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DAILY STOCK NEWSLETTER
Written 05/13/08 for 05/14/08
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Here is a Special Report on
where the stock market is probably headed next.
http://www.profittrading.com
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Today's Top Stock Charts
http://www.profittrading.com
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Eugene's Commentary
Now that Israel turned 60, does it have to move to Florida? - heard it somewhere, maybe SNL
Oil hit a new high. Probably all those earthquakes, cyclones and stuff will disrupt the flow of oil. WHYYYYYY MEEEEEE!
On that note, solar stocks SOL and FSLR had good days and biofuel company, GU was up!
http://finance.yahoo.com/q/cq?d=v1&s=ga+sol+sohu+gfa+gu+mvl
As oil rises, the sale of bicycles rises too!
www.heartlandamerica.com has an adult size folding bike for $150 with low shipping!
http://finance.yahoo.com/q/cq?d=v1&s=oil+oih+iye+pdo+clr+
The chart of farm machine maker, CNH is turning up as we speak after a rough month
http://finance.yahoo.com/q/bc?s=CNH
Latin America loves their E-bay and MRLI is one of the steadiest stocks around. With the dollar weak, notice how foreign stocks and commodities are the best performing stocks???
http://finance.yahoo.com/q/bc?s=MELI&t=1y&l=on&z=m&q=l&c=
This packaging company that I have been watching made a plus move today!
http://finance.yahoo.com/q/pr?s=UFPT
Chinese tech company VIT still looks good. If the Chinese economy does not fall apart, it looks good!
http://finance.yahoo.com/q?s=vit
Cabot's Favorite Low Priced Stocks 2008. Here it is again! I saved it from December!
This "pro" sold his list to subscribers for a special price of $27. When you get stock solicitations in the mail, throw them out (in your email, it is ok though, - Gene).
AATI WAS 12.00 NOW 7.06
AOB WAS 11.50 NOW 12.03
CDS WAS 9.00 NOW 9.10
MFA WAS 8.50 NOW 6.75
QSC WAS 4.50 NOW 4.50
SAPE WAS 8.00 NOW 6.76
SDTH WAS 10.00 NOW 9.47
UVE WAS 6.00 NOW 3.97
ZIXI WAS 4.60 NOW 2.85
"That's it and that's all" - Eddie H Collins, Yale Graduate
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Commentary
Stocks were still in the red, but continued to pare losses in late trading Tuesday.
At 2:46 p.m. EDT, the NYSE composite and S&P 500 were down 0.1%. The Nasdaq was flat. Meanwhile, the Dow lost 0.3%, shaving half its losses.
Turnover was again tracking higher on both exchanges.
Jacobs Engineering Group (JEC) rallied 5.29, or 6%, to 94.21 in fast trade. That puts it 11% past a 85.09 buy point from a double-bottom pattern. The stock is up in sympathy with group mate Fluor (FLR), which is up 15% on solid earnings.
GrafTech International (GTI) gapped up and ran 1.60, or 7%, to an eight-year high of 24. That puts the stock 29% past a 18.57 buy point.
No. 72 in this week's IBD 100, the Ohio-based firm makes carbon and graphite products for the aerospace, steel, electronics and chemicals industries.
Monolithic Power Systems (MPWR) rebounded from morning loss and gained 0.93 to 24.90 in heavy trading. It's now 9% past a 21.93 buy point from a high handle. Late Monday, the maker of analog and mixed-signal semiconductors topped views with a 163% surge in Q1 profit. That marked its third straight period of triple-digit growth.
On the downside, Fossil (FOSL) tumbled 3.21, or 9%, to 34.04 and sliced its 200-day moving average. This morning, the watch maker reported a 19% rise in first-quarter earnings and a 17% increase in sales. Both were above expectations. But the firm guided operating earnings below analysts' estimates.
The major stock indexes were again trading modestly lower midday Tuesday after bouncing back from session lows. The rebound came despite record-high oil prices.
At 12:46 p.m. EDT, the Nasdaq, NYSE composite and S&P 500 were down 0.2% each. The Dow pared an earlier 0.7% loss to 0.5% despite a 7% drop in Hewlett-Packard (HPQ), as well as losses in Wal-Mart (WMT), American Express (AXP) and JPMorgan Chase (JPM).
Volume continued to track higher on both exchanges.
Crude oil spiked to a new high of $126.98 a barrel on reports that Iran may cut its oil production. Oil later retreated to $125.36.
Building, solar and machinery groups scored nice gains. Highly rated agriculture-related groups pulled back.
Mechel (MTL) reversed earlier gains and dropped 3.94 to 153.75. The Russian mining and steel firm is trying to rebound from a second pullback to its 10-week moving average. But volume has been timid on most of its recent price gains.
Nordic American Tanker Shipping (NAT) gapped down and fell 1.53 to 38.54 in busy trading. Late Monday, the company announced a public offering of 4 million shares at 40.08 each.
On the bright side, GigaMedia (GIGM) gapped up and gained 1.54, or 9%, to 19.01 in heavy trading. Before the open, the maker of gaming software reported adjusted Q1 earnings of 21 cents a share, up 40% from a year ago and 2 cents ahead of views. Robust demand for its casino and poker software pushed quarterly sales up 51% to a record $54.6 million.
EnerSys (ENS) charged up 1.37, or 5%, to 28.65 on brisk trade. That pushed the industrial battery maker above a 28.35 buy point from a cup base. The company grew profit 12% last year, but analysts see growth picking up to 56% this year.
ReneSola (SOL) jumped 1.64, or 9%, to a new high of 20.47 in busy trading. The Chinese maker of solar wafers reports earnings on May 14. Profit is expected to accelerate 109% to 23 cents a share. ReneSola is well-extended from a 14.29 buy point of a cup base.
High-volume losses by Wal-Mart (WMT), Bank of America (BAC) and Google (GOOG) countered the morning's better-than-expected retail sales data. Oil prices and the dollar -- two of the biggest drivers of recent market action -- saw little change.
The NYSE and Nasdaq composites both held at 0.5% losses at 10:53 a.m. EDT. Financials led the NYSE downside. Financials and telecoms dragged on the Nasdaq. The Dow slipped 0.6%, seeing big-volume losses by Hewlett-Packard (HPQ) and Wal-Mart. The S&P 500 was 0.4% lower.
Declining stocks led by about 3-to-2 on both exchanges.
Markets were mixed in China. The Shanghai composite tumbled 1.8% in the wake of a massive earthquake that rocked central China and killed thousands of people. The quake halted petroleum production, dragging down oil-related stocks. Insurers and financials also skidded lower. In Hong Kong, the Hang Seng index gained 2% as China Mobile (CHL) and HSBC Bank (HBC) powered higher. Neither Shanghai nor Hong Kong suffered any damage from the earthquake.
In Japan, the Nikkei 225 posted a strong 1.5% advance, pulled higher by precision equipment maker Nikon.
Markets were mixed in Europe and the U.K. Fears over further credit write-downs and inflation held back stocks in London, where the FTSE 100 slipped 0.4%. Markets in Europe trimmed losses after a better-than-expected retail sales report from the U.S.
Frankfurt's DAX turned from losses to a 0.3% gain late in the session. The CAC-40 in Paris also reversed and was up 0.5%.
In the U.S., trading volume was sharply higher on the NYSE, up mildly on the Nasdaq, though leading stocks were relatively quiet. The dollar rose slightly vs. the euro and the yen. Oil prices held relatively steady near $124 a barrel.
Gaming equipment maker Bally Technologies (BYI) gapped up and added 4.24 to trade at 41.04 after topping Q3 views and upping its full-year guidance. Shares are just starting up the right side of a four-month, cup-shaped base.
Wimm-Bill-Dann Foods (WBD) rose 6.41 to 127.47. The Russia-based dairy and juice producer-distributor on Monday announced a new chief financial officer. The previous CFO stepped down in March. Shares are just below a 133.24 handle buy point.
MercadoLibre (MELI) popped 3.58 to 55.84. The Argentina-based online marketplace went public in August 2007. It is working on the right side of a cup-shaped base begun in December.
Stocks were trading modestly lower early Tuesday, despite the better-than-expected rise in adjusted retail sales and merger news.
At 10 a.m. EDT, the NYSE composite fell 0.4%, Dow 0.3% and Nasdaq 0.2%. The S&P also lost 0.2%, but held above the 1,400 level.
Volume was tracking higher across the board.
LDK Solar (LDK) gapped down and dropped 2.44, or 6%, to 35.02. After Monday's closing bell, the Chinese solar wafer maker delivered Q1 earnings and sales above views. It also guided Q2 sales above consensus estimate. But the company lowered its gross margin forecast to 23% to 28% from 26% to 31%.
Research In Motion (RIMM) lost 2.22 to 139.75 in brisk trading. The BlackBerry device maker is pulling back after hitting a record high in Monday's session.
Warnaco Group (WRNC) gapped up and rallied 2.90 to record high of 48.89. Late Monday, the apparel maker delivered adjusted Q1 earnings of $1.22 a share, up 49% and above views for 79 cents. Sales climbed 18% to $575 million, also above views. It raised its full-year earnings outlook to a range of $2.65 to $2.75 a share vs. views of $2.58.
Bally Technologies (BYI) gapped above its 200-day moving average. Shares jumped 2.61 to 39.41 in fast trade. After Monday's close, the gaming equipment maker smashed views with a near 400% surge in Q1 profit. Sales, which also beat views, grew 33%. The company also guided full-year earnings in range of $1.93 to $2.05 a share, above consensus estimates for $1.79.
Stock futures pointed to a higher open Tuesday on retail sales and buyout news.
Nasdaq futures rose 2 points vs. fair value, S&P 500 futures gained 5 points and Dow futures moved up 17 points.
In a speech delivered via satellite, Fed Chairman Ben Bernanke noted that conditions in the financial markets have improved but are still "far from normal. He also promised that the central bank stands ready to increase liquidity as needed.
In economic news, retail sales fell 0.2% in April, matching projections. It was the second decline in the past three months. Excluding autos, sales rose 0.5%, more than doubling estimates.
Futures, which were down before the release, reversed to the upside.
Import prices rose 1.8%, while export prices climbed 0.3%.
Business inventories for April will be out at 10 a.m. EDT.
Wal-Mart (WMT) slipped 1% in the pre-market on a disappointing outlook for the current quarter. Before the open, the world's biggest retailer reported fiscal Q1 earnings of 76 cents a share, up from 68 cents a year earlier and a penny above views. Sales grew 10% to $94.1 billion, also above views. For its second quarter, Wal-Mart expects profit in a range of 78 cents to 81 cents vs. views for 78 cents. The company expects sales to be flat to up 2%.
Hewlett-Packard (HPQ) agreed to buy Electronic Data Systems (EDS) for $12.6 billion in cash in a move to challenge IBM (IBM). HP also preannounced fiscal Q2 profit and revenue above views and raised its full-year outlook for earnings and sales. HP shares fell 2% in the pre-open, while Electronic Data Systems rose 1%.
Fluor (FLR) climbed 8% in the pre-market on strong earnings. Late Monday, the construction and engineering firm trounced views with a 60% rise in Q1 earnings and a 32% increase in sales. Lehman Bros. and Friedman Billings Ramsey each raised their price targets on the stock. Lazard upgraded Fluor to buy from hold.
Nuance Communications (NUAN) dropped 6% in the pre-market on disappointing sales. After Monday's close, the software maker delivered a 50% gain in Q1 profit, excluding items. Sales grew 54% to $203.3 million -- well below views for $227.3 million.
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==================================
THANKS!
Jim :-)
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