is trading.....maybe!!
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could not have said it better....loved the post
lots of good traders complaining on the help board:
ico, you, griff....
saw a reply about working on it....and lots of new members, more posting...
which I find funny....if anything, I think most boards are having less posting...
I know mine is....one spinning curser and I'm off ihub....
NFLX ~ 400 here it comes....link back...
not bad for 3 months...
thank you dot....still trying to evolve, improve....
when I buy a few shares, stock goes crazy...when I buy alot...can barely make anything...
tricky market....
second monitor has been a big help....
$WUBA ~ out 37.57 +$1,081....
Top Gaining Stocks
Price %Change
SANM Sanmina Corporati... 16.50 11.49%
CLF Cliffs Natural Re... 21.58 11.24%
APD Air Products & Ch... 114.84 8.09%
CTIC Cell Therapeutics... 3.56 6.59%
ORMP Oramed Pharmaceut... 25.90 6.23%
LXK Lexmark Internati... 37.00 5.96%
ADMP Adamis Pharms CO ... 7.05 5.54%
PLUG Plug Power Inc. 2.75 5.36%
LIWA Lihua Internation... 5.68 5.19%
DHI D.r. Horton Inc. ... 21.98 4.97%
SMED Sharps Compliance... 5.12 4.70%
JKS Jinkosolar Holdin... 30.46 4.67%
YY YY Inc. 59.55 4.49%
ARIA Ariad Pharmaceuti... 8.25 4.30%
GDX Market Vectors Et... 23.84 4.15%
YGE Yingli Green Ener... 6.30 4.13%
CSIQ Canadian Solar In... 38.90 4.07%
MT Arcelormittal 16.74 3.98%
BSBR Banco Santander B... 5.11 3.86%
HOV Hovnanian Enterpr... 5.95 3.84%
Top Losing Stocks
Price %Change
TTS Tile Shop Hldgs I... 12.25 -16.78%
GERN Geron Corporation... 4.10 -13.87%
RCII Rent-a-center Inc... 27.00 -13.52%
CHEF The Chefs\' Wareh... 24.00 -12.12%
ATAX America First Mul... 5.85 -7.73%
AAPL Apple Inc 511.50 -7.08%
CRUS Cirrus Logic Inc.... 18.40 -6.22%
STX Seagate Technolog... 55.00 -5.25%
PRAN Prana Biotechnolo... 9.31 -3.92%
BCRX Biocryst Pharmace... 9.45 -3.67%
PII Polaris Industrie... 127.50 -3.48%
SWKS Skyworks Solution... 29.50 -2.90%
ADBE Adobe Systems Inc... 56.71 -2.83%
SDRL Seadrill Ltd. 36.73 -2.70%
ARMH Arm Holdings Plc ... 46.44 -2.54%
SRPT Sarepta Therapeut... 23.64 -2.35%
PHG Koninklijke Phili... 35.11 -2.17%
PENN Penn National Gam... 11.34 -2.07%
GWPH GW Pharmaceutical... 46.07 -2.04%
VXZ ipath S&p 500 Vix... 15.58 -2.01%
Read more at http://thestockmarketwatch.com/markets/pre-market/#LGI2bAlSm8DAGMjS.99
Frontrunning:
Emerging markets pray for Wall Street tumble (Reuters)
Yellen Faces Test Bernanke Failed: Ease Bubbles (BBG)
Samsung sets new smartphone sales record in fourth quarter, widens lead over Apple (Reuters)
China’s Foreign-Reserves Investment Chief Said to Depart Agency (BBG)
China’s Rescue of Troubled Trust May Stoke Risk-Taking (BBG)
Ukraine PM Azarov offers to resign 'to help end conflict' (Reuters) ... And Russia says may reconsider aid if this happens
But... but... it was all gold's fault: India Unexpectedly Raises Rate as Rupee Risks Inflation Goal (BBG)
Former Belgian king 'boycotting' public events after complaining £760,000 is not enough to live on (Telegraph)
Greek disposable income tumbles 8% in Q3 (Kathimerini)
A Suspect Emerges in Stock-Trade Hiccups: Regulation NMS (WSJ)
Obama to Raise Minimum Wage for Contractors to $10.10 (BBG)
Government Reaches Deal With Tech Firms on Data Requests (WSJ)
Overnight Media Digest
WSJ
* The Obama administration agreed Monday to let technology companies make more information public about how often the government monitors Internet use, a move that aims to ease public distrust and corporate complaints about snooping.
* Attempts to send convoys of food and medicine to thousands of people under siege in a rebel-held area of Homs failed Monday, lowering hopes about the regime's commitment to confidence-building measures coming out of peace talks in Geneva.
* Apple reported selling fewer iPhones than projected at year-end and said revenue in the current quarter might decline. The results highlighted new dynamics and intensifying competition in the smartphone market. Apple continues to target the market for high-end phones, even as demand accelerates for lower-cost models, particularly in emerging markets. But Apple is resisting the urge to release a truly low-cost phone that could crimp profitability.
* The Securities and Exchange Commission recently released documents related to its probe into the near-collapse of American International Group - with hundreds of redactions to keep information secret.
* Bank branch closures in the United States last year hit the highest level on record so far, a sign that sweeping technological advances in mobile and electronic banking are paying off for lenders but leaving some customers behind.
* Turkey's central bank, beset by political instability, tumbling confidence and one of the world's fastest falling currencies, will convene an emergency meeting Tuesday.
* Sergio Ermotti, chief executive of UBS, has a message for the many critics of the Swiss bank and the entire industry: Back off. Ermotti said he is growing frustrated with what he sees as some regulators, politicians, shareholders, clients, journalists and rival banks holding UBS to a higher standard than they hold themselves.
* Global derivatives trade group International Swaps and Derivatives Association Inc (ISDA) on Monday disclosed sweeping changes to calculations of a key interest-rate benchmark, part of a plan that will diminish the role played by traders in the process by moving to an automated rate-setting system.
* Workers at Ranbaxy's drug plant in Toansa in the northwestern Indian state of Punjab repeatedly fudged test results to make it appear that raw materials and active pharmaceutical ingredients met required standards, according to FDA inspectors.
FT
ADS, a trade organisation for UK aerospace, defence, security and space industries, called for more tax relief for the sector, and warned that UK's exit from the European Union could erode the country's 17 percent share of the aerospace market.
The Lloyds Banking Group has told the Financial Conduct Authority that a technological glitch, which caused the banking group subsidiaries' ATM and debit to stop working for three hours on Sunday, was a "one-off" and payment backlogs were being looked into, an insider at FCA told the Financial Times.
Spain's Santander bank, which is making a big push in the United States, has appointed Sheila Bair, who was head of the Federal Deposit Insurance Corporation from 2006 to 2011, as an independent director.
The large number of initial public offerings scheduled for 2014 could overstretch existing resources of fund managers, who may be forced to sell their underlying holdings in other companies to tap into new investments, according to small cap fund managers.
About 5,000 workers across Ford's six UK factories ballot for a strike as they look at receiving some security against job cuts in Britain. The company said discussions over the dispute are "live and open".
NYT
* The Obama administration will allow Internet
companies to talk more specifically about when they are forced to turn
over customer data to the government, the Justice Department said.
* Marathon Asset Management is starting a new $350 million fund dedicated to distressed debt in Europe.
*
Martin Marietta Materials has agreed to acquire Texas Industries in an
all stock deal worth more than $2 billion, according to people familiar
with the matter. In the deal, Martin Marietta will exchange seven-tenths
of one of its shares, worth about $72, for each Texas Industries share.
A deal is expected to be announced shortly.
* JPMorgan
Chase appears to have settled a dispute with Frank Bisignano, a former
close confidant of its chairman, Jamie Dimon, the latest reminder that
the inner circle that helped the bank weather the financial crisis is no
more.
* Narayana Kocherlakota, president of the
Minneapolis Fed, said the central bank should increase its efforts to
stimulate the economy - a view he conceded had not gained much traction
with his colleagues.
* Apple's blockbuster phone sales
helped the company post a profit of $13.1 billion on revenue of $57.6
billion. The company set record for iPhones sold in the quarter at 51
million devices.
* Tiger Global Management, the New
York-based hedge fund, will invest nearly $520 million in Brazilian
online retailer B2W Companhia Digital, the company said, a sign that it
continues to see promise in Brazil's vibrant Internet sector.
*
United Technologies is considering Sikorsky, the maker of the Black
Hawk helicopter, as a candidate for a tax-free spinoff or potentially a
sale to a rival.
* One of the most prominent players in
the Bitcoin universe, Charles Shrem, was arrested on Sunday, accused of
conspiring to facilitate drug transactions on the now-defunct online
bazaar Silk Road.
* More class-action lawsuits were
filed against public companies in 2013 than in the previous year, but
the filers were seeking billions less in damages than they have on
average.
Canada
THE GLOBE AND MAIL
* Police across Canada have been searching the workplaces and homes of prostitutes to find victims of human trafficking. But some sex workers say the initiative, which comes a month after the Supreme Court struck down Canada's major prostitution laws, is simply an intimidation tactic meant to harass members of their profession in the absence of the ability to lay charges.
* At 9:10 a.m. on Jan. 27, two Russian cosmonauts drifted out of the International Space Station orbiting Earth for a space walk to install two high-tech cameras owned by a Canadian startup. The cameras cost $17 million and are capable of beaming down images and high-definition video from the Russian part of the ISS to UrtheCast, a small Vancouver company that struck a deal with the Russian space agency.
Reports in the business section:
* Two high-ranking Bombardier Commercial Aircraft vice-presidents have departed in a major shakeup in the company's sales network amid slow sales of the new C Series plane and other aircraft. Raphael Haddad, vice-president of sales for the Middle East and Africa, and Steve Aliment, vice-president of sales for Europe, have left the company.
* Just when Air Canada has put its threatening pension deficit behind it, the sudden fall of the Canadian dollar has thrown the airline another curve ball.
NATIONAL POST
* British Columbia's top court has upheld a decision to revoke almost a decade of medicare coverage for an immigrant couple, confirming in a rare judgment that provinces have every right to deny health funding to people who spend too much time living abroad.
* Prime Minister Stephen Harper expressed concern Monday that Ukraine is backsliding toward its communist past under the Soviet Union, a clear dig at Russia as it prepares to host next month's Winter Olympics.
FINANCIAL POST
* BCE Inc is under fire again for its collection and use of wireless customers' data for marketing purposes as two public interest groups have now filed a complaint with Canada's telecom regulator over the practice.
China
SHANGHAI SECURITIES NEWS
- The government's tight liquidity stance in 2013 that decreased cash supply to China's banking system contributed to the slowest annual asset and liability growth in Chinese banks in a decade last year.
- Chinese premier Li Keqiang advocated the use of new energy cars during a trip to Chinese automaker BYD Co Ltd in the central Chinese city of Xi'an, as a means to tackle China's severe pollution problem.
- New rules of the Shanghai and Shenzhen stock exchanges that set daily limits for new listings and order suspension at limits, adopted this year to curb rampant speculation in new listings, have caused many newcomers to trade only a few minutes on their debut day. That reflects defects in the new regulations.
CHINA SECURITIES JOURNAL
- The latest reform by the People's Bank of China to offer cash to smaller banks via the Short-term Lending Facility (SLF) mechanisms has enabled the central bank to adjust liquidity supply in the banking system with precision, a commentary by this major Chinese financial newspaper said.
- Analysts once again propose China's stock market to adopt a T+0 system, or the same-day trading system, to help activate sluggish trading in large-capitalised blue chips.
PEOPLE'S DAILY
- An editorial by this mouthpiece of the ruling Communist Party of China criticised that some government meetings have been too extravagant. The party is launching a sweeping clampdown on official corruption.
CHINA DAILY
- Chinese authorities in the northern-central Chinese city of Xinzhou have taken a man into custody after he posted rumours about H7N9 bird flu on local social media.
- Fu Weimin, the former director and Party chief of the forestry administration of Dongfang, was removed from his post after he took more than 260,000 yuan ($43,000) in cash gifts at his mother's funeral, China National Radio reported. Fu hosted feasts for guests over six days in January.
SHANGHAI DAILY
- An H7N9 bird flu epidemic in China is "unlikely" during the country's week-long Spring Festival holiday in late January and early February, according to the director of the Chinese National Influenza Center. The bid flu virus has killed 19 people in China this year.
- Authorities in Shanghai have jailed four people for using waste oil for cooking, the Changning District People's Court ruled on Monday. China has struggled with food safety issues from chemical-tainted milk to fake donkey meat.
SECURITIES TIMES
- Seven companies will list on the Shenzhen Stock Exchange on Wednesday, bringing the total number debuting in the mainland bourses in the first three days of this week to 24.
Britain
The Telegraph
OFWAT STEMS FLOW OF RETURNS TO WATER INVESTORS Water companies could have to cut dividend payouts to shareholders, analysts said on Monday, after regulator Ofwat said they should they accept a lower rate of return on investment than they had sought for the next five years. The plans could result in lower household bills, although Ofwat declined to estimate the scale of the impact on customers.
FORMER HBOS BANKER'S FIRM COULD NET 45 MILLION POUNDS FROM MCCOLL'S FLOAT
A private equity firm run by a former HBOS banker could net roughly 45 million pounds from the flotation of convenience store business McColl's Retail Group. Cavendish Square Partners owns 20 percent of McColl's and has signalled its intention to sell shares in the company as part of an IPO that was officially unveiled to the stock market on Monday.
The Guardian
GROWTH FIGURE LIKELY TO BOLSTER RECOVERY HOPES
Britain's recovery is expected to have held up over the final months of 2013, helping the economy to clock up its strongest annual growth for six years. While there is still much ground to cover to get back to pre-crisis levels of output, most economists expect official data on Tuesday to confirm that last year ended on a relatively strong note.
FORD WORKERS BALLOTED ON STRIKE ACTION
Thousands of Ford workers are being balloted for strike action in a row over job security and pensions. Members of the Unite and GMB unions will vote on whether to launch a campaign of industrial action aimed at safeguarding jobs after recent cuts led to Ford ending 100 years of vehicle production at its plant in Southampton.
The Times
BRITAIN "CAN GET BETTER VALUE OUT OF THE EU"
Britain should send more civil servants and regulators to spend time inside the European Union machine in order to wield more influence over laws the UK does not like, according to the most powerful British Parliamentarian in Brussels and chair of the European Parliament's Economic and Monetary Affairs Committee, Sharon Bowles.
SIGNIFICANT JUMP IN MINIMUM WAGE IS AFFORDABLE, CLAIMS BUSINESS LEADER
Business can afford an inflation-busting increase in the minimum wage, according to Sir Mike Rake, the President of the CBI. His intervention makes him the most senior business figure so far to support calls for a real improvement in earnings for the lowest-paid.
Sky News
ZOOPLA STEPS UP 1.3 BILLION POUNDS FLOAT PLAN
The online property group which abandoned a sponsorship deal recently is accelerating plans for a flotation valuing it at well over 1 billion pounds. Sky News has learnt that Zoopla, which is terminating its association with the Premier League club West Bromwich Albion at the end of the season, has appointed Jefferies, the investment bank, to work on a stock market listing.
PENSIONS TOP-UP PLAN WOULD INCREASE PAYOUT
People in or nearing retirement are to be given the chance to use their savings to top up their state pension. The new scheme will allow eligible pensioners to pay in lump sums from as little 900 pounds. In return they will see an increase in their state pension by as much as 25 pounds a week.
Fly on the Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Durable Goods Orders for December will be reported at 8:30--consensus up 1.6%
Case-Shiller 20-city home price index for October reported at 9:00--consensus up 13.7% from prior year
Consumer Confidence for January will be reported at 10:00--consensus 79.0
ANALYST RESEARCH
Upgrades
ArcelorMittal (MT) upgraded to Outperform from Sector Perform at RBC Capital
Cambrex (CBM) upgraded to Overweight from Equal Weight at First Analysis
CorEnergy (CORR) upgraded to Buy from Neutral at BofA/Merrill
Fortinet (FTNT) upgraded to Outperform from Market Perform at JMP Securities
Maxim Integrated (MXIM) upgraded to Overweight from Equal Weight at Barclays
Sally Beauty (SBH) upgraded to Buy from Neutral at Sterne Agee
Sally Beauty (SBH) upgraded to Buy from Neutral at Sterne Agee
Sanmina (SANM) upgraded to Buy from Hold at Needham
Sanmina (SANM) upgraded to Market Perform from Underperform at Raymond James
Southwest (LUV) upgraded to Outperform from In-Line at Imperial Capital
Texas Capital (TCBI) upgraded to Buy from Neutral at SunTrust
Downgrades
Apple (AAPL) downgraded to Outperform from Strong Buy at Raymond James
Apple (AAPL) downgraded to Perform from Outperform at Oppenheimer
BioCryst (BCRX) downgraded to Underperform from Neutral at BofA/Merrill
Chef's Warehouse (CHEF) downgraded to Hold from Buy at BB&T
Delek US (DK) downgraded to Neutral from Outperform at Credit Suisse
NVR (NVR) downgraded to Neutral from Positive at Susquehanna
OFS Capital (OFS) downgraded to Underweight from Equal Weight at Barclays
Penn National (PENN) downgraded to Underperform from Buy at BofA/Merrill
Phillips 66 (PSX) downgraded to Neutral from Outperform at Credit Suisse
Synaptics (SYNA) downgraded to Perform from Outperform at Oppenheimer
Tile Shop (TTS) downgraded to Neutral from Outperform at RW Baird
Western Refining (WNR) downgraded to Neutral from Outperform at Credit Suisse
Initiations
Anadarko (APC) initiated with a Market Perform at Cowen
Control4 (CTRL) initiated with an Outperform at Imperial Capital
Devon Energy (DVN) initiated with an Outperform at Cowen
EOG Resources (EOG) initiated with an Outperform at Cowen
Enanta Pharmaceuticals (ENTA) initiated with an Outperform at RW Baird
FireEye (FEYE) initiated with a Hold at Topeka
International Flavors (IFF) initiated with a Buy at Deutsche Bank
Medivation (MDVN) initiated with a Buy at CRT Capital
Noble Energy (NBL) initiated with an Outperform at Cowen
ORBComm (ORBC) initiated with a Buy at Canaccord
Omnicom (OMC) initiated with an Overweight at Barclays
Parkway Properties (PKY) initiated with an Overweight at Barclays
Pioneer Natural (PXD) initiated with a Market Perform at Cowen
Uralkali (URALL) initiated with a Buy at Societe Generale
HOT STOCKS
DOJ reached agreement with tech companies (FB, AAPL, MSFT, GOOG, LNKD, YHOO) on data requests
Casablanca Capital urged Cliffs Natural (CLF) to spin off international assets, Cliffs Natural 'welcomes communications' with Casablanca
General Electric (GE) CEO disclosed 40K share purchase at $25.04
Kansas City Southern (KSU) raised dividend to 28c per share from 21.5c per share
Ashland (ASH) expects 800-1,000 employees to leave in 2014 in restructuring plan
DuPont (DD) announced $5B share repurchase program
Check Point (CHKP) expanded share repurchase program by $1B
ITT Educational (ESI) disclosed receipt of subpoenas and/or civil investigative demands
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Danaher (DHR), DuPont (DD), Radware (RDWR), Check Point (CHKP), MicroStrategy (MSTR), U.S. Steel (X), Ashland (ASH), Apple (AAPL), Swift Transport (SWFT), Rambus (RMBS), Covenant Transportation (CVTI), Plantronics (PLT), J & J Snack Foods (JJSF)
Companies that missed consensus earnings expectations include:
CIT Group (CIT), Air Products (APD), Polaris Industries (PII), STMicroelectronics (STM), STMicroelectronics (STM), Rent-A-Center (RCII), Park National (PRK), Zions Bancorp (ZION), Graco (GGG), Seagate (STX)
Companies that matched consensus earnings expectations include:
Steel Dynamics (STLD), Olin Corp. (OLN), PLX Technology (PLXT)
NEWSPAPERS/WEBSITES
Centerview hired by Time Warner Cable (TWC) to advise on Charter (CHTR) bid, FT reports
Martin Marietta (MLM) to acquire Texas Industries (TXI) for $72 per share, NY Times reports Intel (INTC) may be considering an exit from smartphone market, DigiTimes reports
Google (GOOG) adds designer frames in hopes of sharpening Glass, AP reports
Facebook (FB) hiring editors for news app, Re/code reports
PE firms (APO, CG) compete for Illinois Tool Works' (ITW) packaging unit, WSJ reports
Rio Tinto (RIO) in talks to sell Quebec aluminum plant, Reuters reports
Credit Suisse (CS) plans $500M CLO of about $500M, Bloomberg reports
Nintendo (NTDOY) to announce new strategy, NY Times reports
Ethanol firms (ADM, GPRE)) look to increase exports, WSJ reports
U.S. Steel (X) wins Supreme Court labor dispute, Reuters reports
SYNDICATE
America First (ATAX) files to sell 7M shares representing limited partner interests
Centene (CNC) 800K share Spot Secondary priced at $59.80
Constellium (CSTM) files to sell 37.56M shares for holders
Prothena (PRTA) files to sell 2.77M ordinary shares for holders
XPO Logistics (XPO) files to sell 15M shares of common stock
Average:
data:
FOMC Meeting Begins
ICSC-Goldman Store Sales
[Bullet7:45 AM ET
Durable Goods Orders
[Report][Star]8:30 AM ET
Redbook
[Bullet8:55 AM ET
S&P Case-Shiller HPI
[Report][djStar]9:00 AM ET
Consumer Confidence
[Report][djStar]10:00 AM ET
Richmond Fed Manufacturing Index
[Report][Bullet10:00 AM ET
State Street Investor Confidence Index
[Bullet10:00 AM ET
4-Week Bill Auction
[Bullet11:30 AM ET
2-Yr Note Auction
[Bullet1:00 PM ET
Futures +62
good morning
might have a chance here over 508...tried twice before....then over 510 to go...
no buyers coming in yet....and might get worse during/after conference call....
you know how it is when those higher ups speak.....
yes....200ma $479 support there if $500 breaks
staying away from anything Carl related....
ok...here's why it fell on a beat...
Benzinga.com ?@Benzinga 49m
$AAPL Reports Q1 EPS of $14.50 vs $14.08 Est; Revenue of $57.60B vs $57.40B Est, Sees Q2 Sales $42.0B-44.0B vs $46.05B Est
here it comes 505's
AAPL support at $479 if it does
AAPL going under $500?
no trades today.....not etrade earlier, was AT&T connection....
threw entire day off....
DJIA -41
AAPL -$36 $509's....
etrade not working? can't connect to pro or website?
data:
New Home Sales
[Report][Star]10:00 AM ET
Dallas Fed Mfg Survey
[Report][djStar]10:30 AM ET
4-Week Bill Announcement
[Bullet11:00 AM ET
3-Month Bill Auction
[Bullet11:30 AM ET
6-Month Bill Auction
[Bullet11:30 AM ET
futures +56
good morning
Benzinga Weekly Preview: Tech Sector To Steal The Spotlight
Laura Brodbeck, Benzinga Staff Writer
Read more: http://www.benzinga.com/news/earnings/14/01/4250770/benzinga-weekly-preview-tech-sector-to-steal-the-spotlight#ixzz2rXx68cbf
Next week earnings are due out from several large tech companies, including rivals Google and Apple. Technology stocks have been on fire so far this year and analysts are optimistic about most companies’ earnings releases.
Key Earnings Reports
Next week investors will be waiting for several key earnings reports including Apple (NASDAQ: AAPL [FREE Stock Trend Analysis]), Google (NASDAQ: GOOG), Yahoo (NASDAQ: YHOO) and Facebook (NASDAQ: FB)
Apple
Apple is expected to report first quarter EPS of $14.08 on revenue of $57.40 billion, compared to last year’s EPS of $13.81 on revenue of $54.51 billion.
The analyst team at Wells Fargo gave Apple a market perform rating on January 15. Wells Fargo said they expect to see Apple sales soar with the company’s new deal with China Mobile.
“WSJ reports that Tim Cook is very upbeat on the success of the China Mobile deal and expects sales in FQ1 2014 to be pushed to new highs in the region (FQ4 2013 sales of $5.7B), in part helped by the addition of China Mobile’s 3,000 sales locations. Ahead of the Friday (1/17) launch, China Mobile CEO Xi Guohua noted that millions of iPhones have been preordered--an indication of strong demand, in our opinion, and which should be boosted by generous subsidies China Mobile is reportedly offering. Note that yesterday (1/14), the WSJ reported that Apple’s manufacturing partner Foxconn shipped around 1.4MM iPhone 5s’s to China Mobile last week. Our view on China Mobile has not changed--we believe the deal is clearly positive for the company and would help to drive iPhone unit strength in FQ1 2014 as well as absorb seasonal slowing in FQ2 2014 at other carriers. The deal may also help initial iPhone 6 units if China Mobile is included in the launch in September. That said, the details of the agreement (pricing, margin, etc) are unknown and, thus, we believe gross margin bears watching. We maintain our view that FQ1 Street consensus of $14.03 is conservative and should rise to at least our $14.49 estimate (note every 1MM units results in roughly $0.22 EPS upside, all else equal). Our FQ2 EPS of $11.36 is also above the Street consensus of $10.89. However, we maintain our view that there is a limited amount of material market cap opportunity beyond our valuation range and believe the multiple will be dictated, in part, by the direction of its gross margin. We reiterate our Market Perform rating and valuation range of $536-581.”
On January 21, Morgan Stanley gave Apple an overweight rating, saying they expect strong December results and continued growth in the future.
“WSJ reports that Tim Cook is very upbeat on the success of the China Mobile deal and expects sales in FQ1 2014 to be pushed to new highs in the region (FQ4 2013 sales of $5.7B), in part helped by the addition of China Mobile’s 3,000 sales locations. Ahead of the Friday (1/17) launch, China Mobile CEO Xi Guohua noted that millions of iPhones have been preordered--an indication of strong demand, in our opinion, and which should be boosted by generous subsidies China Mobile is reportedly offering. Note that yesterday (1/14), the WSJ reported that Apple’s manufacturing partner Foxconn shipped around 1.4MM iPhone 5s’s to China Mobile last week. Our view on China Mobile has not changed--we believe the deal is clearly positive for the company and would help to drive iPhone unit strength in FQ1 2014 as well as absorb seasonal slowing in FQ2 2014 at other carriers. The deal may also help initial iPhone 6 units if China Mobile is included in the launch in September. That said, the details of the agreement (pricing, margin, etc) are unknown and, thus, we believe gross margin bears watching. We maintain our view that FQ1 Street consensus of $14.03 is conservative and should rise to at least our $14.49 estimate (note every 1MM units results in roughly $0.22 EPS upside, all else equal). Our FQ2 EPS of $11.36 is also above the Street consensus of $10.89. However, we maintain our view that there is a limited amount of material market cap opportunity beyond our valuation range and believe the multiple will be dictated, in part, by the direction of its gross margin. We reiterate our Market Perform rating and valuation range of $536-581.”
Google
Google is expected to report fourth quarter EPS of $12.24 on revenue of $16.72 billion, compared to last year’s EPS of $10.59 on revenue of $12.16 billion.
On January 14, the analysts at Wells Fargo gave Google an outperform rating, citing both near and long term growth catalysts as their reasoning.
“We upgrade shares to Outperform from Market Perform based on a combination of near-, mid- and long-term catalysts and our belief Google is well positioned to benefit from the migration of brand advertising dollars online. We anticipate Google will strengthen its leadership position in the fight for brand budgets and raise 2013/2014 EPS from $43.82/$51.83 to $44.30/$54.41 and valuation range from $900-1,000 to $1,300-1,350.”
Also on January 14, Topeka Capital Markets gave Google a Buy rating with a $1,313.00 price target. The analyst team at Topeka attributed their positivity to the company’s long term growth potential after the company’s acquisition of Nest Labs.
“Google announced yesterday the acquisition of Nest Labs, a maker of smart thermostats and smoke and carbon monoxide detectors for the home, for $3.2B in cash. With this acquisition, Google is placing a bet that it can connect the more than 115mm homes in the U.S. and eventually millions more globally. Google is also making a bet on the Internet of Things (IOT) space with a strong brand with good intellectual capital, and a management team that is good at industrial design and has roots at Apple (APPL:-$535.73:NR). We see a longer-term opportunity for Nest Labs combined with Android and Google's Voice technologies and the embedded systems market.”
SunTrust also gave Google a buy rating in mid January, saying that the acquisition of Nest Labs could increase Google’s revenue by nearly $3 billion.
“We estimate Nest could add ~$3b of revenue to Google, or ~$1.3b to gross profit by 2017 assuming only a 5% penetration of homes for thermostats and smoke alarms. For our analysis, we assume ~115m homes conservatively with 1 thermostat and 2 smoke alarms per home and use current price points of ~$250 and ~$140 (See our sensitivity table on page 2). Further, we estimate the average payback for consumers through energy savings for a thermostat is <18 months.”
Morgan Stanley gave Google an overweight rating with a $1,172.00 price target in mid January, saying that the acquisition of Nest Labs would help Google open the door to technological home intergration.
“Google has agreed to acquire Nest Labs, a designer of “smart” internet-connected home thermostats and smoke detectors, for $3.2b in cash, or 6% of Google’s cash balance at the end of 3Q2013. Google may see Nest appliances as a convenient way to bring Google home automation to the mass market.”
Credit Suisse gave Google an outperform rating with a $1,450.00 target price on January 21st. The team at Credit Suisse said they believe Google has the best position in the tech space.
“We maintain our Outperform rating on GOOG shares and increase our DCF-derived price target to $1,450 from $1,200. We continue to view Google as one of the best-positioned in our space to benefit from the proliferation of connected devices and the ensuing lift in engagement. We therefore remain optimistic on Google's ability to sustain mid-teens revenue growth over the next few years. As previously noted, we view volume growth as a leading indicator of where Google’s top line growth can eventually head as pricing on mobile should eventually close the gap with desktop.”
Yahoo
Yahoo is expected to report EPS of $0.30, compared to last year’s EPS of $0.32.
SunTrust gave Yahoo a neutral rating in mid January, citing COO Henrique de Castro’s departure for the company as a major reason for their analysis.
“Yahoo! announced after the close that COO Henrique de Castro is leaving the company, and an internal memo highlights the bold decision by CEO Mayer. We assume he will retain rights to ~$40m in compensation for 2012 and the ~$20m in additional equity he was awarded when he joined. The exact terms of severance may be different. We think this is a great move by Marissa and a big positive for Yahoo! for 2 reasons: 1) We had long been hearing that de Castro was not meeting the expectations of Marissa and was not impressing advertising clients (this is part of the reason we were not surprised by the hiring of Ned Brody from AOL); 2) Since Henrique was one of Marissa's first big hires, many investors worried that she wouldn't have the fortitude to let him go even if he was under performing - we applaud Marissa and the Yahoo! board for making such a bold and difficult decision. Our industry contacts inform us that this was the right move.”
Nomura gave Yahoo a neutral rating with a price target of $40.00 on January 15, saying the company’s valuation is in line with expectations.
“While Yahoo!'s paid display ad volume has stabilized, price-per-ad continues to decline, driving down display revenue. We believe the next organic catalyst for the shares is a return to price-per-ad growth. In our view, CEO Marissa Mayer has done an admirable job playing the hand she was dealt, with both morale and product velocity improving at Yahoo! during her tenure. But with the value of YHOO’s stake in Alibaba probably well-understood, we await sustained display revenue growth before becoming more positive. Valuation Methodology: Sum-of-the-parts.”
Facebook
Facebook is expected to report EPS of $0.21, compared to last year’s EPS of $0.09.
On January 15, Nomura gave Facebook a buy rating with a price target of $65.00, citing Instagram as a valuable catalyst for revenue.
“We believe that FB will remain the social media leader, benefiting from core tailwinds from the advertising economy, the most notable of which is demand for effective mobile ad products. Our positive outlook on FB is based on: 1) Core News Feed price-per-ad will increase at a faster rate than the Street expects; 2) Instagram represents a significant forward monetization opportunity; and 3) International user growth drivers far outweigh a slowdown in engagement among younger US teens.”
On January 22, Morgan Stanley gave Facebook an overweight rating with a $62.00 price target. The analyst team at Morgan Stanley noted that the company will likely gain momentum from the growth of Instagram and video.
“We expect Instagram to help mobile momentum given advertising launch during the quarter. We estimate Instagram could contribute about $255m in 2014, and nearly $500m in 2015, or around 4% of total ad revenue. A recent global survey from GWI Social indicated that the biggest rise in active users between 2Q and 4Q among social networks was led by Instagram (+23%). We model Instagram WW DAUs growing at 10% CAGR from 2014-2017, with potential for upside.”
On January 22, Goldman Sachs gave Facebook a buy rating with a $61.00 price target, citing growth in ad revenues for their positivity.
“We forecast total ad revenue of $2.16bn, versus consensus of $1.99bn and are looking for mobile ad revenue of $1.14bn, +29% qoq (Street: $984mn, +12% qoq). With our contacts reporting increasing mobile budgets and a significant uptick in CPMs we see upside risk to our above consensus mobile forecast. For CPMs, we’re modeling 46% growth yoy (flat qoq) to $0.31. Conversations with our field contacts suggest that we should see considerable upside to our CPM forecast (many cited growth in the 20-40% qoq range). At the same time, we are forecasting 12% yoy growth in ad impressions which could be slightly high based on the lowering of the auction floors in the year-ago period, driving tough comps. Nonetheless, we see CPM upside as easily offsetting any shortfall in impression growth. Looking out to 1Q14, we forecast ad revenue to decline 8% qoq to $2.00bn, +60% yoy vs. consensus at -6%to $1.88bn (+51% yoy). We are modeling 1Q14 mobile ad revenue of $1.09bn, -4% qoq, compared with consensus of $1.03bn, +4% qoq. Just as we expect upside to our total and mobile ad forecast for 4Q13, we see the risk for a bigger qoq decline in segment revenues than what we are currently modeling for 1Q14 but with Street estimates still expected to move higher.”
Economic Releases
GDP data will be the star of the economic calendar next week as investors try to anticipate central banks’ decisions at upcoming meetings. Specifically, US and eurozone GDP will be closely watched as both central banks are expected to make policy changes in the near future.
Daily Schedule
Monday
Earnings Releases Expected: Apple (NASDAQ: AAPL), Ashland (NYSE: ASH), Caterpillar (NYSE: CAT), Royal Caribbean Cruises (NYSE: RCL), United States Steel (NYSE: X)
Economic Releases Expected: U.S. services PMI, German lfo business climate index, Mexican trade balance, U.S. new home sales
Tuesday
Earnings Expected: Air Products and Chemicals (NYSE: APD), American Airlines Group (NASDAQ: AAL), Amgen (NASDAQ: AMGN), AT&T (NYSE: T), Black Box (NASDAQ: BBOX), Ford Motor Company (NYSE: F), Pfizer (NYSE: PFE), Yahoo! (NASDAQ: YHOO)
Economic Releases Expected: French consumer confidence, British GDP, Irish retail sales, US durable goods orders, US consumer confidence
Wednesday
Earnings Expected: 1-800 FLOWERS.COM (NASDAQ: FLWS), Boeing (NYSE: BA), Callaway Golf (NYSE: ELY), Canon (NYSE: CAJ), Dow Chemical (NYSE: DOW), Facebook (NASDAQ: FB), Las Vegas Sands (NYSE: LVS)
Economic Releases Expected: Spanish retail sales, Italian business confidence, Norwegian unemployment rate, Japanese retail sales, Chinese manufacturing PMI
Thursday
Earnings Expected From: Chipotle Mexican Grill (NYSE: CMG), Eli Lilly and Company (NYSE: LLY), Google (NASDAQ: GOOG), Hershey Company (NYSE: HSY), Royal Dutch Shell PLC (NYSE: RDS), Time Warner Cable (NYSE: TWC), Visa (NYSE: V)
Economic Releases Expected: Spanish GDP, German unemployment rate, British consumer credit, eurozone business climate, eurozone industrial sentiment, US GDP, US pending home sales, Japanese unemployment rate, Japanese industrial production
Friday
Earnings Expected From: Chevron (NYSE: CVX), Honda Motor Company (NYSE: HMC), Mastercard (NYSE: MA), Mattel (NASDAQ: MAT), National Oilwel Varcol (NYSE: NOV), Tyson Foods (NYSE: TSN)
Economic Releases Expected: eurozone unemployment rate, Canadian GDP, Japanese housing starts, German retail sales, French consumer spending, French PPI
Read more: http://www.benzinga.com/news/earnings/14/01/4250770/benzinga-weekly-preview-tech-sector-to-steal-the-spotlight#ixzz2rXx09nJO
Schedule for Week of January 26th
by Bill McBride on 1/25/2014 11:27:00 AM
The key reports this week are the advance report for Q4 GDP on Thursday, December New Home sales on Monday, and November Case-Shiller house prices on Tuesday.
For manufacturing, the January Dallas and Richmond Fed surveys will be released.
Also there will be an FOMC meeting on Tuesday and Wednesday (Chairman Bernanke's final FOMC meeting), and the FOMC is expected to continue to "taper" QE3 asset purchases.
----- Monday, January 27th -----
New Home Sales10:00 AM: New Home Sales for December from the Census Bureau.
This graph shows New Home Sales since 1963. The dashed line is the November sales rate.
The consensus is for a decrease in sales to 450 thousand Seasonally Adjusted Annual Rate (SAAR) in December from 464 thousand in November.
10:30 AM: Dallas Fed Manufacturing Survey for January. The consensus is a reading of 5.0, up from 3.1 in December (above zero is expansion).
----- Tuesday, January 28th -----
8:30 AM: Durable Goods Orders for December from the Census Bureau. The consensus is for a 1.6% increase in durable goods orders.
Case-Shiller House Prices Indices9:00 AM: S&P/Case-Shiller House Price Index for November. Although this is the November report, it is really a 3 month average of September, October and November.
This graph shows the nominal seasonally adjusted Composite 10 and Composite 20 indexes through July 2012 (the Composite 20 was started in January 2000).
The consensus is for a 13.7% year-over-year increase in the Composite 20 index (NSA) for August. The Zillow forecast is for the Composite 20 to increase 13.7% year-over-year, and for prices to increase 0.6% month-to-month seasonally adjusted.
9:00 AM: Chemical Activity Barometer (CAB) for January from the American Chemistry Council. This appears to be a leading economic indicator.
10:00 AM: Conference Board's consumer confidence index for January. The consensus is for the index to increase to 79.0 from 78.1.
10:00 AM: Richmond Fed Survey of Manufacturing Activity for January. This is the last of the regional Fed surveys for January. The consensus is a reading of 10, down from 13 in December (above zero is expansion).
10:00 AM: Regional and State Employment and Unemployment (Monthly) for December 2013.
----- Wednesday, January 29th -----
7:00 AM: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
2:00 PM: FOMC Meeting Announcement. No change in interest rates is expected (for a long time). However the FOMC is expected to reduce QE3 asset purchases by $10 billion per month at this meeting.
----- Thursday, January 30th -----
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for claims to increase to 327 thousand from 326 thousand.
8:30 AM: Q4 GDP (advance estimate). This is the advance estimate of Q4 GDP from the BEA. The consensus is that real GDP increased 3.0% annualized in Q4.
10:00 AM ET: Pending Home Sales Index for December. The consensus is for a 0.5% decrease in the index.
----- Friday, January 31st -----
8:30 AM ET: Personal Income and Outlays for December. The consensus is for a 0.2% increase in personal income, and for a 0.2% increase in personal spending. And for the Core PCE price index to increase 0.1%.
9:45 AM: Chicago Purchasing Managers Index for January. The consensus is for an increase to 59.5, up from 59.1 in December.
9:55 AM: Reuter's/University of Michigan's Consumer sentiment index (final for January). The consensus is for a reading of 81.0, up from the preliminary reading of 80.4, and down from the December reading of 82.5.
10:00 AM: Q4 Housing Vacancies and Homeownership report from the Census Bureau. This report is frequently mentioned by analysts and the media to report on the homeownership rate, and the homeowner and rental vacancy rates. However, this report doesn't track with other measures (like the decennial Census and the ACS).
Read more at http://www.calculatedriskblog.com/2014/01/schedule-for-week-of-january-26th.html#TSESHUKxdVEWVSxL.99
Earnings Preview for the week of January 27 - 31
Monday:
Pre Market - CAT, AEP, RCL, NVR, ROP, AUO
After Hours - AAPL, X, STX, STM, ASH, STLD, SANM, SWFT, RCII
Tuesday:
Pre Market - F, PFE, CMCSA, AAL, DD, PHG, DHR, NUE, NEE, ITW, APD, GLW, PNR, DHI, OSK, AKS, HRS, PII, LXK, TROW, HUB.B, AOS, CHKP, CIT,
After Hours - T, AMGN, ACE, RKT, OI, EA, WRB, VMW, JLL, YHOO, FSL, TGI, BXP, ILMN,
Wednesday:
Pre Market - PSX, VLO, CAJ, MPC, BA, WLP, NVS, DOW, EMC, SO, PX, GIB, HES, BIIB, CP, ROK, JBLU, MWV, MKC, ENR, MTOR,
After Hours - FLEX, QCOM, LVS, FB, SYMC, TSCO, HBI, LRCX, FBHS, SPB, CACI, CTXS, VRTX,
Thursday:
Pre Market - XOM, ERIC, NVO, CAH, UPS, COP, EPD, MMM, OXY, NOC, RTN, TWC, LLY, MAN, WHR, AN, MO, CL, VIAB, TMO, LLL, V, CAM, XEL, SHW, DOV, BLL, BEN, TEN, WCC, CMS, HSY, PTRY, BTU, DGX, CELG, PHM, BX, KELYA, POT, HAR, ARG, IVZ, BMS, ZMH, ATK, HSH, HOG, TKR, PBI, BEAV, BC, HP, ADT, HGG, ALXN,
After Hours - MCK, AMZN, GOOG, CSC, CB, CNI, RGA, EMN, BRCM, CLS, MTW, RHI, UIS, CMG, BCR, RVBD, ALGN, CPHD,
Friday:
Pre Market - CVX, TSN, NOV, ABBV, PCAR, LEA, D, AON, TYC, MAT, WY, ALV, MA, NWL, SPG, BAH, CNX, MJN, LM
DJIA -318 doh!
Pre Market Movers
Top Gaining Stocks
Price %Change
BDSI Biodelivery Scien... 8.55 36.80%
AMZG American Eagle En... 2.31 10.00%
AXAS Abraxas Petroleum... 3.45 7.81%
OTEX Open Text Corp 97.45 7.54%
JNUG Direxion Daily Ju... 26.99 6.13%
TXMD Therapeuticsmd 6.25 6.11%
ABTL Autobytel Inc. 18.75 5.81%
BRZS Direxion Daily Br... 68.38 5.74%
JNPR Juniper Networks ... 27.50 5.73%
NUGT Direxion Daily Go... 39.60 4.54%
GAZ ipath Dow Jones U... 2.95 4.24%
NSSC Napco Security Te... 7.55 4.14%
INO Inovio Pharmaceut... 2.63 3.95%
EDZ Direxion Daily Em... 48.95 3.93%
GDXJ Market Vectors Ju... 38.48 3.72%
SA Seabridge Gold 9.07 3.54%
DFS Discover Financia... 54.00 3.05%
FTNT Fortinet Inc. 22.01 3.04%
CNDO Coronado Bioscien... 3.10 2.99%
UNG United States Nat... 23.49 2.98%
Top Losing Stocks
Price %Change
RTRX Retrophin Inc 9.00 -26.83%
PTCT Ptc Therapeutics ... 20.00 -23.72%
SC Santander Consume... 20.14 -20.08%
ATOS Atossa Genetics I... 2.57 -19.69%
NMBL Nimble Storage In... 40.43 -9.92%
IGT International Gam... 16.00 -9.35%
EGY Vaalco Energy Inc... 6.05 -9.16%
QTWW Quantum Fuel Syst... 8.00 -8.36%
TYO Direxion Daily 7-... 22.60 -7.08%
ISRG Intuitive Surgica... 410.00 -6.61%
PGNX Progenics Pharmac... 6.30 -6.39%
GFA Gafisa S/a Ads 2.69 -6.27%
NAD Nuveen Dividend A... 12.56 -6.13%
NEPT Neptune Technolog... 3.40 -5.82%
TKC Turkcell Iletisim... 11.78 -5.39%
PLUG Plug Power Inc. 2.92 -5.19%
CSUN China Sunergy Co.... 5.80 -5.07%
BBRY Blackberry Limite... 9.93 -4.98%
TNXP Tonix Pharmaceuti... 15.60 -4.88%
EDC Direxion Daily Em... 22.47 -4.59%
Read more at http://thestockmarketwatch.com/markets/pre-market/#9v1w9i8RgDpylgV8.99
Tempur Sealy (TPX) initiated with a Buy at BofA/Merrill
Frontrunning:
Emerging market sell-off raises specter of contagion (Reuters)
China Bank Regulator Said to Issue Alert on Coal Mine Loans (BBG)
Argentina to Ease FX Controls After Peso Devaluation (BBG)
Pimco's Gross problem: who can succeed the 'Bond King'? (Reuters)
Ukraine protesters seize building, put up more barricades (Reuters)
Mideast Turmoil Dominates Gathering of Business Elite (WSJ)
Central Banks Withdraw Dollar Funding (WSJ) - oh really?
Samsung warns of weak earnings growth this quarter (FT)
Three explosions rock Cairo, killing 5 (USA Today)
Vitol to Trafigura Chasing U.S. NGLs as Traders Cash In (BBG)
EBay reliance on PayPal for growth lowers chances of spinoff (Reuters)
Pentagon report faults F-35 on software, reliability (Reuters)
Overnight Media Digest
WSJ
* Carl Icahn says he's prepared for a proxy fight to win two seats on the board of eBay Inc and push the company to calve off its PayPal unit.
* Investors dumped currencies in emerging markets, underscoring growing anxiety about the ability of developing nations to prop up their economies as they face uneven growth.
* The turmoil of the Middle East descended on this Swiss Alpine town of Davos, where Iranian, Israeli and American leaders laid out often competing visions of the region's future during a conference for the world's business elite.
* Some former securities brokers who lost their licenses have found a creative way to keep selling investments to their clients: by using insurance licenses.
* Hedge fund managers are roiling the clubby art market -seeking 'distressed' artists, paying record sums and dumping those who don't pay off.
* The U.S. Food and Drug Administration took another action against India's Ranbaxy Laboratories Ltd on Thursday, prohibiting it from making or selling drug ingredients from its Toansa, India, plant for the U.S. market.
* Google Inc has been working hard to change its profile as an ally of the Democratic Party, courting Republicans and building alliances with conservatives at a time when regulators and Congress are considering issues affecting its business interests.
* Microsoft Corp, in the midst of major change, said its fiscal second-quarter profit climbed 2.8 percent, bolstered by strong demand for the company's new Xbox videogame console.
* Microsoft Corp's foray into making smartphones was dealt a setback as Nokia Corp said sales of its Lumia Windows line posted a sales decline for the fourth quarter.
* International Business Machines Corp has agreed to sell its low-end server business to Chinese computer maker Lenovo Group Ltd after talks broke down last spring. Now the companies face a new challenge: convincing U.S. security agencies to bless the transaction.
* Facing competition from rivals offering smartphones with bigger screens, Apple Inc is planning larger displays on a pair of iPhones due for release this year, people familiar with the situation said.
* General Motors Co newly appointed Chief Executive Mary Barra said she intends to accelerate the auto maker's ongoing push to expand profit margins in North America while increasing its global market share.
* Starbucks Corp reported slightly lower-than-expected revenue and same-store sales growth in its fiscal first quarter due, in part, to consumers' shift to online shopping during the holidays.
* Under a new policy being formulated, Goldman Sachs Group Inc won't allow communication over third-party instant-messaging services created by Bloomberg, Yahoo and others in a bid to protect proprietary information.
* The software behind the attack at Neiman Marcus Group lurked in the luxury retailer's payment system undetected for months, scraping data from as many as 1.1 million accounts and ending its mission before it was discovered.
* The U.S. energy boom is curtailing the country's demand for imported oil, and Mexico's Pemex is being forced to look farther afield.
* Samsung Electronics Co forecast a weak first half after releasing fourth-quarter earnings that showed growth slowed sharply.
* Target Corp's massive data breach piles another weight on Chief Executive Gregg Steinhafel, who is already under pressure to stem losses from the chain's venture into Canada and to keep local-store shoppers from defecting to online rivals.
* Online lender Western Sky Financial LLC has agreed to pay a $1.5 million fine and refund interest payments to borrowers under an agreement reached with New York Attorney General Eric Schneiderman.
* Jana Partners LLC owns a big stake in Juniper Networks Inc making it the second major shareholder activist to invest in the networking-gear company recently.
* The Obama administration is set to complete a critical phase of its Keystone XL pipeline review next month, setting the stage for President Barack Obama to make a call on the politically charged decision in the thick of the midterm campaign season.
* The National Transportation Safety Board has issued recommendations to the Department of Transportation asking for a series of actions to address the risks of transporting crude by rail.
FT
Bank of England Governor Mark Carney said in an interview to the BBC on Thursday that there was no immediate need to raise interest rates, and that decisions over its unemployment threshold were a matter for the Monetary Policy Committee.
A Goldman Sachs official said about 25 London-listed initial public offerings are expected in the second half of 2014. Alasdair Warren, Goldman Sach's head of financial sponsors coverage in Europe, said "the desire to increase exposure to equities is accelerating".
Business Secretary Vince Cable will investigate Labour party's allegations of unnecessary selling of personal accident insurance to workers by six recruitment firms, namely Blue Arrow, Staffline, Acorn, Taskmaster, Randstad and Meridian.
British department store chain House of Fraser is pushing ahead with a return to the stock market after talks about a sale to its French counterpart Galeries Lafayette ended, according to sources.
Cambridge Satchel Company, which makes leather bags and has 10 stores across the UK, raised $21 million from private equity group Index Ventures.
NYT
* In her first extended public comments since taking over General Motors Co, Mary T. Barra vowed to quicken the company's comeback from bankruptcy with improved products, better brands and consistently profitable operations around the world.
* Whistle-blower lawsuits claim Health Management Associates Inc tried to inflate its Medicare and Medicaid payments by admitting more patients.
* The theft of consumer data from luxury retailer Neiman Marcus Group LLC appears to have involved 1.1 million credit and debit cards.
* Coca-Cola and other corporations are starting to see global warming as an economically disruptive force affecting commodity costs and supply chains.
* Attorney General Eric H. Holder Jr. said that lawful marijuana businesses should have access to the American banking system and that the government would soon offer rules to help them gain it.
* Senator Edward J. Markey asked regulators to look into Herbalife Ltd, the company that has been in the cross hairs of hedge fund manager William A. Ackman.
* Sidney Gilman, the prosecution's top witness in Mathew Martoma's insider trial, said F.B.I. agents told him that the government's true target was Steven A. Cohen, SAC's billionaire founder.
* William S Simon, chief executive of Walmart for the United States, said on Thursday at the United States Conference of Mayors that the company was providing a $10 million fund to promote manufacturing in a public push to sell more American-made products.
* A year after an embarrassing trading blowup led to millions of dollars being docked from Jamie Dimon's paycheck, the chairman and chief executive of JPMorgan Chase is getting a raise.
Canada
THE GLOBE AND MAIL
* Canadian Prime Minister Stephen Harper arrived at a massive refugee camp in Jordan just a day after enjoying the comforts of a presidential palace. Harper, on the final day of his visit to Israel and Jordan, was touring the Za'atari refugee camp in Jordan, just 12 kilometres from the Syrian border.
* A horrific fire that ripped through a seniors' home in rural Quebec has left a tiny community reeling from what is feared to be the worst tragedy of its kind in decades. The blaze broke out in the bitter-cold early hours of Thursday in L'Isle-Verte, a Lower St. Lawrence village 230 kilometres downriver from Quebec City. Wind gusts spread it quickly through the 52-unit home. At least five people were killed and as many as 30 are unaccounted for.
Reports in the business section:
* Corporate Canada is beginning to feel the effects of a plunging Canadian dollar, with some businesses raising prices - or making plans to do so - to account for the higher cost of U.S. goods.
* Barrick Gold Corp warned it plans to cut gold reserves, take another impairment charge on its troubled Pascua Lama mine and produce less precious metal this year.
NATIONAL POST
* The first case of a deadly pig virus that has killed millions of baby pigs in the U.S. has been confirmed in Canada, but authorities say there is no risk to human health or food safety. However, there are fears that it could drive up the price of pork.
* When a coalition of Arab nations convinced UNESCO to abruptly quash an exhibition on Jewish history in the Middle East this month, it was Canadian diplomats who led the campaign to have the decision overturned, the Simon Wiesenthal Center revealed this week.
FINANCIAL POST
* The Canadian dollar has been a target of debate, and much angst, since it was last above parity with the U.S. currency 11 months ago. Ever since, the Bank of Canada has been under the gun to bring it even closer to Earth to help fire up the economy.
* The deputy chairman at Rogers Communications Inc , Edward Rogers, warned that opening up the telecommunications market fully to foreign ownership could leave Canada as nothing more than a "branch plant" when it comes to investment in innovation and rural coverage.
China
SHANGHAI SECURITIES NEWS
- China's retail sales are expected to grow around 13 percent this year, according to Fang Aiqing, vice-head of the commerce ministry.
- China's state assets watchdog has urged state-owned companies to step up the fight against corruption.
China Securities Journal
- U.S. luxury electric car maker Tesla plans to set up a network of power charging stations in China.
CHINA BUSINESS NEWS
- China's top five state-owned banks have all set their deposit rates to the maximum allowed by regulators to compete for deposits, according to unidentified sources.
Britain
The Telegraph
MARK CARNEY: NO NEED FOR AN IMMEDIATE RATE RISE
Bank of England Governor Mark Carney has pledged there will be no "immediate" increase in interest rates as unemployment nudges closer to the 7 percent threshold in an apparent softening of his forward guidance policy.
BANKERS IN DRIVE TO BOOST SME LOAN APPLICATIONS
If all businesses that required finance went ahead with their applications, based on the current approval rates, there would be a significant economic uplift, said the BBA.
"Businesses are more likely to get finance than they think," said BBA chief executive Anthony Browne.
The Guardian
OUTGOING LLOYDS CHAIRMAN TO HEAD UK ACCOUNTING REGULATOR
The retiring chairman of state-backed Lloyds, Sir Win Bischoff, has been named as the next head of Britain's accounting regulator, days after being drawn into controversy over the bank's handling of the proposed sale of more than 600 branches to the Co-op.
INTEREST RATE RISE WOULD UNDERMINE RECOVERY, WARNS MPC MEMBER
A leading Bank of England policymaker, Paul Fisher, a member of the central bank's monetary policy committee, warned on Thursday that a rise in interest rates risked undermining the recovery and the cost of credit should remain low until living standards begin to rise.
The Times
FALLON SET TO HAND OVER THE DEEDS TO THE LAND REGISTRY
Land Registry, which holds the titles to most of the land in England and Wales could be sold or part-privatised in the latest move by the Government to raise billions from state assets. Michael Fallon, the Business Minister, laid out the options for the Land Registry yesterday as he kick-started a consultation on the 150-year-old organisation.
TEMPERATURES SOAR AS 'CONCERNED' SSE PREDICTS PROFITS RISE
SSE has been accused of hypocrisy after claiming that bill-payers are "at the heart of the debate" about energy, while it is forecasting a near-9 per cent rise in profits. On Thursday, the company forecast pre-tax profits for the year to the end of March of more than 1.5 billion pounds, an 8.8 per cent rise on the previous year's profit of 1.4 billion pounds, and will boost the dividend by 3 per cent.
Sky News
HIGH STREET CHAIN BATHSTORE GROOMED FOR SALE
Sky News understands that Endless, the investment fund that acquired Bathstore in May 2012, has decided to explore a sale of the company, which operates more than 150 shops across the country. Rothschild, the investment bank, has been appointed to sound out interest from potential buyers.
ENERGY BOSS ATTACKS PRICE COMPARISON WEBSITES
The boss of Co-operative Energy has accused price comparison websites of misleading customers and pushing up energy bills. Group General Manager Ramsay Dunning has called on the likes of uSwitch, MoneySupermarket.com and Energy Helpline to disclose how much they charged in commission each time a business or household moves supplier.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled for today include weekly export sales of various commodities, due at 8:30 am ET.
ANALYST RESEARCH
Upgrades
Alumina (AWC) upgraded to Neutral from Underperform at BofA/Merrill
Angie's List (ANGI) upgraded to Buy from Neutral at B. Riley
BancorpSouth (BXS) upgraded to Buy from Hold at Wunderlich
Harman (HAR) upgraded to Overweight from Equal Weight at Barclays
Jacobs Engineering (JEC) upgraded to Buy from Hold at Jefferies
Juniper (JNPR) upgraded to Outperform from Market Perform at William Blair
Juniper (JNPR) upgraded to Overweight from Equal Weight at Barclays
Nokia (NOK) upgraded to Buy from Hold at Societe Generale
SVB Financial (SIVB) upgraded to Overweight from Equal Weight at Evercore
Downgrades
Arctic Cat (ACAT) downgraded to Market Perform from Outperform at Raymond James
Autoliv (ALV) downgraded to Underweight from Equal Weight at Barclays
Citigroup (C) downgraded to Neutral from Overweight at Atlantic Equities
Cleveland BioLabs (CBLI) downgraded to Hold from Buy at Cantor
Cleveland BioLabs (CBLI) downgraded to Perform from Outperform at Oppenheimer
Coach (COH) downgraded to Hold from Buy at Cantor
Fairchild Semiconductor (FCS) downgraded to Underperform from Neutral at BofA/Merrill
FireEye (FEYE) downgraded to Equal Weight from Overweight at Barclays
Mellanox (MLNX) downgraded to Underweight from Equal Weight at Barclays
TRW Automotive (TRW) downgraded to Equal Weight from Overweight at Barclays
Walter Energy (WLT) downgraded to Market Perform from Outperform at Wells Fargo
Initiations
CBS (CBS) initiated with a Buy at Topeka
ChannelAdvisor (ECOM) initiated with a Market Perform at BMO Capital
Chipotle (CMG) initiated with an Outperform at Oppenheimer
Commercial Metals (CMC) initiated with a Neutral at Credit Suisse
Corrections Corp. (CXW) initiated with a Fair Value at CRT Capital
Demandware (DWRE) initiated with a Market Perform at BMO Capital
Diana Shipping (DSX) initiated with an Equal Weight at Evercore
Discovery Communications (DISCK) initiated with a Buy at Topeka
Discovery (DISCA) initiated with a Buy at Topeka
Disney (DIS) initiated with a Hold at Topeka
Geo Group (GEO) initiated with a Buy at CRT Capital
Jive Software (JIVE) initiated with a Market Perform at BMO Capital
Navios Maritime Partners (NMM) initiated with an Equal Weight at Evercore
NetSuite (N) initiated with a Market Perform at BMO Capital
Pandora (P) initiated with an Outperform at Oppenheimer
Safe Bulkers (SB) initiated with an Overweight at Evercore
Scorpio Bulkers (SALT) initiated with an Overweight at Evercore
Tangoe (TNGO) initiated with an Outperform at BMO Capital
Tempur Sealy (TPX) initiated with a Buy at BofA/Merrill
Time Warner Cable (TWC) initiated with a Hold at Topeka
Viacom (VIAB) initiated with a Hold at Topeka
Viasystems (VIAS) initiated with a Buy at Canaccord
HOT STOCKS
Qualcomm (QCOM) acquired patent portfolio from Hewlett-Packard (HPQ)
McKesson (MCK) to acquire Celesio for EUR 23.50 per share
Microsoft (MSFT) expects Nokia (NOK) deal to close this quarter
GlaxoSmithKline (GSK) received positive CHMP opinion for diabetes drug
Juniper (JNPR) CEO says to announce new operational plan within weeks
Williams (WMB) expects to boost FY dividend by 20% in 2014, 2015
Stanley Black & Decker (SWK) committed to returning $1.5B-$2B to stakeholders over two years
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Covidien (COV), Stanley Black & Decker (SWK), Western Alliance (WAL), Celanese (CE), Compuware (CPWR), KLA-Tencor (KLAC), E-Trade (ETFC), Dolby (DLB), ShoreTel (SHOR), Leggett & Platt (LEG), Juniper (JNPR), Intuitive Surgical (ISRG), Discover (DFS), Microsoft (MSFT), Starbucks (SBUX)
Companies that missed consensus earnings expectations include:
Matthews (MATW), ResMed (RMD), Delta Apparel (DLA), Synaptics (SYNA), Digi International (DGII), International Game (IGT), TESSCO (TESS)
Companies that matched consensus earnings expectations include:
Cathay General (CATY), Applied Micro Circuits (AMCC), Open Text (OTEX), Hexcel (HXL), Covisint (COVS)
NEWSPAPERS/WEBSITES
CNN (TWX) says some social media accounts compromised, Bloomberg reports
FBI to retailers: More credit card breaches (TGT) will happen, Reuters reports
Boeing (BA): Dreamliner reliability improving but not satisfactory, Reuters reports
Boeing (BA), General Dynamics (GD) reach $400M settlement with U.S. Navy, Reuters reports
T. Rowe Price (TROW) encourages Time Warner Cable (TWC) to talk to Charter (CHTR), FT reports
Liberty Global (LBTYA), Ziggo talks continue, WSJ reports
Goldman (GS) to limit traders' use of chat services, WSJ reports
Chrysler (FIATY) plans to expand global Jeep sales, Detroit News reports
SYNDICATE
American Midstream Partners (AMID) 3.4M share Secondary priced at $26.75
Ashford Hospitality Prime (AHP) 8M share Secondary priced at $16.50
Atossa Genetics (ATOS) files to sell common stock and warrants, no amount given
Care.com (CRCM) 5.35M share IPO priced at $17.00
Derma Sciences (DSCI) files to sell common stock
E2open (EOPN) 4.661M share Secondary priced at $25.0030
Independence Realty Trust (IRT) 7M share Secondary priced at $8.30
Kips Bay Medical (KIPS) 5.25M share Secondary priced at $.70
NanoString (NSTG) 2.88M share Secondary priced at $18.50
Progenics (PGNX) files $150M mixed securities shelf
Rice Energy (RICE) 44M share IPO priced at $21.00
Tonix Pharmaceuticals (TNXP) files to sell common stock
XenoPort (XNPT) 10M share Secondary priced at $6.00
$SLV = 200% for you....very nice!
$EBAY ~ had to take it off my list....
carl in = no thank you for me.....
NUGT GLD ABX
ABX gonna go over $20
ibox updated.....books closed....
wow....brrrrrrrrrrr!!!
too cold for me.....!
Not planning on getting out today....kids to/from school and that's it!
Chinese Securities Regulator In Talks With U.S. Counterpart.
After Ruling on Auditors -- Update By Kathy Chu HONG KONG--
China criticized a decision by a U.S. judge that rekindled a longtime accounting dispute between the two countries and hammered the shares of U.S.-traded Chinese companies, even as China said it would negotiate with U.S. regulators over a solution. The decision, which temporarily suspends the China affiliates of the Big Four accounting firms from auditing U.S.-listed companies, has cast a cloud over U.S.-traded Chinese companies and Western multinationals with significant operations in China. It could also confound the plans of others considering New York listings, which have resumed after a period of investor skepticism. At a weekly press briefing on Friday, a spokesman for the China Securities Regulatory Commission said the agency "will closely watch the matter and negotiate" on it with the U.S. Securities and Exchange Commission. But spokesman Deng Ge said the regulator believes the ruling "disregards China's efforts and progress made in providing auditing documents and pushing China-U.S. cross-border law-enforcement cooperation ahead." "We feel deep regret over the penalties levied on the accounting firms by the U.S. against a backdrop of smooth cooperation between the two regulators," said Mr. Deng. He added, "the SEC should take full responsibility for the possible outcomes of the ruling." The SEC couldn't be reached for comment during the day in China. The comments were the first by Chinese officials about the decision, which came late Wednesday. The Big Four accounting firms--PricewaterhouseCoopers, Deloitte Touche Tohmatsu, KPMG and Ernst & Young--have said they would appeal the decision by a Securities and Exchange Commission administrative law judge. The decision calls for a six-month suspension of the mainland affiliates' ability to audit U.S.-traded companies, though it doesn't go into immediate effect. The ruling, if it stands, could leave more than 100 Chinese companies that trade in U.S. markets without an auditor. To sell securities in the U.S. or stay listed on U.S. exchanges, companies must have audited financial statements. The Big Four accounting firms said in a joint statement that they "can and will continue to serve all their clients without interruption." Experts say that the decision could escalate tensions between the countries, and move the once-remote threat of a U.S. delisting of New York-listed Chinese stocks a step closer. "That's the real risk everybody is worried about," says Paul Gillis, an accounting expert at Peking University's Guanghua School of Management in Beijing. "These stocks could be suspended." On Thursday, the shares of a number of U.S.-listed Chinese companies dropped sharply. Baidu Inc.'s American depositary shares fell 6.2%, while 58.com Inc.'s fell 6.7%. Qihoo 360 Technology Co.'s shares fell 3%. "We currently do not expect this to have any meaningful impact on our current standing on accounting and reporting," said Alex Xu, Qihoo's co-chief financial officer. "We're still waiting for more clarity on this. As a U.S.-listed company, we want to ensure that our shareholders' rights are protected," said Sam Sun, chief financial officer of China-based Qunar Cayman Islands Ltd. He added, "we are willing to provide the company's financial audit working papers to SEC if required." Its shares fell 8.8%. Baidu and 58.com, like many other Chinese companies, declined to comment. In October, 58.com raised $187 million in its New York Stock Exchange IPO. Experts said the decision could also impact foreign companies that use the Chinese affiliates for their business in China, though the number impacted wasn't clear. General Electric Co., which has extensive operations there, says it uses KPMG's China business for its operations there, though a spokesman said KPMG had told the company that its 2013 audits wouldn't be impacted. "We are watching the situation," he said. Analysts said the uncertainty of the case could hurt U.S.-listed Chinese companies' stock prices, as well as the pricing of companies looking to make their debut. "This could disappoint some of the companies and their bankers" working on Chinese IPOs, said Rocky Lee, a partner at the law firm Cadwalader Wickersham & Taft, which conducts due diligence on Chinese assets for foreign institutional investors. Chinese e-commerce behemoth Alibaba Group Holding Ltd.'s IPO is the most widely expected this year, although it is unclear whether the company will list in the U.S. or Hong Kong. More Chinese companies have applied for U.S. listings since 2012 following a wave of accounting scandals that eroded investors' appetites for Chinese companies. Allegations of accounting irregularities and problems with corporate governance at dozens of U.S.-listed Chinese companies prompted auditor resignations and delistings in recent years. The SEC has been seeking documents from accounting firms to investigate some of the 130-plus Chinese companies trading on U.S. markets that have encountered accounting and disclosure questions in the past few years. Many of those companies have their independent audits performed by the Chinese affiliates of the Big Four, and the SEC wants to know more about what the auditors had found about the companies. The firms' refusal to hand over the documents--saying that Chinese law considers such information state secrets--led the SEC to file an administrative proceeding against the five firms in December 2012, arguing that U.S. law compels the firms to cooperate. Grace Zhu contributed to this article. Write to Kathy Chu at kathy.chu@wsj.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires (END) Dow Jones Newswires January 24, 2014 07:24 ET (12:24 GMT) Copyright (c) 2014 Dow Jones & Company, Inc. 012414 12:24 -- GMT
no data today...
thank you...it's been interesting! and 4 day week no less..!
15 degrees here today...
suppose to be 60's tomorrow!!!!????
futures -89
good morning
After Hours Movers
Top Gaining Stocks
Price %Change
CBMX Combimatrix Corpor... 4.43 41.53%
BDSI Biodelivery Scienc... 8.40 34.40%
ACAT Arctic Cat Inc 53.80 12.51%
MANH Manhattan Associat... 36.50 8.92%
EEFT Euronet Worldwide ... 46.47 8.51%
OTEX Open Text Corp 98.00 8.14%
BZH Beazer Homes Usa I... 25.30 7.71%
BLUE bluebird bio Inc. ... 25.00 7.69%
TBBK The Bancorp Inc 18.90 7.26%
SHOR Shoretel Inc. 10.00 6.50%
SUSQ Susquehanna Bancsh... 12.96 6.25%
FCS Fairchild Semicond... 13.97 6.24%
NAV Navistar Internati... 37.27 6.03%
LBMH Liberator Med Hldg... 5.63 5.43%
CIMT Cimatron Limited 10.25 5.24%
NAT Nordic American Ta... 12.01 5.04%
TDW Tidewater Inc. 55.50 5.03%
CPA Copa Holdings S.a.... 147.33 4.54%
ZAGG Zagg Inc 4.72 4.50%
SWK Stanley Works 83.99 4.45%
Top Losing Stocks
Price %Change
ATOS Atossa Genetics In... 2.60 -18.75%
GMT Gatx Corp. 51.76 -14.32%
NTCT Netscout Systems I... 31.86 -12.68%
DGII Digi International... 10.69 -11.58%
LDRH Ldr Holding Corp 23.25 -10.40%
FWLT Foster Wheeler AG ... 27.78 -9.27%
IGT International Game... 16.10 -8.79%
PVG Pretium Resources ... 5.92 -7.79%
ETH Ethan Allen Interi... 25.52 -6.95%
INFA Informatica Corpor... 40.05 -6.64%
COVS Covisint Corp 12.00 -6.54%
RMBS Rambus Inc. 8.63 -5.66%
ISRG Intuitive Surgical... 416.77 -5.06%
QSII Quality Systems, I... 19.03 -4.63%
ARII American Railcar I... 46.99 -4.60%
DLA Delta Apparel Co. ... 17.00 -4.33%
CONN Conn\'s Inc. 67.34 -4.19%
RMD Resmed Inc. 45.00 -4.01%
CST Cst Brands Inc. 31.43 -3.91%
MUX Mcewen Mining 2.53 -3.80%
Read more at http://thestockmarketwatch.com/markets/after-hours/trading.aspx#Vb4YHlrpWktIbMPP.99