Daily Market Commentary for November 20, 2009
Bear Market
Stocks opened lower today extending the two-day bear market; investors focused their attention towards the technology sector, they showed concern when Dell, the third largest PC maker reported disappointing earnings. (Read more at Millennium-Traders.Com) http://www.millennium-traders.com/news/marketcommentarynovember2009.aspx
Economic data released today: N/A
At the NYSE closing bell on the New York Stock Exchange, here is how…
Mighty Mouth spewed about how he noticed early moanin selling and late afternoon buying. I suggested he panic out of NANO again with anudder sizeable 1 day loss and then get back in at the close. "If" he lissens to my advice and panics out of NANO I will take this blog down. Udderwise....gooooooo NANO! :-) 3J
The U.S. Food and Drug Administration (FDA) has assigned a Prescription Drug User Fee Act (PDUFA) date of May 1 of next year to the Dendreon Corp.'s (DNDN's) amended biologics license application (BLA) for Provenge, which the company is seeking to have licensed for men with metastatic castrate-resistant prostate cancer (CRPC) [http://tinyurl.com/y93q38q].
According to Dendreon, the FDA's assignment of the PDUFA date in this case means the agency's goal is to respond to the company's amended B…
JoeCole
November 20, 2009
Edited: November 20, 2009
Has the little gem lost its lustre???
Well, how many times have we heard this:
"As you all know by now, this is "My Little Gem." This stock has pulled off its $9.00 high and has started to pick up some momentum again."
Well, now it's pulled off $6, I suppose about to reclaim momentum once again???
(SKIL) - buy
SkillSoft PLC Q3 net income rose 63% as lower costs offset a decrease in revenue plus, they raised their outlook for the remainder of the year.
(ADCT) - short
ADC Telecommunications reported a loss of $19.2 mln in a shortened Q4 marked by acctg chgs; loss on cont ops worked out to 20 cents p/s for the two-month quarter that ended Sept 30.
(INTU) - short
Intuit posted a Q1 loss of $68 mln / 21 cents per share,compared to loss of $52 mln or 16 cents per share, last year  
Anyone notice the change.
The market has shown strength the last three sessions...in late afternoon trading. Although the market dropped 90 plus points on Thursday, it continued a trend to move upward in afternoon trading.
Although the market dropped 90+ on Thursday, it's still higher than it was on the close last Friday.
In previous weeks, the market had shown strength many times in early morning trading only to frizzle later in the day.
Are we seeing some bargain trading later in …
JoeJustJoe, I would expect more of a true professional. Your Sell recommendation for APA on 10/26/09 is in line with my (2) sell calls for APA during the last half of October. My view indicated that I felt APA was at an artifical high and I was looking for a 10% pull back. At $104.00 I think that my recommendation still stands.
Making comments inside your pick analysis regarding other traders is cheap and unprofessional. Blogging a comment I don't mind, but man up and don't misrepresent anot…
We have seen further divergence in the most recent rally, this time with the bullish percents failing to give a buy signal or moving even near a reversal.
http://tinyurl.com/yaxn8mc
Daily Market Commentary for November 19, 2009
FAA
Airline stocks were falling today due to current delays caused by malfunctions from the FAA system that collects flight plans. (Read more at Millennium-Traders.Com) http://www.millennium-traders.com/news/marketcommentarynovember1909.aspx
Economic data released today:
Initial Jobless Claims:
U.S. Continuing Claims for week of November 7 fell 39K to 5,611,000; U.S. Jobless Claims Revised for week of November 7 to 505K from 502K; U.S. …
(NTAP) - buy
NetApp reported Q2 earnings of $0.37 p/s, $0.07 better than consensus of $0.30 and issues in-line guidance for Q3.
(LTD) - buy
Limited Brands posted a higher than expected Q3 profit net profit of $14.85 mln or 5 cents p/s compared to $4.12 mln or 1 cent p/s a year earlier.
(DCI) - buy
Donaldson Co reported Q1 results above analysts' expectations with NE of $34.6 mln or 44 cents p/s compared to expected earnings of 34 cents p/s and raised its forecast for 2010.
(CYBX) - b…
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Analyst Blog Posts
A subsidiary of CenterPoint Energy Inc. (CNP) and NextEra US Gas Assets LLC, an affiliate of FPL Group Inc. (FPL) signed an agreement to explore the construction of a pipeline in north Louisiana. The new pipeline will transport natural gas from the Haynesville Shale area.
The expected capacity of the potential new pipeline is up to 2.0 billion cubic feet per day. The pipeline would connect Haynesville Shale natural gas production to markets in north Louisiana and CenterPoint Energy's Perryvill…
Warren Buffett, the CEO and Chairman of Berkshire Hathaway (BRK.A)/(BRK.B), announced on Thursday to borrow $8 billion of loan for the acquisition of Burlington Northern Santa Fe Corporation (BNI). Berkshire Hathaway, which already owns a 22% stake in Burlington Northern, announced earlier this month it would acquire the rest for a total value of $34 billion. Buffet agreed to pay $100 a share in cash and stock to buy the rest of the company.
The $8 billion loan that will be provided by JPMorga…
Stone Energy Corporation (SGY) reported third-quarter 2009 earnings of $1.06 per share, beating the Zacks Consensus Estimate of 66 cents and the year-earlier earnings of $1.04. The robust results were driven by increased production volumes and reduced costs.
Production during the quarter averaged 239 million cubic feet of gas equivalent per day (MMcfe/d), compared to average daily production of 209 MMcfe/d in the prior quarter and 129 MMcfe/d in the year-ago quarter. This increase was primaril…
J.M. Smucker Company (SJM) reported second quarter results with earnings of $1.22 per share, which was well above the Zacks Consensus Estimate of 99 cents. Quarterly earnings were up 21% compared to $1.01 reported in the prior-year quarter.
Net sales for the quarter grew 51.7% year-over-year, primarily due to the addition of the Folgers coffee business. Excluding Folgers, volumes increased 1%, driven by Pillsbury, Crisco oils, Jif peanut butter and Hungry Jack brands. These were partially offs…
GameStop Corporation (GME) the biggest video game retailer, reported third quarter earnings of 32 cents per share, slightly above the Zacks Consensus Estimate of 31 cents. The reported earnings were 6% lower than prior-year quarter.
Revenue for the quarter increased 8.2% to $1,834.7 million compared to $1,695.7 million reported in the year-ago quarter. The company’s top-line benefited from strong new title releases and price cuts on all current generation platforms.
While new software s…
This morning, Pozen (POZN) initiated phase III studies on PA-325/40, a fixed-dose combination of 325mg enteric coated aspirin and 40mg of immediate release omeprazole. The phase III program will consist of two pivotal trials conducted under a Special Protocol Assessment (SPA) agreed upon with the U.S. FDA, and one long-term safety study.
The two pivotal programs will enroll approximately 500 patients per study at over 100 sites around the U.S. The primary endpoint of the pivotal studies is the…
Yesterday, after market close, ADC Telecommunications Inc. (ADCT) declared financial results for the fourth quarter of fiscal 2009. Earlier, the Board of Directors of ADC had taken a decision to change its fiscal year from Oct 31 to Sep 30. As a result, fiscal year 2009 ended on Sep 30, 2009, which means the company got only two months as its fourth quarter. The fourth quarter of fiscal 2009 would, therefore, not be comparable to either the prior-year quarter or the previous quarter. For this r…
Recently, AstraZeneca plc (AZN) announced the submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for its blood clot preventer Brilinta (ticagrelor). Brilinta is an oral reversible P2Y12 adenosine diphosphate receptor antagonist for arterial thrombosis aimed to compete with the blockbuster drug Plavix which is co-developed by Bristol-Myers Squibb (BMY) and Sanofi-Aventis (SNY). On Oct 26, 2009, AstraZeneca filed for approval of the drug with the European Me…
Limited Brands Inc. (LTD) reported results for the third quarter of fiscal 2009 with earnings of 2 cents per share. Earnings were below the Zacks Consensus Estimate of 6 cents but were up 50% compared to the prior-year quarter.
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Net sales for the quarter declined 3.5% year-over-year to $1.7 billion due to a 2% decline in comparable same store sales (comps).
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According to channels, comparable same store sales of Victoria’s Secret channel contracted 4% as bra sales rose only modestly by…
China Mobile (CHL), the world’s largest wireless carrier by subscriber, has revealed its plan to commence the trial run of its 4G network during World Expo 2010 to be held in Shanghai from May 1 to Oct 31, 2010. The company’s 4G service is based on the TD-LTE (Time Division Duplex Long Term Evolution) mobile broadband technology. Roughly 200 participants and 70 million visitors are expected to assemble at the Expo.
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China Mobile has recently selected Alcatel-Lucent (ALU) for the r…
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