Late-Night Headlines
Bloomberg:
- Intrepid Potash Inc., the largest US producer of the potassium compound used in fertilizer, priced an IPO of 30 million shares at $32 apiece.
- Texas Instruments(TXN) forecast second-quarter profit that missed analysts’ estimates as demand for mobile-phone chips slows, sending the shares .60/share lower to $30 in after-hours trading.
- Google Inc. ranked as the world’s most powerful brand for the second straight year, as the company capitalized on its name to sell advertising globally, according to a study by a consulting firm.
- President Bush and the leaders of Canada and Mexico tried to make the case for further trade and immigration at a meeting today amid a political backlash in the US against both.
- China’s stocks dropped, driving the Shanghai Composite Index to 50% below its October record.
Wall Street Journal:
- India Prepares for Slowdown In Economic Growth.
- Believe it or not, some savvy Wall Street deal makers see the beleaguered US banking industry as a glass half-full. Cleveland-based National City’s(NCC) announcement Monday that it is getting $7 billion in capital to shore up its balance sheet is the latest sign that private-equity firms think there is big money to be made by investing in banks pummeled by bad loans and the economy.
MarketWatch.com:
- A production slowdown at the nation’s refineries, now operating at levels last seen in the aftermath of Hurricane Katrina in 2005, couldn’t come at a more troublesome time for consumers watching pump prices flirt with $4 a gallon. “If this operating level persists, the industry will likely see another round of intense legislative scrutiny,” said John Kilduff, an analyst at futures brokerage MF Global. US refineries operated at 81.4% of their operable capacity in the week ending April 11. Spring is typically when refiners idle parts of their plants to undertake maintenance. But they don’t always cut back so drastically.
- Home prices aren’t tanking everywhere. In some housing markets, homes aren’t only retaining value – they’re gaining.
- Wall of skepticism. Market-timers’ caution a bullish sign to contrarians.
NY Times:
- Western banks have stocked up on assets in fast-growing Asian economies, but the current credit crisis has some analysts suggesting they should now be selling them.
- Many of the wealthiest hedge funds managers are lining up behind the Obama campgain.
CNNMoney.com:
- 2008: Fortune 500 List: Wal-mart’s #1.
- General Motors(GM) says the eight-week strike at American Axle and Manufacturing Holdings has forced it to cut production at two more factories. The strike at American Axle has affected production at 30 GM factories in the USA, Canada and Mexico. Several GM plants in Ohio have been among those affected.
- Drivers cut back as gas prices hit all-time high. Gasoline sales have fallen 2% to 11% a month since December in a study by 13 owners of stations scattered across the USA that are not direct competitors. Average prices for full-size SUVs in March tumbled 15.4% from a year earlier at wholesale auctions where dealers buy and sell vehicles, and large pickups were down 12.6%, after adjustments for miles and other factors, according to Thomas Webb, chief economist for Manheim Consulting, a unit of the company that operates many big auctions.
Reuters:
- The board of Calpers, the biggest US pension fund, approved plans on Monday to put more emphasis on how diverse corporations’ boards are and what environmental risks companies pose when it assesses corporate management and governance. Additionally, the board of Calpers endorsed a bill before California lawmakers that would specifically create, for publicly held companies that do business with the state, a standard on disclosing information about climate change-related activities. Environmental policies the board approved would allow Calpers to influence how financial analyst, portfolio managers and companies evaluate climate risks and to encourage consistency in how companies disclose those risks.
Financial Times:
- Mattel(MAT), the biggest US toymaker, is hoping 11m online Barbie fans can help it offset a decline in the sales of real dolls. The group will be the first leading toy company to charge for access to a site that promotes its own toys, introducing subscription-based elements to its rapidly growing BarbieGirls.com “virtual world” website.
- Warburg Pincus, the US-based private equity group, will on Tuesday announce it has raised $15bn for its new global fun, shrugging off the credit squeeze that has made life harder for many of its buy-out rivals.
- Europe’s economy is resilient but not immune to global economic threats, the IMF warned on Monday as it defended its gloomy view on the continent’s outlook.
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Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (ALB), target $49.
Piper Jaffray:
- Rated (CRM) Buy, target $81.
- Rated (INFA) Buy, target $19.
- Rated (RHT) Buy, target $26.
Night Trading
Asian Indices are -1.50% to -.25% on average.
S&P 500 futures -.46%.
NASDAQ 100 futures -.55%.
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Company/EPS Estimate
- (PNR)/.48
- (EAT)/.32
- (LXK)/.89
- (UNH)/.80
- (BJS)/.55
- (JBLU)/-.07
- (CSL)/.55
- (OMC)/.62
- (KMB)/1.07
- (UAUA)/-3.41
- (JEC)/.78
- (CME)/4.81
- (STI)/1.03
- (BTU)/1.6
- (SII)/.87
- (CPO)/.71
- (WAT)/.64
- (MCD)/.70
- (SHW)/.60
- (BHI)/1.20
- (PH)/1.34
- (LMT)/1.63
- (COH)/.45
- (DD)/1.28
- (WYE)/.89
- (WU)/.28
- (T)/.74
- (AKS)/.83
- (AVY)/.81
- (RHI)/.46
- (IVGN)/1.13
- (YUM)/.40
- (CERN)/.44
- (XL)/2.24
- (NSC)/.77
- (CREE)/.14
- (YHOO)/.09
- (VMW)/.22
- (RJF)/.41
- (ILMN)/.24
- (CEC)/1.12
- (BRCM)/.28
- (VFC)/1.28
- (AAI)/-.31
Upcoming Splits
- (RBA) 3-for-1
Economic Releases
10:00 am EST
- Existing Home Sales for March are estimated to fall to 4.92M versus 5.03M in February.
Other Potential Market Movers
- The House Price Index, Richmond Fed Manufacturing Index, weekly retail sales reports, (URS) analyst day, JPMorgan China Conference, Dow Jones Newswires Wireless Innovations Conference and UBS Retail Softlines/Hardlines Conference could also impact trading today.
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