since much of the government funding won't reach companies until 2010 or later, IBM sees this as a way to "jump-start those investments and jump-start the benefits."
  • Budget approved. Congress approved a $3.5T budget outline for 2010, which includes special funds to pay for sweeping changes in health care, education and energy. Democrats said their budget outline will cut the deficit by more than 50% in five years. Republicans argued the reduced deficit projections omit costs, such as disaster relief, from future-year expenditures.
  • IACI goes match-making. IAC/InterActiveCorp (IACI) is in talks to buy Yahoo Personals, Yahoo's (YHOO) online dating service. Yahoo has considered selling the matchmaking site in the past, and CEO Carol Bartz has expressed her interest in selling or shuttering non-core businesses. The dating site could be worth around $500M.
  • Time Warner, AOL prepare to part. Time Warner (TWX) said it's preparing to move ahead with a spinoff of all or part of its struggling AOL unit, and a decision is expected 'very soon.' The company also plans to buy back Google's (GOOG) 5% stake in AOL.
  • Visa beats forecast on cost cuts, debit use. Visa (V) posted better-than-expected quarterly results (see details below) as the company increased prices and cut costs. The company also benefited from consumers' increased reliance on debit cards The number of Visa-branded cards grew 8% globally to more than 1.7B, while the number of transactions processed on its network climbed 9%.
  • Starbucks to focus on value. Starbucks (SBUX) narrowly beat expectations for quarterly earnings (see details below) on cost cuts. Trying to re-brand itself for the economic times, Starbucks plans to launch a multimillion dollar campaign challenging the view that coffee is an expensive luxury. The company will also selectively lower prices on some of its popular drinks while slightly raising prices on larger, more complex beverages.
  • MGM finds project financing. MGM Mirage (MGM) and Dubai World reached an agreement with lenders to fully finance their $8.5B CityCenter project in Las Vegas, and Dubai World dismissed its lawsuit against MGM. The project is on track to open in December 2009.
  • Apple builds chip-design team. Apple (AAPL) is shifting strategy with plans to build its own team for chip design. The company hopes the move will shield Apple's work from rivals and lead to the development of exclusive features for its gadgets.
  • GDP worse than expected. Advanced Q1 GDP was -6.1% vs. consensus of -4.7% and last quarter's -6.3%. Personal consumption increased 2.2% vs. consensus of +0.9% and prior -4.3%. The price index rose 2.9% vs. consensus of +1.8% and prior +0.5%.
  • BoJ holds rates steady. Bank of Japan kept its benchmark rate unchanged at 0.1%. The bank will release its economic outlook today, and will likely forecast a deeper contraction than the 2% drop predicted three months ago.

Earnings: Thursday Before Open

  • Alliant Energy (LNT): Q1 EPS of $0.30 misses by $0.24. (PR)
  • Ashland (ASH): FQ2 EPS of $0.64 beats by $0.34. Revenue of $2.0B (-3.4%) vs. $2.1B. (PR)
  • BorgWarner (BWA): Q1 EPS of -$0.12 beats by $0.08. Revenue of $819.5M (-45.3%) vs. $854M. (PR)
  • Cardinal Health (CAH): FQ3 EPS of $0.97 beats by $0.02. Revenue of $24.9B (+8.9%) vs. $24.0B. (PR)
  • Celgene (CELG): Q1 EPS of $0.44 beats by $0.01. Revenue of $601M (+29.9%) vs. $602M. (PR)
  • CIGNA (CI): Q1 EPS of $0.69 misses by $0.22. Revenue of $4.8B (+4.5%) in-line. (PR)
  • CMS Energy (CMS): Q1 EPS of $0.30 in-line. Revenue of $2.1B (-3.6%) in-line. (PR)
  • Colgate-Palmolive (CL): Q1 EPS of $0.97 beats by $0.01. Revenue of $3.5B (-5.7%) vs. $3.6B. (PR)
  • Comcast (CMCSA): Q1 EPS of $0.27 beats by $0.04. Revenue of $8.4B (-5%) vs. $8.8B. (PR)
  • Covidien (COV): FQ2 EPS of $0.69 misses by $0.16. Revenue of $2.7B (+11.3%) vs. $2.6B. (PR)
  • Digital Realty Trust (DLR): Q1 EPS of $0.70 beats by $0.03. Revenue of $149M (+30.2%) vs. $147M. (PR)
  • Dominion Resources (D): Q1 EPS of $0.97 beats by $0.09. Revenue of $4.8B (+9.8%) vs. $4.1B. (PR)
  • Dow Chemical (DOW): Q1 EPS of $0.12 beats by $0.33. Revenue of $9.1B (-38.7%) vs. $11.7B. Shares +1.4% premarket (6:50 ET). (PR)
  • Eastman Kodak (EK): Q1 EPS of -$1.34 misses by $1.01. Revenue of $1.5B (-29.4%) vs. $1.6B. (PR)
  • Entegris (ENTG): Q1 EPS of -$0.34 misses by $0.09. Revenue of $59M (-60.2%) vs. $71M. (PR)
  • EQT Corp. (EQT): Q1 EPS of $0.55 misses by $0.01. Revenue of $260M (-1.6%) vs. $310M. (PR)
  • ExxonMobil (XOM): Q1 EPS of $0.92 misses by $0.03. Revenue of $64.03B (-45.2%) vs. $54.03B. Shares +0.6% premarket. (AP)
  • GrafTech International Ltd (GTI): Q1 EPS of $0.04 beats by $0.03. Revenue of $134M (-53.8%) vs. $153M. (PR)
  • International Paper (IP): Q1 EPS of $0.08 beats by $0.12. Revenue of $5.7B (+0%) vs. $6.3B. (PR)
  • Iron Mountain (IRM): Q1 EPS of $0.20 beats by $0.08. Revenue of $723M (-3.5%) vs. $722M. (PR)
  • KBR (KBR): Q1 EPS of $0.48 beats by $0.05. Revenue of $3.2B (+27%) vs. $2.9B. (PR)
  • Kellogg (K): Q1 EPS of $0.89 beats by $0.10. Revenue of $3.2B (-2.7%) in-line. (PR)
  • Kimco Realty (KIM): Q1 EPS of $0.43 misses by $0.01. Revenue of $194M (+2.7%) vs. $191M. (PR)
  • LKQ Corp. (LKQX): Q1 EPS of $0.23 beats by $0.02. Revenue of $518M (+5.3%) vs. $523M. (PR)
  • LM Ericsson Telephone (ERIC): Q1 EPS of $0.54 misses by $0.17. Revenue of $49.6B (+12.2%) vs. $42.3B. Shares -5.8% premarket (6:50 ET). (PR)
  • Motorola (MOT): Q1 EPS of -$0.10 beats by $0.01. Revenue of $5.4B (-27.9%) vs. $5.55B. Shares -16% premarket (7:00 ET). (PR)
  • Mylan Laboratories (MYL): Q1 EPS of $0.33 beats by $0.05. Revenue of $1.2B (+12.6%) in-line. (PR)
  • Newell Rubbermaid (NWL): Q1 EPS of $0.20 beats by $0.12. Revenue of $1.2B (-16%) in-line. (PR)
  • Newmont Mining (Holding Company) (NEM): Q1 EPS of $0.44 beats by $0.02. Revenue of $1.55B (-20.1%) vs. $1.40B. (PR)
  • Noble Energy (NBL): Q1 EPS of $0.59 beats by $0.15. Revenue of $441M (-57%) vs. $598M. (PR)
  • NRG Energy (NRG): Q1 EPS of $0.70 beats by $0.25. Revenue of $1.7B (+27.3%) vs. $1.2B. (PR)
  • NYSE GROUP (NYX): Q1 EPS of $0.43 beats by $0.04. Revenue of $1.1B (+0.2%) in-line. (PR)
  • OfficeMax (OMX): Q1 EPS of $0.23 beats by $0.07. Revenue of $1.91B (-17%) vs. $1.95B. (PR)
  • Omnicare (OCR): Q1 EPS of $0.64 beats by $0.03. Revenue of $1.6B (+0.3%) in-line. Shares +3.3% premarket (8:10 ET). (PR)
  • Oshkosh Corporation (OSK): FQ2 EPS of -$0.24 misses by $0.04. Revenue of $1.3B (-26.9%) vs. $1.5B. (PR)
  • Owens Corning (OC): Q1 EPS of $0.04 beats by $0.08. Revenue of $1.1B (-20.6%) vs. $1.2B. (PR)
  • Patterson-UTI Energy (PTEN): Q1 EPS of $0.11 misses by $0.03. Revenue of $296M (-41.3%) vs. $319M. (PR)
  • Pennsylvania Real Estate Investment Trust (PEI): Q1 EPS of $0.71 beats by $0.03. Revenue of $73M (-0.8%) vs. $67M. Shares +1.2% premarket (8:10 ET). (PR)
  • Pride International (PDE): Q1 EPS of $0.87 beats by $0.01. Revenue of $549M (+1.7%) vs. $555M. (PR)
  • Procter & Gamble (PG): FQ3 EPS of $0.84 beats by $0.04. Revenue of $18.4B (-8%) vs. $18.9B. Shares +2.1% premarket (8:00 ET). (PR)
  • Rayonier (RYN): Q1 EPS of $0.33 beats by $0.04. Revenue of $274M (-0.3%) vs. $286M. (PR)
  • Regal Entertainment Group (RGC): Q1 EPS of $0.14 misses by $0.02. Revenue of $666M (+6.2%) vs. $651M. (PR)
  • Sepracor (SEPR): Q1 EPS of $0.85 beats by $0.16. Revenue of $330M (+2.9%) vs. $329M. (PR)
  • Spirit AeroSystems (SPR): Q1 EPS of $0.45 beats by $0.05. Revenue of $887M (-14.4%) vs. $859M. (PR)
  • Starwood Hotels & Resorts Worldwide (HOT): Q1 EPS of $0.14 beats by $0.10. Revenue of $1.1B (-23.7%) in-line. (PR)
  • Taiwan Semiconductor Manufacturing (TSM): Q1 EPS of $0.01 beats by $0.02. Revenue of $1.2B (-57.9%) vs. $1.1B. Shares +4.5% premarket (8:00 ET). (PR)
  • The Travelers Companies (TRV): Q1 EPS of $1.34 beats by $0.03. Revenue of $5.7B (-8.0%) vs. $6.1B. (PR)
  • Tyco International (TYC): FQ2 EPS of $0.55 beats by $0.14. Revenue of $4.15B (-14.7%) vs. $4.2B. (PR)
  • Viacom(B): Q1 EPS of $0.29 beats by $0.03. Revenue of $2.9B (-6.8%) vs. $3.0B. (PR)
  • Watson Pharmaceuticals (WPI): Q1 EPS of $0.58 beats by $0.09. Revenue of $667M (+6.5%) vs. $638M. Shares +6.0% premarket (8:05 ET). (PR)
  • Xcel Energy (XEL): Q1 EPS of $0.38 beats by $0.01. Revenue of $2.7B (-11%) vs. $3.1B. (PR)

Earnings: Wednesday After Close

  • AFLAC (AFL): Q1 EPS of $1.22 beats by $0.06. Revenue of $4.82B (+12%) in-line. Total investments and cash of $61.7B down 1.7% Y/Y. Shares -2% AH. (PR)
  • Agnico-Eagle Mines (AEM): Q1 EPS of $0.35 beats by $0.26. Revenue of $111M (-10.5%) vs. $72M. Shares +1.7% AH. (PR)
  • Akamai Technologies (AKAM): Q1 EPS of $0.43 beats by $0.03. Revenue of $210M (-1%) in-line. Announces $100M share repurchase. Shares +5.1% AH. (PR)
  • Annaly Capital Management (NLY): Q1 EPS of $0.56 beats by $0.01. Shares +1.1% AH. (PR)
  • Assurant (AIZ): Q1 EPS of $1.17 misses by $0.26. Revenue of $2.09B (-4.1%) vs. $2.24B. Shares -3.7% AH. (PR)
  • Biomed Realty Trust (BMR): Q1 FFO of $0.51 beats by $0.06. Revenue of $94M (+39.4%) vs. $85M. (PR)
  • Boston Properties (BXP): Q1 FFO of $1.36 beats by $0.11. Revenue of $377M (+1.6%) vs. $366M. (PR)
  • CB Richard Ellis Group (CBG): Q1 EPS of -$0.03 misses by $0.05. Revenue of $890M (-27.7%) vs. $983M. Shares -0.15% AH. (PR)
  • Cliffs Natural Resources (CLF): Q1 EPS of -$0.07 beats by $0.07. Revenue of $465M (-6%) vs. $528M. Shares -2.5%. (PR)
  • Citrix Systems (CTXS): Q1 EPS of $0.32 beats by $0.01. Revenue of $369M (-2.1%) vs. $359M. Announces up to $300M share buyback. Shares +5.1% AH. PR)
  • Covance (CVD): Q1 EPS of $0.63 beats by $0.02. Revenue of $441M vs. $429M. Sees full-year EPS of $2.50-2.70 vs. consensus of $2.88. Shares flat AH. (PR)
  • Crown Castle International (CCI): Q1 EPS of $0.02 beats by $0.08. Revenue of $403M (+8.7%) vs. $392M. Shares +7% AH. (PR)
  • Duke Realty (DRE): Q1 FFO of $0.50 in-line. Revenue of $238M (+5%) vs. $219M. Sees full-year FFO of $1.85-2.15 vs. $1.81. Shares flat AH. (PR)
  • Equity Residential (EQR): Q1 FFO of $0.57 beats by $0.02. Revenue of $515M (+2.5%) vs. $523M. Shares flat AH. (PR)
  • Express Scripts (ESRX): Q1 EPS of $0.86 beats by $0.04. Revenue of $5.42B (-1.2%) in-line. Full-year guidance in-line. Shares +1.3% AH. (PR)
  • First Solar (FSLR): Q1 EPS of $1.99 beats by $0.48. Revenue of $418M (+112.4%) vs. $403M. Shares +13.4% premarket. (PR)
  • Flextronics International (FLEX): FQ4 EPS of $0.03 misses by $0.01. Sees FQ1 revenue of $5-6B vs. $6.2B consensus. Shares -3.3% AH. (PR)
  • Genco Shipping (GNK): Q1 EPS of $1.32 beats by $0.06. Revenue of $96.7M (+5.4%) vs. $96M. Shares +0.5% AH. (PR)
  • Green Mountain Coffee Roasters (GMCR): FQ2 EPS of $0.50 beats by $0.14. Revenue of $193M (+60%) vs. $178M. Sees full-year EPS of $1.47-1.53 vs. $1.31. Shares +20.4% AH. (PR)
  • Harman International (HAR): FQ3 EPS of -$0.84 misses by $0.40. Revenue of $598M (-42.1%) vs. $668M. Suspends dividend. Shares -4.7% AH. (PR)
  • JDS Uniphase (JDSU): FQ3 EPS of -$0.03 in-line. Revenue of $281M vs. $285M. Sees FQ4 revenue of $265-285M vs. consensus of $290M. Shares -12% AH. (PR)
  • Kaiser Aluminum (KALU): Q1 EPS of $0.81 vs. consensus of $0.42. Revenue of $266M (-33.4%) vs. $277M. Shares +1.7% AH. (PR)
  • LSI Logic (LSI): Q1 EPS of -$0.03 beats by $0.01. Revenue of $482M vs. $469M. Shares -0.2% AH. (PR)
  • Northeast Utilities (NU): Q1 EPS of $0.60 beats by $0.05. Revenue of $1.59B (+4.8%) in-line. Shares -4.9% AH. (PR)
  • Oceaneering International (OII): Q1 EPS of $0.80 beats by $0.12. Revenue of $435M (-0.2%) vs. $461M. Shares flat AH. (PR)
  • O'Reilly Automotive (ORLY): Q1 EPS of $0.47 beats by $0.07. Revenue of $1.16B (+80.1%) in-line. Shares +3% AH. (PR)
  • Owens-Illinois (OI): Q1 EPS of $0.55 beats by $0.19. Revenue of $1.52B (-22.5%) vs. $1.66B. Shares +11.3% AH. (PR)
  • ProLogis (PLD): Q1 EPS of $0.66 misses by $0.04. Revenue of $455M vs. $245M. Shares -3.5% AH. (PR)
  • Realty Income (O): Q1 EPS of $0.45 misses by $0.01. Revenue of $82.9M vs. $81.9M. (PR)
  • Ryland Group (RYL): Q1 EPS of -$1.76 misses by $0.74. Revenue of $265M (-36.3%) vs. $235M. Shares -1.8% AH. (PR)
  • Skechers (SKX): Q1 EPS of $0.18 beats by $0.27. Revenue of $343M (-10.8%) vs. $333M. "We are continuing to monitor our expenses and inventory levels to ensure maximum profitability in this soft economic environment, which we believe will continue to negatively impact our business." Shares +5.6% AH. (PR)
  • Smith & Nephew (SNN): Q1 EPS of $0.13 misses by $0.49. Revenue of $865M (-5%) vs. $902M. Shares +0.45% premarket. (PR)
  • Starbucks (SBUX): FQ2 EPS of $0.16 beats by $0.01. Revenue of $2.3B in-line. Shares +1.5% AH. (PR)
  • STMicroelectronics (STM): Q1 EPS of -$0.31 beats by $0.02. Revenue of $1.66B (+33%) in-line. (PR)
  • Taubman Centers (TCO): Q1 EPS of $0.70 beats by $0.12. Revenue of $158M (+0.2%) vs. $146M. Shares -0.3% AH. (PR)
  • Teradyne (TER): Q1 EPS of -$0.38 beats by $0.02. Revenue of $121M (+59.4%) in-line. Shares +3.7% AH. (PR)
  • Unum Group (UNM): Q1 EPS of $0.62 beats by $0.02. Revenue of $2.45B vs. $2.57B. Shares -0.1% AH. (PR)
  • Visa (V): FQ2 EPS of $0.73 beats by $0.09. Revenue of $1.65B (+13.4%) in-line. Affirms full-year outlook - high-single digits in 21009 and the lower range of 11-15% in 2010. Volume growth of $675B down 1% Y/Y. Shares -0.1% AH. (PR)
  • Walter Industries (WLT): Q1 EPS of $1.36 beats by $0.51. Revenue of $290M (+20.7%) vs. $316M. Shares +6.6% AH. (PR)
  • Whiting Petroleum (WLL): Q1 EPS of -$0.92 misses by $0.20. Revenue of $164M in-line. (PR)

Today's Markets

Overseas markets posted strong gains Thursday, and futures are sharply higher.

]]> Thu, 30 Apr 2009 07:17:09 -0400 SA Editor Rachael Granby

  • Chrysler Ch. 11 imminent. Talks between Chrysler lenders and the Treasury broke down Wednesday, making it all but certain that the automaker will file for bankruptcy today. Government officials say everything is in place to ensure the company makes it through court quickly, possibly in as little as a few weeks. Even as the automaker prepares for a likely bankruptcy, Obama said he's hopeful Chrysler will be able to push forward with a Fiat alliance.
  • GM bondholders prep counteroffer. General Motors' (GM) bondholders plan to reject GM's April 27 debt exchange offer, and to present a counteroffer that would give them control of the automaker. Sources say the counteroffer proposes that bondholders and a UAW retiree medical fund both exchange all their claims for equity stakes of 58% and 41% respectively. Common shareholders would be left with 1% ownership. A committee representing bondholders will present the alternative plan to the auto task force today. Shares +3.9% premarket (7:00 ET).
  • FOMC: recession is easing. As expected, the FOMC kept rates steady at 0-0.25%. The committee pointed to signs of economic improvement, and forecast a gradual recovery amid market weakness: "Although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time. Nonetheless, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability." Even as the FOMC took note of some 'green shoots' in markets, it left the door open to boosting emergency financial programs if necessary. (Read the FOMC statement)
  • 100+ PPIP applications. More than 100 firms applied to participate in PPIP, the Treasury's toxic-asset purchase program. At least five will get preliminary approval by May 15, at which point they can begin raising the expected minimum of $500M in private capital. (Read the Treasury's statement)
  • Lewis ousted as chairman. A shareholder proposal removed Bank of America (BAC) CEO Ken Lewis from his position as chairman of the board, a possible precursor to his eventual replacement as CEO. The proposal passed narrowly, with 50.34% of the vote. Board member Walter Massey will assume the chairman's post.
  • State Street probed over mortgage securities. Massachusetts' top securities regulator launched a probe into whether State Street Corp (STT) misled pension funds over the risk level of certain investments. In particular, regulators are investigating whether State Street represented mortgage-backed securities as low-risk vehicles, and whether funds marketed as safe held 'potentially inappropriate' derivatives, swaps and other securities. A State Street spokeswoman declined to comment.
  • FBI probes Freddie losses. The FBI is reportedly investigating possible accounting violations at Freddie Mac (FRE), trying to determine whether the mortgage giant improperly delayed the recognition of billions of dollars of losses. The losses, incurred from 2001-2004, were connected to derivatives contracts and are due to be gradually recognized in quarterly earnings statements over the next several years.
  • IBM offers pre-stimulus financing. IBM (IBM) is offering $2B in financing to customers who want to invest in broadband and healthcare technologies but are waiting to receive government stimulus funds. Since much of the government funding won't reach companies until 2010 or later, IBM sees this as a way to "jump-start those investments and jump-start the benefits."
  • Budget approved. Congress approved a $3.5T budget outline for 2010, which includes special funds to pay for sweeping changes in health care, education and energy. Democrats said their budget outline will cut the deficit by more than 50% in five years. Republicans argued the reduced deficit projections omit costs, such as disaster relief, from future-year expenditures.
  • IACI goes match-making. IAC/InterActiveCorp (IACI) is in talks to buy Yahoo Personals, Yahoo's (YHOO) online dating service. Yahoo has considered selling the matchmaking site in the past, and CEO Carol Bartz has expressed her interest in selling or shuttering non-core businesses. The dating site could be worth around $500M.
  • Time Warner, AOL prepare to part. Time Warner (TWX) said it's preparing to move ahead with a spinoff of all or part of its struggling AOL unit, and a decision is expected 'very soon.' The company also plans to buy back Google's (GOOG) 5% stake in AOL.
  • Visa beats forecast on cost cuts, debit use. Visa (V) posted better-than-expected quarterly results (see details below) as the company increased prices and cut costs. The company also benefited from consumers' increased reliance on debit cards The number of Visa-branded cards grew 8% globally to more than 1.7B, while the number of transactions processed on its network climbed 9%.
  • Starbucks to focus on value. Starbucks (SBUX) narrowly beat expectations for quarterly earnings (see details below) on cost cuts. Trying to re-brand itself for the economic times, Starbucks plans to launch a multimillion dollar campaign challenging the view that coffee is an expensive luxury. The company will also selectively lower prices on some of its popular drinks while slightly raising prices on larger, more complex beverages.
  • MGM finds project financing. MGM Mirage (MGM) and Dubai World reached an agreement with lenders to fully finance their $8.5B CityCenter project in Las Vegas, and Dubai World dismissed its lawsuit against MGM. The project is on track to open in December 2009.
  • Apple builds chip-design team. Apple (AAPL) is shifting strategy with plans to build its own team for chip design. The company hopes the move will shield Apple's work from rivals and lead to the development of exclusive features for its gadgets.
  • GDP worse than expected. Advanced Q1 GDP was -6.1% vs. consensus of -4.7% and last quarter's -6.3%. Personal consumption increased 2.2% vs. consensus of +0.9% and prior -4.3%. The price index rose 2.9% vs. consensus of +1.8% and prior +0.5%.
  • BoJ holds rates steady. Bank of Japan kept its benchmark rate unchanged at 0.1%. The bank will release its economic outlook today, and will likely forecast a deeper contraction than the 2% drop predicted three months ago.

Earnings: Thursday Before Open

  • Alliant Energy (LNT): Q1 EPS of $0.30 misses by $0.24. (PR)
  • Ashland (ASH): FQ2 EPS of $0.64 beats by $0.34. Revenue of $2.0B (-3.4%) vs. $2.1B. (PR)
  • BorgWarner (BWA): Q1 EPS of -$0.12 beats by $0.08. Revenue of $819.5M (-45.3%) vs. $854M. (PR)
  • Cardinal Health (CAH): FQ3 EPS of $0.97 beats by $0.02. Revenue of $24.9B (+8.9%) vs. $24.0B. (PR)
  • Celgene (CELG): Q1 EPS of $0.44 beats by $0.01. Revenue of $601M (+29.9%) vs. $602M. (PR)
  • CIGNA (CI): Q1 EPS of $0.69 misses by $0.22. Revenue of $4.8B (+4.5%) in-line. (PR)
  • CMS Energy (CMS): Q1 EPS of $0.30 in-line. Revenue of $2.1B (-3.6%) in-line. (PR)
  • Colgate-Palmolive (CL): Q1 EPS of $0.97 beats by $0.01. Revenue of $3.5B (-5.7%) vs. $3.6B. (PR)
  • Comcast (CMCSA): Q1 EPS of $0.27 beats by $0.04. Revenue of $8.4B (-5%) vs. $8.8B. (PR)
  • Covidien (COV): FQ2 EPS of $0.69 misses by $0.16. Revenue of $2.7B (+11.3%) vs. $2.6B. (PR)
  • Digital Realty Trust (DLR): Q1 EPS of $0.70 beats by $0.03. Revenue of $149M (+30.2%) vs. $147M. (PR)
  • Dominion Resources (D): Q1 EPS of $0.97 beats by $0.09. Revenue of $4.8B (+9.8%) vs. $4.1B. (PR)
  • Dow Chemical (DOW): Q1 EPS of $0.12 beats by $0.33. Revenue of $9.1B (-38.7%) vs. $11.7B. Shares +1.4% premarket (6:50 ET). (PR)
  • Eastman Kodak (EK): Q1 EPS of -$1.34 misses by $1.01. Revenue of $1.5B (-29.4%) vs. $1.6B. (PR)
  • Entegris (ENTG): Q1 EPS of -$0.34 misses by $0.09. Revenue of $59M (-60.2%) vs. $71M. (PR)
  • EQT Corp. (EQT): Q1 EPS of $0.55 misses by $0.01. Revenue of $260M (-1.6%) vs. $310M. (PR)
  • ExxonMobil (XOM): Q1 EPS of $0.92 misses by $0.03. Revenue of $64.03B (-45.2%) vs. $54.03B. Shares +0.6% premarket. (AP)
  • GrafTech International Ltd (GTI): Q1 EPS of $0.04 beats by $0.03. Revenue of $134M (-53.8%) vs. $153M. (PR)
  • International Paper (IP): Q1 EPS of $0.08 beats by $0.12. Revenue of $5.7B (+0%) vs. $6.3B. (PR)
  • Iron Mountain (IRM): Q1 EPS of $0.20 beats by $0.08. Revenue of $723M (-3.5%) vs. $722M. (PR)
  • KBR (KBR): Q1 EPS of $0.48 beats by $0.05. Revenue of $3.2B (+27%) vs. $2.9B. (PR)
  • Kellogg (K): Q1 EPS of $0.89 beats by $0.10. Revenue of $3.2B (-2.7%) in-line. (PR)
  • Kimco Realty (KIM): Q1 EPS of $0.43 misses by $0.01. Revenue of $194M (+2.7%) vs. $191M. (PR)
  • LKQ Corp. (LKQX): Q1 EPS of $0.23 beats by $0.02. Revenue of $518M (+5.3%) vs. $523M. (PR)
  • LM Ericsson Telephone (ERIC): Q1 EPS of $0.54 misses by $0.17. Revenue of $49.6B (+12.2%) vs. $42.3B. Shares -5.8% premarket (6:50 ET). (PR)
  • Motorola (MOT): Q1 EPS of -$0.10 beats by $0.01. Revenue of $5.4B (-27.9%) vs. $5.55B. Shares -16% premarket (7:00 ET). (PR)
  • Mylan Laboratories (MYL): Q1 EPS of $0.33 beats by $0.05. Revenue of $1.2B (+12.6%) in-line. (PR)
  • Newell Rubbermaid (NWL): Q1 EPS of $0.20 beats by $0.12. Revenue of $1.2B (-16%) in-line. (PR)
  • Newmont Mining (Holding Company) (NEM): Q1 EPS of $0.44 beats by $0.02. Revenue of $1.55B (-20.1%) vs. $1.40B. (PR)
  • Noble Energy (NBL): Q1 EPS of $0.59 beats by $0.15. Revenue of $441M (-57%) vs. $598M. (PR)
  • NRG Energy (NRG): Q1 EPS of $0.70 beats by $0.25. Revenue of $1.7B (+27.3%) vs. $1.2B. (PR)
  • NYSE GROUP (NYX): Q1 EPS of $0.43 beats by $0.04. Revenue of $1.1B (+0.2%) in-line. (PR)
  • OfficeMax (OMX): Q1 EPS of $0.23 beats by $0.07. Revenue of $1.91B (-17%) vs. $1.95B. (PR)
  • Omnicare (OCR): Q1 EPS of $0.64 beats by $0.03. Revenue of $1.6B (+0.3%) in-line. Shares +3.3% premarket (8:10 ET). (PR)
  • Oshkosh Corporation (OSK): FQ2 EPS of -$0.24 misses by $0.04. Revenue of $1.3B (-26.9%) vs. $1.5B. (PR)
  • Owens Corning (OC): Q1 EPS of $0.04 beats by $0.08. Revenue of $1.1B (-20.6%) vs. $1.2B. (PR)
  • Patterson-UTI Energy (PTEN): Q1 EPS of $0.11 misses by $0.03. Revenue of $296M (-41.3%) vs. $319M. (PR)
  • Pennsylvania Real Estate Investment Trust (PEI): Q1 EPS of $0.71 beats by $0.03. Revenue of $73M (-0.8%) vs. $67M. Shares +1.2% premarket (8:10 ET). (PR)
  • Pride International (PDE): Q1 EPS of $0.87 beats by $0.01. Revenue of $549M (+1.7%) vs. $555M. (PR)
  • Procter & Gamble (PG): FQ3 EPS of $0.84 beats by $0.04. Revenue of $18.4B (-8%) vs. $18.9B. Shares +2.1% premarket (8:00 ET). (PR)
  • Rayonier (RYN): Q1 EPS of $0.33 beats by $0.04. Revenue of $274M (-0.3%) vs. $286M. (PR)
  • Regal Entertainment Group (RGC): Q1 EPS of $0.14 misses by $0.02. Revenue of $666M (+6.2%) vs. $651M. (PR)
  • Sepracor (SEPR): Q1 EPS of $0.85 beats by $0.16. Revenue of $330M (+2.9%) vs. $329M. (PR)
  • Spirit AeroSystems (SPR): Q1 EPS of $0.45 beats by $0.05. Revenue of $887M (-14.4%) vs. $859M. (PR)
  • Starwood Hotels & Resorts Worldwide (HOT): Q1 EPS of $0.14 beats by $0.10. Revenue of $1.1B (-23.7%) in-line. (PR)
  • Taiwan Semiconductor Manufacturing (TSM): Q1 EPS of $0.01 beats by $0.02. Revenue of $1.2B (-57.9%) vs. $1.1B. Shares +4.5% premarket (8:00 ET). (PR)
  • The Travelers Companies (TRV): Q1 EPS of $1.34 beats by $0.03. Revenue of $5.7B (-8.0%) vs. $6.1B. (PR)
  • Tyco International (TYC): FQ2 EPS of $0.55 beats by $0.14. Revenue of $4.15B (-14.7%) vs. $4.2B. (PR)
  • Viacom(B): Q1 EPS of $0.29 beats by $0.03. Revenue of $2.9B (-6.8%) vs. $3.0B. (PR)
  • Watson Pharmaceuticals (WPI): Q1 EPS of $0.58 beats by $0.09. Revenue of $667M (+6.5%) vs. $638M. Shares +6.0% premarket (8:05 ET). (PR)
  • Xcel Energy (XEL): Q1 EPS of $0.38 beats by $0.01. Revenue of $2.7B (-11%) vs. $3.1B. (PR)

Earnings: Wednesday After Close

  • AFLAC (AFL): Q1 EPS of $1.22 beats by $0.06. Revenue of $4.82B (+12%) in-line. Total investments and cash of $61.7B down 1.7% Y/Y. Shares -2% AH. (PR)
  • Agnico-Eagle Mines (AEM): Q1 EPS of $0.35 beats by $0.26. Revenue of $111M (-10.5%) vs. $72M. Shares +1.7% AH. (PR)
  • Akamai Technologies (AKAM): Q1 EPS of $0.43 beats by $0.03. Revenue of $210M (-1%) in-line. Announces $100M share repurchase. Shares +5.1% AH. (PR)
  • Annaly Capital Management (NLY): Q1 EPS of $0.56 beats by $0.01. Shares +1.1% AH. (PR)
  • Assurant (AIZ): Q1 EPS of $1.17 misses by $0.26. Revenue of $2.09B (-4.1%) vs. $2.24B. Shares -3.7% AH. (PR)
  • Biomed Realty Trust (BMR): Q1 FFO of $0.51 beats by $0.06. Revenue of $94M (+39.4%) vs. $85M. (PR)
  • Boston Properties (BXP): Q1 FFO of $1.36 beats by $0.11. Revenue of $377M (+1.6%) vs. $366M. (PR)
  • CB Richard Ellis Group (CBG): Q1 EPS of -$0.03 misses by $0.05. Revenue of $890M (-27.7%) vs. $983M. Shares -0.15% AH. (PR)
  • Cliffs Natural Resources (CLF): Q1 EPS of -$0.07 beats by $0.07. Revenue of $465M (-6%) vs. $528M. Shares -2.5%. (PR)
  • Citrix Systems (CTXS): Q1 EPS of $0.32 beats by $0.01. Revenue of $369M (-2.1%) vs. $359M. Announces up to $300M share buyback. Shares +5.1% AH. PR)
  • Covance (CVD): Q1 EPS of $0.63 beats by $0.02. Revenue of $441M vs. $429M. Sees full-year EPS of $2.50-2.70 vs. consensus of $2.88. Shares flat AH. (PR)
  • Crown Castle International (CCI): Q1 EPS of $0.02 beats by $0.08. Revenue of $403M (+8.7%) vs. $392M. Shares +7% AH. (PR)
  • Duke Realty (DRE): Q1 FFO of $0.50 in-line. Revenue of $238M (+5%) vs. $219M. Sees full-year FFO of $1.85-2.15 vs. $1.81. Shares flat AH. (PR)
  • Equity Residential (EQR): Q1 FFO of $0.57 beats by $0.02. Revenue of $515M (+2.5%) vs. $523M. Shares flat AH. (PR)
  • Express Scripts (ESRX): Q1 EPS of $0.86 beats by $0.04. Revenue of $5.42B (-1.2%) in-line. Full-year guidance in-line. Shares +1.3% AH. (PR)
  • First Solar (FSLR): Q1 EPS of $1.99 beats by $0.48. Revenue of $418M (+112.4%) vs. $403M. Shares +13.4% premarket. (PR)
  • Flextronics International (FLEX): FQ4 EPS of $0.03 misses by $0.01. Sees FQ1 revenue of $5-6B vs. $6.2B consensus. Shares -3.3% AH. (PR)
  • Genco Shipping (GNK): Q1 EPS of $1.32 beats by $0.06. Revenue of $96.7M (+5.4%) vs. $96M. Shares +0.5% AH. (PR)
  • Green Mountain Coffee Roasters (GMCR): FQ2 EPS of $0.50 beats by $0.14. Revenue of $193M (+60%) vs. $178M. Sees full-year EPS of $1.47-1.53 vs. $1.31. Shares +20.4% AH. (PR)
  • Harman International (HAR): FQ3 EPS of -$0.84 misses by $0.40. Revenue of $598M (-42.1%) vs. $668M. Suspends dividend. Shares -4.7% AH. (PR)
  • JDS Uniphase (JDSU): FQ3 EPS of -$0.03 in-line. Revenue of $281M vs. $285M. Sees FQ4 revenue of $265-285M vs. consensus of $290M. Shares -12% AH. (PR)
  • Kaiser Aluminum (KALU): Q1 EPS of $0.81 vs. consensus of $0.42. Revenue of $266M (-33.4%) vs. $277M. Shares +1.7% AH. (PR)
  • LSI Logic (LSI): Q1 EPS of -$0.03 beats by $0.01. Revenue of $482M vs. $469M. Shares -0.2% AH. (PR)
  • Northeast Utilities (NU): Q1 EPS of $0.60 beats by $0.05. Revenue of $1.59B (+4.8%) in-line. Shares -4.9% AH. (PR)
  • Oceaneering International (OII): Q1 EPS of $0.80 beats by $0.12. Revenue of $435M (-0.2%) vs. $461M. Shares flat AH. (PR)
  • O'Reilly Automotive (ORLY): Q1 EPS of $0.47 beats by $0.07. Revenue of $1.16B (+80.1%) in-line. Shares +3% AH. (PR)
  • Owens-Illinois (OI): Q1 EPS of $0.55 beats by $0.19. Revenue of $1.52B (-22.5%) vs. $1.66B. Shares +11.3% AH. (PR)
  • ProLogis (PLD): Q1 EPS of $0.66 misses by $0.04. Revenue of $455M vs. $245M. Shares -3.5% AH. (PR)
  • Realty Income (O): Q1 EPS of $0.45 misses by $0.01. Revenue of $82.9M vs. $81.9M. (PR)
  • Ryland Group (RYL): Q1 EPS of -$1.76 misses by $0.74. Revenue of $265M (-36.3%) vs. $235M. Shares -1.8% AH. (PR)
  • Skechers (SKX): Q1 EPS of $0.18 beats by $0.27. Revenue of $343M (-10.8%) vs. $333M. "We are continuing to monitor our expenses and inventory levels to ensure maximum profitability in this soft economic environment, which we believe will continue to negatively impact our business." Shares +5.6% AH. (PR)
  • Smith & Nephew (SNN): Q1 EPS of $0.13 misses by $0.49. Revenue of $865M (-5%) vs. $902M. Shares +0.45% premarket. (PR)
  • Starbucks (SBUX): FQ2 EPS of $0.16 beats by $0.01. Revenue of $2.3B in-line. Shares +1.5% AH. (PR)
  • STMicroelectronics (STM): Q1 EPS of -$0.31 beats by $0.02. Revenue of $1.66B (+33%) in-line. (PR)
  • Taubman Centers (TCO): Q1 EPS of $0.70 beats by $0.12. Revenue of $158M (+0.2%) vs. $146M. Shares -0.3% AH. (PR)
  • Teradyne (TER): Q1 EPS of -$0.38 beats by $0.02. Revenue of $121M (+59.4%) in-line. Shares +3.7% AH. (PR)
  • Unum Group (UNM): Q1 EPS of $0.62 beats by $0.02. Revenue of $2.45B vs. $2.57B. Shares -0.1% AH. (PR)
  • Visa (V): FQ2 EPS of $0.73 beats by $0.09. Revenue of $1.65B (+13.4%) in-line. Affirms full-year outlook - high-single digits in 21009 and the lower range of 11-15% in 2010. Volume growth of $675B down 1% Y/Y. Shares -0.1% AH. (PR)
  • Walter Industries (WLT): Q1 EPS of $1.36 beats by $0.51. Revenue of $290M (+20.7%) vs. $316M. Shares +6.6% AH. (PR)
  • Whiting Petroleum (WLL): Q1 EPS of -$0.92 misses by $0.20. Revenue of $164M in-line. (PR)

Today's Markets

Overseas markets posted strong gains Thursday, and futures are sharply higher.


Complete Story »]]> AAPL AEM AFL AIZ AKAM ASH B BAC BMR BWA BXP CAH CBG CCI CELG CI CL CLF CMCSA CMS COV CTXS CVD D DIA DLR DOW DRE EK ENTG EQR EQT ERIC ESRX FLEX FRE FSLR GLD GMCR GMGMQ.PK GNK GOOG GTI HAR HOT IACI IBM IP IRM JDSU K KALU KBR KIM LKQX LNT LSI MGM MOT MYL NBL NEM NLY NRG NU NWL NYX O OC OCR OI OII OMX ORLY OSK PDE PEI PG PLD PTEN QQQQ RGC RYL RYN SBUX SEPR SKX SNN SPR SPY STM STT TCO TER TRV TSM TWX TYC UNM USO V WLL WLT WPI XEL XOM YHOO SA Editor Rachael Granby S&P 500 - Which Companies Are the Riskiest? http://seekingalpha.com/article/129054-s-p-500-which-companies-are-the-riskiest?source=feed 129054 By using The Applied Finance Group’s (AFG's) Risk Analysis, we have identified the top and bottom two firms in each sector (excluding the Financial sector) according to an overall risk score based on 9 variables (see more detail below). In addition to the risk analysis variables we also added another layer of analysis by evaluating the companies’ Earnings Quality (based on the concept of Accruals) and Altman Z-Score (identifies firms that are at risk of going bankrupt in the next 2 years).

Applied Finance Group’s Risk Analysis is designed to systematically calculate a stock’s risk score based on fundamental relationships between the Quarterly Income Statements and Balance Sheets. The template measures 9 factors to determine Risk: Changes in A/R, Changes in Inventories, Cash Flow vs. Operating Cash Flow, Fixed Payments vs. Pre-Tax Cash Flow, Leverage, Intangibles, Write-offs, Management Quality, and Valuation. Companies with lower scores have less risk. Companies in the Financial Sector were excluded due to their differences in financial statement structure.

Here is a list of the variables that are taken into account within this risk analysis:

]]> Thu, 02 Apr 2009 04:01:19 -0400 Value Expectations Value Expectations submits:

By using The Applied Finance Group’s (AFG's) Risk Analysis, we have identified the top and bottom two firms in each sector (excluding the Financial sector) according to an overall risk score based on 9 variables (see more detail below). In addition to the risk analysis variables we also added another layer of analysis by evaluating the companies’ Earnings Quality (based on the concept of Accruals) and Altman Z-Score (identifies firms that are at risk of going bankrupt in the next 2 years).

Applied Finance Group’s Risk Analysis is designed to systematically calculate a stock’s risk score based on fundamental relationships between the Quarterly Income Statements and Balance Sheets. The template measures 9 factors to determine Risk: Changes in A/R, Changes in Inventories, Cash Flow vs. Operating Cash Flow, Fixed Payments vs. Pre-Tax Cash Flow, Leverage, Intangibles, Write-offs, Management Quality, and Valuation. Companies with lower scores have less risk. Companies in the Financial Sector were excluded due to their differences in financial statement structure.

Here is a list of the variables that are taken into account within this risk analysis:


Complete Story »]]> ADM AMT BDK BNI COST CTSH CTXS DELL DVA DYN EK ESV EXPD FDX FE FLR GLW HOG IR LIFE LOW LUV MTW NI NKE NU NWL PCAR PCP PPG SE SPLS STZ SWN TSN TSO VAR VMC WYNN XRX Value Expectations Falling Dividends: Are Utilities Next? http://seekingalpha.com/article/125138-falling-dividends-are-utilities-next?source=feed 125138

It's no secret, many companies are looking to strengthen their balance sheet and conserve cash. Most companies have been reluctant to cut their dividend payouts but recently, many have folded to the pressure and have cut severely.

With AAA companies slashing their payouts (GE), safe and reliable dividends have become scarce. Long known to be a steady source of dividends, the utilities have recently run into a myriad of troubles, causing some to doubt their previously rock solid high-yields.

]]> Tue, 10 Mar 2009 10:29:47 -0400 Ryan Vanzo Ryan Vanzo submits:

It's no secret, many companies are looking to strengthen their balance sheet and conserve cash. Most companies have been reluctant to cut their dividend payouts but recently, many have folded to the pressure and have cut severely.

With AAA companies slashing their payouts (GE), safe and reliable dividends have become scarce. Long known to be a steady source of dividends, the utilities have recently run into a myriad of troubles, causing some to doubt their previously rock solid high-yields.


Complete Story »]]> AEE CEG GXP HE NI NST NU PHM PNW SO WR Ryan Vanzo Lessons from Benjamin Graham, Part 1 http://seekingalpha.com/article/123820-lessons-from-benjamin-graham-part-1?source=feed 123820 In the classic book, Security Analysis, Benjamin Graham presents an in depth thesis on how the "margin of safety" determines the attractiveness of an investment. Graham wrote the book based on a thorough analysis of one of the most severe investing environments of this country, the Great Depression from 1929 – 1939.

Currently, our security market is on a downward trend comparable to that historic time. Looking at the historical data regarding the fall of earnings of the industrial companies during the Great Depression, you can see why there was a 90% drop in market cap from peak to trough.

]]> Tue, 03 Mar 2009 08:44:24 -0500 Lockstep Investing Lockstep Investing submits:

In the classic book, Security Analysis, Benjamin Graham presents an in depth thesis on how the "margin of safety" determines the attractiveness of an investment. Graham wrote the book based on a thorough analysis of one of the most severe investing environments of this country, the Great Depression from 1929 – 1939.

Currently, our security market is on a downward trend comparable to that historic time. Looking at the historical data regarding the fall of earnings of the industrial companies during the Great Depression, you can see why there was a 90% drop in market cap from peak to trough.


Complete Story »]]> AEP ALE ALM AYE BIP CEG CNL CPL CV DPL DUK ED EDN EGR EHA EHB EHL EIX EMQ EMU ETR EXC FE FPL GPD GPU GUL GXP HE IJD ITC MAM MGEE NRG NU PGN PNW POH POM PPL SRE SVJ UIL UNS UTL UVT WR WRS Lockstep Investing Eight More Fine Companies Raise Dividends http://seekingalpha.com/article/120944-eight-more-fine-companies-raise-dividends?source=feed 120944 Dividends have historically provided 40% of average annual total return performance to investors. Some researchers have found that it was re-invested dividends that contributed to the majority of total long-term returns for investors. Jeremy Siegel is one of those researchers who has found that the compounding effect of re-investing dividends has accounted for 97% of total returns in the US stock market since 1871. Add in dividend growth as an additional compounding component, and investors could achieve very decent total returns over time. While most investors are running away scared from dividend stocks, fearing that more cuts lie ahead, the true dividend investors keep getting their checks in the mail. They know that by investing in non-cyclical names, there is a smaller chance of dividend cuts. Furthermore, by spreading their bets among as many dividend stocks across all sectors and industries as possible, dividend cuts do not affect their lifestyle that much.

Several companies rewarded their long-term shareholders with news of dividend increases last week.

]]> Tue, 17 Feb 2009 12:18:11 -0500 Dividend Growth Investor Dobromir Stoyanov submits:

Dividends have historically provided 40% of average annual total return performance to investors. Some researchers have found that it was re-invested dividends that contributed to the majority of total long-term returns for investors. Jeremy Siegel is one of those researchers who has found that the compounding effect of re-investing dividends has accounted for 97% of total returns in the US stock market since 1871. Add in dividend growth as an additional compounding component, and investors could achieve very decent total returns over time. While most investors are running away scared from dividend stocks, fearing that more cuts lie ahead, the true dividend investors keep getting their checks in the mail. They know that by investing in non-cyclical names, there is a smaller chance of dividend cuts. Furthermore, by spreading their bets among as many dividend stocks across all sectors and industries as possible, dividend cuts do not affect their lifestyle that much.

Several companies rewarded their long-term shareholders with news of dividend increases last week.


Complete Story »]]> DBD FPL HON MMM NU PGN RHI SIAL Dividend Growth Investor Wall Street Breakfast: Must-Know News http://seekingalpha.com/article/112927-wall-street-breakfast-must-know-news?source=feed 112927

  • 2009: Hoping for a turnaround, bracing for a thud. 2008 was a tumultuous, messy year, shaking investors' belief in basic market premises, including the value of the buy-and-hold strategy and the idea that stocks will outgain other assets over time. Volatility was startling, the stock market had its third worst year in over a century and the government spent billions of dollars frantically trying to plug holes in the economy. Some analysts believe a dismal '08 at least provided a bottom to this market, citing November's multiyear lows and the upswing that followed, though others expect another sag in 2009. Forecasters for 2009 have covered the full range of outlooks, from continued heavy losses to healthy recovery. Investors, meanwhile, are hoping 2009 brings a turnaround, but aren't counting on one.
  • Bank deal bonanza. Bank of America (BAC) completed its purchase of Merrill Lynch (MER) yesterday, ending Merrill's 95-year run as an independent broker. The purchase came out to around $33B in stock and has created what is now the largest U.S. bank with around $2.7T of assets. Also completed was the roughly $12.7B purchase of Wachovia (WB) by Wells Fargo (WFC). The merger more than doubles the size of Wells Fargo and creates the fourth-largest U.S. bank by assets.
  • Chrysler still on the hook. General Motors (GM) received $4B of federal money but Chrysler is still waiting for the first installment of its federal bailout. It's unclear why GM received money before Chrysler, but Treasury officials assure they are "working expeditiously with Chrysler to finalize that transaction." Officials added, however, that it's at their discretion on a case-by-case basis to decide when automakers receive emergency aid. CEO Robert Nardelli called discussions with the Treasury 'positive' and 'productive,' and expressed his hope that financing would be finalized as soon as possible.
  • City National's bank bailout gets a second look. The Treasury Department's inspector general is examining the decision to award bailout funds to City National Bank (CYN), part of a growing concern that the bank bailout isn't working well, or at all. In a document released this week, Treasury's Paulson admitted the difficulty of keeping track of the funds distributed and their effects on the economy. The City inquiry is not based on suspicion of any wrongdoing; it's being used as a case study review to see how the Treasury's bailout has been working and why certain institutions were selected to participate.
  • FDIC goes back to the future. With at least 171 banks on the FDIC's 'problem list,' the agency is turning to a tool last used during the savings and loan crisis. Called 'loss sharing,' the mechanism provides an incentive for healthy banks to take on the troubled assets of a failed institution, with the government agreeing to cover the majority of future losses. The FDIC tried out the model several times in 2008, including in its initial rescue effort for Wachovia (WB) and as part of an aid package to Citigroup (C), and is feeling out industry interest in the approach.
  • Steel industry looks for stimulus. The ailing U.S. steel industry (NUE, X, MT) is pressuring President-elect Obama for a public works initiative that could be worth $1T over two years to boost flagging demand for U.S.-made steel. "What we are asking," Nucor CEO Daniel DiMicco says, "is that our government deal with the worst economic slowdown in our lifetime through a recovery program that has in every provision a 'buy America' clause."
  • Time Warner wants its MTV. Viacom (VIA) and Time Warner Cable (TWC) reached a last minute deal on a new programming agreement, preventing popular Nickelodeon, Comedy Central and MTV television shows from being pulled off the cable service. The companies' previous contract expired New Year's Eve and failure to close a new deal would have affected 13.3M Time Warner customers. Details of the deal were not disclosed, though sources say a compromise was reached on the key issue of increasing affiliate fees.
  • UBS cashes out of BoC. UBS (UBS) sold its 1.3% stake in Bank of China for $808M, netting a $316.4M profit. A three-year lockup period on the holdings expired earlier this week. The sale marks the first withdrawal by a foreign strategic investor in a Chinese lender as firms consider cashing out of investments to bulk up their balance sheets. The lockup period also expired for Royal Bank of Scotland (RBS), Bank of China's second biggest shareholder with an 8.25% stake. RBS has not yet expressed an interest in selling the stake.
  • Quotables. Warren Buffett's Berkshire Hathaway (BRK.A) fell 32% in 2008, marking its worst performance in over thirty years. Buffett, however, appears unfazed. "It's happened to me three other times. It happened when it went from 90 to 40 back in 1974, and it happened in 1987. It went down 50 percent in 1998-to-2000. I mean, I hope I live long enough so it happens a couple more times."

Today's Markets

  • Hong Kong jumpstarts the new year with a solid gain. Elsewhere in Asia markets were modestly higher. Hang Seng +4.55% to 15,043. BSE +0.55% to 9,958. Kospi +2.9% to 1,157. Japan and China closed.
  • In Europe, markets start things off on the right foot. London +1.2%. Paris +2.3%. Frankfurt +1.9%.
  • U.S. stock futures are modestly higher, while oil retreats from Wednesday's huge gain. Dow futures +0.6% to 8780. S&P +0.6% to 906. Nasdaq +0.5%. Crude -6.4% to $41.70. Gold -1.7% to $869.40.

Friday's Economic Calendar

Seeking Alpha editor Eli Hoffmann contributed to this post.

]]> Fri, 02 Jan 2009 07:16:16 -0500 SA Editor Rachael Granby

  • 2009: Hoping for a turnaround, bracing for a thud. 2008 was a tumultuous, messy year, shaking investors' belief in basic market premises, including the value of the buy-and-hold strategy and the idea that stocks will outgain other assets over time. Volatility was startling, the stock market had its third worst year in over a century and the government spent billions of dollars frantically trying to plug holes in the economy. Some analysts believe a dismal '08 at least provided a bottom to this market, citing November's multiyear lows and the upswing that followed, though others expect another sag in 2009. Forecasters for 2009 have covered the full range of outlooks, from continued heavy losses to healthy recovery. Investors, meanwhile, are hoping 2009 brings a turnaround, but aren't counting on one.
  • Bank deal bonanza. Bank of America (BAC) completed its purchase of Merrill Lynch (MER) yesterday, ending Merrill's 95-year run as an independent broker. The purchase came out to around $33B in stock and has created what is now the largest U.S. bank with around $2.7T of assets. Also completed was the roughly $12.7B purchase of Wachovia (WB) by Wells Fargo (WFC). The merger more than doubles the size of Wells Fargo and creates the fourth-largest U.S. bank by assets.
  • Chrysler still on the hook. General Motors (GM) received $4B of federal money but Chrysler is still waiting for the first installment of its federal bailout. It's unclear why GM received money before Chrysler, but Treasury officials assure they are "working expeditiously with Chrysler to finalize that transaction." Officials added, however, that it's at their discretion on a case-by-case basis to decide when automakers receive emergency aid. CEO Robert Nardelli called discussions with the Treasury 'positive' and 'productive,' and expressed his hope that financing would be finalized as soon as possible.
  • City National's bank bailout gets a second look. The Treasury Department's inspector general is examining the decision to award bailout funds to City National Bank (CYN), part of a growing concern that the bank bailout isn't working well, or at all. In a document released this week, Treasury's Paulson admitted the difficulty of keeping track of the funds distributed and their effects on the economy. The City inquiry is not based on suspicion of any wrongdoing; it's being used as a case study review to see how the Treasury's bailout has been working and why certain institutions were selected to participate.
  • FDIC goes back to the future. With at least 171 banks on the FDIC's 'problem list,' the agency is turning to a tool last used during the savings and loan crisis. Called 'loss sharing,' the mechanism provides an incentive for healthy banks to take on the troubled assets of a failed institution, with the government agreeing to cover the majority of future losses. The FDIC tried out the model several times in 2008, including in its initial rescue effort for Wachovia (WB) and as part of an aid package to Citigroup (C), and is feeling out industry interest in the approach.
  • Steel industry looks for stimulus. The ailing U.S. steel industry (NUE, X, MT) is pressuring President-elect Obama for a public works initiative that could be worth $1T over two years to boost flagging demand for U.S.-made steel. "What we are asking," Nucor CEO Daniel DiMicco says, "is that our government deal with the worst economic slowdown in our lifetime through a recovery program that has in every provision a 'buy America' clause."
  • Time Warner wants its MTV. Viacom (VIA) and Time Warner Cable (TWC) reached a last minute deal on a new programming agreement, preventing popular Nickelodeon, Comedy Central and MTV television shows from being pulled off the cable service. The companies' previous contract expired New Year's Eve and failure to close a new deal would have affected 13.3M Time Warner customers. Details of the deal were not disclosed, though sources say a compromise was reached on the key issue of increasing affiliate fees.
  • UBS cashes out of BoC. UBS (UBS) sold its 1.3% stake in Bank of China for $808M, netting a $316.4M profit. A three-year lockup period on the holdings expired earlier this week. The sale marks the first withdrawal by a foreign strategic investor in a Chinese lender as firms consider cashing out of investments to bulk up their balance sheets. The lockup period also expired for Royal Bank of Scotland (RBS), Bank of China's second biggest shareholder with an 8.25% stake. RBS has not yet expressed an interest in selling the stake.
  • Quotables. Warren Buffett's Berkshire Hathaway (BRK.A) fell 32% in 2008, marking its worst performance in over thirty years. Buffett, however, appears unfazed. "It's happened to me three other times. It happened when it went from 90 to 40 back in 1974, and it happened in 1987. It went down 50 percent in 1998-to-2000. I mean, I hope I live long enough so it happens a couple more times."

Today's Markets

  • Hong Kong jumpstarts the new year with a solid gain. Elsewhere in Asia markets were modestly higher. Hang Seng +4.55% to 15,043. BSE +0.55% to 9,958. Kospi +2.9% to 1,157. Japan and China closed.
  • In Europe, markets start things off on the right foot. London +1.2%. Paris +2.3%. Frankfurt +1.9%.
  • U.S. stock futures are modestly higher, while oil retreats from Wednesday's huge gain. Dow futures +0.6% to 8780. S&P +0.6% to 906. Nasdaq +0.5%. Crude -6.4% to $41.70. Gold -1.7% to $869.40.

Friday's Economic Calendar

Seeking Alpha editor Eli Hoffmann contributed to this post.


Complete Story »]]> BAC BRK.A C CYN DIA GLD GMGMQ.PK MER MT NU QQQQ RBS SPY TWC UBS USO VIA WB WFC X SA Editor Rachael Granby Northeast Utilities Q2 2008 Earnings Call Transcript http://seekingalpha.com/article/88946-northeast-utilities-q2-2008-earnings-call-transcript?source=feed 88946 Northeast Utilities (NU)

Q2 FY08 Earnings Call

August 4, 2008, 10:00 AM ET

]]> Mon, 04 Aug 2008 14:37:11 -0400 Northeast Utilities (NU)

Q2 FY08 Earnings Call

August 4, 2008, 10:00 AM ET


Complete Story »]]> NU Northeast Utilities Q1 2008 Earnings Call Transcript http://seekingalpha.com/article/75264-northeast-utilities-q1-2008-earnings-call-transcript?source=feed 75264 Northeast Utilities (NU)

Q1 FY08 Earnings Call

May 1, 2008, 4:00 PM ET

]]> Thu, 01 May 2008 21:03:07 -0400 Northeast Utilities (NU)

Q1 FY08 Earnings Call

May 1, 2008, 4:00 PM ET


Complete Story »]]> NU Northeast Utilities Q4 2007 Earnings Call Transcript http://seekingalpha.com/article/65628-northeast-utilities-q4-2007-earnings-call-transcript?source=feed 65628 Northeast Utilities (NU)

Q4 FY07 Earnings Call

February 21, 2008, 2:00 PM ET

]]> Thu, 21 Feb 2008 23:01:08 -0500 Northeast Utilities (NU)

Q4 FY07 Earnings Call

February 21, 2008, 2:00 PM ET


Complete Story »]]> NU Northeast Utilities Q3 2007 Earnings Call Transcript http://seekingalpha.com/article/52857-northeast-utilities-q3-2007-earnings-call-transcript?source=feed 52857 Northeast Utilities (NU)

Q3 2007 Earnings Call

November 5, 2007 10:00 am ET

]]> Mon, 05 Nov 2007 13:10:46 -0500 Northeast Utilities (NU)

Q3 2007 Earnings Call

November 5, 2007 10:00 am ET


Complete Story »]]> NU Electric Utilities 3Q Earnings Preview http://seekingalpha.com/article/19017-electric-utilities-3q-earnings-preview?source=feed 19017 Below is our updated table listing each electric utility that we track in our yield rankings, its reporting date, the consensus EPS for 3Q 2006 earnings (where available from Yahoo Finance), and the operating/continuing EPS actually reported, if available.


]]> Mon, 23 Oct 2006 14:21:13 -0400 Sandy Cohen Below is our updated table listing each electric utility that we track in our yield rankings, its reporting date, the consensus EPS for 3Q 2006 earnings (where available from Yahoo Finance), and the operating/continuing EPS actually reported, if available.



Complete Story »]]> AEE AEP AVA AYE BKH CEG CHG CNL D DQE DTE DUK EAS ED EDE EIX ETR EXC FE FPL GXP HE IDA ILA LNT NI NST NU NVE OTTR PCG PEG PGN PNM POM PPL PSD RRI SCG SO SRE TE TXU UIL UNS VVC WEC WPS WR XEL Sandy Cohen