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July 2010 Blog Posts (178)

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Market Internals -Update-

The Dow decreased 1.22 points (or 0.01%) closing at 10465.94, the Nasdaq was up 3.01 points (or 0.13%) to finish at 2254.70 and the S&P was up 0.07 points (or 0.01%) to finish at 1101.60.



Today's movement came from lower than avg. volume (NYSE 1176 closing avg of 1414; Nasdaq 2167, 2243), with advancers outpacing decliners (NYSE 1759/1243 Nasdaq 1444/1176), and with new highs outpacing new lows (NYSE new highs/new lows 163/19, and NASDAQ… Continue

Added by ken flagg on July 31, 2010 at 5:32am — No Comments

SMF Notes : Early Floor Talk: Pulling back a bit ahead of GDP data

Equity futures are pulling back this morning, with S&P futures -6 vs. fair value and DJ futures -42. The early pullback comes on the heels of weaker trading overseas and ahead of the preliminary Q2 GDP reading at 8:30 ET. In addition, the market is digesting another big batch of earnings releases, although none are market moving on their own.



Overseas stocks fell overnight, with weakness in Asia (Nikkei -1.6%, Hang Seng -0.3%, Shanghai… Continue

Added by ken flagg on July 30, 2010 at 8:49am — No Comments

SMF Notes : FSLR First Solar: Color on the Quarter

Kaufman Brothers- Firm notes that FSLR reported significantly above street expectations but below the firm's numbers as it was well above the street. Kaufman does note the only reason FSLR missed its numbers was due to an FX loss which the firm purposely did not forecast. Firm believes there is significant upside to FSLR's earnings in 2010 and 2011 and is increasing its estimates to reflect this. Also is raising its target to $172 from 162. Notes it… Continue

Added by ken flagg on July 30, 2010 at 8:47am — No Comments

SMF Notes : Early premarket gappers

Gapping up: MCBC +62.3%, OREX +15.8%, PWER +11.4%, MXWL +10.6%, TUNE +10.3%, HLIT +8.9%, HLCS +7.0%, DDIC +6.5%, CRL +6.4%, AXTI +6.3%, CPSI +6.3%, TRID +6.1%, QSFT +6.0%, IXYS +5.3%, GPRO +5.0%, EMN +4.2%, SUN +4.1%, SWIR +3.6%, MET +3.5%, ROVI +3.4%, MXIM +3.3%, SHOO +3.2%, EXPE +3.0%, HTHT +2.3%, TSRA +2.2%, UACL +2.1%, BIDU +1.0%, SYNA +1.0%, KLAC +0.9%.



Gapping down: TNAV -15.8%, THOR -13.0%, APKT -12.8%, WPCS -10.7%, CAVM -9.3%, LNET… Continue

Added by ken flagg on July 30, 2010 at 8:46am — No Comments

SMF Notes : Early premarket gappers

Gapping up: MCBC +62.3%, OREX +15.8%, PWER +11.4%, MXWL +10.6%, TUNE +10.3%, HLIT +8.9%, HLCS +7.0%, DDIC +6.5%, CRL +6.4%, AXTI +6.3%, CPSI +6.3%, TRID +6.1%, QSFT +6.0%, IXYS +5.3%, GPRO +5.0%, EMN +4.2%, SUN +4.1%, SWIR +3.6%, MET +3.5%, ROVI +3.4%, MXIM +3.3%, SHOO +3.2%, EXPE +3.0%, HTHT +2.3%, TSRA +2.2%, UACL +2.1%, BIDU +1.0%, SYNA +1.0%, KLAC +0.9%.



Gapping down: TNAV -15.8%, THOR -13.0%, APKT -12.8%, WPCS -10.7%, CAVM -9.3%, LNET… Continue

Added by ken flagg on July 30, 2010 at 8:46am — No Comments

SMF Notes : MSFT Microsoft: Analyst day color (26.03 )



* FBR Capital notes, yesterday, it attended MSFT's annual analyst day. Given that the co just reported quarterly results last week, there was no new financial information. Rather, the day was focused on the co's strategy and product initiatives. While there has been much discussion about Windows 7 and Office 2010, FBR's focus was on the newer and more strategic initiatives, specifically: 1) cloud computing for the enterprise and 2) winning a… Continue

Added by ken flagg on July 30, 2010 at 8:44am — No Comments

SMF Notes : Q2 GDP - Advance - Preview

After three months of data, we will receive another look at the economic recovery in the form of Q2 2010 GDP. While the data remain firmly positive, the feeling amongst the Briefing.com consensus is that economic activity is decelerating. GDP is expected to increase 2.5% in the second quarter compared with 2.7% growth in Q1 2010. Consumption and nonresidential investment in equipment and software are expected to be the main contributors to economic… Continue

Added by ken flagg on July 30, 2010 at 8:42am — No Comments

Remarks before the Greater San Antonio Chamber of Commerce

Jim Goudge has been of enormous help to the Dallas Fed over the years, serving first as a member of the board of our San Antonio Branch and more recently as a member of the Federal Advisory Council, a body that consists of a banker from each of the 12 Federal Reserve Districts and advises the Federal Reserve Board about banking conditions nationwide. Before I get started, I want to thank you, Jim, for your devoted service to our nation’s central bank. And I… Continue

Added by ken flagg on July 30, 2010 at 8:38am — No Comments

UNG Global & sector ETF money flows- Energy Complex (UNG, USO, UGA)

The Actively Traded Leading Global & Sector ETFs:

natural gas- UNG +2.75%, base metals- DBB +1.75%, RBOB gasoline- UGA +1.75%, VIX vol. index- VXX +1.75%, Swiss Franc currency shares- FXF +1.75%, crude/WTI oil- OIL +1.50%, USO +1.50%, heating oil- UHN +1.50%, copper- JJC +1.25%, commods. index- GSG +1.25%, DBC +1.25%, DJP +1.0%, platinum- PGM +1.0%, PTM +1.0%, Yen currency shares- FXY +1.0%



The Actively Traded Lagging Global &… Continue

Added by ken flagg on July 29, 2010 at 10:08pm — No Comments

Remarks before the Greater San Antonio Chamber of Commerce

Jim Goudge has been of enormous help to the Dallas Fed over the years, serving first as a member of the board of our San Antonio Branch and more recently as a member of the Federal Advisory Council, a body that consists of a banker from each of the 12 Federal Reserve Districts and advises the Federal Reserve Board about banking conditions nationwide. Before I get started, I want to thank you, Jim, for your devoted service to our nation’s central bank.… Continue

Added by ken flagg on July 29, 2010 at 10:06pm — No Comments

SMF Today's biggest point gainers/losers

Biggest point gainers: CTXS (55.8 +8.47), KYO (94.93 +7.58), CLW (60.52 +5.25), ITRI (63.02 +5.14), WLL (88.14 +5.01), MWIV (52.33 +4.45), AMP (42.67 +4.39), EQIX (92.35 +4.29), RE (76.38 +3.58), TNH (82.06 +3.56), TGI (79.14 +3.33), FLS (99.02 +3.28), HRC (31.83 +3.18), DIT (61 +2.8), GMCR (31.46 +2.79), MKL (337.85 +2.75), ESRX (44.89 +2.69), TEF (68.64 +2.66), TKR (33.2 +2.63), CF (80.28 +2.59), OII (49.77 +2.59), TTEK (21.53 +2.57), MGLN (39.3… Continue

Added by ken flagg on July 29, 2010 at 7:18pm — No Comments

ECONX Initial Claims Level Continues to Reveal a Poor Labor Market

The initial claims level repeated its sawtooth motion this week as claims fell to 457,000 for the week ending July 24 from 468,000 for the week ending July 17. The Briefing.com consensus expected the claims level to remain at last week's pre-revised level of 464,000 claimants. The volatility in the initial claims level over the past couple of weeks has been associated with poor seasonal adjustment factors, which resulted in an unreliable explanation of the labor sector during… Continue

Added by ken flagg on July 29, 2010 at 11:26am — No Comments

If you file taxes you need to read this, 2011 tax changes

> Subject: If you file taxes you need to read this, 2011 tax changes

> Subject: 2011 Taxes

>

> In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three

great waves on

> January 1, 2011:

>

>

>

> First Wave: Expiration of 2001 and 2003…

Continue

Added by ken flagg on July 28, 2010 at 11:14pm — No Comments

SMF Notes: DNDN Dendreon announces Provenge demonstrated a statistically significant improvement

Dendreon announces Provenge demonstrated a statistically significant improvement in overall survival compared to control in men with asymptomatic or minimally symptomatic metastatic castration resistant prostate cancer (33.39 -1.47)





The 512-patient multi-center, randomized, double-blind, placebo-controlled IMPACT (IMmunotherapy for Prostate AdenoCarcinoma Treatment) study demonstrated that PROVENGE extended median survival by 4.1 months… Continue

Added by ken flagg on July 28, 2010 at 6:51pm — No Comments

SMF Notes: First Solar target raised to $173 at Auriga (137.34 +0.60)

Auriga has increased confidence with regard to its 2011 ests and are raising



tgt to $173 from $138 accordingly on FSLR shares. Specifically, firm believes



that exposure to the Euro will be significantly less in 2011 given First



Solar's pipeline of North American based projects. Firm continues to use a



USD/EUR exchange rate of 1.25; thus its increased estimates are primarily



derived from higher… Continue

Added by ken flagg on July 28, 2010 at 3:35pm — No Comments

SMF Notes: ECONX Fed Beige Book: Economic recovery slowed in some areas

For full report, click http://www.federalreserve.gov/FOMC/Beigebook/2010/20100728/fullreport20100728.pdf ; Economic activity has continued to increase, on balance, since the previous survey. Among those Districts reporting improvements in economic activity, a number of them noted that the increases were modest, and two Districts, Atlanta and Chicago , said that the pace of… Continue

Added by ken flagg on July 28, 2010 at 3:31pm — No Comments

SMF Notes: ECONX New Durable Orders Weaken, but Business Investment Remains on Solid Ground

The advance durable goods report in June was disappointing from a headline perspective. Declines in new orders accelerated from -0.8% in May to -1.0% in June. The Briefing.com consensus estimate called for a 1.0% increase in new orders. Fortunately, not all of the news was bad. Demand for business investment remains steady as new orders for nondefense business capital excluding aircraft rose 0.6% on top of a 4.6% increase in May. Shipments, which lead… Continue

Added by ken flagg on July 28, 2010 at 3:20pm — No Comments

SMF Notes: S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: -4.50.

S&P 500 futures point to a modestly lower start for the session. Europe ’s major bourses have also weakened. As such, Germany ’s DAX is now down 0.6%. Materials plays have been a primary source of weakness – they are down 1.4% as a group. However, a 0.9% gain by financials has provided some support. Deutsche Boerse is a key leader, while BMW is a detractor. Financials are also offering support in France , but the CAC has failed to cling to a slight… Continue

Added by ken flagg on July 28, 2010 at 3:18pm — No Comments

Gapping down

In reaction to disappointing earnings/guidance: WBSN -15.8% (also downgraded to Underweight from Neutral at JP Morgan), ALVR -10.2%, GPN -9.8% (also downgraded to Neutral from Buy at Janney Montgomery, downgraded to Market Perform from Outperform at Barrington), FBC -9.6%, HTCH -8.2%, SLAB -6.4%, CENX -5.2%, SWC -4.9%, FORM -3.3%, EK -3.2%, CEPH -2.7% (also downgraded to Hold from Buy at Hapoalim Securities), CVS -2.6% (also Aetna awarded long-term… Continue

Added by ken flagg on July 28, 2010 at 10:29am — No Comments

SMF Notes: Asian Markets Close: Nikkei +2.7%; Hang Seng +0.6%; Shanghai +2.3%; Sensex -0.7%

Stocks in Asia were mostly higher as the People's Bank of China said that growth was slowing, but it was healthy, and a double-dip recession was very unlikely. Adding support to the rally were strong earnings from Japanese exporter Canon. Reports indicate legendary investor George Soros is set to buy a 4% stake in the Bombay Stock Exchange from Dubai Holdings for $40 mln, valuing the exchange at $1 bln. Looking at the currencies...the yuan closed… Continue

Added by ken flagg on July 28, 2010 at 10:17am — No Comments

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