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1300.0
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2013-09-18 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,783.64 up 37.94 points
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https://www.nasdaq.com/articles/market-close-report-nasdaq-composite-index-closes-378364-3794-points-2013-09-18
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Wednesday's session closes with the NASDAQ Composite Index at 3,783.64. The total shares traded for the NASDAQ was over 1.79 billion.
Advancers stocks led declining by 1.75 to 1 ratio. There were 1614 advancers and 921 decliners for the day. On the NASDAQ Stock Exchange 170 stocks reached a 52 week high and 11 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed up 1.27% for the day; a total of 40.48 points. The current value is 3,231.31. Catamaran Corporation ( CTRX ) had the largest percent change down (-8.2%) while Adobe Systems Incorporated ( ADBE ) had the largest percent change gain rising 9.22%.
The Dow Jones index closed up .95% for the day; a total of 147.21 points. The current value is 15,676.94. UnitedHealth Group Incorporated ( UNH ) had the largest percent change down (-1.71%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 3.57%.
NASDAQ Market Wrap
As of 9/18/2013 4:44:01 PM
BILLIONS OF 1.79 NASDAQ SHARES TRADED TODAY 170 STOCKS REACHED A 52 WEEK HIGH 11 THOSE REACHING LOWS TOTALEDAdobe Systems Incorporated[ADBE]TOPS ADVANCERS LISTOF NASDAQ 100 % 9.22 INDEXADBE ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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UnitedHealth Group Incorporated ( UNH ) had the largest percent change down (-1.71%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 3.57%. Catamaran Corporation ( CTRX ) had the largest percent change down (-8.2%) while Adobe Systems Incorporated ( ADBE ) had the largest percent change gain rising 9.22%. The Dow Jones index closed up .95% for the day; a total of 147.21 points.
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UnitedHealth Group Incorporated ( UNH ) had the largest percent change down (-1.71%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 3.57%. On the NASDAQ Stock Exchange 170 stocks reached a 52 week high and 11 those reaching lows totaled. Catamaran Corporation ( CTRX ) had the largest percent change down (-8.2%) while Adobe Systems Incorporated ( ADBE ) had the largest percent change gain rising 9.22%.
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UnitedHealth Group Incorporated ( UNH ) had the largest percent change down (-1.71%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 3.57%. On the NASDAQ Stock Exchange 170 stocks reached a 52 week high and 11 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
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UnitedHealth Group Incorporated ( UNH ) had the largest percent change down (-1.71%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 3.57%. There were 1614 advancers and 921 decliners for the day. The NASDAQ 100 index closed up 1.27% for the day; a total of 40.48 points.
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1301.0
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2013-09-18 00:00:00 UTC
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Dow, S&P 500 Tag Record Highs Following Fed Update
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https://www.nasdaq.com/articles/dow-sp-500-tag-record-highs-following-fed-update-2013-09-18
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"Today was all about the Fed," said Schaeffer's Senior Equity Analyst Joe Bell, CMT. "In a somewhat shocking move for the market, the Federal Reserve made its highly anticipated policy announcement, and decided not to begin tapering at this time. The markets reacted quite favorably, as the Dow Jones Industrial Average (DJI) jumped more than 200 points from its intraday lows." As a result, the index tagged a new record high.
Continue reading for more on today's market, including :
Schaeffer's Senior Options Strategist Tony Venosa, CMT, explains why SolarCity ( SCTY ) could be ripe for the bullish picking in his latest Chart of the Day installment.
Today's Required Reading column covers an Internet company, an automobile giant, and just how slim your chances are of winning tonight's Powerball.
An early morning price-target hike for this well-known financial stock triggered a flurry of bullish activity.
plus...
Housing starts edged slightly higher in August, BlackBerry ( BBRY ) announced massive layoff plans, and Zynga ( ZNGA ) attracted front-month option bulls.
The Dow Jones Industrial Average (DJI - 15,676.94) was parked in negative territory this morning -- and for the first half of the afternoon, as well -- before rallying to an all-time intraday peak of 15,709.58 around 3 p.m. By the closing bell, the index was up 147.2 points, or 1% -- notching a new record closing high. Once again, Alcoa ( AA ) led the 29 advancing blue-chips with a gain of 3.6%, while UnitedHealth ( UNH ) -- the sole decliner -- lost 1.7%.
The S&P 500 Index (SPX - 1,725.52) experienced a few brief blips higher this morning, but like the Dow, spent a considerable amount of time in the red. Following the Fed news, however, the SPX touched a record intraday peak of 1,729.44, and finished with a gain of 20.8 points, or 1.2% -- again, marking an all-time closing high. Meanwhile, the Nasdaq Composite (COMP - 3,783.64) climbed 37.9 points, or 1%, finishing at its highest level in nearly 13 years.
Conversely, the CBOE Market Volatility Index (VIX - 13.59) took a tumble after the FOMC update, shedding 0.9 point, or 6.5%, by day's end.
A Trader's Take :
"With today's rally, most of the major indexes broke out to new all-time highs, and the scary pullback in August is now nothing but a blip in the rearview mirror," mused Bell.
3 Things to Know About Today's Market :
Wall Street cheered the Federal Open Market Committee's (FOMC) latest policy update , as the central bank unexpectedly voted against scaling back its bond-buying program in the near future. "The Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases," the Fed stated. "The tightening of financial conditions observed in recent months, if sustained, could slow the pace of improvement." (The New York Times)
The Commerce Department said housing starts rose by a smaller-than-expected 0.9% in August to a seasonally adjusted yearly rate of 891,000. On a year-over-year basis, however, starts were up 19%. Meanwhile, building permits declined by 3.8% last month to an annual rate of 918,000. (MarketWatch)
On the heels of recent buyout buzz, BlackBerry ( BBRY ) announced it will be making massive staffing cuts by year's end. Sources said the mobile phone maker could end up laying off as many as 40% of its employees, and that the pink slips will be distributed across the board. (CNBC)
5 Stocks We Were Watching Today :
Nokia (NOK) received an upgrade and a price-target hike at Credit Suisse in pre-market action.
Near-term option bulls swooped down upon Zynga ( ZNGA ) , and snapped up September-dated calls.
Analysts at Baird downwardly revised their opinion of Caterpillar (CAT) , despite recent gains.
Facebook (FB) saw a surge in call trading, but a large portion reflected sell-to-close activity.
Put buyers gravitated toward Walt Disney (DIS) , wagering on short-term losses for the entertainment giant.
For a look at today's options movers and commodities activity, head to page 2.
Commodities :
Crude futures snapped their losing streak, thanks to a drop in oil supplies, as well as the Fed's decision not to taper its bond-buying program. By the closing bell, October-dated crude added $2.65, or 2.5%, to end at $108.07 per barrel.
Meanwhile, gold futures settled lower ahead of the Fed announcement, as gold for December delivery shaved off $1.80, or 0.1%, to finish at $1,307.60 an ounce. However, following the FOMC's well-received update, the malleable metal climbed almost 3% in electronic trading.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Once again, Alcoa ( AA ) led the 29 advancing blue-chips with a gain of 3.6%, while UnitedHealth ( UNH ) -- the sole decliner -- lost 1.7%. Continue reading for more on today's market, including : Schaeffer's Senior Options Strategist Tony Venosa, CMT, explains why SolarCity ( SCTY ) could be ripe for the bullish picking in his latest Chart of the Day installment. plus... Housing starts edged slightly higher in August, BlackBerry ( BBRY ) announced massive layoff plans, and Zynga ( ZNGA ) attracted front-month option bulls.
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Once again, Alcoa ( AA ) led the 29 advancing blue-chips with a gain of 3.6%, while UnitedHealth ( UNH ) -- the sole decliner -- lost 1.7%. plus... Housing starts edged slightly higher in August, BlackBerry ( BBRY ) announced massive layoff plans, and Zynga ( ZNGA ) attracted front-month option bulls. The Dow Jones Industrial Average (DJI - 15,676.94) was parked in negative territory this morning -- and for the first half of the afternoon, as well -- before rallying to an all-time intraday peak of 15,709.58 around 3 p.m. By the closing bell, the index was up 147.2 points, or 1% -- notching a new record closing high.
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Once again, Alcoa ( AA ) led the 29 advancing blue-chips with a gain of 3.6%, while UnitedHealth ( UNH ) -- the sole decliner -- lost 1.7%. The Dow Jones Industrial Average (DJI - 15,676.94) was parked in negative territory this morning -- and for the first half of the afternoon, as well -- before rallying to an all-time intraday peak of 15,709.58 around 3 p.m. By the closing bell, the index was up 147.2 points, or 1% -- notching a new record closing high. Following the Fed news, however, the SPX touched a record intraday peak of 1,729.44, and finished with a gain of 20.8 points, or 1.2% -- again, marking an all-time closing high.
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Once again, Alcoa ( AA ) led the 29 advancing blue-chips with a gain of 3.6%, while UnitedHealth ( UNH ) -- the sole decliner -- lost 1.7%. plus... Housing starts edged slightly higher in August, BlackBerry ( BBRY ) announced massive layoff plans, and Zynga ( ZNGA ) attracted front-month option bulls. The Dow Jones Industrial Average (DJI - 15,676.94) was parked in negative territory this morning -- and for the first half of the afternoon, as well -- before rallying to an all-time intraday peak of 15,709.58 around 3 p.m. By the closing bell, the index was up 147.2 points, or 1% -- notching a new record closing high.
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1302.0
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2013-09-17 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,745.70 up 27.85 points
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https://www.nasdaq.com/articles/market-close-report-nasdaq-composite-index-closes-374570-2785-points-2013-09-17
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Tuesday's session closes with the NASDAQ Composite Index at 3,745.70. The total shares traded for the NASDAQ was over 1.46 billion.
Advancers stocks led declining by 2.05 to 1 ratio. There were 1689 advancers and 824 decliners for the day. On the NASDAQ Stock Exchange 97 stocks reached a 52 week high and 9 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed up .7% for the day; a total of 22.14 points. The current value is 3,190.83. Expeditors International of Washington, Inc. ( EXPD ) had the largest percent change down (-1.68%) while Facebook, Inc. ( FB ) had the largest percent change gain rising 6.02%.
The Dow Jones index closed up .23% for the day; a total of 34.95 points. The current value is 15,529.73. UnitedHealth Group Incorporated ( UNH ) had the largest percent change down (-1.08%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 1.98%.
NASDAQ Market Wrap
As of 9/17/2013 4:44:01 PM
BILLIONS OF 1.46 NASDAQ SHARES TRADED TODAY 97 STOCKS REACHED A 52 WEEK HIGH 9 THOSE REACHING LOWS TOTALEDFacebook, Inc.[FB]TOPS ADVANCERS LISTOF NASDAQ 100 % 6.02 INDEXFB ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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UnitedHealth Group Incorporated ( UNH ) had the largest percent change down (-1.08%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 1.98%. Expeditors International of Washington, Inc. ( EXPD ) had the largest percent change down (-1.68%) while Facebook, Inc. ( FB ) had the largest percent change gain rising 6.02%. The Dow Jones index closed up .23% for the day; a total of 34.95 points.
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UnitedHealth Group Incorporated ( UNH ) had the largest percent change down (-1.08%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 1.98%. On the NASDAQ Stock Exchange 97 stocks reached a 52 week high and 9 those reaching lows totaled. Expeditors International of Washington, Inc. ( EXPD ) had the largest percent change down (-1.68%) while Facebook, Inc. ( FB ) had the largest percent change gain rising 6.02%.
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UnitedHealth Group Incorporated ( UNH ) had the largest percent change down (-1.08%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 1.98%. On the NASDAQ Stock Exchange 97 stocks reached a 52 week high and 9 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
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UnitedHealth Group Incorporated ( UNH ) had the largest percent change down (-1.08%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 1.98%. There were 1689 advancers and 824 decliners for the day. The NASDAQ 100 index closed up .7% for the day; a total of 22.14 points.
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1303.0
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2013-09-16 00:00:00 UTC
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A Look Ahead: This Week's ETFs To Watch
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https://www.nasdaq.com/articles/look-ahead-weeks-etfs-watch-2013-09-16
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It was just a few weeks ago that investors were put on red alert that a rough September was in the offing.
That has not been the case this month as September's reputation for being a dreadful month for the bulls is nearly out the window, particularly after last week saw U.S. stocks notch their best weekly performance since January.
Related: Three Bearish Leveraged ETFs For September .
The S&P 500 climbed 1.5 percent while Dow Jones Industrial Average surged 2.5 percent on news Alcoa (NYSE: AA ), Bank of America (NYSE: BAC ) and Hewlett-Packard (NYSE: HPQ ) will be replaced in the index by Goldman Sachs (NYSE: GS ), Nike (NYSE: NKE ) and Visa (NYSE: V ).
More importantly, there is a Federal Reserve meeting this week and this is the big one. The one where the central bank could and probably should announce some form of tapering to its quantitative easing efforts. That will be the issue on traders' minds until clarity is delivered when the meeting concludes Thursday.
Direxion Daily Gold Miners Bear 3X Shares (NYSE: DUST ) Clearly, this is a trade for the adventurous because DUST is a volatile, triple-leveraged ETF. With a tapering announcement looming, bearish positions on precious metals make sense. The wind has come out of the recent rally in gold and silver ETFs and the miners are again being taken to task.
Despite an impressive August rally, the Market Vectors Gold Miners ETF (NYSE: GDX ) could not break through the $31-$32 area and make a run to reclaiming its 200-day moving average. That is one failure an the other is that GDX, which lost 8.5 percent just last week, have given back nearly all of its August gains . Bad news for those bullish on miners, but great news for DUST.
PowerShares NASDAQ Internet Portfolio (NASDAQ: PNQI ) Internet ETFs were in focus last week on news of the Twitter IPO , but there is a more important story to be heard with PNQI and rival funds.
And yes, the story involves more than just the resurgence of Facebook (NASDAQ: FB ). Internet ETFs, including PNQI, have been touching new all-time highs on a regular basis . The even better news is that these funds' fortunes are not intimately correlated to tapering, regardless of what the Fed does.
In fact, Internet stocks and the ETFs that house them have proven relatively immune to rising interest rates, increasing the allure of this sub-sector in a post-tapering world.
iShares MSCI China ETF (NYSE: MCHI ) Scores of U.S.-focused ETFs have legacies , but there is an interesting seasonal trend with China ETFs that has not gotten much attention. Over the last three years, select China ETFs have started rallies in mid- to late September that have lasted anywhere from into November, into year-end or into the following year.
That is something to keep an eye on as emerging markets equities continue to perk up and investors embrace compelling valuations on Chinese shares.
For more on ETFs, click .
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Free Trading Education - Check out the free events taking place on Marketfy this week. Spaces are limited. Sign up today.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The S&P 500 climbed 1.5 percent while Dow Jones Industrial Average surged 2.5 percent on news Alcoa (NYSE: AA ), Bank of America (NYSE: BAC ) and Hewlett-Packard (NYSE: HPQ ) will be replaced in the index by Goldman Sachs (NYSE: GS ), Nike (NYSE: NKE ) and Visa (NYSE: V ). Despite an impressive August rally, the Market Vectors Gold Miners ETF (NYSE: GDX ) could not break through the $31-$32 area and make a run to reclaiming its 200-day moving average. In fact, Internet stocks and the ETFs that house them have proven relatively immune to rising interest rates, increasing the allure of this sub-sector in a post-tapering world.
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The S&P 500 climbed 1.5 percent while Dow Jones Industrial Average surged 2.5 percent on news Alcoa (NYSE: AA ), Bank of America (NYSE: BAC ) and Hewlett-Packard (NYSE: HPQ ) will be replaced in the index by Goldman Sachs (NYSE: GS ), Nike (NYSE: NKE ) and Visa (NYSE: V ). Direxion Daily Gold Miners Bear 3X Shares (NYSE: DUST ) Clearly, this is a trade for the adventurous because DUST is a volatile, triple-leveraged ETF. Despite an impressive August rally, the Market Vectors Gold Miners ETF (NYSE: GDX ) could not break through the $31-$32 area and make a run to reclaiming its 200-day moving average.
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The S&P 500 climbed 1.5 percent while Dow Jones Industrial Average surged 2.5 percent on news Alcoa (NYSE: AA ), Bank of America (NYSE: BAC ) and Hewlett-Packard (NYSE: HPQ ) will be replaced in the index by Goldman Sachs (NYSE: GS ), Nike (NYSE: NKE ) and Visa (NYSE: V ). PowerShares NASDAQ Internet Portfolio (NASDAQ: PNQI ) Internet ETFs were in focus last week on news of the Twitter IPO , but there is a more important story to be heard with PNQI and rival funds. iShares MSCI China ETF (NYSE: MCHI ) Scores of U.S.-focused ETFs have legacies , but there is an interesting seasonal trend with China ETFs that has not gotten much attention.
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The S&P 500 climbed 1.5 percent while Dow Jones Industrial Average surged 2.5 percent on news Alcoa (NYSE: AA ), Bank of America (NYSE: BAC ) and Hewlett-Packard (NYSE: HPQ ) will be replaced in the index by Goldman Sachs (NYSE: GS ), Nike (NYSE: NKE ) and Visa (NYSE: V ). Despite an impressive August rally, the Market Vectors Gold Miners ETF (NYSE: GDX ) could not break through the $31-$32 area and make a run to reclaiming its 200-day moving average. PowerShares NASDAQ Internet Portfolio (NASDAQ: PNQI ) Internet ETFs were in focus last week on news of the Twitter IPO , but there is a more important story to be heard with PNQI and rival funds.
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1304.0
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2013-09-13 00:00:00 UTC
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3 Stocks Exit the Dow - Analyst Blog
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https://www.nasdaq.com/articles/3-stocks-exit-the-dow-analyst-blog-2013-09-13
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Earlier this week, the index committee of S&P Dow Jones Indices decided to remove key companies from the Dow Jones Industrial Average. Bank of America Corporation ( BAC ), Hewlett-Packard Company ( HPQ ) and Alcoa Inc. ( AA ) will exit the index at the end of trading on September 20, when the decision comes into effect.
These stocks will be replaced by The Goldman Sachs Group, Inc. ( GS ), Nike Inc. ( NKE ) and Visa Inc. ( V ) which will feature on the index in their place when trading starts on September 23. This is the most significant such move since April 2004. On that occasion, AT&T, Inc. ( T ), Eastman Kodak and International Paper Company ( IP ) had exited the index. They were replaced by American International Group, Inc. ( AIG ), Pfizer Inc. ( PFE ) and Verizon Communications Inc. ( VZ ).
The Rationale Behind the Changes
The reason for the changes was outlined clearly by David Blitzer, managing director and chairman off the index committee. The Dow is a price-weighted barometer. This means that the higher the price of a company on the index, the larger its weight. This is significantly different from indices which weight their components on the basis of market capitalisation, such as the S&P 500.
The companies being removed are amongst the lowest in the index on the basis of price. They continue to be important multinational corporations, but their stock prices has fallen to an extent that they contribute to only 3% of the total average, according to Blitzer. Such changes were, therefore, inevitable considering the rationale on which the index is based.
The Fortunes of Those Making an Exit
Alcoa
With prices ranging between $7 to 8 per share, Alcoa is easiest amongst the lowest priced among those being removed. Most importantly, the U.S. economy has moved away from being dependent on heavy manufacturing towards sectors such as technology, finance and healthcare.
The company will remain largely unaffected by the Dow's decision. But it will affect the image and prestige of a corporation, struggling to combat wildly fluctuating prices by focussing on value added sales to the automotive and aerospace sectors.
Bank of America
The fact of the matter is that the aluminium producer never recovered from the recession of 2008. The case is more or less similar for Bank of America. Since then, it has been trying to reduce the size of its business. It has also been dealing with a large number of legal problems arising from its purchase of Countrywide Financial in 2008.
Even though the share price of this stock is still below the levels it achieved before the crisis, it has trended upwards last month. Last year, the share price had doubled. In this case as well, there will be no financial impact from this decision. But the bank is a long way from achieving the success it did before the crisis.
HP
This was the second computer firm to be added to the index in 1997, after IBM Corp. ( IBM ). At this point it is facing various business challenges, even though its stock price has increased by more than 50% this year. One example of its problems is the enormous write-down it had to make last year after its unfortunate purchase of British software firm Autonomy.
The more disastrous acquisition, that of Compaq, occurred even earlier. This purchase meant that the company continued to focus on PCs while the world moved on to smartphones and tablets. Even in its chosen domain, it has little proprietary technology of its own.
The Impact on the Index
Even though it is only a thirty stock index, the Dow is still considered to be an important barometer of the economy. The idea behind the changes seems to be an attempt to make the index more representative of the financial markets as a whole.
The Dow has been criticized for being a price weighted index, but that is another matter altogether. The major issue weighing on it for some time now was that it was being heavily dominated by some stocks, primarily IBM, priced at $185 a share and making up 9.43% of the index.
The components being removed have an average share price of $15. On the other hand, those being added are priced at an average of $134.50 a share. Goldman Sachs, Visa and Nike will now make up 17.4% of the index.
The excessive dominance of IBM on the index is why these inductions have been made, says Blitzer. This is also why the likes of Apple and Google have been left out. Blitzer feels they would bring in even larger distortions due to their share prices.
Ultimately, the Dow's decision has been one of the signature events for financial markets this year. Many may question the Dow's rationale for such decisions. But ultimately it remains a significant barometer for the economy. Any move to make it more representative is, therefore, a welcome one.
ALCOA INC (AA): Free Stock Analysis Report
AMER INTL GRP (AIG): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
HEWLETT PACKARD (HPQ): Free Stock Analysis Report
INTL BUS MACH (IBM): Free Stock Analysis Report
INTL PAPER (IP): Free Stock Analysis Report
NIKE INC-B (NKE): Free Stock Analysis Report
PFIZER INC (PFE): Free Stock Analysis Report
AT&T INC (T): Free Stock Analysis Report
VISA INC-A (V): Free Stock Analysis Report
VERIZON COMM (VZ): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Bank of America Corporation ( BAC ), Hewlett-Packard Company ( HPQ ) and Alcoa Inc. ( AA ) will exit the index at the end of trading on September 20, when the decision comes into effect. ALCOA INC (AA): Free Stock Analysis Report AMER INTL GRP (AIG): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report INTL PAPER (IP): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report PFIZER INC (PFE): Free Stock Analysis Report AT&T INC (T): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report VERIZON COMM (VZ): Free Stock Analysis Report To read this article on Zacks.com click here. These stocks will be replaced by The Goldman Sachs Group, Inc. ( GS ), Nike Inc. ( NKE ) and Visa Inc. ( V ) which will feature on the index in their place when trading starts on September 23.
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Bank of America Corporation ( BAC ), Hewlett-Packard Company ( HPQ ) and Alcoa Inc. ( AA ) will exit the index at the end of trading on September 20, when the decision comes into effect. ALCOA INC (AA): Free Stock Analysis Report AMER INTL GRP (AIG): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report INTL PAPER (IP): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report PFIZER INC (PFE): Free Stock Analysis Report AT&T INC (T): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report VERIZON COMM (VZ): Free Stock Analysis Report To read this article on Zacks.com click here. These stocks will be replaced by The Goldman Sachs Group, Inc. ( GS ), Nike Inc. ( NKE ) and Visa Inc. ( V ) which will feature on the index in their place when trading starts on September 23.
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ALCOA INC (AA): Free Stock Analysis Report AMER INTL GRP (AIG): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report INTL PAPER (IP): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report PFIZER INC (PFE): Free Stock Analysis Report AT&T INC (T): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report VERIZON COMM (VZ): Free Stock Analysis Report To read this article on Zacks.com click here. Bank of America Corporation ( BAC ), Hewlett-Packard Company ( HPQ ) and Alcoa Inc. ( AA ) will exit the index at the end of trading on September 20, when the decision comes into effect. Earlier this week, the index committee of S&P Dow Jones Indices decided to remove key companies from the Dow Jones Industrial Average.
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Bank of America Corporation ( BAC ), Hewlett-Packard Company ( HPQ ) and Alcoa Inc. ( AA ) will exit the index at the end of trading on September 20, when the decision comes into effect. ALCOA INC (AA): Free Stock Analysis Report AMER INTL GRP (AIG): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report INTL PAPER (IP): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report PFIZER INC (PFE): Free Stock Analysis Report AT&T INC (T): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report VERIZON COMM (VZ): Free Stock Analysis Report To read this article on Zacks.com click here. Last year, the share price had doubled.
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1305.0
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2013-09-13 00:00:00 UTC
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Fed in Focus as 2013 Q3 Earnings Season Gets Underway - Earnings Preview
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https://www.nasdaq.com/articles/fed-focus-2013-q3-earnings-season-gets-underway-earnings-preview-2013-09-13
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Fed in Focus as 2013 Q3 Earnings Season Gets Underway
The market's focus is justifiably on the Fed this week, given expectations that the FOMC will start 'Tapering' its bond-purchase program. Also of interest will be the FOMC members' updated economic forecasts and the Bernanke press conference where the outgoing Fed Chairman will try to explain their 'Taper' decision, or lack thereof.
Some in the market continue to hope that the Fed will hold off on the 'Taper' decision this week given the still-tepid economic picture and the potentially destabilizing upcoming budget and debt-ceiling debates in Congress. With the Syria debate now moving to the background, Congress's attention will be shifting to these divisive topics in the coming days, not to mention a potentially noisy Senate confirmation battle for Larry Summers as the next Fed Chairman, should he get the nod as many speculations seem to suggest.
Please check out the very informative post by Nick Kalivas on the evolving monetary policy picture and the issues facing the Fed. Click here .
The Fed will no doubt be the big subject this week, but we are getting close to the start of the 2013 Q3 earnings season as well. In fact, the Q3 earnings season will actually get underway this week with the earning release from Adobe Systems ( ADBE ) after the close on Tuesday, followed by reports from such bellwethers as FedEx ( FDX ) and Oracle ( ORCL ) on Wednesday.
Alcoa (AA) typically gets credited for kick-starting each earnings season, but since we count all companies with quarters ending in August as part of our Q3 tally, the Q3 earnings season will have gotten underway weeks before Alcoa reports on October 8th. It will be interesting to see how much attention the aluminum giant's earnings report will get this earnings season since it will have lost its position in the Dow Jones Industrial Average. In total, we have 20 companies reporting Q3 results this week, including 5 S&P 500 members.
As has been the case at the start of recent quarterly earnings cycles, expectations for the Q3 earnings season have fallen sharply over the last three months. Total earnings for companies in the S&P 500 are now expected to be up only +1.3% from the same period last year. This is down materially from what was expected at the start of the quarter in early July, as the chart below shows.
This negative revisions behavior is hardly unusual as we have been repeatedly seeing this pattern play out in recent quarters. Companies have been overwhelmingly guiding lower, prompting analysts to cut estimates for the following quarter. The revisions behavior ahead of the Q2 earnings season was no different and most of the same sectors have experienced negative revisions this time around as well. The 'regulars' on the negative estimate revisions beat include Technology, Basic Materials, and Industrials. But Retail and Consumer Discretionary have played material roles in bringing down expectations for Q3.
The chart below compares the Q3 total earnings growth expected for these five sectors at the start of the quarter and where those expectations stand at present
Estimates for other sectors have come down as well, with even the Finance sector earnings expected to be up +7% now vs. the +8.1% that was expected in early July. Energy, Utilities, Conglomerates and even Construction have suffered negative revisions in varying degrees.
While estimates for Q3 have come down, the same for Q4 and the following quarters have held up fairly well, as the chart below shows.
Part of the extremely strong growth expected in Q4 is a function of easier comparisons, as 2012 Q4 represents the lowest quarterly earnings total for the S&P 500 in the last six quarters, with the comps particularly easy for the Finance sector. But it's not all due to easy comparisons, as the expected earnings totals for Q4 represent a new all-time quarterly record. Total earnings for the S&P 500 reached a new record at $255.9 billion in Q2, surpassing Q1's $253.9 billion record. But they are expected to reach $273.6 billion in 2013 Q4, with total earnings growth outside of Finance expected at +8.5%.
Judging by what has happened over the past year or so, these Q4 estimates will come down as companies share their outlooks on the Q3 earnings calls. The market didn't care much as estimates came down in the last few quarters, hoping for better times ahead. Will it do the same this time as well, pushing its hopes of earnings ramp up into 2014? We will find out the answer to that question over the next two months.
Monday-9/16
We will get the August Industrial Production index and capacity utilization numbers in the morning. The expectation is for +0.4% increase in IP and an uptick in utilization.
We will also get the September Empire State manufacturing index, with consensus expectations of a modest improvement from August's 8.2 reading.
Tuesday -9/17
The Fed's two-day meeting gets underway today.
August CPI and September homebuilder sentiment index will be coming out in the morning. The CPI reading is expected to remain benign and the homebuilder index is expected to remain unchanged from the prior month's 59 reading. The recent spike in interest rates is a net negative for the housing sector and could show up in this reading.
The Q3 earnings season gets underway today, with earnings reports from FactSet Research ( FDS ) in the morning and Adobe Systems ( ADBE ) after the close.
Wednesday-9/18
The big news of the day is whether the FOMC meeting will result in the 'Taper' announcement or not. Economic projections of FOMC members and the Bernanke press conference will be other key events of the day. But the Fed activities will take place in the afternoon.
In the morning, we will get the August Housing Starts and Permits numbers, with expectations of gains on the Starts and a decline on the Permits fronts.
FedEx ( FDX ), General Mills ( GIS ) and Cracker Barrel ( CBRL ) will be the key Q3 earnings reports in the morning, while Oracle ( ORCL ) will report after the close.
Thursday -9/19
Jobless Claims, Existing Home sales, Philly Fed and Leading Indicators round out a busy economic docket.
ConAgra ( CAG ), Pier 1 Imports ( PIR ) and Rite Aid ( RAD ) will report results in the morning.
Friday-9/20
Nothing major on the economic or earnings calendars.
Here is a list of the 20 companies reporting this week, including 5 S&P 500 members.
ALCOA INC (AA): Free Stock Analysis Report
ADOBE SYSTEMS (ADBE): Free Stock Analysis Report
CONAGRA FOODS (CAG): Free Stock Analysis Report
CRACKER BARREL (CBRL): Free Stock Analysis Report
FACTSET RESH (FDS): Free Stock Analysis Report
FEDEX CORP (FDX): Free Stock Analysis Report
GENL MILLS (GIS): Free Stock Analysis Report
ORACLE CORP (ORCL): Free Stock Analysis Report
PIER 1 IMPORTS (PIR): Free Stock Analysis Report
RITE AID CORP (RAD): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa (AA) typically gets credited for kick-starting each earnings season, but since we count all companies with quarters ending in August as part of our Q3 tally, the Q3 earnings season will have gotten underway weeks before Alcoa reports on October 8th. ALCOA INC (AA): Free Stock Analysis Report ADOBE SYSTEMS (ADBE): Free Stock Analysis Report CONAGRA FOODS (CAG): Free Stock Analysis Report CRACKER BARREL (CBRL): Free Stock Analysis Report FACTSET RESH (FDS): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GENL MILLS (GIS): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report PIER 1 IMPORTS (PIR): Free Stock Analysis Report RITE AID CORP (RAD): Free Stock Analysis Report To read this article on Zacks.com click here. Also of interest will be the FOMC members' updated economic forecasts and the Bernanke press conference where the outgoing Fed Chairman will try to explain their 'Taper' decision, or lack thereof.
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ALCOA INC (AA): Free Stock Analysis Report ADOBE SYSTEMS (ADBE): Free Stock Analysis Report CONAGRA FOODS (CAG): Free Stock Analysis Report CRACKER BARREL (CBRL): Free Stock Analysis Report FACTSET RESH (FDS): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GENL MILLS (GIS): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report PIER 1 IMPORTS (PIR): Free Stock Analysis Report RITE AID CORP (RAD): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa (AA) typically gets credited for kick-starting each earnings season, but since we count all companies with quarters ending in August as part of our Q3 tally, the Q3 earnings season will have gotten underway weeks before Alcoa reports on October 8th. The Q3 earnings season gets underway today, with earnings reports from FactSet Research ( FDS ) in the morning and Adobe Systems ( ADBE ) after the close.
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Alcoa (AA) typically gets credited for kick-starting each earnings season, but since we count all companies with quarters ending in August as part of our Q3 tally, the Q3 earnings season will have gotten underway weeks before Alcoa reports on October 8th. ALCOA INC (AA): Free Stock Analysis Report ADOBE SYSTEMS (ADBE): Free Stock Analysis Report CONAGRA FOODS (CAG): Free Stock Analysis Report CRACKER BARREL (CBRL): Free Stock Analysis Report FACTSET RESH (FDS): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GENL MILLS (GIS): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report PIER 1 IMPORTS (PIR): Free Stock Analysis Report RITE AID CORP (RAD): Free Stock Analysis Report To read this article on Zacks.com click here. The chart below compares the Q3 total earnings growth expected for these five sectors at the start of the quarter and where those expectations stand at present Estimates for other sectors have come down as well, with even the Finance sector earnings expected to be up +7% now vs. the +8.1% that was expected in early July.
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Alcoa (AA) typically gets credited for kick-starting each earnings season, but since we count all companies with quarters ending in August as part of our Q3 tally, the Q3 earnings season will have gotten underway weeks before Alcoa reports on October 8th. ALCOA INC (AA): Free Stock Analysis Report ADOBE SYSTEMS (ADBE): Free Stock Analysis Report CONAGRA FOODS (CAG): Free Stock Analysis Report CRACKER BARREL (CBRL): Free Stock Analysis Report FACTSET RESH (FDS): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GENL MILLS (GIS): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report PIER 1 IMPORTS (PIR): Free Stock Analysis Report RITE AID CORP (RAD): Free Stock Analysis Report To read this article on Zacks.com click here. As has been the case at the start of recent quarterly earnings cycles, expectations for the Q3 earnings season have fallen sharply over the last three months.
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1306.0
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2013-09-13 00:00:00 UTC
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Dow Posts Best Week Since January as Markets End Higher
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AA
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https://www.nasdaq.com/articles/dow-posts-best-week-january-markets-end-higher-2013-09-13
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nan
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"There was quite a bit of economic data released today, and most of it relayed the message of modest growth," observed Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Retail sales were slightly worse than expected, and the producer price index signaled a little bit of inflation. The markets generally reacted favorably, as the strong momentum continued into the end of the week." As a result, the Dow Jones Industrial Average (DJI) finished firmly in positive territory.
Continue reading for more on today's market, including :
Schaeffer's Senior Trading Analyst Bryan Sapp explains why he's looking for "some big volatility" at the end of next week, which also coincides with September options expiration.
Despite this morning's price-target hike, bearish option traders -- or possibly anxious shareholders -- zeroed in on Facebook Inc's ( FB ) front-month series of puts.
The latest edition of Option Idea of the Week offers up a bullish trading idea on an outperforming ETF surrounded by heavy skepticism.
plus...
Twitter filed for an IPO, consumer sentiment waned in early September, and Apple ( AAPL ) was hit with (another) downgrade.
The Dow Jones Industrial Average (DJI - 15,376.06) spent the entire session in the black, and tagged an intraday high of 15,380.97 shortly after noon. For the day, the blue-chip barometer ended up finishing 75.4 points, or 0.5%, higher. On a week-over-week basis, the index gained 3%, its best weekly return since January. The Dow's 23 advancers were led by Intel's ( INTC ) analyst-induced 3.6% gain, while Alcoa ( AA ) paced the seven decliners with a loss of 1%.
The S&P 500 Index (SPX - 1,687.99) experienced some rollercoaster price action this morning, surging right out of the gate, only to touch a session low of 1,682.22 an hour later. By the close, however, the SPX was up 4.6 points, or 0.3%. Meanwhile, the Nasdaq Composite (COMP - 3,722.18) gained 6.2 points, or 0.2%. For the week, indexes rose 2% and 1.7%, respectively.
The CBOE Market Volatility Index (VIX - 14.16) had a choppy ride today, as well, and ended up finishing 0.1 point, or 0.9%, lower. The "fear gauge" shed 10.7% for the week, closing below its 20-week moving average once again.
A Trader's Take :
"Despite the strong price action we have experienced during the start of September, we are finally set to hear from the Fed next week," continued Bell. "Certainly all eyes will be on Fed Chairman Ben Bernanke, as many market participants are eager to find out if tapering will begin in September, and if so, by how much."
3 Things to Know About Today's Market :
The preliminary September reading of the Thomson Reuters/University of Michigan consumer sentiment index arrived at 76.8 -- down from the previous month's final reading of 82.1, and falling short of the consensus view. Adding insult to injury, the latest figure marked the index's lowest level since April, and was attributed to rising interest rates. (MarketWatch)
The Commerce Department said retail sales climbed by 0.2% in August, disappointing economists who were expecting an increase of 0.4%. However, last month's figure still marked a fifth consecutive monthly advance. Excluding automobiles, gas, and building materials, core sales rose 0.2%, compared to July's increase of 0.5%. (CNBC)
The rumors swirling around Twitter during the past few weeks have turned out to be true, as the social media guru tweeted that it filed for an initial public offering on Thursday. Should the firm become a publicly traded company, expectations will be high. According to eMarketer, Twitter is on track to earn $583 million in advertising revenue this year, and $1 billion in 2014. "My over/under for Twitter at end of first day of trading: $25B," tweeted former PayPal executive David Sacks. (USA Today)
5 Stocks We Were Watching Today :
Apple ( AAPL ) was slapped with a downgrade at Jefferies following this week's new iPhone reveal and yesterday's shareholder news.
A closer look at Zynga ( ZNGA ) shows a bullish slant in the options pits, despite heavy pessimism from the brokerage bunch.
Analysts at HSBC raised their price target for Citigroup (C) this morning, which could help amplify the stock's upward momentum.
As the shares of ARM Holdings (ARMH) took a breather, put buyers zeroed in on the tech concern's September-dated options.
Nokia (NOK) was targeted by longer-term option bears, who wagered on the mobile phone maker to reverse course by early next year.
For a look at today's options movers and commodities activity, head to page 2.
Commodities :
Crude futures felt the weight of today's weaker-than-expected retail sales and consumer sentiment data, while efforts to avoid a U.S. military strike on Syria also dragged prices lower. By the close, October-dated crude shaved off 39 cents, or 0.4%, to end at $108.21 per barrel. On a weekly basis, black gold shed 2.1%.
Meanwhile, gold futures extended yesterday's decline, as investors await the Fed's policy statement due next week. Gold for December delivery fell $22, or 1.7%, to finish at $1,308.60 an ounce -- the lowest close since Aug. 7. For the week, the precious metal dropped 5.6%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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plus... Twitter filed for an IPO, consumer sentiment waned in early September, and Apple ( AAPL ) was hit with (another) downgrade. The Dow's 23 advancers were led by Intel's ( INTC ) analyst-induced 3.6% gain, while Alcoa ( AA ) paced the seven decliners with a loss of 1%. (USA Today) 5 Stocks We Were Watching Today : Apple ( AAPL ) was slapped with a downgrade at Jefferies following this week's new iPhone reveal and yesterday's shareholder news.
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plus... Twitter filed for an IPO, consumer sentiment waned in early September, and Apple ( AAPL ) was hit with (another) downgrade. The Dow's 23 advancers were led by Intel's ( INTC ) analyst-induced 3.6% gain, while Alcoa ( AA ) paced the seven decliners with a loss of 1%. (USA Today) 5 Stocks We Were Watching Today : Apple ( AAPL ) was slapped with a downgrade at Jefferies following this week's new iPhone reveal and yesterday's shareholder news.
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plus... Twitter filed for an IPO, consumer sentiment waned in early September, and Apple ( AAPL ) was hit with (another) downgrade. The Dow's 23 advancers were led by Intel's ( INTC ) analyst-induced 3.6% gain, while Alcoa ( AA ) paced the seven decliners with a loss of 1%. (USA Today) 5 Stocks We Were Watching Today : Apple ( AAPL ) was slapped with a downgrade at Jefferies following this week's new iPhone reveal and yesterday's shareholder news.
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plus... Twitter filed for an IPO, consumer sentiment waned in early September, and Apple ( AAPL ) was hit with (another) downgrade. The Dow's 23 advancers were led by Intel's ( INTC ) analyst-induced 3.6% gain, while Alcoa ( AA ) paced the seven decliners with a loss of 1%. (USA Today) 5 Stocks We Were Watching Today : Apple ( AAPL ) was slapped with a downgrade at Jefferies following this week's new iPhone reveal and yesterday's shareholder news.
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1307.0
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2013-09-13 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,722.18 up 6.21 points
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https://www.nasdaq.com/articles/market-close-report-nasdaq-composite-index-closes-372218-621-points-2013-09-13
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Friday's session closes with the NASDAQ Composite Index at 3,722.18. The total shares traded for the NASDAQ was over 1.41 billion.
Advancers stocks led declining by 1.51 to 1 ratio. There were 1497 advancers and 990 decliners for the day. On the NASDAQ Stock Exchange 55 stocks reached a 52 week high and 5 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed up .09% for the day; a total of 2.7 points. The current value is 3,178.27. Vertex Pharmaceuticals Incorporated ( VRTX ) had the largest percent change down (-3.87%) while Regeneron Pharmaceuticals, Inc. ( REGN ) had the largest percent change gain rising 5.98%.
The Dow Jones index closed up .49% for the day; a total of 75.42 points. The current value is 15,376.06. Alcoa Inc. ( AA ) had the largest percent change down (-.98%) while Intel Corporation ( INTC ) had the largest percent change gain rising 3.58%.
NASDAQ Market Wrap
As of 9/13/2013 4:44:01 PM
BILLIONS OF 1.41 NASDAQ SHARES TRADED TODAY 55 STOCKS REACHED A 52 WEEK HIGH 5 THOSE REACHING LOWS TOTALEDRegeneron Pharmaceuticals, Inc.[REGN]TOPS ADVANCERS LISTOF NASDAQ 100 % 5.98 INDEXREGN ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) had the largest percent change down (-.98%) while Intel Corporation ( INTC ) had the largest percent change gain rising 3.58%. Vertex Pharmaceuticals Incorporated ( VRTX ) had the largest percent change down (-3.87%) while Regeneron Pharmaceuticals, Inc. ( REGN ) had the largest percent change gain rising 5.98%. The Dow Jones index closed up .49% for the day; a total of 75.42 points.
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Alcoa Inc. ( AA ) had the largest percent change down (-.98%) while Intel Corporation ( INTC ) had the largest percent change gain rising 3.58%. On the NASDAQ Stock Exchange 55 stocks reached a 52 week high and 5 those reaching lows totaled. Vertex Pharmaceuticals Incorporated ( VRTX ) had the largest percent change down (-3.87%) while Regeneron Pharmaceuticals, Inc. ( REGN ) had the largest percent change gain rising 5.98%.
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Alcoa Inc. ( AA ) had the largest percent change down (-.98%) while Intel Corporation ( INTC ) had the largest percent change gain rising 3.58%. On the NASDAQ Stock Exchange 55 stocks reached a 52 week high and 5 those reaching lows totaled. Vertex Pharmaceuticals Incorporated ( VRTX ) had the largest percent change down (-3.87%) while Regeneron Pharmaceuticals, Inc. ( REGN ) had the largest percent change gain rising 5.98%.
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Alcoa Inc. ( AA ) had the largest percent change down (-.98%) while Intel Corporation ( INTC ) had the largest percent change gain rising 3.58%. There were 1497 advancers and 990 decliners for the day. The NASDAQ 100 index closed up .09% for the day; a total of 2.7 points.
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1308.0
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2013-09-12 00:00:00 UTC
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What Does Alcoa's Exit From Dow Jones Mean?
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https://www.nasdaq.com/articles/what-does-alcoas-exit-dow-jones-mean-2013-09-12
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In the biggest shake-up of the index in nearly a decade, the Dow Jones Industrial Average (DJIA) has decided to remove Alcoa ( AA ), HP and Bank of America and replace them with Nike, Visa and Goldman Sachs. The changes will go into effect after the end of trading on September 20. The main reasons for Alcoa's eviction seem to be its low stock price and the company's diminishing role in an economy that has moved away from heavy manufacturing over the years. Also, Alcoa's market value of $8.5 billion is easily the lowest among DJIA companies.
Being dropped from Dow Jones is largely symbolic for Alcoa and is unlikely to affect its stock price meaningfully. The amount of money indexed to the DJIA is quite insignificant relative to the S&P Index or Russell 2000 so there won't be much offloading of Alcoa's stock by fund managers who track the index. Alcoa itself sought to downplay the eviction by saying that it will have no impact on its ability to execute its strategy. The company reiterated its commitment to delivering shareholder value.
See Full Analysis for Alcoa Here
Reasons For Alcoa's Exclusion
The DJIA is a price-weighted index, which means that the stocks with the highest share price have the greatest weight. The three companies which were removed from the index in the latest shake-up have single digit or low double-digit stock prices. Thus, movements in their prices don't impact the index as much as higher prices members like IBM and 3M. At a price of $7-8 per share, Alcoa is easily the cheapest stock in the DJIA. (( Alcoa, H-P, Bank of America kicked off Dow , The Christian Science Monitor))
According to the chairman of the index committee that decides the DJIA's composition, Alcoa, BofA and HP constitute just 3% of the index's value. For an index that has just 30 companies, the committee felt that it couldn't justify allocating three positions on the index in return for just 3% of the value.
The owners of the DJIA also wanted to diversify the make-up of the index to reflect the real economy. The economy has gradually shifted from heavy manufacturing to other areas like finance, healthcare and technology. The mining and materials sector, to which Alcoa belongs, constitutes just 3-3.5% of the overall U.S.stock market today Also, aluminum consumption in the U.S., as a percentage of the overall Gross Domestic Product ( GDP ), has declined over the last five decades. While it represented 0.2% of the U.S. GDP in 1959 when Alcoa joined the DJIA, today it constitutes just 0.02%. This trend is mirrored in Alcoa's steadily declining share of the Dow, from 2% 10 years ago to 0.4% today. (( Alcoa Junk Downgrade Is Rare Trauma for Dow Stocks: Commodities , Bloomberg))
The index committee thought that the Dow had too few consumer discretionary companies and there was no apparel representation. This is where Nike, the company brought in to replace Alcoa, comes in.
What The Decision Means For Alcoa
While the DJIA is still closely watched as a barometer of the broader market, it has long ceased to have much tangible value among institutional investors. This is reflected in the data provided by Morningstar on the number and worth of funds tracking the DJIA and the more popular S&P 500 indices. While 1,323 mutual funds worth $2.9 trillion track the S&P 500, only six funds worth $196 million are pegged to the DJIA. Therefore, if Alcoa's stock is offloaded from the funds that have DJIA stocks in their portfolio, there may be short-term fluctuations in its price but the overall impact is unlikely to be significant.
Despite the low probability of significant financial implications, eviction from the DJIA is symbolic of an erosion in Alcoa's prestige over time. Overcapacity in the aluminum production industry and low prices resulting from it have reduced the company's heft, as indicated by the downfall in its stock price from $47 at peak levels in 2007 to $8 today. The stock price never really recovered from the economic crisis of 2008.
The volatility in aluminum prices has resulted in fluctuating fortunes for Alcoa, which is now trying to address it by targeting value-added product sales to the automotive and aerospace industries. In a statement issued as a reaction to the latest news, Alcoa talked about its focus on these two industries and its effort to optimize upstream competitiveness and costs. However, we think that the company will take considerable time to reinvent and re-position itself before it is able to regain its former glory.
We have a Trefis price estimate for Alcoa of $7.
Understand How a Company's Products Impact its Stock at Trefis
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In the biggest shake-up of the index in nearly a decade, the Dow Jones Industrial Average (DJIA) has decided to remove Alcoa ( AA ), HP and Bank of America and replace them with Nike, Visa and Goldman Sachs. The mining and materials sector, to which Alcoa belongs, constitutes just 3-3.5% of the overall U.S.stock market today Also, aluminum consumption in the U.S., as a percentage of the overall Gross Domestic Product ( GDP ), has declined over the last five decades. The volatility in aluminum prices has resulted in fluctuating fortunes for Alcoa, which is now trying to address it by targeting value-added product sales to the automotive and aerospace industries.
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In the biggest shake-up of the index in nearly a decade, the Dow Jones Industrial Average (DJIA) has decided to remove Alcoa ( AA ), HP and Bank of America and replace them with Nike, Visa and Goldman Sachs. Overcapacity in the aluminum production industry and low prices resulting from it have reduced the company's heft, as indicated by the downfall in its stock price from $47 at peak levels in 2007 to $8 today. Understand How a Company's Products Impact its Stock at Trefis The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In the biggest shake-up of the index in nearly a decade, the Dow Jones Industrial Average (DJIA) has decided to remove Alcoa ( AA ), HP and Bank of America and replace them with Nike, Visa and Goldman Sachs. The amount of money indexed to the DJIA is quite insignificant relative to the S&P Index or Russell 2000 so there won't be much offloading of Alcoa's stock by fund managers who track the index. See Full Analysis for Alcoa Here Reasons For Alcoa's Exclusion The DJIA is a price-weighted index, which means that the stocks with the highest share price have the greatest weight.
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In the biggest shake-up of the index in nearly a decade, the Dow Jones Industrial Average (DJIA) has decided to remove Alcoa ( AA ), HP and Bank of America and replace them with Nike, Visa and Goldman Sachs. The main reasons for Alcoa's eviction seem to be its low stock price and the company's diminishing role in an economy that has moved away from heavy manufacturing over the years. The amount of money indexed to the DJIA is quite insignificant relative to the S&P Index or Russell 2000 so there won't be much offloading of Alcoa's stock by fund managers who track the index.
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1309.0
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2013-09-12 00:00:00 UTC
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Signs of Life in Metals & Mining Sector
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AA
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https://www.nasdaq.com/articles/signs-life-metals-mining-sector-2013-09-12
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nan
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After three years of negative returns in a downtrodden sector, the metals and mining industry is showing signs of life as investors assess if and when to buy on a low. Back in April 2013, 118 companies out of 173 in the metals and mining sector were on a 52-week low, according to the GuruFocus 52-week low screener . Today there are 30.
Here's a look at four of these companies that deal in copper, uranium, aluminum, and minerals; three of these companies are broadly held by billionaire investors.
Southern Copper Corporation ( SCCO ) - 33.1% Off 52-Week High
The GuruFocus 52-week low screener reveals that Southern Copper Corporation is at a 52-week low of $28.12 (high was $42.03). According to the GuruFocus Value Screen for 52-week lows, SCCO is 33.1% off high. It has a yield of 11.80.
Down 19% over 12 months, Southern Copper Corporation is an integrated producer of copper. The company produces copper, molybdenum, zinc and silver. All of its mining, smelting and refining facilities are located in Peru and Mexico and it conducts exploration activities in those countries and in Argentina, Chile and Ecuador.
Guru Highlights: As of June 30, 2013, six gurus hold SCCO and there is one insider trading .
Jim Simons and Steven Cohen made news buys of 1,823,256 shares and 18,905 shares, respectively. Both long-time SCCO traders, Simons and Cohen both paid an average price of $32.09 per share and took a loss of 10%.
Alcoa Inc. ( AA ) - 18% Off 52-Week High
The GuruFocus 52-week low screener reveals that Alcoa Inc. is at a 52-week low of $8.14 (high was $9.93). According to the GuruFocus Value Screen for 52-week lows, AA is 18% off high. It has a yield of 1.50.
Down 16% over 12 months, Alcoa Inc. is engaged in the production and management of primary aluminum, fabricated aluminum, and alumina combined. The company globally operates in 31 countries. In addition, it has investments and operating activities in Australia, Brazil, China, Iceland, Guinea, Russia, and the Kingdom of Saudi Arabia.
Guru Highlights: As of June 30, 2013, eight gurus hold AA and there is active insider trading.
Arnold Schneider made the biggest add, increasing his position by 4,422.23%. He bought 442,223 shares at an average price of $8.33 per share for a loss of 2.4%.
MFC Industrials Ltd. ( MIL ) - 18% Off 52-Week High
The GuruFocus 52-week low screener reveals that MFC Industrials is at a 52-week low of $8.52 (high was $10.39). According to the GuruFocus Value Screen for 52-week lows, MIL is 18% off high. It has a yield of 2.60.
Down 1% over 12 months, MFC Industrial Ltd. was incorporated in British Columbia in 1951. MFC Industrial is a commodities supply chain company which sources and delivers commodities and materials. The company operates in three reportable segments: commodities and resources; merchant banking, and other.
Guru Highlights: As of June 30, 2013, four gurus hold MIL and there is one insider trading.
Zeke Ashton and Whitney Tilson made news buys of 77,500 shares and 48,500 shares, respectively. Ashton paid an average price of $8.37 per share and made a gain of 2% on his shares; Tilson paid the same price and made a gain of 1.8% for his new shares.
Uranium Participation Corporation ( URPTF ) - 17.8% Off 52-Week High
The GuruFocus 52-week low screener reveals that Uranium Participation Corporation is at a 52-week low of $4.75 (high was $5.78). According to the GuruFocus Value Screen for 52-week lows, URPFT is 17.8% off high. It has a yield of 0.00.
Down 13% over 12 months, Uranium Participation Corporation is an investment holding company which invests substantially all of its assets in uranium, either in the form of uranium oxide in concentrates or uranium hexafluoride, with the primary investment objective of achieving appreciation in the value of its uranium holdings. The mission of the corporation is to provide an investment alternative for investors interested in holding uranium.
Guru Highlights: There are no guru stakeholders or insider trades.
Uranium Participation Corporation has a market cap of $505.4 million and an enterprise value of $502.25 million. The company reported net losses of $20 million for the three months ended May 31, 2013.
GuruFocus Real Time Picks reports the stock purchases and sales that Gurus have made within the prior 2 weeks. The report time lag can be as short as 2 days after the date of the transaction. This feature is for Premium Members only.
Check out the GuruFocus special feature52-week low screenerto find the stocks hitting new lows but are still held by top investor Gurus and Insiders.
If you are not yet a Premium Member, we invite you for a 7-day Free Trial . About GuruFocus: GuruFocus.com tracks the stocks picks and portfolio holdings of the world's best investors. This value investing site offers stock screeners and valuation tools. And publishes daily articles tracking the latest moves of the world's best investors. GuruFocus also provides promising stock ideas in 3 monthly newsletters sent to Premium Members .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) - 18% Off 52-Week High The GuruFocus 52-week low screener reveals that Alcoa Inc. is at a 52-week low of $8.14 (high was $9.93). According to the GuruFocus Value Screen for 52-week lows, AA is 18% off high. Guru Highlights: As of June 30, 2013, eight gurus hold AA and there is active insider trading.
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Alcoa Inc. ( AA ) - 18% Off 52-Week High The GuruFocus 52-week low screener reveals that Alcoa Inc. is at a 52-week low of $8.14 (high was $9.93). According to the GuruFocus Value Screen for 52-week lows, AA is 18% off high. Guru Highlights: As of June 30, 2013, eight gurus hold AA and there is active insider trading.
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Alcoa Inc. ( AA ) - 18% Off 52-Week High The GuruFocus 52-week low screener reveals that Alcoa Inc. is at a 52-week low of $8.14 (high was $9.93). According to the GuruFocus Value Screen for 52-week lows, AA is 18% off high. Guru Highlights: As of June 30, 2013, eight gurus hold AA and there is active insider trading.
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Alcoa Inc. ( AA ) - 18% Off 52-Week High The GuruFocus 52-week low screener reveals that Alcoa Inc. is at a 52-week low of $8.14 (high was $9.93). According to the GuruFocus Value Screen for 52-week lows, AA is 18% off high. Guru Highlights: As of June 30, 2013, eight gurus hold AA and there is active insider trading.
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1310.0
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2013-09-11 00:00:00 UTC
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Is the New Look DJIA an Upgrade or Downgrade?
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AA
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https://www.nasdaq.com/articles/new-look-djia-upgrade-or-downgrade-2013-09-11
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nan
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nan
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The index committee that runs the S&P Dow Jones Indices is making changes to the stocks components within the Dow Jones Industrial Average (NYSEARCA:DIA). Instead of being a broad measure of the U.S. stock market, the changes appear to be more about controlling the DJIA's price movements than any real fundamental reasoning.
The committee is adding Visa ( V ), Nike ( NKE ), and Goldman Sachs ( GS ) while dropping Alcoa ( AA ), Hewlett Packard ( HPQ ), and Bank of America (BAC) from the Dow Jones Industrial Average (DJI:^DJI).
How does one explain dropping a much larger company that has a much bigger consumer footprint like Bank of America, for a much smaller, much more specialized company from a similar industry, such as Goldman Sachs?
Based on S&P's Index Committee Chairman, David Blitzer, it is explained by reminding us, "There's no intention to pick winners. Adding a stock or dropping a stock is not an investment recommendation. It is done to improve the index and make it a better indication of the market overall."
But actions speak louder than words my friends and the Committee's actions are raising extremely large red flags for this market strategist. I fail to see any "better indications of the market overall" in the upcoming move.
The reason these particular stocks are being added is because of their significantly higher price points and thus larger upside potential for the Dow's price. Period.
A Bank for a Bank?
There will soon be zero traditional banks left in the Dow Jones Industrial Average. Citigroup was removed in 2008 (likely for similar "too low a share price" reasons) and when Bank of America is booted the weekend of Sept 21, there will be zero traditional banks remaining.
Not only are there now going to be zero traditional banks, there are going to be two investment banks, the other one JP Morgan (JPM). (If you think JPMorgan Chase is a traditional bank then please review the "London Whale" debacle).
WATCH:Gold Experts are Misleading the Public
More so, there will now be two credit card transaction processing companies, with American Express (AXP) the already existing one in the Dow.
Are we really supposed to believe that the Dow will be more representative of the market with zero traditional banks (when combined hold over $10 Trillion in assets) but instead holding two investment banks and two (of only four major) credit card transaction companies? Last I checked, traditional banking was still a much larger market than investment banking or credit card transactions/servicing.
Below are some facts that should make you scratch your head when trying to rationalize Bank of America's boot and Goldman Sach's and Visa's inclusion (especially when you consider that JPMorgan and American Express are already in the Dow):
Based on full year 2012 numbers, Bank of America has assets over $2 Trillion. Goldman Sachs has around $900 Billion in assets. Visa has a much smaller $40 Billion in assets. Of note is that Wells Fargo's (also not in the Dow) assets (WFC) are over $1.4T.
Bank of America has revenues over $100 Billion. Goldman Sachs has around $34 Billion in revenue. Visa's revenue is only around $10B. Wells Fargo has over $91 Billion in revenues.
Bank of America has a market cap around $157 Billion. Goldman Sachs's market cap is around $77 Billion. Visa's market cap is $119 Billion. Wells Fargo's market cap meanwhile is over $225 Billion.
LOOK:78% of our ETF Weekly Picks Are Winners & +525% was our Largest Gainer
As the fictional character Sherlock Holmes is quoted, "When you have eliminated the impossible, whatever remains, no matter how improbable, must be the truth". Anyway you slice it Bank of America (and Wells Fargo) is at least two times larger than Goldman Sachs and seems to be "a better indication of the market overall", using the committee's chairman's words. Compared to Visa, it is simply multiples times larger.
It is impossible to rationalize that Goldman Sachs and Visa are more representative of the market than Bank of America (or Wells Fargo), and that means there must be another truth.
The Real Reason for the Dow Change
Goldman Sachs is the 8th largest holding in the largest bank ETF, the Financial Select Sector SPDR (NYSEARCA:XLF). The largest financial company based on the S&P sector weightings is Wells Fargo. Was it even considered for the Dow inclusion instead of Goldman Sachs or Visa?
Bank of America is fourth, Citigroup (C) is fifth, and AIG (AIG) is sixth. What do these companies not in the Dow or not even considered have in common? All have share prices under $50.
In contrast, Goldman Sachs has a share price over $160, and Visa has a share price over $180.
In what may be a sure sign of performance chasing, the primary reason Bank of America was dropped (and Alcoa and Hewlett Packard), was because its price is too low to have much impact on the Dow due to the way the Dow is calculated. Goldman Sachs and Visa however will have major effects on the Dow going forward.
The Implications
As a price weighted index, mathematically the companies in the Dow that have higher share prices have much larger effects on the index's price movements.
For instance when Goldman Sachs goes up 5%, its price moves up $8; when Bank of America goes up 5% its price moves up only 80 cents...having approximately 1/10th the effect on the Dow's price. By adding Goldman and Visa, the Dow Industrials will feel the effects of these two company's price movements much more significantly.
Needless to say in a rising market, the Dow would much rather have higher priced components, making the Dow rise faster and farther. The drawback is this also leaves open the risk of having a larger negative effect during a declining market.
The Committee Chairman admitted such in a roundabout way when he commented on excluding very high priced companies such as Google (NASDAQGS:GOOG) and Apple (NASDAQGS:AAPL) from the Dow. "The prices of their stocks are so high that putting Google in would completely distort the index and it wouldn't work".
The Reality of the Situation
All three of the companies that are being dropped from the Dow have the three lowest prices of any of the 30 Dow components. Coincidence? No way.
The table of the current 30 Dow components below puts this reality into perspective and is why General Electric (GE), the only original Dow Industrial Component remaining, should be worried that it will soon be dropped by the Index.
Either that or the company will likely need to have a reverse share split to take its equity price comfortably over the $70 mark, the current median price for the 30 Dow Components.
ANALYZING DJIA COMPONENTS
Conclusion
Intel (NASDAQGS:INTC) and Cisco (NASDAQGS:CSCO) should also be on the lookout for a letter from a Dow Committee that is much more interested in the optics of a higher Dow price than a true representative average of American companies.
T he ETF Profit Strategy Newsletter and Technical Forecast follow the major ETF asset classes and sectors in search of high probability profit opportunities. We use fundamental, technical, and sentiment analysis to stay ahead of the major market trends.
Follow us on Twitter @ ETFguide
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The committee is adding Visa ( V ), Nike ( NKE ), and Goldman Sachs ( GS ) while dropping Alcoa ( AA ), Hewlett Packard ( HPQ ), and Bank of America (BAC) from the Dow Jones Industrial Average (DJI:^DJI). The Committee Chairman admitted such in a roundabout way when he commented on excluding very high priced companies such as Google (NASDAQGS:GOOG) and Apple (NASDAQGS:AAPL) from the Dow. WATCH:Gold Experts are Misleading the Public More so, there will now be two credit card transaction processing companies, with American Express (AXP) the already existing one in the Dow.
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The committee is adding Visa ( V ), Nike ( NKE ), and Goldman Sachs ( GS ) while dropping Alcoa ( AA ), Hewlett Packard ( HPQ ), and Bank of America (BAC) from the Dow Jones Industrial Average (DJI:^DJI). The Committee Chairman admitted such in a roundabout way when he commented on excluding very high priced companies such as Google (NASDAQGS:GOOG) and Apple (NASDAQGS:AAPL) from the Dow. Below are some facts that should make you scratch your head when trying to rationalize Bank of America's boot and Goldman Sach's and Visa's inclusion (especially when you consider that JPMorgan and American Express are already in the Dow): Based on full year 2012 numbers, Bank of America has assets over $2 Trillion.
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The committee is adding Visa ( V ), Nike ( NKE ), and Goldman Sachs ( GS ) while dropping Alcoa ( AA ), Hewlett Packard ( HPQ ), and Bank of America (BAC) from the Dow Jones Industrial Average (DJI:^DJI). The Committee Chairman admitted such in a roundabout way when he commented on excluding very high priced companies such as Google (NASDAQGS:GOOG) and Apple (NASDAQGS:AAPL) from the Dow. Below are some facts that should make you scratch your head when trying to rationalize Bank of America's boot and Goldman Sach's and Visa's inclusion (especially when you consider that JPMorgan and American Express are already in the Dow): Based on full year 2012 numbers, Bank of America has assets over $2 Trillion.
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The committee is adding Visa ( V ), Nike ( NKE ), and Goldman Sachs ( GS ) while dropping Alcoa ( AA ), Hewlett Packard ( HPQ ), and Bank of America (BAC) from the Dow Jones Industrial Average (DJI:^DJI). The Committee Chairman admitted such in a roundabout way when he commented on excluding very high priced companies such as Google (NASDAQGS:GOOG) and Apple (NASDAQGS:AAPL) from the Dow. Anyway you slice it Bank of America (and Wells Fargo) is at least two times larger than Goldman Sachs and seems to be "a better indication of the market overall", using the committee's chairman's words.
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1311.0
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2013-09-11 00:00:00 UTC
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New Stock Coverage: Plundering Pirates Are Disappointed in Disney
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AA
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https://www.nasdaq.com/articles/new-stock-coverage-plundering-pirates-are-disappointed-disney-2013-09-11
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nan
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nan
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These are dark days for the delightfully named Mr. Light, who plausibly suggested that a precipitous decline in the hours of daylight could be one cause for September having historically been the single scariest month in the market. Thus far in 2013, the S&P 500 (INDEXSP:.INX) has risen in every single September session, in a winning streak that now stands at six straight. As the wealth disparity in America reached levels last seen in 1928 , Dow Jones (INDEXDJX:.DJI) - which became a 30-member index that year - announced dramatic a reshuffle. Out went Alcoa ( AA ), which helped make the Twin Towers stand tall .
With Noranda Aluminum ( NOR ) dropping 1.45% to an all-time low, it was a decidedly unlucky day for the chemical element with the atomic number 13. Apple Inc. ( AAPL ), whose new "unapologetically plastic" iPhone can be pre-ordered on Friday the 13th, didn't help matters, and promptly tumbled 2.28%. Sears ( SHLD ), which surged 6.73%, enjoyed a better day. Its name, of course, emblazoned the world's tallest building beginning in 1974. An honor previously held, for one brief shining moment, by the World Trade Center.
Today in economics, analysts expect July wholesale inventories to post an improvement from the prior month's pace at 10:00 a.m. Eastern. On the earnings front, Men's Wearhouse ( MW ) and Vera Bradley (VRA) are each expected to release results.
Amazon (AMZN): Shares are a new Neutral with Wedbush.
AMC Networks (AMCX): Janney Capital covers the Mad Men broadcaster at a Buy.
Bob Evans Farms (BOBE): BOBE is begun with a Neutral at Janney.
Colgate-Palmolive (CL): The stock is picked up with a Neutral by BNP Paribas, whose price objective is $62.
Computer Sciences (CSC): Susquehanna starts the stock at a Positive.
Denny's (DENN): Janney has a fresh Buy on the fast food firm.
JDS Uniphase (JDSU): Barclays begins the tech stock at Equal Weight.
Madison Square Garden (MSG): Shares are a Buy at ISI Group.
Media & Entertainment : ISI Group has a new Neutral on Discovery Communications (DISCA) but begins Buys on CBS Corp (CBS), Time Warner (TWX), and Viacom (VIAB). It is even more bullish on 21st Century Fox (FOXA), starting it with a Strong Buy.
Nationstar Mortgage (NSM): Morgan Stanley starts the stock at Overweight.
Tutor Perini (TPC): FBR Capital covers the company with an Outperform and $28 target amid good growth in its civil construction segment.
Spectrum Brands (SPB): Shares are an Outperform at Oppenheimer, whose price objective is $82. A recent restructuring bodes well, the bank believes.
Walt Disney (DIS): The key Dow (INDEXDJX:.DJI) component, fresh from postponing its next Pirates of the Caribbean film , gets assigned a lukewarm Neutral at ISI Group.
(See also: Stock Upgrades: There's No Stopping Nokia and Stock Downgrades: Fall Is Absolutely No Time to Go Apple Picking .)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Out went Alcoa ( AA ), which helped make the Twin Towers stand tall . Apple Inc. ( AAPL ), whose new "unapologetically plastic" iPhone can be pre-ordered on Friday the 13th, didn't help matters, and promptly tumbled 2.28%. These are dark days for the delightfully named Mr. Light, who plausibly suggested that a precipitous decline in the hours of daylight could be one cause for September having historically been the single scariest month in the market.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Out went Alcoa ( AA ), which helped make the Twin Towers stand tall . Apple Inc. ( AAPL ), whose new "unapologetically plastic" iPhone can be pre-ordered on Friday the 13th, didn't help matters, and promptly tumbled 2.28%.
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Out went Alcoa ( AA ), which helped make the Twin Towers stand tall . Apple Inc. ( AAPL ), whose new "unapologetically plastic" iPhone can be pre-ordered on Friday the 13th, didn't help matters, and promptly tumbled 2.28%. These are dark days for the delightfully named Mr. Light, who plausibly suggested that a precipitous decline in the hours of daylight could be one cause for September having historically been the single scariest month in the market.
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Out went Alcoa ( AA ), which helped make the Twin Towers stand tall . Apple Inc. ( AAPL ), whose new "unapologetically plastic" iPhone can be pre-ordered on Friday the 13th, didn't help matters, and promptly tumbled 2.28%. AMC Networks (AMCX): Janney Capital covers the Mad Men broadcaster at a Buy.
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1312.0
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2013-09-10 00:00:00 UTC
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Alcoa Issues Statement on Change to Dow Jones Industrial Average; Shares Edge Lower
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AA
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https://www.nasdaq.com/articles/alcoa-issues-statement-change-dow-jones-industrial-average-shares-edge-lower-2013-09-10
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nan
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nan
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Alcoa Inc. ( AA ) - the world's leading producer of primary and fabricated aluminum, as well as the world's largest miner of bauxite and refiner of alumina - issued a statement in response to recent change which removed the stock from the Dow Industrial Average. The company said: "The composition of the Dow Jones Industrial Average has no impact on Alcoa's ability to successfully execute our strategy, and we remain focused on delivering shareholder value.
"We continue to grow our value-add businesses and capture growth opportunities in end markets like aerospace and automotive. At the same time we are optimizing our upstream competitiveness. We are focused on the things we can control, pressing our innovation edge and strong position in end markets, while lowering our cost position in our commodity business."
The stock is trading at $8.05 down 0.3% in a 52-week range $7.63 - $9.93.
Alcoa Inc. engages in the production and management of primary aluminum, fabricated aluminum, and alumina.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) - the world's leading producer of primary and fabricated aluminum, as well as the world's largest miner of bauxite and refiner of alumina - issued a statement in response to recent change which removed the stock from the Dow Industrial Average. The company said: "The composition of the Dow Jones Industrial Average has no impact on Alcoa's ability to successfully execute our strategy, and we remain focused on delivering shareholder value. "We continue to grow our value-add businesses and capture growth opportunities in end markets like aerospace and automotive.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Alcoa Inc. ( AA ) - the world's leading producer of primary and fabricated aluminum, as well as the world's largest miner of bauxite and refiner of alumina - issued a statement in response to recent change which removed the stock from the Dow Industrial Average. Alcoa Inc. engages in the production and management of primary aluminum, fabricated aluminum, and alumina.
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Alcoa Inc. ( AA ) - the world's leading producer of primary and fabricated aluminum, as well as the world's largest miner of bauxite and refiner of alumina - issued a statement in response to recent change which removed the stock from the Dow Industrial Average. We are focused on the things we can control, pressing our innovation edge and strong position in end markets, while lowering our cost position in our commodity business." The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) - the world's leading producer of primary and fabricated aluminum, as well as the world's largest miner of bauxite and refiner of alumina - issued a statement in response to recent change which removed the stock from the Dow Industrial Average. "We continue to grow our value-add businesses and capture growth opportunities in end markets like aerospace and automotive. At the same time we are optimizing our upstream competitiveness.
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1313.0
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2013-09-10 00:00:00 UTC
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September 10: China Data, Syria Breakthrough to Sustain Momentum - Economic Highlights
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AA
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https://www.nasdaq.com/articles/september-10%3A-china-data-syria-breakthrough-to-sustain-momentum-economic-highlights-2013
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nan
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nan
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More positive data out of China and growing prospects of a diplomatic breakthrough to the Syrian issue will likely sustain the positive stock market momentum from Monday. President Obama's primetime address to the nation later this evening on the Syria question appears to have been overtaken by growing traction for the Secretary of State's off-the-cuff proposal in a London press conference. The reduced odds of military strikes is helping reverse some of the safe-haven bids in treasuries and gold and weaken oil prices a bit.
China's Industrial Production and Retail Sales data accelerated from the month before, further highlighting the country's improved growth outlook. Industrial production accelerated at its highest pace in more than a year, by increasing 10.4% in August year over year, up from July's 9.7% growth pace. August Retail Sales also accelerated from the prior month's pace. Today's data follows strong export growth numbers over the weekend and Monday's benign inflation readings that combined have helped improve sentiment on China.
We should keep in mind, however, that the improving Chinese outlook is not a proxy for better days ahead for all emerging markets. In fact, the outlook for the other major emerging markets like India, Brazil, Turkey, Indonesia and South Africa continues to weaken, with growing likelihood of the Fed's QE Taper decision at next weeks' FOMC meeting prompting severe capital flight from those markets. The resulting exchange rate volatility and liquidity crunch is expected to remain a growth headwind for these markets. Bottom line, not all emerging markets are the same; China's outlook may be improving, but the other emerging markets are expected to continue suffering.
In corporate news, Apple ( AAPL ) is on track to refresh its iPhone line-up where the company is expected to unveil a lower priced sibling to its flagship smartphone. The less expensive iPhone is expected to help the company gain market share, particularly in emerging markets like China, but it's unclear if the incremental market share gains will be coming at the expense of margins. In others news, Goldman Sachs ( GS ), Nike ( NKE ), and Visa ( V ) are set to replace Alcoa ( AA ), Bank of America ( BAC ), and Hewlett-Packard ( HPQ ) in the Dow Jones Industrial Average.
ALCOA INC (AA): Free Stock Analysis Report
APPLE INC (AAPL): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
HEWLETT PACKARD (HPQ): Free Stock Analysis Report
NIKE INC-B (NKE): Free Stock Analysis Report
VISA INC-A (V): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In others news, Goldman Sachs ( GS ), Nike ( NKE ), and Visa ( V ) are set to replace Alcoa ( AA ), Bank of America ( BAC ), and Hewlett-Packard ( HPQ ) in the Dow Jones Industrial Average. In corporate news, Apple ( AAPL ) is on track to refresh its iPhone line-up where the company is expected to unveil a lower priced sibling to its flagship smartphone. ALCOA INC (AA): Free Stock Analysis Report APPLE INC (AAPL): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here.
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In others news, Goldman Sachs ( GS ), Nike ( NKE ), and Visa ( V ) are set to replace Alcoa ( AA ), Bank of America ( BAC ), and Hewlett-Packard ( HPQ ) in the Dow Jones Industrial Average. ALCOA INC (AA): Free Stock Analysis Report APPLE INC (AAPL): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here. In corporate news, Apple ( AAPL ) is on track to refresh its iPhone line-up where the company is expected to unveil a lower priced sibling to its flagship smartphone.
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ALCOA INC (AA): Free Stock Analysis Report APPLE INC (AAPL): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here. In corporate news, Apple ( AAPL ) is on track to refresh its iPhone line-up where the company is expected to unveil a lower priced sibling to its flagship smartphone. In others news, Goldman Sachs ( GS ), Nike ( NKE ), and Visa ( V ) are set to replace Alcoa ( AA ), Bank of America ( BAC ), and Hewlett-Packard ( HPQ ) in the Dow Jones Industrial Average.
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In corporate news, Apple ( AAPL ) is on track to refresh its iPhone line-up where the company is expected to unveil a lower priced sibling to its flagship smartphone. In others news, Goldman Sachs ( GS ), Nike ( NKE ), and Visa ( V ) are set to replace Alcoa ( AA ), Bank of America ( BAC ), and Hewlett-Packard ( HPQ ) in the Dow Jones Industrial Average. ALCOA INC (AA): Free Stock Analysis Report APPLE INC (AAPL): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here.
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1314.0
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2013-09-10 00:00:00 UTC
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China Improves as Other Emerging Markets Suffer - Ahead of Wall Street
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AA
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https://www.nasdaq.com/articles/china-improves-other-emerging-markets-suffer-ahead-wall-street-2013-09-10
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nan
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nan
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Tuesday, September 10, 2013
More positive data out of China and growing prospects of a diplomatic breakthrough to the Syrian issue will likely sustain the positive stock market momentum from Monday. President Obama's primetime address to the nation later this evening on the Syria question appears to have been overtaken by growing traction for the Secretary of State's off-the-cuff proposal in a London press conference. The reduced odds of military strikes is helping reverse some of the safe-haven bids in treasuries and gold and weaken oil prices a bit.
China's Industrial Production and Retail Sales data accelerated from the month before, further highlighting the country's improved growth outlook. Industrial production accelerated at its highest pace in more than a year, by increasing 10.4% in August year over year, up from July's 9.7% growth pace. August Retail Sales also accelerated from the prior month's pace. Today's data follows strong export growth numbers over the weekend and Monday's benign inflation readings that combined have helped improve sentiment on China.
We should keep in mind, however, that the improving Chinese outlook is not a proxy for better days ahead for all emerging markets. In fact, the outlook for the other major emerging markets like India, Brazil, Turkey, Indonesia and South Africa continues to weaken, with growing likelihood of the Fed's QE Taper decision at next weeks' FOMC meeting prompting severe capital flight from those markets. The resulting exchange rate volatility and liquidity crunch is expected to remain a growth headwind for these markets. Bottom line, not all emerging markets are the same; China's outlook may be improving, but the other emerging markets are expected to continue suffering.
In corporate news, Apple ( AAPL ) is on track to refresh its iPhone line-up where the company is expected to unveil a lower priced sibling to its flagship smartphone. The less expensive iPhone is expected to help the company gain market share, particularly in emerging markets like China, but it's unclear if the incremental market share gains will be coming at the expense of margins. In others news, Goldman Sachs ( GS ), Nike ( NKE ), and Visa ( V ) are set to replace Alcoa ( AA ), Bank of America ( BAC ), and Hewlett-Packard ( HPQ ) in the Dow Jones Industrial Average.
Sheraz Mian
Director of Research
ALCOA INC (AA): Free Stock Analysis Report
APPLE INC (AAPL): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
HEWLETT PACKARD (HPQ): Free Stock Analysis Report
NIKE INC-B (NKE): Free Stock Analysis Report
VISA INC-A (V): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In others news, Goldman Sachs ( GS ), Nike ( NKE ), and Visa ( V ) are set to replace Alcoa ( AA ), Bank of America ( BAC ), and Hewlett-Packard ( HPQ ) in the Dow Jones Industrial Average. In corporate news, Apple ( AAPL ) is on track to refresh its iPhone line-up where the company is expected to unveil a lower priced sibling to its flagship smartphone. Sheraz Mian Director of Research ALCOA INC (AA): Free Stock Analysis Report APPLE INC (AAPL): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here.
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In others news, Goldman Sachs ( GS ), Nike ( NKE ), and Visa ( V ) are set to replace Alcoa ( AA ), Bank of America ( BAC ), and Hewlett-Packard ( HPQ ) in the Dow Jones Industrial Average. Sheraz Mian Director of Research ALCOA INC (AA): Free Stock Analysis Report APPLE INC (AAPL): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here. In corporate news, Apple ( AAPL ) is on track to refresh its iPhone line-up where the company is expected to unveil a lower priced sibling to its flagship smartphone.
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Sheraz Mian Director of Research ALCOA INC (AA): Free Stock Analysis Report APPLE INC (AAPL): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here. In corporate news, Apple ( AAPL ) is on track to refresh its iPhone line-up where the company is expected to unveil a lower priced sibling to its flagship smartphone. In others news, Goldman Sachs ( GS ), Nike ( NKE ), and Visa ( V ) are set to replace Alcoa ( AA ), Bank of America ( BAC ), and Hewlett-Packard ( HPQ ) in the Dow Jones Industrial Average.
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Sheraz Mian Director of Research ALCOA INC (AA): Free Stock Analysis Report APPLE INC (AAPL): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here. In corporate news, Apple ( AAPL ) is on track to refresh its iPhone line-up where the company is expected to unveil a lower priced sibling to its flagship smartphone. In others news, Goldman Sachs ( GS ), Nike ( NKE ), and Visa ( V ) are set to replace Alcoa ( AA ), Bank of America ( BAC ), and Hewlett-Packard ( HPQ ) in the Dow Jones Industrial Average.
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1315.0
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2013-09-10 00:00:00 UTC
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What A Changing Dow Means For Investors
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AA
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https://www.nasdaq.com/articles/what-changing-dow-means-investors-2013-09-10-0
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nan
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nan
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We have Charles Martin Hall to thanks for many major industrial advances of the 20th century. His discovery of the process of aluminum smelting produced many breakthroughs in food services, packaging, automobiles and aerospace.
But Hall and the company he founded are no longer held in such high esteem on Wall Street.
Alcoa ( AA ) has just been asked to pick up its things and leave the Dow Jones Industrial Average (DJIA). Hewlett-Packard ( HPQ ) and Bank of America ( BAC ) have also been shown the door.
I noted the possibility of these changes last year, predicting that Alcoa and HP were headed for the exits. I also thought Travelers ( TRV ) would be given the boot, though the ongoing troubles at Bank of America made that financial services firm more vulnerable. The fact that BofA has more than five times the market value of Travelers was apparently of little concern. (And the fact that Travelers was added to the index only four years ago likely meant that it was too soon for a change of heart anyway.)
However, my predictions regarding which companies would join the Dow were off the mark. The addition of Visa ( V ) , Nike (NKE) and Goldman Sachs (GS) suggests a clear move to boost the Dow's global exposure -- but I remain stunned that Apple (Nasdaq: AAPL) is not yet a member of the Dow. A $450 billion market value and a $170 billion revenue base is pretty hard to ignore.
I'd add that Wells Fargo (WFC) , Berkshire Hathaway (NYSE: BRK) and Oracle (Nasdaq: ORCL) would have made worthwhile additions as well. They presumably remain on the short list when the Dow is again reshuffled in a few years.
What It Means For Investors
So how does the changing Dow affect investors? For starters, investors in exchange-traded funds (ETFs) that are based on the Dow, such as the SPDR Dow Jones Industrial Average (DIA) , now have incrementally better exposure to most dynamic aspects of the U.S. economy. (Despite its myriad industrial uses, aluminum is not an especially profitable business, and HP's computers are losing relevance.)
Companies that are added to the index can also see a quick share price boost (and the bragging rights don't hurt, either). Goldman Sachs, Visa and Nike all jumped 2% to 3% on news of their inclusion. The Dow rejects, on the other hand, didn't fall at a similar pace. Investors likely saw these exits coming.
What's next?
We can assume that this group will remain constant for at least a few years, unless any Dow components get merged out of existence. Recently, the Dow's strategists have tended to only make a cluster of changes every three to four years:
1997: four companies replaced
1999: four companies replaced
2004: three companies replaced
2008: three companies replaced
2009: two companies replaced
2012: one company replaced
2013: three companies replaced
2016: ???
Frankly, that's a lot of turnover in a 16-year stretch, reflective of the rapid changes taking place in the global economy. The newly constructed Dow shows a clear reflection of the kind of companies leading the global charge these days:
Five financial services firms: American Express (AXP) , Goldman Sachs, JPMorgan Chase (JPM) , Travelers, Visa
Five technology firms: Cisco Systems (Nasdaq: CSCO) , Intel (Nasdaq: INTC) , IBM (IBM) , and Microsoft (Nasdaq: MSFT) .
Six industrial firms: 3M (MMM) , Boeing (BA) , Caterpillar (CAT) , DuPont (DD) , General Electric (GE) , and United Technologies (UTX) .
The remaining 14 firms are spread among the energy, telecom, consumer discretionary and health care sectors.
Action To Take --> There's no question that the Dow Jones Industrial Average just became a more relevant index for the U.S. economy. Yet the fact that Apple, Google (Nasdaq: GOOG) and Amazon.com (Nasdaq: AMZN) are all excluded means that the Dow planners have an outdated view of what drives the economy.
Then again, investors can gain ample exposure to these firms through Nasdaq-focused ETFs. It's smart to make sure you have exposure to both the Dow and the Nasdaq for true long-term portfolio diversification. Is the Dow or Nasdaq a better investment for the near-term? Well, roughly a month ago, I made the case that mega-caps, including many companies residing in the Dow, hold relatively strong appeal right now.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
© Copyright 2001-2016 StreetAuthority, LLC. All Rights Reserved.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) has just been asked to pick up its things and leave the Dow Jones Industrial Average (DJIA). The addition of Visa ( V ) , Nike (NKE) and Goldman Sachs (GS) suggests a clear move to boost the Dow's global exposure -- but I remain stunned that Apple (Nasdaq: AAPL) is not yet a member of the Dow. I also thought Travelers ( TRV ) would be given the boot, though the ongoing troubles at Bank of America made that financial services firm more vulnerable.
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The addition of Visa ( V ) , Nike (NKE) and Goldman Sachs (GS) suggests a clear move to boost the Dow's global exposure -- but I remain stunned that Apple (Nasdaq: AAPL) is not yet a member of the Dow. Alcoa ( AA ) has just been asked to pick up its things and leave the Dow Jones Industrial Average (DJIA). Recently, the Dow's strategists have tended to only make a cluster of changes every three to four years: 1997: four companies replaced 1999: four companies replaced 2004: three companies replaced 2008: three companies replaced 2009: two companies replaced 2012: one company replaced 2013: three companies replaced 2016: ?
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The addition of Visa ( V ) , Nike (NKE) and Goldman Sachs (GS) suggests a clear move to boost the Dow's global exposure -- but I remain stunned that Apple (Nasdaq: AAPL) is not yet a member of the Dow. Alcoa ( AA ) has just been asked to pick up its things and leave the Dow Jones Industrial Average (DJIA). Recently, the Dow's strategists have tended to only make a cluster of changes every three to four years: 1997: four companies replaced 1999: four companies replaced 2004: three companies replaced 2008: three companies replaced 2009: two companies replaced 2012: one company replaced 2013: three companies replaced 2016: ?
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Alcoa ( AA ) has just been asked to pick up its things and leave the Dow Jones Industrial Average (DJIA). The addition of Visa ( V ) , Nike (NKE) and Goldman Sachs (GS) suggests a clear move to boost the Dow's global exposure -- but I remain stunned that Apple (Nasdaq: AAPL) is not yet a member of the Dow. I noted the possibility of these changes last year, predicting that Alcoa and HP were headed for the exits.
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1316.0
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2013-09-10 00:00:00 UTC
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Major Shakeup Coming to DJIA, Dow ETF - ETF News And Commentary
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AA
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https://www.nasdaq.com/articles/major-shakeup-coming-djia-dow-etf-etf-news-and-commentary-2013-09-10
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nan
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nan
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In somewhat of a surprise move, it has been announced that the ultra-popular Dow Jones Industrial Average will be swapping a few of its components. In fact, three companies will be shifted out of the 30 stock benchmark, making room for a new trio of companies.
The three companies on their way out include Alcoa ( AA ) , Bank of America ( BAC ) , and Hewlett-Packard ( HPQ ) . Meanwhile, coming into the index are an interesting group of Goldman Sachs ( GS ) , Nike ( NKE ) , and Visa ( V ) .
This marks the first time in nearly a decade that such a three for three swap has taken place, as in 2004 AT&T, Eastman Kodak and International Paper were given the boot in favor of AIG, Pfizer, and Verizon. The change also represents the first move in about a year when Kraft-which recently spun-off a big chunk of their operations-was replaced by UnitedHealth Group ( UNH ) .
The Changes in Focus
Investors should note that the outgoing group of AA, BAC, and HPQ, represent the smallest three companies in this price weighted index. In fact, the group combines to account for less than 2.5% of the Dow Jones Industrial Average at current levels (see all the Large Cap ETFs ).
The incoming group could deserve a much bigger weight though, at least when looking at their share prices. Nike will likely be the smallest thanks to its current price around the $67/share level, while bigger allocations seem likely for GS and V, which both have share prices hovering around roughly the $170/share level.
Based on these levels, GS and V will be two of the most important components for the price-weighted index, as they will beat out Chevron ($120/share), but will likely fall just short of IBM. International Business Machines currently accounts for about 9.4% of the portfolio, so it is reasonable to assume that both Goldman and Visa will make up for significant allocations in the new version of the benchmark.
Meanwhile, consumer giant Nike will likely receive a much smaller allocation, probably somewhere around the 3.1% level. Companies that receive around that allocation right now include Disney, a firm which has a share price near $62.
ETF Impact
Investors can easily buy up all the companies in the Dow with the SPDR Dow Jones Industrial Average ETF ( DIA ) . This popular ETF tracks the Dow Jones Industrial Average Index, and it has over $11 billion in assets as well as daily volume of about 6.4 million shares a day (see Try Value Investing with These Large Cap ETFs ).
According to the fund's prospectus , the ETF will adjust from time to time to conform to periodic changes made by S&P to the identity of the index securities in the DJIA. The trustee of the product will generally make these adjustments within three business days-either before or after-the day on which changes are scheduled to take effect. So, in other words, look for the changes to the ETF to be pretty prompt in order to reflect the new benchmark components.
Investors should also note that the changes will have a somewhat neutral impact on the fund's volatility, at least represented by beta. While Goldman has a beta approaching 2, both V and NKE are below .7, evening things out from this front.
From a dividend look, the changes will likely have a negative impact on DIA's current dividend yield of 2.3%. All three of the new companies being added have a dividend below 1.75%, so we could see a decline in this ETF's income in the months ahead (see High Dividend ETFs to Buy Even If the Fed Tapers ).
Finally, in terms of sectors, there looks to be a bit of a bump up in financials, and then also into the consumer space. Financials could possibly become the top sector for both the index and DIA, depending on how you classify Visa. So, look for a bit more importance to be placed on this sector going forward in terms of DIA's return.
Bottom Line
The new changes could really shake up the important benchmark, taking out some of the smallest companies in the index (by weight), and replacing them with some firms that could have outsized allocations. This could shift the focus of DIA a bit, and lead to a new risk/return path for the important benchmark (also read 3 Top Ranked Financial ETFs to Buy Now ).
ETF investors should note that the index changes will be reflected pretty much right away, so it is important to consider if this changes the investment case for you if you are a holder of DIA. After all, GS and V could make up pretty sizable allocations for the DJIA, so these new index picks should not be taken lightly by investors taking a closer look at this important American benchmark.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >>
ALCOA INC (AA): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
SPDR-DJ IND AVG (DIA): ETF Research Reports
GOLDMAN SACHS (GS): Free Stock Analysis Report
HEWLETT PACKARD (HPQ): Free Stock Analysis Report
NIKE INC-B (NKE): Free Stock Analysis Report
VISA INC-A (V): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The Changes in Focus Investors should note that the outgoing group of AA, BAC, and HPQ, represent the smallest three companies in this price weighted index. The three companies on their way out include Alcoa ( AA ) , Bank of America ( BAC ) , and Hewlett-Packard ( HPQ ) . Click to get this free report >> ALCOA INC (AA): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report SPDR-DJ IND AVG (DIA): ETF Research Reports GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here.
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The Changes in Focus Investors should note that the outgoing group of AA, BAC, and HPQ, represent the smallest three companies in this price weighted index. Click to get this free report >> ALCOA INC (AA): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report SPDR-DJ IND AVG (DIA): ETF Research Reports GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here. The three companies on their way out include Alcoa ( AA ) , Bank of America ( BAC ) , and Hewlett-Packard ( HPQ ) .
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Click to get this free report >> ALCOA INC (AA): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report SPDR-DJ IND AVG (DIA): ETF Research Reports GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here. The three companies on their way out include Alcoa ( AA ) , Bank of America ( BAC ) , and Hewlett-Packard ( HPQ ) . The Changes in Focus Investors should note that the outgoing group of AA, BAC, and HPQ, represent the smallest three companies in this price weighted index.
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The Changes in Focus Investors should note that the outgoing group of AA, BAC, and HPQ, represent the smallest three companies in this price weighted index. The three companies on their way out include Alcoa ( AA ) , Bank of America ( BAC ) , and Hewlett-Packard ( HPQ ) . Click to get this free report >> ALCOA INC (AA): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report SPDR-DJ IND AVG (DIA): ETF Research Reports GOLDMAN SACHS (GS): Free Stock Analysis Report HEWLETT PACKARD (HPQ): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report VISA INC-A (V): Free Stock Analysis Report To read this article on Zacks.com click here.
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1317.0
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2013-09-05 00:00:00 UTC
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Mining-Ferrous & Non Ferrous Stock Outlook - Sept 2013 - Industry Outlook
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AA
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https://www.nasdaq.com/articles/mining-ferrous-non-ferrous-stock-outlook-sept-2013-industry-outlook-2013-09-05
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nan
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nan
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A Brief Overview
Metals, given their characteristics -- high strength, durability, conductivity and aesthetic appeal -- command a pivotal role in daily life and economic development. The global population growth, phenomenal rise in the Chinese economy, urbanization in the Asian countries and the increasing requirements in the developed countries have created an unprecedented demand for minerals and metals. The metals & mining industry caters to this ever-rising demand by extracting (mining) and through primary and secondary processing of these metals.
The industry is oligarchic in structure, with certain producers accounting for a lion's share of the output. The industry is highly cyclical and competitive. Metal producers are subject to cyclical fluctuations in prices, general economic conditions and end-user markets. However, the tepid global economic growth outlook has currently emerged as a major headwind for the global metal industry.
With respect to volume, iron and steel command a majority in the global metal industry, followed by aluminum. We have thus divided the metal industry into two broad parts: ferrous and non-ferrous. Ferrous indicates the presence of iron and it includes steel, iron and alloys of iron. Non-ferrous indicate metals that do not contain an appreciable amount of iron. Popular non-ferrous metals include aluminum, copper, lead, nickel, tin, titanium and zinc, and alloys like brass.
Let's have a look at the ferrous and non-ferrous industry in detail, including driving factors, price dynamics, performance, outlook, etc.
Mining - Ferrous: Iron & Steel
The steel industry, as well as its provider of raw materials -- the iron ore and coal mining industries -- have historically been highly cyclical and are highly susceptible to general economic conditions. This is particularly due to the cyclical nature of its main customers: the automotive, construction, machinery and equipment industries.
Iron Ore Price Trends
The cost of iron ore is crucial for the global economy as it affects the price of steel and consequently changes the cost of everyday goods. It is also critical for the profitability of two of the world's largest heavy industries: mining and steelmaking.
In the first half of 2012, iron ore prices were more or less stable before plummeting to a three-year low of $88.50 per ton in September last year. The price was dragged down by low buying activity due to a weak economic environment. It recovered by the end of 2012 due to aggressive restocking driven by Chinese steel mills.
In the first quarter of 2013, iron ore prices attained a high of $160 per ton, aided by strong steel production in China, seasonally weaker supply of the seaborne iron ore and increased demand growth from steel end-consumers, particularly the Chinese construction sector.
However, iron ore prices remained volatile in the second quarter with an average price of $137.4 per ton in April, $124.7 per ton in May and then down to an average price of $114.5 per ton in June. The volatility owed much to the uncertain outlook for steel demand in China. Post-June, iron ore prices have trended higher as sentiment improved across the Chinese metals sector. Steelmakers were no longer destocking raw materials like iron ore, thus necessitating iron ore buying to meet the demand of the steel mills.
Iron Ore Industry Performance So far
Emergence of Chinese industrial demand has led to a paradigm shift in the iron ore market over the last two decades. China has become the largest producer of steel and consequently the largest consumer of iron ore, accounting for around 60% of the global seaborne market.
Incidentally, global exporters of iron such as BHP Billiton Ltd ( BHP ), Vale S.A. ( VALE ) and Rio Tinto plc ( RIO ), which together control 70% of total iron ore exports, largely benefited as China's inland production failed to meet the burgeoning demand.
Meanwhile, just as the iron ore and steel market recovered from the effects of recession in the second half of 2009 and through the first three quarters of 2011, the Euro-zone crisis and significant destocking caused demand to weaken again in the fourth quarter of 2011.
In 2012, contraction in Europe and a slowdown in China dampened both iron and steel prices. In the first half of 2013, demand continued to be weak, particularly in Europe where demand plunged to about 30% below the 2007 peak.
In 2012, demand in China weakened in response to policy tightening, mainly directed toward the real estate market. However, demand picked up thereafter from the fourth quarter of 2012 on the back of acceleration in infrastructure approvals, which has continued through the first half of 2013.
Major Game-Changing Projects in the Iron Ore Industry
BHP Billiton's $3.4 billion project of Jimblebar Mine expansion in the Pilbara region in Western Australia is expected to augment its iron ore annual production capacity to 220 million tons. The mine will start producing in the fourth quarter of 2013, and help the company cash on the continued appetite for iron of countries like China.
BHP's rival Rio Tinto is investing heavily in growing iron ore output in the Pilbara region. Rio Tinto has embarked on a major port, rail and mine expansion, which is touted to be the largest integrated mining project in Australia and will up its annual capacity to 290 million tons. Rio Tinto has successfully loaded its first iron ore shipment from its expanded operations in Pilbara, ahead of schedule, marking the commencement of commissioning of the expansion program.
Separately, Vale was recently granted an environmental license for its $20 billion investment, in new iron ore production capacity at its Carajas mining complex in northern Brazil. This will help Vale to scale up its iron ore production and will be the largest project in Vale's history as well as in the iron ore industry. It is also considered to be a path-breaking project that will fully replace in-mine trucks with conveyor belts.
Iron Industry: Outlook
The industry has been affected by the falling iron ore prices. However, the companies have stayed afloat by reducing costs to maintain their margins in the falling commodity prices scenario. We see improved future prospects for the industry on the back of ongoing industrialization in China, India and in other developing economies.
Steel Industry
The steel industry is considered an economic indicator, as it plays a critical role in infrastructure and overall economic development.
Steel Price Trends
Steel prices have been on the decline in 2013 due to a glut in imports, oversupply in the market from zealous steelmakers, weak demand in Europe and slow growth in Asia. A sustained downside in steel prices will materially and adversely affect the margins of steel companies. We believe that the recovery in pricing momentum will be driven by a reviving economy, stabilization in the Euro-zone and a rebound in construction activity in the developing countries, particularly in China, India and South Korea.
Challenges
A lingering Euro-zone sovereign debt crisis, economic stagnation or slow growth in developed economies and a cooling of emerging market economies have taken a toll on the steel industry. Furthermore, overcapacity has been a perennial problem. Stiff competition in the United States from cheaper imports and from domestic producers with new or expanded facilities or under-utilized existing facilities continues to result in significant oversupply of steel compared to demand.
Steel Industry: Outlook
The World Steel Association projects global steel usage to rise 2.9% in 2013 to 1.454 Mt. In 2013, the steel industry will continue to face headwinds in the form of overcapacity and surge of imports. The steel companies are going through a restructuring process, which will have a positive impact on operations in the mid to long term. Some of the major industry trends are strategic cost reduction, vertical integration and capital optimization.
Growth in the United States will be supported by strong momentum in the auto sector and recovery in construction markets. Concerns surrounding China's growth and the European debt crisis remain overhangs on the sector's outlook.
The overall scenario is expected to improve in 2014 with global demand expected to increase 3.2% to a record 1,500 Mt. The increase will be driven by a further pickup in global steel demand as the developed economies increasingly contribute to growth.
Mining - Non-Ferrous
Aluminum
Given its unique characteristics -- lightness, strength, flexibility, non-corrosive and infinitely recyclable -- aluminum is one of the most widely used metals. The world's leading aluminum market is China, which accounts for over 40% of global aluminum consumption thanks to the rapid development and urbanization of China. Japan, Europe and the US are next in line in the aluminum market. Aluminum's main markets are transportation, machinery and construction.
About the Industry
The aluminum industry is an extremely competitive and highly consolidated sector with 40% of global output commanded by the largest producers: Russia's Rusal, Alcoa Inc. ( AA ), Aluminum Corporation of China Ltd ( ACH ) and Hydro Aluminum (part of the Norsk Hydro group).
The demand for aluminum in developed countries stems from the rapidly growing auto market. A strong focus on environment and strict restrictions on carbon emissions prompt the automakers to increase the energy efficiency of the vehicles.
Due to its lightness, aluminum makes cars more energy efficient, decreasing fuel consumption and cutting hazardous emissions. In developing countries, the construction industry is the biggest consumer of aluminum as these countries are expanding their infrastructure to satisfy the needs of a growing population.
Performance
Industry results suffered because of the decline in realized aluminum prices. Alcoa kicked off the second quarter earnings season with a revenue decline of 2%, affected by weak aluminum prices. Alcoa continued to see pricing pressure with London Metal Exchange (LME) cash price falling 8% sequentially in the reported quarter.
Adaptive Measures to Combat Falling Prices
Following the decline in aluminum prices, BHP had to sale its 33.3% stake in the Guinea Alumina joint venture to Dubai Aluminum and Abu Dhabi state-owned Mubadala. In 2012, it had halted bauxite exploration at its Boffa-Santou-Houda site in Guinea and abandoned plans to build a smelter in the Democratic Republic of Congo.
Rio had earlier planned to sell its underperforming Pacific Aluminum, which has high-cost smelters in New Zealand and Australia and an alumina refinery. However, it had to abandon its plan after failing to find a buyer. Rio will incorporate Pacific Aluminum back under its larger aluminum umbrella, Rio Tinto Alcan group.
Prices have been under pressure, prompting companies to cut back on production. Aluminum prices have fallen to four-year lows and the market continues to be uncertain and volatile. Rusal, the world's largest aluminum producer, reported losses in the first half of 2013 and announced that it will further reduce production by 357,000 metric tons (mt) in 2013, or 9% compared with 2012. Rusal plans to accelerate aluminum output cuts in the second half. Rusal is also contemplating production halts at its least efficient smelters and cut down production at certain smelters in Siberia.
Alcoa is aggressively slashing costs and pursuing strategies to move down its cost curves in its upstream businesses. The company remains committed to achieving its target of moving down the cost curve by 10 percentage points in smelting and by 7 percentage points in refining by 2015.
In May, Alcoa announced its plans to curtail 460,000 mt over a 15-month period of smelting due to falling aluminum prices and maintain cost competitiveness. In line with this, Alcoa announced closures or curtailments representing 269,000 mt, which included the permanent closure of 105,000 mt of capacity at Alcoa's Baie-Comeau smelter in Canada and its Fusina, Italy, smelter representing 44,000 mt that was not part of the May review. Recently, Alcoa announced that it will close or curtail 164,000 mt of smelting capacity in the United States and Brazil.
Going Forward
Energy prices and other input costs are expected to pose challenges for the aluminum industry. In addition to the curtailments, the companies will step up activities to reduce the escalating cost of raw materials.
In the medium to long term, aluminum consumption is expected to improve on a global basis. The revival is palpable in the automotive and packaging industries, one of the key consumer markets. The automobile market is also becoming increasingly aluminum-intensive, benefiting from its recyclability and light-weight properties.
The global push to improve fuel efficiency in vehicles is expected to more than double the demand for aluminum in the auto industry by 2025. Further, the surge in substitute metals such as copper and zinc has triggered a switch among manufacturers to aluminum. Automobiles, air conditioners and industrial components manufacturers are now shifting their focus to the more economical metal.
To capitalize the growing aluminum demand for auto production, Alcoa recently broke ground on its $275 million expansion of Alcoa's Tennessee Operations. This marks Alcoa's second automotive expansion to cater to the car makers. The previous one was a $300 million expansion of Alcoa's Davenport, IA plant that has already begun commissioning and is set to be completed by the end of 2013.
We expect aluminum demand to increase over the next three years, outstripping supply growth. Following China, India also holds promise as its current low level of aluminum consumption and high urban population growth make a favorable combination. As a result, the aluminum market is likely to witness deficits for a prolonged period and creates the backdrop supportive of high alumina and aluminum prices.
Copper
Copper is a major industrial metal with its price strongly depending on the economic growth outlook. The metal's strong cyclical leverage accounts for its nickname "Dr. Copper." The metal's popularity in industrial usage is due to its high ductility, malleability and thermal and electrical conductivity, along with its resistance to corrosion.
In terms of consumption, copper holds the third place after iron and aluminum. Construction is the single largest market for copper, followed by electronics and electronic products, transportation, industrial machinery, and consumer and general products.
Movement in Copper Prices
Copper prices witnessed record high levels from 2006 through most of 2008 as limited supplies, growing demand from China and other emerging economies led to the surge in copper prices and low level of inventories. In Dec 2008, copper prices dipped to a low of $1.26 per pound due to reduced consumption, turbulence in the U.S. financial markets and concerns about the global economy.
During 2012, LME spot copper prices ranged from a low of $3.29 per pound to a high of $3.93 per pound, which averaged $3.61 per pound, a 10% drop from 2011. This drop reflected concerns regarding a slowdown in the Chinese economy, Europe's sovereign debt crisis and a slowing U.S. economy.
During first-quarter 2013, LME spot copper prices ranged from $3.42 per pound to $3.74 per pound, averaging $3.60 per pound. During the second quarter 2013, LME spot copper prices ranged from a low of $3.01 per pound to a high of $3.42 per pound, averaging $3.24 per pound.
Performance
Lower prices hurt the results of copper producers like Freeport-McMoRan Copper & Gold Inc. ( FCX ) and Southern Copper Corp. ( SCCO ) and Newmont Mining Corporation ( NEM ). Demand from key end-markets, including construction materials and electronics, remains weak due to the overall economic softness.
Diverse Reactions
In the wake of recent decline in metal prices, Freeport has reduced budgeted future capital expenditures, exploration and other costs by a total of $1.9 billion in 2013 and 2014.
Freeport has recently taken a major step to venture into the U.S. energy space by wrapping up Plains Exploration & Production Company and McMoRan Exploration Co. for $19 billion as part of the company's strategy to diversify from its bread-and-butter copper mining business. The merger positions the combined entity as a leading natural resource conglomerate in the U.S., leveraging Freeport's industry-leading mineral assets and the oil and gas resources of Plains and McMoRan.
On the contrary, banking on strong returns from the copper business, BHP Billiton and Rio Tinto are jointly investing $3 billion in a sea desalination plant that will supply water to Chile's Escondida copper mine. BHP, which has a 57.5% ownership in the mine, is investing $1.97 billion and Rio Tinto, which owns 30%, will contribute $1.03 billion. BHP Billiton expects global demand for copper to rise by 3% annually.
Copper Industry: Outlook
Notwithstanding the current volatility in prices, we have a long-term bullish stance on copper, supported by its widespread use, limited supplies from existing mines and the absence of significant new development projects. Prices will be influenced by demand from China and emerging markets, economic activity in the U.S. and other industrialized countries, the timing of new supplies of copper and production levels of mines and copper smelters.
Companies that have a high leverage to copper prices will benefit immensely from the potential demand for the metal in the developing markets.
Overall Industry Ranking
Within the Zacks Industry classification, the industry is broadly grouped in the Basic Materials sector (one of 16 Zacks sectors) and is further sub-divided into three industries at the expanded level: Mining - Gold, Mining - Iron and Mining - Non-Ferrous. We rank all of 260 industries in the 16 Zacks sectors based on the earnings outlook for the constituent companies in each industry. This ranking is available in the Zacks Industry Rank page.
The way to align the ranking and outlook from the complete list of Zacks Industry Rank for the 260+ industries is that the outlook for the top one-third of the list (Zacks Industry Rank of #87 and lower) is positive, while the outlook for the bottom one-third (Zacks Industry Rank #174 and higher) is negative.
For the Mining Industry, Iron Mining barely makes into the top 1/3rd with its Zacks Industry Rank #81, while the Non-Ferrous (aluminum, copper, etc.) is barely in the bottom 1/3rd at Zacks Industry Rank with a Zacks rank of #222, respectively.
The steel producers industry makes it to the bottom 1/3rd with a Zacks Industry Rank #174, followed by steel-pipe and tube industry producers with a Zacks Industry Rank #198. The steel specialty industry is near the bottom of the list with a Zacks Rank #244.
This indicates that the overall outlook for the steel industry is on the 'Negative' side. Given the exact location of the three mining industries on the Zacks Industry Rank, one could say that the near-term outlook for the group depicts a Neutral outlook.
Please note that the Zacks Rank for stocks, which are at the core of our Industry Outlook, has an impressive track record, verified by outside auditors, to foretell stock prices, particularly over the short term (1 to 3 months). The rank, along with Expected Surprise Prediction (ESP) (Read: Zacks Earnings ESP: A Better Way to Find Earnings Surprises ) helps in predicting the probability of earnings surprises.
Earnings Performance in 2Q13
Looking at the overall results of the Basic Material Sector, earnings dipped 11.1% in the second quarter of 2013, deteriorating from the 1.8% decline in earnings witnessed in the first quarter of 2013. However, revenues for the sector went down 1.4% in the second quarter, faring better than the 2.1% decline in the first quarter.
Second quarter earnings across all 16 sectors covered by Zacks increased 2.5% with the Finance sector being the only saving grace. Barring the finance sector, earnings dipped 2.9% with the Basic Material sector being one of the laggards. Nevertheless, the Basic Material sector had a beat ratio (percentage of companies coming out with positive surprises) of 56.5%, though lower than the 69.6% noted in the first quarter.
The Basic Material sector has suffered given its heavy exposure to the negative cross-currents in the global economy, particularly the emerging markets. The weak global conditions are a deterrent factor for volumes and falling metal prices has dented the earnings for the companies.
Expectations for 2013 & 2014
The Basic Material sector is one of the sectors experiencing material negative estimate revisions, largely reflecting the overall negative tone of guidance provided by companies. However, the overall projection of a 3.0% dip in the third quarter paints a somewhat better picture when compared with the 11.1% drop experienced in the second quarter.
The sector is expected to return to growth with a 12% increase in earnings. Revenues are expected to rise 1.5% in the third quarter and 2.1% in the fourth quarter.
In the first quarter of 2014, the sector's earnings are expected to rise 14.3% in the first quarter of 2014 despite a decline of 14.9% in revenues.
Overall Industry Outlook
Cost inflation in the sector is expected to be a headwind for metal and mining companies over the next several years, driven by a number of factors viz. labor, energy, ore grades, currencies, supply constraints and taxes. Global economic uncertainties, softening commodity prices, higher input costs are increasing the pressure on company margins.
To combat this, mining and metals companies are reviewing their portfolios to identify underperforming assets and shut down or divest these high cost and non-core assets. Industry consolidation, automation technology, owner-operated mines and investment in energy assets are some of the steps that companies are taking to mitigate the impact of rising costs.
Persistent recessionary conditions in Europe will have residual effects elsewhere. This synchronized global economic slowdown is the biggest headwind for the metals space at present. Thus, the long-term picture remains a lot more promising as growth in the emerging markets, particularly in China and India, will be a major driver of metals demand.
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
FREEPT MC COP-B (FCX): Free Stock Analysis Report
NEWMONT MINING (NEM): Free Stock Analysis Report
RIO TINTO-ADR (RIO): Free Stock Analysis Report
SOUTHERN COPPER (SCCO): Free Stock Analysis Report
VALE SA (VALE): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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About the Industry The aluminum industry is an extremely competitive and highly consolidated sector with 40% of global output commanded by the largest producers: Russia's Rusal, Alcoa Inc. ( AA ), Aluminum Corporation of China Ltd ( ACH ) and Hydro Aluminum (part of the Norsk Hydro group). ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report RIO TINTO-ADR (RIO): Free Stock Analysis Report SOUTHERN COPPER (SCCO): Free Stock Analysis Report VALE SA (VALE): Free Stock Analysis Report To read this article on Zacks.com click here. Rio Tinto has successfully loaded its first iron ore shipment from its expanded operations in Pilbara, ahead of schedule, marking the commencement of commissioning of the expansion program.
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About the Industry The aluminum industry is an extremely competitive and highly consolidated sector with 40% of global output commanded by the largest producers: Russia's Rusal, Alcoa Inc. ( AA ), Aluminum Corporation of China Ltd ( ACH ) and Hydro Aluminum (part of the Norsk Hydro group). ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report RIO TINTO-ADR (RIO): Free Stock Analysis Report SOUTHERN COPPER (SCCO): Free Stock Analysis Report VALE SA (VALE): Free Stock Analysis Report To read this article on Zacks.com click here. Major Game-Changing Projects in the Iron Ore Industry BHP Billiton's $3.4 billion project of Jimblebar Mine expansion in the Pilbara region in Western Australia is expected to augment its iron ore annual production capacity to 220 million tons.
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About the Industry The aluminum industry is an extremely competitive and highly consolidated sector with 40% of global output commanded by the largest producers: Russia's Rusal, Alcoa Inc. ( AA ), Aluminum Corporation of China Ltd ( ACH ) and Hydro Aluminum (part of the Norsk Hydro group). ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report RIO TINTO-ADR (RIO): Free Stock Analysis Report SOUTHERN COPPER (SCCO): Free Stock Analysis Report VALE SA (VALE): Free Stock Analysis Report To read this article on Zacks.com click here. Mining - Ferrous: Iron & Steel The steel industry, as well as its provider of raw materials -- the iron ore and coal mining industries -- have historically been highly cyclical and are highly susceptible to general economic conditions.
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About the Industry The aluminum industry is an extremely competitive and highly consolidated sector with 40% of global output commanded by the largest producers: Russia's Rusal, Alcoa Inc. ( AA ), Aluminum Corporation of China Ltd ( ACH ) and Hydro Aluminum (part of the Norsk Hydro group). ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report RIO TINTO-ADR (RIO): Free Stock Analysis Report SOUTHERN COPPER (SCCO): Free Stock Analysis Report VALE SA (VALE): Free Stock Analysis Report To read this article on Zacks.com click here. Iron Industry: Outlook The industry has been affected by the falling iron ore prices.
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2013-09-05 00:00:00 UTC
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Mining-Ferrous & Non Ferrous Stock Outlook - Sept 2013 - Zacks Analyst Interviews
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https://www.nasdaq.com/articles/mining-ferrous-non-ferrous-stock-outlook-sept-2013-zacks-analyst-interviews-2013-09-05
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A Brief Overview
Metals, given their characteristics -- high strength, durability, conductivity and aesthetic appeal -- command a pivotal role in daily life and economic development. The global population growth, phenomenal rise in the Chinese economy, urbanization in the Asian countries and the increasing requirements in the developed countries have created an unprecedented demand for minerals and metals. The metals & mining industry caters to this ever-rising demand by extracting (mining) and through primary and secondary processing of these metals.
The industry is oligarchic in structure, with certain producers accounting for a lion's share of the output. The industry is highly cyclical and competitive. Metal producers are subject to cyclical fluctuations in prices, general economic conditions and end-user markets. However, the tepid global economic growth outlook has currently emerged as a major headwind for the global metal industry.
With respect to volume, iron and steel command a majority in the global metal industry, followed by aluminum. We have thus divided the metal industry into two broad parts: ferrous and non-ferrous. Ferrous indicates the presence of iron and it includes steel, iron and alloys of iron. Non-ferrous indicate metals that do not contain an appreciable amount of iron. Popular non-ferrous metals include aluminum, copper, lead, nickel, tin, titanium and zinc, and alloys like brass.
Let's have a look at the ferrous and non-ferrous industry in detail, including driving factors, price dynamics, performance, outlook, etc.
Mining - Ferrous: Iron & Steel
The steel industry, as well as its provider of raw materials -- the iron ore and coal mining industries -- have historically been highly cyclical and are highly susceptible to general economic conditions. This is particularly due to the cyclical nature of its main customers: the automotive, construction, machinery and equipment industries.
Iron Ore Price Trends
The cost of iron ore is crucial for the global economy as it affects the price of steel and consequently changes the cost of everyday goods. It is also critical for the profitability of two of the world's largest heavy industries: mining and steelmaking.
In the first half of 2012, iron ore prices were more or less stable before plummeting to a three-year low of $88.50 per ton in September last year. The price was dragged down by low buying activity due to a weak economic environment. It recovered by the end of 2012 due to aggressive restocking driven by Chinese steel mills.
In the first quarter of 2013, iron ore prices attained a high of $160 per ton, aided by strong steel production in China, seasonally weaker supply of the seaborne iron ore and increased demand growth from steel end-consumers, particularly the Chinese construction sector.
However, iron ore prices remained volatile in the second quarter with an average price of $137.4 per ton in April, $124.7 per ton in May and then down to an average price of $114.5 per ton in June. The volatility owed much to the uncertain outlook for steel demand in China. Post-June, iron ore prices have trended higher as sentiment improved across the Chinese metals sector. Steelmakers were no longer destocking raw materials like iron ore, thus necessitating iron ore buying to meet the demand of the steel mills.
Iron Ore Industry Performance So far
Emergence of Chinese industrial demand has led to a paradigm shift in the iron ore market over the last two decades. China has become the largest producer of steel and consequently the largest consumer of iron ore, accounting for around 60% of the global seaborne market.
Incidentally, global exporters of iron such as BHP Billiton Ltd ( BHP ), Vale S.A. ( VALE ) and Rio Tinto plc ( RIO ), which together control 70% of total iron ore exports, largely benefited as China's inland production failed to meet the burgeoning demand.
Meanwhile, just as the iron ore and steel market recovered from the effects of recession in the second half of 2009 and through the first three quarters of 2011, the Euro-zone crisis and significant destocking caused demand to weaken again in the fourth quarter of 2011.
In 2012, contraction in Europe and a slowdown in China dampened both iron and steel prices. In the first half of 2013, demand continued to be weak, particularly in Europe where demand plunged to about 30% below the 2007 peak.
In 2012, demand in China weakened in response to policy tightening, mainly directed toward the real estate market. However, demand picked up thereafter from the fourth quarter of 2012 on the back of acceleration in infrastructure approvals, which has continued through the first half of 2013.
Major Game-Changing Projects in the Iron Ore Industry
BHP Billiton's $3.4 billion project of Jimblebar Mine expansion in the Pilbara region in Western Australia is expected to augment its iron ore annual production capacity to 220 million tons. The mine will start producing in the fourth quarter of 2013, and help the company cash on the continued appetite for iron of countries like China.
BHP's rival Rio Tinto is investing heavily in growing iron ore output in the Pilbara region. Rio Tinto has embarked on a major port, rail and mine expansion, which is touted to be the largest integrated mining project in Australia and will up its annual capacity to 290 million tons. Rio Tinto has successfully loaded its first iron ore shipment from its expanded operations in Pilbara, ahead of schedule, marking the commencement of commissioning of the expansion program.
Separately, Vale was recently granted an environmental license for its $20 billion investment, in new iron ore production capacity at its Carajas mining complex in northern Brazil. This will help Vale to scale up its iron ore production and will be the largest project in Vale's history as well as in the iron ore industry. It is also considered to be a path-breaking project that will fully replace in-mine trucks with conveyor belts.
Iron Industry: Outlook
The industry has been affected by the falling iron ore prices. However, the companies have stayed afloat by reducing costs to maintain their margins in the falling commodity prices scenario. We see improved future prospects for the industry on the back of ongoing industrialization in China, India and in other developing economies.
Steel Industry
The steel industry is considered an economic indicator, as it plays a critical role in infrastructure and overall economic development.
Steel Price Trends
Steel prices have been on the decline in 2013 due to a glut in imports, oversupply in the market from zealous steelmakers, weak demand in Europe and slow growth in Asia. A sustained downside in steel prices will materially and adversely affect the margins of steel companies. We believe that the recovery in pricing momentum will be driven by a reviving economy, stabilization in the Euro-zone and a rebound in construction activity in the developing countries, particularly in China, India and South Korea.
Challenges
A lingering Euro-zone sovereign debt crisis, economic stagnation or slow growth in developed economies and a cooling of emerging market economies have taken a toll on the steel industry. Furthermore, overcapacity has been a perennial problem. Stiff competition in the United States from cheaper imports and from domestic producers with new or expanded facilities or under-utilized existing facilities continues to result in significant oversupply of steel compared to demand.
Steel Industry: Outlook
The World Steel Association projects global steel usage to rise 2.9% in 2013 to 1.454 Mt. In 2013, the steel industry will continue to face headwinds in the form of overcapacity and surge of imports. The steel companies are going through a restructuring process, which will have a positive impact on operations in the mid to long term. Some of the major industry trends are strategic cost reduction, vertical integration and capital optimization.
Growth in the United States will be supported by strong momentum in the auto sector and recovery in construction markets. Concerns surrounding China's growth and the European debt crisis remain overhangs on the sector's outlook.
The overall scenario is expected to improve in 2014 with global demand expected to increase 3.2% to a record 1,500 Mt. The increase will be driven by a further pickup in global steel demand as the developed economies increasingly contribute to growth.
Mining - Non-Ferrous
Aluminum
Given its unique characteristics -- lightness, strength, flexibility, non-corrosive and infinitely recyclable -- aluminum is one of the most widely used metals. The world's leading aluminum market is China, which accounts for over 40% of global aluminum consumption thanks to the rapid development and urbanization of China. Japan, Europe and the US are next in line in the aluminum market. Aluminum's main markets are transportation, machinery and construction.
About the Industry
The aluminum industry is an extremely competitive and highly consolidated sector with 40% of global output commanded by the largest producers: Russia's Rusal, Alcoa Inc. ( AA ), Aluminum Corporation of China Ltd ( ACH ) and Hydro Aluminum (part of the Norsk Hydro group).
The demand for aluminum in developed countries stems from the rapidly growing auto market. A strong focus on environment and strict restrictions on carbon emissions prompt the automakers to increase the energy efficiency of the vehicles.
Due to its lightness, aluminum makes cars more energy efficient, decreasing fuel consumption and cutting hazardous emissions. In developing countries, the construction industry is the biggest consumer of aluminum as these countries are expanding their infrastructure to satisfy the needs of a growing population.
Performance
Industry results suffered because of the decline in realized aluminum prices. Alcoa kicked off the second quarter earnings season with a revenue decline of 2%, affected by weak aluminum prices. Alcoa continued to see pricing pressure with London Metal Exchange (LME) cash price falling 8% sequentially in the reported quarter.
Adaptive Measures to Combat Falling Prices
Following the decline in aluminum prices, BHP had to sale its 33.3% stake in the Guinea Alumina joint venture to Dubai Aluminum and Abu Dhabi state-owned Mubadala. In 2012, it had halted bauxite exploration at its Boffa-Santou-Houda site in Guinea and abandoned plans to build a smelter in the Democratic Republic of Congo.
Rio had earlier planned to sell its underperforming Pacific Aluminum, which has high-cost smelters in New Zealand and Australia and an alumina refinery. However, it had to abandon its plan after failing to find a buyer. Rio will incorporate Pacific Aluminum back under its larger aluminum umbrella, Rio Tinto Alcan group.
Prices have been under pressure, prompting companies to cut back on production. Aluminum prices have fallen to four-year lows and the market continues to be uncertain and volatile. Rusal, the world's largest aluminum producer, reported losses in the first half of 2013 and announced that it will further reduce production by 357,000 metric tons (mt) in 2013, or 9% compared with 2012. Rusal plans to accelerate aluminum output cuts in the second half. Rusal is also contemplating production halts at its least efficient smelters and cut down production at certain smelters in Siberia.
Alcoa is aggressively slashing costs and pursuing strategies to move down its cost curves in its upstream businesses. The company remains committed to achieving its target of moving down the cost curve by 10 percentage points in smelting and by 7 percentage points in refining by 2015.
In May, Alcoa announced its plans to curtail 460,000 mt over a 15-month period of smelting due to falling aluminum prices and maintain cost competitiveness. In line with this, Alcoa announced closures or curtailments representing 269,000 mt, which included the permanent closure of 105,000 mt of capacity at Alcoa's Baie-Comeau smelter in Canada and its Fusina, Italy, smelter representing 44,000 mt that was not part of the May review. Recently, Alcoa announced that it will close or curtail 164,000 mt of smelting capacity in the United States and Brazil.
Going Forward
Energy prices and other input costs are expected to pose challenges for the aluminum industry. In addition to the curtailments, the companies will step up activities to reduce the escalating cost of raw materials.
In the medium to long term, aluminum consumption is expected to improve on a global basis. The revival is palpable in the automotive and packaging industries, one of the key consumer markets. The automobile market is also becoming increasingly aluminum-intensive, benefiting from its recyclability and light-weight properties.
The global push to improve fuel efficiency in vehicles is expected to more than double the demand for aluminum in the auto industry by 2025. Further, the surge in substitute metals such as copper and zinc has triggered a switch among manufacturers to aluminum. Automobiles, air conditioners and industrial components manufacturers are now shifting their focus to the more economical metal.
To capitalize the growing aluminum demand for auto production, Alcoa recently broke ground on its $275 million expansion of Alcoa's Tennessee Operations. This marks Alcoa's second automotive expansion to cater to the car makers. The previous one was a $300 million expansion of Alcoa's Davenport, IA plant that has already begun commissioning and is set to be completed by the end of 2013.
We expect aluminum demand to increase over the next three years, outstripping supply growth. Following China, India also holds promise as its current low level of aluminum consumption and high urban population growth make a favorable combination. As a result, the aluminum market is likely to witness deficits for a prolonged period and creates the backdrop supportive of high alumina and aluminum prices.
Copper
Copper is a major industrial metal with its price strongly depending on the economic growth outlook. The metal's strong cyclical leverage accounts for its nickname "Dr. Copper." The metal's popularity in industrial usage is due to its high ductility, malleability and thermal and electrical conductivity, along with its resistance to corrosion.
In terms of consumption, copper holds the third place after iron and aluminum. Construction is the single largest market for copper, followed by electronics and electronic products, transportation, industrial machinery, and consumer and general products.
Movement in Copper Prices
Copper prices witnessed record high levels from 2006 through most of 2008 as limited supplies, growing demand from China and other emerging economies led to the surge in copper prices and low level of inventories. In Dec 2008, copper prices dipped to a low of $1.26 per pound due to reduced consumption, turbulence in the U.S. financial markets and concerns about the global economy.
During 2012, LME spot copper prices ranged from a low of $3.29 per pound to a high of $3.93 per pound, which averaged $3.61 per pound, a 10% drop from 2011. This drop reflected concerns regarding a slowdown in the Chinese economy, Europe's sovereign debt crisis and a slowing U.S. economy.
During first-quarter 2013, LME spot copper prices ranged from $3.42 per pound to $3.74 per pound, averaging $3.60 per pound. During the second quarter 2013, LME spot copper prices ranged from a low of $3.01 per pound to a high of $3.42 per pound, averaging $3.24 per pound.
Performance
Lower prices hurt the results of copper producers like Freeport-McMoRan Copper & Gold Inc. ( FCX ) and Southern Copper Corp. ( SCCO ) and Newmont Mining Corporation ( NEM ). Demand from key end-markets, including construction materials and electronics, remains weak due to the overall economic softness.
Diverse Reactions
In the wake of recent decline in metal prices, Freeport has reduced budgeted future capital expenditures, exploration and other costs by a total of $1.9 billion in 2013 and 2014.
Freeport has recently taken a major step to venture into the U.S. energy space by wrapping up Plains Exploration & Production Company and McMoRan Exploration Co. for $19 billion as part of the company's strategy to diversify from its bread-and-butter copper mining business. The merger positions the combined entity as a leading natural resource conglomerate in the U.S., leveraging Freeport's industry-leading mineral assets and the oil and gas resources of Plains and McMoRan.
On the contrary, banking on strong returns from the copper business, BHP Billiton and Rio Tinto are jointly investing $3 billion in a sea desalination plant that will supply water to Chile's Escondida copper mine. BHP, which has a 57.5% ownership in the mine, is investing $1.97 billion and Rio Tinto, which owns 30%, will contribute $1.03 billion. BHP Billiton expects global demand for copper to rise by 3% annually.
Copper Industry: Outlook
Notwithstanding the current volatility in prices, we have a long-term bullish stance on copper, supported by its widespread use, limited supplies from existing mines and the absence of significant new development projects. Prices will be influenced by demand from China and emerging markets, economic activity in the U.S. and other industrialized countries, the timing of new supplies of copper and production levels of mines and copper smelters.
Companies that have a high leverage to copper prices will benefit immensely from the potential demand for the metal in the developing markets.
Overall Industry Ranking
Within the Zacks Industry classification, the industry is broadly grouped in the Basic Materials sector (one of 16 Zacks sectors) and is further sub-divided into three industries at the expanded level: Mining - Gold, Mining - Iron and Mining - Non-Ferrous. We rank all of 260 industries in the 16 Zacks sectors based on the earnings outlook for the constituent companies in each industry. This ranking is available in the Zacks Industry Rank page.
The way to align the ranking and outlook from the complete list of Zacks Industry Rank for the 260+ industries is that the outlook for the top one-third of the list (Zacks Industry Rank of #87 and lower) is positive, while the outlook for the bottom one-third (Zacks Industry Rank #174 and higher) is negative.
For the Mining Industry, Iron Mining barely makes into the top 1/3rd with its Zacks Industry Rank #81, while the Non-Ferrous (aluminum, copper, etc.) is barely in the bottom 1/3rd at Zacks Industry Rank with a Zacks rank of #222, respectively.
The steel producers industry makes it to the bottom 1/3rd with a Zacks Industry Rank #174, followed by steel-pipe and tube industry producers with a Zacks Industry Rank #198. The steel specialty industry is near the bottom of the list with a Zacks Rank #244.
This indicates that the overall outlook for the steel industry is on the 'Negative' side. Given the exact location of the three mining industries on the Zacks Industry Rank, one could say that the near-term outlook for the group depicts a Neutral outlook.
Please note that the Zacks Rank for stocks, which are at the core of our Industry Outlook, has an impressive track record, verified by outside auditors, to foretell stock prices, particularly over the short term (1 to 3 months). The rank, along with Expected Surprise Prediction (ESP) (Read: Zacks Earnings ESP: A Better Way to Find Earnings Surprises ) helps in predicting the probability of earnings surprises.
Earnings Performance in 2Q13
Looking at the overall results of the Basic Material Sector, earnings dipped 11.1% in the second quarter of 2013, deteriorating from the 1.8% decline in earnings witnessed in the first quarter of 2013. However, revenues for the sector went down 1.4% in the second quarter, faring better than the 2.1% decline in the first quarter.
Second quarter earnings across all 16 sectors covered by Zacks increased 2.5% with the Finance sector being the only saving grace. Barring the finance sector, earnings dipped 2.9% with the Basic Material sector being one of the laggards. Nevertheless, the Basic Material sector had a beat ratio (percentage of companies coming out with positive surprises) of 56.5%, though lower than the 69.6% noted in the first quarter.
The Basic Material sector has suffered given its heavy exposure to the negative cross-currents in the global economy, particularly the emerging markets. The weak global conditions are a deterrent factor for volumes and falling metal prices has dented the earnings for the companies.
Expectations for 2013 & 2014
The Basic Material sector is one of the sectors experiencing material negative estimate revisions, largely reflecting the overall negative tone of guidance provided by companies. However, the overall projection of a 3.0% dip in the third quarter paints a somewhat better picture when compared with the 11.1% drop experienced in the second quarter.
The sector is expected to return to growth with a 12% increase in earnings. Revenues are expected to rise 1.5% in the third quarter and 2.1% in the fourth quarter.
In the first quarter of 2014, the sector's earnings are expected to rise 14.3% in the first quarter of 2014 despite a decline of 14.9% in revenues.
Overall Industry Outlook
Cost inflation in the sector is expected to be a headwind for metal and mining companies over the next several years, driven by a number of factors viz. labor, energy, ore grades, currencies, supply constraints and taxes. Global economic uncertainties, softening commodity prices, higher input costs are increasing the pressure on company margins.
To combat this, mining and metals companies are reviewing their portfolios to identify underperforming assets and shut down or divest these high cost and non-core assets. Industry consolidation, automation technology, owner-operated mines and investment in energy assets are some of the steps that companies are taking to mitigate the impact of rising costs.
Persistent recessionary conditions in Europe will have residual effects elsewhere. This synchronized global economic slowdown is the biggest headwind for the metals space at present. Thus, the long-term picture remains a lot more promising as growth in the emerging markets, particularly in China and India, will be a major driver of metals demand.
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
FREEPT MC COP-B (FCX): Free Stock Analysis Report
NEWMONT MINING (NEM): Free Stock Analysis Report
RIO TINTO-ADR (RIO): Free Stock Analysis Report
SOUTHERN COPPER (SCCO): Free Stock Analysis Report
VALE SA (VALE): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
About the Industry The aluminum industry is an extremely competitive and highly consolidated sector with 40% of global output commanded by the largest producers: Russia's Rusal, Alcoa Inc. ( AA ), Aluminum Corporation of China Ltd ( ACH ) and Hydro Aluminum (part of the Norsk Hydro group). ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report RIO TINTO-ADR (RIO): Free Stock Analysis Report SOUTHERN COPPER (SCCO): Free Stock Analysis Report VALE SA (VALE): Free Stock Analysis Report To read this article on Zacks.com click here. Rio Tinto has successfully loaded its first iron ore shipment from its expanded operations in Pilbara, ahead of schedule, marking the commencement of commissioning of the expansion program.
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About the Industry The aluminum industry is an extremely competitive and highly consolidated sector with 40% of global output commanded by the largest producers: Russia's Rusal, Alcoa Inc. ( AA ), Aluminum Corporation of China Ltd ( ACH ) and Hydro Aluminum (part of the Norsk Hydro group). ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report RIO TINTO-ADR (RIO): Free Stock Analysis Report SOUTHERN COPPER (SCCO): Free Stock Analysis Report VALE SA (VALE): Free Stock Analysis Report To read this article on Zacks.com click here. Major Game-Changing Projects in the Iron Ore Industry BHP Billiton's $3.4 billion project of Jimblebar Mine expansion in the Pilbara region in Western Australia is expected to augment its iron ore annual production capacity to 220 million tons.
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About the Industry The aluminum industry is an extremely competitive and highly consolidated sector with 40% of global output commanded by the largest producers: Russia's Rusal, Alcoa Inc. ( AA ), Aluminum Corporation of China Ltd ( ACH ) and Hydro Aluminum (part of the Norsk Hydro group). ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report RIO TINTO-ADR (RIO): Free Stock Analysis Report SOUTHERN COPPER (SCCO): Free Stock Analysis Report VALE SA (VALE): Free Stock Analysis Report To read this article on Zacks.com click here. Mining - Ferrous: Iron & Steel The steel industry, as well as its provider of raw materials -- the iron ore and coal mining industries -- have historically been highly cyclical and are highly susceptible to general economic conditions.
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About the Industry The aluminum industry is an extremely competitive and highly consolidated sector with 40% of global output commanded by the largest producers: Russia's Rusal, Alcoa Inc. ( AA ), Aluminum Corporation of China Ltd ( ACH ) and Hydro Aluminum (part of the Norsk Hydro group). ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report RIO TINTO-ADR (RIO): Free Stock Analysis Report SOUTHERN COPPER (SCCO): Free Stock Analysis Report VALE SA (VALE): Free Stock Analysis Report To read this article on Zacks.com click here. Iron Industry: Outlook The industry has been affected by the falling iron ore prices.
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2013-09-04 00:00:00 UTC
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Alcoa Merges Groups to Create Alcoa Recycling - Analyst Blog
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Alcoa Inc. ( AA ) announced that it will merge Evermore Recycling LLC, its used beverage can (UBC) procurement group, with its aluminum scrap purchasing group to create a new single group called Alcoa Recycling.
Evermore Recycling recycles aluminum in the packaging market and the aluminum scrap purchasing group recycles aluminum used in other markets such as aerospace and automotive. Both these groups recycled about 1.4 billion pounds of external aluminum in 2012. Alcoa is taking the step to combine the two groups to further increase the amount of aluminum that is converted back into new products.
Michael Boyle, Director of Metal Management at Alcoa, will oversee the combined group. Boyle stated that by combining the two groups Alcoa will be able to capitalize on the strengths of both the groups and interface the market as a single entity. The new organization will work upon the huge number of closed-loop recycling programs that it has with its customers and will also implement supply chain efforts with suppliers to increase aluminum recycling.
Last month Alcoa also entered into a closed-loop recycling program with Boeing ( BA ) that is expected to increase the reuse of internal aluminum aerospace alloys from the production of Boeing airplanes. About 8 million pounds of high-value 2XXX and 7XXX series aluminum alloys are expected to be recycled annually. Alcoa has long been into recycling and its Tennessee Operations contain roughly 90% total recycled content.
Recently, Alcoa also broke ground on a $275 million expansion of its Tennessee operations. This is Alcoa's second U.S. automotive expansion to meet increasing demand for light, durable and recyclable aluminum sheet for auto production.
Alcoa, a prominent player in the mining industry along with Aluminum Corporation of China Limited ( ACH ) and BHP Billiton Limited ( BHP ), is a world leader in production and management of primary aluminum, fabricated aluminum, and alumina. The company is also the world's largest miner of bauxite and refiner of alumina.
Alcoa currently retains a short-term Zacks Rank #3 (Hold).
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
BOEING CO (BA): Free Stock Analysis Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) announced that it will merge Evermore Recycling LLC, its used beverage can (UBC) procurement group, with its aluminum scrap purchasing group to create a new single group called Alcoa Recycling. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BOEING CO (BA): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa is taking the step to combine the two groups to further increase the amount of aluminum that is converted back into new products.
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ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BOEING CO (BA): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa Inc. ( AA ) announced that it will merge Evermore Recycling LLC, its used beverage can (UBC) procurement group, with its aluminum scrap purchasing group to create a new single group called Alcoa Recycling. Evermore Recycling recycles aluminum in the packaging market and the aluminum scrap purchasing group recycles aluminum used in other markets such as aerospace and automotive.
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Alcoa Inc. ( AA ) announced that it will merge Evermore Recycling LLC, its used beverage can (UBC) procurement group, with its aluminum scrap purchasing group to create a new single group called Alcoa Recycling. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BOEING CO (BA): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Evermore Recycling recycles aluminum in the packaging market and the aluminum scrap purchasing group recycles aluminum used in other markets such as aerospace and automotive.
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Alcoa Inc. ( AA ) announced that it will merge Evermore Recycling LLC, its used beverage can (UBC) procurement group, with its aluminum scrap purchasing group to create a new single group called Alcoa Recycling. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BOEING CO (BA): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Evermore Recycling recycles aluminum in the packaging market and the aluminum scrap purchasing group recycles aluminum used in other markets such as aerospace and automotive.
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1320.0
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2013-09-03 00:00:00 UTC
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Benzinga Market Primer: Tuesday, September 3: Obama Gambles On Congress Vote For Military Intervention In Syria
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US President Barack Obama called on Congress on Monday to vote on the authorization of military action in Syria. The President is expected to continue rallying for support on Tuesday as the Syrian government braces for an attack by evacuating military bases and the surrounding areas.
Top News
In other news around the markets:
After almost 10 years of negotiation, Verizon (NYSE: VZ ) inked a deal with Vodafone to buy out Vodafone's (NASDAQ: VOD ) stake in Verizon Wireless, their US joint venture, for $130 billion. The purchase will be the second largest takeover deal ever and could generate more than $500 million in fees. Shortly after announcing that Chief Executive Steve Ballmer was headed for retirement, Microsoft (NASDAQ: MSFT ) announced that it will pay $7.2 billion to purchase Nokia's (NYSE: NOK ) devices and services business, most importantly its cell phone operations. The deal is expected to close in the first quarter of 2014. The Reserve Bank of Australia kept interest rates fixed at 2.5 percent and released a statement saying the bank is willing to adjust fiscal policy as needed to help promote sustainable growth. The bank also said the country's economic growth has been below trend this year and is expected to continue at that pace in the near term. The Japanese government has pledged to spend $473 million on the containment of a radioactive leak at the country's Fukushima power plant.
Asian Markets
Asian markets were up across the board on Tuesday following strong manufacturing data. The Japanese NIKKEI was up 2.79 percent, helped by a weakening yen. China's Shanghai and Shenzhen composites were up 0.91 percent and 1.40 percent respectively. The Hang Seng index was up 1.18 percent and the South Korean KOSPI was up 0.32 percent.
European Markets
European markets were mixed on Tuesday, the German DAX fell 0.31 percent and the Spanish IBEX was up 0.28 percent. The UK's FTSE and the STOXX 600 were both flat with relatively small gains.
Commodities
Energy futures slipped as concerns about military action in Syria eased on Tuesday. Brent futures were down 0.13 percent and WTI futures were down 0.85 percent. Gold lost 0.27 percent but Silver gained 2.62 percent. Industrial metals were up across the board with copper up $1.86 percent and aluminum 0.85 percent.
Currencies
The euro continued to lose ground, falling 0.14 percent against the dollar after weak eurozone unemployment figures cast doubt on the region's recovery. The yen also slipped against the greenback as it approached the 100 yen to a dollar mark and fell 0.26 percent. The pound to dollar ratio was mostly flat.
Earnings Reported Yesterday
Notable companies that reported earnings on Friday included:
Frontline Ltd. (NYSE: FRO ) reported a second quarter loss of $0.50 per share, compared to last year's loss of $0.21 per share. Big lots, Inc. (NYSE: BIG ) reported second quarter EPS of $0.31 on revenue of 1.23 billion, compared to last year's EPS of $0.36 on revenue of $1.22 billion.
Pre-Market Movers
Stocks moving in the pre-market included:
Citigroup Inc (NYSE: C ) gained 2.42 percent in pre-market trade after the Wall Street Journal reported that the company had sold more than $6 billion worth of private equity and hedge fund assets last month. ADT Corp (NYSE: ADT ) lost 88.80 percent in pre-market trade with a price of $4.46 Alcoa Inc (NYSE: AA ) was up 1.69 percent ahead of the market after reports that the company had broken ground on its Tennessee expansion. Schlumberger NV (NYSE: SLB ) gained 1.30 percent in premarket trade after the company traded ex-dividend for its $0.3125 quarterly dividend on Monday.
Notable companies expected to report earnings on Tuesday include:
H&R Block (NYSE: HRB ) is expected to report a first quarter loss of $0.37 per share on revenue of $98.4 million, compared to last year's loss of $0.38 per share on revenue of $96.49 million.
Economics
On Tuesday'seconomic calendarinvestors are expecting Spanish business confidence data, British construction PMI, US manufacturing PMI, Australian GDP and Chinese services PMI data.
Happy trading and good luck!
For a recap of Friday's market action, click .
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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ADT Corp (NYSE: ADT ) lost 88.80 percent in pre-market trade with a price of $4.46 Alcoa Inc (NYSE: AA ) was up 1.69 percent ahead of the market after reports that the company had broken ground on its Tennessee expansion. The President is expected to continue rallying for support on Tuesday as the Syrian government braces for an attack by evacuating military bases and the surrounding areas. The Japanese government has pledged to spend $473 million on the containment of a radioactive leak at the country's Fukushima power plant.
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ADT Corp (NYSE: ADT ) lost 88.80 percent in pre-market trade with a price of $4.46 Alcoa Inc (NYSE: AA ) was up 1.69 percent ahead of the market after reports that the company had broken ground on its Tennessee expansion. Earnings Reported Yesterday Notable companies that reported earnings on Friday included: Frontline Ltd. (NYSE: FRO ) reported a second quarter loss of $0.50 per share, compared to last year's loss of $0.21 per share. Big lots, Inc. (NYSE: BIG ) reported second quarter EPS of $0.31 on revenue of 1.23 billion, compared to last year's EPS of $0.36 on revenue of $1.22 billion.
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ADT Corp (NYSE: ADT ) lost 88.80 percent in pre-market trade with a price of $4.46 Alcoa Inc (NYSE: AA ) was up 1.69 percent ahead of the market after reports that the company had broken ground on its Tennessee expansion. European Markets European markets were mixed on Tuesday, the German DAX fell 0.31 percent and the Spanish IBEX was up 0.28 percent. Notable companies expected to report earnings on Tuesday include: H&R Block (NYSE: HRB ) is expected to report a first quarter loss of $0.37 per share on revenue of $98.4 million, compared to last year's loss of $0.38 per share on revenue of $96.49 million.
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ADT Corp (NYSE: ADT ) lost 88.80 percent in pre-market trade with a price of $4.46 Alcoa Inc (NYSE: AA ) was up 1.69 percent ahead of the market after reports that the company had broken ground on its Tennessee expansion. Asian Markets Asian markets were up across the board on Tuesday following strong manufacturing data. Gold lost 0.27 percent but Silver gained 2.62 percent.
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1321.0
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2013-08-30 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,589.87 down -30.43 points
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Friday's session closes with the NASDAQ Composite Index at 3,589.87. The total shares traded for the NASDAQ was over 1.25 billion. Declining stocks led advancers by 3.2 to 1 ratio. There were 598 advancers and 1915 decliners for the day. On the NASDAQ Stock Exchange 17 stocks reached a 52 week high and 19 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed down -.63% for the day; a total of -19.55 points. The current value is 3,073.81. Baidu, Inc. ( BIDU ) had the largest percent change down (-3.03%) while Sears Holdings Corporation ( SHLD ) had the largest percent change gain rising 6.45%.
The Dow Jones index closed down -.21% for the day; a total of -30.64 points. The current value is 14,810.31. Alcoa Inc. ( AA ) had the largest percent change down (-1.41%) while Wal-Mart Stores, Inc. ( WMT ) had the largest percent change gain rising .76%.
NASDAQ Market Wrap
As of 8/30/2013 4:44:01 PM
BILLIONS OF 1.25 NASDAQ SHARES TRADED TODAY 17 STOCKS REACHED A 52 WEEK HIGH 19 THOSE REACHING LOWS TOTALEDSears Holdings Corporation[SHLD]TOPS ADVANCERS LISTOF NASDAQ 100 % 6.45 INDEXSHLD ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.41%) while Wal-Mart Stores, Inc. ( WMT ) had the largest percent change gain rising .76%. Baidu, Inc. ( BIDU ) had the largest percent change down (-3.03%) while Sears Holdings Corporation ( SHLD ) had the largest percent change gain rising 6.45%. The Dow Jones index closed down -.21% for the day; a total of -30.64 points.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.41%) while Wal-Mart Stores, Inc. ( WMT ) had the largest percent change gain rising .76%. On the NASDAQ Stock Exchange 17 stocks reached a 52 week high and 19 those reaching lows totaled. Baidu, Inc. ( BIDU ) had the largest percent change down (-3.03%) while Sears Holdings Corporation ( SHLD ) had the largest percent change gain rising 6.45%.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.41%) while Wal-Mart Stores, Inc. ( WMT ) had the largest percent change gain rising .76%. On the NASDAQ Stock Exchange 17 stocks reached a 52 week high and 19 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.41%) while Wal-Mart Stores, Inc. ( WMT ) had the largest percent change gain rising .76%. There were 598 advancers and 1915 decliners for the day. The NASDAQ 100 index closed down -.63% for the day; a total of -19.55 points.
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1322.0
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2013-08-30 00:00:00 UTC
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Alcoa Breaks Ground on Tennessee Expansion - Analyst Blog
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Aluminum giant Alcoa Inc. ( AA ) broke ground on a $275 million expansion of its Tennessee operations. This is Alcoa's second U.S. automotive expansion to meet increasing demand for light, durable and recyclable aluminum sheet for auto production.
Once the expansion is complete by mid-2015, Alcoa expects to create 200 full time jobs. Moreover, an additional 400 construction jobs are expected to be created while the construction is in progress. The previously announced expansion will convert some of the plant's can sheet capacity to high-strength automotive aluminum capacity, as well as install increased automotive capacity, making it a major supplier to both the packaging and automotive markets.
The Tennessee expansion represents Alcoa's second major automotive expansion in North America. The first one was a $300 million expansion of Alcoa's Davenport, Iowa, plant which is expected to be complete by end of 2013 and has already begun commissioning.
As part of the Tennessee expansion, the company also announced a $50,000 Alcoa Foundation grant to The East Tennessee Historical Society for organizing an exhibition to create awareness of the evolution of manufacturing with a focus on science, technology, engineering and math (STEM). It is intended to support career options in manufacturing for students and teachers across East Tennessee and help cement the manufacturing skills gap.
Alcoa, a prominent player in the mining industry along with Aluminum Corporation of China Limited ( ACH ), Atlatsa Resources Corporation ( ATL ) and BHP Billiton Limited ( BHP ), is a world leader in production and management of primary aluminum, fabricated aluminum, and alumina. The company is also the world's largest miner of bauxite and refiner of alumina.
Alcoa currently retains a short-term Zacks Rank #3 (Hold).
ALCOA INC (AA): Free Stock Analysis Report
ATLATSA RESRCS (ATL): Free Stock Analysis Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum giant Alcoa Inc. ( AA ) broke ground on a $275 million expansion of its Tennessee operations. ALCOA INC (AA): Free Stock Analysis Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. This is Alcoa's second U.S. automotive expansion to meet increasing demand for light, durable and recyclable aluminum sheet for auto production.
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ALCOA INC (AA): Free Stock Analysis Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum giant Alcoa Inc. ( AA ) broke ground on a $275 million expansion of its Tennessee operations. The Tennessee expansion represents Alcoa's second major automotive expansion in North America.
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ALCOA INC (AA): Free Stock Analysis Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum giant Alcoa Inc. ( AA ) broke ground on a $275 million expansion of its Tennessee operations. As part of the Tennessee expansion, the company also announced a $50,000 Alcoa Foundation grant to The East Tennessee Historical Society for organizing an exhibition to create awareness of the evolution of manufacturing with a focus on science, technology, engineering and math (STEM).
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Aluminum giant Alcoa Inc. ( AA ) broke ground on a $275 million expansion of its Tennessee operations. ALCOA INC (AA): Free Stock Analysis Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Once the expansion is complete by mid-2015, Alcoa expects to create 200 full time jobs.
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1323.0
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2013-08-27 00:00:00 UTC
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Leadership Promotions at Alcoa - Analyst Blog
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Alcoa Inc. ( AA ) has announced some promotions that will increase its business development and asset management capabilities worldwide. The changes will enable the company in strengthening the working environment, and ensure heath and safety of its employees.
Alcoa's Vice President, Human Resources - Mike Barriere has been promoted to Executive Vice President, Human Resources and Environment, Health and Safety (EHS). He will supervise the newly combined Human Resources and EHS group and will also continue to be a member of the senior leadership team, the Executive Council responsible for corporate policy. He will be reporting to Alcoa Chairman and CEO Klaus Kleinfeld.
Director of EHS & Sustainability ??? Kevin McKnight will succeed Kevin Anton to become Chief Sustainability Officer and Vice President of EHS. His promotion is effective Sept 1 and he will be reporting to Mike Barriere. McKnight has served Alcoa for three decades.
In the course of his career, McKnight has established Alcoa as a best-in-class company in sustainability and has been responsible for assembling the documentation for the company's continuous recognition by the Dow Jones Sustainability Index and other external organizations. Kevin Anton had been serving Alcoa for the past 15 years and will retire by end of 2013.
The President of Global Primary Products - Growth, Bauxite and Africa, Kenneth Wisnoski was promoted to President of the newly created International Project Development and Asset Management group. The promotion is effective immediately.
The group has three units - Engineering and Construction, led by Otto Hiris, Vice President of Engineering and Construction; Asset Planning and Management, headed by Mark Stiffler (promoted from Director to Vice President of Asset Planning and Management); and International Project Development, led by Wisnoski. Wisnoski has been leading the Ma'aden-Alcoa joint venture construction project since 2010 to build what will be the world's largest fully integrated aluminum complex in Saudi Arabia.
Alcoa, a prominent player in the mining industry along with Aluminum Corporation of China Limited ( ACH ), Atlatsa Resources Corporation ( ATL ) and BHP Billiton Limited ( BHP ), is a world leader in production and management of primary aluminum, fabricated aluminum, and alumina. The company is also the world's largest miner of bauxite and refiner of alumina.
Alcoa currently retains a short-term Zacks Rank #3 (Hold).
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
ATLATSA RESRCS (ATL): Free Stock Analysis Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) has announced some promotions that will increase its business development and asset management capabilities worldwide. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. He will supervise the newly combined Human Resources and EHS group and will also continue to be a member of the senior leadership team, the Executive Council responsible for corporate policy.
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ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa Inc. ( AA ) has announced some promotions that will increase its business development and asset management capabilities worldwide. Alcoa's Vice President, Human Resources - Mike Barriere has been promoted to Executive Vice President, Human Resources and Environment, Health and Safety (EHS).
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ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa Inc. ( AA ) has announced some promotions that will increase its business development and asset management capabilities worldwide. Alcoa's Vice President, Human Resources - Mike Barriere has been promoted to Executive Vice President, Human Resources and Environment, Health and Safety (EHS).
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Alcoa Inc. ( AA ) has announced some promotions that will increase its business development and asset management capabilities worldwide. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa's Vice President, Human Resources - Mike Barriere has been promoted to Executive Vice President, Human Resources and Environment, Health and Safety (EHS).
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1324.0
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2013-08-22 00:00:00 UTC
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New Stock Coverage: Time to Hit the Brakes on Tesla Motors Inc?
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Salman Rushdie for Fed head ? Unfortunately, the Bombay native has absolutely no time to spare time right now, what with all his attention understandably focused on the economic crisis currently consuming the subcontinent . Still, as our top central banker, he could certainly be counted on to deliver a much more palatable passage from India than The Satanic Verses that pass for FOMC meeting minutes these days. As a result of the muddled message Dow Industrials (^DJI) dropped for a sixth straight session, its triple-digit decline taking the benchmark back below 15,000 for the first time since the start of July. Winners among the wreckage included Apple Inc. ( AAPL ), which has thus far enjoyed a stellar August even as other equities implode.
Incyte ( INCY ) surged 33.48% to a 13-year peak on high hopes regarding its potential treatment for pancreatic cancer, the disease that took Steve Jobs from us far too soon. Elsewhere RadioShack ( RSH ) and Target ( TGT ), whose legendary leaders have filled obituary columns of late, fell a respective 5.44% and 3.61% in action that was more indicative of an overall torrid tape. Alcoa ( AA ) tumbled 2.00% to lead blue chip laggards as the commodity complex continued to crumble. However, putting lipstick on that particular pig may provide an inadvertent boon not just aluminum but also cadmium and chromium .
Today in economics, consensus calls for an increase in The Conference Board's July leading indicators index at 10:00 a.m. Eastern. In earnings action, Abercrombie & Fitch (ANF), Aéropostale (ARO), Autodesk (ADSK), China Zenix Auto (ZX), Dollar Tree (DLTR), GameStop (GME), Gap Inc. (GPS), Gold Fields (GFI), Hormel Foods (HRL), Marvell Technology (MRVL), Pandora Media (P), Patterson Companies (PDCO), Ross Stores (ROST), and Sears Holdings (SHLD) are all due to report results.
BioCryst Pharmaceuticals (BCRX): Shares are begun with an Outperform at Wells Fargo.
Biotechnology: Oppenheimer resumes Outperforms on Regeneron (REGN) and Vertex (VRTX), establishing respective price objectives of $300 and $105. For the former, Eylea is impressing as a treatment for wet AMD (Age-related Macular Degeneration), while VRTX has demonstrated promise with its disease-modifying therapy Kalydeco for cystic fibrosis.
Cimarex (XEC): Citigroup covers the energy outfit at a Neutral.
InvenSense (INVN): Needham has a new Buy on the semiconductor name, assigning a $20 target on a stock it says is well positioned in the smartphone camera OIS (Optical Image Stabilizer) segment.
Movado (MOV): The watchmaker, an analyst darling of late, is started with an Overweight at Stephens.
Sempra Energy (SRE): SRE is started with a Buy at KeyBanc Capital.
Tesla Motors Inc (TSLA): Elon Musk's cult electric car company, shares of which have surged 407.94% in the past year, is assigned a lukewarm Hold at Stifel amid understandable valuation issues. The brokerage believes a tricky transition lies ahead, from being a "one-hit wonder" to achieving "long-term sustainability." (This apparently unstoppable stock is nonetheless edging up as I write, hence the question mark in today's title.)
Zynga (ZNGA): The Benchmark Company has a Hold on the gaming firm whose offerings include FarmVille and Words With Friends . Although exponential expansion in smartphones and tablets offers promise, other risks remain. Its target price is $2.98.
(See also: Stock Upgrades: If It's Thursday, Microsoft Corporation Must be Back in Favor and Stock Downgrades: Target Corporation Is in the Crosshairs .)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Winners among the wreckage included Apple Inc. ( AAPL ), which has thus far enjoyed a stellar August even as other equities implode. Alcoa ( AA ) tumbled 2.00% to lead blue chip laggards as the commodity complex continued to crumble. In earnings action, Abercrombie & Fitch (ANF), Aéropostale (ARO), Autodesk (ADSK), China Zenix Auto (ZX), Dollar Tree (DLTR), GameStop (GME), Gap Inc. (GPS), Gold Fields (GFI), Hormel Foods (HRL), Marvell Technology (MRVL), Pandora Media (P), Patterson Companies (PDCO), Ross Stores (ROST), and Sears Holdings (SHLD) are all due to report results.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Winners among the wreckage included Apple Inc. ( AAPL ), which has thus far enjoyed a stellar August even as other equities implode. Alcoa ( AA ) tumbled 2.00% to lead blue chip laggards as the commodity complex continued to crumble.
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Winners among the wreckage included Apple Inc. ( AAPL ), which has thus far enjoyed a stellar August even as other equities implode. Alcoa ( AA ) tumbled 2.00% to lead blue chip laggards as the commodity complex continued to crumble. In earnings action, Abercrombie & Fitch (ANF), Aéropostale (ARO), Autodesk (ADSK), China Zenix Auto (ZX), Dollar Tree (DLTR), GameStop (GME), Gap Inc. (GPS), Gold Fields (GFI), Hormel Foods (HRL), Marvell Technology (MRVL), Pandora Media (P), Patterson Companies (PDCO), Ross Stores (ROST), and Sears Holdings (SHLD) are all due to report results.
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Winners among the wreckage included Apple Inc. ( AAPL ), which has thus far enjoyed a stellar August even as other equities implode. Alcoa ( AA ) tumbled 2.00% to lead blue chip laggards as the commodity complex continued to crumble. Salman Rushdie for Fed head ?
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1325.0
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2013-08-21 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,599.79 down -13.80 points
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https://www.nasdaq.com/articles/market-close-report-nasdaq-composite-index-closes-359979-down-1380-points-2013-08-21
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Wednesday's session closes with the NASDAQ Composite Index at 3,599.79. The total shares traded for the NASDAQ was over 1.4 billion. Declining stocks led advancers by 2.15 to 1 ratio. There were 804 advancers and 1729 decliners for the day. On the NASDAQ Stock Exchange 31 stocks reached a 52 week high and 27 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed down -.35% for the day; a total of -10.7 points. The current value is 3,071.47. Staples, Inc. ( SPLS ) had the largest percent change down (-15.29%) while Garmin Ltd. ( GRMN ) had the largest percent change gain rising 4.76%.
The Dow Jones index closed down -.7% for the day; a total of -105.44 points. The current value is 14,897.55. Alcoa Inc. ( AA ) had the largest percent change down (-2%) while Wal-Mart Stores, Inc. ( WMT ) had the largest percent change gain rising .44%.
NASDAQ Market Wrap
As of 8/21/2013 4:44:00 PM
BILLIONS OF 1.4 NASDAQ SHARES TRADED TODAY 31 STOCKS REACHED A 52 WEEK HIGH 27 THOSE REACHING LOWS TOTALEDGarmin Ltd.[GRMN]TOPS ADVANCERS LISTOF NASDAQ 100 % 4.76 INDEXGRMN ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) had the largest percent change down (-2%) while Wal-Mart Stores, Inc. ( WMT ) had the largest percent change gain rising .44%. Wednesday's session closes with the NASDAQ Composite Index at 3,599.79. The NASDAQ 100 index closed down -.35% for the day; a total of -10.7 points.
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Alcoa Inc. ( AA ) had the largest percent change down (-2%) while Wal-Mart Stores, Inc. ( WMT ) had the largest percent change gain rising .44%. On the NASDAQ Stock Exchange 31 stocks reached a 52 week high and 27 those reaching lows totaled. Staples, Inc. ( SPLS ) had the largest percent change down (-15.29%) while Garmin Ltd. ( GRMN ) had the largest percent change gain rising 4.76%.
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Alcoa Inc. ( AA ) had the largest percent change down (-2%) while Wal-Mart Stores, Inc. ( WMT ) had the largest percent change gain rising .44%. On the NASDAQ Stock Exchange 31 stocks reached a 52 week high and 27 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
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Alcoa Inc. ( AA ) had the largest percent change down (-2%) while Wal-Mart Stores, Inc. ( WMT ) had the largest percent change gain rising .44%. There were 804 advancers and 1729 decliners for the day. The NASDAQ 100 index closed down -.35% for the day; a total of -10.7 points.
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1326.0
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2013-08-21 00:00:00 UTC
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Dow, S&P 500 Finish Lower, Despite Post-Fed Bounce
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https://www.nasdaq.com/articles/dow-sp-500-finish-lower-despite-post-fed-bounce-2013-08-21
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"What a wild day," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "It was calm until the Fed minutes came out, and then it was a wild ride. In the end, the bears took control, and the Dow Jones Industrial Average (DJI) finished lower for a sixth straight day. You can dissect the Fed minutes all you want, but the reality is that August and September are historically troublesome months, and so far, that trend is playing out." By the time the dust settled, the Dow had suffered a triple-digit drop.
Continue reading for more on today's market, including :
Given the market's short-lived Fed-induced bounce , Schaeffer's Senior Trading Analyst Bryan Sapp opines that the bears are "still in control" until the S&P 500 retakes 1,675.
In his latest Chart of the Day offering, our Senior Options Strategist Tony Venosa, CMT, makes a bearish case for Facebook ( FB ).
Today's edition of Small-Cap Spotlight takes a closer look at three low-priced stocks with upside potential, from a contrarian standpoint.
plus...
The Fed said it's on track to taper current stimulus measures by year's end, existing home sales hit a multi-year high, and AT&T ( T ) saw a flurry of bearish options activity.
The Dow Jones Industrial Average (DJI - 14,897.55) touched an intraday low of 14,880.84, and then rose to a session high of 15,019.70 in the span of less than an hour this afternoon. By the close, however, the blue-chip barometer was back in negative territory to finish 105.4 points, or 0.7%, lower. Wal-Mart ( WMT ) led the Dow's three advancers with a gain of 0.4%, while Alcoa's ( AA ) 2% drop paced the 27 decliners.
The S&P 500 Index (SPX - 1,642.80) mimicked the path of its blue-chip brethren today, and ended with a loss of 9.6 points, or 0.6%. Meanwhile, the Nasdaq Composite (COMP - 3,599.79) fell 13.8 points, or 0.4%.
The CBOE Market Volatility Index (VIX - 15.94) experienced some rollercoaster movement of its own, but closed with an advance of 1 point, or 6.9%. The "fear gauge" is on pace to finish a second consecutive week atop its 20-week moving average.
A Trader's Take :
"What is interesting is that, under the surface, there are many leading stocks holding up well," commented Detrick. "Names like Yelp ( YELP ), Green Mountain Coffee Roasters (GMCR), and 3D Systems (DDD) all held up in the face of the selling. Still, it is tough out there, and surging yields are scaring both bond and stock bulls alike."
3 Things to Know About Today's Market :
It looks like the Fed plans to scale back its bond-buying program by year's end, according to the latest Federal Open Market Committee (FOMC) meeting minutes , which were released earlier this afternoon. Although officials did not offer any hints as to exactly which month the tapering will begin, they ceremoniously agreed with Chairman Ben Bernanke's belief that economic conditions will continue to improve throughout the remainder of the year. (MarketWatch)
The National Association of Realtors said that existing home sales rose by 6.5% to an annual rate of 5.39 million in July. The latest figure easily surpassed the consensus view, and marked the fastest sales pace in more than three years. Meanwhile, the average price for a previously owned home jumped by 13.7% on a year-over-year basis to $213,500. (CNBC)
Target (TGT) reported a second-quarter profit of 95 cents per share, down from $1.06 per share in the year-ago period. Excluding items, however, earnings came in at $1.19 per share, while revenue rose 2% to $17.12 billion. Analysts, on average, were expecting a per-share profit of 96 cents on sales of $17.28 billion. (The Washington Post)
5 Stocks We Were Watching Today :
Apple (AAPL) received a price-target hike amid buzz that its new Vevo Apple TV app could be released this week.
Bullish traders converged on First Solar (FSLR) to wager on extended gains over the next few weeks.
AT&T ( T ) lured back-month put buyers to the options pits as the stock flirted with its January lows.
Options volume spiked on Citigroup (C) as both call and put players placed near-term bets.
One neutral speculator constructed a collar on American International Group (AIG) by utilizing October-dated options.
For a look at today's options movers and commodities activity, head to page 2.
Commodities :
Crude oil futures fell for a third consecutive day, and dropped substantially after the release of the FOMC minutes. By the closing bell, October-dated oil -- now the front-month contract -- lost $1.26, or 1.2%, to end at $103.85 per barrel.
Similarly, gold futures finished in the red, and declined even further in electronic trading due to the latest Fed news. The December-dated contract shaved off $2.50, or 0.2%, to end at $1,370.10 an ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Wal-Mart ( WMT ) led the Dow's three advancers with a gain of 0.4%, while Alcoa's ( AA ) 2% drop paced the 27 decliners. (The Washington Post) 5 Stocks We Were Watching Today : Apple (AAPL) received a price-target hike amid buzz that its new Vevo Apple TV app could be released this week. In his latest Chart of the Day offering, our Senior Options Strategist Tony Venosa, CMT, makes a bearish case for Facebook ( FB ).
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Wal-Mart ( WMT ) led the Dow's three advancers with a gain of 0.4%, while Alcoa's ( AA ) 2% drop paced the 27 decliners. (The Washington Post) 5 Stocks We Were Watching Today : Apple (AAPL) received a price-target hike amid buzz that its new Vevo Apple TV app could be released this week. "What a wild day," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT.
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Wal-Mart ( WMT ) led the Dow's three advancers with a gain of 0.4%, while Alcoa's ( AA ) 2% drop paced the 27 decliners. (The Washington Post) 5 Stocks We Were Watching Today : Apple (AAPL) received a price-target hike amid buzz that its new Vevo Apple TV app could be released this week. The Fed said it's on track to taper current stimulus measures by year's end, existing home sales hit a multi-year high, and AT&T ( T ) saw a flurry of bearish options activity.
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Wal-Mart ( WMT ) led the Dow's three advancers with a gain of 0.4%, while Alcoa's ( AA ) 2% drop paced the 27 decliners. (The Washington Post) 5 Stocks We Were Watching Today : Apple (AAPL) received a price-target hike amid buzz that its new Vevo Apple TV app could be released this week. "What a wild day," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT.
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1327.0
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2013-08-16 00:00:00 UTC
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Alcoa to Close or Curtail Capacity - Analyst Blog
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https://www.nasdaq.com/articles/alcoa-to-close-or-curtail-capacity-analyst-blog-2013-08-16
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Aluminum giant Alcoa Inc. ( AA ) announced that it will shut down or curtail 164,000 metric tons of smelting capacity in the U.S and Brazil as part of its smelting capacity review. Alcoa is taking this step to maintain its competitiveness as aluminum prices have declined to four-year lows.
Alcoa announced that it will temporarily cut production at its aluminum smelters in Brazil and will permanently close a potline at the Massena East plant in New York. The current capacity of its smelters in Brazil represent 124,000 metric tons while that in New York represents 40,000 metric tons. Alcoa expects to complete the shut down and curtailments by the end of Sept.
The closure and curtailments are as per Alcoa's announcements made in May where the company stated that it will review 460,000 metric tons of smelting capacity over the next 15 months for potential curtailment. Of 460,000 metric tons, the company has closed or curtailed 269,000 metric tons of capacity. This includes permanent closure of 105,000 metric tons of capacity announced earlier at Alcoa's Baie-Comeau smelter in Canada.
In addition to this, Alcoa also permanently closed its Fusina primary aluminum smelter in Italy. The closure of the facility reduced Alcoa's global smelting capacity of 4.2 million metric tons per year by 44,000 metric tons. The closure was not a part of the review that the company announced in May.
As a result of these actions Alcoa expects to incur total restructuring-related charges of between $5 and $10 million (after-tax), or a penny per share, of which, roughly 50% is non-cash, in the third quarter of 2013.
Alcoa's strategy of curtailments is consistent with its previously announced 2015 goal of lowering its position on the world aluminum production cost curve by 10 percentage points and the alumina cost curve by 7 percentage points.
Alcoa remains on track to move down the cost curve and curtailed capacities in its upstream business. The curtailments will improve the competitiveness of the company's Primary Products business.
Alcoa, a prominent player in the mining industry along with Aluminum Corporation of China Limited ( ACH ), Atlatsa Resources Corporation ( ATL ) and BHP Billiton Limited ( BHP ), is a world leader in production and management of primary aluminum, fabricated aluminum, and alumina. The company is also the world's largest miner of bauxite and refiner of alumina.
Alcoa is divesting underperforming assets through its restructuring program and is aggressively pursuing cost-cutting actions. Healthy demand in the aerospace market is expected to drive results going forward.
However, weakness remains in the commercial building and construction market. In addition, the company continues to contend with pricing pressure.
Alcoa currently retains a short-term Zacks Rank #4 (Sell).
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
ATLATSA RESRCS (ATL): Free Stock Analysis Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum giant Alcoa Inc. ( AA ) announced that it will shut down or curtail 164,000 metric tons of smelting capacity in the U.S and Brazil as part of its smelting capacity review. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa announced that it will temporarily cut production at its aluminum smelters in Brazil and will permanently close a potline at the Massena East plant in New York.
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ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum giant Alcoa Inc. ( AA ) announced that it will shut down or curtail 164,000 metric tons of smelting capacity in the U.S and Brazil as part of its smelting capacity review. Alcoa's strategy of curtailments is consistent with its previously announced 2015 goal of lowering its position on the world aluminum production cost curve by 10 percentage points and the alumina cost curve by 7 percentage points.
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Aluminum giant Alcoa Inc. ( AA ) announced that it will shut down or curtail 164,000 metric tons of smelting capacity in the U.S and Brazil as part of its smelting capacity review. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. The closure and curtailments are as per Alcoa's announcements made in May where the company stated that it will review 460,000 metric tons of smelting capacity over the next 15 months for potential curtailment.
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Aluminum giant Alcoa Inc. ( AA ) announced that it will shut down or curtail 164,000 metric tons of smelting capacity in the U.S and Brazil as part of its smelting capacity review. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. This includes permanent closure of 105,000 metric tons of capacity announced earlier at Alcoa's Baie-Comeau smelter in Canada.
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1328.0
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2013-08-15 00:00:00 UTC
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Traders See Alcoa Inc Sinking Through Fall
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https://www.nasdaq.com/articles/traders-see-alcoa-inc-sinking-through-fall-2013-08-15
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Puts are trading at 11 times their normal rate today in Alcoa Inc's ( AA ) options pits, with about 30,000 puts total having changed hands so far. More than one-third of that action has taken place at the October 7 strike, where over 10,000 contracts have crossed the tape in a series of mid-to-large-sized blocks.
All of the AA options traded at the ask price, suggesting they were bought. With implied volatility up 3 percentage points, and open interest of roughly 6,200 contracts at the strike, it's safe to say the bearish bets were freshly initiated at volume-weighted average price (VWAP) of $0.06.
Therefore, in order for the traders to profit, Alcoa shares must dip to $6.94 (strike price less the VWAP) -- a significant move, considering the stock is currently trading at $8.06 -- by October options expiration. If the slide doesn't materialize, however, the most the speculators have at stake is the modest initial premium paid.
Another large block of puts at the January 2014 7 strike recently crossed the tape, trading at the ask price of $0.20 per contract. This particular speculator is allowing a little more time for AA to make a downward move, as the stock has more than five months to breach breakeven of $6.80 (strike price less the premium paid).
The attention being paid to puts over calls is nothing new for AA. According to data from the International Securities Exchange (ISE), Chicago Board Options Exchange ( CBOE ), and NASDAQ OMX PHLX (PHLX), the stock shows a 10-day put/call volume ratio of 0.76. That ratio is just 8 percentage points shy of an annual acme, which suggests traders have been scooping up puts relative to calls at an accelerated clip over the past two weeks.
Elsewhere, Wall Street is bearish on the Dow (INDEXDJX:.DJI) component. Just five out of 14 covering analysts rate AA a "buy" or better, compared to six "holds" and three "strong sell" recommendations. Additionally, short interest now makes up more than 10% of the aluminum producer's outstanding float, which represents nine days' worth of buying demand, at typical daily trading volumes.
That the winds of pessimism are swirling around Alcoa is no surprise. Technically, the equity has had a less-than-spectacular run, down close to 7% year-to-date. What's more, the stock is running into a potential layer of resistance at its 20-week moving average, which rejected a short-lived rally in May and capped upside in the shares last week.
This article byAlex Eppsteinwas originally published on Schaeffer's Investment Research .
Below, find some more great content from Schaeffer's Investment Research:
Daily Game Plan - Downside Break
Applied Materials, Inc. ( AMAT ) Sees a Bevy of Pre-Earnings Call Volume
Analyst Downgrades: Cisco Systems, Inc. ( CSCO ), Micron Technology, Inc. ( MU ), and Intel Corporation (INTC)
Twitter: @schaeffers
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Puts are trading at 11 times their normal rate today in Alcoa Inc's ( AA ) options pits, with about 30,000 puts total having changed hands so far. All of the AA options traded at the ask price, suggesting they were bought. This particular speculator is allowing a little more time for AA to make a downward move, as the stock has more than five months to breach breakeven of $6.80 (strike price less the premium paid).
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Puts are trading at 11 times their normal rate today in Alcoa Inc's ( AA ) options pits, with about 30,000 puts total having changed hands so far. All of the AA options traded at the ask price, suggesting they were bought. This particular speculator is allowing a little more time for AA to make a downward move, as the stock has more than five months to breach breakeven of $6.80 (strike price less the premium paid).
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Puts are trading at 11 times their normal rate today in Alcoa Inc's ( AA ) options pits, with about 30,000 puts total having changed hands so far. All of the AA options traded at the ask price, suggesting they were bought. This particular speculator is allowing a little more time for AA to make a downward move, as the stock has more than five months to breach breakeven of $6.80 (strike price less the premium paid).
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Puts are trading at 11 times their normal rate today in Alcoa Inc's ( AA ) options pits, with about 30,000 puts total having changed hands so far. All of the AA options traded at the ask price, suggesting they were bought. This particular speculator is allowing a little more time for AA to make a downward move, as the stock has more than five months to breach breakeven of $6.80 (strike price less the premium paid).
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1329.0
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2013-08-13 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,684.44 up 14.49 points
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https://www.nasdaq.com/articles/market-close-report-nasdaq-composite-index-closes-368444-1449-points-2013-08-13
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Tuesday's session closes with the NASDAQ Composite Index at 3,684.44. The total shares traded for the NASDAQ was over 1.61 billion. Declining stocks led advancers by 1.02 to 1 ratio. There were 1252 advancers and 1281 decliners for the day. On the NASDAQ Stock Exchange 73 stocks reached a 52 week high and 19 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed up .48% for the day; a total of 15.14 points. The current value is 3,141.06. Facebook, Inc. ( FB ) had the largest percent change down (-3.14%) while Micron Technology, Inc. ( MU ) had the largest percent change gain rising 8.24%.
The Dow Jones index closed up .2% for the day; a total of 31.33 points. The current value is 15,451.01. Alcoa Inc. ( AA ) had the largest percent change down (-1.33%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 2.09%.
NASDAQ Market Wrap
As of 8/13/2013 4:44:00 PM
BILLIONS OF 1.61 NASDAQ SHARES TRADED TODAY 73 STOCKS REACHED A 52 WEEK HIGH 19 THOSE REACHING LOWS TOTALEDMicron Technology, Inc.[MU]TOPS ADVANCERS LISTOF NASDAQ 100 % 8.24 INDEXMU ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.33%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 2.09%. The NASDAQ 100 index closed up .48% for the day; a total of 15.14 points. The Dow Jones index closed up .2% for the day; a total of 31.33 points.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.33%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 2.09%. On the NASDAQ Stock Exchange 73 stocks reached a 52 week high and 19 those reaching lows totaled. Facebook, Inc. ( FB ) had the largest percent change down (-3.14%) while Micron Technology, Inc. ( MU ) had the largest percent change gain rising 8.24%.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.33%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 2.09%. On the NASDAQ Stock Exchange 73 stocks reached a 52 week high and 19 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.33%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 2.09%. There were 1252 advancers and 1281 decliners for the day. The NASDAQ 100 index closed up .48% for the day; a total of 15.14 points.
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1330.0
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2013-08-09 00:00:00 UTC
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Stock Market News for August 9, 2013 - Market News
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https://www.nasdaq.com/articles/stock-market-news-for-august-9-2013-market-news-2013-08-09
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Benchmarks minted gains after three consecutive days of losses, propelled by better-than-expected Chinese trade data and satisfactory initial claims numbers. Encouraging earnings from major companies also boosted investors' sentiment yesterday. The three days of losses owed much to investors' jitters after two fed officials fueled speculation that the central bank may start trimming its massive bond buying program next month. Nine out of the ten S&P 500 industry groups finished in the green with material sector leading the pack.
For a look at the issues currently facing the markets, make sure to read today's Ahead of Wall Street article.
The Dow Jones Industrial Average (DJI) gained 0.2% to close the day at 15,498.32. The S&P 500 increased 0.4% to finish yesterday's trading session at 1,697.48. The tech-laden Nasdaq Composite Index added 0.4% to end at 3,669.124. The fear-gauge CBOE Volatility Index (VIX) slipped 1.9% to settle at 12.73. Consolidated volumes on the New York Stock Exchange, American Stock Exchange and Nasdaq were roughly 5.81 billion shares, well below 2013's average of 6.35 billion shares. Advancing stocks outnumbered the decliners. For 66% shares that advanced, only 31% declined.
Benchmarks have suffered this week on concerns over the future of the Federal Reserve's bond buying program. Gains in the equities this year is primarily driven by bond buying program. Investors are apprehensive about what course the economic growth may take and the equities' rally is also feared to halt once the central bank's bond buying program ends.
Yesterday, China's encouraging trade data had much role to play in the benchmarks' move to the north. According to the data released by the Customs Administration, exports increased 5.1% in July from the year-ago period. It was also well ahead of the expectations of 3% gain. Surprisingly, imports of the country climbed 10.9% on a year-over-year basis. Owing to this, the trade surplus of the country contracted to $17.8 billion. Annual exports to the U.S and Europe increased 5.3% and 2.8%, respectively.
Also helping the rally was the U.S. Department of Labor's initial claims numbers. The number of Americans filing for unemployment benefits increased 5,000 from prior week's revised figure to 333,000 in the week ending Aug 3. However, this was better than the consensus estimate of 339,000. More importantly, the four week moving average declined from previous week's revised figure of 341,750 to 335,500, its lowest level in six years. Improving job market scenario in the recent days indicates that the health of the U.S economy is improving.
On the earnings front, Tesla Motors Inc (NASDAQ: TSLA ) reported strong second quarter earnings. The company's earnings and revenues blew past the Street's expectations. Earnings of the company were mostly driven by the success of the Model S and an improvement in the automotive gross margin. Revenues increased fifteen times to $405 million from the year-ago figure of $27 million. The company stated: "While profits were still modest in absolute terms and not our primary mission, net income increased by 70 percent from last quarter, driven by record Model S deliveries and a significant improvement in automotive gross margin." Shares spiked over 14.0% yesterday.
Shares of Groupon Inc (NASDAQ: GRPN ) jumped 22.0% yesterday after the company announced its quarterly results late Wednesday. The company's revenues beat the Street's expectations. Revenues climbed 7.2% to $609 million from $568 million a year before.
Materials sector was the biggest gainer among the S&P 500 industry groups and the Materials Select Sector SPDR (XLB) gained 1.5%. Stocks such as Alcoa Inc (NYSE: AA ), Airgas, Inc. (NYSE: ARG ), The Dow Chemical Company (NYSE: DOW ), Monsanto Company (NYSE: MON ), Airgas, Inc. (NYSE: ARG ) and Huntsman Corporation (NYSE: HUN ) gained 1.5%, 1.7%, 2.5%, 0.4% and 0.3%, respectively.
ALCOA INC (AA): Free Stock Analysis Report
AIRGAS INC (ARG): Free Stock Analysis Report
DOW CHEMICAL (DOW): Free Stock Analysis Report
GROUPON INC (GRPN): Free Stock Analysis Report
HUNTSMAN CORP (HUN): Free Stock Analysis Report
MONSANTO CO-NEW (MON): Free Stock Analysis Report
TESLA MOTORS (TSLA): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Stocks such as Alcoa Inc (NYSE: AA ), Airgas, Inc. (NYSE: ARG ), The Dow Chemical Company (NYSE: DOW ), Monsanto Company (NYSE: MON ), Airgas, Inc. (NYSE: ARG ) and Huntsman Corporation (NYSE: HUN ) gained 1.5%, 1.7%, 2.5%, 0.4% and 0.3%, respectively. ALCOA INC (AA): Free Stock Analysis Report AIRGAS INC (ARG): Free Stock Analysis Report DOW CHEMICAL (DOW): Free Stock Analysis Report GROUPON INC (GRPN): Free Stock Analysis Report HUNTSMAN CORP (HUN): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report TESLA MOTORS (TSLA): Free Stock Analysis Report To read this article on Zacks.com click here. Benchmarks minted gains after three consecutive days of losses, propelled by better-than-expected Chinese trade data and satisfactory initial claims numbers.
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Stocks such as Alcoa Inc (NYSE: AA ), Airgas, Inc. (NYSE: ARG ), The Dow Chemical Company (NYSE: DOW ), Monsanto Company (NYSE: MON ), Airgas, Inc. (NYSE: ARG ) and Huntsman Corporation (NYSE: HUN ) gained 1.5%, 1.7%, 2.5%, 0.4% and 0.3%, respectively. ALCOA INC (AA): Free Stock Analysis Report AIRGAS INC (ARG): Free Stock Analysis Report DOW CHEMICAL (DOW): Free Stock Analysis Report GROUPON INC (GRPN): Free Stock Analysis Report HUNTSMAN CORP (HUN): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report TESLA MOTORS (TSLA): Free Stock Analysis Report To read this article on Zacks.com click here. Consolidated volumes on the New York Stock Exchange, American Stock Exchange and Nasdaq were roughly 5.81 billion shares, well below 2013's average of 6.35 billion shares.
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Stocks such as Alcoa Inc (NYSE: AA ), Airgas, Inc. (NYSE: ARG ), The Dow Chemical Company (NYSE: DOW ), Monsanto Company (NYSE: MON ), Airgas, Inc. (NYSE: ARG ) and Huntsman Corporation (NYSE: HUN ) gained 1.5%, 1.7%, 2.5%, 0.4% and 0.3%, respectively. ALCOA INC (AA): Free Stock Analysis Report AIRGAS INC (ARG): Free Stock Analysis Report DOW CHEMICAL (DOW): Free Stock Analysis Report GROUPON INC (GRPN): Free Stock Analysis Report HUNTSMAN CORP (HUN): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report TESLA MOTORS (TSLA): Free Stock Analysis Report To read this article on Zacks.com click here. Consolidated volumes on the New York Stock Exchange, American Stock Exchange and Nasdaq were roughly 5.81 billion shares, well below 2013's average of 6.35 billion shares.
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Stocks such as Alcoa Inc (NYSE: AA ), Airgas, Inc. (NYSE: ARG ), The Dow Chemical Company (NYSE: DOW ), Monsanto Company (NYSE: MON ), Airgas, Inc. (NYSE: ARG ) and Huntsman Corporation (NYSE: HUN ) gained 1.5%, 1.7%, 2.5%, 0.4% and 0.3%, respectively. ALCOA INC (AA): Free Stock Analysis Report AIRGAS INC (ARG): Free Stock Analysis Report DOW CHEMICAL (DOW): Free Stock Analysis Report GROUPON INC (GRPN): Free Stock Analysis Report HUNTSMAN CORP (HUN): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report TESLA MOTORS (TSLA): Free Stock Analysis Report To read this article on Zacks.com click here. The S&P 500 increased 0.4% to finish yesterday's trading session at 1,697.48.
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1331.0
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2013-08-06 00:00:00 UTC
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Alcoa Inc. (AA) Ex-Dividend Date Scheduled for August 07, 2013
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AA
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https://www.nasdaq.com/articles/alcoa-inc-aa-ex-dividend-date-scheduled-august-07-2013-2013-08-06
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Alcoa Inc. ( AA ) will begin trading ex-dividend on August 07, 2013. A cash dividend payment of $0.03 per share is scheduled to be paid on August 26, 2013. Shareholders who purchased AA stock prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 18th quarter that AA has paid the same dividend. At the current stock price of $8, the dividend yield is 1.5%.
The previous trading day's last sale of AA was $8, representing a -19.44% decrease from the 52 week high of $9.93 and a 4.85% increase over the 52 week low of $7.63.
AA is a part of the Capital Goods sector, which includes companies such as Precision Castparts Corporation ( PCP ) and National Oilwel Varcol, Inc. ( NOV ). AA's current earnings per share, an indicator of a company's profitability, is $.1. Zacks Investment Research reports AA's forecasted earnings growth in 2013 as 36.22%, compared to an industry average of 1%.
For more information on the declaration, record and payment dates, visit the AA Dividend History page.
Interested in gaining exposure to AA through an Exchange Traded Fund [ETF]?
The following ETF(s) have AA as a top-10 holding:
QuantShares U.S. Market Neutral Value Fund ETF ( CHEP ).
The top-performing ETF of this group is CHEP with an increase of 8.19% over the last 100 days.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shareholders who purchased AA stock prior to the ex-dividend date are eligible for the cash dividend payment. AA is a part of the Capital Goods sector, which includes companies such as Precision Castparts Corporation ( PCP ) and National Oilwel Varcol, Inc. ( NOV ). Zacks Investment Research reports AA's forecasted earnings growth in 2013 as 36.22%, compared to an industry average of 1%.
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AA's current earnings per share, an indicator of a company's profitability, is $.1. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Alcoa Inc. ( AA ) will begin trading ex-dividend on August 07, 2013.
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Shareholders who purchased AA stock prior to the ex-dividend date are eligible for the cash dividend payment. For more information on the declaration, record and payment dates, visit the AA Dividend History page. The following ETF(s) have AA as a top-10 holding: QuantShares U.S. Market Neutral Value Fund ETF ( CHEP ).
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Shareholders who purchased AA stock prior to the ex-dividend date are eligible for the cash dividend payment. Alcoa Inc. ( AA ) will begin trading ex-dividend on August 07, 2013. This marks the 18th quarter that AA has paid the same dividend.
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1332.0
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2013-08-02 00:00:00 UTC
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Q2 Earnings Scorecard: Commodity Stock Hits and Misses
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AA
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https://www.nasdaq.com/articles/q2-earnings-scorecard-commodity-stock-hits-and-misses-2013-08-02
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2013′s second quarter earnings season was perhaps not what many analysts had expected, as companies across all sectors reported both hits and misses. In the commodity space, Alcoa ( AA ) had set the tone for the start of the season, beating estimates despite falling aluminum prices. And while other commodity stocks also managed to post better-than-expected results, some showed signs of weakness from this year's commodity slump.
And with the majority of companies already done reporting their second quarter results, we take a close look at how well (or how poorly) the commodity producer industry did:
Beating Analyst Expectations
Schlumberger Ltd. ( SLB ): This oil giant topped both earnings and revenue estimates, with EPS coming in at $1.57 and revenues at $11.18 billion.
Halliburton ( HAL ): This oil and gas giant beat both earnings and revenue estimates, though it reported a dip in its second quarter earnings. EPS was reported at $0.73 for the quarter, a slight drop from last year's $0.79 reading but above the $0.72 expectation. Revenues came in at $7.317 billion, slightly higher than analyst estimates of $7.25 billion.
Freeport McMoRan ( FCX ): This popular miner reported earnings of $0.49 per share, slightly higher than analyst estimates of $0.44. Revenues also topped expectations, coming in at $4.29 billion versus the expected $4.28 billion.
Plum Creek Timber ( PCL ): This popular timber firm posted earnings of $0.28 per share, beating analyst estimates of $0.23. Revenues came in just shy of expectations at $303 million.
Chesapeake Energy Corp (CHK): This oil and gas firm managed to top both earnings and revenue estimates, even after reporting a 51% decline in net income year-over-year. Revenues advanced to $4.68 billion, topping estimates of $3.21 billion. EPS came in at $0.51 versus the expected $0.41.
ConocoPhillips (COP): This oil giant posted an EPS of $1.41, beatings analyst estimates of $1.29. Revenue was reported at $14.14 billion, a decrease from last year's $14.84 figure but still above expectations of $12.75 billion.
Mixed Results
Kinder Morgan Inc. (KMI): Another MLP, Kinder Morgan posted net income of $277 million, or $0.27 per share; analysts had estimated EPS at $0.33. Revenues, however, were reported at $3.38 billion versus the expected $3.14 billion.
Valero Energy (VLO): This oil refiner reported earnings of $0.85 per share, lower than analysts' $0.93 forecast. Total revenues came in at $34.03 billion, down from $34.66 billion. Analysts expected to see earnings of $30.18 billion.
Exxon Mobil (XOM): This oil giant missed earnings estimates, posting second quarter EPS of $1.55 (a 57% decline from a year prior) versus estimates of $1.90. Revenues, however, came in at $106.5 billion, slightly beating expectations of $105.54 billion.
Missing The Mark
El Paso Pipeline Partners (EPB): This MLP missed both earnings and revenue estimates. EPS came in at $0.40, versus the estimated $0.48. Meanwhile, revenues were reported at $359 million, well below the estimated $389.6 million.
Southern Copper (SCCO): This copper miner reported earnings of $0.44 per share, missing analyst expectations by 4 cents.
British Petroleum (BP): This oil and gas giant reported earnings of $2.04 billion, lower than analyst estimates of $2.56 billion. Revenues remained flat at $94.71 billion.
Phillips 66 (PSX): This energy company recorded second quarter profits declining 20% year-over-year and earnings of $1.50 per share. Analysts were expecting earnings to come in at $1.81 per share.
Follow us on Twitter @CommodityHQ
Editor's note: This article by Danielz Pylypczak was originally published on Commodity HQ .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In the commodity space, Alcoa ( AA ) had set the tone for the start of the season, beating estimates despite falling aluminum prices. Freeport McMoRan ( FCX ): This popular miner reported earnings of $0.49 per share, slightly higher than analyst estimates of $0.44. Chesapeake Energy Corp (CHK): This oil and gas firm managed to top both earnings and revenue estimates, even after reporting a 51% decline in net income year-over-year.
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In the commodity space, Alcoa ( AA ) had set the tone for the start of the season, beating estimates despite falling aluminum prices. Chesapeake Energy Corp (CHK): This oil and gas firm managed to top both earnings and revenue estimates, even after reporting a 51% decline in net income year-over-year. Mixed Results Kinder Morgan Inc. (KMI): Another MLP, Kinder Morgan posted net income of $277 million, or $0.27 per share; analysts had estimated EPS at $0.33.
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In the commodity space, Alcoa ( AA ) had set the tone for the start of the season, beating estimates despite falling aluminum prices. And with the majority of companies already done reporting their second quarter results, we take a close look at how well (or how poorly) the commodity producer industry did: Beating Analyst Expectations Schlumberger Ltd. ( SLB ): This oil giant topped both earnings and revenue estimates, with EPS coming in at $1.57 and revenues at $11.18 billion. Revenues also topped expectations, coming in at $4.29 billion versus the expected $4.28 billion.
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In the commodity space, Alcoa ( AA ) had set the tone for the start of the season, beating estimates despite falling aluminum prices. And with the majority of companies already done reporting their second quarter results, we take a close look at how well (or how poorly) the commodity producer industry did: Beating Analyst Expectations Schlumberger Ltd. ( SLB ): This oil giant topped both earnings and revenue estimates, with EPS coming in at $1.57 and revenues at $11.18 billion. Analysts expected to see earnings of $30.18 billion.
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1333.0
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2013-07-31 00:00:00 UTC
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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on August 7
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AA
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https://www.nasdaq.com/articles/x-factor-5-stocks-reaching-their-ex-dividend-date-august-7-2013-07-31
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nan
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nan
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Many stocks will reach their ex-dividend date next Wednesday, which is significant for investors as the seller of the stock on that date, not the buyer, receives the most recent dividend.
A stock must be bought one day before the ex-dividend date to claim any dividends that have been announced but not yet paid. The company determines on the record date, which usually occurs two days after the ex-dividend date, which shareholders qualify for the dividend. Shareholders listed as holders of record after the record date then receive their dividend on the date of payment established by the company. Those purchasing right before the record date forfeit the dividend and normally get the stock for a reduced amount.
It may seem an anachronism in this era of high frequency trading, but the dividend rate rules are in force since it can still take up to three business days for transactions to be credited to and settled in an investor's account.
Below are five stocks that schedule August 7 as their ex-dividend date. All annual yields are estimated.
Wells Fargo ( WFC ) yields 2.74% annually and has a market cap of $231.89 billion. The provider of retail, commercial, and corporate banking services will pay a quarterly dividend of $0.30 on September 1, and its quarterly yield will be 0.69% based on yesterday's closing price of $43.26. The company has paid a quarterly dividend since 1984.
MetLife ( MET ) yields 2.25% annually and has a market cap of $53.50 billion. The global provider of insurance, annuities, and employee benefit programs will pay a quarterly dividend of $0.275 on September 13, and the quarterly yield of the dividend will be 0.57% based on yesterday's closing price of $48.23. The company has paid a dividend since 2000.
Alcoa ( AA ) yields 1.50% annually and has a market cap of $8.56 billion. The global producer of aluminum will pay a quarterly dividend of $0.03 on August 26, and the quarterly yield will be 0.37% based on yesterday's closing price of $8.03. The company has paid a quarterly dividend since 1962.
Delta Air Lines ( DAL ) yields 1.13% annually and has a market cap of $18.11 billion. The global airline company will pay a quarterly dividend of $0.06 on September 10, and the quarterly yield will be 0.28% based on yesterday's closing price of $21.19. The company began paying a dividend this year.
The Charles Schwab Corporation ( SCHW ) yields 1.08% annually and has a market cap of $28.74 billion. The provider of banking and brokerage services will pay a quarterly dividend of $0.06 on August 23, and the quarterly yield will be 0.27% based on yesterday's closing price of $22.19. The company has paid a quarterly dividend since 1990, and each dividend payment has either increased or remained the same
These companies also have their ex-dividend date on August 7. All annual yields are estimated.
GlaxoSmithKline (GSK) yields 4.34% annually and will pay a quarterly dividend of $0.5532 on October 10.
Spectra Energy (SE) yields 3.39% annually and will pay a quarterly dividend of $0.305 on September 9.
Boeing (BA) yields 1.84% annually and will pay a quarterly dividend of $0.485 on September 6.
Wal-Mart (WMT) yields 0.99% annually and will pay a quarterly dividend of $0.47 on September 3.
Dana Holding Corporation (DAN) yields 0.91% annually and will pay a quarterly dividend of $0.05 on August 30.
Purchase -- and have your broker settle -- before the ex-dividend date to secure the dividend.
Twitter: @ChrisWitrak
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) yields 1.50% annually and has a market cap of $8.56 billion. A stock must be bought one day before the ex-dividend date to claim any dividends that have been announced but not yet paid. It may seem an anachronism in this era of high frequency trading, but the dividend rate rules are in force since it can still take up to three business days for transactions to be credited to and settled in an investor's account.
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Alcoa ( AA ) yields 1.50% annually and has a market cap of $8.56 billion. The provider of retail, commercial, and corporate banking services will pay a quarterly dividend of $0.30 on September 1, and its quarterly yield will be 0.69% based on yesterday's closing price of $43.26. The global airline company will pay a quarterly dividend of $0.06 on September 10, and the quarterly yield will be 0.28% based on yesterday's closing price of $21.19.
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Alcoa ( AA ) yields 1.50% annually and has a market cap of $8.56 billion. The global provider of insurance, annuities, and employee benefit programs will pay a quarterly dividend of $0.275 on September 13, and the quarterly yield of the dividend will be 0.57% based on yesterday's closing price of $48.23. The global airline company will pay a quarterly dividend of $0.06 on September 10, and the quarterly yield will be 0.28% based on yesterday's closing price of $21.19.
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Alcoa ( AA ) yields 1.50% annually and has a market cap of $8.56 billion. The company determines on the record date, which usually occurs two days after the ex-dividend date, which shareholders qualify for the dividend. The global airline company will pay a quarterly dividend of $0.06 on September 10, and the quarterly yield will be 0.28% based on yesterday's closing price of $21.19.
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1334.0
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2013-07-30 00:00:00 UTC
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Benzinga Market Primer: Wednesday, July 30: Futures Higher After Asia Turnaround
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https://www.nasdaq.com/articles/benzinga-market-primer-wednesday-july-30-futures-higher-after-asia-turnaround-2013-07-30
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Futures Higher After Asia Turnaround
U.S. equity futures rose slightly in early pre-market trade as Asian shares reversed losses from Monday and rose overnight. Market now look to earnings and the flood of economic data that begins today and continues through the rest of the week for direction.
Top News
In other news around the markets:
J.P. Morgan Chase (NYSE: JPM ) was charged by regulators of manipulating the power market and costing citizens over $70 million in additional power costs. Overnight, the People's Bank of China injected funds into the short-term lending market for the first time since February, finally acting to ease credit conditions. RBA Governor Glenn Stevens spoke overnight and hinted at more rate cuts to come at the August 6 meeting of the central bank. S&P 500 futures rose 0.7 points to 1,683.20. The EUR/USD was higher at 1.3273. Spanish 10-year government bond yields were flat at 4.68 percent. Italian 10-year government bond yields were flat at 4.46 percent. Gold fell 0.41 percent to $1,324.10 per ounce.
Asian Markets
Asian shares were higher overnight on some positive economic news and also on a reversal of Monday's losses. The Japanese Nikkei 225 Index gained 1.53 percent and the Topix Index rose 1.78 percent. In Hong Kong, the Hang Seng Index rose 0.48 percent and the Shanghai Composite Index rose 0.7 percent in China. Also, the Korean Kospi rose 0.9 percent and Australian shares rose 0.02 percent.
European Markets
European shares mixed but roughly unchanged in early trade on little news. The Spanish Ibex Index fell 0.12 percent and the Italian FTSE MIB Index rose 0.1 percent. Meanwhile, the German DAX rose 0.08 percent while the French CAC 40 Index fell 0.03 percent and U.K. shares rose 0.14 percent.
Commodities
Commodities were lower overnight as the dollar gained back some losses. WTI Crude futures fell 0.68 percent to $103.84 per barrel and Brent Crude futures declined 0.2 percent to $107.24 per barrel. Copper futures fell 0.84 percent to $308.15 per pound. Gold was lower and silver futures declined 1.33 percent to $19.60 per ounce.
Currencies
Currency markets were on the move as the Aussie dollar plunged on comments from Governor Stevens. The EUR/USD was higher at 1.3273 and the dollar rose against the yen to 98.03. Overall, the Dollar Index rose 0.1 percent on strength against the pound, the Canadian dollar, and the yen. Notably, the AUD/USD declined 1.5 percent to 0.9068 and the AUD/JPY fell 1.41 percent to 88.9070.
Earnings Reported Yesterday
Key companies that reported earnings Monday include:
Herbalife (NYSE: HLF ) reported second quarter EPS of $1.41 vs. $1.18 expected on revenue of $1.22 billion vs. $1.16 billion expected. Wynn Resorts (NYSE: WYNN ) reported second quarter EPS of $1.51 vs. $1.57 expected on revenue of $1.33 billion vs. $1.34 billion expected. U.S. Steel (NYSE: X ) reported a second quarter loss of $0.54 per share vs. an expected loss of $0.79 per share on revenue of $4.43 billion vs. $4.61 billion expected. Roper Industries (NYSE: ROP ) reported second quarter EPS of $1.16 vs. $1.30 expected on revenue of $784 million vs. $806.67 million expected.
Pre-Market Movers
Stocks moving in the pre-market included:
Mosaic (NYSE: MOS ) shares fell 6.28 percent as the world's largest potash produced, OAO Uralkali forecast global prices will fall 25 percent. Potash (NYSE: POT ) shares fell 9.23 percent pre-market on the same news. Herbalife (NYSE: HLF ) shares rose 5.42 percent pre-market after reporting better than expected earnings and raising full year guidance. Alcoa (NYSE: AA ) rose 0.5 percent pre-market after U.S. Steel (NYSE: X ) reported a narrower than expected loss and also on its newly announced $1 billion accelerated buyback program.
Earnings
Notable companies expected to report earnings Tuesday include:
BP (NYSE: BP ) is expected to report second quarter EPS of $1.13 vs. $1.16 a year ago on revenue of $62.35 billion vs. $99.34 billion a year ago. Pfizer (NYSE: PFE ) is expected to report second quarter EPS of $0.55 vs. $0.62 a year ago on revenue of $13.03 billion vs. $15.06 billion a year ago. Aetna (NYSE: AET ) is expected to report second quarter EPS of $1.40 vs. $1.31 a year ago on revenue of $11.9 billion vs. $8.83 billion a year ago. Merck (NYSE: MRK ) is expected to report second quarter EPS of $0.83 vs. $1.05 a year ago on revenue of $11.22 billion vs. $12.31 billion a year ago. Dollar General (NYSE: DG ) is expected to report second quarter EPS of $0.74 vs. $0.69 a year ago on revenue of $4.36 billion vs. $3.95 billion a year ago.
On the economics calendar Tuesday, the weekly Redbook is due out followed by the S&P Case-Shiller Home Price Index and the CB Consumer Confidence Report. The Treasury is also expected to auction 4-week bills. Overnight, the German retail sales and unemployment reports are due out.
Good luck and good trading.
Tune into Benzinga's PreMarket Info show with Dennis Dick and Joel Elconin here .
For a recap of Monday's market action, read Benzinga's daily market wrap .
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Profit with More New & Research . Gain access to a streaming platform with all the information you need to invest better today. Click here to start your 14 Day Trial of Benzinga Professional
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa (NYSE: AA ) rose 0.5 percent pre-market after U.S. Steel (NYSE: X ) reported a narrower than expected loss and also on its newly announced $1 billion accelerated buyback program. Overnight, the People's Bank of China injected funds into the short-term lending market for the first time since February, finally acting to ease credit conditions. Herbalife (NYSE: HLF ) shares rose 5.42 percent pre-market after reporting better than expected earnings and raising full year guidance.
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Alcoa (NYSE: AA ) rose 0.5 percent pre-market after U.S. Steel (NYSE: X ) reported a narrower than expected loss and also on its newly announced $1 billion accelerated buyback program. Futures Higher After Asia Turnaround U.S. equity futures rose slightly in early pre-market trade as Asian shares reversed losses from Monday and rose overnight. Earnings Reported Yesterday Key companies that reported earnings Monday include: Herbalife (NYSE: HLF ) reported second quarter EPS of $1.41 vs. $1.18 expected on revenue of $1.22 billion vs. $1.16 billion expected.
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Alcoa (NYSE: AA ) rose 0.5 percent pre-market after U.S. Steel (NYSE: X ) reported a narrower than expected loss and also on its newly announced $1 billion accelerated buyback program. Meanwhile, the German DAX rose 0.08 percent while the French CAC 40 Index fell 0.03 percent and U.K. shares rose 0.14 percent. Earnings Reported Yesterday Key companies that reported earnings Monday include: Herbalife (NYSE: HLF ) reported second quarter EPS of $1.41 vs. $1.18 expected on revenue of $1.22 billion vs. $1.16 billion expected.
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Alcoa (NYSE: AA ) rose 0.5 percent pre-market after U.S. Steel (NYSE: X ) reported a narrower than expected loss and also on its newly announced $1 billion accelerated buyback program. Futures Higher After Asia Turnaround U.S. equity futures rose slightly in early pre-market trade as Asian shares reversed losses from Monday and rose overnight. The Spanish Ibex Index fell 0.12 percent and the Italian FTSE MIB Index rose 0.1 percent.
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1335.0
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2013-07-19 00:00:00 UTC
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How Do You Call a Bottom? - Real Time Insight
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AA
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https://www.nasdaq.com/articles/how-do-you-call-bottom-real-time-insight-2013-07-19
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nan
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It has long been my view that calling a turn in the global economy is best done by calling a turn in industrial metals markets. This week offered me a first hint on that turn.
As you may or may not know, aluminum prices -- a core industrial metal -- remain near three-year lows. A respected consensus of 40 metals analysts believes these to be the primary causes: weak demand conditions and high inventory levels.
Recent U.S. dollar strength and a big upturn in aluminum stock levels centered at the London Metals Exchange (the LME), the primary global trading center for aluminum, have helped depress the metal.
Downward price pressure on aluminum intensified in early June, despite reports major smelters - notably Chalco in China - started to reduce production and close down unprofitable plants in scale.
Some observers believe aluminum producers struggle to make money at prices below $2,000 per ton. On July 17 th , aluminum prices were $1,773 per ton, which translates to $0.80 cents per pound. That's mighty unprofitable.
Now, here is the surprise consensus forecast!
Aluminum prices, according to this same consensus of 40 firms, mostly based in London, are set to rise from a bottom at $1800 per ton to $2200 per ton by December 2014. That is a strong +22% upward move. Their next bullish metals? -- Gold and Copper. From the same June survey, this consensus forecast sees a price appreciation of less than +5% here.
Aluminum price weakness has hit a major U.S. based producer hard. Alcoa, which was once a $30 stock, now trades around $8 a share. It is a Zacks Rank #4 in the Mining - Non Ferrous Metals industry, currently ranked a dismal #240 out of 259 industries. Its long-term Zacks Rating is Neutral. Leading the reasons to sell Alcoa shares is "weak pricing" in nearly all sell-side reports.
Turning to the brighter sides of tough market forces, weak aluminum prices have brought down Alcoa's cost structure in the past three years. According to a Zacks covering analyst, Alcoa is divesting underperforming assets through its restructuring program and is aggressively pursuing cost-cutting actions.
In addition, aluminum business segment volumes are very cyclical. Healthy demand in the aerospace market is expected to drive results moving ahead. However, weakness remains in the commercial building and construction market.
It all sums up to a compelling forward-looking picture. Alcoa's annual earnings estimates are for $0.40 a share for 2013, but lift to $0.64 a share in 2014. That is a +60% improvement going forward. Its P/E on the forward 2014 estimate is a nice 12.4, a good spot for a value investor when the S&500 index is trading around 15 times forward earnings.
My Real Time Insight weekend question for you?
How Do You Call a Bottom?
Your choices:
I am a first mover. I look at this forecast for strong consensus aluminum price appreciation and get bullish now.
I will look for industry segment volumes to pick up amid reduced inventories.
I will wait for an upgrade in Alcoa's Zacks Rank to a #2 or #1.
I want to see the Zacks Industry Rank for Metals-Non Ferrous break into the top one third of all industries.
I want to see a turn in Chinese real GDP.
All I need is to see is a major positive policy catalyst out of Chinese authorities.
I want to see a turn in Europe's real GDP.
I will look for Alcoa's stock to break $9 or $10 a share.
Other.
Realize this: Answers here are much greater than calling a turn in aluminum markets. Your choice amounts to calling a turn in the global economy.
ALCOA INC (AA): Free Stock Analysis Report
FREEPT MC COP-B (FCX): Free Stock Analysis Report
KAISER ALUMINUM (KALU): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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ALCOA INC (AA): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report KAISER ALUMINUM (KALU): Free Stock Analysis Report To read this article on Zacks.com click here. Downward price pressure on aluminum intensified in early June, despite reports major smelters - notably Chalco in China - started to reduce production and close down unprofitable plants in scale. Turning to the brighter sides of tough market forces, weak aluminum prices have brought down Alcoa's cost structure in the past three years.
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ALCOA INC (AA): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report KAISER ALUMINUM (KALU): Free Stock Analysis Report To read this article on Zacks.com click here. Recent U.S. dollar strength and a big upturn in aluminum stock levels centered at the London Metals Exchange (the LME), the primary global trading center for aluminum, have helped depress the metal. I look at this forecast for strong consensus aluminum price appreciation and get bullish now.
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ALCOA INC (AA): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report KAISER ALUMINUM (KALU): Free Stock Analysis Report To read this article on Zacks.com click here. It has long been my view that calling a turn in the global economy is best done by calling a turn in industrial metals markets. Recent U.S. dollar strength and a big upturn in aluminum stock levels centered at the London Metals Exchange (the LME), the primary global trading center for aluminum, have helped depress the metal.
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ALCOA INC (AA): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report KAISER ALUMINUM (KALU): Free Stock Analysis Report To read this article on Zacks.com click here. It has long been my view that calling a turn in the global economy is best done by calling a turn in industrial metals markets. Aluminum price weakness has hit a major U.S. based producer hard.
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1336.0
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2013-07-16 00:00:00 UTC
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Emerging Markets Beset By China Softness, Currency Gyrations
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AA
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https://www.nasdaq.com/articles/emerging-markets-beset-china-softness-currency-gyrations-2013-07-16
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nan
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nan
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By Jim Kelleher :
The investing world is full of unforeseen consequences. When Fed Chairman Ben Bernanke spoke of winding down QE at his fateful press conference on 6/19/13, the bond market predictably tanked. Stocks wobbled too; but just a few weeks later, stocks have righted themselves. More than 70% of stocks trade above their 200-day (trading 9-month) moving averages. Equity investors are riveted, not by more Fed talk, but by the upcoming earnings season.
Beyond the carnage in the bond market, the biggest change in the investing landscape has been the trend change in the U.S. dollar. Against a trade-weighted basket of currencies, the dollar is approaching a three-year high. The Federal Reserve's Trade Weighted U.S. Dollar Index: Broad has been in a notable rising trend. The uptrend has intensified since the Fed's June 19 press conference, but actually began back in August 2011. At that time, the dollar bottomed following the debt-ceiling debacle. Just since mid-June, the dollar has gained 4.2% against the euro.
Dollar strength has worsened the decline in gold, hurt commodity prices overall (excluding oil), and battered share prices in resource economies. Emerging resource-based economies have also been hit by the mysterious malaise in China. Worried by the gyrations in currencies and commodities, investors appear to be funneling funds back into mature economies. But investors are too fearful to put money in bonds. Perhaps as a last resort, mature economy equity markets are relatively outperforming.
The Economy, Rates, and Earnings
The final 1Q13 GDP reading pushed the estimated growth rate down to 1.8% from a preliminary 2.4% number and an advance 2.5% reading. In a bit of "bad is good" reasoning, stocks rallied on the final revision in 1Q13 GDP to 1.8%, from a preliminary 2.4%, because the weakening GDP trend appeared to extend the life of quantitative easing. A few weeks later, however, stocks rallied on "good is good" news when the U.S. labor force added 195,000 workers in the June nonfarm payrolls report. This may signal that the stock market is getting used to the "new normal" of higher bond yields, including the 10-year yield at a two-year high.
Despite the reduction in final 1Q13 GDP, the underlying trend in consumer spending remains solid. Real personal consumption expenditures rose 2.6% in 1Q13; while below the 3.4% growth rate reported the preliminary reading, that is within our 2.5%-3.0% target range and up from 1.8% in 4Q12. Spending on durable goods overall was up 7.6%. Non-residential fixed investment edged up less than a point in 1Q13, after surging 12% in 4Q12. Some of this sharp step-down relates to accelerated investments made ahead of the fiscal cliff. Most of feared tax hikes that prompted that accelerated activity did not materialize. Equipment and software rose 4.1%.
Government remains a drag on GDP, with federal and defense spending down 8% and 12% respectively and state and local down in low single digits. Given the final 1Q13 GDP reading, we have edged down our full year 2013 GDP outlook to 2.6% from a prior 2.7%. We continue to forecast 3% GDP growth for 2014. But the economy will likely require a positive growth contribution from the government sector to reach 3% full-year GDP growth for 2014.
For a third consecutive month, investors have been confronted with a significant widening out in yields overall. The silver lining is the ongoing steepening in the yield curve, a pattern normally consistent with expanding economic activity.
Despite the significant upheaval since late April, we are not ready to call an end to the turmoil. Examination of ICI fund flows data shows the accelerating exit out of bond funds turning into a full-fledged panic, as bond fund outflows topped $28 billion in the first week of July. We expect the flow out of bond funds to remain at elevated levels across the remainder of 2013, and perhaps for as long as it takes for the Fed to set a new level of bond purchases.
In the mid 2.7% range, the 10-year yield has reached levels not seen since August 2011. The level of Treasury yields has broadly pushed past our 6-month targets, causing us to raise those targets in every asset class except the 3-month bill. The 2-year to 10-year spread is now 235 basis points, compared with 126 basis points a year earlier. On the upside, the widening two-to-10 spread has steepened the yield curve, which is consistent with expectations for additional economic expansion going forward. As summer winds along, the markets move closer to the day in which the Federal Reserve begins to actually taper its bond purchases. So one month from now, we could be standing here talking about even worse panic in the bond market.
With Alcoa ( AA ) having its report and earnings season getting underway, Argus Chief Investment Strategist Peter Canelo is looking for mid-single-digit year over year growth in S&P 500 earnings from continuing operations for the second quarter of 2013. Peter is higher than the Street; Bloomberg shows expectations for 1.8% growth, which is about half the forecast of one month ago.
The Street has persistently underestimated EPS growth rates all through this bull market. Even in recent quarters, when some earnings exhaustion might be expected given the age of bull market, EPS has continued to surprise on the upside.
Given the caution around the election and fiscal cliff in 2012, which caused a slowdown in domestic activity, we expect comparisons to get easier in 2H13. On average, our EPS growth expectations for the third and fourth quarters are in the low teens. Thus, we anticipate steadily accelerating annual EPS growth across the back half of 2013.
We then look for a reverse-mirror pattern of declining annual growth against tough comparisons across the four quarters of 2014. Overall, we have made no changes this past month in our forecast S&P 500 earnings from continuing operations for 2013 and 2014. Our 2013 forecast remains $110.80, and our 2014 estimate is $121.50. For both 2013 and 2014, we are modeling high single digit growth.
Global Asset Markets
A month ago, we were reporting that overall U.S. equity market had improved by several hundred basis points from the prior month. Then Fed Chairman Ben Bernanke held his infamous press conference in which he first put a potential time-line on the "tapering" of quantitative easing. Stocks were initially staggered by the news, with the S&P 500 at one point falling 7% from its 5/21/13 peak. While the bond market continues to head lower, however, the various equity indexes have clawed back. The Russell 2000 has the distinction of having improved from a month ago, despite the Fed's taper talk. Most other indexes have backed down about 1% since the press conference, for a net month over month decline of 0.8%. Compared with a month ago, the DJIA is relatively outperforming, as are value stocks in general. Those two categories are also the leaders in 2013 year-to-date.
At the sector level, Healthcare, Consumer Discretionary and Financial Services lead the market, with all three sectors up 21.3%-22.5% year to date. The rotation away from high-yield and defensive sectors continues. Chief Investment Strategist Peter Canelo points out that since the 1Q13 reporting period ended in mid-February, 80% of the leading groups have come from just two sectors, Consumer Discretionary and Financial Services. The winning groups, many of which are sensitive to the automotive boom and housing revival, tend to be domestic in nature and are characterized by dividend growth rather than high yield.
Redistribution of sector weights continues to favor healthcare, which has moved to a best-ever 12.7% weighting within the S&P 500 from 11.9% a year ago. Consumer discretionary is up 140 bps year over year. Financial services has increased its relative market weight by 230 bps in the past year, and at 16.7% is closing the gap with Technology. Falling 200 bps year over year to a 17.9% weighting, Technology continues to fade.
At the same time, income-oriented or defensive areas, including utilities, telecom services, and staples, are now losing relative market weight on a year-over-year basis. Utilities and Telecom Services both lost 40 basis points of market weight in the past year, with Utilities falling to a 3.3% weight and Telecom to 2.8%. Consumer Staples is down to a 10.4% weighting, from 11.3% a year earlier.
Two sectors with mid-teens performances, Staples and Industrial, are going in opposite directions. Compared with a month ago, staples are down about 200 basis points, though they are still ahead year over year thanks to first-half strength. Compared with a month ago, Industrials are up by about 1%, and the sector is up nearly 10% year over year.
The decline in Technology since last month is actually steeper than the average 1.4% decline for the two income sectors of utilities and telecom services. Materials are really struggling with dollar strength wrought by signs of economic recovery and the anticipated end of QE. The plunge in gold is another negative for Materials, which are down 4% year over year and down 2% month over month.
The U.S. Federal Reserve is not the only country considering an end to the excessively easy monetary policy known as quantitative easing. Most nations that participated in QE are now planning or have articulated a plan to wind down their programs. That is causing currency thunderstorms that are further impacting the commodity-based economies, including the two BRIC nations of Brazil (down a withering 27% YTD) and Russia (down 12%). At the same time, China's mysterious malaise has caused that nation's equity market (down 13%) to double its loss from a month ago. At the other end of the spectrum is Japan, up nearly 40% year to date with its unrepentant QE policy. Other mature economies, such as the U.S. and U.K., are up in low double digits. In something of a disappointment, the Euro Zone has given away the bulk of the 7% gain it was reporting a month ago and is now up less than 2% YTD.
Conclusion
Dollar strength may not have been a totally unanticipated outcome of the wind-down in QE. But, in concert with the softening in China, it has played havoc with emerging market returns. Forced by asset-price collapses to park their money elsewhere, exiting investors from the fixed-income and emerging-economy markets are helping the U.S. equity market conserve gains during turbulent times.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
See also Gold Miners Analyst Watch - August Edition on seekingalpha.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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With Alcoa ( AA ) having its report and earnings season getting underway, Argus Chief Investment Strategist Peter Canelo is looking for mid-single-digit year over year growth in S&P 500 earnings from continuing operations for the second quarter of 2013. Chief Investment Strategist Peter Canelo points out that since the 1Q13 reporting period ended in mid-February, 80% of the leading groups have come from just two sectors, Consumer Discretionary and Financial Services. The winning groups, many of which are sensitive to the automotive boom and housing revival, tend to be domestic in nature and are characterized by dividend growth rather than high yield.
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With Alcoa ( AA ) having its report and earnings season getting underway, Argus Chief Investment Strategist Peter Canelo is looking for mid-single-digit year over year growth in S&P 500 earnings from continuing operations for the second quarter of 2013. The Economy, Rates, and Earnings The final 1Q13 GDP reading pushed the estimated growth rate down to 1.8% from a preliminary 2.4% number and an advance 2.5% reading. At the sector level, Healthcare, Consumer Discretionary and Financial Services lead the market, with all three sectors up 21.3%-22.5% year to date.
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With Alcoa ( AA ) having its report and earnings season getting underway, Argus Chief Investment Strategist Peter Canelo is looking for mid-single-digit year over year growth in S&P 500 earnings from continuing operations for the second quarter of 2013. Global Asset Markets A month ago, we were reporting that overall U.S. equity market had improved by several hundred basis points from the prior month. Compared with a month ago, staples are down about 200 basis points, though they are still ahead year over year thanks to first-half strength.
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With Alcoa ( AA ) having its report and earnings season getting underway, Argus Chief Investment Strategist Peter Canelo is looking for mid-single-digit year over year growth in S&P 500 earnings from continuing operations for the second quarter of 2013. We continue to forecast 3% GDP growth for 2014. Compared with a month ago, Industrials are up by about 1%, and the sector is up nearly 10% year over year.
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1337.0
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2013-07-11 00:00:00 UTC
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Why You Should Ignore Wall Street's Earnings Estimates
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AA
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https://www.nasdaq.com/articles/why-you-should-ignore-wall-streets-earnings-estimates-2013-07-11
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nan
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nan
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If you have kids, you may remember the Sesame Street segment "Which One of These Things Does Not Belong Here?"
You may also remember the tune that went along with it: "One of these things is not like the others, one of these things just doesn't belong, can you tell which thing is not like the others, by the time I finish my song?"
We are about to play a similar game.
S&P Price Target Raised, Earnings Remain Flat
Over the weekend, Bloomberg reported:
"The same analysts who lowered second-quarter profit growth predictions to almost nothing in 2013 are raising (S&P) price forecasts (NYSEARCA:SPY) . Standard and Poor's 500 Index earnings rose 1.8% last quarter, down from a projection of 8.7% six months ago, according to more than 11,000 analyst estimates. The US equity gauge will increase 8.9% to a record 1778, should their (updated) forecasts prove accurate."
Their reasons for upping their S&P target price (NYSEARCA:SSO) range from "Investor confidence is growing" to "the economy is gaining sustainable momentum." But if that's really the case, then why wouldn't you also expect earnings estimates to rise instead of their recent declines?
How Bad is the Earnings Guidance for the Second Quarter?
Business Insider notes, "The percentage of companies issuing negative EPS guidance is 81%; if this is the final percentage for the quarter, it will mark the highest percentage of companies issuing negative EPS guidance for a quarter."
So, let me get this straight: This is the worst quarter ever for earnings guidance, but Wall Street analysts still continue to raise their S&P price targets?! Looking at the recent trend of earnings estimates, one must really question Wall Street's ability (or CEOs' abilities, for that matter) to even predict earnings in the first place (more on that below).
On June 25, I looked at the very long-term trend of earnings growth and wrote, "Throughout 142 years of history, investors should expect earnings to decline 10% year over year on average once every five quarters, and an earnings decline over 20% should be expected 10% of the time, or once out of every ten quarters (2.5 years)."
It has now been four years since we have seen any significant negative earnings growth. In that analysis, it was also very clear that earnings do not grow positively into perpetuity, and after four years since any significant decline, the business cycle may be ready to again take hold.
Rising Prices on Lowered Earnings
In an example from the first major S&P component to report, Alcoa's ( AA ) Q2 adjusted earnings of $0.07 "beat" its estimate of $0.06.
Not mentioned by the news sources though is that Alcoa's Q2 earnings estimate was way up at $0.60 in early 2011 and at $0.28 last year. The company has dropped its earnings estimate by over 90% since it started giving guidance. With estimates that far off, it is amazing we put any trust in estimates in the first place.
When prices rise (NYSEARCA:IWM) and earnings do not, this means one thing: Investors are paying more for a product that is delivering less. But starting out with extremely high estimates that are then dropped through time is nothing new.
The charts below from Standard and Poor's show this trend for the S&P 500 (INDEXSP:.INX) over the last two years. A look back to the '90s shows this practice is actually the norm.
Reality shows that S&P earnings estimates have been declining since 2011, meaning that prices (along with P/E ratios) are rising (NYSEARCA:DVY) for reasons beyond underlying fundamental expectations. This also means that investors have been paying more and getting less during that time.
Whatever the reasons, without earnings to eventually accompany, share price (NYSEARCA:SPXS) growth is likely unsustainable over the longer run.
Figure 1: Can You Find the Outlier?
The first two charts above show how analysts have been lowering earnings guidance for well over two years now. Estimates were lowered around 10% by the third quarter of 2012, and down over 15% to just $97 by the time 2012 was completed (not shown). This resulted in a P/E ratio (NYSEARCA:UPRO) that jumped from 12x to 15x by Dec 2012.
Again, the latest earnings estimates for 2013 have been significantly lowered through time, also down around 10% (so far) and also resulting in a significantly higher real P/E ratio, currently over 16x (NYSEARCA:IVV). If earnings continue to decline, this just means the P/E will go higher.
One of These Things Does Not Belong Here
Looking at the final chart above of 2014 earnings estimates, we see a chart that clearly look different. For the first three months that 2014 has been estimated, earnings are expected to be higher and rising, as businesses are still focusing on 2013.
The same thing occurred with 2012's and 2013's earnings estimates that were also initially expected to rise. That is, until reality set in, CEOs started to get visibility, actual earnings started to disappoint, and future estimates were finally lowered.
2013's decline continues today as the 2013 chart in Figure 1 above shows. If 2012 is any lesson, it would not be surprising to see 2013 earnings follow 2012's footprint and continue to be ratcheted down through December.
For now, 2014's estimates remain the odd chart out -- that is, until CEOs start to actually look at the significantly higher 2014 earnings targets and also start ratcheting them down.
Given Wall Street's horrid history of earnings estimates, we should expect 2014 earnings estimates to eventually be pulled back as 2013 estimates continue to disappoint.
Editor's note: This story by Chad Karnes originally appeared on ETFguide.com .
To read more from ETFguide, see:
Why Are TIPS Losing Value?
It's Official, Gold Was a Bubble
The Three Biggest Investment Trends of 2013
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Rising Prices on Lowered Earnings In an example from the first major S&P component to report, Alcoa's ( AA ) Q2 adjusted earnings of $0.07 "beat" its estimate of $0.06. Their reasons for upping their S&P target price (NYSEARCA:SSO) range from "Investor confidence is growing" to "the economy is gaining sustainable momentum." In that analysis, it was also very clear that earnings do not grow positively into perpetuity, and after four years since any significant decline, the business cycle may be ready to again take hold.
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Rising Prices on Lowered Earnings In an example from the first major S&P component to report, Alcoa's ( AA ) Q2 adjusted earnings of $0.07 "beat" its estimate of $0.06. Business Insider notes, "The percentage of companies issuing negative EPS guidance is 81%; if this is the final percentage for the quarter, it will mark the highest percentage of companies issuing negative EPS guidance for a quarter." On June 25, I looked at the very long-term trend of earnings growth and wrote, "Throughout 142 years of history, investors should expect earnings to decline 10% year over year on average once every five quarters, and an earnings decline over 20% should be expected 10% of the time, or once out of every ten quarters (2.5 years)."
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Rising Prices on Lowered Earnings In an example from the first major S&P component to report, Alcoa's ( AA ) Q2 adjusted earnings of $0.07 "beat" its estimate of $0.06. On June 25, I looked at the very long-term trend of earnings growth and wrote, "Throughout 142 years of history, investors should expect earnings to decline 10% year over year on average once every five quarters, and an earnings decline over 20% should be expected 10% of the time, or once out of every ten quarters (2.5 years)." Given Wall Street's horrid history of earnings estimates, we should expect 2014 earnings estimates to eventually be pulled back as 2013 estimates continue to disappoint.
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Rising Prices on Lowered Earnings In an example from the first major S&P component to report, Alcoa's ( AA ) Q2 adjusted earnings of $0.07 "beat" its estimate of $0.06. On June 25, I looked at the very long-term trend of earnings growth and wrote, "Throughout 142 years of history, investors should expect earnings to decline 10% year over year on average once every five quarters, and an earnings decline over 20% should be expected 10% of the time, or once out of every ten quarters (2.5 years)." Reality shows that S&P earnings estimates have been declining since 2011, meaning that prices (along with P/E ratios) are rising (NYSEARCA:DVY) for reasons beyond underlying fundamental expectations.
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1338.0
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2013-07-10 00:00:00 UTC
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July 10: Is Tapering No Longer a Hurdle for Stocks? - Economic Highlights
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AA
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https://www.nasdaq.com/articles/july-10%3A-is-tapering-no-longer-a-hurdle-for-stocks-economic-highlights-2013-07-10
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nan
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nan
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Stocks are within striking distance of reclaiming the all-time high reached less than two months back, with the pullback resulting concerns that the Fed was getting ready to pare back its QE program. We will get more clarity on the Fed question this afternoon with the release of the minutes of the Fed's June meeting. Also at play in today's session are renewed concerns about China's growth outlook after another weak economic reading - this time about that country's exports.
The stock market's ability to claw back its losses over the last few weeks despite the persistent rise in benchmark treasury yields, is very impressive. My sense is that these gains will prove sustainable only if they reflect investors' collective judgment that an improved economic outlook trumps less Fed QE and somewhat higher interest rates. But if the market's gains reflect the hope that 'Tapering' was not imminent, then we may be at risk of giving all of these back in the coming days.
I continue to believe that U.S. economic outlook was stable enough to allow the Fed to start pulling back from its QE program later this year. A number of Fed officials went out of their way to dial back Bernanke's fairly explicit pronouncements on the 'Taper' question. But the bond market got it right from the get go, pushing 10-year treasury yields by almost 100 basis points since early May. This afternoon's minutes of the June FOMC meeting will likely confirm that Bernanke's comments were more in-line with the emerging majority on the committee.
With respect to China's growth outlook, Alcoa ( AA ) appeared to be reassuringly explicit in its earnings release on Monday, belying concerns raised by a host of weak economic readings in recent days. But today's official export numbers run counter to Alcoa's claims and raise further doubts about that country's picture. The decline in Chinese exports in June, the first in a non-holiday month since late 2009, is likely not a one-off event and likely reflective of some loss of competitiveness for China's export sector. Competitiveness has suffered to some extent relative to lower wage regional countries like Vietnam as a result of rising wages and unfavorable exchange rate movements. The continued economic problems in Europe also remain a headwind, as the more than 8% drop in exports to Europe reconfirm.
The China growth question magnifies similar concerns about the rest of the emerging world as the recent growth downgrade by the IMF shows. The China issue will figure prominently in the Yum Brand' s ( YUM ) earnings release later today as well, though YUM is dealing with a number of company-specific issues that are not directly tied to China's growth outlook.
But the fact remains that a big part of the expected earnings growth in the second half of the 2013 and full year 2014 for the S&P 500 as a whole is contingent on improved economic growth beyond the U.S. borders. For context, keep in mind that consensus earnings expectations are looking for earnings growth to accelerate from the first-half 2013's less than +3% pace to more than +9% rate in the second half and accelerate even further to more than +11% in 2014. With more than 40% of S&P 500 earnings coming from international markets, those growth expectations will likely need to be scaled back
ALCOA INC (AA): Free Stock Analysis Report
YUM! BRANDS INC (YUM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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With respect to China's growth outlook, Alcoa ( AA ) appeared to be reassuringly explicit in its earnings release on Monday, belying concerns raised by a host of weak economic readings in recent days. With more than 40% of S&P 500 earnings coming from international markets, those growth expectations will likely need to be scaled back ALCOA INC (AA): Free Stock Analysis Report YUM! My sense is that these gains will prove sustainable only if they reflect investors' collective judgment that an improved economic outlook trumps less Fed QE and somewhat higher interest rates.
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With respect to China's growth outlook, Alcoa ( AA ) appeared to be reassuringly explicit in its earnings release on Monday, belying concerns raised by a host of weak economic readings in recent days. With more than 40% of S&P 500 earnings coming from international markets, those growth expectations will likely need to be scaled back ALCOA INC (AA): Free Stock Analysis Report YUM! BRANDS INC (YUM): Free Stock Analysis Report To read this article on Zacks.com click here.
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With respect to China's growth outlook, Alcoa ( AA ) appeared to be reassuringly explicit in its earnings release on Monday, belying concerns raised by a host of weak economic readings in recent days. With more than 40% of S&P 500 earnings coming from international markets, those growth expectations will likely need to be scaled back ALCOA INC (AA): Free Stock Analysis Report YUM! The China issue will figure prominently in the Yum Brand' s ( YUM ) earnings release later today as well, though YUM is dealing with a number of company-specific issues that are not directly tied to China's growth outlook.
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With more than 40% of S&P 500 earnings coming from international markets, those growth expectations will likely need to be scaled back ALCOA INC (AA): Free Stock Analysis Report YUM! With respect to China's growth outlook, Alcoa ( AA ) appeared to be reassuringly explicit in its earnings release on Monday, belying concerns raised by a host of weak economic readings in recent days. Also at play in today's session are renewed concerns about China's growth outlook after another weak economic reading - this time about that country's exports.
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1339.0
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2013-07-10 00:00:00 UTC
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Why You Should Ignore Wall Street's Earnings Estimates
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AA
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https://www.nasdaq.com/articles/why-you-should-ignore-wall-streets-earnings-estimates-2013-07-10
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nan
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nan
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If you have kids, you may remember the Sesame Street program, "Which One of These Things Does Not Belong Here"?
You may also remember the tune that went along with it, "one of these things is not like the others, one of these things just doesn't belong, can you tell which thing is not like the others, by the time I finish my song?"
We are about to play a similar game.
S&P Price Target Raised, Earnings Remain Flat
Over the weekend Bloomberg reported:
"The same analysts who lowered second-quarter profit growth predictions to almost nothing in 2013 are raising (S&P) price forecasts (NYSEARCA:SPY) . Standard and Poor's 500 Index earnings rose 1.8% last quarter, down from a projection of 8.7% six months ago, according to more than 11,000 analyst estimates. The U.S. equity gauge will increase 8.9% to a record 1778, should their (updated) forecasts prove accurate."
Their reasons for upping their S&P target price (NYSEARCA:SSO) range from "Investor confidence is growing" to "the economy is gaining sustainable momentum." But if that's really the case, then why wouldn't you also expect earnings estimates to rise instead of their recent declines?
How Bad is the Earnings Guidance for the Second Quarter?
At Business Insider, they note:
"The percentage of companies issuing negative EPS guidance is 81%, if this is the final percentage for the quarter it will mark the highest percentage of companies issuing negative EPS guidance for a quarter."
So, let me get this straight; this is the worst quarter ever for earnings guidance, but Wall Street analysts still continue to raise their S&P price targets?! Looking at the recent trend of earnings estimates, one must really question Wall Street's ability (or CEOs' for that matter) to even predict earnings in the first place (more on that below).
In our latest ETF Profit Strategy Newsletter published 6/25 I looked at the very long term trend of earnings growth and I wrote:
"Throughout 142 years of history, investors should expect earnings to decline 10% year over year on average once every five quarters, and an earnings decline over 20% should be expected 10% of the time, or once out of every ten quarters (2.5 years)."
It has now been four years since we have seen any significant negative earnings growth. In that analysis it was also very clear that earnings do not grow positively into perpetuity, and after four years since any significant decline, the business cycle may be ready to again take hold.
Rising Prices on Lowered Earnings
In an example from the first major S&P component to report, Alcoa's ( AA ) Q2 adjusted earnings of $0.07 "beat" its estimate of $0.06.
Not mentioned by the news sources though is that Alcoa's Q2 earnings estimate was way up at $0.60 in early 2011 and at $0.28 last year. The company has dropped their earnings estimate by over 90% since they started giving guidance. With estimates that far wrong, it is amazing we put any trust in estimates in the first place.
WATCH: Our ETF Video Channel
When prices rise (NYSEARCA:IWM) and earnings do not, this means one thing - that investors are paying more for a product that is delivering less. But, starting out with extremely high estimates that are then dropped through time is nothing new.
The charts below from Standard and Poor's show this trend for the S&P 500 over the last two years. A look back since the 90's shows this practice is actually the norm (see my article on not getting "duped" for the longer term view of earnings estimates which pretty much every year are adjusted downward).
Reality shows that S&P earnings estimates have been declining since 2011, meaning prices (along with P/E ratios) are rising (NYSEARCA:DVY) for reasons beyond underlying fundamental expectations. This also means investors have been paying more, and getting less during that time.
Whatever the reasons, without earnings to eventually accompany, share price (NYSEARCA:SPXS) growth is likely unsustainable over the longer-run.
Figure 1: Can You Find the Outlier?
The first two charts above show how analysts have been lowering earnings guidance for well over two years now. Estimates were lowered around 10% by the 3Q of 2012, and down over 15% to just $97 by the time 2012 was completed (not shown). This resulted in a P/E ratio (NYSEARCA:UPRO) that jumped from 12x to 15x by Dec 2012.
Again, the latest earnings estimates for 2013, have been significantly lowered through time, also down around 10% (so far) and also resulting in a significantly higher real P/E ratio, currently over 16x (NYSEARCA:IVV). If earnings continue to decline, this just means the P/E will go higher.
One of These Things does not Belong Here
Looking at the final chart above of 2014 earnings estimates, we see a a chart that clearly does not look the same. For the first three months 2014 has been estimated, earnings are expected to be higher and rising, as businesses are still focusing on 2013.
The same thing occurred with 2012 and 2013's earnings estimates that were also initially expected to rise. That is until reality set in, CEOs started to get visibility, actual earnings started to disappoint, and future estimates were finally lowered.
2013's decline continues today as the 2013 chart in Figure 1 above shows. If 2012 is any lesson, it would not be surprising to see 2013 earnings follow 2012's footprint and continue to be ratcheted down through December.
For now 2014's estimates remain the odd chart out, that is until CEOs start to actually look at the significantly higher 2014 earnings targets and also start ratcheting them down.
Given Wall Street's horrid history of earnings estimates, we should expect 2014 earnings estimates to eventually be pulled back as 2013 estimates continue to disappoint.
The latest ETF Profit Strategy Newsletter includes a detailed analysis of various market forecasting tools, along with a short, mid, and long-term outlook for the U.S. stock market. Updates through our Technical Forecast are provided every Sunday and Wednesday nights.
Follow us on Twitter @ ETFguide
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Rising Prices on Lowered Earnings In an example from the first major S&P component to report, Alcoa's ( AA ) Q2 adjusted earnings of $0.07 "beat" its estimate of $0.06. WATCH: Our ETF Video Channel When prices rise (NYSEARCA:IWM) and earnings do not, this means one thing - that investors are paying more for a product that is delivering less. A look back since the 90's shows this practice is actually the norm (see my article on not getting "duped" for the longer term view of earnings estimates which pretty much every year are adjusted downward).
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Rising Prices on Lowered Earnings In an example from the first major S&P component to report, Alcoa's ( AA ) Q2 adjusted earnings of $0.07 "beat" its estimate of $0.06. So, let me get this straight; this is the worst quarter ever for earnings guidance, but Wall Street analysts still continue to raise their S&P price targets?! Reality shows that S&P earnings estimates have been declining since 2011, meaning prices (along with P/E ratios) are rising (NYSEARCA:DVY) for reasons beyond underlying fundamental expectations.
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Rising Prices on Lowered Earnings In an example from the first major S&P component to report, Alcoa's ( AA ) Q2 adjusted earnings of $0.07 "beat" its estimate of $0.06. In our latest ETF Profit Strategy Newsletter published 6/25 I looked at the very long term trend of earnings growth and I wrote: "Throughout 142 years of history, investors should expect earnings to decline 10% year over year on average once every five quarters, and an earnings decline over 20% should be expected 10% of the time, or once out of every ten quarters (2.5 years)." Given Wall Street's horrid history of earnings estimates, we should expect 2014 earnings estimates to eventually be pulled back as 2013 estimates continue to disappoint.
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Rising Prices on Lowered Earnings In an example from the first major S&P component to report, Alcoa's ( AA ) Q2 adjusted earnings of $0.07 "beat" its estimate of $0.06. In our latest ETF Profit Strategy Newsletter published 6/25 I looked at the very long term trend of earnings growth and I wrote: "Throughout 142 years of history, investors should expect earnings to decline 10% year over year on average once every five quarters, and an earnings decline over 20% should be expected 10% of the time, or once out of every ten quarters (2.5 years)." Reality shows that S&P earnings estimates have been declining since 2011, meaning prices (along with P/E ratios) are rising (NYSEARCA:DVY) for reasons beyond underlying fundamental expectations.
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1340.0
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2013-07-10 00:00:00 UTC
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Is Taper No Longer an Issue for Stocks? - Ahead of Wall Street
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AA
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https://www.nasdaq.com/articles/taper-no-longer-issue-stocks-ahead-wall-street-2013-07-10
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nan
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nan
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Wednesday, July 10, 2013
Stocks are within striking distance of reclaiming the all-time high reached less than two months back, with the pullback resulting concerns that the Fed was getting ready to pare back its QE program. We will get more clarity on the Fed question this afternoon with the release of the minutes of the Fed's June meeting. Also at play in today's session are renewed concerns about China's growth outlook after another weak economic reading - this time about that country's exports.
The stock market's ability to claw back its losses over the last few weeks despite the persistent rise in benchmark treasury yields, is very impressive. My sense is that these gains will prove sustainable only if they reflect investors' collective judgment that an improved economic outlook trumps less Fed QE and somewhat higher interest rates. But if the market's gains reflect the hope that 'Tapering' was not imminent, then we may be at risk of giving all of these back in the coming days.
I continue to believe that U.S. economic outlook was stable enough to allow the Fed to start pulling back from its QE program later this year. A number of Fed officials went out of their way to dial back Bernanke's fairly explicit pronouncements on the 'Taper' question. But the bond market got it right from the get go, pushing 10-year treasury yields by almost 100 basis points since early May. This afternoon's minutes of the June FOMC meeting will likely confirm that Bernanke's comments were more in-line with the emerging majority on the committee.
With respect to China's growth outlook, Alcoa ( AA ) appeared to be reassuringly explicit in its earnings release on Monday, belying concerns raised by a host of weak economic readings in recent days. But today's official export numbers run counter to Alcoa's claims and raise further doubts about that country's picture. The decline in Chinese exports in June, the first in a non-holiday month since late 2009, is likely not a one-off event and likely reflective of some loss of competitiveness for China's export sector. Competitiveness has suffered to some extent relative to lower wage regional countries like Vietnam as a result of rising wages and unfavorable exchange rate movements. The continued economic problems in Europe also remain a headwind, as the more than 8% drop in exports to Europe reconfirm.
The China growth question magnifies similar concerns about the rest of the emerging world as the recent growth downgrade by the IMF shows. The China issue will figure prominently in the Yum Brand' s ( YUM ) earnings release later today as well, though YUM is dealing with a number of company-specific issues that are not directly tied to China's growth outlook.
But the fact remains that a big part of the expected earnings growth in the second half of the 2013 and full year 2014 for the S&P 500 as a whole is contingent on improved economic growth beyond the U.S. borders. For context, keep in mind that consensus earnings expectations are looking for earnings growth to accelerate from the first-half 2013's less than +3% pace to more than +9% rate in the second half and accelerate even further to more than +11% in 2014. With more than 40% of S&P 500 earnings coming from international markets, those growth expectations will likely need to be scaled back.
Sheraz Mian
Director of Research
ALCOA INC (AA): Free Stock Analysis Report
SPDR-DJ IND AVG (DIA): ETF Research Reports
SPDR-SP 500 TR (SPY): ETF Research Reports
PRO-ULS L20+YRT (TBT): ETF Research Reports
YUM! BRANDS INC (YUM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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With respect to China's growth outlook, Alcoa ( AA ) appeared to be reassuringly explicit in its earnings release on Monday, belying concerns raised by a host of weak economic readings in recent days. Sheraz Mian Director of Research ALCOA INC (AA): Free Stock Analysis Report SPDR-DJ IND AVG (DIA): ETF Research Reports SPDR-SP 500 TR (SPY): ETF Research Reports PRO-ULS L20+YRT (TBT): ETF Research Reports YUM! Also at play in today's session are renewed concerns about China's growth outlook after another weak economic reading - this time about that country's exports.
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With respect to China's growth outlook, Alcoa ( AA ) appeared to be reassuringly explicit in its earnings release on Monday, belying concerns raised by a host of weak economic readings in recent days. Sheraz Mian Director of Research ALCOA INC (AA): Free Stock Analysis Report SPDR-DJ IND AVG (DIA): ETF Research Reports SPDR-SP 500 TR (SPY): ETF Research Reports PRO-ULS L20+YRT (TBT): ETF Research Reports YUM! Click to get this free report The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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With respect to China's growth outlook, Alcoa ( AA ) appeared to be reassuringly explicit in its earnings release on Monday, belying concerns raised by a host of weak economic readings in recent days. Sheraz Mian Director of Research ALCOA INC (AA): Free Stock Analysis Report SPDR-DJ IND AVG (DIA): ETF Research Reports SPDR-SP 500 TR (SPY): ETF Research Reports PRO-ULS L20+YRT (TBT): ETF Research Reports YUM! The China issue will figure prominently in the Yum Brand' s ( YUM ) earnings release later today as well, though YUM is dealing with a number of company-specific issues that are not directly tied to China's growth outlook.
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With respect to China's growth outlook, Alcoa ( AA ) appeared to be reassuringly explicit in its earnings release on Monday, belying concerns raised by a host of weak economic readings in recent days. Sheraz Mian Director of Research ALCOA INC (AA): Free Stock Analysis Report SPDR-DJ IND AVG (DIA): ETF Research Reports SPDR-SP 500 TR (SPY): ETF Research Reports PRO-ULS L20+YRT (TBT): ETF Research Reports YUM! Also at play in today's session are renewed concerns about China's growth outlook after another weak economic reading - this time about that country's exports.
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1341.0
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2013-07-10 00:00:00 UTC
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Stocks Market News for July 10, 2013 - Market News
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AA
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https://www.nasdaq.com/articles/stocks-market-news-for-july-10-2013-market-news-2013-07-10
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nan
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nan
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An encouraging start to the second quarter earnings season propelled indices higher on Tuesday. Better-than-expected reports on the home front coupled with positive earnings reports have lifted investor sentiment recently. Benchmarks finished in the green for the fourth consecutive day. Investors overlooked the International Monetary Fund's discouraging comments on world economic growth. The IMF reduced its global growth estimate for this year yesterday. Nine out of the ten S&P 500 industry groups finished in the green. Shares of the materials and industrial sectors gained the most.
For a look at the issues currently facing the markets, make sure to read today's Ahead of Wall Street article.
The Dow Jones Industrial Average (DJI) gained 0.5% to close the day at 15,300.34. The S&P 500 added 0.7% to finish yesterday's trading session at 1,652.32. The tech-laden Nasdaq Composite Index rose 0.6% to end at 3,504.26. The fear-gauge CBOE Volatility Index (VIX) declined 2.9% to settle at 14.35. Consolidated volumes on the New York Stock Exchange, American Stock Exchange and Nasdaq were roughly 5.8 billion shares, lower than 2013's average of 6.4 billion shares. Advancing stocks outnumbered the decliners. For the 72% that advanced, only 25% declined.
Following yesterday's gains, the S&P 500 is marginally shy of its all-time high, achieved on May 21. Investors have become more positive following encouraging reports from the private sector and positive government data on the job markets. A positive start to the earnings season acted as a catalyst as expectations from the second quarter earnings season are low. Going forward, second quarter corporate earnings is expected to decide the trajectory of markets.
Aluminum giant Alcoa Inc (NYSE: AA ), reported second quarter results after the close of markets on Monday. The company posted earnings and revenue that surpassed the Street's estimates. Despite healthy quarterly results, shares declined nearly 0.1% yesterday. The company's earnings were boosted by robust demand for aluminum from autos and airplanes. Alcoa said global demand for aluminum will increase by 7% in 2013. According to Thomson Reuters data, earnings of the S&P 500 companies are expected to increase by 2.9% in the second quarter from the same period a year ago. This is considerably below the April forecast of 6.1%. Banking giants JPMorgan Chase & Co. (NYSE: JPM ) and Wells Fargo & Co (NYSE: WFC ) are due to report quarterly results on Friday.
Meanwhile, the International Monetary Fund reduced global growth forecast for the fifth consecutive time for the year 2013. The IMF trimmed its global growth forecast for this year to 3.1% from the previous projection of 3.3%. The IMF said: "the possibility of a longer growth slowdown in emerging market economies, especially given risks of lower potential growth, slowing credit, and possibly tighter financial conditions if the anticipated unwinding of monetary policy stimulus in the U.S. leads to sustained capital flow reversals." In light of rising government spending cuts, IMF reduced its U.S growth estimate for the year 2013 to 1.7%, lower than 2.0% predicted by the U.S. government's Office of Management and Budget. The fund also said central banks of rich countries should continue with stimulus measures until full economic recovery is attained. IMF further added that a rise in long-term interest rates have hampered the growth of emerging countries.
Rating agency Standard & Poor's decreased Italy's sovereign credit rating to BBB from BBB+. The agency said: "The rating action reflects our view of the effects of further weakening growth on Italy's economic structure and resilience, and its impaired monetary transmission mechanism."
Shares of material sector gained the most after Alcoa reported better-than-expected quarterly results. The Materials Select Sector SPDR (XLB) gained 1.6%. Stocks such as Air Products & Chemicals, Inc. (NYSE: APD ), Monsanto Company (NYSE: MON ), Praxair, Inc. (NYSE: PX ), and Airgas, Inc. (NYSE: ARG ) added 3.9%, 2.2%, 1.6% and 1.3%, respectively.
ALCOA INC (AA): Free Stock Analysis Report
AIR PRODS & CHE (APD): Free Stock Analysis Report
AIRGAS INC (ARG): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
MONSANTO CO-NEW (MON): Free Stock Analysis Report
PRAXAIR INC (PX): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum giant Alcoa Inc (NYSE: AA ), reported second quarter results after the close of markets on Monday. ALCOA INC (AA): Free Stock Analysis Report AIR PRODS & CHE (APD): Free Stock Analysis Report AIRGAS INC (ARG): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report PRAXAIR INC (PX): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report To read this article on Zacks.com click here. The IMF said: "the possibility of a longer growth slowdown in emerging market economies, especially given risks of lower potential growth, slowing credit, and possibly tighter financial conditions if the anticipated unwinding of monetary policy stimulus in the U.S. leads to sustained capital flow reversals."
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ALCOA INC (AA): Free Stock Analysis Report AIR PRODS & CHE (APD): Free Stock Analysis Report AIRGAS INC (ARG): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report PRAXAIR INC (PX): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum giant Alcoa Inc (NYSE: AA ), reported second quarter results after the close of markets on Monday. Banking giants JPMorgan Chase & Co. (NYSE: JPM ) and Wells Fargo & Co (NYSE: WFC ) are due to report quarterly results on Friday.
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ALCOA INC (AA): Free Stock Analysis Report AIR PRODS & CHE (APD): Free Stock Analysis Report AIRGAS INC (ARG): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report PRAXAIR INC (PX): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum giant Alcoa Inc (NYSE: AA ), reported second quarter results after the close of markets on Monday. The IMF said: "the possibility of a longer growth slowdown in emerging market economies, especially given risks of lower potential growth, slowing credit, and possibly tighter financial conditions if the anticipated unwinding of monetary policy stimulus in the U.S. leads to sustained capital flow reversals."
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Aluminum giant Alcoa Inc (NYSE: AA ), reported second quarter results after the close of markets on Monday. ALCOA INC (AA): Free Stock Analysis Report AIR PRODS & CHE (APD): Free Stock Analysis Report AIRGAS INC (ARG): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report PRAXAIR INC (PX): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report To read this article on Zacks.com click here. Despite healthy quarterly results, shares declined nearly 0.1% yesterday.
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1342.0
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2013-07-09 00:00:00 UTC
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Three Financials Set to Top Earnings Estimates - Investment Ideas
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AA
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https://www.nasdaq.com/articles/three-financials-set-top-earnings-estimates-investment-ideas-2013-07-09
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nan
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nan
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Alcoa AA unofficially kicked off earnings season yesterday with a decent report. The Aluminum giant actually came in line with the Zacks Consensus of 7 cents and came up slightly short on the revenue side. The report was initially viewed with a positive light due to the increase in aluminum demand Alcoa was seeing.
That said, shares of Alcoa moved lower today after investors had time to examine the details.
It's important to note that the earnings bar remains extremely low and has come down substantially over the last quarter from close to 4% year over year growth to now just 0.3%.
Even with the low expectations, it will be challenging to find companies that beat earnings estimates especially being that revenues are down year over year and the global consumer is barely hanging on.
One bright spot for growth may be the financial space; our Director of Research, Sheraz Mian noted this in a note to investors HERE. The three financial stocks below all have increased probability of a beat with their positive ESPs, but are certainly not the strongest ESP stocks that I have seen.
As we continue our search for stocks that have a high likelihood of beating estimates, the Zacks Earnings ESP can be an invaluable tool in your search. Here are a few companies that look promising next week:
About Zacks Earnings ESP
Earnings ESP is Zacks' proprietary methodology for determining which stocks have the best chance to surprise with their next earnings announcement. The Earnings ESP shows the percentage difference between the Most Accurate Estimate and the Consensus. The Zacks ESP helps predict earnings surprises to the upside and downside; the greater the ESP (positive or negative) the greater the likelihood for a surprise. I use ESP to help quantify the conviction of the analysts for a surprise and stack the odds in my favor when I combine it with other measurements and statistics.
The Accuracy of ESP
Of course, some ESP numbers are better than others. In our testing, over the last 10 years, we have found that stocks with a positive ESP and with a Zacks Rank of 1, 2 or 3 (Strong Buy, Buy or Hold), produced a positive surprise 70% of the time. (The other 9% of the time, they reported in line with expectations, with a negative surprise occurring only 21% of the time.)
Bullish ESP Stocks
J.P. Morgan ( JPM ) is a Zacks Rank #2 (buy) stock with a positive earnings ESP of 2.82% for the current quarter. The company is expected to make $1.42 cents a share, but our ESP readings are looking for a profit of $1.46 cents.
JPM has been looking strong over the last week or so and shares are approaching the 52 week high of $55.90 going into the report.
With a valuation of just 9 times forward earnings and a man like Jamie Dimon at the helm, analysts seem to be looking for a beat from this financial giant on Friday.
- JP Morgan reports earnings on July 12th
Wells Fargo & Co. ( WFC ) is a Zacks Rank #3 stock with a positive earnings ESP of 1.10% for the current quarter; the Zacks Consensus is for a per share profit of $0.92, with the most accurate at $0.93.
Wells Fargo is the largest loan originator in the U.S. and their earnings calls are always good information for the direction of the housing market.
Given the rise in home values and relative strength in new and existing home sales, it should be a good quarter for Wells. Of course, a rising interest rate has pros and cons for banks of their size, but the overall analyst consensus seems to be quite positive.
The majority of analyst action has been bullish and we have seen estimates on the rise for the current quarter, next quarter as well as FY 2013 and FY 2014 since WFC's last report. It's important to note that despite the positive analyst actions, ESPs are mixed looking forward in time as the future of housing is still a little murky.
- Wells Fargo reports earnings on July 12th
TD Ameritrade ( AMTD ) is a Zacks Rank #2 stock with a positive earnings ESP of 3.23% for the current quarter. The Zacks consensus estimate is for Q1 EPS of $0.31 with the most accurate estimate coming in at $0.32.
Reuters recently published a story about the rising popularity of " hobby trading " by baby boomers, mainly in options and stocks which would certainly benefit companies like AMTD.
TD Ameritrade has also been seeing positive analyst flow over the last 2 months leading into their report next week, which is usually a good sign for stocks looking to beat.
Shares are trading at 23 times forward earnings.
- AMTD reports earnings on July 23rd
ESP Earnings Results
Now that you know which groups of stocks to focus on to increase your chances of a positive surprise, let's look at the size of the ESP that has historically generated the best results.
First, just having a positive ESP produces market beating results. Over the last 10 years, using a 1 week holding period (stocks were held for no more than one week after they reported), the average annual return was 23.5%. This is in stark contrast to stocks with a negative ESP which produced a -9.20% return.
Now apply the Zacks Rank of 1, 2 or 3 to that list and the returns jump to 28.3%.
If you require your stocks to have an ESP of greater than 1%, we found it increased performance to 29.6%. An ESP of greater than 2% bumps performance up to 31.6%. While an ESP of greater than 3%, produces an average annual return of 37.2%.
Note: there's no need to hold out for stocks with significantly higher ESP's than 3%. While some stocks with higher ESP's will do fantastic, there's no aggregate increase in performance by ratcheting it up beyond d the 3% threshold. And as the above stats illustrate, simply having a positive ESP (i.e., the Most Accurate Estimate is above the Consensus) still produces stellar results with a high probability of success.
Start Using Zacks ESP in Your Own Trading Today
The next time your stock is about to report or a stock on your watch list is getting closer to their earnings date, be sure to look at its Zacks ESP and see what your stock's probabilities are of producing a positive surprise.
If you prefer to let someone else do all the work and have the best candidates sent to your inbox, learn more about Whisper Trader now.
Jared A Levy is one of the most highly sought after traders in the world and a former member of three major stock exchanges. That is why you will frequently see him appear on Fox Business, CNBC and Bloomberg providing his timely insights to other investors. He has written and published two tomes, "Your Options Handbook" and "The Bloomberg Visual Guide to Options" . You can discover more of his insights and recommendations through his two portfolio recommendation services:
Follow Jared A Levy on twitter @jaredalevy
Like Jared A Levy on Facebook
ALCOA INC (AA): Free Stock Analysis Report
TD AMERITRADE (AMTD): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa AA unofficially kicked off earnings season yesterday with a decent report. You can discover more of his insights and recommendations through his two portfolio recommendation services: Follow Jared A Levy on twitter @jaredalevy Like Jared A Levy on Facebook ALCOA INC (AA): Free Stock Analysis Report TD AMERITRADE (AMTD): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report To read this article on Zacks.com click here. With a valuation of just 9 times forward earnings and a man like Jamie Dimon at the helm, analysts seem to be looking for a beat from this financial giant on Friday.
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You can discover more of his insights and recommendations through his two portfolio recommendation services: Follow Jared A Levy on twitter @jaredalevy Like Jared A Levy on Facebook ALCOA INC (AA): Free Stock Analysis Report TD AMERITRADE (AMTD): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa AA unofficially kicked off earnings season yesterday with a decent report. - JP Morgan reports earnings on July 12th Wells Fargo & Co. ( WFC ) is a Zacks Rank #3 stock with a positive earnings ESP of 1.10% for the current quarter; the Zacks Consensus is for a per share profit of $0.92, with the most accurate at $0.93.
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Alcoa AA unofficially kicked off earnings season yesterday with a decent report. You can discover more of his insights and recommendations through his two portfolio recommendation services: Follow Jared A Levy on twitter @jaredalevy Like Jared A Levy on Facebook ALCOA INC (AA): Free Stock Analysis Report TD AMERITRADE (AMTD): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report To read this article on Zacks.com click here. Here are a few companies that look promising next week: About Zacks Earnings ESP Earnings ESP is Zacks' proprietary methodology for determining which stocks have the best chance to surprise with their next earnings announcement.
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Alcoa AA unofficially kicked off earnings season yesterday with a decent report. You can discover more of his insights and recommendations through his two portfolio recommendation services: Follow Jared A Levy on twitter @jaredalevy Like Jared A Levy on Facebook ALCOA INC (AA): Free Stock Analysis Report TD AMERITRADE (AMTD): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report To read this article on Zacks.com click here. The report was initially viewed with a positive light due to the increase in aluminum demand Alcoa was seeing.
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1343.0
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2013-07-09 00:00:00 UTC
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Homebuilders Lead the Charge
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AA
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https://www.nasdaq.com/articles/homebuilders-lead-charge-2013-07-09
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nan
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nan
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This morning, the International Monetary Fund cut its 2013 growth forecast for the US to 1.7% from 1.9%. The IMF's global 2013 forecast was also lowered from 3.3% to 3.1%. US markets rallied on the day ahead of tomorrow's Fed minutes release and Ben Bernanke's speech. The S&P 500 (INDEXSP:.INX) finished the day up 0.7%.
SPDR S&P Homebuilders ETF (NYSEARCH:XHB) outperformed by a significant margin after CoreLogic reported sharply falling foreclosures in May.
The 10-year yield finished down 2 bps to 2.63%. Crude continued to push higher, finishing up 0.5% to $103.63, and hitting levels not seen since May 2012. Gold climbed for a second straight day, closing 0.74% higher at $1,245/oz.
Alcoa ( AA ) reported earnings after yesterday's close, beating analyst estimates on both the top and bottom lines.
Ratings agency Standard & Poor's downgraded Italy's long-term credit rating from BBB+ to BBB. S&P's long-term outlook for the country is negative. The downgrade came after the European market close, during which the FTSE MIB Index (INDEXFTSE:FTSEMIB) traded slightly in the red.
The Nikkei 225 (INDEXNIKKEI:NI225) finished up 2.6% ahead of tomorrow's announcement from the Bank of Japan.
Tomorrow's Financial Outlook
US wholesale trade data will be released at10:00 a.m. EDT tomorrow morning. The consensus is to see month-over-month growth of 0.3%. The EIA petroleum status report will be released at10:30 a.m. EDT .
The minutes from the last Fed meeting will be released at2:00 p.m. EDT tomorrow . Chairman of the Fed, Ben Bernanke, will be speakingtomorrow after the market closes.
The Bank of Japan will make an announcement regarding its monetary policytomorrow . The target interest rate is not expected to change.
Tomorrow , Family Dollar Stores ( FDO ), Supervalu ( SVU ), and Yum Brands ( YUM ) will release earnings.
Twitter: @Minyanville
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) reported earnings after yesterday's close, beating analyst estimates on both the top and bottom lines. SPDR S&P Homebuilders ETF (NYSEARCH:XHB) outperformed by a significant margin after CoreLogic reported sharply falling foreclosures in May. The downgrade came after the European market close, during which the FTSE MIB Index (INDEXFTSE:FTSEMIB) traded slightly in the red.
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Alcoa ( AA ) reported earnings after yesterday's close, beating analyst estimates on both the top and bottom lines. US markets rallied on the day ahead of tomorrow's Fed minutes release and Ben Bernanke's speech. Twitter: @Minyanville The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) reported earnings after yesterday's close, beating analyst estimates on both the top and bottom lines. US markets rallied on the day ahead of tomorrow's Fed minutes release and Ben Bernanke's speech. The Nikkei 225 (INDEXNIKKEI:NI225) finished up 2.6% ahead of tomorrow's announcement from the Bank of Japan.
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Alcoa ( AA ) reported earnings after yesterday's close, beating analyst estimates on both the top and bottom lines. This morning, the International Monetary Fund cut its 2013 growth forecast for the US to 1.7% from 1.9%. The S&P 500 (INDEXSP:.INX) finished the day up 0.7%.
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1344.0
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2013-07-09 00:00:00 UTC
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After Hours Most Active for Jul 9, 2013 : SIRI, MO, MU, AA, QQQ, INTC, DE, FB, S, NOK, ECA, MSFT
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AA
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https://www.nasdaq.com/articles/after-hours-most-active-jul-9-2013-siri-mo-mu-aa-qqq-intc-de-fb-s-nok-eca-msft-2013-07-09
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nan
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nan
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The NASDAQ 100 After Hours Indicator is up .41 to 2,984.73. The total After hours volume is currently 29,253,697 shares traded.
The following are the most active stocks for the after hours session :
Sirius XM Radio Inc. ( SIRI ) is -0.005 at $3.59, with 3,604,187 shares traded. As reported by Zacks, the current mean recommendation for SIRI is in the "buy range".
Altria Group ( MO ) is +0.0595 at $36.33, with 2,007,559 shares traded. MO's current last sale is 96.88% of the target price of $37.5.
Micron Technology, Inc. ( MU ) is +0.045 at $13.18, with 1,968,318 shares traded. Over the last four weeks they have had 13 up revisions for the earnings forecast, for the fiscal quarter ending Aug 2013. The consensus EPS forecast is $0.2. MU's current last sale is 94.14% of the target price of $14.
Alcoa Inc. ( AA ) is -0.0101 at $7.90, with 1,656,458 shares traded. AA's current last sale is 87.78% of the target price of $9.
PowerShares QQQ Trust, Series 1 ( QQQ ) is -0.05 at $73.04, with 1,579,177 shares traded. This represents a 19.13% increase from its 52 Week Low.
Intel Corporation ( INTC ) is +0.005 at $23.14, with 1,312,306 shares traded. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2013. The consensus EPS forecast is $0.5. INTC's current last sale is 100.61% of the target price of $23.
Deere & Company ( DE ) is +0.4045 at $84.31, with 1,208,838 shares traded. DE's current last sale is 88.29% of the target price of $95.5.
Facebook, Inc. ( FB ) is +0.09 at $25.57, with 1,194,424 shares traded. As reported by Zacks, the current mean recommendation for FB is in the "buy range".
Sprint Nextel Corporation ( S ) is +0.02 at $7.08, with 1,140,727 shares traded. S's current last sale is 101.14% of the target price of $7.
Nokia Corporation ( NOK ) is +0.03 at $4.25, with 1,086,830 shares traded. As reported in the last short interest update the days to cover for NOK is 11.796146; this calculation is based on the average trading volume of the stock.
Encana Corporation ( ECA ) is -0.025 at $17.03, with 1,000,900 shares traded. ECA's current last sale is 80.14% of the target price of $21.25.
Microsoft Corporation ( MSFT ) is unchanged at $34.35, with 797,912 shares traded. MSFT's current last sale is 95.42% of the target price of $36.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) is -0.0101 at $7.90, with 1,656,458 shares traded. AA's current last sale is 87.78% of the target price of $9. The following are the most active stocks for the after hours session : Sirius XM Radio Inc. ( SIRI ) is -0.005 at $3.59, with 3,604,187 shares traded.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Alcoa Inc. ( AA ) is -0.0101 at $7.90, with 1,656,458 shares traded. AA's current last sale is 87.78% of the target price of $9.
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Alcoa Inc. ( AA ) is -0.0101 at $7.90, with 1,656,458 shares traded. AA's current last sale is 87.78% of the target price of $9. Over the last four weeks they have had 13 up revisions for the earnings forecast, for the fiscal quarter ending Aug 2013.
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Alcoa Inc. ( AA ) is -0.0101 at $7.90, with 1,656,458 shares traded. AA's current last sale is 87.78% of the target price of $9. MO's current last sale is 96.88% of the target price of $37.5.
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1345.0
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2013-07-09 00:00:00 UTC
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Pre-Market Most Active for Jul 9, 2013 : SIRI, BP, AA, APU, BAC, NOK, AMRN, KNDI, HTSI, SPIL, DELL, CONE
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AA
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https://www.nasdaq.com/articles/pre-market-most-active-jul-9-2013-siri-bp-aa-apu-bac-nok-amrn-kndi-htsi-spil-dell-cone
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nan
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nan
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The NASDAQ 100 Pre-Market Indicator is up .76 to 2,966.89. The total Pre-Market volume is currently 6,315,015 shares traded.
The following are the most active stocks for the pre-market session :
Sirius XM Radio Inc. ( SIRI ) is +0.08 at $3.56, with 3,216,809 shares traded. As reported by Zacks, the current mean recommendation for SIRI is in the "buy range".
BP p.l.c. ( BP ) is +0.17 at $41.45, with 1,319,480 shares traded. BP's current last sale is 84.59% of the target price of $49.
Alcoa Inc. ( AA ) is +0.05 at $7.97, with 533,234 shares traded. AA's current last sale is 88.56% of the target price of $9.
AmeriGas Partners, L.P. ( APU ) is -2.69 at $47.10, with 447,446 shares traded. As reported in the last short interest update the days to cover for APU is 16.415968; this calculation is based on the average trading volume of the stock.
Bank of America Corporation ( BAC ) is +0.06 at $13.34, with 386,294 shares traded. Over the last four weeks they have had 4 up revisions for the earnings forecast, for the fiscal quarter ending Dec 2013. The consensus EPS forecast is $0.28. BAC's current last sale is 100.68% of the target price of $13.25.
Nokia Corporation ( NOK ) is +0.09 at $4.22, with 358,685 shares traded. As reported in the last short interest update the days to cover for NOK is 11.796146; this calculation is based on the average trading volume of the stock.
Amarin Corporation PLC ( AMRN ) is -0.5 at $5.67, with 319,786 shares traded. As reported in the last short interest update the days to cover for AMRN is 8.892942; this calculation is based on the average trading volume of the stock.
Kandi Technologies Group, Inc. ( KNDI ) is +0.25 at $5.58, with 290,810 shares traded.
Harris Teeter Supermarkets, Inc. ( HTSI ) is +0.43 at $48.95, with 266,420 shares traded. As reported in the last short interest update the days to cover for HTSI is 12.534466; this calculation is based on the average trading volume of the stock.
Siliconware Precision Industries Company, Ltd. ( SPIL ) is +0.14 at $6.28, with 236,500 shares traded. SPIL's current last sale is 89.91% of the target price of $6.985.
Dell Inc. ( DELL ) is -0.015 at $13.42, with 182,329 shares traded. DELL's current last sale is 98.32% of the target price of $13.65.
CyrusOne Inc ( CONE ) is unchanged at $20.89, with 175,000 shares traded. As reported by Zacks, the current mean recommendation for CONE is in the "buy range".
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) is +0.05 at $7.97, with 533,234 shares traded. AA's current last sale is 88.56% of the target price of $9. As reported in the last short interest update the days to cover for APU is 16.415968; this calculation is based on the average trading volume of the stock.
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Alcoa Inc. ( AA ) is +0.05 at $7.97, with 533,234 shares traded. AA's current last sale is 88.56% of the target price of $9. As reported in the last short interest update the days to cover for APU is 16.415968; this calculation is based on the average trading volume of the stock.
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Alcoa Inc. ( AA ) is +0.05 at $7.97, with 533,234 shares traded. AA's current last sale is 88.56% of the target price of $9. As reported in the last short interest update the days to cover for APU is 16.415968; this calculation is based on the average trading volume of the stock.
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Alcoa Inc. ( AA ) is +0.05 at $7.97, with 533,234 shares traded. AA's current last sale is 88.56% of the target price of $9. BP's current last sale is 84.59% of the target price of $49.
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1346.0
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2013-07-09 00:00:00 UTC
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July 9: Expectations from Q2 Remain Low - Economic Highlights
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AA
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https://www.nasdaq.com/articles/july-9%3A-expectations-from-q2-remain-low-economic-highlights-2013-07-09
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nan
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nan
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Even though we've "unofficially" entered Q2 earnings season with Alcoa's ( AA ) top-line beat reported after the bell Monday, we're ramping-up to the busy time like an avenue in Chicago. Aside from earnings reports from Yum! Brands ( YUM ), JPMorgan ( JPM ) and Wells Fargo ( WFC ) in the latter half of the week, there is but a small handful of companies posting quarterly results otherwise.
Things pick up next week with many financials following JPMorgan and Wells Fargo this week. And because the financial industry is expected to be the biggest performer in Q2, we'll likely get a fairly articulate view of how the second quarter is coming along within the next two weeks or so… just not right now.
That said, expectations for Q2 are almost laughably low at the moment. With forecasts having come down drastically in the past three months from around 3.6% to 0.4% now, the question is not whether or not the quarter will outperform expectations -- at least, we all should certainly hope it won't -- but by how much. The past two quarters, Q412 and Q113, posted actuals of 2+% -- a perfect definition of the "muddle-through" economy pretty much everyone agrees we're enduring. See here for the excellent synopsis by Zacks Director of Research Sheraz Mian:
Will Earnings Growth Bottom in Q2?
So with no particularly extreme headwinds over the past quarter, one might reasonably expect we will find ourselves back in the 2+% range once the dust settles on the quarter (and we can all go on vacation).
But even more interestingly, if you look at the graph in the link above, you'll see projected earnings literally skyrocket for Q3 and Q4 -- to 5.1% and 11.7%, respectively. And although these are year-over-year comparisons, they are anything but easy hurdles; the second half of 2012 was stronger than the first half, too. In fact, as Sheraz Mian points out, "[T]he level of total earnings expected in 2013 Q3 and Q4 represent new all-time high quarterly records."
Clearly, this puts a premium not directly on Q2 earnings (they're going to be pretty crappy) but on company guidance for Q3 and the fiscal year. We might expect things to ratchet down from 11.7% earnings in the fourth quarter -- 11.7%! -- but unless the earth crumbles beneath the feet of about every industry, we can feel secure things will be looking up in the second half. Certainly we should not ignore particularly bad guidance from anyone in the next few weeks, but barring any major catastrophe we should be enjoying new record highs in the next couple+ quarters.
ALCOA INC (AA): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
YUM! BRANDS INC (YUM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Even though we've "unofficially" entered Q2 earnings season with Alcoa's ( AA ) top-line beat reported after the bell Monday, we're ramping-up to the busy time like an avenue in Chicago. ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Brands ( YUM ), JPMorgan ( JPM ) and Wells Fargo ( WFC ) in the latter half of the week, there is but a small handful of companies posting quarterly results otherwise.
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ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Even though we've "unofficially" entered Q2 earnings season with Alcoa's ( AA ) top-line beat reported after the bell Monday, we're ramping-up to the busy time like an avenue in Chicago. Brands ( YUM ), JPMorgan ( JPM ) and Wells Fargo ( WFC ) in the latter half of the week, there is but a small handful of companies posting quarterly results otherwise.
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ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Even though we've "unofficially" entered Q2 earnings season with Alcoa's ( AA ) top-line beat reported after the bell Monday, we're ramping-up to the busy time like an avenue in Chicago. Brands ( YUM ), JPMorgan ( JPM ) and Wells Fargo ( WFC ) in the latter half of the week, there is but a small handful of companies posting quarterly results otherwise.
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Even though we've "unofficially" entered Q2 earnings season with Alcoa's ( AA ) top-line beat reported after the bell Monday, we're ramping-up to the busy time like an avenue in Chicago. ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Aside from earnings reports from Yum!
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1347.0
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2013-07-09 00:00:00 UTC
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Alcoa Posts 2Q Loss, Beats on Sales - Analyst Blog
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AA
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https://www.nasdaq.com/articles/alcoa-posts-2q-loss-beats-on-sales-analyst-blog-2013-07-09
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nan
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nan
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Alcoa Inc. ( AA ), the largest U.S. aluminum producer, posted a loss of $119 million or 11 cents per share in the second quarter of 2013 compared with a loss of $2 million or break-even per share in the year-ago quarter. The loss includes $195 million related to restructuring due to plant closures and legal expense.
Excluding one-time special items, Alcoa earned $76 million or 7 cents a share in the quarter, in line with the Zacks Consensus Estimate. However, it was ahead of the year-ago earnings of $61 million or 6 cents per share. Productivity gains and strong performance from Alcoa's Engineered Products business supported the results.
Revenues dropped roughly 2% to $5,849 million from $5,963 million in the year-ago quarter but exceeded the Zacks Consensus Estimate of $5,744 million. The decline in revenues was due to weak aluminum prices, offset by strong demand in the aerospace and automotive end markets. Alcoa continues to see pricing pressure with London Metal Exchange (LME) cash price falling 8% sequentially in the reported quarter.
Alcoa reiterated its global aluminum demand growth expectation of 7% for 2013. Its shares, which are down roughly 9% so far this year, rose to trade above $8 per share after the market closed yesterday, partly reflecting the top line beat.
Segment Review
Alumina - Shipments in the reported quarter were 2.33 million metric tons on production of 4.16 million metric tons. After Tax Operating Income (ATOI) was $64 million, up from $23 million in the year-ago quarter and $58 million in the sequentially preceding quarter. The second quarter results were driven by higher Alumina Price Index-based pricing, a favorable impact from foreign exchange rates, and strong productivity savings, partly offset by lower LME prices.
Primary Metals - Shipments in the second quarter were 0.69 million metric tons versus 0.75 million metric tons a year ago. Production in the quarter was 0.90 million metric tons, a decrease of 4.7% from the year-ago quarter. After Tax Operating Loss was $32 million compared with a loss of $3 million in the year-ago quarter and an income of $39 million in the prior quarter. The sequential decline was driven by lower LME prices and higher costs, including the previously announced maintenance costs related to power plant outages in Australia and the U.S.
Global Rolled Products - Shipments in the quarter were 0.50 million metric tons, up 3.7% year over year. Third-party revenues were $1.88 billion, down 1.9% year over year. The segment posted ATOI of $79 million, up 1.3% year over year but down 2.5% sequentially. The sequential decline was due to lower metal prices, largely offset by strong demand from the aerospace, automotive, and packaging businesses.
Engineered Products and Solutions - Shipments in the quarter were 0.058 million metric tons, down 1.7% year over year The segment posted record ATOI of $193 million, up 22.9% year over year and 11.6% sequentially. The increase was due to higher productivity and volumes across all market segments.
Financial Position
Alcoa ended the quarter with cash and cash equivalents of $1.20 billion compared with $1.71 billion a year ago. Alcoa had a debt-to-capital ratio of 34.5% in the reported quarter versus 36.1% a year ago.
Alcoa Reducing Smelting Capacity
Alcoa announced its plans to curtail 460,000 metric tons of smelting due to low metal prices and maintain cost competitiveness. The company also intends to permanently close its Fusina smelter in Italy, representing 44,000 metric tons of smelting capacity. These two closures will reduce the company's global smelting capacity to roughly 4.1 million metric tons with 13%, or 523,000 metric tons, of smelting capacity idled.
Alcoa remains on track to move down the cost curve and curtailed capacities in its upstream business. The curtailments will improve the competitiveness of the company's Primary Products business.
Alcoa also announced that it will expand mills in Tennessee and Iowa that cater to the auto and aerospace industries. Alcoa completed the expansion of aluminum-lithium capacity at its Kitts Green facility in the UK and also expanded capacity by 30% at the Alcoa Technical Center outside Pittsburgh. Alcoa expects its aluminum-lithium revenues to quadruple over the next six years to nearly $200 million.
Outlook
Alcoa remains optimistic for 2013 and expects global demand for aluminum to increase 7%. The company envisions 9%-10% global growth in the aerospace sector this year. Alcoa's growth forecast for other markets are - automotive (1%-4%), commercial transportation (3%-8%), packaging (1%-2%), building and construction (4%-5%), and industrial gas turbine (3%-5%).
Our Take
Alcoa, a prominent player in the mining industry along with Aluminum Corporation of China Limited ( ACH ), Atlatsa Resources Corporation ( ATL ) and BHP Billiton Limited ( BHP ), is a world leader in production and management of primary aluminum, fabricated aluminum, and alumina. The company is also the world's largest miner of bauxite and refiner of alumina.
Alcoa is divesting underperforming assets through its restructuring program and is aggressively pursuing cost-cutting actions. Healthy demand in the aerospace market is expected to drive results going forward.
However, weakness remains in the commercial building and construction market. In addition, the company continues to contend with pricing pressure.
Alcoa currently retains a short-term Zacks Rank #4 (Sell).
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
ATLATSA RESRCS (ATL): Free Stock Analysis Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ), the largest U.S. aluminum producer, posted a loss of $119 million or 11 cents per share in the second quarter of 2013 compared with a loss of $2 million or break-even per share in the year-ago quarter. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Excluding one-time special items, Alcoa earned $76 million or 7 cents a share in the quarter, in line with the Zacks Consensus Estimate.
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ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa Inc. ( AA ), the largest U.S. aluminum producer, posted a loss of $119 million or 11 cents per share in the second quarter of 2013 compared with a loss of $2 million or break-even per share in the year-ago quarter. Alcoa Reducing Smelting Capacity Alcoa announced its plans to curtail 460,000 metric tons of smelting due to low metal prices and maintain cost competitiveness.
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Alcoa Inc. ( AA ), the largest U.S. aluminum producer, posted a loss of $119 million or 11 cents per share in the second quarter of 2013 compared with a loss of $2 million or break-even per share in the year-ago quarter. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Primary Metals - Shipments in the second quarter were 0.69 million metric tons versus 0.75 million metric tons a year ago.
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Alcoa Inc. ( AA ), the largest U.S. aluminum producer, posted a loss of $119 million or 11 cents per share in the second quarter of 2013 compared with a loss of $2 million or break-even per share in the year-ago quarter. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Segment Review Alumina - Shipments in the reported quarter were 2.33 million metric tons on production of 4.16 million metric tons.
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1348.0
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2013-07-09 00:00:00 UTC
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Q2 Expectations Low, Guidance Key - Ahead of Wall Street
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AA
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https://www.nasdaq.com/articles/q2-expectations-low-guidance-key-ahead-wall-street-2013-07-09
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nan
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nan
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Tuesday, July 9, 2013
This is Mark Vickery, covering for Sheraz Mian while he records an early-morning interview.
Even though we've "unofficially" entered Q2 earnings season with Alcoa's ( AA ) top-line beat reported after the bell Monday, we're ramping-up to the busy time like an avenue in Chicago. Aside from earnings reports from Yum! Brands ( YUM ), JPMorgan ( JPM ) and Wells Fargo ( WFC ) in the latter half of the week, there is but a small handful of companies posting quarterly results otherwise.
Things pick up next week with many financials following JPMorgan and Wells Fargo this week. And because the financial industry is expected to be the biggest performer in Q2, we'll likely get a fairly articulate view of how the second quarter is coming along within the next two weeks or so… just not right now.
That said, expectations for Q2 are almost laughably low at the moment. With forecasts having come down drastically in the past three months from around 3.6% to 0.4% now, the question is not whether the quarter will outperform expectations -- at least, we all should certainly hope it won't be -- but by how much. The past two quarters, Q412 and Q113, posted actuals of 2+% -- a perfect definition of the "muddle-through" economy pretty much everyone agrees we're enduring. See here for the excellent synopsis by Zacks Director of Research Sheraz Mian:
Will Earnings Growth Bottom in Q2?
So with no particularly extreme headwinds over the past quarter, one might reasonably expect we will find ourselves back in the 2+% range once the dust settles on the quarter (and we can all go on vacation).
But even more interestingly, if you look at the graph in the link above, you'll see projected earnings literally skyrocket for Q3 and Q4 -- to 5.1% and 11.7%, respectively. And although these are year-over-year comparisons, they are anything but easy hurdles; the second half of 2012 was stronger than the first half, too. In fact, as Sheraz Mian points out, "[T]he level of total earnings expected in 2013 Q3 and Q4 represent new all-time high quarterly records."
Clearly, this puts a premium not directly on Q2 earnings (they're going to be pretty crappy) but on company guidance for Q3 and the fiscal year. We might expect things to ratchet down from 11.7% earnings in the fourth quarter -- 11.7%! -- but unless the earth crumbles beneath the feet of about every industry, we can feel secure things will be looking up in the second half. Certainly we should not ignore particularly bad guidance from anyone in the next few weeks, but barring any major catastrophe we should be enjoying new record highs in the next couple+ quarters.
Mark Vickery
Senior Editor
ALCOA INC (AA): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
YUM! BRANDS INC (YUM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Even though we've "unofficially" entered Q2 earnings season with Alcoa's ( AA ) top-line beat reported after the bell Monday, we're ramping-up to the busy time like an avenue in Chicago. Mark Vickery Senior Editor ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Brands ( YUM ), JPMorgan ( JPM ) and Wells Fargo ( WFC ) in the latter half of the week, there is but a small handful of companies posting quarterly results otherwise.
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Mark Vickery Senior Editor ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Even though we've "unofficially" entered Q2 earnings season with Alcoa's ( AA ) top-line beat reported after the bell Monday, we're ramping-up to the busy time like an avenue in Chicago. Brands ( YUM ), JPMorgan ( JPM ) and Wells Fargo ( WFC ) in the latter half of the week, there is but a small handful of companies posting quarterly results otherwise.
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Mark Vickery Senior Editor ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Even though we've "unofficially" entered Q2 earnings season with Alcoa's ( AA ) top-line beat reported after the bell Monday, we're ramping-up to the busy time like an avenue in Chicago. Brands ( YUM ), JPMorgan ( JPM ) and Wells Fargo ( WFC ) in the latter half of the week, there is but a small handful of companies posting quarterly results otherwise.
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Mark Vickery Senior Editor ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Even though we've "unofficially" entered Q2 earnings season with Alcoa's ( AA ) top-line beat reported after the bell Monday, we're ramping-up to the busy time like an avenue in Chicago. Aside from earnings reports from Yum!
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1349.0
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2013-07-08 00:00:00 UTC
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Benzinga Market Primer: Monday, July 8: Earnings Season Begins!
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AA
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https://www.nasdaq.com/articles/benzinga-market-primer-monday-july-8-earnings-season-begins-2013-07-08
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nan
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nan
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Futures Gain Into Earnings Season
U.S. equity futures rose in early pre-market trade heading into the unofficial start of earnings season after the bell as Alcoa (NYSE: AA ) is expected to report second quarter results.
Top News
In other news around the markets:
The Troika finished its review of Greece's progress under the bailout program and said that they reached an agreement with the government, paving the way for the next bailout tranche to be paid to the Greek government. Reports out of China began to circulate that the government is considering cutting off credit facilities to industries threatened by over-capacity. If this were the case, it would speed up any economic adjustment but would also make the same adjustments much more painful. The U.S. and the E.U. kicked off trade talks in what could be the largest trade deal ever. If leaders reach an agreement, the deal could add millions of jobs globally and nearly $400 billion to global GDP. S&P 500 futures rose 6.7 points to 1,628.20. The EUR/USD was higher at 1.2845. Spanish 10-year government bond yields fell 2 basis points to 4.64 percent. Italian 10-year government bond yields fell 3 basis points to 4.4 percent. Gold rose 1.11 percent to $1,226.20 per ounce.
Asian Markets
Asian shares were mostly lower overnight on weaker than expected Japanese service sector data and also on some reports that China is set to shrink the availability of credit to certain sectors. The Japanese Nikkei 225 Index declined 1.4 percent and the Topix Index fell 1.35 percent. In Hong Kong, the Hang Seng Index dropped 1.31 percent and the Shanghai Composite Index fell 2.44 percent in China. Also, the Korean Kospi fell 0.9 percent and Australian shares dropped 0.67 percent.
European Markets
European shares gained strongly in early trade following hints at more easing from the European Central Bank and Bank of England last week. The Spanish Ibex Index gained 1.32 percent and the Italian FTSE MIB Index rose 1.02 percent. Meanwhile, the German DAX rose 1.62 percent and the French CAC 40 Index rose 1.52 percent while U.K. shares added 0.93 percent.
Commodities
Commodities were mixed as energy futures dropped on relaxed Middle Eastern tensions while metals rose as the dollar weakened. WTI Crude futures fell 0.3 percent to $102.91 per barrel and Brent Crude futures fell 0.61 percent to $107.06 per barrel. Copper futures rose 0.38 percent to $307.65 per pound. Gold was higher and silver futures gained 1.01 percent to $18.93 per ounce.
Currencies
Currency markets were rather quiet overnight although the dollar was slightly weaker across the board. The EUR/USD was higher at 1.2845 and the dollar gained against the yen to 101.31. Overall, the Dollar Index fell 0.03 percent on weakness against the euro, the pound, and the Canadian dollar.
Earnings Reported Yesterday
There were no earning reported last Friday.
Pre-Market Movers
Stocks moving in the pre-market included:
Xerox (NASDAQ: XRX ) shares gained 5.08 percent pre-market as the company announced a new round of cost-cutting measures. Alcoa (NYSE: AA ) shares gained 0.51 percent pre-market ahead of its earnings report. Halliburton (NYSE: HAL ) shares fell 1.37 percent pre-market on lower oil prices.
Earnings
Notable companies expected to report earnings Monday include:
Alcoa (NYSE: AA ) is expected to report second quarter EPS of $0.08 vs. $0.06 a year ago on revenue of $5.92 billion vs. $5.96 billion a year ago. WD40 Company (NASDAQ: WDFC ) is expected to report third quarter EPS of $0.56 vs. $0.57 a year ago on revenue of $89.45 million vs. $87.02 million a year ago.
On the economics calendar Monday, ECB President Mario Draghi is set to speak and the Treasury will hold the weekly 3- and 6-month auctions. Also, the TD Ameritrade Investor Movement Index and Consumer Credit data are due out. Overnight, the Chinese inflation report and British industrial production data are expected.
Good luck and good trading.
Tune into Benzinga's PreMarket Info show with Dennis Dick and Joel Elconin here .
For a recap of Monday's market action, read Benzinga's daily market wrap .
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Profit with More New & Research . Gain access to a streaming platform with all the information you need to invest better today. Click here to start your 14 Day Trial of Benzinga Professional
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa (NYSE: AA ) shares gained 0.51 percent pre-market ahead of its earnings report. Futures Gain Into Earnings Season U.S. equity futures rose in early pre-market trade heading into the unofficial start of earnings season after the bell as Alcoa (NYSE: AA ) is expected to report second quarter results. Earnings Notable companies expected to report earnings Monday include: Alcoa (NYSE: AA ) is expected to report second quarter EPS of $0.08 vs. $0.06 a year ago on revenue of $5.92 billion vs. $5.96 billion a year ago.
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Earnings Notable companies expected to report earnings Monday include: Alcoa (NYSE: AA ) is expected to report second quarter EPS of $0.08 vs. $0.06 a year ago on revenue of $5.92 billion vs. $5.96 billion a year ago. Futures Gain Into Earnings Season U.S. equity futures rose in early pre-market trade heading into the unofficial start of earnings season after the bell as Alcoa (NYSE: AA ) is expected to report second quarter results. Alcoa (NYSE: AA ) shares gained 0.51 percent pre-market ahead of its earnings report.
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Futures Gain Into Earnings Season U.S. equity futures rose in early pre-market trade heading into the unofficial start of earnings season after the bell as Alcoa (NYSE: AA ) is expected to report second quarter results. Earnings Notable companies expected to report earnings Monday include: Alcoa (NYSE: AA ) is expected to report second quarter EPS of $0.08 vs. $0.06 a year ago on revenue of $5.92 billion vs. $5.96 billion a year ago. Alcoa (NYSE: AA ) shares gained 0.51 percent pre-market ahead of its earnings report.
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Alcoa (NYSE: AA ) shares gained 0.51 percent pre-market ahead of its earnings report. Futures Gain Into Earnings Season U.S. equity futures rose in early pre-market trade heading into the unofficial start of earnings season after the bell as Alcoa (NYSE: AA ) is expected to report second quarter results. Earnings Notable companies expected to report earnings Monday include: Alcoa (NYSE: AA ) is expected to report second quarter EPS of $0.08 vs. $0.06 a year ago on revenue of $5.92 billion vs. $5.96 billion a year ago.
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1350.0
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2013-07-08 00:00:00 UTC
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Stocks at Technical Inflection Point as Earnings Await
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AA
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https://www.nasdaq.com/articles/stocks-technical-inflection-point-earnings-await-2013-07-08
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nan
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nan
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Editor's Note: Todd posts his vibes in real time each day on our Buzz & Banter .
It's a new day, a new week, and for many, a new month. With the holiday stretch behind us and earnings dead ahead-starting with Alcoa ( AA ) tonight-we'll have no shortage of news to digest as we swelter into the sweet spot of the summer.
Last Wednesday, we shared a laundry list of potential catalysts that could move the market. A few of them are listed below, with updated observations.
Egypt : While there was some violence in Cairo, the baton passed between governments in a relatively smooth manner, at least thus far. Power to the people.
Greece : Over on the Aegean Island, Greek debt inspectors are ready to release the next batch of bailout loans despite warning today of an "uncertain" economic outlook. Still, issues remain while a desensitized global audience looks the other way.
Deutsche Bank AG ( DB ), Barclays ( BCS ) and Credit Suisse Group AG ( CS ) ratings were cut by Moody's; given the putrid price action into that news, it was more or less a non-event after the fact.
Crude popped through par ($100) on Middle East tension concerns. While crude at $50 is more economically problematic than crude at $150, in my view, Texas Tea remains elevated, trading north of $103.
Brazil was quietly down 26% this year, or 32% in USD terms, or back at 2009 levels. It's still there, virtually in the same spot; wax-off.
There were high level defections in Portugal in front of €10 billion of bonds due in September, reminiscent in some ways of what we said in September 2008 . The president is now considering a snap election in an attempt to identify a solution to the political crisis; the situation remains fluid.
Shibor concerns continue to abate as the Chinese overnight lending rate dropped from 3.38% to 3.26%, per the chart below.
For the first time in history, the SPY (NYSEARCA:SPY) opened and closed in the bottom half of its intra-day range for four straight days (Thursday to Tuesday). Typically, when a stock, market, or market of stocks opens strong and fades lower into the close, it's a sign of distribution.
Indeed, when we awoke last Wednesday, global markets were getting crushed and the stateside tape, sitting directly under our technical Danger Zone (updated below) had every excuse to trade lower-but didn't.
We offered at the time that we might be learning a lot just by watching-the reaction to news is always more important than the news itself-but some offered the thin holiday ranks skewed the traditional dynamic, if in fact the dynamic is still traditional. Still, rallies on lighter volume are typically viewed with suspicion; particularly if sell-offs occur on heavier volume.
All things considered, the next leg of the US equity market will rely on the fundamental metric, which arrives in the form of earnings. Historically, the bigger the rally into earnings, the higher the bar becomes for companies to clear those hurdles, which is what we refer to when we discuss "field position."
The S&P (INDEXSP:.INX) has rallied 5.5% since the June swoon low at S&P 1560 on June 24, for what it's worth and so it's said-right smack dab back into the middle of the June range. Due to the upward slope of the November trend line, my trading parameters are in constant flux and updated in real-time on the Buzz & Banter ( click here for a free two-week trial ).
Random Thoughts:
S&P 1600-1650 is the near-term zone; Mr. Valentine has set the price.
Last Friday, the ECB communicated that they would remain "extraordinarily easy" for an extended period (and discussed dropping the deposit rate below zero ) and the Chinese government said they would suspend the release of industry-specific data for the monthly manufacturing PMI (flashback to the suspension of US M3!). I'm sure they had no idea it was a holiday session in the US.
The jobs data? Better, if you believe the top line. The U6 unemployment -likely a truer gauge-rose to 14.3%, or one in roughly every seven people in the US are out of work.
Discipline must always trump conviction.
Gold $1180 is the level that must hold to the downside.
Bloomberg is reporting that John Paulson's PFR Gold Fund fell 23% in June and is down 65% year-to-date. The bigger question, I suppose, is whether he has been selling.
We have inflation in things we need, deflation in things we want, thus the question is posed: Do we need gold?
The Internet is the most deflationary invention of all time, which is great if you're a consumer but not so much if you're a manufacturer.
A sideways market above support is called basing; a sideways market under resistance is called churning.
We took our daughter Ruby on the water for the first time over the holiday; she's a natural!
Good luck this week, and I'll see YOU over on the Buzz!
R.P.
Twitter:@todd_harrison
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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With the holiday stretch behind us and earnings dead ahead-starting with Alcoa ( AA ) tonight-we'll have no shortage of news to digest as we swelter into the sweet spot of the summer. Indeed, when we awoke last Wednesday, global markets were getting crushed and the stateside tape, sitting directly under our technical Danger Zone (updated below) had every excuse to trade lower-but didn't. Due to the upward slope of the November trend line, my trading parameters are in constant flux and updated in real-time on the Buzz & Banter ( click here for a free two-week trial ).
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With the holiday stretch behind us and earnings dead ahead-starting with Alcoa ( AA ) tonight-we'll have no shortage of news to digest as we swelter into the sweet spot of the summer. Typically, when a stock, market, or market of stocks opens strong and fades lower into the close, it's a sign of distribution. Twitter:@todd_harrison The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
With the holiday stretch behind us and earnings dead ahead-starting with Alcoa ( AA ) tonight-we'll have no shortage of news to digest as we swelter into the sweet spot of the summer. We offered at the time that we might be learning a lot just by watching-the reaction to news is always more important than the news itself-but some offered the thin holiday ranks skewed the traditional dynamic, if in fact the dynamic is still traditional. Due to the upward slope of the November trend line, my trading parameters are in constant flux and updated in real-time on the Buzz & Banter ( click here for a free two-week trial ).
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With the holiday stretch behind us and earnings dead ahead-starting with Alcoa ( AA ) tonight-we'll have no shortage of news to digest as we swelter into the sweet spot of the summer. It's a new day, a new week, and for many, a new month. Gold $1180 is the level that must hold to the downside.
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1351.0
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2013-07-08 00:00:00 UTC
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July 8: Earnings in the Limelight - Economic Highlights
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AA
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https://www.nasdaq.com/articles/july-8%3A-earnings-in-the-limelight-economic-highlights-2013-07-08
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nan
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nan
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Friday's strong jobs report shed a positive light on the labor market and likely increased the odds of Fed 'tapering' in the coming months. The bond market's move towards pricing in such an outcome has thankfully not become a problem for the stock market, at least not yet. We will know more later this week as minutes of the last FOMC meeting get released. But at this stage, the stock market is taking the 100 basis point jump in benchmark yields since early May in the stride.
Thankfully for us, the focus shifts from the Fed this week to the 2013 Q2 earnings season with the earnings reports from Alcoa ( AA ) later today and Yum Brands ( YUM ), J.P. Morgan ( JPM ) and Wells Fargo ( WFC ) later this week. Expectations remain low enough that companies wouldn't face much difficulty coming ahead of them. About two-thirds of companies beat earnings expectations in a typical quarter any way and there is no reason to think that the Q2 earnings season will be any different. My sense is that earnings growth and earnings surprises in the Q2 reporting cycle would be along the lines of what we saw in Q1.
Current expectations are for +0.4% growth in total earnings in Q2, down from +3.9% in early April, while total S&P 500 earnings increased by +2.8% in Q1. Nine of the 16 Zacks sectors are expected to show negative earnings growth in Q2. The growth picture in is even more underwhelming when Finance is excluded from the data. Outside of Finance, total earnings for the S&P 500 would be down -3.2% in Q2.
But even more significant than growth rates and surprises will be guidance. Guidance is always important, but it will likely be far more important this time around given the elevated expectations for the second half of the year. Total earnings are expected to be up +5.1% in 2013 Q3 and by +11.7% in Q4, giving us a second-half growth pace of +9.2% from the same period the year before, which comes after +2.7% earnings growth in the first half. Importantly, the growth expectations for the second half are not due to easy comparisons - the level of total earnings expected in 2013 Q3 and Q4 represent new all-time high quarterly records.
My sense is that estimates need to come down in a big way. The market hasn't cared much in the recent past about negative revisions as aggregate earnings estimates have been coming down for over a year now. But if we are entering a post-QE world, as I believe we are, then it will likely be difficult to overlook negative earnings estimate revisions going forward. How the market responds to negative guidance over and the resulting negative revisions will tell us a lot about what to expect going forward.
ALCOA INC (AA): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
YUM! BRANDS INC (YUM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Thankfully for us, the focus shifts from the Fed this week to the 2013 Q2 earnings season with the earnings reports from Alcoa ( AA ) later today and Yum Brands ( YUM ), J.P. Morgan ( JPM ) and Wells Fargo ( WFC ) later this week. ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Friday's strong jobs report shed a positive light on the labor market and likely increased the odds of Fed 'tapering' in the coming months.
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Thankfully for us, the focus shifts from the Fed this week to the 2013 Q2 earnings season with the earnings reports from Alcoa ( AA ) later today and Yum Brands ( YUM ), J.P. Morgan ( JPM ) and Wells Fargo ( WFC ) later this week. ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! BRANDS INC (YUM): Free Stock Analysis Report To read this article on Zacks.com click here.
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ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Thankfully for us, the focus shifts from the Fed this week to the 2013 Q2 earnings season with the earnings reports from Alcoa ( AA ) later today and Yum Brands ( YUM ), J.P. Morgan ( JPM ) and Wells Fargo ( WFC ) later this week. Current expectations are for +0.4% growth in total earnings in Q2, down from +3.9% in early April, while total S&P 500 earnings increased by +2.8% in Q1.
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Thankfully for us, the focus shifts from the Fed this week to the 2013 Q2 earnings season with the earnings reports from Alcoa ( AA ) later today and Yum Brands ( YUM ), J.P. Morgan ( JPM ) and Wells Fargo ( WFC ) later this week. ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Total earnings are expected to be up +5.1% in 2013 Q3 and by +11.7% in Q4, giving us a second-half growth pace of +9.2% from the same period the year before, which comes after +2.7% earnings growth in the first half.
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1352.0
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2013-07-08 00:00:00 UTC
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Stock Downgrades: Unpleasant Surprise Inside for Intel Corporation
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AA
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https://www.nasdaq.com/articles/stock-downgrades-unpleasant-surprise-inside-intel-corporation-2013-07-08
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nan
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nan
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American equities celebrated the week of July 4 by declaring their independence from Cairo's crisis, Portugal's plight, and an ominous increase in oil prices. That unholy trinity failed to derail Wall Street, which posted its second straight week of increases. School's out for summer but Scholastic ( SCHL ), whose Twilight kid could clearly teach the European Union a thing or two about math , surged some 9.59%. With Egypt's fabled " Facebook ( FB ) revolution" of 2011 failing spectacularly to live up to its billing, the social networking name suffered similar heartache, falling 2.0% even as the Nasdaq (^IXIC) - now up in seven of its past eight sessions - rose 2.24%.
London's smitten FTSE (INDEXFTSE:UKX) played footsie with a newly-installed Adonis at the Bank of England , advancing 2.6% for its best weekly showing in six months. In tennis of course, love means nothing, but the across the Atlantic they are currently head over heels for hometown hero Andy Murray . He is the first British winner of Wimbledon since 1936, the year John Maynard Keynes published his The General Theory of Employment, Interest and Money. And the first Scot to triumph there since 1896, the year Charles Dow (^DJI) invented his eponymous index.
Today in economics, May consumer credit is forecast to expand at 3:00 p.m. Eastern. On the earnings front, Alcoa ( AA ) unofficially ushers in Q2 reporting season when it releases results after the close. Expect announcements also out of Bank of the Ozarks ( OZRK ), CrowdGather ( CRWG ), Mercury Systems (MRCY), Synergy Resources (SYRG), and WD-40 (WDFC).
Air Products & Chemicals, Inc. (APD): Shares are now Neutral from Buy at Goldman Sachs.
Boston Scientific Corporation (BSX): Citigroup moves the medical device maker to Neutral from Buy.
BP plc (ADR) (BP): Still troubled by its 2010 Gulf of Mexico oil spill, the British petroleum giant gets downgraded to Neutral from Buy at ISI Group.
Business Services : Barclays gives Equal Weight-from-Overweight ratings reductions to Cognizant Technology Solutions Corp (CTSH), Lender Processing Services, Inc. (LPS), and VeriFone Systems Inc (PAY).
Colfax Corp (CFX): CFX gets cut to Hold from Buy at Deutsche Bank.
Dana Holding Corporation (DAN): Deutsche downgrades DAN to Hold from Buy.
Deere & Company (DE): The tractor titan is taken to Neutral from Overweight at Piper Jaffray.
FMC Corp (FMC): Shares are now Sell from Neutral at Goldman Sachs.
Intel Corporation (INTC): The semiconductor stock, known for its "Intel inside" advertising slogan and a key Dow (^DJI) component, is slashed to Underweight from Equal Weight at Evercore. Shares are trading lower ahead of this morning's open bell as a result.
ON Semiconductor Corp (ONNN): The stock is downgraded to Equal Weight from Overweight at Evercore.
QUALCOMM, Inc. (QCOM): Shares are pulled from Citi's Top Picks Live list amid a slowdown in upscale smartphone sales.
Zep, Inc. (ZEP): Shares are now Hold from Buy at BB&T Capital.
(See also: New Stock Coverage: Super Mario's Heirs Have Left Nintendo Co., Ltd in Good Hands and Stock Upgrades: Priceline.com Inc Is Going Places .)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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On the earnings front, Alcoa ( AA ) unofficially ushers in Q2 reporting season when it releases results after the close. American equities celebrated the week of July 4 by declaring their independence from Cairo's crisis, Portugal's plight, and an ominous increase in oil prices. With Egypt's fabled " Facebook ( FB ) revolution" of 2011 failing spectacularly to live up to its billing, the social networking name suffered similar heartache, falling 2.0% even as the Nasdaq (^IXIC) - now up in seven of its past eight sessions - rose 2.24%.
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On the earnings front, Alcoa ( AA ) unofficially ushers in Q2 reporting season when it releases results after the close. Colfax Corp (CFX): CFX gets cut to Hold from Buy at Deutsche Bank. Dana Holding Corporation (DAN): Deutsche downgrades DAN to Hold from Buy.
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On the earnings front, Alcoa ( AA ) unofficially ushers in Q2 reporting season when it releases results after the close. BP plc (ADR) (BP): Still troubled by its 2010 Gulf of Mexico oil spill, the British petroleum giant gets downgraded to Neutral from Buy at ISI Group. Dana Holding Corporation (DAN): Deutsche downgrades DAN to Hold from Buy.
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On the earnings front, Alcoa ( AA ) unofficially ushers in Q2 reporting season when it releases results after the close. American equities celebrated the week of July 4 by declaring their independence from Cairo's crisis, Portugal's plight, and an ominous increase in oil prices. That unholy trinity failed to derail Wall Street, which posted its second straight week of increases.
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1353.0
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2013-07-08 00:00:00 UTC
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Pre-Market Primer: Dell Inc. Offer Gets ISS Blessing; Futures Higher Before Start of Earnings Season
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AA
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https://www.nasdaq.com/articles/pre-market-primer-dell-inc-offer-gets-iss-blessing-futures-higher-start-earnings-season
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nan
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nan
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Stock futures pushed higher today as investors prepare for the second quarter earnings season.
Wall Street rallied after better-than-expected jobs data on Friday. The US economy added 195,000 jobs, but the unemployment rate stayed stuck at 7.6%.
No major economic releases are due today. Dow (INDEXDJX:.DJI) futures gained 0.44% to 14,142 this morning. Futures contracts on the S&P 500 (INDEXSP:.INX) rose 0.55% to 1,636.20 and Nasdaq (INDEXNASDAQ:.IXIC) futures climbed 0.59% to 2,974.00.
Europe today was preoccupied with the situation in Greece as the Troika and Greek ministers agreed to new cuts to the public sector in exchange for the next 8.1 billion euros of aid to the Mediterranean country. However, the international inspectors said that "policy implementation is behind in some areas," and their economic outlook for Greece is still "uncertain."
Europe's industrial heartland is also becoming troubling. Today, Germany released worse-than-expected industrial production and trade data. Industrial production fell 1% while its trade surplus shrank 3.4 billion euros to 14.1 billion euros in May. Economists expected production to fall by half as much and the trade surplus to fall to 17 billion euros. Imports fell 2.6% and exports are down 4.8% from May 2012.
The ISS, an institutional shareholder advocacy group, gave its blessing to Michael Dell's 24.4 billion bid to take Dell Inc. ( DELL ), the company he founded, private. The group said that the cash offer was 25% over the unaffected share price. ISS' approval could tip the scales in Dell's and Silver Lake Management's favor over rival offers since institutional investors, who own 76% of the company, usually vote according to ISS recommendations.
Priceline.com Inc ( PCLN ) shares rose 1.63% in the pre-market after Morgan Stanley analysts upgraded the shares of the travel company to overweight.
Alcoa Inc ( AA ) will be the first Dow-component company to post earnings for the second quarter after the bell this afternoon. The aluminum company is expected to earn $0.08 per share on $5.96 billion in revenue. Its shares are up 0.6% in early trading today before the bell.
Alcoa traditionally sets the tone for earnings season, which could be an ugly one. Despite the steadily improving economy, 97 S&P 500 companies have issued negative guidance, though this pessimism could already be baked into the share prices.
The US and Europe are set to begin talks about a free-trade cooperation deal, which would be the world's largest when completed. Proponents say that the agreement could unlock over $100 billion per year.
Twitter: @vincent_trivett
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc ( AA ) will be the first Dow-component company to post earnings for the second quarter after the bell this afternoon. Stock futures pushed higher today as investors prepare for the second quarter earnings season. Europe today was preoccupied with the situation in Greece as the Troika and Greek ministers agreed to new cuts to the public sector in exchange for the next 8.1 billion euros of aid to the Mediterranean country.
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Alcoa Inc ( AA ) will be the first Dow-component company to post earnings for the second quarter after the bell this afternoon. Today, Germany released worse-than-expected industrial production and trade data. Industrial production fell 1% while its trade surplus shrank 3.4 billion euros to 14.1 billion euros in May.
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Alcoa Inc ( AA ) will be the first Dow-component company to post earnings for the second quarter after the bell this afternoon. Europe today was preoccupied with the situation in Greece as the Troika and Greek ministers agreed to new cuts to the public sector in exchange for the next 8.1 billion euros of aid to the Mediterranean country. Industrial production fell 1% while its trade surplus shrank 3.4 billion euros to 14.1 billion euros in May.
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Alcoa Inc ( AA ) will be the first Dow-component company to post earnings for the second quarter after the bell this afternoon. Today, Germany released worse-than-expected industrial production and trade data. Industrial production fell 1% while its trade surplus shrank 3.4 billion euros to 14.1 billion euros in May.
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1354.0
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2013-07-08 00:00:00 UTC
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The Case for Alcoa
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AA
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https://www.nasdaq.com/articles/case-alcoa-2013-07-08
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nan
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nan
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Traditionally, today’s earnings release by Alcoa (AA) represents the beginning of earnings season proper. The Earnings per Share (EPS) number will be looked at against a consensus estimate of $0.06, but it is the discussion of the outlook in the subsequent call that is of most interest to market watchers. Alcoa is still one of the leaders in the aluminum market despite a trend toward a lower market share over the last few years, and their estimate of end-user demand for aluminum and aluminum products is seen as a decent guide to the global economic climate. This may be so, but the stock itself is of more interest to me at current levels than any broad impact from their earnings report.
The aluminum market has been in a state of flux recently, with depressed prices and overproduction creating major issues. The company has been through a somewhat transitional period as they increase focus on aluminum products through their “Engineered Products and Solutions” division to offset the resulting weakness in the core refining business. Add to this the evidence of slowing growth in China, and AA has taken a beating this year, dropping from a high of $9.93 in September of 2012 to close Friday at $7.81; a fall of over 21% in a period that has seen the S&P 500 appreciate over 10%. The comparison between AA and SPX gets no better if looked at over a whole year.
Momentum is a powerful thing in markets, but anticipating a shift in momentum can be one of the most rewarding things to do, both financially and emotionally. I am sure there will be those who, reading this, will say that the drop has been justified by market conditions and nothing much has changed; aluminum prices continue to fall, after all, and attempting to catch the proverbial falling knife is a bad habit to get in to.
I do believe, however, that a case can be made for Alcoa stock at these levels. From an overall, fundamental perspective, there are some signs of things improving. June car sales figures released last week indicate growth at the strongest rate in over five years and aircraft manufacturers are also reporting strong demand. Also last week, the Chinese government allowed some easing of rates, indicating a possible return to pro-growth policies there.
Neither of these demand factors is fully developed yet, of course, and supply in the aluminum market is still an issue, despite production cuts by Alcoa and others in the industry. These cuts should, however, soon begin to have an effect and some stabilization of prices, at the least, is to be expected. If everything was in place already, then the price of AA would reflect that. Instead, the fact that the stock is still trading below $8 does offer an opportunity for somebody who is prepared to take a chance.
This type of contrarian trade does involve a significant amount of risk, but if you have been a regular reader you will know that I look at risk in terms of potential reward. If the ratio between the two is acceptable, then the risk is worth taking. In this case, any return above the previous support level of around $8 would clear the way for a significant move up, while a move down to below $7.50 would indicate that further weakness is to come, or that you have bought too soon. This allows you to buy at current levels in front of the earnings with a relatively tight stop around 5% away, looking for a move back up to somewhere around the $9.25 resistance, a potential upside of around 20%.
It is easy to find reasons not to buy Alcoa, and to simply listen to what management has to say for clues as to the overall state of the economy. I believe that doing so may cause you to miss an opportunity. AA may be at a point where momentum is about to shift, and any good news from today’s call could be the turning point.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Add to this the evidence of slowing growth in China, and AA has taken a beating this year, dropping from a high of $9.93 in September of 2012 to close Friday at $7.81; a fall of over 21% in a period that has seen the S&P 500 appreciate over 10%. Traditionally, today’s earnings release by Alcoa (AA) represents the beginning of earnings season proper. The comparison between AA and SPX gets no better if looked at over a whole year.
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Traditionally, today’s earnings release by Alcoa (AA) represents the beginning of earnings season proper. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Add to this the evidence of slowing growth in China, and AA has taken a beating this year, dropping from a high of $9.93 in September of 2012 to close Friday at $7.81; a fall of over 21% in a period that has seen the S&P 500 appreciate over 10%.
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Traditionally, today’s earnings release by Alcoa (AA) represents the beginning of earnings season proper. Add to this the evidence of slowing growth in China, and AA has taken a beating this year, dropping from a high of $9.93 in September of 2012 to close Friday at $7.81; a fall of over 21% in a period that has seen the S&P 500 appreciate over 10%. The comparison between AA and SPX gets no better if looked at over a whole year.
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If everything was in place already, then the price of AA would reflect that. Traditionally, today’s earnings release by Alcoa (AA) represents the beginning of earnings season proper. Add to this the evidence of slowing growth in China, and AA has taken a beating this year, dropping from a high of $9.93 in September of 2012 to close Friday at $7.81; a fall of over 21% in a period that has seen the S&P 500 appreciate over 10%.
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1355.0
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2013-07-08 00:00:00 UTC
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Alcoa Beats on the Top Line - Analyst Blog
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AA
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https://www.nasdaq.com/articles/alcoa-beats-top-line-analyst-blog-2013-07-08
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nan
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nan
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Traditionally known as the kicker-offer of earnings season each quarter, Alcoa ( AA ) has begun to get investors' juices flowing after the bell when the American aluminum giant posted earnings of 7 cents per share on revenues of $5.85 billion in the quarter. The initial Dow component to report met EPS estimates while coming out ahead on the top-line; the Zacks consensus expected only $5767 million in the quarter ended June 30.
It was an interesting quarter to predict for analysts: one the one hand, aluminum prices had fallen 10% from March through June, which caused Alcoa to lower overall capacity at its facilities by 11%. On the other hand, manufacturing that includes aluminum-based products -- most importantly airplanes and autos -- saw demand grow in the quarter. Immediately after the earnings announcement, AA shares spiked up to trade at over $8 per share.
That said, the stock had been trading near multi-year lows for weeks, and hasn't been up over $10 per share in over a year. With a Zacks Industry Rank of 250 out of 265, metals firms like Alcoa have been taking it on the chin in recent times, as Alcoa investors I'm sure are quite aware.
Further, with strong downward bias among earnings estimate revisions over the past 60 days -- 8 of the 12 analysts covering Alcoa have downwardly revised for the quarter, with 10 downward revisions for the fiscal year over that time period and no upward revisions -- have saddled Alcoa with a Zacks Rank #4. However, our long-term recommendation as of Monday's closing bell was Neutral.
Aluminum may not quite have the advanced degree of "Dr Copper," but it is still a forward indicator of economic strength and/or improvement. Thus, regardless of Alcoa's "old-school" Yellow Pages-style ticker symbol (AA Plumbers always got more calls than ZZ Plumbers did), the company does have a legitimate claim to kicking off the earnings season each quarter.
And, challenged though the company and its overall industry may be at present, a beat on the top-end has got to be seen as a positive development. At least the market's after-hours traders seem to think it is.
ALCOA INC (AA): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Traditionally known as the kicker-offer of earnings season each quarter, Alcoa ( AA ) has begun to get investors' juices flowing after the bell when the American aluminum giant posted earnings of 7 cents per share on revenues of $5.85 billion in the quarter. Immediately after the earnings announcement, AA shares spiked up to trade at over $8 per share. Thus, regardless of Alcoa's "old-school" Yellow Pages-style ticker symbol (AA Plumbers always got more calls than ZZ Plumbers did), the company does have a legitimate claim to kicking off the earnings season each quarter.
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Traditionally known as the kicker-offer of earnings season each quarter, Alcoa ( AA ) has begun to get investors' juices flowing after the bell when the American aluminum giant posted earnings of 7 cents per share on revenues of $5.85 billion in the quarter. Immediately after the earnings announcement, AA shares spiked up to trade at over $8 per share. Thus, regardless of Alcoa's "old-school" Yellow Pages-style ticker symbol (AA Plumbers always got more calls than ZZ Plumbers did), the company does have a legitimate claim to kicking off the earnings season each quarter.
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Traditionally known as the kicker-offer of earnings season each quarter, Alcoa ( AA ) has begun to get investors' juices flowing after the bell when the American aluminum giant posted earnings of 7 cents per share on revenues of $5.85 billion in the quarter. Thus, regardless of Alcoa's "old-school" Yellow Pages-style ticker symbol (AA Plumbers always got more calls than ZZ Plumbers did), the company does have a legitimate claim to kicking off the earnings season each quarter. Immediately after the earnings announcement, AA shares spiked up to trade at over $8 per share.
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Traditionally known as the kicker-offer of earnings season each quarter, Alcoa ( AA ) has begun to get investors' juices flowing after the bell when the American aluminum giant posted earnings of 7 cents per share on revenues of $5.85 billion in the quarter. Immediately after the earnings announcement, AA shares spiked up to trade at over $8 per share. Thus, regardless of Alcoa's "old-school" Yellow Pages-style ticker symbol (AA Plumbers always got more calls than ZZ Plumbers did), the company does have a legitimate claim to kicking off the earnings season each quarter.
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1356.0
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2013-07-08 00:00:00 UTC
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After-Hours Earnings Report for July 8, 2013 : AA, WDFC
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AA
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https://www.nasdaq.com/articles/after-hours-earnings-report-july-8-2013-aa-wdfc-2013-07-08
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nan
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nan
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The following companies are expected to report earnings after hours on 07/08/2013. Visit our Earnings Calendar for a full list of expected earnings releases.
Alcoa Inc. ( AA ) is reporting for the quarter ending June 30, 2013. The mining company's consensus earnings per share forecast from the 12 analysts that follow the stock is $0.07. This value represents a 16.67% increase compared to the same quarter last year. In the past year AA has met analyst expectations twice and beat the expectations the other quarter. Zacks Investment Research reports that the 2013 Price to Earnings ratio for AA is 18.60 vs. an industry ratio of -3.50, implying that they will have a higher earnings growth than their competitors in the same industry.
WD-40 Company ( WDFC ) is reporting for the quarter ending May 31, 2013. The chemical company's consensus earnings per share forecast from the 3 analysts that follow the stock is $0.56. This value represents a 1.75% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2013 Price to Earnings ratio for WDFC is 24.18 vs. an industry ratio of 12.80, implying that they will have a higher earnings growth than their competitors in the same industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Zacks Investment Research reports that the 2013 Price to Earnings ratio for AA is 18.60 vs. an industry ratio of -3.50, implying that they will have a higher earnings growth than their competitors in the same industry. Alcoa Inc. ( AA ) is reporting for the quarter ending June 30, 2013. In the past year AA has met analyst expectations twice and beat the expectations the other quarter.
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Zacks Investment Research reports that the 2013 Price to Earnings ratio for AA is 18.60 vs. an industry ratio of -3.50, implying that they will have a higher earnings growth than their competitors in the same industry. Alcoa Inc. ( AA ) is reporting for the quarter ending June 30, 2013. In the past year AA has met analyst expectations twice and beat the expectations the other quarter.
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In the past year AA has met analyst expectations twice and beat the expectations the other quarter. Zacks Investment Research reports that the 2013 Price to Earnings ratio for AA is 18.60 vs. an industry ratio of -3.50, implying that they will have a higher earnings growth than their competitors in the same industry. Alcoa Inc. ( AA ) is reporting for the quarter ending June 30, 2013.
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In the past year AA has met analyst expectations twice and beat the expectations the other quarter. Alcoa Inc. ( AA ) is reporting for the quarter ending June 30, 2013. Zacks Investment Research reports that the 2013 Price to Earnings ratio for AA is 18.60 vs. an industry ratio of -3.50, implying that they will have a higher earnings growth than their competitors in the same industry.
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1357.0
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2013-07-08 00:00:00 UTC
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Stock Upgrades: Priceline.com Inc Is Going Places
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AA
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https://www.nasdaq.com/articles/stock-upgrades-pricelinecom-inc-going-places-2013-07-08
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nan
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nan
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It is not just sunny Spain where the bulls are currently running amok . Animal spirits have been unleashed again on Wall Street, where the S&P 500 (^GSPC) rose 1.59% in four holiday-curtailed trading sessions to advance for a second straight week. Steinway Musical Instruments ( LVB ), whose ticker symbol pays homage to a deaf composer of incomparable genius, heard money talk loud and clear, jumping 18.57%. Meanwhile Groupon ( GRPN ), whose piano-laying former CEO was recently forced to face the music , gained 6.7%.
Twenty-four carat gold eyelashes hit store shelves, but Mr. Market was in no mood to flutter his at unloved bullion behemoth Barrick ( ABX ), which dropped 13% to a 13-year low. Adding insult to injury in a miserable metals sector, beloved tin badges are out at the Met Museum and box office bomb "Hi Ho, Silver!" went down like a lead balloon .
Today in economics, May consumer credit is forecast to expand at 3:00 p.m. Eastern. On the earnings front, Alcoa ( AA ) unofficially ushers in Q2 reporting season when it releases results after the close. Expect announcements also out of Bank of the Ozarks ( OZRK ), CrowdGather (CRWG), Mercury Systems (MRCY), Synergy Resources (SYRG), and WD-40 (WDFC).
AGCO Corporation (AGCO): Piper Jaffray juices its recommendation to Overweight from Neutral.
ChinaUnicom (Hong Kong) Limited (CHU): Shares are now Neutral from Underweight at HSBC Securities.
Fiserv, Inc. (FISV): Barclays boosts the stock to Overweight from Equal Weight.
Linn Energy LLC (LINE): LINE is lifted to Buy from Neutral at Bank of America-Merrill Lynch.
Oshkosh Corporation (OSK): The equity is taken to Outperform from Market Perform by Barrington.
PetroChina Company Limited (PTR): PTR, previously rated Perform, is increased to Outperform by Sanford Bernstein.
Priceline.com Inc (PCLN): The online travel stock is moved to Overweight from Equal-Weight at Morgan Stanley, sending it up almost 2% in today's pre-market trading.
TD Ameritrade Holding Corp. (AMTD): Citigroup boosts the discount broker to Buy from Hold.
(See also: Stock Downgrades: Unpleasant Surprise Inside for Intel Corporation and New Stock Coverage: Super Mario's Heirs Have Left Nintendo Co., Ltd in Good Hands .)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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On the earnings front, Alcoa ( AA ) unofficially ushers in Q2 reporting season when it releases results after the close. Steinway Musical Instruments ( LVB ), whose ticker symbol pays homage to a deaf composer of incomparable genius, heard money talk loud and clear, jumping 18.57%. Twenty-four carat gold eyelashes hit store shelves, but Mr. Market was in no mood to flutter his at unloved bullion behemoth Barrick ( ABX ), which dropped 13% to a 13-year low.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. On the earnings front, Alcoa ( AA ) unofficially ushers in Q2 reporting season when it releases results after the close. AGCO Corporation (AGCO): Piper Jaffray juices its recommendation to Overweight from Neutral.
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On the earnings front, Alcoa ( AA ) unofficially ushers in Q2 reporting season when it releases results after the close. AGCO Corporation (AGCO): Piper Jaffray juices its recommendation to Overweight from Neutral. Priceline.com Inc (PCLN): The online travel stock is moved to Overweight from Equal-Weight at Morgan Stanley, sending it up almost 2% in today's pre-market trading.
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On the earnings front, Alcoa ( AA ) unofficially ushers in Q2 reporting season when it releases results after the close. It is not just sunny Spain where the bulls are currently running amok . Animal spirits have been unleashed again on Wall Street, where the S&P 500 (^GSPC) rose 1.59% in four holiday-curtailed trading sessions to advance for a second straight week.
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1358.0
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2013-07-08 00:00:00 UTC
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After Hours Most Active for Jul 8, 2013 : S, NLSN, INTC, FB, ORCL, NOK, AA, CSCO, MSFT, GILD, IGT, JNPR
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AA
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https://www.nasdaq.com/articles/after-hours-most-active-jul-8-2013-s-nlsn-intc-fb-orcl-nok-aa-csco-msft-gild-igt-jnpr-2013
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The NASDAQ 100 After Hours Indicator is up .42 to 2,966.55. The total After hours volume is currently 37,248,967 shares traded.
The following are the most active stocks for the after hours session :
Sprint Nextel Corporation ( S ) is +0.06 at $7.13, with 197,114,512 shares traded. S's current last sale is 101.86% of the target price of $7.
Nielsen Holdings N.V. ( NLSN ) is unchanged at $35.10, with 18,400,594 shares traded. As reported by Zacks, the current mean recommendation for NLSN is in the "buy range".
Intel Corporation ( INTC ) is unchanged at $23.19, with 3,912,939 shares traded. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2013. The consensus EPS forecast is $0.5. INTC's current last sale is 100.83% of the target price of $23.
Facebook, Inc. ( FB ) is +0.0399 at $24.75, with 2,395,209 shares traded. As reported by Zacks, the current mean recommendation for FB is in the "buy range".
Oracle Corporation ( ORCL ) is -0.03 at $31.61, with 2,221,851 shares traded. Over the last four weeks they have had 4 up revisions for the earnings forecast, for the fiscal quarter ending Feb 2014. The consensus EPS forecast is $0.67. As reported by Zacks, the current mean recommendation for ORCL is in the "buy range".
Nokia Corporation ( NOK ) is +0.01 at $4.14, with 2,015,782 shares traded. As reported in the last short interest update the days to cover for NOK is 11.796146; this calculation is based on the average trading volume of the stock.
Alcoa Inc. ( AA ) is +0.03 at $7.95, with 1,959,109 shares traded. RTT News Reports: Alcoa Q2 Adj. Profit Beats View - Quick Facts
Cisco Systems, Inc. ( CSCO ) is -0.105 at $24.52, with 1,790,791 shares traded. As reported by Zacks, the current mean recommendation for CSCO is in the "buy range".
Microsoft Corporation ( MSFT ) is -0.1495 at $34.18, with 1,744,575 shares traded. MSFT's current last sale is 94.95% of the target price of $36.
Gilead Sciences, Inc. ( GILD ) is -0.0253 at $53.30, with 1,729,371 shares traded. As reported by Zacks, the current mean recommendation for GILD is in the "buy range".
International Game Technology ( IGT ) is -0.22 at $16.95, with 1,274,356 shares traded. IGT's current last sale is 89.21% of the target price of $19.
Juniper Networks, Inc. ( JNPR ) is unchanged at $19.28, with 1,131,876 shares traded. JNPR's current last sale is 101.47% of the target price of $19.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) is +0.03 at $7.95, with 1,959,109 shares traded. The following are the most active stocks for the after hours session : Sprint Nextel Corporation ( S ) is +0.06 at $7.13, with 197,114,512 shares traded. As reported in the last short interest update the days to cover for NOK is 11.796146; this calculation is based on the average trading volume of the stock.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Alcoa Inc. ( AA ) is +0.03 at $7.95, with 1,959,109 shares traded. The total After hours volume is currently 37,248,967 shares traded.
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Alcoa Inc. ( AA ) is +0.03 at $7.95, with 1,959,109 shares traded. Intel Corporation ( INTC ) is unchanged at $23.19, with 3,912,939 shares traded. As reported by Zacks, the current mean recommendation for FB is in the "buy range".
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Alcoa Inc. ( AA ) is +0.03 at $7.95, with 1,959,109 shares traded. The following are the most active stocks for the after hours session : Sprint Nextel Corporation ( S ) is +0.06 at $7.13, with 197,114,512 shares traded. Intel Corporation ( INTC ) is unchanged at $23.19, with 3,912,939 shares traded.
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1359.0
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2013-07-08 00:00:00 UTC
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Will Earnings Growth Bottom in Q2? - Earnings Trends
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AA
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https://www.nasdaq.com/articles/will-earnings-growth-bottom-q2-earnings-trends-2013-07-08
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nan
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nan
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The June jobs report has put the spotlight back on the Fed and what it will do to the QE program in the coming months. But hopefully the Q2 earnings season will provide enough of a distraction to not let the Fed become a full-time fixation for the market.
Given how low expectations have come down over the last few months, the Q2 reporting season may not carry many surprises. In fact, it may be reasonable to expect this earnings season to be no different from what we have become accustomed to seeing over the last few quarters. But two aspects of this coming earnings season need paying special attention to - revenues and guidance.
Management teams are typically very good at under-promising and over-delivering. That's why roughly two-thirds of the companies end up beating earnings expectations. But an unusually big proportion of the companies came short of revenue expectations in the previous quarter. The situation has not been much different from the 23 S&P 500 companies that have reported results already, which includes companies like Oracle ( ORCL ), FedEx ( FDX ), Walgreen ( WAG ) and others. As such, more than earnings surprises, it will be interesting to keep an eye on revenue surprises.
But even more significant than growth rates and surprises will be guidance. Guidance is always important, but it has assumed even more significance this time around given the elevated expectations for the second half of the year, as the chart below shows.
Source: Zacks Data
We may not see much earnings growth in the first half of 2013, but consensus expectations are for a material growth ramp up in the back half of the year - from +2.7% in the first half to +9.2% in the second half.
Importantly, the growth expectations for the second half of the year are not due to easy comparisons - the level of total earnings expected in 2013 Q3 and Q4 represent new all-time high quarterly records, as shown by the chart below of total bottom-up consensus earnings estimates.
Source: Zacks Data
My sense is that estimates need to come down in a big way. The market hasn't cared much in the recent past about negative revisions as aggregate earnings estimates have been coming down for over a year now. But if we are entering a post-QE world, as I believe we are, then it will likely be difficult to overlook negative earnings estimate revisions going forward. How the market responds to negative guidance over and the resulting negative revisions will tell us a lot about what to expect going forward.
Key Points
Total earnings for the 23 S&P 500 companies that have reported results already are up +8.1%, with 60.9% of this small sample beating earnings expectations. Revenues for these companies are up +5.3%, with a revenue 'beat ratio' of 43.5%.
Overall expectations remain low, with total earnings for the S&P companies as a whole expected to be up +0.4% from the same period last year, reflecting -0.8% lower revenues and modestly higher margins. This follows +2.6% earnings growth in Q1 on -1.3% lower revenues.
Estimates for Q2 have come down materially since the quarter got underway, with the current +0.4% growth down from +3.9% in early April.
Finance is the only major sector with a strong growth profile, with total earnings for the sector expected to be up +18.6% in Q2. This follows +7.6% earnings growth in Q1 and many quarters of double-digit gains for the sector. Excluding Finance, total earnings would be down -3.2% in Q2.
Finance reclaims its leadership role in the S&P 500, contributing more earnings to the index's total than Technology this year for the first time since the 2008 crisis. The sector is expected to account for 19.2% of total S&P 500 earnings in 2013 compared to Technology's 18%.
Technology earnings were weak in Q1 and they are even weaker this time around, with total earnings for the sector expected to decline -8.3% in Q2 after declining -4.2% in Q1. Weakness in hardware and semi-conductor industries more than offset the modest growth in software earnings. Excluding Technology, total earnings for the S&P 500 would be up +2.4% in Q2.
Estimate revisions remain in neutral territory at present, though Finance continues to experience strong positive revisions, while revisions for Basic Materials, Industrials, Staples, and Business Services predominantly to the downside.
Estimates for the second half of the year still reflect strong growth, with total earnings in the second half expected to increase by +9.2% after the +2.7% increase in the first half. Total earnings are expected to be up 6.4% in 2013 and +11.5% in 2014.
While there is not much growth, the overall level of total earnings is quite high. Total earnings were an all-time record at $252.6 billion in Q1 and are expected to total $250.3 billion in Q2. For the full year, earnings are expected total $1.03 trillion in 2013 and $1.15 trillion in 2014.
Net margins are expected to be up 20 basis points in Q2 as a whole and stay flat outside of the Finance sector. But expectations are for net margins to start expanding materially from the third quarter onwards. For the full year 2013, net margins are expected to top the 2006 peak and expand even further in 2014.
The bottom-up 'EPS' for the S&P 500 for 2013 and 2014 currently stands at $109.18 and $121.72, respectively. The top-down 'EPS' estimates for 2013 and 2014 currently stand at $107.83 and $114.80. (Note: All the data in this report is based on bottom-up estimates).
READ THE FULL EARNINGS TRENDS REPORT by clicking here:Will Earnings Growth Bottom in Q2?
ALCOA INC (AA): Free Stock Analysis Report
FEDEX CORP (FDX): Free Stock Analysis Report
INTL BUS MACH (IBM): Free Stock Analysis Report
ORACLE CORP (ORCL): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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ALCOA INC (AA): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Guidance is always important, but it has assumed even more significance this time around given the elevated expectations for the second half of the year, as the chart below shows. The market hasn't cared much in the recent past about negative revisions as aggregate earnings estimates have been coming down for over a year now.
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ALCOA INC (AA): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Estimates for the second half of the year still reflect strong growth, with total earnings in the second half expected to increase by +9.2% after the +2.7% increase in the first half. For the full year, earnings are expected total $1.03 trillion in 2013 and $1.15 trillion in 2014.
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ALCOA INC (AA): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Source: Zacks Data We may not see much earnings growth in the first half of 2013, but consensus expectations are for a material growth ramp up in the back half of the year - from +2.7% in the first half to +9.2% in the second half. Importantly, the growth expectations for the second half of the year are not due to easy comparisons - the level of total earnings expected in 2013 Q3 and Q4 represent new all-time high quarterly records, as shown by the chart below of total bottom-up consensus earnings estimates.
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ALCOA INC (AA): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Importantly, the growth expectations for the second half of the year are not due to easy comparisons - the level of total earnings expected in 2013 Q3 and Q4 represent new all-time high quarterly records, as shown by the chart below of total bottom-up consensus earnings estimates. Overall expectations remain low, with total earnings for the S&P companies as a whole expected to be up +0.4% from the same period last year, reflecting -0.8% lower revenues and modestly higher margins.
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1360.0
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2013-07-08 00:00:00 UTC
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EU Finance Ministers Approve Greek Aid Tranche, US Markets Tread Water
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AA
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https://www.nasdaq.com/articles/eu-finance-ministers-approve-greek-aid-tranche-us-markets-tread-water-2013-07-08
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nan
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nan
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Overnight, Asian markets closed lower following outsized gains in the US dollar last Friday. The Japanese Nikkei (INDEXNIKKEI:NI225) fell 1.4%, and the Chinese Shanghai Composite fell 2.44%. European markets began the day higher and closed near their highs of the day. After the European close, EU finance ministers were said to have approved a 3 billion euro tranche of aid to Greece to ensure that there would be no cash shortfall for the remainder of the quarter. Additionally, the finance ministers were said to move up aid payments to the third quarter due to a large number of bond redemptions in August.
US markets open higher and moved little for the rest of the day. The Nasdaq (INDEXNASDAQ:.IXIC) lost 0.6% of its gains and closed around flat for the day. The leading S&P 500 (INDEXSP:.INX) sectors on the day were utilities, consumer staples, and financials with tech and telecom in the red. Lagging tech stocks were no doubt pushed down by the 1% decline in Apple ( AAPL ). The largest movement was in US Treasuries, with the 10-year yield dropping 10 basis points to 2.64%. This follows a 24-basis-point rise on Friday after the better-than-consensus payroll report.
The only economic datapoint for the day was consumer credit, which expanded by an adjusted rate of $19.05 billion in May. Consumer financed borrowing showed strong gains in non-revolving and revolving subsets, but it was little changed on an non-adjusted basis for the last year.
Dell ( DELL ) founder Michael Dell and private equity firm Silver Lake was given the green light by corporate governance consulting firm Institutional Shareholder Services for its $24.4 billion leveraged buyout. ISS commented negatively on Carl Icahn's proposed buyout due to its leveraged nature. Dell shares closed at $13.42, up 3% for today and slightly below the $13.65 offer price. Dell shareholders will vote on the proposal July 18.
Alcoa ( AA ) kicked off earnings today with a better-than-expected report. Earnings per share rose $0.07 versus $0.06 estimates and revenues rose $5.96 billion versus $5.79 billion estimates. The company reaffirmed its global aluminum demand forecast at 7% for the year. Shares of Alcoa were up 2% from its closing price to $8.05 in after-hours trading.
Tomorrow's Financial Outlook
Tomorrow's economic data will include the small business optimism index via NFIB and same-store sales indexes from ICSC/Goldman and Redbook. The small business optimism indexes should rise given the higher wages found in last Friday's employment report. Same-store sales have trended down of late, coincident with falling consumption. Lastly, tomorrow will be the first Treasury auction of three this week.
It will be a busy day across the globe for economic data releases. The UK will release manufacturing and industrial production from May and it will also release its trade balance from May. On a month-to-month basis, the production figures are expected to gain slightly. Lastly, the NIESR institute will release its estimate of England's GDP for June. Other economic data includes the consumer inflation index from China and Japanese production orders.
Wolverine World Wide ( WWW ) will be the only notable earnings report tomorrow.
Twitter: @Minyanville
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Lagging tech stocks were no doubt pushed down by the 1% decline in Apple ( AAPL ). Alcoa ( AA ) kicked off earnings today with a better-than-expected report. After the European close, EU finance ministers were said to have approved a 3 billion euro tranche of aid to Greece to ensure that there would be no cash shortfall for the remainder of the quarter.
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Lagging tech stocks were no doubt pushed down by the 1% decline in Apple ( AAPL ). Alcoa ( AA ) kicked off earnings today with a better-than-expected report. Earnings per share rose $0.07 versus $0.06 estimates and revenues rose $5.96 billion versus $5.79 billion estimates.
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Lagging tech stocks were no doubt pushed down by the 1% decline in Apple ( AAPL ). Alcoa ( AA ) kicked off earnings today with a better-than-expected report. European markets began the day higher and closed near their highs of the day.
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Lagging tech stocks were no doubt pushed down by the 1% decline in Apple ( AAPL ). Alcoa ( AA ) kicked off earnings today with a better-than-expected report. European markets began the day higher and closed near their highs of the day.
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1361.0
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2013-07-08 00:00:00 UTC
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Will Earnings Growth Bottom in Q2? - Earnings Outlook
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AA
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https://www.nasdaq.com/articles/will-earnings-growth-bottom-q2-earnings-outlook-2013-07-08
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nan
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nan
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The June jobs report has put the spotlight back on the Fed and what it will do to the QE program in the coming months. But hopefully the Q2 earnings season will provide enough of a distraction to not let the Fed become a full-time fixation for the market.
Given how low expectations have come down over the last few months, the Q2 reporting season may not carry many surprises. In fact, it may be reasonable to expect this earnings season to be no different from what we have become accustomed to seeing over the last few quarters. But two aspects of this coming earnings season need paying special attention to - revenues and guidance.
Management teams are typically very good at under-promising and over-delivering. That's why roughly two-thirds of the companies end up beating earnings expectations. But an unusually big proportion of the companies came short of revenue expectations in the previous quarter. The situation has not been much different from the 23 S&P 500 companies that have reported results already, which includes companies like Oracle ( ORCL ), FedEx ( FDX ), Walgreen ( WAG ) and others. As such, more than earnings surprises, it will be interesting to keep an eye on revenue surprises.
But even more significant than growth rates and surprises will be guidance. Guidance is always important, but it has assumed even more significance this time around given the elevated expectations for the second half of the year, as the chart below shows.
Source: Zacks Data
We may not see much earnings growth in the first half of 2013, but consensus expectations are for a material growth ramp up in the back half of the year - from +2.7% in the first half to +9.2% in the second half.
Importantly, the growth expectations for the second half of the year are not due to easy comparisons - the level of total earnings expected in 2013 Q3 and Q4 represent new all-time high quarterly records, as shown by the chart below of total bottom-up consensus earnings estimates.
Source: Zacks Data
My sense is that estimates need to come down in a big way. The market hasn't cared much in the recent past about negative revisions as aggregate earnings estimates have been coming down for over a year now. But if we are entering a post-QE world, as I believe we are, then it will likely be difficult to overlook negative earnings estimate revisions going forward. How the market responds to negative guidance over and the resulting negative revisions will tell us a lot about what to expect going forward.
Key Points
Total earnings for the 23 S&P 500 companies that have reported results already are up +8.1%, with 60.9% of this small sample beating earnings expectations. Revenues for these companies are up +5.3%, with a revenue 'beat ratio' of 43.5%.
Overall expectations remain low, with total earnings for the S&P companies as a whole expected to be up +0.4% from the same period last year, reflecting -0.8% lower revenues and modestly higher margins. This follows +2.6% earnings growth in Q1 on -1.3% lower revenues.
Estimates for Q2 have come down materially since the quarter got underway, with the current +0.4% growth down from +3.9% in early April.
Finance is the only major sector with a strong growth profile, with total earnings for the sector expected to be up +18.6% in Q2. This follows +7.6% earnings growth in Q1 and many quarters of double-digit gains for the sector. Excluding Finance, total earnings would be down -3.2% in Q2.
Finance reclaims its leadership role in the S&P 500, contributing more earnings to the index's total than Technology this year for the first time since the 2008 crisis. The sector is expected to account for 19.2% of total S&P 500 earnings in 2013 compared to Technology's 18%.
Technology earnings were weak in Q1 and they are even weaker this time around, with total earnings for the sector expected to decline -8.3% in Q2 after declining -4.2% in Q1. Weakness in hardware and semi-conductor industries more than offset the modest growth in software earnings. Excluding Technology, total earnings for the S&P 500 would be up +2.4% in Q2.
Estimate revisions remain in neutral territory at present, though Finance continues to experience strong positive revisions, while revisions for Basic Materials, Industrials, Staples, and Business Services predominantly to the downside.
Estimates for the second half of the year still reflect strong growth, with total earnings in the second half expected to increase by +9.2% after the +2.7% increase in the first half. Total earnings are expected to be up 6.4% in 2013 and +11.5% in 2014.
While there is not much growth, the overall level of total earnings is quite high. Total earnings were an all-time record at $252.6 billion in Q1 and are expected to total $250.3 billion in Q2. For the full year, earnings are expected total $1.03 trillion in 2013 and $1.15 trillion in 2014.
Net margins are expected to be up 20 basis points in Q2 as a whole and stay flat outside of the Finance sector. But expectations are for net margins to start expanding materially from the third quarter onwards. For the full year 2013, net margins are expected to top the 2006 peak and expand even further in 2014.
The bottom-up 'EPS' for the S&P 500 for 2013 and 2014 currently stands at $109.18 and $121.72, respectively. The top-down 'EPS' estimates for 2013 and 2014 currently stand at $107.83 and $114.80. (Note: All the data in this report is based on bottom-up estimates).
READ THE FULL EARNINGS TRENDS REPORT by clicking here:Will Earnings Growth Bottom in Q2?
ALCOA INC (AA): Free Stock Analysis Report
FEDEX CORP (FDX): Free Stock Analysis Report
INTL BUS MACH (IBM): Free Stock Analysis Report
ORACLE CORP (ORCL): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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ALCOA INC (AA): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Guidance is always important, but it has assumed even more significance this time around given the elevated expectations for the second half of the year, as the chart below shows. The market hasn't cared much in the recent past about negative revisions as aggregate earnings estimates have been coming down for over a year now.
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ALCOA INC (AA): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Estimates for the second half of the year still reflect strong growth, with total earnings in the second half expected to increase by +9.2% after the +2.7% increase in the first half. For the full year, earnings are expected total $1.03 trillion in 2013 and $1.15 trillion in 2014.
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ALCOA INC (AA): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Source: Zacks Data We may not see much earnings growth in the first half of 2013, but consensus expectations are for a material growth ramp up in the back half of the year - from +2.7% in the first half to +9.2% in the second half. Importantly, the growth expectations for the second half of the year are not due to easy comparisons - the level of total earnings expected in 2013 Q3 and Q4 represent new all-time high quarterly records, as shown by the chart below of total bottom-up consensus earnings estimates.
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ALCOA INC (AA): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Importantly, the growth expectations for the second half of the year are not due to easy comparisons - the level of total earnings expected in 2013 Q3 and Q4 represent new all-time high quarterly records, as shown by the chart below of total bottom-up consensus earnings estimates. Overall expectations remain low, with total earnings for the S&P companies as a whole expected to be up +0.4% from the same period last year, reflecting -0.8% lower revenues and modestly higher margins.
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1362.0
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2013-07-05 00:00:00 UTC
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Solid Employment Report Causes Spike in Interest Rates
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AA
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https://www.nasdaq.com/articles/solid-employment-report-causes-spike-interest-rates-2013-07-05
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nan
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nan
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Overnight, all of the Asian indices were in the green on news that the Chinese government had set up several special economic zones within the country, which have typically resided in the Guangdong Province. Japanese indices were up more up than 1.5% while Chinese indices all closed in positive territory. Yesterday, while US markets were closed, the ECB and BoE took extraordinary steps to give forward guidance on monetary policy, something neither central bank has done in their history.
The biggest market mover today in what was otherwise a quiet session was the June employment report. Nonfarm payrolls rose by 195,000 vs. an estimated gain of 165,000 though unemployment remained unchanged at 7.6%. However, the 3-decimal unemployment remained nearly unchanged at 7.557% from 7.555% the month prior, which is very close to rounding down to 7.5%. There were a number of positive details to the report including a rising average weekly earnings, a rising participation rate, and an increase in the number of people who voluntarily left their jobs. On the other hand, the number of workers who took part-time employment due to economic reasons rose at an alarming rate. Lastly, the biggest market mover came from the positive revisions of 70,000 payrolls over the prior two months.
The Treasury market was the most volatile following the employment data as it priced in an accelerated pace of increases in the Fed funds rate over the coming years. The 10-year Treasury yield rose 22 basis points to 2.72%, the largest one-day move in interest rates this year. In response, a number of mortgage originators raised the interest rate on their loans by 0.25%.
Equities remained in positive territory despite the massive shock to interest rates. S&P 500 future s (INDEXSP:.INX) were up 16 points to 1625 at the time of the employment report and at one point touched negative territory in the early going. Later in the day, prices stabilized slightly below this level with the number of advancing stocks roughly equal to the number of declining stocks. Real estate investment trusts (REITs) and other interest rate-sensitive sectors were the clear underperformers while financials and tech led.
Monday's Financial Outlook
Monday will bring May growth in consumer credit data, which is forecast to rise by an adjusted rate of $12.5 billion from the month prior. May will be the first month where consumers have experienced sharply higher interest rates so the outcome will be important in determining whether or not it has affected loan growth.
Globally, Germany and Switzerland will release industrial production and the Sentix eurozone investor confidence survey will be released. Additionally, Canada will release housing starts and building permits from June.
Alcoa ( AA ) will report after the close and kick off 2Q earnings. The other notable report for Monday is WD-40 Company ( WDFC ).
Twitter: @Minyanville
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) will report after the close and kick off 2Q earnings. Overnight, all of the Asian indices were in the green on news that the Chinese government had set up several special economic zones within the country, which have typically resided in the Guangdong Province. Yesterday, while US markets were closed, the ECB and BoE took extraordinary steps to give forward guidance on monetary policy, something neither central bank has done in their history.
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Alcoa ( AA ) will report after the close and kick off 2Q earnings. Japanese indices were up more up than 1.5% while Chinese indices all closed in positive territory. Twitter: @Minyanville The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) will report after the close and kick off 2Q earnings. There were a number of positive details to the report including a rising average weekly earnings, a rising participation rate, and an increase in the number of people who voluntarily left their jobs. The Treasury market was the most volatile following the employment data as it priced in an accelerated pace of increases in the Fed funds rate over the coming years.
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Alcoa ( AA ) will report after the close and kick off 2Q earnings. There were a number of positive details to the report including a rising average weekly earnings, a rising participation rate, and an increase in the number of people who voluntarily left their jobs. The 10-year Treasury yield rose 22 basis points to 2.72%, the largest one-day move in interest rates this year.
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1363.0
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2013-07-05 00:00:00 UTC
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Spurred Higher by Jobs Report, Dow Settles Above 15,000
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AA
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https://www.nasdaq.com/articles/spurred-higher-jobs-report-dow-settles-above-15000-2013-07-05
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nan
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nan
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"Some of today's strength was us simply catching up with the rest of the world," opined Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "While the jobs data got the headlines, we can't forget that the rest of the world rallied big-time yesterday while we were closed." Against this backdrop, the Dow Jones Industrial Average (DJI) enjoyed a triple-digit gain and closed the week above the psychologically significant 15,000 level.
Continue reading for more on today's market, including :
Will earnings season start off on a positive note? These Alcoa ( AA ) call buyers think so.
Resilient gold bulls continue to bet on a rebound in the SPDR Gold Trust (NYSEARCA:GLD).
Our Option Idea of the Week offers a bullish trading idea on Cheesecake Factory ( CAKE ).
plus...
A modest upside surprise in nonfarm payrolls, clarity from across the pond, and more bullish speculation on Intel ( INTC ).
For the first day in five, the Dow Jones Industrial Average (DJI - 15,135.84) closed north of the 15,000 level, as market watchers responded favorably to the monthly jobs numbers. The index closed just off its intraday peak, up 147.3 points, or almost 1%. During the holiday-shortened week, the Dow added 1.5%. Twenty-seven of the Dow's components settled higher today, with American Express ( AXP ) and JPMorgan Chase ( JPM ) both rising 2.3%. Pacing the three underperformers was McDonald's (MCD), which gave back 0.5%.
The S&P 500 Index (SPX - 1,631.89) also overtook short-term resistance, barreling back above the 1,625 mark and its 50-day moving average. By the close, the index had added 16.5 points, or 1%. The Nasdaq Composite (COMP - 3,479.38) was also strong, rallying 35.7 points, or 1%. For the week, the SPX and COMP gained a respective 1.6% and 2.2%.
The CBOE Market Volatility Index (VIX - 14.89) settled below the 15 mark for the first time since May 30, giving back 1.3 points, or 8.1% on the day. This week, the VIX surrendered 11.7%.
A Trader's Take :
"The jobs data was what we wanted to see -- stronger than expected, but not too strong," continued Detrick. "We've seen this pattern in a lot of the economic data the past two weeks, and we've had a nice rally. Too weak gets everyone concerned that the economy is going to tank -- too strong, and everyone fears the Fed is going to take their foot off the pedal. We all know the Fed is going to 'taper' eventually, so no mystery there. To me," he added, "I'd rather see the economy start to pick up and finally get to this 'tapering.' The market hates uncertainty, and it would be nice to simply get closer to the Fed taking away some of the stimulus."
3 Things to Know About Today's Market :
The U.S. labor force added 195,000 jobs last month , according to the Labor Department's nonfarm payrolls report, which topped economists' expectations. The unemployment rate, meanwhile, was unchanged from May, at 7.6%. (The New York Times)
With U.S. markets shuttered for holiday on Thursday, the Bank of England and the European Central Bank (ECB) offered a rare glimpse into future policy plans. Specifically, ECB President Mario Draghi noted that interest rates would hold firm or even shift lower "for an extended period of time." (CNNMoney)
Dell (DELL) shares lost ground today on reports that CEO and founder Michael Dell and Silver Lake Management LLC have collectively ruled against upping their $24.4 billion proposal to take the PC maker private. DELL shareholders are scheduled to rule on the buyout offer on July 18. (Bloomberg)
5 Stocks We Were Watching Today :
Call buyers won't give up on underperforming Intel ( INTC ) .
American International Group (AIG) option bulls targeted a near-term move to the $50 mark..
Bullish speculation continued on Tesla Motors (TSLA) , as call buyers scooped up weekly options..
Why RadioShack (RSH) could be small but mighty for contrarian investors.
Standard & Poor's reduced its long-term rating on Nokia Corporation (NOK) by one notch.
For a look at today's options movers and commodities activity, head to page 2.
Commodities :
Oil moved higher again today, as a better-than-expected payrolls report improved the outlook for energy demand, and continued unrest in Egypt lifted supply concerns. August-dated crude expanded by $1.98, or 2%, to end the session at $103.22 per barrel. For the week, black gold surged 6.9%.
Gold, on the other hand, suffered a sharp drop amid a rising dollar and solid jobs data. The August gold contract retreated $39.20, or 3.1%, to close at $1,212.70 an ounce. On a weekly basis, the malleable metal gave back almost 0.9%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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These Alcoa ( AA ) call buyers think so. "Some of today's strength was us simply catching up with the rest of the world," opined Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. For the first day in five, the Dow Jones Industrial Average (DJI - 15,135.84) closed north of the 15,000 level, as market watchers responded favorably to the monthly jobs numbers.
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These Alcoa ( AA ) call buyers think so. For the first day in five, the Dow Jones Industrial Average (DJI - 15,135.84) closed north of the 15,000 level, as market watchers responded favorably to the monthly jobs numbers. 3 Things to Know About Today's Market : The U.S. labor force added 195,000 jobs last month , according to the Labor Department's nonfarm payrolls report, which topped economists' expectations.
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These Alcoa ( AA ) call buyers think so. 3 Things to Know About Today's Market : The U.S. labor force added 195,000 jobs last month , according to the Labor Department's nonfarm payrolls report, which topped economists' expectations. Bullish speculation continued on Tesla Motors (TSLA) , as call buyers scooped up weekly options.. Why RadioShack (RSH) could be small but mighty for contrarian investors.
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These Alcoa ( AA ) call buyers think so. During the holiday-shortened week, the Dow added 1.5%. The S&P 500 Index (SPX - 1,631.89) also overtook short-term resistance, barreling back above the 1,625 mark and its 50-day moving average.
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1364.0
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2013-07-05 00:00:00 UTC
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Here Comes Q2 Earnings Season - Earnings Preview
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AA
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https://www.nasdaq.com/articles/here-comes-q2-earnings-season-earnings-preview-2013-07-05
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nan
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nan
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ALCOA INC (AA): Free Stock Analysis Report
PEABODY ENERGY (BTU): Free Stock Analysis Report
FREEPT MC COP-B (FCX): Free Stock Analysis Report
FEDEX CORP (FDX): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
INTL BUS MACH (IBM): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
MORGAN STANLEY (MS): Free Stock Analysis Report
NEWMONT MINING (NEM): Free Stock Analysis Report
NIKE INC-B (NKE): Free Stock Analysis Report
ORACLE CORP (ORCL): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
YUM! BRANDS INC (YUM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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ALCOA INC (AA): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! BRANDS INC (YUM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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ALCOA INC (AA): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! BRANDS INC (YUM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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ALCOA INC (AA): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! Zacks Investment Research The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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ALCOA INC (AA): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report NEWMONT MINING (NEM): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report WELLS FARGO-NEW (WFC): Free Stock Analysis Report YUM! BRANDS INC (YUM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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1365.0
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2013-07-05 00:00:00 UTC
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Checking out The Investment Landscape in Front of Q2 Earnings - Analyst Blog
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AA
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https://www.nasdaq.com/articles/checking-out-investment-landscape-front-q2-earnings-analyst-blog-2013-07-05
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nan
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nan
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As the new guy at Zacks, I thought I would introduce myself by providing a few thoughts as we enter the upcoming earnings season for Q2.
First, I like to get a lay of the land from a historical perspective and examine seasonality. July has tended to be a positive month for the S&P 500, but the breadth of the gain is not strong. Going back to 1929, the S&P 500 has posted an average return of 1.48% in July. Although July has produced the strongest average monthly return of the year, the S&P 500 has risen 48 of 85 months or just 56.5% of the time. The average return in the 48 up months has been 5.14%, while the average return in the 37 down months has been -3.26%. A number of other months have produced a higher percentage of positive return.
Second, it might be worth noting how the S&P 500 has historically traded through the Q2 earnings season. Convention wisdom sees Alcoa ( AA ), Zacks Rank 3, as the company which kicks off the season. It is possible to use the Alcoa earnings event to benchmark the path of the S&P 500 through earnings season. The graphic displays a 5, 10, and 15 year average price movement of the S&P 500 ETF ( SPY ). The price of SPY was benchmarked to the close of the day before Alcoa released earnings and examined for 20 trading days after Alcoa's profit release. The chart indicates the S&P 500 has tended to see price strength early in the Q2 earnings season, but strength seems to fade as the season progresses. Additionally, the market has performed strongly in the past 5 years relative to the past 15 years.
Third, there is great uncertainty over the pace of economic growth and the outlook for profitability in Q3. The JPM Global Composite PMI output component fell 1.5 to 51.4 in June and shows the global expansion muddling along. Emerging economies, which have provided support to global growth, seem to be struggling, Europe continues to fight recession, and the U.S. economy is throwing off mixed signals.
An 80% non-manufacturing to 20% manufacturing mix of the ISM activity and production components fell almost 3.0 to 52.0 in June - the lowest since July 2009. However, the economy also created 195,000 jobs in June and payroll growth seems firm.
Fourth, recent profit releases from Accenture ( ACN ), Zacks Rank 3, Oracle ( ORCL ), Zacks Rank 3, and FedEx ( FDX ), Zacks Rank 3, were unable to generate great confidence in the profit outlook, and have probably generated some caution about the strength of Q2 earnings. Signs of profit strength in early July could allow the market to reduce its focus on QE tapering and Federal Reserve policy. Vibrant profit growth could also ease nervousness in the trade over the idea that higher interest rates will cap the economic expansion.
Fifth, investor optimism is mixed going into earnings season. The American Association of Individual Investors poll of sentiment showed the bull index up 11.7 to 42.0 and the bear index down 11.4 to 23.8 in the week ending July 3rd. Individual investors seemed to have turned more constructive on the market. A pick up in calming words from Federal Reserve members and recent price strength have helped to boost optimism. However, the CBOE put to call ratio shows less bullish positioning. The 10 day average was 1.05 through July 3rd and is consistent with a neutral to cautious view toward stocks. Put volumes have slightly outpaced call volumes.
Sixth, watch what Alcoa says about end demand for its products. Autos and aerospace have been strong sectors and were seen growing 1-4% and 9-10% respectively in 2013 at the end of Q1. Heavy trucks and commercial construction demand was projected up 2-7% and 4-5% respectively in 2013. A downgrade to these assessments may influence the demand for cyclical shares, and the overall economic outlook.
Likewise, the market will be sensitive to the outlook for China's aluminum demand, which had been projected up 11% in 2013. Demand for the World excluding China was expected up 4% in Alcoa's Q1 press release. European and North American aluminum demand was seen down 1% and up 4% respectively in 2013.
Seventh, the market will be watching to see if rising interest rates have translated to stronger bank profits, and earnings momentum in the banking sector. Bank shares have hit new highs in recent days based on the price movement of the SPDR S&P Bank ETF ( KBE ). A strong bank sector is likely to support the overall tone of the market - a bull market needs leaders. Thursday, July 11th, Commerce Bancshares ( CBSH ), Zacks Rank 3, and Bank of the Ozarks ( OZRK ), Zacks Rank 2, report earnings, while Friday, July 12th Wells Fargo ( WFC ), Zacks Rank 3, and JP Morgan ( JPM ), Zacks Rank 2, report profits.
I'm excited about the trading environment in the coming weeks. Buckle up your seatbelt and be ready to grab the opportunities as they present themselves.
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Convention wisdom sees Alcoa ( AA ), Zacks Rank 3, as the company which kicks off the season. Signs of profit strength in early July could allow the market to reduce its focus on QE tapering and Federal Reserve policy. Vibrant profit growth could also ease nervousness in the trade over the idea that higher interest rates will cap the economic expansion.
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Convention wisdom sees Alcoa ( AA ), Zacks Rank 3, as the company which kicks off the season. The price of SPY was benchmarked to the close of the day before Alcoa released earnings and examined for 20 trading days after Alcoa's profit release. Fourth, recent profit releases from Accenture ( ACN ), Zacks Rank 3, Oracle ( ORCL ), Zacks Rank 3, and FedEx ( FDX ), Zacks Rank 3, were unable to generate great confidence in the profit outlook, and have probably generated some caution about the strength of Q2 earnings.
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Convention wisdom sees Alcoa ( AA ), Zacks Rank 3, as the company which kicks off the season. The price of SPY was benchmarked to the close of the day before Alcoa released earnings and examined for 20 trading days after Alcoa's profit release. Fourth, recent profit releases from Accenture ( ACN ), Zacks Rank 3, Oracle ( ORCL ), Zacks Rank 3, and FedEx ( FDX ), Zacks Rank 3, were unable to generate great confidence in the profit outlook, and have probably generated some caution about the strength of Q2 earnings.
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Convention wisdom sees Alcoa ( AA ), Zacks Rank 3, as the company which kicks off the season. The price of SPY was benchmarked to the close of the day before Alcoa released earnings and examined for 20 trading days after Alcoa's profit release. Fifth, investor optimism is mixed going into earnings season.
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1366.0
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2013-07-05 00:00:00 UTC
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Stock Upgrades: Unilever N.V. Flies High on the Wings of Dove
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https://www.nasdaq.com/articles/stock-upgrades-unilever-nv-flies-high-wings-dove-2013-07-05
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Amid revolution in Egypt, denial proved profitable for American equities. Wall Street decoupled from a widening crisis in Cleopatra country to end up modestly in Wednesday's truncated trading session. Ahead of July 4 barbecues, it was "south of the border"-flavored stocks that instead gave investors the most food for thought. A veneratedChipotle Mexican Grill ( CMG ) jumped 3.38% to top the S&P 500 Index (^GSPC) and Taco Bell owner Yum Brands ( YUM ) advanced 1.46%, honesty proving its own reward for the company's customers who returned $3,600 erroneously included in a takeout bag . Meanwhile a central banker nicknamed "Chili con Carney" sent UK stocks surging yesterday with a market-friendly interest rate announcement . And on the eve of the highest calorie day of 2013 , gym giant Nautilus ( NLS ) kept fiscally fit by gaining 3.33% to a fresh 52-week peak. This as an iron-pumping octogenarian Supreme Court member tipped the scales of justice firmly in her favor to embarrass couch potatoes everywhere.
Samsung Electronics ( SSNLF ) released its results earlier today, in an otherwise quiet session for earnings announcements. Alcoa ( AA ) will unofficially usher in Q2 reporting season after the closing bell on Monday.
African Barrick Gold Ltd (ABGLY): Shares are now Buy from Reduce at Nomura.
Apache Corporation (APA): As oil heads inexorably higher on tumult in Egypt, Argus upgrades the energy firm to Buy from Hold. The target price is $95.
BuffaloWild Wings (BWLD): BWLD gets boosted to Buy from Hold at Miller Tabak, which also increases its price objective to $117 from $98. Record wing supplies and reduced corn feed prices each augur well, in the broker's view.
Lloyds Banking Group PLC (LYG): Nomura boosts the British financial firm to Buy from Reduce, sending it up about 1.8% as I write.
Mediaset (ADR) (MDIUY): The media empire controlled by embattled ex-Italian Prime Minister Silvio Berlusconi is increased to Buy from Hold at Kepler Chevreux.
Pandora A/S (PNDZY): HSBC Securities hoists the Danish jeweler, already up about 50% this year, to Overweight from Neutral.
Randgold Resources Ltd. (GOLD): The commodity company gets raised to Neutral from Reduce at Nomura.
SABMiller plc (ADR) (SBMRY): Société Générale gives the brewing giant, among whose other offerings are Grolsch, Peroni, and Pilsner Urquell, a boost to Buy from Hold.
Seadrill Ltd (SDRL): The stock is now Buy from Neutral at Bank of America-Merrill Lynch, which highlights its impressive dividend yield among other favorable factors. Shares are, accordingly, up about 2% at present.
SKY DEUTSCHLAND AG (SKDTY): Shares in the TV firm are up move than 4% at a half-decade high in today's European trading after being upgraded to Conviction Buy at Goldman Sachs. Merger potential and strong subscriptions are each cited as catalysts.
Unilever N.V. (UN): The consumer products giant, whose myriad brands include Axe, Ben & Jerry's, Dove, Lipton, and Vaseline, is moved to Buy from Hold at Société Générale.
Zoetis Inc (ZTS): Bank of America-Merrill Lynch moves the animal health outfit, a spin-off from Pfizer Inc. (PFE), to Buy from Neutral.
(See also: Stock Downgrades: Dull Ache at Heineken Holding NV, Home of 'The Most Interesting Man in the World.' )
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) will unofficially usher in Q2 reporting season after the closing bell on Monday. Mediaset (ADR) (MDIUY): The media empire controlled by embattled ex-Italian Prime Minister Silvio Berlusconi is increased to Buy from Hold at Kepler Chevreux. SKY DEUTSCHLAND AG (SKDTY): Shares in the TV firm are up move than 4% at a half-decade high in today's European trading after being upgraded to Conviction Buy at Goldman Sachs.
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Alcoa ( AA ) will unofficially usher in Q2 reporting season after the closing bell on Monday. BuffaloWild Wings (BWLD): BWLD gets boosted to Buy from Hold at Miller Tabak, which also increases its price objective to $117 from $98. ) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) will unofficially usher in Q2 reporting season after the closing bell on Monday. BuffaloWild Wings (BWLD): BWLD gets boosted to Buy from Hold at Miller Tabak, which also increases its price objective to $117 from $98. Lloyds Banking Group PLC (LYG): Nomura boosts the British financial firm to Buy from Reduce, sending it up about 1.8% as I write.
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Alcoa ( AA ) will unofficially usher in Q2 reporting season after the closing bell on Monday. African Barrick Gold Ltd (ABGLY): Shares are now Buy from Reduce at Nomura. Record wing supplies and reduced corn feed prices each augur well, in the broker's view.
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1367.0
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2013-07-03 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,443.67 up 10.27 points
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https://www.nasdaq.com/articles/market-close-report-nasdaq-composite-index-closes-344367-1027-points-2013-07-03
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Wednesday's session closes with the NASDAQ Composite Index at 3,443.67. The total shares traded for the NASDAQ was over 0.9 billion.
Advancers stocks led declining by 1.27 to 1 ratio. There were 1349 advancers and 1064 decliners for the day. On the NASDAQ Stock Exchange 63 stocks reached a 52 week high and 9 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed up .4% for the day; a total of 11.78 points. The current value is 2,941.41. Staples, Inc. ( SPLS ) had the largest percent change down (-2.45%) while Randgold Resources Limited ( GOLD ) had the largest percent change gain rising 2.81%.
The Dow Jones index closed up .38% for the day; a total of 56.14 points. The current value is 14,988.55. Alcoa Inc. ( AA ) had the largest percent change down (-1.15%) while Boeing Company (The) ( BA ) had the largest percent change gain rising 1.4%.
NASDAQ Market Wrap
As of 7/3/2013 2:15:59 PM
BILLIONS OF 0.9 NASDAQ SHARES TRADED TODAY 63 STOCKS REACHED A 52 WEEK HIGH 9 THOSE REACHING LOWS TOTALEDRandgold Resources Limited[GOLD]TOPS ADVANCERS LISTOF NASDAQ 100 % 2.81 INDEXGOLD ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.15%) while Boeing Company (The) ( BA ) had the largest percent change gain rising 1.4%. Staples, Inc. ( SPLS ) had the largest percent change down (-2.45%) while Randgold Resources Limited ( GOLD ) had the largest percent change gain rising 2.81%. The Dow Jones index closed up .38% for the day; a total of 56.14 points.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.15%) while Boeing Company (The) ( BA ) had the largest percent change gain rising 1.4%. On the NASDAQ Stock Exchange 63 stocks reached a 52 week high and 9 those reaching lows totaled. Staples, Inc. ( SPLS ) had the largest percent change down (-2.45%) while Randgold Resources Limited ( GOLD ) had the largest percent change gain rising 2.81%.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.15%) while Boeing Company (The) ( BA ) had the largest percent change gain rising 1.4%. On the NASDAQ Stock Exchange 63 stocks reached a 52 week high and 9 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.15%) while Boeing Company (The) ( BA ) had the largest percent change gain rising 1.4%. There were 1349 advancers and 1064 decliners for the day. The NASDAQ 100 index closed up .4% for the day; a total of 11.78 points.
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1368.0
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2013-07-03 00:00:00 UTC
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Undeterred by Global Concerns, Stocks Veer Higher
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https://www.nasdaq.com/articles/undeterred-global-concerns-stocks-veer-higher-2013-07-03
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"The U.S. markets shook off worldwide selling in a very nice fashion today," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Sure, volume was light and it was a half-day. Still, it was impressive given how things looked in the morning." The Dow Jones Industrial Average (DJI) started in the red, but fought back throughout the shortened session, settling with a 0.4% gain. The blue-chip index remains eluded, however, by the 15,000 level.
Continue reading for more on today's market, including :
Schaeffer's contributor Adam Warner dissects the historical implications of this significant technical development in the VIX .
Our Weekly Contrarian : could VIVUS, Inc. ( VVUS ) have farther to fall?
Nokia ( NOK ) enjoyed a second straight day of positive attention on Wall Street .
plus...
Encouraging jobs data -- on two different fronts -- and optimistic options activity in Bank of America ( BAC ).
The Dow Jones Industrial Average (DJI - 14,988.55) once again crossed through the 15,000 level intraday, but was unable to hold above this millennium mark. Still, after hitting a morning low of 14,858.93, the index settled with a gain of 56.1 points, or 0.4%. Twenty-one of the Dow's 30 components moved higher today, with Boeing ( BA ) the top performer, up 1.4%. Bringing up the rear was Alcoa ( AA ), which lost 1.2% on the heels of a downgrade .
The S&P 500 Index (SPX - 1,615.41) posted minor gains, rising 1.3 points, or 0.1%, to end the session below its 50-day moving average. The Nasdaq Composite (COMP - 3,443.67) also gained modest ground, tacking on 10.3 points, or 0.3%.
The CBOE Market Volatility Index (VIX - 16.20) headed back into losing territory after finishing Tuesday's session in the green. The VIX closed off 0.2 point, or 1.5%, right at its intraday low.
A Trader's Take :
"Today's ADP private-sector payrolls report showed some impressive job growth, and that sparked some buying," Detrick added. "Still, Friday morning brings the June jobs report, and that will be the big event of the week. Keep your eyes open to continued political unrest in Egypt tomorrow, as there is always the chance that could spark some volatility worldwide."
3 Things to Know About Today's Market :
The labor market was in focus ahead of Friday's big jobs report. The Labor Department noted that first-time jobless claims declined by 5,000 last week (a better reading than expected) to a seasonally adjusted 343,000. Elsewhere, Automatic Data Processing (ADP) reported that employment in the private sector expanded by 188,000 jobs last month, also topping the consensus view. (Los Angeles Times, Forbes)
Less cheerful was the Institute for Supply Management's (ISM) non-manufacturing index , which dropped unexpectedly to 52.2 in June from 53.7 in May. This was the weakest growth pace in the services sector in more than three years. (CNBC)
The trade gap , meanwhile, widened by roughly 12% in May to $45 billion, for the largest gap since November. Exports were off 0.3%, while imports rose 1.9%. (USA Today)
5 Stocks We Were Watching Today :
Ford (F) call buyers came out in full force today, as the stock reached a new two-year peak.
Long-term option bulls waxed optimistic on Bank of America ( BAC ) .
Call buyers scooped up back-month positions in Halliburton (HAL) .
A conservative bear put spread buyer foresees moderate near-term weakness in General Electric (GE) shares.
Dick's Sporting Goods (DKS) saw a massive influx of put positions following negative analyst attention.
For a look at today's options movers and commodities activity, head to page 2.
Commodities :
Oil continued to rally today, surging into triple digits as tensions escalated in the Middle East. Black gold was also boosted by the weekly report from the U.S. Energy Information Administration, which revealed a steeper-than-expected drop in crude supplies. At press time, August crude futures had gained $1.59, or 1.6%, to $101.19 per barrel.
The worsening situation in Egypt also benefited gold futures, which moved higher on low volume. August-dated gold was up $4.90, or 0.4%, to $1,248.30 an ounce at press time.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Bringing up the rear was Alcoa ( AA ), which lost 1.2% on the heels of a downgrade . "The U.S. markets shook off worldwide selling in a very nice fashion today," observed Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. Continue reading for more on today's market, including : Schaeffer's contributor Adam Warner dissects the historical implications of this significant technical development in the VIX .
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Bringing up the rear was Alcoa ( AA ), which lost 1.2% on the heels of a downgrade . The Dow Jones Industrial Average (DJI) started in the red, but fought back throughout the shortened session, settling with a 0.4% gain. The CBOE Market Volatility Index (VIX - 16.20) headed back into losing territory after finishing Tuesday's session in the green.
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Bringing up the rear was Alcoa ( AA ), which lost 1.2% on the heels of a downgrade . 3 Things to Know About Today's Market : The labor market was in focus ahead of Friday's big jobs report. (USA Today) 5 Stocks We Were Watching Today : Ford (F) call buyers came out in full force today, as the stock reached a new two-year peak.
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Bringing up the rear was Alcoa ( AA ), which lost 1.2% on the heels of a downgrade . "Still, Friday morning brings the June jobs report, and that will be the big event of the week. 3 Things to Know About Today's Market : The labor market was in focus ahead of Friday's big jobs report.
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1369.0
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2013-07-03 00:00:00 UTC
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Alcoa Completes 6% Notes Redemption - Analyst Blog
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https://www.nasdaq.com/articles/alcoa-completes-6-notes-redemption-analyst-blog-2013-07-03
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Aluminum giant Alcoa Inc. ( AA ) declared the early redemption of its entire 6% Notes due Jul 15, 2013, in the aggregate principal amount of $422,463,000. The Notes holders were paid $1,002.60 per $1,000.00 aggregate principal amount of the Notes with accrued and unpaid interest up to, but excluding, the redemption date.
In order to increase the maturity profile of its debts, Alcoa had declared tender offerings for two series of outstanding notes in Apr 2011. The two series of cash tenders offered by Alcoa included any and entire of its 5.375% Notes due 2013 and an outstanding 6.00% Notes due 2013 subject to an aggregate purchase limit of $400 million in cash up to a maximum purchase sub limit. The maximum tender amounted to $750 million in cash less the aggregate purchase price of the 5.375% Notes due 2013.
Later, in May 2011, Alcoa announced the final results of the tender offer of the 6.00% Notes due 2013. The aggregate principal amount of 6.00% Notes tendered and not withdrawn was $327,537,000, representing 43.67% of the $750,000,000 aggregate principal amount of the 6.00% Notes outstanding prior to the Maximum Tender Offer.
Morgan Stanley & Co. Incorporated, a wing of Morgan Stanley ( MS ), acted as the dealer manager for the tender offers and Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, the non-bank subsidiary of JPMorgan Chase & Co. ( JPM ), played the role of Coordinating Dealer Managers for the offering. Apart from Luxembourg, Global Bondholder Services Corporation acted as the depositary and the information agent.
Alcoa commands a leading position with respect to production and management of primary aluminum, fabricated aluminum and alumina. It is also the world's largest miner of bauxite and refiner of alumina.
Alcoa, which currently retains a Zacks Rank #3 (Hold), is set to announce its second- quarter 2013 results after the closing bell on Jul 8, 2013.
Lake Shore Gold Corp. ( LSG ), which also belongs to the mining industry, holds a Zacks Rank #2 (Buy).
ALCOA INC (AA): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
LAKE SHORE GOLD (LSG): Free Stock Analysis Report
MORGAN STANLEY (MS): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum giant Alcoa Inc. ( AA ) declared the early redemption of its entire 6% Notes due Jul 15, 2013, in the aggregate principal amount of $422,463,000. ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report LAKE SHORE GOLD (LSG): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report To read this article on Zacks.com click here. In order to increase the maturity profile of its debts, Alcoa had declared tender offerings for two series of outstanding notes in Apr 2011.
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Aluminum giant Alcoa Inc. ( AA ) declared the early redemption of its entire 6% Notes due Jul 15, 2013, in the aggregate principal amount of $422,463,000. ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report LAKE SHORE GOLD (LSG): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report To read this article on Zacks.com click here. The two series of cash tenders offered by Alcoa included any and entire of its 5.375% Notes due 2013 and an outstanding 6.00% Notes due 2013 subject to an aggregate purchase limit of $400 million in cash up to a maximum purchase sub limit.
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ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report LAKE SHORE GOLD (LSG): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum giant Alcoa Inc. ( AA ) declared the early redemption of its entire 6% Notes due Jul 15, 2013, in the aggregate principal amount of $422,463,000. The two series of cash tenders offered by Alcoa included any and entire of its 5.375% Notes due 2013 and an outstanding 6.00% Notes due 2013 subject to an aggregate purchase limit of $400 million in cash up to a maximum purchase sub limit.
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Aluminum giant Alcoa Inc. ( AA ) declared the early redemption of its entire 6% Notes due Jul 15, 2013, in the aggregate principal amount of $422,463,000. ALCOA INC (AA): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report LAKE SHORE GOLD (LSG): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report To read this article on Zacks.com click here. Later, in May 2011, Alcoa announced the final results of the tender offer of the 6.00% Notes due 2013.
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1370.0
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2013-07-03 00:00:00 UTC
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Pre-Market Most Active for Jul 3, 2013 : ZNGA, ASX, BAC, DELL, SIRI, ZTS, AA, MT, BBRY, ARMH, QQQ, BUD
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https://www.nasdaq.com/articles/pre-market-most-active-jul-3-2013-znga-asx-bac-dell-siri-zts-aa-mt-bbry-armh-qqq-bud-2013
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The NASDAQ 100 Pre-Market Indicator is down -3.45 to 2,926.18. The total Pre-Market volume is currently 2,925,843 shares traded.
The following are the most active stocks for the pre-market session :
Zynga Inc. ( ZNGA ) is +0.12 at $3.39, with 854,796 shares traded. ZNGA's current last sale is 111.88% of the target price of $3.03.
Advanced Semiconductor Engineering, Inc. ( ASX ) is -0.0244 at $4.11, with 701,600 shares traded. ASX's current last sale is 82.69% of the target price of $4.965.
Bank of America Corporation ( BAC ) is -0.07 at $12.83, with 545,648 shares traded. Over the last four weeks they have had 4 up revisions for the earnings forecast, for the fiscal quarter ending Dec 2013. The consensus EPS forecast is $0.28. BAC's current last sale is 96.83% of the target price of $13.25.
Dell Inc. ( DELL ) is +0.02 at $13.40, with 483,325 shares traded. DELL's current last sale is 98.17% of the target price of $13.65.
Sirius XM Radio Inc. ( SIRI ) is -0.01 at $3.43, with 265,279 shares traded. As reported by Zacks, the current mean recommendation for SIRI is in the "buy range".
Zoetis Inc. ( ZTS ) is unchanged at $29.70, with 250,300 shares traded. As reported by Zacks, the current mean recommendation for ZTS is in the "buy range".
Alcoa Inc. ( AA ) is -0.16 at $7.64, with 209,957 shares traded.AA is scheduled to provide an earnings report on 7/8/2013, for the fiscal quarter ending Jun2013. The consensus earnings per share forecast is 0.09 per share, which represents a 6 percent increase over the EPS one Year Ago
ArcelorMittal ( MT ) is -0.27 at $10.94, with 170,970 shares traded. As reported by Zacks, the current mean recommendation for MT is in the "buy range".
Research In Motion Limited ( BBRY ) is -0.06 at $9.64, with 169,299 shares traded. As reported in the last short interest update the days to cover for BBRY is 9.400947; this calculation is based on the average trading volume of the stock.
ARM Holdings plc ( ARMH ) is +0.89 at $37.30, with 162,110 shares traded. ARMH's current last sale is 82.89% of the target price of $45.
PowerShares QQQ Trust, Series 1 ( QQQ ) is -0.2 at $71.54, with 141,290 shares traded. This represents a 16.69% increase from its 52 Week Low.
Anheuser-Busch Inbev SA ( BUD ) is -3.14 at $86.25, with 140,590 shares traded. As reported by Zacks, the current mean recommendation for BUD is in the "buy range".
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) is -0.16 at $7.64, with 209,957 shares traded.AA is scheduled to provide an earnings report on 7/8/2013, for the fiscal quarter ending Jun2013. The following are the most active stocks for the pre-market session : Zynga Inc. ( ZNGA ) is +0.12 at $3.39, with 854,796 shares traded. As reported in the last short interest update the days to cover for BBRY is 9.400947; this calculation is based on the average trading volume of the stock.
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Alcoa Inc. ( AA ) is -0.16 at $7.64, with 209,957 shares traded.AA is scheduled to provide an earnings report on 7/8/2013, for the fiscal quarter ending Jun2013. The total Pre-Market volume is currently 2,925,843 shares traded. The consensus earnings per share forecast is 0.09 per share, which represents a 6 percent increase over the EPS one Year Ago ArcelorMittal ( MT ) is -0.27 at $10.94, with 170,970 shares traded.
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Alcoa Inc. ( AA ) is -0.16 at $7.64, with 209,957 shares traded.AA is scheduled to provide an earnings report on 7/8/2013, for the fiscal quarter ending Jun2013. The total Pre-Market volume is currently 2,925,843 shares traded. Dell Inc. ( DELL ) is +0.02 at $13.40, with 483,325 shares traded.
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Alcoa Inc. ( AA ) is -0.16 at $7.64, with 209,957 shares traded.AA is scheduled to provide an earnings report on 7/8/2013, for the fiscal quarter ending Jun2013. ASX's current last sale is 82.69% of the target price of $4.965. Over the last four weeks they have had 4 up revisions for the earnings forecast, for the fiscal quarter ending Dec 2013.
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1371.0
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2013-07-01 00:00:00 UTC
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Alcoa to Shut Fusina Smelter in Italy - Analyst Blog
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https://www.nasdaq.com/articles/alcoa-to-shut-fusina-smelter-in-italy-analyst-blog-2013-07-01
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Aluminum giant, Alcoa Inc. ( AA ) announced that it plans to permanently close its Fusina primary aluminum smelter in Italy. The announcement was made to reduce costs as well as to improve its competitiveness. Alcoa had already curtailed activities at the facility in Jun 2010.
The planned closure of the facility will reduce Alcoa's global smelting capacity of 4.2 million metric tons per year by 44,000 metric tons. The move is in addition to a bigger restructuring plan announced by Alcoa last month.
In May, Alcoa announced the possibility of a cutback in aluminum production. The company stated that it will review 460,000 metric tons of smelting capacity over the next 15 months for potential curtailment. These initiatives by the company are aimed at maintaining competitiveness in the market as aluminum prices declined by more than 33% from their peak levels in FY11.
Alcoa stated that it will work with the affected communities to explore ways to redevelop the Fusina smelter and has also promised to consult local unions on how to help the laid-off employees. The facility employs only 14 people.
As a result of the closure, Alcoa expects to incur total restructuring-related charges for 2013-second quarter in the range of $30 million and $35 million after-tax, or about 3 cents per share, of which approximately 50% is non-cash.
Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ), Atlatsa Resources Corporation ( ATL ) and BHP Billiton Limited ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina. Alcoa currently retains a short-term Zacks Rank #4 (Sell).
Alcoa released its first quarter 2013 results in Apr. The company's profit surged roughly 59% in the quarter, buoyed by strong aluminum demand. It posted a profit of $149 million or 13 cents per share in the quarter, exceeding the profit of $94 million or 9 cents recorded a year ago. The results were driven by strong demand across the aerospace and auto markets.
Excluding one-time special items, Alcoa earned $121 million or 11 cents a share in the quarter, beating the Zacks Consensus Estimate by a penny and exceeding $105 million or 10 cents per share posted in the year-ago quarter.
Revenues declined roughly 3% to $5,833 million from $6,006 million in the year-ago quarter and were below the Zacks Consensus Estimate of $5,857 million. Sales were hurt by lower aluminum prices and reduced production in Alcoa's primary metals business in Europe.
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
ATLATSA RESRCS (ATL): Free Stock Analysis Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum giant, Alcoa Inc. ( AA ) announced that it plans to permanently close its Fusina primary aluminum smelter in Italy. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. These initiatives by the company are aimed at maintaining competitiveness in the market as aluminum prices declined by more than 33% from their peak levels in FY11.
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ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum giant, Alcoa Inc. ( AA ) announced that it plans to permanently close its Fusina primary aluminum smelter in Italy. The planned closure of the facility will reduce Alcoa's global smelting capacity of 4.2 million metric tons per year by 44,000 metric tons.
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ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum giant, Alcoa Inc. ( AA ) announced that it plans to permanently close its Fusina primary aluminum smelter in Italy. Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ), Atlatsa Resources Corporation ( ATL ) and BHP Billiton Limited ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
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Aluminum giant, Alcoa Inc. ( AA ) announced that it plans to permanently close its Fusina primary aluminum smelter in Italy. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. In May, Alcoa announced the possibility of a cutback in aluminum production.
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1372.0
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2013-06-28 00:00:00 UTC
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Fed to Reclaim Spotlight - Earnings Preview
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AA
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https://www.nasdaq.com/articles/fed-reclaim-spotlight-earnings-preview-2013-06-28
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nan
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nan
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Market anxieties about the future of the Fed's QE program have eased a bit after clarifications from Fed officials that no imminent tapering decision was in the cards. Bernanke was fairly explicit in his guidance on the issue, but the bond market's reaction appears to have forced the Fed into retreat. At least that's how some of us are seeing the pronouncements from Fed officials in recent days. Did the Bond Market Stare Down the Fed?
The Fed will remain in the spotlight this holiday-shortened week, with investors evaluating each of the week's top-tier economic reports from the Fed's perspective. The most important report doesn't arrive till after the July 4th holiday, when June non-farm payrolls come out on Friday. Other major reports include the two ISM surveys, the ADP jobs report, motor vehicle sales, and construction spending.
Earnings wouldn't be the focus this week, with Constellation Brands ( STZ ) as the notable report coming out. But the earnings reporting cycle is about to take the spotlight with Alcoa's ( AA ) release on July 8th. The Q2 earnings season has already gotten underway, with results from Nike ( NKE ), Accenture ( ACN ), Oracle ( ORCL ), FedEx ( FDX ) and others.
Accenture's weak guidance reconfirms what we saw in the recent Oracle report about macro issues weighing on corporate spending outlook. Importantly, it puts us on notice about what to expect from IBM ( IBM ) and others in the coming days.
As has become customary at the start of recent quarterly earnings cycles, expectations for the Q2 earnings season remain quite low. A major driver of these low expectations is company guidance during the Q1 earnings season, which was overwhelmingly on the negative side. Total earnings for companies in the S&P 500 are expected to be down -0.3% from the same period last year on -0.5% lower revenues and almost flat margins. This is sharply down from +3.9% growth expected in the quarter in early April.
Nine of the 16 Zacks sectors are expected to show negative earnings growth in Q2. But the growth picture in Q2 is even more underwhelming when Finance is excluded from the data. Outside of Finance, total earnings for the S&P 500 would be down -4.3%. Total earnings were up +2.4% in Q1, but growth was expected to be in negative territory at this stage before that reporting season.
Finance to the Rescue
Finance wasn't a big driver of aggregate earnings growth for the S&P 500 in Q1, but takes back the lead role in Q2, with total earnings for the sector expected to be up +19.5% and estimates for the group are steadily going up. Earnings for the sector were up +7.7% in Q1, which came after many quarters of double-digit growth.
All the industries within the Finance sector like the major banks, regional banks, brokers and insurers are expected to have positive growth. But the growth picture is particularly notable for the brokerage and investment management industry players like Goldman Sachs ( GS ) and Morgan Stanley ( MS ), with total earnings for the group expected to be up +38.7% in Q2 after the +2.6% gain in Q1.
Unlike Finance, the earnings picture for the Technology sector remains fairly weak. Total earnings for the sector are expected to be down -11.8% from the same period last year, which follows the -4.4% earnings decline in Q1. Earnings estimates for the sector have been steadily coming down as the quarter progressed, with the current -11.8% decline down from the expected decline of -3.1% in mid-April.
The weakest group within the Technology sector is the PC makers, with total earnings for the Computers and Office Equipment industry expected to be down -16.1% in Q2 after the -14.1% decline in Q1. Semiconductors and electronics are other Tech industries with negative earnings growth in the quarter, while the software group is expected to show modest positive growth.
High Expectations for Second Half & Next Year
Expectations for total earnings in 2013 have come down as estimates for Q2 were revised lower, though estimates for the second half of the year and full-year 2014 have held up fairly well. The +6% growth in total earnings this year, down from +6.8% in early April, reflects a material ramp up in the second half of the year that is then expected to carry into 2014.
Combining the actual results for Q1 with estimates for Q2 gives us +1.1% year-over-year growth in total earnings in the first half of 2013. But total earnings are expected to be up +9.6% in the second half of the year and a further +11.5% in full-year 2014.
Total earnings for companies in the S&P 500 in Q2 are expected to remain below Q1's record level. By our calculation, aggregate bottom-up earnings in Q2 will total $246.6 billion, compared to $247.4 billion in 2012 Q2 and 2013 Q1's record of $253 billion. The Finance sector will generate $48.9 billion or 19.8% of the S&P 500's total Q2 earnings, while the Tech sector is expected to generate $41.2 billion or 16.7% of the index's total earnings.
Finance is reclaiming its dominant earnings position in the index which was taken over by the Tech sector following the 2008 crash. Tech remained the biggest earnings producer for the S&P 500 from 2008 through 2012, but the leadership role moves back to Finance this year.
Finance is on track to produce $198.5 billion in 2013 (19.3% of the total), up from $173.6 billion in 2012 (17.9% of the total), while Tech is expected to produce $183 billion this year (17.8% of the total), up from $182.9 billion in 2012 (18.9% of the total).
For more details about the Q2 earnings expectations, please read our Earnings Trends: Q2 Earnings Expectations Remain Low
Trends in Estimate Revisions
The revisions trend appears to have lost some ground in the last few weeks, though it still remains in neutral territory as the charts below show. The key metric in all the charts is the 'revisions ratio', which is the ratio of total number of upward revisions over the preceding four weeks to the total number of revisions (positive and negative) over that same period.
We have two charts each for 2013 and 2014. The bar charts show the current state of the 'revisions ratio' (as of 6/21/13), while the line charts plot the ratio's trajectory over the preceding 24 months. As you can see below, the revisions ratio for 2013 dropped to 46% from the prior week's 49% level, while the same for 2014 dropped to 49% from 51% the week before.
The ratio doesn't tell you the 'magnitude' of the revisions, only the direction. The '50%' level (the dark line) is the dividing line between positive and negative trends, with readings above 50% implying more positive than negative revisions. That said, our analysis shows that readings between 45% and 55% don't offer material insights into the magnitude of revisions. It is only readings above 55% and below 45% that offer bullish and bearish signals about the magnitude of earnings revisions.
As you can see in the charts above, the revisions trend for the S&P 500 as a whole is still in neutral territory, the current level (46% for 2013) is down from three weeks back (56% at the end of May). Finance has been in bullish trend for weeks now, but the revisions trend for the Tech sector also seems to be moving in that direction now.
Hard to tell how sustainable the trend will prove to be, but the sector's revisions ratio for 2013 currently (as of 6/21) stands at 56.8%, down from the prior week's level, but still the highest level in over 12 months. Some of the stand-out revisions in the sector were industry players like Micron Technology ( MU ) and Advanced Micro Devices ( AMD ). Salesforce.com ( CRM ) is the only Tech sector firm that has suffered material negative revisions lately.
Finance continues to be in bullish territory for both this year and next (the blue line) even though the revisions ratio has come down lately. The sector's revisions ratio currently (as of 6/21) stands at 69% for 2013 (down from 72% the week before) and 73% for 2014 (down from 74%), signaling good times ahead for the sector.
The trend makes perfect sense as higher interest rates may be a hindrance for other industries, but they are beneficial for the Finance sector's earnings. Flat net-interest margins have been a permanent feature of the sector's, particularly banking's, earnings picture in recent quarters. The Finance sector's positive earnings outlook is a function of the rising trend in interest rates.
On the negative side, the revisions trend is decidedly in bearish territory for Industrials and Basic Materials both for this year and next. Peabody Energy ( BTU ), U.S. Steel ( X ), Joy Global ( JOY ), Freeport-McMoran ( FCX ) have all suffered significant negative estimate revisions lately.
ALCOA INC (AA): Free Stock Analysis Report
ACCENTURE PLC (ACN): Free Stock Analysis Report
ADV MICRO DEV (AMD): Free Stock Analysis Report
PEABODY ENERGY (BTU): Free Stock Analysis Report
FREEPT MC COP-B (FCX): Free Stock Analysis Report
FEDEX CORP (FDX): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
INTL BUS MACH (IBM): Free Stock Analysis Report
JOY GLOBAL INC (JOY): Free Stock Analysis Report
MORGAN STANLEY (MS): Free Stock Analysis Report
MICRON TECH (MU): Free Stock Analysis Report
NIKE INC-B (NKE): Free Stock Analysis Report
ORACLE CORP (ORCL): Free Stock Analysis Report
CONSTELLATN BRD (STZ): Free Stock Analysis Report
UTD STATES STL (X): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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But the earnings reporting cycle is about to take the spotlight with Alcoa's ( AA ) release on July 8th. ALCOA INC (AA): Free Stock Analysis Report ACCENTURE PLC (ACN): Free Stock Analysis Report ADV MICRO DEV (AMD): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report JOY GLOBAL INC (JOY): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report MICRON TECH (MU): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report CONSTELLATN BRD (STZ): Free Stock Analysis Report UTD STATES STL (X): Free Stock Analysis Report To read this article on Zacks.com click here. Accenture's weak guidance reconfirms what we saw in the recent Oracle report about macro issues weighing on corporate spending outlook.
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ALCOA INC (AA): Free Stock Analysis Report ACCENTURE PLC (ACN): Free Stock Analysis Report ADV MICRO DEV (AMD): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report JOY GLOBAL INC (JOY): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report MICRON TECH (MU): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report CONSTELLATN BRD (STZ): Free Stock Analysis Report UTD STATES STL (X): Free Stock Analysis Report To read this article on Zacks.com click here. But the earnings reporting cycle is about to take the spotlight with Alcoa's ( AA ) release on July 8th. But the growth picture is particularly notable for the brokerage and investment management industry players like Goldman Sachs ( GS ) and Morgan Stanley ( MS ), with total earnings for the group expected to be up +38.7% in Q2 after the +2.6% gain in Q1.
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ALCOA INC (AA): Free Stock Analysis Report ACCENTURE PLC (ACN): Free Stock Analysis Report ADV MICRO DEV (AMD): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report JOY GLOBAL INC (JOY): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report MICRON TECH (MU): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report CONSTELLATN BRD (STZ): Free Stock Analysis Report UTD STATES STL (X): Free Stock Analysis Report To read this article on Zacks.com click here. But the earnings reporting cycle is about to take the spotlight with Alcoa's ( AA ) release on July 8th. The Finance sector will generate $48.9 billion or 19.8% of the S&P 500's total Q2 earnings, while the Tech sector is expected to generate $41.2 billion or 16.7% of the index's total earnings.
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But the earnings reporting cycle is about to take the spotlight with Alcoa's ( AA ) release on July 8th. ALCOA INC (AA): Free Stock Analysis Report ACCENTURE PLC (ACN): Free Stock Analysis Report ADV MICRO DEV (AMD): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report JOY GLOBAL INC (JOY): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report MICRON TECH (MU): Free Stock Analysis Report NIKE INC-B (NKE): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report CONSTELLATN BRD (STZ): Free Stock Analysis Report UTD STATES STL (X): Free Stock Analysis Report To read this article on Zacks.com click here. Outside of Finance, total earnings for the S&P 500 would be down -4.3%.
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1373.0
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2013-06-25 00:00:00 UTC
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Stock Market News for June 25, 2013 - Market News
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AA
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https://www.nasdaq.com/articles/stock-market-news-for-june-25-2013-market-news-2013-06-25
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nan
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nan
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Benchmarks slumped on Monday following a sell-off in Chinese equity markets coupled with investor concerns about the Fed trimming its bond buying program in the future. Chinese stocks took a battering on Monday and logged their biggest sell-off in more than four years. The market opened sharply lower on Monday but recovered some of its losses in the afternoon. Benchmarks finished in the red for the third time in the last four trading session. All ten sectors of the S&P 500 industry groups ended in the negative territory. The financial sector was the biggest loser.
The Dow Jones Industrial Average (DJI) declined 0.9% to close the day at 14,659.56. The S&P 500 lost 1.2% to finish yesterday's trading session at 1,573.09. The tech-laden Nasdaq Composite Index fell 1.1% to end at 3,320.76. The fear-gauge CBOE Volatility Index (VIX) jumped 6.4% to settle at 20.11. Consolidated volumes on the New York Stock Exchange, American Stock Exchange and Nasdaq were roughly 8.33 billion shares, considerably higher than the 2013's average of 6.36 billion shares. Declining stocks outnumbered the advancers. For the 80% that declined, only 18% advanced.
The market began yesterday's trading session in a bearish mood. The Dow Jones lost as much as 248 points in the opening hour of the trading but recovered some of its losses in the afternoon. Investor sentiment plunged in the previous week after Federal Reserve's Chairman Ben Bernanke hinted that monetary stimulus would be decreased by the end of the year. A huge sell-off in Chinese equity markets further dampened investor sentiment. The Shanghai Composite plunged 5% and logged its worst one-day fall in more than four years.
Chinese financial stocks plunged more than 7% after the People's Bank of China urged banks to institute measures to optimize their handling of cash and lending. Investor fears that the health of the economic will be hampered if central bank tightened the supply of money. The Chinese central bank again said that there is a "reasonable" amount of liquidity in the country's financial system. The People's Bank of China had earlier said: "At present, the overall liquidity in China's banking system is at a reasonable level, but due to many changing factors in the financial markets and also because of the mid-year point, the requirements for commercial banks in liquidity management have become higher."
On Monday, two Fed officials moderated investor fears of an approaching end to the bond buying program. Minneapolis Federal Reserve President Narayana Kocherlakota said: "I was concerned about the strong reaction...to the committee's communication. I thought there was a sense out there...that the committee had taken more of a hawkish turn, in terms of thinking about policy... I thought that was a mis-perception that should be clarified."
The financial sector was the biggest loser among the S&P 500 industry groups. The Financial Select Sector SPDR (XLF) declined nearly 1.8%. Stocks such as JPMorgan Chase & Co. (NYSE: JPM ), Bank of America Corp (NYSE: BAC ), Goldman Sachs Group Inc (NYSE: GS ), PNC Financial Services (NYSE: PNC ) and U.S. Bancorp (NYSE: USB ) fell 2.0%, 3.1%, 2.3%, 1.7% and 0.5%, respectively.
The materials sector also had a bad run yesterday. The sector took a beating for the second consecutive day. The Materials Select Sector SPDR (XLB) lost nearly 1.6%. Stocks such as Alcoa Inc (NYSE: AA ), The Dow Chemical Company (NYSE: DOW ), E I Du Pont De Nemours And Co (NYSE: DD ), Monsanto Company (NYSE: MON ) and Eastman Chemical Company (NYSE: EMN ) declined 2.4%, 0.9%, 0.5%, 1.4% and 1.1, respectively.
ALCOA INC (AA): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
DU PONT (EI) DE (DD): Free Stock Analysis Report
DOW CHEMICAL (DOW): Free Stock Analysis Report
EASTMAN CHEM CO (EMN): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
MONSANTO CO-NEW (MON): Free Stock Analysis Report
PNC FINL SVC CP (PNC): Free Stock Analysis Report
US BANCORP (USB): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Stocks such as Alcoa Inc (NYSE: AA ), The Dow Chemical Company (NYSE: DOW ), E I Du Pont De Nemours And Co (NYSE: DD ), Monsanto Company (NYSE: MON ) and Eastman Chemical Company (NYSE: EMN ) declined 2.4%, 0.9%, 0.5%, 1.4% and 1.1, respectively. ALCOA INC (AA): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report DU PONT (EI) DE (DD): Free Stock Analysis Report DOW CHEMICAL (DOW): Free Stock Analysis Report EASTMAN CHEM CO (EMN): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report PNC FINL SVC CP (PNC): Free Stock Analysis Report US BANCORP (USB): Free Stock Analysis Report To read this article on Zacks.com click here. Benchmarks slumped on Monday following a sell-off in Chinese equity markets coupled with investor concerns about the Fed trimming its bond buying program in the future.
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Stocks such as Alcoa Inc (NYSE: AA ), The Dow Chemical Company (NYSE: DOW ), E I Du Pont De Nemours And Co (NYSE: DD ), Monsanto Company (NYSE: MON ) and Eastman Chemical Company (NYSE: EMN ) declined 2.4%, 0.9%, 0.5%, 1.4% and 1.1, respectively. ALCOA INC (AA): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report DU PONT (EI) DE (DD): Free Stock Analysis Report DOW CHEMICAL (DOW): Free Stock Analysis Report EASTMAN CHEM CO (EMN): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report PNC FINL SVC CP (PNC): Free Stock Analysis Report US BANCORP (USB): Free Stock Analysis Report To read this article on Zacks.com click here. Stocks such as JPMorgan Chase & Co. (NYSE: JPM ), Bank of America Corp (NYSE: BAC ), Goldman Sachs Group Inc (NYSE: GS ), PNC Financial Services (NYSE: PNC ) and U.S. Bancorp (NYSE: USB ) fell 2.0%, 3.1%, 2.3%, 1.7% and 0.5%, respectively.
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Stocks such as Alcoa Inc (NYSE: AA ), The Dow Chemical Company (NYSE: DOW ), E I Du Pont De Nemours And Co (NYSE: DD ), Monsanto Company (NYSE: MON ) and Eastman Chemical Company (NYSE: EMN ) declined 2.4%, 0.9%, 0.5%, 1.4% and 1.1, respectively. ALCOA INC (AA): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report DU PONT (EI) DE (DD): Free Stock Analysis Report DOW CHEMICAL (DOW): Free Stock Analysis Report EASTMAN CHEM CO (EMN): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report PNC FINL SVC CP (PNC): Free Stock Analysis Report US BANCORP (USB): Free Stock Analysis Report To read this article on Zacks.com click here. Stocks such as JPMorgan Chase & Co. (NYSE: JPM ), Bank of America Corp (NYSE: BAC ), Goldman Sachs Group Inc (NYSE: GS ), PNC Financial Services (NYSE: PNC ) and U.S. Bancorp (NYSE: USB ) fell 2.0%, 3.1%, 2.3%, 1.7% and 0.5%, respectively.
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Stocks such as Alcoa Inc (NYSE: AA ), The Dow Chemical Company (NYSE: DOW ), E I Du Pont De Nemours And Co (NYSE: DD ), Monsanto Company (NYSE: MON ) and Eastman Chemical Company (NYSE: EMN ) declined 2.4%, 0.9%, 0.5%, 1.4% and 1.1, respectively. ALCOA INC (AA): Free Stock Analysis Report BANK OF AMER CP (BAC): Free Stock Analysis Report DU PONT (EI) DE (DD): Free Stock Analysis Report DOW CHEMICAL (DOW): Free Stock Analysis Report EASTMAN CHEM CO (EMN): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report JPMORGAN CHASE (JPM): Free Stock Analysis Report MONSANTO CO-NEW (MON): Free Stock Analysis Report PNC FINL SVC CP (PNC): Free Stock Analysis Report US BANCORP (USB): Free Stock Analysis Report To read this article on Zacks.com click here. Benchmarks slumped on Monday following a sell-off in Chinese equity markets coupled with investor concerns about the Fed trimming its bond buying program in the future.
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1374.0
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2013-06-25 00:00:00 UTC
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Alcoa and OJC RUSNANO Sign MOU - Analyst Blog
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AA
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https://www.nasdaq.com/articles/alcoa-and-ojc-rusnano-sign-mou-analyst-blog-2013-06-25
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nan
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Aluminum giant, Alcoa Inc. ( AA ) and Open Joint Stock Company (OJSC) RUSNANO signed a Memorandum of Understanding (MOU) to produce technologically advanced oil and gas aluminum drill pipe finished with a life-extending antiwear coating. The life of the aluminum pipe is expected to be extended by 30% to 40% in aggressive and corrosive drilling environments with antiwear nano-coating compared to uncoated aluminum pipe.
Both Alcoa and RUSNANO propose to try out the potential application of a nanotechnology-based coating for the aluminum drill pipe to augment wear resistance in unfavorable corrosive drilling environments with the help of Alcoa Technical Center.
According to OJSC RUSNANO, complex oil and gas development projects need drilling equipment that have increased capabilities and the company stated that aluminum drill pipe with antiwear nano-coating will help in directional and deep drilling in aggressive, corrosive environments.
OJSC RUSNANO feels that by partnering with Alcoa it can create products that are unique for customers in the oil and gas industry. Alcoa, on the other hand, stated that with the expertise of RUSNANO, it can cater to the aluminum industry in Russia.
As per the MOU, Alcoa will leverage its Samara facility to produce aluminum drill pipe with hot fit tool joints for the country's oil and gas market. The capital will be provided by RUSNANO Capital, a subsidiary of OJSC RUSNANO.
OJSC RUSNANO was established in Mar 2011 through the reorganization of the Russian Corporation of Nanotechnologies State Corporation. OJSC RUSNANO implements the state nanotechnology policy of the development of the nanotechnology industry acting as the co-investor in nanotechnology projects with substantial economic or social potential.
Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ), Atlatsa Resources Corporation ( ATL ) and BHP Billiton Limited ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
Alcoa released its first quarter 2013 results in Apr 2013. The company saw its profit surge roughly 59% in the quarter, buoyed by strong aluminum demand. It posted a profit of $149 million or 13 cents per share in the quarter, exceeding the profit of $94 million or 9 cents recorded a year ago. The results were driven by strong demand across the aerospace and auto markets.
Excluding one-time special items, Alcoa earned $121 million or 11 cents a share in the quarter, beating the Zacks Consensus Estimate by a penny and exceeding $105 million or 10 cents per share posted in the year-ago quarter.
Revenues declined roughly 3% to $5,833 million from $6,006 million in the year-ago quarter and were below the Zacks Consensus Estimate of $5,857 million. Sales were hurt by lower aluminum prices and reduced production in Alcoa's primary metals business in Europe.
Alcoa currently retains a short-term Zacks Rank #4 (Sell).
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
ATLATSA RESRCS (ATL): Free Stock Analysis Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum giant, Alcoa Inc. ( AA ) and Open Joint Stock Company (OJSC) RUSNANO signed a Memorandum of Understanding (MOU) to produce technologically advanced oil and gas aluminum drill pipe finished with a life-extending antiwear coating. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. OJSC RUSNANO feels that by partnering with Alcoa it can create products that are unique for customers in the oil and gas industry.
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Aluminum giant, Alcoa Inc. ( AA ) and Open Joint Stock Company (OJSC) RUSNANO signed a Memorandum of Understanding (MOU) to produce technologically advanced oil and gas aluminum drill pipe finished with a life-extending antiwear coating. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ), Atlatsa Resources Corporation ( ATL ) and BHP Billiton Limited ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
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Aluminum giant, Alcoa Inc. ( AA ) and Open Joint Stock Company (OJSC) RUSNANO signed a Memorandum of Understanding (MOU) to produce technologically advanced oil and gas aluminum drill pipe finished with a life-extending antiwear coating. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. According to OJSC RUSNANO, complex oil and gas development projects need drilling equipment that have increased capabilities and the company stated that aluminum drill pipe with antiwear nano-coating will help in directional and deep drilling in aggressive, corrosive environments.
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Aluminum giant, Alcoa Inc. ( AA ) and Open Joint Stock Company (OJSC) RUSNANO signed a Memorandum of Understanding (MOU) to produce technologically advanced oil and gas aluminum drill pipe finished with a life-extending antiwear coating. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. According to OJSC RUSNANO, complex oil and gas development projects need drilling equipment that have increased capabilities and the company stated that aluminum drill pipe with antiwear nano-coating will help in directional and deep drilling in aggressive, corrosive environments.
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1375.0
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2013-06-24 00:00:00 UTC
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Alcoa and Boeing Reach Recycling Deal - Analyst Blog
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AA
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https://www.nasdaq.com/articles/alcoa-and-boeing-reach-recycling-deal-analyst-blog-2013-06-24
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nan
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nan
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Aluminum giant, Alcoa Inc. ( AA ) announced that it has formed a close-loop program with The Boeing Company ( BA ) to considerably increase the recycling of internal aluminum aerospace alloys. The aerospace alloys are used during the production of Boeing airplanes.
The move will recycle aerospace-grade aluminum alloys in Boeing's plane production process, as well as eventually cut down on the aluminum scrap generated by their suppliers. The close loop recycling program will involve inter-modal transport of aluminum alloy scrap material from Boeing facilities in Auburn, WASH and Wichita, KS as well as third-party processors in Auburn to Alcoa's Lafayette, IND. facility for melting and recycling into new aerospace materials.
The close-loop program will be recycling 2XXX and 7XXX-series aluminum alloys that are used to produce Boeing's wing and fuselage components. The forms will include aluminum extrusions, sheet and plate products. Initially about 8 million pounds of aluminum is expected to be recycled per year. The program will also help to collect scrap from Boeing sub-contractors, and will enable expansion to include other aluminum scrap forms including chips that remain as residue.
Boeing is the world's largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems. Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ), and BHP Billiton Limited ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
Alcoa released its first quarter 2013 results in Apr 2013. The company saw its profit surge roughly 59% in the quarter, buoyed by strong aluminum demand. It posted a profit of $149 million or 13 cents per share in the quarter, exceeding the profit of $94 million or 9 cents recorded a year ago. The results were driven by strong demand across the aerospace and auto markets.
Excluding one-time special items, Alcoa earned $121 million or 11 cents a share in the quarter, beating the Zacks Consensus Estimate by a penny and also coming ahead of $105 million or 10 cents per share posted in the year-ago quarter.
Revenues declined roughly 3% to $5,833 million from $6,006 million in the year-ago quarter and were below the Zacks Consensus Estimate of $5,857 million. Sales were hurt by lower aluminum prices and reduced production in Alcoa's European primary metals business.
Alcoa currently retains a short-term Zacks Rank #4 (Sell).
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
BOEING CO (BA): Free Stock Analysis Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum giant, Alcoa Inc. ( AA ) announced that it has formed a close-loop program with The Boeing Company ( BA ) to considerably increase the recycling of internal aluminum aerospace alloys. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BOEING CO (BA): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. The close-loop program will be recycling 2XXX and 7XXX-series aluminum alloys that are used to produce Boeing's wing and fuselage components.
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ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BOEING CO (BA): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum giant, Alcoa Inc. ( AA ) announced that it has formed a close-loop program with The Boeing Company ( BA ) to considerably increase the recycling of internal aluminum aerospace alloys. The close loop recycling program will involve inter-modal transport of aluminum alloy scrap material from Boeing facilities in Auburn, WASH and Wichita, KS as well as third-party processors in Auburn to Alcoa's Lafayette, IND.
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Aluminum giant, Alcoa Inc. ( AA ) announced that it has formed a close-loop program with The Boeing Company ( BA ) to considerably increase the recycling of internal aluminum aerospace alloys. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BOEING CO (BA): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ), and BHP Billiton Limited ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
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Aluminum giant, Alcoa Inc. ( AA ) announced that it has formed a close-loop program with The Boeing Company ( BA ) to considerably increase the recycling of internal aluminum aerospace alloys. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report BOEING CO (BA): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. The program will also help to collect scrap from Boeing sub-contractors, and will enable expansion to include other aluminum scrap forms including chips that remain as residue.
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1376.0
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2013-06-21 00:00:00 UTC
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Post-Fed, but Pre-Earnings - Earnings Preview
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AA
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https://www.nasdaq.com/articles/post-fed-pre-earnings-earnings-preview-2013-06-21
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nan
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nan
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The market was looking for clarity from the Fed about the future of the QE program. But it didn't like the surprisingly explicit timeline from Chairman Bernanke, and has been in a somewhat downbeat mood ever since.
The after-effects of the Bernanke announcement and the resultant impact on benchmark interest rates will no doubt remain the big issues for the market this week as well, but we are also getting close to the start of the Q2 earnings season. In fact, the Q2 earnings season actually got underway last week with the earning releases from FedEx ( FDX ), Oracle ( ORCL ), Adobe ( ADBE ), Darden ( DRI ) and others.
It hasn't been a very inspiring start thus far, but all of these companies have been grappling with lingering issues affecting their businesses for awhile and their Q2 reports didn't indicate that they had finally turned the corner. We will see if this week's reports from the likes of Walgreen ( WAG ), ConAgra ( CAG ), Lennar ( LEN ), Paychex ( PAYX ) and others will show a more promising side of the earnings picture. But we will likely have to wait a bit longer for the reporting season to get really high gear -- Alcoa's ( AA ) report is coming on July 8th.
As has become customary at the start of recent quarterly earnings cycles, expectations for the Q2 earnings season remain quite low. A major driver of these low expectations is company guidance during the Q1 earnings season, which was overwhelmingly on the negative side. Total earnings for companies in the S&P 500 are expected to be up only +0.5% from the same period last year.
This is sharply down from +3.9% growth expected in the quarter in early April. Total earnings were up +2.3% in Q1, but growth was expected to be in negative territory at this stage before that reporting season.
Finance wasn't a big driver of aggregate earnings growth for the S&P 500 in Q1, but takes back the lead role in Q2, with total earnings for the sector expected to be up +19.6% and estimates for the group are steadily going up. Earnings for the sector were up +7.7% in Q1, which came after many quarters of double-digit growth.
All the industries within the Finance sector -- major banks, regional banks, brokers and insurers -- are expected to have positive growth. But the growth picture is particularly notable for the brokerage and investment management industry players like Goldman Sachs ( GS ) and Morgan Stanley ( MS ), with total earnings for the group expected to be up +39.6% in Q2 after the +2.6% gain in Q1.
Unlike Finance, the earnings picture for the Technology sector remains fairly weak. Total earnings for the sector are expected to be down -8.7% from the same period last year, which follows the -3.8% earnings decline in Q1. Earnings estimates for the sector have been steadily coming down over recent weeks, with the current -8.7% decline down from expected decline of -3.1% in mid-April.
The weakest group within the Technology sector is the PC makers, with total earnings for the Computers and Office Equipment industry expected to be down -16.1% in Q2 after the -14.1% decline in Q1. Semiconductors and electronics are other Tech industries with negative earnings growth in the quarter.
Expectations for full-years 2013 and 2014 have come down far less than what we have seen for Q2 estimates. In fact, it is reasonable to assume that given the improving outlook for the Finance sector, aggregate estimates will start rising after a very long time in the coming weeks.
The +6.1% growth in total earnings this year, down from +6.8% in early April, reflects a material ramp up in the second half of the year that is then expected to carry into 2014. Combining the actual results for Q1 with estimates for Q2 gives us +1.5% year-over-year growth in total earnings in the first half of 2013. But total earnings are expected to be up +9.4% in the second half of the year and a further +11.5% in full-year 2014.
Total earnings for companies in the S&P 500 in Q2 are expected to remain to below Q1's record level. By our calculation, aggregate bottom-up earnings in Q2 will total $246.8 billion, compared to $245.6 billion in 2012 Q2 and 2013 Q1's record of $253.9 billion. The Finance sector will generate $49 billion or 19.8% of the S&P 500's total Q2 earnings, while the Tech sector is expected to generate $41.5 billion or 16.7% of the index's total earnings.
Finance is reclaiming its dominant earnings position in the index which was taken over by the Tech sector following the 2008 crash. Tech remained the biggest earnings producer for the S&P 500 from 2008 through 2012, but the leadership role moves back to Finance this year. Finance is on track to produce $198.5 billion in 2013 (19.3% of the total), up from $173.6 billion in 2012 (17.9% of the total), while Tech is expected to produce $183.1 billion this year (17.8% of the total), up from $182.9 billion in 2012 (18.9% of the total).
Trends in Estimate Revisions
The revisions trend appears to have lost some ground in the last few weeks, though the overall trend still remains in the positive-to-neutral territory, as the charts below show. The key metric in all the charts is the 'revisions ratio,' which is the ratio of total number of upward revisions over the preceding four weeks to the total number of revisions (positive and negative) over that same period.
We have two charts each for 2013 and 2014. The bar charts show the current state of the 'revisions ratio' (as of 6/14/13), while the line charts plot the ratio's trajectory over the preceding 24 months.
The ratio doesn't tell you the 'magnitude' of the revisions, only the direction. The '50%' level (the dark line) is the dividing line between positive and negative trends, with readings above 50% implying more positive than negative revisions. That said, our analysis shows that readings between 45% and 55% don't offer material insights into the magnitude of revisions. It is only readings above 55% and below 45% that offer bullish and bearish signals about the magnitude of earnings revisions.
As you can see in the charts above, the revisions trend for the S&P 500 as a whole is still in neutral territory, the current level (49% for 2013) is down from three weeks back (56% at the end of May). Finance has been in bullish trend for weeks now, but the estimate revisions trend for the Tech sector also seems to be moving in that direction now.
Hard to tell how sustainable the trend will prove to be, but the sector's revisions ratio for 2013 currently (as of 6/14) stands at 59.6%, the highest level in over 12 months. Some of the stand-out revisions in the sector were industry players like Motorola Solutions ( MSI ), Advanced Micro Devices ( AMD ) and NetApp ( NTAP ).
Finance continues to be in bullish territory for both this year and next (the blue line). The sector's revisions ratio currently (as of 6/14) stands at 72% for 2013 and 74% for 2014, signaling good times ahead for the sector. The trend makes perfect sense as higher interest rates may be a hindrance for other industries, but it's beneficial for the Finance sector's earnings.
Flat net-interest margins have been a permanent feature of the sector's, particularly banking's, earnings picture in recent quarters. The Finance sector's positive earnings outlook is a function of the rising trend in interest rates.
On the negative side, the revisions trend is decidedly in bearish territory for Industrials and Basic Materials both for this year and next. Peabody Energy ( BTU ), U.S. Steel ( X ), Joy Global ( JOY ), Freeport-McMoran ( FCX ) have all suffered significant negative estimate revisions lately.
Fed aside, we have a bunch of housing related data on deck this week, including Housing Starts and Existing Home Sales data. We will also have the Empire State and Philly Fed regional manufacturing surveys and the May CPI numbers this week. But everyone will be looking ahead to the Bernanke press conference on Wednesday afternoon.
ALCOA INC (AA): Free Stock Analysis Report
ADOBE SYSTEMS (ADBE): Free Stock Analysis Report
ADV MICRO DEV (AMD): Free Stock Analysis Report
PEABODY ENERGY (BTU): Free Stock Analysis Report
CONAGRA FOODS (CAG): Free Stock Analysis Report
DARDEN RESTRNT (DRI): Free Stock Analysis Report
FREEPT MC COP-B (FCX): Free Stock Analysis Report
FEDEX CORP (FDX): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
JOY GLOBAL INC (JOY): Free Stock Analysis Report
LENNAR CORP -A (LEN): Free Stock Analysis Report
MORGAN STANLEY (MS): Free Stock Analysis Report
MOTOROLA SOLUTN (MSI): Free Stock Analysis Report
ORACLE CORP (ORCL): Free Stock Analysis Report
PAYCHEX INC (PAYX): Free Stock Analysis Report
WALGREEN CO (WAG): Free Stock Analysis Report
UTD STATES STL (X): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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But we will likely have to wait a bit longer for the reporting season to get really high gear -- Alcoa's ( AA ) report is coming on July 8th. ALCOA INC (AA): Free Stock Analysis Report ADOBE SYSTEMS (ADBE): Free Stock Analysis Report ADV MICRO DEV (AMD): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report CONAGRA FOODS (CAG): Free Stock Analysis Report DARDEN RESTRNT (DRI): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report JOY GLOBAL INC (JOY): Free Stock Analysis Report LENNAR CORP -A (LEN): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report MOTOROLA SOLUTN (MSI): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report PAYCHEX INC (PAYX): Free Stock Analysis Report WALGREEN CO (WAG): Free Stock Analysis Report UTD STATES STL (X): Free Stock Analysis Report To read this article on Zacks.com click here. The after-effects of the Bernanke announcement and the resultant impact on benchmark interest rates will no doubt remain the big issues for the market this week as well, but we are also getting close to the start of the Q2 earnings season.
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ALCOA INC (AA): Free Stock Analysis Report ADOBE SYSTEMS (ADBE): Free Stock Analysis Report ADV MICRO DEV (AMD): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report CONAGRA FOODS (CAG): Free Stock Analysis Report DARDEN RESTRNT (DRI): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report JOY GLOBAL INC (JOY): Free Stock Analysis Report LENNAR CORP -A (LEN): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report MOTOROLA SOLUTN (MSI): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report PAYCHEX INC (PAYX): Free Stock Analysis Report WALGREEN CO (WAG): Free Stock Analysis Report UTD STATES STL (X): Free Stock Analysis Report To read this article on Zacks.com click here. But we will likely have to wait a bit longer for the reporting season to get really high gear -- Alcoa's ( AA ) report is coming on July 8th. We will see if this week's reports from the likes of Walgreen ( WAG ), ConAgra ( CAG ), Lennar ( LEN ), Paychex ( PAYX ) and others will show a more promising side of the earnings picture.
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ALCOA INC (AA): Free Stock Analysis Report ADOBE SYSTEMS (ADBE): Free Stock Analysis Report ADV MICRO DEV (AMD): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report CONAGRA FOODS (CAG): Free Stock Analysis Report DARDEN RESTRNT (DRI): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report JOY GLOBAL INC (JOY): Free Stock Analysis Report LENNAR CORP -A (LEN): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report MOTOROLA SOLUTN (MSI): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report PAYCHEX INC (PAYX): Free Stock Analysis Report WALGREEN CO (WAG): Free Stock Analysis Report UTD STATES STL (X): Free Stock Analysis Report To read this article on Zacks.com click here. But we will likely have to wait a bit longer for the reporting season to get really high gear -- Alcoa's ( AA ) report is coming on July 8th. Finance wasn't a big driver of aggregate earnings growth for the S&P 500 in Q1, but takes back the lead role in Q2, with total earnings for the sector expected to be up +19.6% and estimates for the group are steadily going up.
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But we will likely have to wait a bit longer for the reporting season to get really high gear -- Alcoa's ( AA ) report is coming on July 8th. ALCOA INC (AA): Free Stock Analysis Report ADOBE SYSTEMS (ADBE): Free Stock Analysis Report ADV MICRO DEV (AMD): Free Stock Analysis Report PEABODY ENERGY (BTU): Free Stock Analysis Report CONAGRA FOODS (CAG): Free Stock Analysis Report DARDEN RESTRNT (DRI): Free Stock Analysis Report FREEPT MC COP-B (FCX): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report JOY GLOBAL INC (JOY): Free Stock Analysis Report LENNAR CORP -A (LEN): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report MOTOROLA SOLUTN (MSI): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report PAYCHEX INC (PAYX): Free Stock Analysis Report WALGREEN CO (WAG): Free Stock Analysis Report UTD STATES STL (X): Free Stock Analysis Report To read this article on Zacks.com click here. Total earnings were up +2.3% in Q1, but growth was expected to be in negative territory at this stage before that reporting season.
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1377.0
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2013-06-20 00:00:00 UTC
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The Crucial Advice From Buffett You're Probably Ignoring
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AA
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https://www.nasdaq.com/articles/crucial-advice-buffett-youre-probably-ignoring-2013-06-20
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nan
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nan
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The latest rankings of the world's richest people show that telecom magnate Carlos Slim of Mexico is again on the top of the heap, followed by Microsoft founder Bill Gates.
Both of these men amassed dizzying fortunes primarily with one investment: Gates with Microsoft (Nasdaq: MSFT) and Slim with America Movil ( AMX ) , one of the largest telecom companies in the world.
Fourth on the list isWarren Buffett . The Oracle of Omaha also made his fortune with one company, Berkshire Hathaway (NYSE: BRK-B) , but there's a twist. While Microsoft is focused on software and America Movil on cellphones, Berkshire is a holding company. Its business is to own other businesses.
It is Buffett's uncanny ability to pick winning businesses that has enabled the modest man from Omaha to pile up nearly $55 billion.
But is it really all that uncanny?
I don't think so.
If you go to the bookstore, you'll find a whole shelf of books on Buffett in theinvesting section. Theywill be chock-full of his witty sayings. His earthy common sense resonates with everyone. No matter the story on the financial channels, Warren Buffett is the one we all gravitate to. He always makes sense, and he always makesmoney .
But no one listens to a word he says. Not really. They process his words. They laugh at his jokes, but people just do not hear what Buffett is saying.
I've followed Buffett for 30 years. I've read all of his shareholder letters, gone to shareholder meetings to hear him talk and read most of the books about him. They all capture Buffett the man. A few restate hisinvestment philosophy. But no one has ever -- ever -- mirrored his method.
This, frankly, is pretty curious.
I'm going to tell you a theory I have about Buffett. It might seem a little controversial. It may seem contradictory to the jovial image most of us harbor. I think Buffett woke up one day and decided to do a little experiment. He decided to test if people really were paying attention. And he started to tell them everything he knew about business and investing. He wrote, he taught, he spoke. He appeared on television and gave interviews.
As the decades passed, Buffett conclusively proved one thing, and one thing only. It was this: People simply do not listen. No matter how credible the source or enviable his track record, people always assume they know better.
They don't. Buffett told them all he knew. The shelf full of books is there because he wanted it to be. Everything the man knows is laid out for you to benefit from. But you'll likely ignore it. Buffett has proved this.
The entire financial world is focused on theincome statement . We go nuts forearnings season . Alcoa ( AA ) kicks it off every quarter. Then the big banks make their announcements, all in a row. Hundreds of major companiesissue their financials.Wall Street compares them with their estimates. Trading volumes soar. Prices swing.
This is madness. The income statement is functionally meaningless. Wall Street's consensus forecast for any company'searnings is also meaningless. Buffett knows this. He's been saying this for years.
Warren Buffett DOES NOT buy a company for what it has done. He buys companies for what they will do . And that is not something you can find on the income statement. The income statement is in the past tense.
Thebalance sheet , however, is about the future. The income statement is a video of a game already played. The balance sheet is a snapshot of a player running toward the goal line with the ball tucked under his arm.
If you want to be a better investor, forget thebottom line of the income statements. Read every line of the balance sheet instead. I've been talking about this alot with my Game-Changing Stocks readers lately. And later this week, I'll show StreetAuthority readers a little more about reading balance sheets. It's important, it's interesting -- and it can make you a better investor than most.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
© Copyright 2001-2016 StreetAuthority, LLC. All Rights Reserved.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) kicks it off every quarter. The latest rankings of the world's richest people show that telecom magnate Carlos Slim of Mexico is again on the top of the heap, followed by Microsoft founder Bill Gates. Both of these men amassed dizzying fortunes primarily with one investment: Gates with Microsoft (Nasdaq: MSFT) and Slim with America Movil ( AMX ) , one of the largest telecom companies in the world.
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Alcoa ( AA ) kicks it off every quarter. Both of these men amassed dizzying fortunes primarily with one investment: Gates with Microsoft (Nasdaq: MSFT) and Slim with America Movil ( AMX ) , one of the largest telecom companies in the world. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. © Copyright 2001-2016 StreetAuthority, LLC.
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Alcoa ( AA ) kicks it off every quarter. It is Buffett's uncanny ability to pick winning businesses that has enabled the modest man from Omaha to pile up nearly $55 billion. I've followed Buffett for 30 years.
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Alcoa ( AA ) kicks it off every quarter. It is Buffett's uncanny ability to pick winning businesses that has enabled the modest man from Omaha to pile up nearly $55 billion. I've followed Buffett for 30 years.
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1378.0
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2013-06-20 00:00:00 UTC
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Alcoa Wraps Up Aluminum Lithium Expansion - Analyst Blog
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AA
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https://www.nasdaq.com/articles/alcoa-wraps-up-aluminum-lithium-expansion-analyst-blog-2013-06-20
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nan
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nan
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Aluminum giant Alcoa Inc. ( AA ) announced that it has completed the expansion of aluminum lithium alloy production capacity at its Kitts Green plant in the UK to meet the growing demand for aluminum lithium alloys. Alcoa expects revenues from aluminum lithium to rise four-fold over the next six years to nearly $200 million.
The Kitts Green expansion, which is the second phase of the three-part expansion, allows airframers to build fuel efficient and lower-cost airplanes versus composite alternatives. Alcoa stated that the Kitts Green expansion will allow the company to serve the growing demand for its third generation aluminum lithium alloys better. According to Alcoa, the new aluminum lithium alloys provide excellent performance in terms of stiffness, damage tolerance and resistance of corrosion.
At the last Paris Air Show, the third-generation aluminum lithium alloys showed that they have the potential to increase fuel efficiency, reduce inspection intervals, improve passenger comfort and lower capital costs for aerospace manufacturers. Alcoa received a very positive response, where the demand exceeded its production capacity. This encouraged Alcoa to take initiatives for expanding its aluminum lithium operations at three locations across the globe.
Alcoa's third phase of expansion, which is a $90 million facility adjacent to its Lafayette, Ind. plant, is currently under construction. The expansion is expected to be completed and be online by the end of 2014. Alcoa expects the facility to produce additional 20,000 metric tons of aluminum lithium.
Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ), Atlatsa Resources Corporation ( ATL ) and BHP Billiton Limited ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
Alcoa currently retains a short-term Zacks Rank #4 (Sell).
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
ATLATSA RESRCS (ATL): Free Stock Analysis Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum giant Alcoa Inc. ( AA ) announced that it has completed the expansion of aluminum lithium alloy production capacity at its Kitts Green plant in the UK to meet the growing demand for aluminum lithium alloys. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa stated that the Kitts Green expansion will allow the company to serve the growing demand for its third generation aluminum lithium alloys better.
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Aluminum giant Alcoa Inc. ( AA ) announced that it has completed the expansion of aluminum lithium alloy production capacity at its Kitts Green plant in the UK to meet the growing demand for aluminum lithium alloys. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ), Atlatsa Resources Corporation ( ATL ) and BHP Billiton Limited ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
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Aluminum giant Alcoa Inc. ( AA ) announced that it has completed the expansion of aluminum lithium alloy production capacity at its Kitts Green plant in the UK to meet the growing demand for aluminum lithium alloys. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ), Atlatsa Resources Corporation ( ATL ) and BHP Billiton Limited ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
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Aluminum giant Alcoa Inc. ( AA ) announced that it has completed the expansion of aluminum lithium alloy production capacity at its Kitts Green plant in the UK to meet the growing demand for aluminum lithium alloys. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa expects revenues from aluminum lithium to rise four-fold over the next six years to nearly $200 million.
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1379.0
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2013-06-14 00:00:00 UTC
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Looking Ahead to Q2 Earnings Season - Earnings Preview
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AA
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https://www.nasdaq.com/articles/looking-ahead-q2-earnings-season-earnings-preview-2013-06-14
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nan
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nan
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The market's focus is justifiably on the Fed this week given the buzz surrounding the 'Taper' talk. I don't expect a categorical statement out of the FOMC on Wednesday, but it would not be unreasonable to expect Bernanke to provide more clarity on his thinking on the QE question in the post-meeting press conference that day.
The Fed will no doubt be the big subject this week, but we are getting close to the start of the Q2 earnings season as well. In fact, Q2 earnings season will actually get underway this week with the earning release from Discover Financial ( DFS ) on Monday, followed by reports from such bellwethers as FedEx ( FDX ) on Wednesday and Oracle ( ORCL ) on Thursday.
Alcoa ( AA ) typically gets credited for kicking off each earnings season, but we don't count Alcoa's report as the 'official' start; Discover will be the first 2013 Q2 earnings report in our tally. In fairness to Alcoa, investors start taking notice of the earnings season only with their release, which for Q2 will happen on July 8th.
As has been the case at the start of recent quarterly earnings cycles, expectations for Q2 earnings season remain quite low. Total earnings for companies in the S&P 500 are expected to be up only +0.6% from the same period last year. This is down from +3.9% growth expected in the quarter in early April. Total earnings were up +2.3% in Q1, but the expectation ahead of the start of the Q1 earnings season was for earnings growth to be in the negative territory.
Finance wasn't a big driver of aggregate earnings growth for the S&P 500 in Q1, but takes back the lead role in Q2, with total earnings for the sector expected to be up +19.4% and estimates steadily going up. Earnings for the sector were up +7.7% in Q1, which came after many quarters of double-digit growth.
All industries within the Finance sector like the major banks, regional banks, brokers and insurers are expected to have positive growth. But the growth picture is particularly notable for the brokerage and investment management industry such as Goldman Sachs ( GS ) and Morgan Stanley ( MS ), with total earnings for the group expected to be up +39.6% in Q2 after the +2.6% gain in Q1.
Unlike Finance, the earnings picture for the Technology sector, the largest sector in the S&P 500, remains fairly weak. Total earnings for the sector are expected to be down -8.7% from the same period last year, which follows the -3.8% earnings decline in Q1.
Earnings estimates for the sector have been steadily coming down over recent weeks, with the current -8.7% decline down from expected decline of -3.1% in mid-April. The weakest group within the Technology sector is the PC makers, with total earnings for the Computers and Office Equipment industry expected to be down -16.1% in Q2 after the -14.1% decline in Q1. Semiconductors and electronics are other Tech industries with negative earnings growth in the quarter.
Expectations for full-years 2013 and 2014 have come down far less than what we have seen for Q2 estimates. In fact, it is reasonable to assume that given the improving outlook for the Finance sector, aggregate estimates will start rising after a very long time in the coming weeks.
The +6.1% growth in total earnings this year, down from +6.8% in early April, reflects a material ramp up in the second half of the year that is then expected to carry into 2014. Combining the actual results for Q1 with estimates for Q2 gives us +1.5% year-over-year growth in total earnings in the first half of 2013. But total earnings are expected to be up +9.4% in the second half of the year and a further +11.5% in full-year 2014.
Trends in Estimate Revisions
The revisions trend appears to have lost some ground in the last two weeks, though the overall trend still remains in the positive-to-neutral territory. The charts below show trends in earnings estimate revisions. The key metric in all the charts is the 'revisions ratio,' which is the ratio of total number of upward revisions over the preceding four weeks to the total number of revisions (positive and negative) over that same period.
We have two charts each 2013 and 2014. The bar charts show the current state of the 'revisions ratio' (as of 6/7/13), while the line charts plot the ratio's trajectory over the preceding 24 months.
The ratio doesn't tell you the 'magnitude' of the revisions, only the direction. The '50%' level (the dark line) is the dividing line between positive and negative trends, with readings above 50% implying more positive than negative revisions. Our analysis shows that readings between 45% and 55% don't offer material insights into the magnitude of revisions. It is only readings above 55% and below 45% that offer bullish and bearish signals about the magnitude of earnings revisions.
As you can see in the charts above, the revisions trend for the S&P 500 as a whole is still in neutral territory, the current level (52% for 2013) is down from two weeks back (56% at the end of May). But the trend in the Finance sector continues to be in bullish territory for both this year and next (the blue line). The sector's revisions ratio currently (as of 6/7) stands at 69% for 2013 and 73% for 2014, modestly down from two weeks back, but nevertheless signaling good times ahead for the sector.
The trend makes perfect sense as higher interest rates may be a hindrance for other industries, but it's beneficial for the Finance sector's earnings. Flat net-interest margins have been a permanent feature of the sector's, particularly banking's, earnings picture in recent quarters. The charts also show the trend in the Technology sector, the largest in the S&P 500, to spotlight Finance's improving outlook.
The Finance sector's positive earnings outlook is a function of the rising trend in interest rates. But whether that trend continues or reverses course in the coming days will depend to a large extent on what the Fed does this week. The consensus view is that the Fed may not do anything material in this week's statement, but Bernanke may shed more light on the prevailing mood within the FOMC at his post-meeting press event.
Fed aside, we have a bunch of housing-related data on deck this week, including Housing Starts and Existing Home Sales data. We will also have the Empire State and Philly Fed regional manufacturing surveys and the May CPI numbers this week. But everyone will be looking ahead to the Bernanke press conference on Wednesday afternoon.
ALCOA INC (AA): Free Stock Analysis Report
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MORGAN STANLEY (MS): Free Stock Analysis Report
ORACLE CORP (ORCL): Free Stock Analysis Report
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Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) typically gets credited for kicking off each earnings season, but we don't count Alcoa's report as the 'official' start; Discover will be the first 2013 Q2 earnings report in our tally. ALCOA INC (AA): Free Stock Analysis Report DISCOVER FIN SV (DFS): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. But the growth picture is particularly notable for the brokerage and investment management industry such as Goldman Sachs ( GS ) and Morgan Stanley ( MS ), with total earnings for the group expected to be up +39.6% in Q2 after the +2.6% gain in Q1.
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ALCOA INC (AA): Free Stock Analysis Report DISCOVER FIN SV (DFS): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa ( AA ) typically gets credited for kicking off each earnings season, but we don't count Alcoa's report as the 'official' start; Discover will be the first 2013 Q2 earnings report in our tally. But the growth picture is particularly notable for the brokerage and investment management industry such as Goldman Sachs ( GS ) and Morgan Stanley ( MS ), with total earnings for the group expected to be up +39.6% in Q2 after the +2.6% gain in Q1.
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Alcoa ( AA ) typically gets credited for kicking off each earnings season, but we don't count Alcoa's report as the 'official' start; Discover will be the first 2013 Q2 earnings report in our tally. ALCOA INC (AA): Free Stock Analysis Report DISCOVER FIN SV (DFS): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Total earnings were up +2.3% in Q1, but the expectation ahead of the start of the Q1 earnings season was for earnings growth to be in the negative territory.
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Alcoa ( AA ) typically gets credited for kicking off each earnings season, but we don't count Alcoa's report as the 'official' start; Discover will be the first 2013 Q2 earnings report in our tally. ALCOA INC (AA): Free Stock Analysis Report DISCOVER FIN SV (DFS): Free Stock Analysis Report FEDEX CORP (FDX): Free Stock Analysis Report GOLDMAN SACHS (GS): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report ORACLE CORP (ORCL): Free Stock Analysis Report To read this article on Zacks.com click here. Total earnings were up +2.3% in Q1, but the expectation ahead of the start of the Q1 earnings season was for earnings growth to be in the negative territory.
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2013-06-12 00:00:00 UTC
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Chatham to Buy Hyatt Place Pittsburgh - Analyst Blog
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https://www.nasdaq.com/articles/chatham-to-buy-hyatt-place-pittsburgh-analyst-blog-2013-06-12
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Chatham Lodging Trust ( CLDT ), a lodging real estate investment trust (REIT), inked a deal to acquire a Pa.-based property - Hyatt Place Pittsburgh/North Shore - for $40 million (including customary pro-rated amounts and closing costs). The move marks the company's efforts to spread its presence in high-end markets and thereby strengthen its overall portfolio.
Founded in Dec 2010, Hyatt Place Pittsburgh comprises 178 rooms and is situated in North Shore neighborhood. The hotel is in proximity to famous local attractions such as Carnegie Science Center, River Casino, PNC Park and Heinz Hall.
Moreover, Hyatt Place Pittsburgh is close to offices of Fortune 500 business giants - including PPG Industries Inc. ( PPG ), PNC Financial, Alcoa Inc. ( AA ), International Business Machines Corporation ( IBM ) and U.S. Steel. Its strategic location makes it desirable for both business and leisure travelers.
Post-acquisition, the property will be managed by Island Hospitality Management. The acquisition is expected to close by Jun 17, 2013, subject to customary closing conditions. This strategic buyout is a quality addition to Chatham's portfolio of upscale extended-stay and premium branded select-service hotels in some of the most attractive markets in the U.S. We expect the property to generate a steady source of revenues going forward and strengthen its top-line growth.
However, on a separate development, Chatham stated that it has decreased its revenue per available room (RevPAR) guidance for second-quarter 2013. This reflects the company's expectation of RevPAR being further impacted by renovations, concerning the rebranding of the Wash.-based former Doubletree Guest Suites hotel to Residence Inn by Marriott.
Based on this, Chatham now expects RevPAR to increase in the range of $114-$115 (previously $116-$118). Moreover, the company lowered its RevPAR growth guidance range to +2-3% (previously +4-5%). As matter of fact, Chatham expects the renovation to conclude in the third quarter of 2013.
Chatham currently carries a Zacks Rank #3 (Hold).
ALCOA INC (AA): Free Stock Analysis Report
CHATHAM LODGING (CLDT): Free Stock Analysis Report
INTL BUS MACH (IBM): Free Stock Analysis Report
PPG INDS INC (PPG): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Moreover, Hyatt Place Pittsburgh is close to offices of Fortune 500 business giants - including PPG Industries Inc. ( PPG ), PNC Financial, Alcoa Inc. ( AA ), International Business Machines Corporation ( IBM ) and U.S. Steel. ALCOA INC (AA): Free Stock Analysis Report CHATHAM LODGING (CLDT): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report PPG INDS INC (PPG): Free Stock Analysis Report To read this article on Zacks.com click here. The hotel is in proximity to famous local attractions such as Carnegie Science Center, River Casino, PNC Park and Heinz Hall.
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Moreover, Hyatt Place Pittsburgh is close to offices of Fortune 500 business giants - including PPG Industries Inc. ( PPG ), PNC Financial, Alcoa Inc. ( AA ), International Business Machines Corporation ( IBM ) and U.S. Steel. ALCOA INC (AA): Free Stock Analysis Report CHATHAM LODGING (CLDT): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report PPG INDS INC (PPG): Free Stock Analysis Report To read this article on Zacks.com click here. Chatham Lodging Trust ( CLDT ), a lodging real estate investment trust (REIT), inked a deal to acquire a Pa.-based property - Hyatt Place Pittsburgh/North Shore - for $40 million (including customary pro-rated amounts and closing costs).
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ALCOA INC (AA): Free Stock Analysis Report CHATHAM LODGING (CLDT): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report PPG INDS INC (PPG): Free Stock Analysis Report To read this article on Zacks.com click here. Moreover, Hyatt Place Pittsburgh is close to offices of Fortune 500 business giants - including PPG Industries Inc. ( PPG ), PNC Financial, Alcoa Inc. ( AA ), International Business Machines Corporation ( IBM ) and U.S. Steel. Chatham Lodging Trust ( CLDT ), a lodging real estate investment trust (REIT), inked a deal to acquire a Pa.-based property - Hyatt Place Pittsburgh/North Shore - for $40 million (including customary pro-rated amounts and closing costs).
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Moreover, Hyatt Place Pittsburgh is close to offices of Fortune 500 business giants - including PPG Industries Inc. ( PPG ), PNC Financial, Alcoa Inc. ( AA ), International Business Machines Corporation ( IBM ) and U.S. Steel. ALCOA INC (AA): Free Stock Analysis Report CHATHAM LODGING (CLDT): Free Stock Analysis Report INTL BUS MACH (IBM): Free Stock Analysis Report PPG INDS INC (PPG): Free Stock Analysis Report To read this article on Zacks.com click here. Moreover, the company lowered its RevPAR growth guidance range to +2-3% (previously +4-5%).
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1381.0
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2013-05-31 00:00:00 UTC
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Stock Downgrades: Scotts Miracle-Gro Not Hitting Pay Dirt
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https://www.nasdaq.com/articles/stock-downgrades-scotts-miracle-gro-not-hitting-pay-dirt-2013-05-31
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Wall Street's old saw "Sell in May and go away" cut no ice with investors this year, perhaps not surprising since tool titan Stanley Black & Decker ( SWK ) was just taken down a notch . Dow Industrials (^DJI) advanced a lucky 21 points and are poised to round out a surprisingly strong month.
Some stocks did buck a broadly higher tape, however. Alcoa ( AA ) was the worst performing blue chip, dropping 1.05% after Moody's ( MCO ) - which rated Enron investment grade until essentially the bitter end - cut the company to junk. Pig processor Smithfield Foods ( SFD ) gave back 1.83% as an analyst, on the birthday of Porky Pig , decided " That's all folks! ", opting to cut the shares after the prior session's 28.42% surge.
Conversely Facebook (FB) - whose CEO could always work in a hog abattoir if this social networking thing doesn't take off - rose an impressive 5.27% on a ratings increase .
This morning in economics, analysts expect improvements in the May Chicago Purchasing Managers' index at 9:45 a.m. Eastern and this month's University of Michigan consumer sentiment survey at 9:55 a.m. On the corporate front, Genesco (GCO) and Graham Corporation (GHM) are the pick of a quiet day for earnings announcements.
Aon PLC (AON): The insurance outfit is cut to Market Perform from Outperform at Keefe Bruyette due to valuation issues.
Canadian Imperial Bank of Commerce (CM): Bank of America-Merrill Lynch lowers the financial firm to Neutral from Buy.
Charles River Laboratories (CRL): The stock gets lowered to Underperform from Market Perform at Raymond James.
Mellanox Techologies (MLNX): Shares are taken to Neutral from Buy at UBS.
Myriad Genetics (MYGN): Jefferies cuts the company to Hold from Buy.
Panera Bread (PNRA): Lazard lowers the stock, which traded at an all-time high yesterday, to Neutral from Buy.
Scotts Miracle-Gro ( SMG ): A plump Price:Earnings multiple sees BMO Capital reduce its rating to Underperform from Market Perform.
(See also: New Stock Coverage: Tiffany Boosted by the Bling Ring and Stock Upgrades: There's No Place Like HomeAway )
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) was the worst performing blue chip, dropping 1.05% after Moody's ( MCO ) - which rated Enron investment grade until essentially the bitter end - cut the company to junk. Wall Street's old saw "Sell in May and go away" cut no ice with investors this year, perhaps not surprising since tool titan Stanley Black & Decker ( SWK ) was just taken down a notch . Conversely Facebook (FB) - whose CEO could always work in a hog abattoir if this social networking thing doesn't take off - rose an impressive 5.27% on a ratings increase .
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Alcoa ( AA ) was the worst performing blue chip, dropping 1.05% after Moody's ( MCO ) - which rated Enron investment grade until essentially the bitter end - cut the company to junk. Charles River Laboratories (CRL): The stock gets lowered to Underperform from Market Perform at Raymond James. (See also: New Stock Coverage: Tiffany Boosted by the Bling Ring and Stock Upgrades: There's No Place Like HomeAway ) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) was the worst performing blue chip, dropping 1.05% after Moody's ( MCO ) - which rated Enron investment grade until essentially the bitter end - cut the company to junk. This morning in economics, analysts expect improvements in the May Chicago Purchasing Managers' index at 9:45 a.m. Eastern and this month's University of Michigan consumer sentiment survey at 9:55 a.m. On the corporate front, Genesco (GCO) and Graham Corporation (GHM) are the pick of a quiet day for earnings announcements. (See also: New Stock Coverage: Tiffany Boosted by the Bling Ring and Stock Upgrades: There's No Place Like HomeAway ) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) was the worst performing blue chip, dropping 1.05% after Moody's ( MCO ) - which rated Enron investment grade until essentially the bitter end - cut the company to junk. Wall Street's old saw "Sell in May and go away" cut no ice with investors this year, perhaps not surprising since tool titan Stanley Black & Decker ( SWK ) was just taken down a notch . Mellanox Techologies (MLNX): Shares are taken to Neutral from Buy at UBS.
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1382.0
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2013-05-30 00:00:00 UTC
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Alcoa Downgraded by Moody's - Analyst Blog
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https://www.nasdaq.com/articles/alcoa-downgraded-by-moodys-analyst-blog-2013-05-30
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Aluminum producer Alcoa Inc. 's ( AA ) unsecured debt ratings were downgraded by Moody's Investors Service to Ba1 from Baa3. Moreover, the rating agency assigned a Ba1 Corporate Family Rating and a Ba1-PD Probability of Default Rating. Moody's attributed the downgrade to lower aluminum prices and weak aluminum industry fundamentals.
Although Moody's stated that Alcoa has been successfully reducing costs and improving productivity, weak market for Alcoa's primary metals segment and aluminum prices will make it difficult to achieve an investment grade rating.
While Alcoa's mid stream business - Global Rolled Products - and downstream Engineered Products and Solutions business are expected to perform well, these segments, however, are currently not able to offset the slow improvement in profit in the primary business at the current debt levels.
Although Alcoa is making efforts to improve performance in its alumina and aluminum businesses, the full improvement to targeted levels in terms of cost reductions is expected to be attained by 2015. Moreover, while aluminum demand has achieved a year-over-year improvement of about 7% to 7.5 % from 2010 through 2012, the aluminum price has been in a downward trend since achieving post recession highs in 2011.
Moody's views Alcoa's rating outlook as stable considering weak aluminum prices over the next 12-18 months and it also includes the company's focus on cost-cutting, managing working capital, sound liquidity position and manageable debt maturities. The rating may be upgraded if Alcoa achieves a sustainable debt/EBITDA ratio of at least 3.5x, a sustainable EBIT/interest ratio of at least 4x and a sustainable (Cash flow less dividends)/debt ratio of at least 20%.
Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China ( ACH ) and BHP Billiton ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
Alcoa currently retains a short-term Zacks Rank #3 (Hold).
Another company in the mining industry with a favorable Zacks Rank is Atlatsa Resources Corporation ( ATL ), having a Zacks Rank #2 (Buy).
ALCOA INC (AA): Free Stock Analysis Report
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ATLATSA RESRCS (ATL): Free Stock Analysis Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum producer Alcoa Inc. 's ( AA ) unsecured debt ratings were downgraded by Moody's Investors Service to Ba1 from Baa3. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Although Moody's stated that Alcoa has been successfully reducing costs and improving productivity, weak market for Alcoa's primary metals segment and aluminum prices will make it difficult to achieve an investment grade rating.
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ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum producer Alcoa Inc. 's ( AA ) unsecured debt ratings were downgraded by Moody's Investors Service to Ba1 from Baa3. Although Moody's stated that Alcoa has been successfully reducing costs and improving productivity, weak market for Alcoa's primary metals segment and aluminum prices will make it difficult to achieve an investment grade rating.
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ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum producer Alcoa Inc. 's ( AA ) unsecured debt ratings were downgraded by Moody's Investors Service to Ba1 from Baa3. Although Moody's stated that Alcoa has been successfully reducing costs and improving productivity, weak market for Alcoa's primary metals segment and aluminum prices will make it difficult to achieve an investment grade rating.
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Aluminum producer Alcoa Inc. 's ( AA ) unsecured debt ratings were downgraded by Moody's Investors Service to Ba1 from Baa3. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Moreover, the rating agency assigned a Ba1 Corporate Family Rating and a Ba1-PD Probability of Default Rating.
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1383.0
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2013-05-30 00:00:00 UTC
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Benzinga Market Primer: Thursday, May 30
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https://www.nasdaq.com/articles/benzinga-market-primer-thursday-may-30-2013-05-30
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Futures Slightly Lower After Wall Street Sell-Off, Surge in M&A
U.S. equity futures traded slightly lower in early pre-market trade after another sell-off Wednesday despite an upswing in M&A activity. Several deals have been announced this week and the M&A market has remained strong in 2013, a key sign of corporate confidence in the economic recovery.
Top News
In other news around the markets:
Japanese flow of funds data showed net selling by domestics for the second consecutive week as the Nikkei Index dropped over 5 percent and the yen strengthened against the dollar. For the government's stimulus policies to truly take hold, investors would want to see Japanese domestics purchasing foreign assets, which would further aid in the decline in the yen. Italy sold 5.75 billion euros in 5- and 10-year bonds with yields rising in each maturity despite strong demand. The yield on the 5-year BTP rose to 3.01 percent from 2.84 percent at the previous auction and the yield on the 10-year BTP rose to 4.14 percent from 3.94 percent. Two large M&A deals were announced Wednesday. The first deal involved Smithfield Foods (NYSE: SFD ) being bought for $4.72 billion by a Chinese company. Also, Berkshire Hathaway's (NYSE: BRK-A) (NYSE: BRK-B) Mid-American Energy purchased NV Energy (NYSE: NVE ) for $5.6 billion. S&P 500 futures fell 3.00 points to 1,644.00. The EUR/USD was higher at 1.2997. Spanish 10-year government bond yields rose 2 basis points to 4.44 percent. Italian 10-year government bond yields rose 4 basis points to 4.22 percent. Gold rose 1.09 percent to $1,407.00 per ounce.
Asian Markets
Asian shares were in flux overnight as Japanese stocks closed sharply lower as the Nikkei Index officially entered correction territory after making a 5-year high last week. The Japanese Nikkei Index closed 5.15 percent lower as the Shanghai Composite Index rose 0.13 percent and the Hang Seng Index declined 0.31 percent. Also, the Korean Kospi fell 0.05 percent and Australian shares lost 0.89 percent.
European Markets
European shares traded mostly higher overnight save for shares in Spain as the government announced that GDP fell 0.5 percent last month, in line with expectations, but the previous month's figure was reduced to -0.8 percent growth from the initial estimate of -0.5 percent. The Spanish Ibex Index declined 0.07 percent as the Italian FTSE MIB Index rose 2.1 percent. Meanwhile, the German DAX rose 1.16 percent and the French CAC 40 gained 0.12 percent while U.K. shares added 0.08 percent.
Commodities
Commodities were mixed overnight as energy futures lagged and metals gained. WTI Crude futures fell 0.77 percent to $92.41 per barrel and Brent Crude futures declined 0.73 percent to $101.68 per barrel. Copper futures rose 0.29 percent to $330.65 after Wednesday's drop. Gold was higher and silver futures rose 1.03 percent to $22.69 per ounce.
Currencies
Currency markets continued Wednesday's moves as the dollar retreated from recent highs against most other currencies. The EUR/USD was higher at 1.2997 and the dollar fell against the yen to 100.82. Overall, the Dollar Index fell 0.35 percent on weakness against the Swiss franc, the euro, the pound, and the yen.
Earnings Reported Yesterday
Key companies that reported earnings Wednesday include:
Bank of Montreal (NYSE: BMO ) reported second quarter EPS of $1.46 vs. $1.50 expected on revenue of $588.7 million vs. $609.73 million expected. DSW Inc. (NYSE: DSW ) reported first quarter EPS of $1.00 vs. $0.90 a year ago on revenue of $601.4 million vs. $588.83 million expected. Michael Kors Holdings (NYSE: KORS ) reported fourth quarter EPS of $0.50 vs. $0.39 expected on revenue of $597.2 million vs. $544.71 million expected. The Fresh Market (NASDAQ: TFM ) reported first quarter EPS of $0.46 vs. $0.44 expected on revenue of $366.6 million vs. $369.83 million expected.
Pre-Market Movers
Stocks moving in the pre-market included:
NV Energy (NYSE: NVE ) shares rose 24.43 percent pre-market after the acquisition announcement yesterday. Alcoa (NYSE: AA ) shares declined 1.63 percent pre-market after Moody's cut its credit rating to Ba1 from Baa3 which now places the company in junk bond territory. Newmont Mining (NYSE: NEM ) shares rose 0.88 percent as gold futures rose back above $1,400.00 per ounce. Royal Caribbean (NYSE: RCL ) shares declined 1.00 percent pre-market after the ship fire earlier this week.
Earnings
Notable companies expected to report earnings Thursday include:
Costco (NYSE: COST ) is expected to report third quarter EPS of $1.03 vs. $0.88 a year ago. Joy Global (NYSE: JOY ) is expected to report second quarter EPS of $1.58 vs. $2.04 a year ago. Krispy Kreme Doughnuts (NYSE: KKD ) is expected to report first quarter EPS of $0.17 vs. $0.14 a year ago. Palo Alto Networks (NYSE: PANW ) is expected to report third quarter EPS of $0.05 vs. $0.07 a year ago. Splunk (NASDAQ: SPLK ) is expected to report a first quarter loss of $0.06 per share vs. a loss of $0.04 per share a year ago.
Economics
On the economics calendar Thursday, the latest revision to first quarter GDP is due out as well as initial jobless claims, corporate profits, and the Pending Home Sales Index. Also, the Treasury is set to auction 7-year notes. Overnight, Japanese Industrial Production and the Eurozone Unemployment Rate are expected to be released.
Good luck and good trading.
Click here to view Benzinga's Market Wrap for Wednesday, May 29.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa (NYSE: AA ) shares declined 1.63 percent pre-market after Moody's cut its credit rating to Ba1 from Baa3 which now places the company in junk bond territory. Several deals have been announced this week and the M&A market has remained strong in 2013, a key sign of corporate confidence in the economic recovery. For the government's stimulus policies to truly take hold, investors would want to see Japanese domestics purchasing foreign assets, which would further aid in the decline in the yen.
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Alcoa (NYSE: AA ) shares declined 1.63 percent pre-market after Moody's cut its credit rating to Ba1 from Baa3 which now places the company in junk bond territory. Earnings Reported Yesterday Key companies that reported earnings Wednesday include: Bank of Montreal (NYSE: BMO ) reported second quarter EPS of $1.46 vs. $1.50 expected on revenue of $588.7 million vs. $609.73 million expected. Michael Kors Holdings (NYSE: KORS ) reported fourth quarter EPS of $0.50 vs. $0.39 expected on revenue of $597.2 million vs. $544.71 million expected.
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Alcoa (NYSE: AA ) shares declined 1.63 percent pre-market after Moody's cut its credit rating to Ba1 from Baa3 which now places the company in junk bond territory. The yield on the 5-year BTP rose to 3.01 percent from 2.84 percent at the previous auction and the yield on the 10-year BTP rose to 4.14 percent from 3.94 percent. The Japanese Nikkei Index closed 5.15 percent lower as the Shanghai Composite Index rose 0.13 percent and the Hang Seng Index declined 0.31 percent.
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Alcoa (NYSE: AA ) shares declined 1.63 percent pre-market after Moody's cut its credit rating to Ba1 from Baa3 which now places the company in junk bond territory. The yield on the 5-year BTP rose to 3.01 percent from 2.84 percent at the previous auction and the yield on the 10-year BTP rose to 4.14 percent from 3.94 percent. S&P 500 futures fell 3.00 points to 1,644.00.
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1384.0
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2013-05-29 00:00:00 UTC
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Alcoa-Ma'aden JV Completes First Wetlands System - Analyst Blog
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https://www.nasdaq.com/articles/alcoa-maaden-jv-completes-first-wetlands-system-analyst-blog-2013-05-29
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Aluminum giant, Alcoa Inc. ( AA ), and The Saudi Arabian Mining Company (Ma'aden) announced the completion of an engineered wetlands wastewater management system in Saudi Arabia at the Ma'aden-Alcoa joint venture project site.
The system is the first-of-its-kind and is expected to reduce water demand by nearly two million U.S. gallons (7.5 million litres) per day and save more than $7 million per year that would otherwise be spent to purchase fresh water.
The technology is designed and engineered by Alcoa and is known as a Natural Engineered Wastewater Treatment system. The unique system collects sanitary and industrial wastewater and cleans and disinfects it without either using chemicals or making water discharge and odors associated with conventional tank systems.
Apart from saving water and money, the innovative design took six months less to be built compared with the conventional tank-based system. The system also eliminates the need of an estimated 1,000 metric tons of steel for piping and tanks.
The waste management system combines the expertise of Ma'aden, its local knowledge and the technological depth along with sustainability leadership of Alcoa. The technology was developed to replicate the physical, chemical and biological processes of natural wetlands.
The project is expected to be fully operational by the end of July and the technology is being considered for other wastewater treatment applications throughout Saudi Arabia.
Alcoa entered into a joint venture with Ma'aden to develop the largest and lowest-cost integrated aluminum facility in the highly populated Middle East region, where infrastructures are provided to keep pace with growing consumer demand. The project leverages efficiencies from integrating the mine, refinery, smelter, and rolling mill, and from low energy costs embedded in a brand new infrastructure environment.
Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ) and BHP Billiton Limited ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
Alcoa currently retains a short-term Zacks Rank #3 (Hold).
Another company in the mining industry with a favorable Zacks Rank is Atlatsa Resources Corporation ( ATL ) which retains a Zacks Rank #2 (Buy).
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
ATLATSA RESRCS (ATL): Free Stock Analysis Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum giant, Alcoa Inc. ( AA ), and The Saudi Arabian Mining Company (Ma'aden) announced the completion of an engineered wetlands wastewater management system in Saudi Arabia at the Ma'aden-Alcoa joint venture project site. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. The project is expected to be fully operational by the end of July and the technology is being considered for other wastewater treatment applications throughout Saudi Arabia.
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Aluminum giant, Alcoa Inc. ( AA ), and The Saudi Arabian Mining Company (Ma'aden) announced the completion of an engineered wetlands wastewater management system in Saudi Arabia at the Ma'aden-Alcoa joint venture project site. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Another company in the mining industry with a favorable Zacks Rank is Atlatsa Resources Corporation ( ATL ) which retains a Zacks Rank #2 (Buy).
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Aluminum giant, Alcoa Inc. ( AA ), and The Saudi Arabian Mining Company (Ma'aden) announced the completion of an engineered wetlands wastewater management system in Saudi Arabia at the Ma'aden-Alcoa joint venture project site. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ) and BHP Billiton Limited ( BHP ), is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
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Aluminum giant, Alcoa Inc. ( AA ), and The Saudi Arabian Mining Company (Ma'aden) announced the completion of an engineered wetlands wastewater management system in Saudi Arabia at the Ma'aden-Alcoa joint venture project site. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. The technology is designed and engineered by Alcoa and is known as a Natural Engineered Wastewater Treatment system.
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1385.0
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2013-05-24 00:00:00 UTC
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Stock Upgrades: Changing Tides Makes Procter & Gamble a Better Bet
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https://www.nasdaq.com/articles/stock-upgrades-changing-tides-makes-procter-gamble-better-bet-2013-05-24
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A week that began with Tumblr is ending with I'll Tumble For Ya . Stocks slid for a second straight session amid Tokyo troubles and fears here of a hard landing for quantitative easing. Bucking a bad day for blue chips, an upgradedHewlett-Packard ( HPQ ) surged some 17.10%. Its $3.63 advance took it above $24, the price paid for the entire isle of Manhattan on this very date in 1626. (Sorry Meg, but Mr. Minuit may have you beat there, especially adjusted for inflation.) Hot dog heavyweight Nathan's Famous ( NATH ) franks fell 3.40% even as it reopened in Coney Island . Thus does a bad week for Weiners conclude, as Anthony's Pittsburgh mix up promptly sent Steel City's own Alcoa ( AA ) plunging 1.73% to post the Dow's (^DJI) poorest performance.
Ahead of the long Memorial Day weekend, the bond market is scheduled to close early. On the corporate front, expect quarterly earnings announcements out of Abercrombie & Fitch ( ANF ), Destination XL Group (DXLG), Foot Locker (FL), Hibbett Sports (HIBB), Tsakos Energy Navigation (TNP), and UTStarcom (UTSI).
AllianceData (ADS): Shares are upgraded to Outperform from Market Perform by William Blair.
DDR Corp. (DDR): Jefferies raises the retail Real Estate Investment Trust to Buy from Hold.
Gordmans Stores (GMAN): GMAN gets an Overweight-from-Neutral upgrade at Piper Jaffray.
Novo Nordisk (NVO): The Danish drug stock is now Buy from Neutral at Natixis.
Pandora Media (P): Shares, currently up 18.44% before the bell following impressive first quarter earnings, get increased to Outperform from Sector Perform at RBC Capital. Mobile monetization offers promise for the Internet radio outfit.
Procter & Gamble ( PG ): A changing of the guard that sees AG Lafley return as CEO prompts UBS to boost the Dow (^DJI) member to Buy from Neutral. Its brands include Crest, Gillette, and Tide. In what looks like a weak overall open in equities, its shares are up about 2.92% as I write this morning.
RTI International Metals (RTI): Citigroup adds the stock to its Top Picks Live list.
Sherwin-Williams (SHW): Robert W. Baird raises its recommendation on the paint powerhouse to Outperform from Neutral with a $205 price objective (up from $180) after yesterday's constructive analyst meeting.
Wendy's (WEN): Janney Capital juices its investment opinion on the fast food firm to Buy from Neutral.
Whiting Petroleum (WLL): Shares are now Buy from Neutral at Suntrust Robinson Humphrey.
(See also: New Stock Coverage: Look at LeapFrog Jump and Stock Downgrades: Rue21 Exits Easy Street .)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Thus does a bad week for Weiners conclude, as Anthony's Pittsburgh mix up promptly sent Steel City's own Alcoa ( AA ) plunging 1.73% to post the Dow's (^DJI) poorest performance. On the corporate front, expect quarterly earnings announcements out of Abercrombie & Fitch ( ANF ), Destination XL Group (DXLG), Foot Locker (FL), Hibbett Sports (HIBB), Tsakos Energy Navigation (TNP), and UTStarcom (UTSI). Procter & Gamble ( PG ): A changing of the guard that sees AG Lafley return as CEO prompts UBS to boost the Dow (^DJI) member to Buy from Neutral.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Thus does a bad week for Weiners conclude, as Anthony's Pittsburgh mix up promptly sent Steel City's own Alcoa ( AA ) plunging 1.73% to post the Dow's (^DJI) poorest performance. AllianceData (ADS): Shares are upgraded to Outperform from Market Perform by William Blair.
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Thus does a bad week for Weiners conclude, as Anthony's Pittsburgh mix up promptly sent Steel City's own Alcoa ( AA ) plunging 1.73% to post the Dow's (^DJI) poorest performance. Pandora Media (P): Shares, currently up 18.44% before the bell following impressive first quarter earnings, get increased to Outperform from Sector Perform at RBC Capital. Procter & Gamble ( PG ): A changing of the guard that sees AG Lafley return as CEO prompts UBS to boost the Dow (^DJI) member to Buy from Neutral.
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Thus does a bad week for Weiners conclude, as Anthony's Pittsburgh mix up promptly sent Steel City's own Alcoa ( AA ) plunging 1.73% to post the Dow's (^DJI) poorest performance. A week that began with Tumblr is ending with I'll Tumble For Ya . Stocks slid for a second straight session amid Tokyo troubles and fears here of a hard landing for quantitative easing.
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1386.0
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2013-05-23 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,459.42 down -3.88 points
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https://www.nasdaq.com/articles/market-close-report-nasdaq-composite-index-closes-345942-down-388-points-2013-05-23
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Thursday's session closes with the NASDAQ Composite Index at 3,459.42. The total shares traded for the NASDAQ was over 1.77 billion.
Advancers stocks led declining by 1.06 to 1 ratio. There were 1288 advancers and 1213 decliners for the day. On the NASDAQ Stock Exchange 27 stocks reached a 52 week high and 14 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed down -.26% for the day; a total of -7.68 points. The current value is 2,991.45. Regeneron Pharmaceuticals, Inc. ( REGN ) had the largest percent change down (-2.88%) while Expeditors International of Washington, Inc. ( EXPD ) had the largest percent change gain rising 4.8%.
The Dow Jones index closed down -.08% for the day; a total of -12.67 points. The current value is 15,294.5. Alcoa Inc. ( AA ) had the largest percent change down (-1.73%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 17.1%.
NASDAQ Market Wrap
As of 5/23/2013 4:44:01 PM
BILLIONS OF 1.77 NASDAQ SHARES TRADED TODAY 27 STOCKS REACHED A 52 WEEK HIGH 14 THOSE REACHING LOWS TOTALEDExpeditors International of Washington, Inc.[EXPD]TOPS ADVANCERS LISTOF NASDAQ 100 % 4.8 INDEXEXPD ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.73%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 17.1%. Regeneron Pharmaceuticals, Inc. ( REGN ) had the largest percent change down (-2.88%) while Expeditors International of Washington, Inc. ( EXPD ) had the largest percent change gain rising 4.8%. The Dow Jones index closed down -.08% for the day; a total of -12.67 points.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.73%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 17.1%. On the NASDAQ Stock Exchange 27 stocks reached a 52 week high and 14 those reaching lows totaled. Regeneron Pharmaceuticals, Inc. ( REGN ) had the largest percent change down (-2.88%) while Expeditors International of Washington, Inc. ( EXPD ) had the largest percent change gain rising 4.8%.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.73%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 17.1%. On the NASDAQ Stock Exchange 27 stocks reached a 52 week high and 14 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.73%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 17.1%. There were 1288 advancers and 1213 decliners for the day. The NASDAQ 100 index closed down -.26% for the day; a total of -7.68 points.
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1387.0
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2013-05-23 00:00:00 UTC
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Alcoa Cuts Energy for Wheels - Analyst Blog
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https://www.nasdaq.com/articles/alcoa-cuts-energy-for-wheels-analyst-blog-2013-05-23
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Alcoa Inc. ( AA ) announced that its Alcoa Wheel and Transportation Products casthouse expansion at Barberton, Ohio, facility is expected to cut down half of the total amount of energy that is used to recycle aluminum for forged wheels. This is expected to reduce greenhouse gases and increase the overall efficiency and sustainability of the company's manufacturing process.
Alcoa's 50,000-square-foot casthouse, the first of its kind in North America, utilizes advanced technology to produce wheels from re-melted and scrap aluminum. The facility recycles about 100 million pounds of scrap aluminum each year and its recycling practices are very energy efficient. The casthouse also creates 'green' technology and is expected to considerably reduce energy use through a combination of process improvements and reduced transportation needs.
Alcoa's facility is built on an existing production facility leading to significant curtailment of transportation needs. As a result of this, energy consumption related to transportation has been slashed by 90%.
Alcoa's aluminum wheels are beneficial to the environment and the consumer as they reduce overall weight of the vehicle, which significantly improves fuel efficiency and mitigates greenhouse gas emissions.
One-hundred million pounds of recycled scrap aluminum is considered sufficient to produce two million new Alcoa forged aluminum wheels. The casthouse takes chips and solids from an existing Alcoa wheel machining plant in Barberton and its Cleveland forging plant, and recycles them to finally forge them into aluminum wheels.
The project is also a part of the Department of Energy's Better Buildings Challenge, through which, Alcoa aims to share best practices. Better Buildings Challenge is a program that helps the companies spot new energy efficient solutions for their buildings and plants.
Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ) and BHP Billiton Limited ( BHP ) , is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
Alcoa currently retains a short-term Zacks Rank #3 (Hold).
Another company in the mining industry with favorable Zacks Rank is Anglo American Platinum Ltd. ( AGPPY ), having a Zacks Rank #2 (Buy).
ALCOA INC (AA): Free Stock Analysis Report
ALUMINUM CP-ADR (ACH): Get Free Report
ANGLO AMER PLAT (AGPPY): Get Free Report
BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) announced that its Alcoa Wheel and Transportation Products casthouse expansion at Barberton, Ohio, facility is expected to cut down half of the total amount of energy that is used to recycle aluminum for forged wheels. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ANGLO AMER PLAT (AGPPY): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa's 50,000-square-foot casthouse, the first of its kind in North America, utilizes advanced technology to produce wheels from re-melted and scrap aluminum.
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Alcoa Inc. ( AA ) announced that its Alcoa Wheel and Transportation Products casthouse expansion at Barberton, Ohio, facility is expected to cut down half of the total amount of energy that is used to recycle aluminum for forged wheels. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ANGLO AMER PLAT (AGPPY): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. The casthouse takes chips and solids from an existing Alcoa wheel machining plant in Barberton and its Cleveland forging plant, and recycles them to finally forge them into aluminum wheels.
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Alcoa Inc. ( AA ) announced that its Alcoa Wheel and Transportation Products casthouse expansion at Barberton, Ohio, facility is expected to cut down half of the total amount of energy that is used to recycle aluminum for forged wheels. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ANGLO AMER PLAT (AGPPY): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ) and BHP Billiton Limited ( BHP ) , is a world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
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Alcoa Inc. ( AA ) announced that its Alcoa Wheel and Transportation Products casthouse expansion at Barberton, Ohio, facility is expected to cut down half of the total amount of energy that is used to recycle aluminum for forged wheels. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ANGLO AMER PLAT (AGPPY): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. The facility recycles about 100 million pounds of scrap aluminum each year and its recycling practices are very energy efficient.
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1388.0
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2013-05-20 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,496.43 down -2.54 points
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https://www.nasdaq.com/articles/market-close-report-nasdaq-composite-index-closes-349643-down-254-points-2013-05-20
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Monday's session closes with the NASDAQ Composite Index at 3,496.43. The total shares traded for the NASDAQ was over 1.69 billion.
Advancers stocks led declining by 1.19 to 1 ratio. There were 1361 advancers and 1144 decliners for the day. On the NASDAQ Stock Exchange 151 stocks reached a 52 week high and 3 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed down -.26% for the day; a total of -7.99 points. The current value is 3,020.97. Amgen Inc. ( AMGN ) had the largest percent change down (-3.27%) while Baidu, Inc. ( BIDU ) had the largest percent change gain rising 6.09%.
The Dow Jones index closed down -.12% for the day; a total of -19.12 points. The current value is 15,335.28. Merck & Company, Inc. ( MRK ) had the largest percent change down (-1.7%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 1.74%.
NASDAQ Market Wrap
As of 5/20/2013 4:44:01 PM
BILLIONS OF 1.69 NASDAQ SHARES TRADED TODAY 151 STOCKS REACHED A 52 WEEK HIGH 3 THOSE REACHING LOWS TOTALEDBaidu, Inc.[BIDU]TOPS ADVANCERS LISTOF NASDAQ 100 % 6.09 INDEXBIDU ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Merck & Company, Inc. ( MRK ) had the largest percent change down (-1.7%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 1.74%. Monday's session closes with the NASDAQ Composite Index at 3,496.43. The NASDAQ 100 index closed down -.26% for the day; a total of -7.99 points.
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Merck & Company, Inc. ( MRK ) had the largest percent change down (-1.7%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 1.74%. On the NASDAQ Stock Exchange 151 stocks reached a 52 week high and 3 those reaching lows totaled. Amgen Inc. ( AMGN ) had the largest percent change down (-3.27%) while Baidu, Inc. ( BIDU ) had the largest percent change gain rising 6.09%.
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Merck & Company, Inc. ( MRK ) had the largest percent change down (-1.7%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 1.74%. On the NASDAQ Stock Exchange 151 stocks reached a 52 week high and 3 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
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Merck & Company, Inc. ( MRK ) had the largest percent change down (-1.7%) while Alcoa Inc. ( AA ) had the largest percent change gain rising 1.74%. There were 1361 advancers and 1144 decliners for the day. The NASDAQ 100 index closed down -.26% for the day; a total of -7.99 points.
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1389.0
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2013-05-20 00:00:00 UTC
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Stocks Little Changed as Slow News Day Draws the Focus to the Fed
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https://www.nasdaq.com/articles/stocks-little-changed-slow-news-day-draws-focus-fed-2013-05-20
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"Despite indexes being largely flat on the day, there were tons of stocks making big directional moves, both up and down," observed Schaeffer's Senior Trading Analyst Bryan Sapp. "This is an ideal environment for a trader, as there are tons of opportunities on both sides of the market." To kick off the week, the Dow Jones Industrial Average (DJI) spent time on both sides of the breakeven level -- and even notched another new all-time peak -- before settling modestly lower on the day.
Continue reading for more on today's market, including :
Our Senior Trading Analyst Bryan Sapp looks into today's biggest "news" -- the bounce in gold and silver .
Bullish speculators descended upon Yahoo! ( YHOO ) following news of the search engine company's $1.1 billion purchase of Tumblr.
What have we learned throughout the first year of Facebook Inc ( FB ) ? Schaeffer's contributor Adam Warner weighs in.
plus...
Yahoo! ( YHOO ) bids for Tumblr, one Groupon ( GRPN ) call seller bets big, and Ford Motor ( F ) bulls place short-term bets.
The Dow Jones Industrial Average (DJI) traded as high as 15,391.84 (a new all-time peak) and as low as 15,314.15, ultimately settling off 19.1 points, or 0.1%, at 15,335.28. Eleven Dow members ended higher, led by Alcoa ( AA ), which gained 1.7%. McDonald's (MCD) was unchanged on the day, and the 18 laggards were paced by Merck (MRK), which lost 1.7%.
The S&P 500 Index (SPX) also finished in the red after rallying to a new all-time high of 1,672.84 in midday trading. At the closing bell, the SPX was off 1.2 points, or 0.1%, at 1,666.29. Technology stocks also lagged, as the Nasdaq Composite (COMP) gave back 2.5 points, or 0.1%, to end the session at 3,496.43. Not to be outdone by its index peers, however, the COMP also assailed new heights, inching to a 12-year high of 3,509.41 intraday.
The CBOE Market Volatility Index (VIX) bounced higher today, overcoming both its 10-day moving average and the 13 level. At the close, the fear barometer was up 0.6 point, or 4.6%, at 13.02.
A Trader's Take :
"There weren't a lot of market-moving events today, but one thing that stood out to me was the massive sell-off and then reversal in silver," noted Sapp. "Last night, silver futures tanked on what many called a forced liquidation. Since then, futures completely reversed course and are currently up around 4%. Events like this can often signal further reversals, as many that were long silver last night likely got washed out of their positions."
3 Things to Know About Today's Market :
Yahoo! ( YHOO ) confirmed earlier rumors by agreeing to buy Tumblr for roughly $1.1 billion in cash. This is the largest deal YHOO has made since Marissa Mayer took over as CEO in July 2012. (ABC News)
In other merger news, generic drug maker Actavis Inc (ACT) is buying Warner Chilcott Plc (WCRX) for $5 billion in stock. ACT was rumored to be a buyout target itself, but this deal will help the company augment its profits as well as its arsenal of offerings. (Reuters)
Without any major earnings or economic reports to focus on, investors turned to the Federal Reserve, some members of which have begun to whisper about a slowing of the central bank's current bond-buying program. Following comments from some of his peers last week, Federal Reserve Bank of Dallas President Richard Fisher went on CNBC Monday to warn against the dangers of going "cold turkey" with the current quantitative easing policy. (CNBC)
5 Stocks We Were Watching Today :
International Business Machines (IBM) has quietly become a favorite among bearish options speculators .
One large-scale Groupon Inc ( GRPN ) speculator sold 10-strike calls, leaving ample room for upside over the next seven months.
Put buyers pounced on Michael Kors Holdings (KORS), possibly to protect profits in the shares.
Priceline.com (PCLN) drew another upgrade today, as the shares approached new 14-year-high territory.
Short-term Ford Motor ( F ) bulls used weekly options to bet on continued upside.
For a look at today's options movers and commodities activity, head to page 2.
Commodities :
Oil futures were on the rise again today, finishing in the black for the fourth consecutive session. Helped along by rising hopes for energy demand, June-dated crude added 69 cents, or 0.7%, to settle at $96.71 per barrel.
Gold enjoyed a solid day as well, breaking its seven-day losing streak. Gold for June delivery rose $19.40, or 1.4%, to end the day at $1,384.10 per ounce. One analyst chalked up the bounce higher to short-covering activity, which was spurred by gold's failure to breach its April low.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Eleven Dow members ended higher, led by Alcoa ( AA ), which gained 1.7%. To kick off the week, the Dow Jones Industrial Average (DJI) spent time on both sides of the breakeven level -- and even notched another new all-time peak -- before settling modestly lower on the day. (Reuters) Without any major earnings or economic reports to focus on, investors turned to the Federal Reserve, some members of which have begun to whisper about a slowing of the central bank's current bond-buying program.
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Eleven Dow members ended higher, led by Alcoa ( AA ), which gained 1.7%. Continue reading for more on today's market, including : Our Senior Trading Analyst Bryan Sapp looks into today's biggest "news" -- the bounce in gold and silver . ( YHOO ) bids for Tumblr, one Groupon ( GRPN ) call seller bets big, and Ford Motor ( F ) bulls place short-term bets.
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Eleven Dow members ended higher, led by Alcoa ( AA ), which gained 1.7%. "Despite indexes being largely flat on the day, there were tons of stocks making big directional moves, both up and down," observed Schaeffer's Senior Trading Analyst Bryan Sapp. Continue reading for more on today's market, including : Our Senior Trading Analyst Bryan Sapp looks into today's biggest "news" -- the bounce in gold and silver .
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Eleven Dow members ended higher, led by Alcoa ( AA ), which gained 1.7%. Bullish speculators descended upon Yahoo! The S&P 500 Index (SPX) also finished in the red after rallying to a new all-time high of 1,672.84 in midday trading.
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1390.0
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2013-05-17 00:00:00 UTC
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Alcoa Defers Construction in Quebec Smelter - Analyst Blog
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https://www.nasdaq.com/articles/alcoa-defers-construction-in-quebec-smelter-analyst-blog-2013-05-17
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Aluminum giant Alcoa Inc. ( AA ) announced that it will delay the construction of a potline at its Baie-Comeau smelter in Quebec as part of a revised modernization schedule and will start preparing for the upgrade by investing $100 million over the next three years and permanently closing the plant's two Soderberg potlines.
As a result, the new potline, which was originally scheduled to be operational by 2016, is now expected to be in service by 2019. The revision is based on the prevailing market conditions.
The $100 million investment for the smelter includes $30 million for upgrading the plant's casthouse facilities in support of the growing automotive market. The revised project schedule will not affect Alcoa's commitments to the Government of Quebec and will have a positive effect on the environment.
Alcoa expects to complete the closure of the two potlines by Aug 2013. These potlines have a total capacity of 105,000 metric tons and are a part of Alcoa's previously announced curtailments of 460,000 metric tons of smelting capacity. The announcement of the shutdown is in sync with Alcoa's strategy to move down the cost curves as these potlines represent the highest-cost smelting capacity. The shut down will result in a reduction of greenhouse gas emissions at the Baie-Comeau plant by about 40%.
Alcoa expects restructuring-related charges associated with the closure to be between $135 million and $155 million after-tax, or 11 cents to 13 cents per share in 2013, of which, roughly 30% would be recorded in the second quarter. Cash costs are expected to be about $100 million in 2013.
Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ) and BHP Billiton Limited ( BHP ), is the world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
Alcoa currently retains a short-term Zacks Rank #3 (Hold).
Another company in the mining industry with favorable Zacks Rank is Anglo American Platinum Ltd. ( AGPPY ), having a Zacks Rank #2 (Buy).
ALCOA INC (AA): Free Stock Analysis Report
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BHP BILLITN LTD (BHP): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum giant Alcoa Inc. ( AA ) announced that it will delay the construction of a potline at its Baie-Comeau smelter in Quebec as part of a revised modernization schedule and will start preparing for the upgrade by investing $100 million over the next three years and permanently closing the plant's two Soderberg potlines. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ANGLO AMER PLAT (AGPPY): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. The revised project schedule will not affect Alcoa's commitments to the Government of Quebec and will have a positive effect on the environment.
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ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ANGLO AMER PLAT (AGPPY): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Aluminum giant Alcoa Inc. ( AA ) announced that it will delay the construction of a potline at its Baie-Comeau smelter in Quebec as part of a revised modernization schedule and will start preparing for the upgrade by investing $100 million over the next three years and permanently closing the plant's two Soderberg potlines. These potlines have a total capacity of 105,000 metric tons and are a part of Alcoa's previously announced curtailments of 460,000 metric tons of smelting capacity.
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Aluminum giant Alcoa Inc. ( AA ) announced that it will delay the construction of a potline at its Baie-Comeau smelter in Quebec as part of a revised modernization schedule and will start preparing for the upgrade by investing $100 million over the next three years and permanently closing the plant's two Soderberg potlines. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ANGLO AMER PLAT (AGPPY): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa, which is among the prominent players in the mining industry along with Aluminum Corporation of China Limited ( ACH ) and BHP Billiton Limited ( BHP ), is the world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
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Aluminum giant Alcoa Inc. ( AA ) announced that it will delay the construction of a potline at its Baie-Comeau smelter in Quebec as part of a revised modernization schedule and will start preparing for the upgrade by investing $100 million over the next three years and permanently closing the plant's two Soderberg potlines. ALCOA INC (AA): Free Stock Analysis Report ALUMINUM CP-ADR (ACH): Get Free Report ANGLO AMER PLAT (AGPPY): Get Free Report BHP BILLITN LTD (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. The $100 million investment for the smelter includes $30 million for upgrading the plant's casthouse facilities in support of the growing automotive market.
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1391.0
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2013-05-16 00:00:00 UTC
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Markets Shift Slightly Lower Following Flood of Economic News
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https://www.nasdaq.com/articles/markets-shift-slightly-lower-following-flood-economic-news-2013-05-16
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"As poor as today's economic data was, the good news was we saw some solid earnings," said Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, of a day where the Dow Jones Industrial Average (DJI) bounced around breakeven for much of the day, notched (another) new all-time high, and settled 42 points lower. "Earnings season is pretty much officially over after tomorrow, though, so it was nice to see some strength near the end of it."
Continue reading for more on today's market, including :
Schaeffer's Senior Trading Analyst Bryan Sapp points out where to "buy on weakness" in the short term.
Facebook Inc ( FB ) attracted a crop of call buyers, who expect a move above $30 in the next month.
Why isn't the CBOE Market Volatility Index (VIX) moving ? Schaeffer's contributor Adam Warner has five theories.
plus...
A surprise pop in jobless claims, a new boss at the IRS, and a burst of strength in the shipping sector.
Although the Dow Jones Industrial Average (DJI) , settled on a loss of 42.5 points, or 0.3%, at 15,233.22, the day wasn't a total loss. In fact, the blue-chip index hit another new all-time high of 15,302.49 in late-morning trading. Just seven Dow components closed in positive territory, powered by Cisco Systems ( CSCO ), which rallied 12.6% after its earnings report. Walt Disney ( DIS ) and Wal-Mart Stores ( WMT ), meanwhile, were the day's laggards, shedding 1.8% and 1.7%, respectively. Alcoa ( AA ) closed unchanged on the day.
The S&P 500 Index (SPX) declined as well, losing 8.3 points, or 0.5%, to close atop round-number support at the 1,650.47 mark. After reaching a new 12-year peak of 3,485.95, the Nasdaq Composite (COMP) succumbed to late-session selling pressure, dropping 6.4 points, or 0.2%, to close at 3,465.24.
The CBOE Market Volatility Index (VIX) muscled back above the 13 level (and its 10-day trendline). At the close, the VIX was up 0.3 point, or 2%, at 13.07, its first close north of 13 since May 9.
A Trader's Take :
"The economic data was rather weak, "summarized Detrick. "From jobs data, to housing starts, to the Philly Fed's manufacturing data, all disappointed. Considering the recent run higher and the chance traders were given to bail on 'bad' news today, though, the price action was (for the most part) encouraging. Markets held tough until a late-day dip."
3 Things to Know About Today's Market :
The Consumer Price Index (CPI) posted its biggest drop since December 2008, declining 0.4% in April to fall short of economists' estimates for a 0.2% pullback. Elsewhere, weekly jobless claims rose by 32,000 -- the largest jump since November -- to a seasonally adjusted 360,000. Economists had projected a narrower increase in the figure. (Chicago Tribune, FOX Business)
Acting on his pledge to appoint fresh leadership to the Internal Revenue Service, President Barack Obama tapped senior White House budget officer Daniel Werfel to serve as acting commissioner of the agency. Werfel, who has experience under the George W. Bush and Obama administrations, replaces Steven Miller, who was summarily released from the position yesterday. (The Washington Post)
Cisco Systems ( CSCO ) gained more than 12% and notched a new 52-week high following its positive earnings surprise . In the fiscal third quarter, Cisco earned 51 cents per share (excluding items), topping estimates by two pennies. Revenue was roughly in line with analysts' expectations. (USA Today)
5 Stocks We Were Watching Today :
Bulls of all kinds have been betting big on American International Group (AIG).
Nokia Corporation (NOK) put sellers wagered on long-term support .
Our Weekly Contrarian : Procter & Gamble (PG) could have further upside ahead.
Shipping concerns Eagle Bulk Shipping (EGLE) and DryShips Inc. (DRYS) saw a flood of speculative activity as both rallied sharply.
Amazon.com (AMZN) scored a new "buy" rating at Lazard this morning.
For a look at today's options movers and commodities activity, head to page 2.
Commodities :
Crude futures elbowed their way to a modest gain on Thursday, supported by weakness in the U.S. dollar. June-dated oil added 86 cents, or 0.9%, to end the day at $95.16 per barrel.
Tame inflation data kept gold futures under pressure, sending the precious metal to its sixth straight daily loss. Gold for June delivery lost $9.30, or 0.7%, to finish at $1,386.90 per ounce -- its lowest daily close since April 17.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa ( AA ) closed unchanged on the day. Continue reading for more on today's market, including : Schaeffer's Senior Trading Analyst Bryan Sapp points out where to "buy on weakness" in the short term. 3 Things to Know About Today's Market : The Consumer Price Index (CPI) posted its biggest drop since December 2008, declining 0.4% in April to fall short of economists' estimates for a 0.2% pullback.
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Alcoa ( AA ) closed unchanged on the day. Why isn't the CBOE Market Volatility Index (VIX) moving ? Although the Dow Jones Industrial Average (DJI) , settled on a loss of 42.5 points, or 0.3%, at 15,233.22, the day wasn't a total loss.
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Alcoa ( AA ) closed unchanged on the day. "As poor as today's economic data was, the good news was we saw some solid earnings," said Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, of a day where the Dow Jones Industrial Average (DJI) bounced around breakeven for much of the day, notched (another) new all-time high, and settled 42 points lower. Continue reading for more on today's market, including : Schaeffer's Senior Trading Analyst Bryan Sapp points out where to "buy on weakness" in the short term.
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Alcoa ( AA ) closed unchanged on the day. "As poor as today's economic data was, the good news was we saw some solid earnings," said Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, of a day where the Dow Jones Industrial Average (DJI) bounced around breakeven for much of the day, notched (another) new all-time high, and settled 42 points lower. Why isn't the CBOE Market Volatility Index (VIX) moving ?
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1392.0
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2013-05-13 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,438.79 up 2.21 points
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https://www.nasdaq.com/articles/market-close-report-nasdaq-composite-index-closes-343879-221-points-2013-05-13
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Monday's session closes with the NASDAQ Composite Index at 3,438.79. The total shares traded for the NASDAQ was over 1.59 billion. Declining stocks led advancers by 1.2 to 1 ratio. There were 1130 advancers and 1354 decliners for the day. On the NASDAQ Stock Exchange 97 stocks reached a 52 week high and 9 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed up .04% for the day; a total of 1.07 points. The current value is 2,982.09. Cognizant Technology Solutions Corporation ( CTSH ) had the largest percent change down (-3.31%) while Biogen Idec Inc. ( BIIB ) had the largest percent change gain rising 4.46%.
The Dow Jones index closed down -.18% for the day; a total of -26.81 points. The current value is 15,091.68. Alcoa Inc. ( AA ) had the largest percent change down (-1.95%) while Pfizer, Inc. ( PFE ) had the largest percent change gain rising 2.26%.
NASDAQ Market Wrap
As of 5/13/2013 4:44:01 PM
BILLIONS OF 1.59 NASDAQ SHARES TRADED TODAY 97 STOCKS REACHED A 52 WEEK HIGH 9 THOSE REACHING LOWS TOTALEDBiogen Idec Inc.[BIIB]TOPS ADVANCERS LISTOF NASDAQ 100 % 4.46 INDEXBIIB ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.95%) while Pfizer, Inc. ( PFE ) had the largest percent change gain rising 2.26%. Cognizant Technology Solutions Corporation ( CTSH ) had the largest percent change down (-3.31%) while Biogen Idec Inc. ( BIIB ) had the largest percent change gain rising 4.46%. The Dow Jones index closed down -.18% for the day; a total of -26.81 points.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.95%) while Pfizer, Inc. ( PFE ) had the largest percent change gain rising 2.26%. On the NASDAQ Stock Exchange 97 stocks reached a 52 week high and 9 those reaching lows totaled. Cognizant Technology Solutions Corporation ( CTSH ) had the largest percent change down (-3.31%) while Biogen Idec Inc. ( BIIB ) had the largest percent change gain rising 4.46%.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.95%) while Pfizer, Inc. ( PFE ) had the largest percent change gain rising 2.26%. On the NASDAQ Stock Exchange 97 stocks reached a 52 week high and 9 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.95%) while Pfizer, Inc. ( PFE ) had the largest percent change gain rising 2.26%. There were 1130 advancers and 1354 decliners for the day. The NASDAQ 100 index closed up .04% for the day; a total of 1.07 points.
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1393.0
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2013-05-12 00:00:00 UTC
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Smith & Wesson: Despite Headline Risk, This Gun Stock Is an Attractive Buy
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https://www.nasdaq.com/articles/smith-wesson-despite-headline-risk-gun-stock-attractive-buy-2013-05-12
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The recent gun-related tragedies in the U.S., particularly the Newtown massacre in December 2012, has had a profound impact on the firearms industry. Putting politics aside on this issue, historically, in times of higher public interest in gun control legislation, sales and profits of these companies have soared. This is because gun enthusiasts are afraid of new laws being enacted that will restrict certain types of gun sales or will require more extensive or lengthy background checks.
These fears cause a rapid short-term increase in sales for gun companies. Smith & Wesson Holding Corporation ( SWHC ) is no stranger to these dynamics, and in the past six months the company has seen huge growth in both sales and margins. For the third quarter 2013 results reported in March, the company reported quarterly sales of $106 million to the consumer channel, which was an increase of 35% year over year. Gross margins also increased an impressive 600 basis points to above 36%.
Despite the recent financial success of the company, the headline risk in the industry with the fear of pending legislation has kept the stock price relatively flat and the P/E is now just over 9, which is very low for a company with this level of growth. On a relative basis the company is trading considerably cheaper than a major competitor, and seems to be beaten down unfairly. I think the stock is worth between $12 and $16 per share and could even double over the next year, assuming continued strong execution and a realization by the market that the risk of game-changing legislation is low.
Note: Unless otherwise noted, financials are sourced from the latest annual report or third quarter 2013 conference call.
Company Overview
Smith & Wesson-branded firearms have been around since 1852. Not many brand names can boast such a long, well-established reputation for quality. The major product categories include: handguns, Walther, modern sporting rifles, hunting firearms, and parts and accessories. Handguns are sold under the S&W and M&P brands. Walther firearms are imported and distributed from Carl Walther GmbH in Germany through an exclusive agreement which expires at the end of 2013. A separate manufacturing agreement expires at the end of fiscal 2015. The company has already stated that these agreements will not be renewed. Sporting rifles are sold under the M&P brand, and hunting firearms under the Thompson/Center brand. The breakdown in terms of sales as of the end of fiscal 2012 is as follows:
In terms of margins, the company has had relatively steady margins for more than a decade, which is a sign of a stable competitive advantage in the market. Gross margin has been between 29% - 32% for most of the decade, with the exception of the recent spike to 36%. Operating margins have been between 4% and 11%, with a recent spike to around 20%.
Recent Headline Risk in the industry
As stated above, S&W has seen recent growth well over 30%, as many would-be gun buyers have rushed to make purchases in fears of pending legislation. After all, anger from the Newtown massacre in December led many to believe that the U.S. Congress would come together to enact tougher gun control laws and also reinstate a ban on assault weapons. S&W's stock is still down about 20% since Newtown. Now, nearly five months on, and not much has happened in terms of legislative changes. The U.S. Senate defeated the gun control bill, and that is before it even reached the Republican-controlled House of Representatives. Looking at how gridlocked the politics continues to be in Washington these days, I think the risk of any serious gun control legislation is very low. Even if assault weapons were to be banned again like they were under the Clinton Administration, this makes up less than 10% of the business of S&W and should not be seen as a major threat to the company.
Another development that has occurred is the general public distaste for the industry as a result of the increased appetite for gun control. This has lead to less demand for the stocks and certainly has contributed to downward pressure. For example, pension funds have been dumping the stocks the past few months.
Business Prospects
The firearm industry seems to continue to always do well over the long term, despite short periods of headline risk. In the past decade many events have occurred having some impact on the industry, e.g., the great recession, the election of a Democrat to the White House, and several school shootings. However, through all of this, Smith & Wesson has still managed to grow revenues at a CAGR of more than 10%. In the most recent quarterly results, revenues were up more than 35% in the consumer channel. Interesting to note I think is that even in the professional sales channel, which includes law enforcement agencies and international sales, sales were up more than 50%. This only constitutes about $16 million, so much smaller than the $106 million from the consumer side, but it shows that the growth was strong in law enforcement as well, which is less impacted by the headline risks in the industry. The growth here was primarily attributed to the success of the M&P polymer pistol line which has continued to gain market share. Overall the company reported in its latest annual report that it had a market share of 18%, 5%, and 15% for the handgun, hunting firearms, and sporting rifle markets respectively. From 2005 to 2010, the U.S. Bureau of Alcohol, Tobacco, and Firearms reported a CAGR of 11% in unit growth of firearms sold. It is hard to predict the rate of growth going forward; however, with recent strong growth, and continued market share gains I wouldn't be surprised to see a similar rate.
In the next year or so the growth will be offset somewhat by the loss in business from the Walther line, as this currently makes up almost 8% of sales but will be close to zero going forward after the termination of the distribution agreement. However, despite this negative, there are several positive factors which should contribute to further growth, including the huge sales backlog of $667 million. This is now greater than one year of sales, and the company stated very clearly on the recent conference call that fourth quarter estimates were based on capacity not demand, as it has been unable to add capacity fast enough to keep up with orders. It should be noted that a large percentage of this backlog might never translate to real sales, but even if only 50% of it materializes, it should still bode very well for near-term strength in revenues and earnings.
Management
The CEO of Smith & Wesson Holding Corporation is James Debney. The 44-year-old joined the company in 2009 as president of the firearms division, and was promoted to CEO in September 2011. He currently owns less than 1% of outstanding shares. All insiders combined hold about 2% of the company. Debney was an industry outsider, having come to S&W from a background in plastics manufacturing from an Alcoa Inc. ( AA ) unit. What he has brought to SWHC is an increased focus on product marketing to grow market share in underserved markets. The company was traditionally strong on engineering and known for product excellence, but seen as weaker on the marketing front. The current strategy to push M&P polymer pistols hard seems to be gaining momentum. This is evident by the recent 50% sales growth in the professional channel, including some recent big deals such as the San Antonio Police Department which ordered 2,600 M&P guns recently.
Although Debney does not have years of deep experience in this industry, his outsider credentials and marketing prowess don't seem to be hurting the company. Although I don't see any huge positives to be excited about here, I also don't see any major negatives with executive management. Overall, the company has very loyal employees, with 22% of them having worked for 25 years or more at the company.
Financial Strength
The balance sheet of SWHC is sound. The company has a debt to equity ratio of about 0.30, and has a debt balance of less than $50 million. The current ratio is almost 3, and the interest coverage ratio is more than 20. I don't see any near term risks in terms of the balance sheet. During the most recent quarter the company purchased $20 million of stock, which is about 3% of the shares outstanding. That is an impressive amount in a short period, and shows that the company is ratcheting up buybacks at a time when the stock is undervalued.
Investment Risks
Other than the current headline risk in the firearm industry due to potential new gun control legislation, there are a few other points to know about Smith & Wesson.
Heavy dependence of consumer sporting goods channel makes business cyclical .
The company is trying to increase law enforcement and military contracts over time, as sales in the professional channel are much more stable and less susceptible to legislative risks. To date the company does have contracts with more than 1,000 law enforcement agencies. However, it has not been able to get any major military contracts, which would be far more substantial. As a result, nearly 90% of sales are still to individual consumers and this makes the business unpredictable over the short term.
The recent sales boom has created a bubble that is ready to pop .
Many industry analysts have become wary of gun stocks because of the huge run-up in sales. Obviously, this growth momentum cannot continue forever, and is likely to slow considerably in the next year or two, and some industry pundits and analysts have stated that for this reason investors should stay away. Personally, I think this risk is not as big as its made out to be, simply because everyone is already expecting it to happen and it's priced in. Trading well below historical averages with an EV/EBITDA of 4.5, the market clearly expects a near-term decrease in earnings from current levels. However, with long-term historical valuation averages of nearly double the current level, I think the stock has significant upside because earnings are not likely to fall that quickly, especially with a strong order backlog.
Valuation
Over the past year, Smith & Wesson has gotten downright cheap on an EV/EBITDA basis, where it now trades at a multiple below five, the lowest in the past five years.
Interestingly, the stock has not dropped in this period. In fact it is trading higher today than it was one year ago, $8.86 per share vs. $7.65 a year ago. What has been happening is that sales and earnings have increased substantially the past six months, mostly after the Newtown massacre and with fear among gun buyers that increased gun restrictions will be put in place in the U.S. The market clearly does not think that this growth is sustainable, which is probably a good assumption, as not many companies maintain sales growth of 35% plus for very long. However, the question we have to ask ourselves is simply whether this very low multiple is fair, or whether Smith & Wesson has been unfairly punished by the market. Looking at a DCF valuation I think it is exceedingly difficult to make a good judgement on this based on cash flow growth alone, as the cyclical nature of the industry has proven in the past decade that EPS and FCF per share tend to fluctuate substantially. Full year EPS for 2013 is expected to be above $1.17, but looking at the company historically there is no telling where it will be the few years beyond that.
What I think is very useful here is to realize that the gun business seems to always prove itself quite resilient over the long term even in times of short-term troubles like the present. The bottom line is that revenues have increased more than 10% per year in the past decade, and the long-term prospects seem to be fine. The polarizing political nature of the gun debate will mean very minimal or incremental changes to laws and regulations, nothing too drastic will ever pass the U.S. Congress. I think from a valuation perspective, it's most useful to compare Smith & Wesson relatively to competitors. Sturm, Ruger & Company ( RGR ), the best, comparable, publicly-traded company, is trading well over seven times EBITDA. Interestingly, if you look at these two companies over the past five years, generally they trend close together on EBITDA multiples, and whenever SWHC has dipped lower, it typically bounces back:
This difference doesn't seem to really make sense currently, as both companies have recently reported similar performance in terms of sales and earnings growth. Both also have long-standing brand names and competitive positions. A bounce back to eight times EBITDA for Smith & Wesson seems like a distinct possibility in the near term, which would be a share price of close to $16. Even if you take a more conservative view and assume that earnings fall quickly back to historical averages, fueled by a drop in consumer demand and helped by the pending loss of Walther sales, a multiple of six to seven times EBITDA would still be quite justifiable.
The Bottom Line
In summary, I think the shares of SWHC are fairly valued in the $12 - $16 range, and it wouldn't be at all surprising to see the stock double in the coming year if some of the headline risks of stricter legislation turn out to be unfounded. Even considering the likely drop in sales and earnings from the current elevated levels the stock is likely to trend back towards historical multiples. If this doesn't happen, I see minimal downside for the stock at the present time as much of the industry negativity is already well priced in. Therefore, I see an attractive risk/reward profile on Smith&Wesson, and the small cap seems like a good contrarian value play today.
Disclosure: I may initiate a long position in SWHC in the next 72 hours.
Read More:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Debney was an industry outsider, having come to S&W from a background in plastics manufacturing from an Alcoa Inc. ( AA ) unit. Looking at a DCF valuation I think it is exceedingly difficult to make a good judgement on this based on cash flow growth alone, as the cyclical nature of the industry has proven in the past decade that EPS and FCF per share tend to fluctuate substantially. Even if you take a more conservative view and assume that earnings fall quickly back to historical averages, fueled by a drop in consumer demand and helped by the pending loss of Walther sales, a multiple of six to seven times EBITDA would still be quite justifiable.
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Debney was an industry outsider, having come to S&W from a background in plastics manufacturing from an Alcoa Inc. ( AA ) unit. The major product categories include: handguns, Walther, modern sporting rifles, hunting firearms, and parts and accessories. It is hard to predict the rate of growth going forward; however, with recent strong growth, and continued market share gains I wouldn't be surprised to see a similar rate.
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Debney was an industry outsider, having come to S&W from a background in plastics manufacturing from an Alcoa Inc. ( AA ) unit. For the third quarter 2013 results reported in March, the company reported quarterly sales of $106 million to the consumer channel, which was an increase of 35% year over year. Despite the recent financial success of the company, the headline risk in the industry with the fear of pending legislation has kept the stock price relatively flat and the P/E is now just over 9, which is very low for a company with this level of growth.
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Debney was an industry outsider, having come to S&W from a background in plastics manufacturing from an Alcoa Inc. ( AA ) unit. For the third quarter 2013 results reported in March, the company reported quarterly sales of $106 million to the consumer channel, which was an increase of 35% year over year. Management The CEO of Smith & Wesson Holding Corporation is James Debney.
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1394.0
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2013-05-07 00:00:00 UTC
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Alcoa to Expand Tennessee Facility - Analyst Blog
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https://www.nasdaq.com/articles/alcoa-to-expand-tennessee-facility-analyst-blog-2013-05-07
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Aluminum giant Alcoa Inc. ( AA ) announced that it will expand a plant in Tennessee and boost its capacity to produce aluminum sheet for the automotive industry. Alcoa will spend $275 million on the facility over the next three years to support automotive producers' plans to use more aluminum sheet to increase fuel efficiency, safety, durability and performance of cars and light trucks.
Alcoa believes that the expansion will add 200 full-time jobs and 400 temporary jobs, which will be created during the construction phase of the expansion. The expansion is scheduled to start this month with completion expected by mid-2015. The expansion will convert some of the plant's can sheet capacity to high-strength automotive aluminum sheet production.
After the completion of the expansion, the plant will be a key supplier to both the packaging and automotive markets. The project will incorporate Alcoa's proprietary 951 technology, which is a breakthrough technology and is the new pre-treatment bonding standard for aluminum sheet, extrusion and casting suppliers across the automotive industry.
The 951 technology facilitates wide usage of aluminum throughout the automotive industry and help in making mass-produced aluminum-intensive vehicles possible, thus saving fuel. Recently, Alcoa licensed the pre-treatment bonding technology to Chemetall, a division of Rockwood Holdings, Inc. ( ROC) , in an exclusive global distribution pact.
Alcoa is the world leader with respect to production and management of primary aluminum, fabricated aluminum, and alumina as well as the world's largest miner of bauxite and refiner of alumina.
Alcoa currently retains a short-term Zacks Rank #3 (Hold).
Other companies in the mining industry with favorable Zacks Rank are Atlatsa Resources Corporation ( ATL ) and Anglo American Platinum Ltd. ( AGPPY ). Both hold a Zacks Rank #2 (Buy).
ALCOA INC (AA): Free Stock Analysis Report
ANGLO AMER PLAT (AGPPY): Get Free Report
ATLATSA RESRCS (ATL): Free Stock Analysis Report
ROCKWOOD HLDGS (ROC): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Aluminum giant Alcoa Inc. ( AA ) announced that it will expand a plant in Tennessee and boost its capacity to produce aluminum sheet for the automotive industry. ALCOA INC (AA): Free Stock Analysis Report ANGLO AMER PLAT (AGPPY): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report ROCKWOOD HLDGS (ROC): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa will spend $275 million on the facility over the next three years to support automotive producers' plans to use more aluminum sheet to increase fuel efficiency, safety, durability and performance of cars and light trucks.
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Aluminum giant Alcoa Inc. ( AA ) announced that it will expand a plant in Tennessee and boost its capacity to produce aluminum sheet for the automotive industry. ALCOA INC (AA): Free Stock Analysis Report ANGLO AMER PLAT (AGPPY): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report ROCKWOOD HLDGS (ROC): Free Stock Analysis Report To read this article on Zacks.com click here. The expansion will convert some of the plant's can sheet capacity to high-strength automotive aluminum sheet production.
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Aluminum giant Alcoa Inc. ( AA ) announced that it will expand a plant in Tennessee and boost its capacity to produce aluminum sheet for the automotive industry. ALCOA INC (AA): Free Stock Analysis Report ANGLO AMER PLAT (AGPPY): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report ROCKWOOD HLDGS (ROC): Free Stock Analysis Report To read this article on Zacks.com click here. The project will incorporate Alcoa's proprietary 951 technology, which is a breakthrough technology and is the new pre-treatment bonding standard for aluminum sheet, extrusion and casting suppliers across the automotive industry.
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Aluminum giant Alcoa Inc. ( AA ) announced that it will expand a plant in Tennessee and boost its capacity to produce aluminum sheet for the automotive industry. ALCOA INC (AA): Free Stock Analysis Report ANGLO AMER PLAT (AGPPY): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report ROCKWOOD HLDGS (ROC): Free Stock Analysis Report To read this article on Zacks.com click here. The project will incorporate Alcoa's proprietary 951 technology, which is a breakthrough technology and is the new pre-treatment bonding standard for aluminum sheet, extrusion and casting suppliers across the automotive industry.
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1395.0
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2013-05-02 00:00:00 UTC
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Alcoa Considering Cutbacks - Analyst Blog
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AA
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https://www.nasdaq.com/articles/alcoa-considering-cutbacks-analyst-blog-2013-05-02
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nan
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nan
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Alcoa Inc. ( AA ) has announced the possibility of a cutback in aluminum production. The company said that it will review 460,000 metric tons of smelting capacity over the next 15 months for potential curtailment. Alcoa is taking this step to maintain its competitiveness as aluminum prices have declined by more than 33% from their peak level in 2011.
Alcoa has already idled 13% or 568,000 metric tons of smelting capacity and the possible curtailments will account for 11% of its global smelting capacity. While reviewing over the next 15 months, Alcoa will take into consideration plants that have long-term risk such as high energy costs or regulatory uncertainty.
Alcoa's strategy of curtailments is consistent with its previously announced 2015 goal of lowering its position on the world aluminum production cost curve by 10 percentage points and the alumina cost curve by 7 percentage points.
Alcoa remains on track to move down the cost curve and curtailed capacities in its upstream business. The curtailments will improve the competitiveness of the company's Primary Products business.
A month ago, Alcoa released its first-quarter 2013 results. The company's revenues were hurt by lower aluminum prices and reduced production in Alcoa's European primary metals business. Revenues declined roughly 3% to $5,833 million from $6,006 million in the year-ago quarter and were below the Zacks Consensus Estimate of $5,857 million.
The company posted a profit of $149 million or 13 cents per share in the quarter, exceeding the profit of $94 million or 9 cents per share earned a year ago. The results were driven by strong demand across the aerospace and auto markets.
Excluding one-time special items, Alcoa earned $121 million or 11 cents a share in the quarter, beating the Zacks Consensus Estimate by a penny and also coming ahead of $105 million or 10 cents per share posted in the year-ago quarter.
Alcoa currently retains a short-term Zacks Rank #3 (Hold).
Other companies in the mining industry with favorable Zacks Rank are Cameco Corporation ( CCJ ), Atlatsa Resources Corporation ( ATL ), and Anglo American Platinum Ltd. ( AGPPY ). All of them hold a Zacks Rank #2 (Buy).
ALCOA INC (AA): Free Stock Analysis Report
ANGLO AMER PLAT (AGPPY): Get Free Report
ATLATSA RESRCS (ATL): Free Stock Analysis Report
CAMECO CORP (CCJ): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) has announced the possibility of a cutback in aluminum production. ALCOA INC (AA): Free Stock Analysis Report ANGLO AMER PLAT (AGPPY): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report CAMECO CORP (CCJ): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa is taking this step to maintain its competitiveness as aluminum prices have declined by more than 33% from their peak level in 2011.
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ALCOA INC (AA): Free Stock Analysis Report ANGLO AMER PLAT (AGPPY): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report CAMECO CORP (CCJ): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa Inc. ( AA ) has announced the possibility of a cutback in aluminum production. Alcoa's strategy of curtailments is consistent with its previously announced 2015 goal of lowering its position on the world aluminum production cost curve by 10 percentage points and the alumina cost curve by 7 percentage points.
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ALCOA INC (AA): Free Stock Analysis Report ANGLO AMER PLAT (AGPPY): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report CAMECO CORP (CCJ): Free Stock Analysis Report To read this article on Zacks.com click here. Alcoa Inc. ( AA ) has announced the possibility of a cutback in aluminum production. Alcoa's strategy of curtailments is consistent with its previously announced 2015 goal of lowering its position on the world aluminum production cost curve by 10 percentage points and the alumina cost curve by 7 percentage points.
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Alcoa Inc. ( AA ) has announced the possibility of a cutback in aluminum production. ALCOA INC (AA): Free Stock Analysis Report ANGLO AMER PLAT (AGPPY): Get Free Report ATLATSA RESRCS (ATL): Free Stock Analysis Report CAMECO CORP (CCJ): Free Stock Analysis Report To read this article on Zacks.com click here. The company said that it will review 460,000 metric tons of smelting capacity over the next 15 months for potential curtailment.
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1396.0
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2013-04-26 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,279.26 down -10.73 points
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AA
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https://www.nasdaq.com/articles/market-close-report-nasdaq-composite-index-closes-327926-down-1073-points-2013-04-26
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nan
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nan
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Friday's session closes with the NASDAQ Composite Index at 3,279.26. The total shares traded for the NASDAQ was over 1.62 billion. Declining stocks led advancers by 1.68 to 1 ratio. There were 918 advancers and 1538 decliners for the day. On the NASDAQ Stock Exchange 40 stocks reached a 52 week high and 14 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed down -.28% for the day; a total of -8.11 points. The current value is 2,840.55. Expedia, Inc. ( EXPE ) had the largest percent change down (-9.87%) while Cerner Corporation ( CERN ) had the largest percent change gain rising 4.6%.
The Dow Jones index closed up .08% for the day; a total of 11.75 points. The current value is 14,712.55. Alcoa Inc. ( AA ) had the largest percent change down (-1.43%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 1.94%.
NASDAQ Market Wrap
As of 4/26/2013 4:44:00 PM
BILLIONS OF 1.62 NASDAQ SHARES TRADED TODAY 40 STOCKS REACHED A 52 WEEK HIGH 14 THOSE REACHING LOWS TOTALEDCerner Corporation[CERN]TOPS ADVANCERS LISTOF NASDAQ 100 % 4.6 INDEXCERN ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.43%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 1.94%. The NASDAQ 100 index closed down -.28% for the day; a total of -8.11 points. The Dow Jones index closed up .08% for the day; a total of 11.75 points.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.43%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 1.94%. On the NASDAQ Stock Exchange 40 stocks reached a 52 week high and 14 those reaching lows totaled. Expedia, Inc. ( EXPE ) had the largest percent change down (-9.87%) while Cerner Corporation ( CERN ) had the largest percent change gain rising 4.6%.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.43%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 1.94%. On the NASDAQ Stock Exchange 40 stocks reached a 52 week high and 14 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.43%) while Hewlett-Packard Company ( HPQ ) had the largest percent change gain rising 1.94%. There were 918 advancers and 1538 decliners for the day. The NASDAQ 100 index closed down -.28% for the day; a total of -8.11 points.
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1397.0
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2013-04-26 00:00:00 UTC
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Lackluster Day Driven by GDP News Caps a Strong Week
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AA
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https://www.nasdaq.com/articles/lackluster-day-driven-gdp-news-caps-strong-week-2013-04-26
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nan
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nan
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"Early this morning, all the talk was about the first-quarter GDP report, which came in a little below expectations," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "This failed to damage the market too much, as it had a pretty mixed day and not a lot of direction either way." For its part, the Dow Jones Industrial Average (DJI) managed a modest gain, while its index counterparts stayed close to the breakeven mark. On a weekly basis, however, gains were solid across the board.
Continue reading for more on today's market, including :
Celebrate the 40th birthday of options trading with this walk down memory lane.
Does Tesla Motors ( TSLA ) have more good news up its sleeve? Some speculators seem to think so.
Finally, remember to check out Schaeffer's contributor Adam Warner's post-mortem analysis of Apple Inc.'s ( AAPL ) earnings reaction .
plus...
Stocks end the week solidly in the black , the GDP growth rate fails to meet expectations, and Zynga ( ZNGA ) attracts short-term optimists.
The Dow Jones Industrial Average (DJI) straddled the line between negative and positive territory for the first half of trading, before ending on a positive, if muted, note. The blue-chip index settled with a gain of 12 points, or 0.1%, at 14,712.55. Hewlett-Packard ( HPQ ) led the Dow's 13 advancers, with a gain of 1.9%, while Alcoa ( AA ) brought up the rear, shedding 1.4%. This week, the Dow added 1.1%.
The S&P 500 Index (SPX) , on the other hand, was marginally lower on the day, shedding 2.9 points, or 0.2%, to end the week at 1,582.24. The tech-laden Nasdaq Composite (COMP) gave back 10.7 points, or 0.3%, at 3,279.26. Both indexes were solidly higher on a weekly basis; the SPX added 1.7%, while the COMP was up 2.3%.
The CBOE Market Volatility Index (VIX) inched lower as well, surrendering 0.1%, or less than 0.1 point, to settle at 13.61. On a weekly basis, the VIX dropped 9.1%.
A Trader's Take :
"We finished one of the biggest weeks of the quarter in terms of earnings releases," noted Bell. "There have been a lot of big moves in both directions, but the major theme seems to be a lot of companies beating on earnings but failing to impress on revenue. Underlying sales growth is definitely something we'd like to see improve as we make our way through this earnings season."
3 Things to Know About Today's Market :
This morning offered our first peek into how the U.S. economy fared in the first quarter, and the results were slightly disappointing . While the advance gross domestic product (GDP) number showed a 2.5% expansion, economists had been targeting a 3% growth rate. (USA Today)
Consumer confidence ticked lower in April, according to the latest reading of the Thomson Reuters/University of Michigan consumer sentiment index , which came in at 76.4. While this is below the late-March reading, it did manage to top expectations. (Los Angeles Times)
Beleaguered retailer J.C. Penney (JCP) enjoyed a rare surge on the day, gaining close to 12% after hedge fund manager George Soros reported a 7.9% stake in the company. (New York Times)
5 Stocks We Were Watching Today :
Our Option Idea of the Week : take advantage of the continued uptrend in Kimberly-Clark Corporation (KMB).
Zynga Inc ( ZNGA ) was in rebound mode today, inspiring short-term call buyers .
Mere days ahead of its earnings report, Facebook Inc (FB) was upgraded to a "strong buy" rating at Raymond James.
Call buyers were notably active on Ford Motor Company (F), targeting a front-month, out-of-the-money strike.
Some traders hope the long-term future is bright for Barrick Gold (ABX).
For a look at today's options movers and commodities activity, head to page 2.
Commodities :
Crude futures retreated today, as the disappointing GDP news sparked demand concerns. Oil for June delivery lost 64 cents, or 0.7%, to settle at $93 per barrel. For the week, however, the front-month contract gained 5.7%.
Gold futures also slumped ahead of the weekend, despite racking up some safe-haven gains in intraday action. June-dated gold fell $8.40, or 0.6%, to end the day at $1,453.60 per ounce. On a weekly basis, gold advanced 4.2%.
At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Finally, remember to check out Schaeffer's contributor Adam Warner's post-mortem analysis of Apple Inc.'s ( AAPL ) earnings reaction . Hewlett-Packard ( HPQ ) led the Dow's 13 advancers, with a gain of 1.9%, while Alcoa ( AA ) brought up the rear, shedding 1.4%. "Early this morning, all the talk was about the first-quarter GDP report, which came in a little below expectations," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT.
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Finally, remember to check out Schaeffer's contributor Adam Warner's post-mortem analysis of Apple Inc.'s ( AAPL ) earnings reaction . Hewlett-Packard ( HPQ ) led the Dow's 13 advancers, with a gain of 1.9%, while Alcoa ( AA ) brought up the rear, shedding 1.4%. For its part, the Dow Jones Industrial Average (DJI) managed a modest gain, while its index counterparts stayed close to the breakeven mark.
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Finally, remember to check out Schaeffer's contributor Adam Warner's post-mortem analysis of Apple Inc.'s ( AAPL ) earnings reaction . Hewlett-Packard ( HPQ ) led the Dow's 13 advancers, with a gain of 1.9%, while Alcoa ( AA ) brought up the rear, shedding 1.4%. plus... Stocks end the week solidly in the black , the GDP growth rate fails to meet expectations, and Zynga ( ZNGA ) attracts short-term optimists.
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Finally, remember to check out Schaeffer's contributor Adam Warner's post-mortem analysis of Apple Inc.'s ( AAPL ) earnings reaction . Hewlett-Packard ( HPQ ) led the Dow's 13 advancers, with a gain of 1.9%, while Alcoa ( AA ) brought up the rear, shedding 1.4%. The blue-chip index settled with a gain of 12 points, or 0.1%, at 14,712.55.
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1398.0
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2013-04-16 00:00:00 UTC
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After Hours Most Active for Apr 16, 2013 : INTC, CSCO, YHOO, QQQ, BAC, TSM, MSFT, S, AA, TWO, WFT, ORCL
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AA
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https://www.nasdaq.com/articles/after-hours-most-active-apr-16-2013-intc-csco-yhoo-qqq-bac-tsm-msft-s-aa-two-wft-orcl-2013
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nan
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nan
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The NASDAQ 100 After Hours Indicator is down -2.19 to 2,836.22. The total After hours volume is currently 47,206,517 shares traded.
The following are the most active stocks for the after hours session :
Intel Corporation ( INTC ) is -0.01 at $21.92, with 7,306,411 shares traded. RTT News Reports: Intel Q1 Profit Down - Quick Facts
Cisco Systems, Inc. ( CSCO ) is unchanged at $21.16, with 5,631,151 shares traded. As reported by Zacks, the current mean recommendation for CSCO is in the "buy range".
Yahoo! Inc. ( YHOO ) is -0.9 at $22.89, with 3,793,425 shares traded. RTT News Reports: Yahoo! Q1 Profit Rises, Tops Estimates - Quick Facts
PowerShares QQQ Trust, Series 1 ( QQQ ) is -0.02 at $69.45, with 2,034,540 shares traded. This represents a 15.67% increase from its 52 Week Low.
Bank of America Corporation ( BAC ) is +0.02 at $12.30, with 1,493,637 shares traded. Over the last four weeks they have had 5 up revisions for the earnings forecast, for the fiscal quarter ending Mar 2013. The consensus EPS forecast is $0.23. BAC is scheduled to provide an earnings report on 4/17/2013, for the fiscal quarter ending Mar2013. The consensus earnings per share forecast is 0.23 per share, which represents a 31 percent increase over the EPS one Year Ago
Taiwan Semiconductor Manufacturing Company Ltd. ( TSM ) is unchanged at $17.24, with 1,436,154 shares traded.TSM is scheduled to provide an earnings report on 4/18/2013, for the fiscal quarter ending Mar2013. The consensus earnings per share forecast is 0.23 per share, which represents a 22 percent increase over the EPS one Year Ago
Microsoft Corporation ( MSFT ) is +0.12 at $29.10, with 1,330,185 shares traded. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Dec 2013. The consensus EPS forecast is $0.85. MSFT is scheduled to provide an earnings report on 4/18/2013, for the fiscal quarter ending Mar2013. The consensus earnings per share forecast is 0.72 per share, which represents a 60 percent increase over the EPS one Year Ago
Sprint Nextel Corporation ( S ) is +0.03 at $7.23, with 1,307,837 shares traded. S's current last sale is 113.86% of the target price of $6.35.
Alcoa Inc. ( AA ) is unchanged at $8.10, with 1,217,555 shares traded. AA's current last sale is 85.26% of the target price of $9.5.
Two Harbors Investments Corp ( TWO ) is unchanged at $11.94, with 920,984 shares traded. As reported by Zacks, the current mean recommendation for TWO is in the "buy range".
Weatherford International, Ltd ( WFT ) is unchanged at $12.47, with 913,212 shares traded. As reported by Zacks, the current mean recommendation for WFT is in the "buy range".
Oracle Corporation ( ORCL ) is -0.2871 at $33.15, with 779,923 shares traded. Over the last four weeks they have had 4 up revisions for the earnings forecast, for the fiscal quarter ending May 2013. The consensus EPS forecast is $0.85. As reported by Zacks, the current mean recommendation for ORCL is in the "buy range".
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) is unchanged at $8.10, with 1,217,555 shares traded. AA's current last sale is 85.26% of the target price of $9.5. The following are the most active stocks for the after hours session : Intel Corporation ( INTC ) is -0.01 at $21.92, with 7,306,411 shares traded.
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Alcoa Inc. ( AA ) is unchanged at $8.10, with 1,217,555 shares traded. AA's current last sale is 85.26% of the target price of $9.5. RTT News Reports: Intel Q1 Profit Down - Quick Facts Cisco Systems, Inc. ( CSCO ) is unchanged at $21.16, with 5,631,151 shares traded.
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Alcoa Inc. ( AA ) is unchanged at $8.10, with 1,217,555 shares traded. AA's current last sale is 85.26% of the target price of $9.5. The consensus earnings per share forecast is 0.23 per share, which represents a 31 percent increase over the EPS one Year Ago Taiwan Semiconductor Manufacturing Company Ltd. ( TSM ) is unchanged at $17.24, with 1,436,154 shares traded.TSM is scheduled to provide an earnings report on 4/18/2013, for the fiscal quarter ending Mar2013.
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Alcoa Inc. ( AA ) is unchanged at $8.10, with 1,217,555 shares traded. AA's current last sale is 85.26% of the target price of $9.5. RTT News Reports: Intel Q1 Profit Down - Quick Facts Cisco Systems, Inc. ( CSCO ) is unchanged at $21.16, with 5,631,151 shares traded.
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1399.0
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2013-04-12 00:00:00 UTC
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Market Close Report: NASDAQ Composite index closes at 3,294.95 down -5.21 points
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AA
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https://www.nasdaq.com/articles/market-close-report-nasdaq-composite-index-closes-329495-down-521-points-2013-04-12
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nan
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nan
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Friday's session closes with the NASDAQ Composite Index at 3,294.95. The total shares traded for the NASDAQ was over 1.43 billion. Declining stocks led advancers by 1.47 to 1 ratio. There were 1009 advancers and 1485 decliners for the day. On the NASDAQ Stock Exchange 53 stocks reached a 52 week high and 15 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
The NASDAQ 100 index closed down -.09% for the day; a total of -2.59 points. The current value is 2,856.48. Randgold Resources Limited ( GOLD ) had the largest percent change down (-4.85%) while NetApp, Inc. ( NTAP ) had the largest percent change gain rising 5.93%.
The Dow Jones index closed down % for the day; a total of -.08 points. The current value is 14,865.06. Alcoa Inc. ( AA ) had the largest percent change down (-1.2%) while Home Depot, Inc. (The) ( HD ) had the largest percent change gain rising 2.39%.
NASDAQ Market Wrap
As of 4/12/2013 4:44:01 PM
BILLIONS OF 1.43 NASDAQ SHARES TRADED TODAY 53 STOCKS REACHED A 52 WEEK HIGH 15 THOSE REACHING LOWS TOTALEDNetApp, Inc.[NTAP]TOPS ADVANCERS LISTOF NASDAQ 100 % 5.93 INDEXNTAP ROSE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.2%) while Home Depot, Inc. (The) ( HD ) had the largest percent change gain rising 2.39%. The NASDAQ 100 index closed down -.09% for the day; a total of -2.59 points. Randgold Resources Limited ( GOLD ) had the largest percent change down (-4.85%) while NetApp, Inc. ( NTAP ) had the largest percent change gain rising 5.93%.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.2%) while Home Depot, Inc. (The) ( HD ) had the largest percent change gain rising 2.39%. On the NASDAQ Stock Exchange 53 stocks reached a 52 week high and 15 those reaching lows totaled. Randgold Resources Limited ( GOLD ) had the largest percent change down (-4.85%) while NetApp, Inc. ( NTAP ) had the largest percent change gain rising 5.93%.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.2%) while Home Depot, Inc. (The) ( HD ) had the largest percent change gain rising 2.39%. On the NASDAQ Stock Exchange 53 stocks reached a 52 week high and 15 those reaching lows totaled. The most active, advancers, decliners, unusual volume and most active by dollar volume can be monitored intraday on the Most Active Stocks page.
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Alcoa Inc. ( AA ) had the largest percent change down (-1.2%) while Home Depot, Inc. (The) ( HD ) had the largest percent change gain rising 2.39%. There were 1009 advancers and 1485 decliners for the day. The NASDAQ 100 index closed down -.09% for the day; a total of -2.59 points.
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