STOCK UNDER PRESSURE - By WSS Research Desk

Sep. 23, 2013 3:44 PM ET
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Long/Short Equity, Portfolio Strategy

Contributor Since 2008

Wall Street Strategies has been providing independent stock market research since 1991 to individual, retail and institutional clients through a balanced approach to investing and trading. Charles Payne, our founder and chief analyst, is routinely sought after for his stock market, political, and general opinions by several prestigious news organizations. Currently, Mr. Payne is a contributor to the Fox News Network and Fox Business Network. He also hosts his own radio show on KFIAM 640 every Saturday from 2-4pm PST. Mr. Payne recently released his first book entitled Be Smart Act Fast Get Rich. Our all-star analytical team is called first when the media needs to know. We are regularly featured on several well respected finance-oriented radio and television programs such as Fox, CNBC, BNN, WSJ to name a few and widely recognized in the media as a leaders in the analyst community. In addition, Wall Street Strategies is part of Factset, Jaywalk, and Thomson-Reuters Consensus Estimates. Meet our analysts: Brian Sozzi is an equity research analyst specializing in the softline/hardline goods sectors of the retail industry for Wall Street Strategies Inc. Mr. Sozzi graduated Summa Cum Laude from Dowling College, receiving his Bachelors of Business Administration with a concentration in Finance and Accounting. Routinely sought after as a trusted point of reference for opinions and insight on the global economy and retail sector stock evaluation, Mr. Sozzi is a frequent on air contributor to CNBC, Fox Business Network, and Bloomberg, and is cited regularly by online/print publications that include Forbes, Bloomberg, The Wall Street Journal, Thestreet.com, CBS Marketwatch, Reuters, Seekingalpha, Associated Press, Crain’s NY Business, Fortune, Barron’s, AOL Finance, and the Financial Times. In 2009, Mr. Sozzi became recognized by Starmine as a top-ranked equity research analyst for stocks under coverage in such categories as EPS Estimate Accuracy and Industry Excess Return. David Silver is a Research Analyst for Wall Street Strategies. He is a graduate of Tulane University’s A.B. Freeman School of Business where he received his Bachelor of Science in Management with a dual degree in Finance and Accounting. David actively covers companies in the Transports, Autos, and Beverage sectors. He is routinely invited to appear on business oriented television and radio shows including CNBC, Fox News, Fox Business News, the Business News Network of Canada, WCBS Radio, and the Wall Street Journal Radio. In addition, David has been quoted in major business publications such as the Wall Street Journal, Forbes, Marketwatch, CNN Money, and Autoweek. David Urani is a research analyst with concentrations on the homebuilding, staffing, medical devices, and logistical services industries. Along with providing institutional clients with up-to-date reports of individual stocks within his industry coverage, David assists the rest of the Wall Street Strategies research desk with timely analysis of vital economic data. A graduate of the A.B. Freeman School of Business at Tulane University, David earned a Bachelor of Science in Management while majoring in finance. With prior training experience running small businesses, he has an eye for key fundamentals that keep Companies running efficiently. David’s insight has been featured in several outside sources, including the Fox Business Network, MarketWatch, and SeekingAlpha. Carlos Guillen is an Equity Research Analyst providing coverage of the technology sector for Wall Street Strategies, Inc. Mr. Guillen has had experience working in both the sell side and the buy side. Prior to working as an analyst, he was a Design Engineer for Lambda Electronics. Mr. Guillen holds an M.B.A. from NYU’s Stern School of Business, and he has a B.S. in Electrical Engineering from Manhattan College. Conley Tuner is a Research Analyst with Wall Street Strategies Inc. He is a frequent contributor to a number of media outlets including MarketWatch, Bloomberg, BBC news and Xinhua news. Conley holds a Masters in Business Administration and a Masters in International Affairs from the George Washington University. Jennifer N. Coombs is an Equity Research Analyst at Wall Street Strategies. She previously worked on the buy side as an Associate Equity Research Analyst covering the transportation subsector of the industrials sector at AIG SunAmerica Asset Management Corporation. Jennifer also covered Real Estate Investment Trusts (REITs) and has done broader research for the industrials, financials and consumer sectors. Prior to joining their research department, Jennifer worked as a Trading Assistant for SunAmerica’s index funds. She also worked briefly in the client portfolio management department at Dwight Asset Management Company – a fixed income subsidiary of Goldman Sachs. Jennifer graduated with distinction from Clarkson University where she earned a B.S. in Financial Information Analysis and Political Science, with minors in Economics and Law. Jennifer specialized in international markets, and briefly studied East Asian Economics at Sungkyunkwan University in Seoul, South Korea. Jennifer is currently a member of the New York Society of Security Analysts (NYSSA).

By Carlos Guillen

Equity markets are on a decline for third consecutive trading session as investors have not quite recovered from Fed official comments of tapering during the next month and from debt ceiling risks.

The equity markets had reached record highs last Wednesday after the Federal Open Market Committee kept its bond purchases unchanged. However, this past Friday, stocks took a hit after Fed Bank of St. Louis President James Bullard said the central bank could opt to cut its $85 billion in monthly bond purchases as soon as next month. And today, in a statement to business leaders in New York, Fed Bank of Atlanta President Dennis Lockhart said the economy is losing some of its steam. Adding fuel to the fire are the discussions going on in Washington related to the budget talks and the debt ceiling. This ongoing cyclical fear of a government shutdown is once again serving to spook investors, just as it did last year.

Over in Europe, German Chancellor Angela Merkel won re-election by the largest amount in more than 20 years on Sunday, a clear positive for markets. However, manufacturing PMI data from the regions was not very encouraging. PMI readings for the euro zone (51.1), Germany (51.3), and France (49.5) all declined from the prior month's level, with France in contraction mode.

More encouraging was that an initial gauge of a Chinese purchasing managers' index of manufacturing activity put together by HSBC Holdings and Markit Economics rose to 51.2 this month from 50.9 in August, marking a six-month high.

And here at home, economic data had an index of national activity turning positive in August and a preliminary reading on manufacturing slipping but consistent with a modest improvement in manufacturing conditions; more on this below.

World Manufacturing Still on Track
By David Urani

The economic news of the day may be that from China, where HSBC's preliminary September manufacturing PMI index rose for a second month, from a reading of 50.1 to 51.2; the consensus was 50.9. Not only has Chinese manufacturing reportedly pushed back into growth mode (readings above 50 indicate growth) but this was the biggest 2-month increase in the index in four years. That takes the index to its best level in six months.

Likewise, the Shanghai Composite was up 1.3% on the day in the Chinese markets.

We were also given Markit's initial reading on US manufacturing, with the PMI index softening a little bit to 52.8 from 53.1. New orders were at a four month low and employment was at a 3-month low. Nevertheless, the index remains in growth and the decline was modest. As far as Markit's US PMI index goes, we're still a little unsure what to think of it given that it's a relatively new data set that started in the middle of last year. It doesn't carry the same weight as the widely-followed ISM manufacturing index although it does come out earlier perhaps to give one a taste of what's to come.

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