BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Telecom longs, Retail longs, Biotech longs, Computer longs and Commodity shorts. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is positive as the advance/decline line is higher, almost every sector is higher and volume is heavy. Reuters is reporting that Advanced Micro Devices' (AMD) CEO is saying that the market is underestimating the positive impact from Microsoft's (MSFT) Vista and that the new operating system will drive "a lot of technology upgrades." Moreover, Bill Gates is saying that "reception for Vista has been incredibly good." This morning, CSFB said buyout funds have the potential to purchase companies with a market value of $2 trillion this year. As well, according to a recent survey by Private Equity Intelligence, private equity funds may raise $500 billion this year, a 16% increase over last year's record amount. This potential demand for equities comes at a time when the total value of U.S. shares contracted last year by the most in 22 years. Let's also not forget that the percentage of U.S. mutual fund assets in domestic stocks is the lowest since at least 1984, when record-keeping began. This is another huge potential source of demand for U.S. equities. I continue to believe a low supply of U.S. stock and increasing demand will make for a lethally bullish combination this year. I expect US stocks to trade modestly higher into the close from current levels on declining energy prices, bargain hunting and short-covering.
Tuesday, February 20, 2007
Stocks Higher into Final Hour, Led by Small-Caps, as Energy Prices Fall
Today's Headlines
Bloomberg:
- The US Supreme Court tightened the constitutional limits on punitive damages, setting aside a $79.5 million award in a smoker case against Altria Group’s(MO) Phillip Morris USA unit.
- Crude oil is falling $1.60/bbl. to $57.79/bbl. on forecasts for milder weather and comments from Russia that oil would decline in price this year and next.
- Wal-Mart Stores(WMT) said fourth-quarter profit rose 9.8%, exceeding analysts’ estimates after discounts on toys and electronics attracted holiday shoppers.
- Shire Plc, the UK maker of attention-deficit drug Adderall XR, agreed to buy New River Pharmaceuticals(NRPH) for $2.6 billion to gain full control of Vyvanse, a potential successor.
- Buyout funds have the potential to acquire more than $2 trillion worth of stocks this year, according to strategists at Credit Suisse Group.
- Hewlett-Packard(HPQ) trounced Dell Inc.(DELL) in the personal-computer market last quarter, widening its lead and boosting sales and earnings.
- The yen dropped for a third day against the dollar and euro as the Bank of Japan began a two-day monetary policy meeting under pressure from politicians to keep borrowing costs low.
- General Motors Corp.(GM) stands a 50% chance of buying DaimlerChrysler’s(DCX) Chrysler unit and may seek the purchase as a “defensive maneuver,” Merrill Lynch analyst John Murphy said.
- Frontier Oil Corp.(FTO) announced today the acquisition of Ethanol Management Company. EMC’s primary assets are a 25,000 barrel-per-day products terminal and blending facility.
- Gold is falling the most in two weeks, $12/oz., in NY as a rising dollar, falling oil and lower inflation readings make the precious metal a less attractive investment.
- Copper is falling 2.2% on another 1.3% increase in Comex copper inventories.
- Russia, the world’s fourth-largest steel producer, will impose three-year duties on stainless-steel sheet imports from the European Union that are likely to help domestic producers win market share from competitors.
Wall Street Journal:
- The Container Store, a closely held retailer specializing in storage-and-organization items, has hired JP Morgan Chase(JPM) and Cravath, Swaine & Moore LLP to find a buyer.
- US women took more than half the new jobs in the first half of this decade and also managed to find better-paying positions, citing Bureau of Labor Statistics for 2000-2005.
- Callaway Golf(ELY) has tripled the marketing budget for its Top-Flite golf balls to boost sales of the redesigned ball.
- Kraft Foods will sell more complete meals with its products as ingredients as part of a new strategy as it gets ready to spin off from Altria Group(MO).
NY Times:
- JetBlue Airways(JBLU) will begin reimbursing customers who last week were stranded as a result of the airline’s missteps when a winter storm swept the US East Coast.
Globe and Mail:
- Canada’s governing Conservative Party moved into the lead in voter popularity largely because of the leadership of Prime Minister Stephen Harper, according to a new poll.
Daily Telegraph:
- Mohamed ElBaradei, the head of the Intl. Atomic Energy Agency(IAEA), said countries possessing nuclear weapons can’t without hypocrisy tell others, such as Iran, that they may not do so.
Interfax:
- Russia expects weapons exports to increase to $7.5 billion this year, led by India and China, citing First Deputy Prime Minister Sergei Ivanov.
Asharq al-Awsat:
- Saudi Arabia’s Tadawul, the Arab world’s biggest stock market that is down 60% from its high last year, is among the region’s “weakest” in terms of attracting new listings, citing a bourse official.
- The US Supreme Court tightened the constitutional limits on punitive damages, setting aside a $79.5 million award in a smoker case against Altria Group’s(MO) Phillip Morris USA unit.
- Crude oil is falling $1.60/bbl. to $57.79/bbl. on forecasts for milder weather and comments from Russia that oil would decline in price this year and next.
- Wal-Mart Stores(WMT) said fourth-quarter profit rose 9.8%, exceeding analysts’ estimates after discounts on toys and electronics attracted holiday shoppers.
- Shire Plc, the UK maker of attention-deficit drug Adderall XR, agreed to buy New River Pharmaceuticals(NRPH) for $2.6 billion to gain full control of Vyvanse, a potential successor.
- Buyout funds have the potential to acquire more than $2 trillion worth of stocks this year, according to strategists at Credit Suisse Group.
- Hewlett-Packard(HPQ) trounced Dell Inc.(DELL) in the personal-computer market last quarter, widening its lead and boosting sales and earnings.
- The yen dropped for a third day against the dollar and euro as the Bank of Japan began a two-day monetary policy meeting under pressure from politicians to keep borrowing costs low.
- General Motors Corp.(GM) stands a 50% chance of buying DaimlerChrysler’s(DCX) Chrysler unit and may seek the purchase as a “defensive maneuver,” Merrill Lynch analyst John Murphy said.
- Frontier Oil Corp.(FTO) announced today the acquisition of Ethanol Management Company. EMC’s primary assets are a 25,000 barrel-per-day products terminal and blending facility.
- Gold is falling the most in two weeks, $12/oz., in NY as a rising dollar, falling oil and lower inflation readings make the precious metal a less attractive investment.
- Copper is falling 2.2% on another 1.3% increase in Comex copper inventories.
- Russia, the world’s fourth-largest steel producer, will impose three-year duties on stainless-steel sheet imports from the European Union that are likely to help domestic producers win market share from competitors.
Wall Street Journal:
- The Container Store, a closely held retailer specializing in storage-and-organization items, has hired JP Morgan Chase(JPM) and Cravath, Swaine & Moore LLP to find a buyer.
- US women took more than half the new jobs in the first half of this decade and also managed to find better-paying positions, citing Bureau of Labor Statistics for 2000-2005.
- Callaway Golf(ELY) has tripled the marketing budget for its Top-Flite golf balls to boost sales of the redesigned ball.
- Kraft Foods will sell more complete meals with its products as ingredients as part of a new strategy as it gets ready to spin off from Altria Group(MO).
NY Times:
- JetBlue Airways(JBLU) will begin reimbursing customers who last week were stranded as a result of the airline’s missteps when a winter storm swept the US East Coast.
Globe and Mail:
- Canada’s governing Conservative Party moved into the lead in voter popularity largely because of the leadership of Prime Minister Stephen Harper, according to a new poll.
Daily Telegraph:
- Mohamed ElBaradei, the head of the Intl. Atomic Energy Agency(IAEA), said countries possessing nuclear weapons can’t without hypocrisy tell others, such as Iran, that they may not do so.
Interfax:
- Russia expects weapons exports to increase to $7.5 billion this year, led by India and China, citing First Deputy Prime Minister Sergei Ivanov.
Asharq al-Awsat:
- Saudi Arabia’s Tadawul, the Arab world’s biggest stock market that is down 60% from its high last year, is among the region’s “weakest” in terms of attracting new listings, citing a bourse official.
Monday, February 19, 2007
Tuesday Watch
Weekend Headlines
Bloomberg:
- Options traders at Denmark’s Saxo Bank A/S are betting that the Bank of Japan will keep interest rates unchanged at a meeting this week and that the US dollar will rally against the yen.
- Crude oil fell .75/bbl. as speculators trimmed bets on forecasts for milder weather and rising inventories.
- The House adopted $1.3 billion in tax cuts for small businesses that will be combined with legislation increasing the minimum wage.
- Blackstone Group LP(BLK), the private equity firm that bought Equity Office Properties(EOP) in the biggest leveraged buyout ever, agreed to sell 23 Southern California buildings it acquired in the purchase to Maguire Properties for about $3 billion.
- Secretary of State Condoleezza Rice said the new Palestinian government being formed must recognize Israel’s right to exist for negotiations on Palestinian statehood to succeed.
- Three senators proposed legislation that would target what they say is $100 billion a year in tax revenue lost each year because of overseas tax havens, in part by forcing hedge funds to track their foreign investors.
- The smallest emerging stock markets are elbowing aside Brazil, Russia, India and China to become the world’s best performers. An index of 22 so-called frontier countries rose 12% in January, the fastest-ever start to a year. Five of them, including Vietnam, Ukraine and Croatia, are among this year’s top 10 markets.
- India said two bomb blasts on a cross-border train to Pakistan killed as many as 64 people, possibly including visitors from the neighboring nation.
- Russia, the world’s largest oil producer after Saudi Arabia, cut its forecast for crude prices this year and next, Deputy Finance Minister Tatiana Golikova told parliament today. The ministry cut its forecast for 2007 to $55/bbl. from $61/bbl. and its 2008 estimate to $53/bbl. from $56, RIA Novosti and Interfax cited Golikova as saying.
- UK property prices accelerated for a second month in February as a shortage of homes for sale mitigated the impact of higher interest rates, a survey showed.
- Iran’s first nuclear reactor won’t start as expected this year because of supply and financing delays and it may be postponed indefinitely, the Russian agency building the power plant said.
- Russia cut its forecast for economic growth this year after lowering its estimate for oil prices.
- A wrinkle treatment derived from a natural substance in skin and other connective tissues may do more than just fill the spaces of crow’s feet or smile lines, according to researchers. A study using Medicis Pharmaceutical’s(MRX) Restylane found that injecting the substance, called hyaluronic acid, stimulated production of collagen.
- Vulcan Materials(VMC), the biggest US producer of highway construction materials, will acquire Florida Rock Industries(FRK) for $4.6 billion in cash and stock to expand in the US Southeast and Mid-Atlantic.
- Farmland from Iowa to Argentina is rising faster in price than apartments in Manhattan and London for the first time in 30 years.
- Sirius Satellite Radio(SIRI) agreed to buy larger rival XM Satellite Radio Holdings(XMSR) for $4.57 billion in stock to combine the only pay radio companies and stem billions of dollars in losses.
Wall Street Journal:
- For years, the big criticism of alternative energy was cost. It was too expensive compared with energy based on traditional fuels like coal and natural gas. Now the equation is showing significant signs of change.
- Apple Inc.(AAPL) retained control of the development and marketing of the iPhone that will be sold by AT&T’s(T) wireless unit in the US, a coup in the mobile phone industry. AT&T agreed to leave its brand off the body of the phone, allow Apply to install its own software and share the monthly subscription fees, citing people familiar with the agreement.
San Francisco Chronicle:
- Technology companies including Yahoo!(YHOO) and Microsoft(MSFT) have led an influx of office workers back to San Francisco, citing commercial real-estate agents and recent lease agreements. Demand for office space by startups and big computer and microchip firms helped slash the vacancy rate for the city’s top-rated office space by half to 8.5% from three years ago.
NY Times:
- At least 31 US states are considering legislation requiring vaccination or funding for vaccination against the human papilloma virus, which causes cervical cancer.
- New York Senator Hillary Rodham Clinton rejected appeals from advisers, friends and political donors to renounce her 2002 vote authorizing military action in Iraq.
- Iraq substantially increased its estimates of the amount of oil and natural gas in deposits on Sunni lands after paying oil companies to evaluate old seismic data across the country. An evaluation of one series of wells running from Taji, north of Baghdad, to the southeast of the capital nearly doubled the estimate of recoverable reserves.
- Thirty to 40% of illegal DVDs sold in the US were made with camcorders smuggled into Canadian cinemas, citing the Motion Picture Assoc. of America.
- NY Governor Eliot Spitzer agreed to allow an Indian tribe to build a $600 million casino in the Catskills.
Anchorage Daily News:
- BP Exploration (Alaska) Inc., a unit of BP Plc(BP), will seek approval this year to develop Liberty, an oil field off the Alaska coast that will cost $1 billion.
Detroit News:
- JPMorgan Chase(JPM) has assigned one of its mergers-and-acquisition specialists to lead efforts to sell DaimlerChrysler AG’s Chrysler unit.
Financial Times:
- EBay Inc.(EBAY) is opposing moves by the US to make it hand over the names of customers who don’t pay taxes earned on auction sites.
Sunday Times:
- South Korea’s Hyundai Motor Co. may be interested in taking over DaimlerChrysler AG’s Chrysler unit in order to get access to the company’s dealer network.
London-based Times:
- Virgin Media’s Mobile USA unit is planning an IPO on the NYSE or Nasdaq in the third quarter of 2007 which may value the company at $2 billion.
Financial Mail:
- Vodafone Group Plc(VOD) is set to put Google’s(GOOG) search engine on the front page of its Internet-enabled mobile phones within weeks.
Daily Telegraph:
- Scottish officials approved the construction of a $975 million wind farm on the Isle of Lewis, which will be Europe’s biggest.
Daily Mirror:
- Prince Harry, third in line to the British crown, will be deployed to southern Iraq with his army regiment “within days.”
Welt am Sonntag:
- Nokia(NOK) expects mobile-phone prices to decline this year as the market grows as much as 10%.
Frankfurter Allgemeine Sonntagszeitung:
- DaimlerChrysler AG(DCX) and General Motors(GM) are discussing cooperating on a few projects such as sport-utility vehicles and small cars.
Scottsman:
- Watching too much television may be to blame for the development among young children of an array of potential illnesses such as cancer, autism and Alzheimer’s, citing psychologist Aric Sigman.
Shanghai Daily:
- McDonald’s Corp.(MCD) plans to increase the number of restaurants it has in China to 1,000 by 2008, from about 780 now.
Khaleej Times:
- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates will launch a single currency by the scheduled date in 2010.
Islamic Republic News Agency:
- Iranian Oil Minister Kazem Vaziri-Hamaneh said OPEC probably won’t cut output further at its meeting next month if prices continue rising…
Al-Hayat:
- Gulf states are investing $22 billion in aluminum production to meet rising demand.
Weekend Recommendations
Barron's:
- Made positive comments on (WEBX), (BF/B), (ERTS) and (TKR).
Night Trading
Asian indices are -.25% to unch. on average.
S&P 500 indicated +.02%.
NASDAQ 100 indicated +.08%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Conference Calendar
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/Estimate
- (AT)/.58
- (AMT)/.04
- (BYD)/.39
- (CBRL)/.69
- (CROX)/.43
- (FOSL)/.44
- (GPC)/.69
- (HVT)/.11
- (HPQ)/.63
- (HD)/.51
- (IN)/.13
- (MDT)/.58
- (PSA)/.57
- (TTC)/.35
- (WMT)/.90
Upcoming Splits
- (ACLI) 2-for-1
- (SIGI) 2-for-1
- (ZOLL) 2-for-1
- (CMCSA) 3-for-2
Economic Releases
- None of note
Bloomberg:
- Options traders at Denmark’s Saxo Bank A/S are betting that the Bank of Japan will keep interest rates unchanged at a meeting this week and that the US dollar will rally against the yen.
- Crude oil fell .75/bbl. as speculators trimmed bets on forecasts for milder weather and rising inventories.
- The House adopted $1.3 billion in tax cuts for small businesses that will be combined with legislation increasing the minimum wage.
- Blackstone Group LP(BLK), the private equity firm that bought Equity Office Properties(EOP) in the biggest leveraged buyout ever, agreed to sell 23 Southern California buildings it acquired in the purchase to Maguire Properties for about $3 billion.
- Secretary of State Condoleezza Rice said the new Palestinian government being formed must recognize Israel’s right to exist for negotiations on Palestinian statehood to succeed.
- Three senators proposed legislation that would target what they say is $100 billion a year in tax revenue lost each year because of overseas tax havens, in part by forcing hedge funds to track their foreign investors.
- The smallest emerging stock markets are elbowing aside Brazil, Russia, India and China to become the world’s best performers. An index of 22 so-called frontier countries rose 12% in January, the fastest-ever start to a year. Five of them, including Vietnam, Ukraine and Croatia, are among this year’s top 10 markets.
- India said two bomb blasts on a cross-border train to Pakistan killed as many as 64 people, possibly including visitors from the neighboring nation.
- Russia, the world’s largest oil producer after Saudi Arabia, cut its forecast for crude prices this year and next, Deputy Finance Minister Tatiana Golikova told parliament today. The ministry cut its forecast for 2007 to $55/bbl. from $61/bbl. and its 2008 estimate to $53/bbl. from $56, RIA Novosti and Interfax cited Golikova as saying.
- UK property prices accelerated for a second month in February as a shortage of homes for sale mitigated the impact of higher interest rates, a survey showed.
- Iran’s first nuclear reactor won’t start as expected this year because of supply and financing delays and it may be postponed indefinitely, the Russian agency building the power plant said.
- Russia cut its forecast for economic growth this year after lowering its estimate for oil prices.
- A wrinkle treatment derived from a natural substance in skin and other connective tissues may do more than just fill the spaces of crow’s feet or smile lines, according to researchers. A study using Medicis Pharmaceutical’s(MRX) Restylane found that injecting the substance, called hyaluronic acid, stimulated production of collagen.
- Vulcan Materials(VMC), the biggest US producer of highway construction materials, will acquire Florida Rock Industries(FRK) for $4.6 billion in cash and stock to expand in the US Southeast and Mid-Atlantic.
- Farmland from Iowa to Argentina is rising faster in price than apartments in Manhattan and London for the first time in 30 years.
- Sirius Satellite Radio(SIRI) agreed to buy larger rival XM Satellite Radio Holdings(XMSR) for $4.57 billion in stock to combine the only pay radio companies and stem billions of dollars in losses.
Wall Street Journal:
- For years, the big criticism of alternative energy was cost. It was too expensive compared with energy based on traditional fuels like coal and natural gas. Now the equation is showing significant signs of change.
- Apple Inc.(AAPL) retained control of the development and marketing of the iPhone that will be sold by AT&T’s(T) wireless unit in the US, a coup in the mobile phone industry. AT&T agreed to leave its brand off the body of the phone, allow Apply to install its own software and share the monthly subscription fees, citing people familiar with the agreement.
San Francisco Chronicle:
- Technology companies including Yahoo!(YHOO) and Microsoft(MSFT) have led an influx of office workers back to San Francisco, citing commercial real-estate agents and recent lease agreements. Demand for office space by startups and big computer and microchip firms helped slash the vacancy rate for the city’s top-rated office space by half to 8.5% from three years ago.
NY Times:
- At least 31 US states are considering legislation requiring vaccination or funding for vaccination against the human papilloma virus, which causes cervical cancer.
- New York Senator Hillary Rodham Clinton rejected appeals from advisers, friends and political donors to renounce her 2002 vote authorizing military action in Iraq.
- Iraq substantially increased its estimates of the amount of oil and natural gas in deposits on Sunni lands after paying oil companies to evaluate old seismic data across the country. An evaluation of one series of wells running from Taji, north of Baghdad, to the southeast of the capital nearly doubled the estimate of recoverable reserves.
- Thirty to 40% of illegal DVDs sold in the US were made with camcorders smuggled into Canadian cinemas, citing the Motion Picture Assoc. of America.
- NY Governor Eliot Spitzer agreed to allow an Indian tribe to build a $600 million casino in the Catskills.
Anchorage Daily News:
- BP Exploration (Alaska) Inc., a unit of BP Plc(BP), will seek approval this year to develop Liberty, an oil field off the Alaska coast that will cost $1 billion.
Detroit News:
- JPMorgan Chase(JPM) has assigned one of its mergers-and-acquisition specialists to lead efforts to sell DaimlerChrysler AG’s Chrysler unit.
Financial Times:
- EBay Inc.(EBAY) is opposing moves by the US to make it hand over the names of customers who don’t pay taxes earned on auction sites.
Sunday Times:
- South Korea’s Hyundai Motor Co. may be interested in taking over DaimlerChrysler AG’s Chrysler unit in order to get access to the company’s dealer network.
London-based Times:
- Virgin Media’s Mobile USA unit is planning an IPO on the NYSE or Nasdaq in the third quarter of 2007 which may value the company at $2 billion.
Financial Mail:
- Vodafone Group Plc(VOD) is set to put Google’s(GOOG) search engine on the front page of its Internet-enabled mobile phones within weeks.
Daily Telegraph:
- Scottish officials approved the construction of a $975 million wind farm on the Isle of Lewis, which will be Europe’s biggest.
Daily Mirror:
- Prince Harry, third in line to the British crown, will be deployed to southern Iraq with his army regiment “within days.”
Welt am Sonntag:
- Nokia(NOK) expects mobile-phone prices to decline this year as the market grows as much as 10%.
Frankfurter Allgemeine Sonntagszeitung:
- DaimlerChrysler AG(DCX) and General Motors(GM) are discussing cooperating on a few projects such as sport-utility vehicles and small cars.
Scottsman:
- Watching too much television may be to blame for the development among young children of an array of potential illnesses such as cancer, autism and Alzheimer’s, citing psychologist Aric Sigman.
Shanghai Daily:
- McDonald’s Corp.(MCD) plans to increase the number of restaurants it has in China to 1,000 by 2008, from about 780 now.
Khaleej Times:
- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates will launch a single currency by the scheduled date in 2010.
Islamic Republic News Agency:
- Iranian Oil Minister Kazem Vaziri-Hamaneh said OPEC probably won’t cut output further at its meeting next month if prices continue rising…
Al-Hayat:
- Gulf states are investing $22 billion in aluminum production to meet rising demand.
Weekend Recommendations
Barron's:
- Made positive comments on (WEBX), (BF/B), (ERTS) and (TKR).
Night Trading
Asian indices are -.25% to unch. on average.
S&P 500 indicated +.02%.
NASDAQ 100 indicated +.08%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Conference Calendar
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/Estimate
- (AT)/.58
- (AMT)/.04
- (BYD)/.39
- (CBRL)/.69
- (CROX)/.43
- (FOSL)/.44
- (GPC)/.69
- (HVT)/.11
- (HPQ)/.63
- (HD)/.51
- (IN)/.13
- (MDT)/.58
- (PSA)/.57
- (TTC)/.35
- (WMT)/.90
Upcoming Splits
- (ACLI) 2-for-1
- (SIGI) 2-for-1
- (ZOLL) 2-for-1
- (CMCSA) 3-for-2
Economic Releases
- None of note
BOTTOM LINE: Asian Indices are slightly lower, weighed down by financial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the week.
Sunday, February 18, 2007
Weekly Outlook
Click here for The Week Ahead by Reuters
Click here for Stocks in Focus for Tuesday by MarketWatch
There are a few economic reports of note and several significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - US Markets Closed
Tues. - None of note
Wed. - MBA Mortgage Applications, Consumer Price Index, Leading Indicators, Minutes of Jan. 31 FOMC Meeting
Thur. - Initial Jobless Claims, Help Wanted Index
Fri. - None of note
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - US Markets Closed
Tues. - Alltel Corp.(AT), American Tower(AMT), Boyd Gaming(BYD), CBRL Group(CBRL), CROCS Inc.(CROX), Hewlett-Packard(HPQ), Home Depot(HD), Intermec(IN), Medtronic(MDT), Public Storage(PSA), Toro Co(TTC), Wal-Mart Stores(WMT)
Wed. - Aaron Rents(RNT), Abercrombie & Fitch(ANF), American Power Conversion(APCC), Analog Devices(ADI), Brocade Communications(BRCD), General Maritime(GMR), Georgia Gulf(GGC), Glenborough Realty(GLB), Glimcher Realty(GRT), Jack in the Box(JBX), Medco Health(MHS), OSI Pharma(OSIP), Ruth’s Chris(RUTH), Salesforce.com(CRM), Snopsys Inc.(SNPS), Teekay Shipping(TK), Triad Hospitals(TRI), Valueclick(VCLK), Zale Corp.(ZLC)
Thur. - BEA Systems(BEAS), Chesapeake Energy(CHK), Chiquita Brands(CQB), ENSCO Intl.(ESV), Federal Signal(FSS), GlobalSantaFe Corp.(GSF), H&R Block(HRB), Inuit Inc.(INTU), JC Penney(JCP), Lamar Advertising(LAMR), Morningstar(MORN), Newmont Mining(NEM), OfficeMax(OMX), Patterson-UTI(PTEN), PG&E Corp.(PCG), Toll Brothers(TOL), Williams Cos(WMB)
Fri. - Caremark Rx(CMX), Checkpoint Systems(CKP), Clear Channel(CCU), Dillard’s Inc.(DDS), Domino’s Pizza(DPZ), Lowe’s(LOW), Wynn Resorts(WYNN), Lucent Technologies(LU)
Other events that have market-moving potential this week include:
Mon. - US Markets Closed
Tue. - Morgan Stanley Basic Materials Conference, the Fed’s Bies speaking
Wed. - Piper Jaffray Solar & CleanTech Symposium, Bank of America Tech Conference, RBC Capital Communications/Media/Tech Conference, Morgan Stanley Basic Materials Conference, the Fed’s Kohn speaking, the Fed’s Yellen speaking, weekly retail sales
Thur. - Pacific Crest Digital Media & Entertainment Forum, Bank of America Tech Conference, Morgan Stanley Basic Materials Conference, RBC Capital Communications/Media/Tech Conference, the Fed’s Yellen speaking, EIA Energy Inventory report
Fri. - RBC Capital Communications/Media/Tech Conference
Click here for Stocks in Focus for Tuesday by MarketWatch
There are a few economic reports of note and several significant corporate earnings reports scheduled for release this week.
Economic reports for the week include:
Mon. - US Markets Closed
Tues. - None of note
Wed. - MBA Mortgage Applications, Consumer Price Index, Leading Indicators, Minutes of Jan. 31 FOMC Meeting
Thur. - Initial Jobless Claims, Help Wanted Index
Fri. - None of note
Some of the more noteworthy companies that release quarterly earnings this week are:
Mon. - US Markets Closed
Tues. - Alltel Corp.(AT), American Tower(AMT), Boyd Gaming(BYD), CBRL Group(CBRL), CROCS Inc.(CROX), Hewlett-Packard(HPQ), Home Depot(HD), Intermec(IN), Medtronic(MDT), Public Storage(PSA), Toro Co(TTC), Wal-Mart Stores(WMT)
Wed. - Aaron Rents(RNT), Abercrombie & Fitch(ANF), American Power Conversion(APCC), Analog Devices(ADI), Brocade Communications(BRCD), General Maritime(GMR), Georgia Gulf(GGC), Glenborough Realty(GLB), Glimcher Realty(GRT), Jack in the Box(JBX), Medco Health(MHS), OSI Pharma(OSIP), Ruth’s Chris(RUTH), Salesforce.com(CRM), Snopsys Inc.(SNPS), Teekay Shipping(TK), Triad Hospitals(TRI), Valueclick(VCLK), Zale Corp.(ZLC)
Thur. - BEA Systems(BEAS), Chesapeake Energy(CHK), Chiquita Brands(CQB), ENSCO Intl.(ESV), Federal Signal(FSS), GlobalSantaFe Corp.(GSF), H&R Block(HRB), Inuit Inc.(INTU), JC Penney(JCP), Lamar Advertising(LAMR), Morningstar(MORN), Newmont Mining(NEM), OfficeMax(OMX), Patterson-UTI(PTEN), PG&E Corp.(PCG), Toll Brothers(TOL), Williams Cos(WMB)
Fri. - Caremark Rx(CMX), Checkpoint Systems(CKP), Clear Channel(CCU), Dillard’s Inc.(DDS), Domino’s Pizza(DPZ), Lowe’s(LOW), Wynn Resorts(WYNN), Lucent Technologies(LU)
Other events that have market-moving potential this week include:
Mon. - US Markets Closed
Tue. - Morgan Stanley Basic Materials Conference, the Fed’s Bies speaking
Wed. - Piper Jaffray Solar & CleanTech Symposium, Bank of America Tech Conference, RBC Capital Communications/Media/Tech Conference, Morgan Stanley Basic Materials Conference, the Fed’s Kohn speaking, the Fed’s Yellen speaking, weekly retail sales
Thur. - Pacific Crest Digital Media & Entertainment Forum, Bank of America Tech Conference, Morgan Stanley Basic Materials Conference, RBC Capital Communications/Media/Tech Conference, the Fed’s Yellen speaking, EIA Energy Inventory report
Fri. - RBC Capital Communications/Media/Tech Conference
BOTTOM LINE: I expect US stocks to finish the week modestly higher on mostly positive economic data, mostly positive earnings reports, buyout speculation, lower energy prices, short-covering and stable long-term rates. My trading indicators are now giving bullish signals and the Portfolio is 100% net long heading into the week.
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