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Friday August 6/2010 Economic out Look
SMF Notes: ECONX July Average Workweek 34.2 vs 34.1
ECONX July Average Workweek 34.2 vs 34.1, prior 34.1 08:30 ECONX July Hourly Earnings M/M +0.2% vs +0.1% prior -0.1% 08:30 ECONX July Nonfarm Payroll- Private 71K vs 83K consensus, prior revised to 31K from 83K 08:30 ECONX July Nonfarm Payrolls -131K vs -87K prior revised to -221K from -125K 08:30 ECONX July Unemployment Rate 9.5% vs 9.6% Prior 9.5%
SMF Notes: S&P futures vs fair value: -9.40. Nasdaq futures vs fair value: -19.80.
Stock futures have dropped in response to the latest official payrolls figures. Nonfarm payrolls for July fell 131,000, which is far worse than the decline of 87,000 that had been expected, on average, by a sample of economists polled by SMF. That makes for a disappointing follow up to the prior month’s downwardly revised decline of 221,000 nonfarm payrolls. Despite the larger-than-expected decline for July and the downward revision to June data, the unemployment rate remained at 9.5% when it had been expected to rise to 9.6%. The lower unemployment rate is most likely the result of discouraged job seekers exiting the labor force.
SMF Notes: Stocks Gapping down Premarket July Jobs Report Bad
In reaction to disappointing earnings/guidance: APEI -35.6% (also downgraded by multiple analysts), PMC -17.5%, ATPG -15.2% (also downgraded to Neutral from Add at CapitalOne Southcoast), NILE -11.9% (also removed from Conviction Buy List at Goldman), OSTK -11.5%, LZB -10.8% (says results for the fiscal 2011 first quarter were impacted negatively by a number of factors), CEC -8.8%, XIDE -8.8%, ATEC -8.6% (also downgraded to Hold from Buy at Canaccord Genuity, downgraded to Sector Perform from Outperform at RBC Capital), POWR -7.4% (light volume), RST -7.1%, ATVI -6.4%, MCZ -5.7%, ERII -5.4%, KOG -5.2% (also downgraded to Market Perform from Outperform at Raymond James), NGSX -4.7% (also announces proposed shelf registration statement to sell $75 mln of its securities), ELX -3.9%, OPNT -3.2% (light volume), LYV -2.2%, IGOI -2.1%, CF -1.6%.
Select financials trading lower: NBG -4.2%, GNW -3.0%, LYG -2.7%, HIG -2.2%, IRE -2.2%, HBAN -2.1%, ING -2.1%, STI -2.0%, MTG -2.0%, PMI -1.9%, BPOP -1.9%, STD -1.8%, RDN -1.8%, COF -1.6%, DB -1.6%, AEG -1.4%, WFC -1.1%, BAC -1.0%, JPM -0.9%.
Other news: LOCM -9.2% (continued weakness from this week's 30% drop), TNCC -6.2% (Tennessee Commerce Bancorp announces pricing of common stock offering at $4/share), BUD -4.8% (traded lower overseas with other brewers on commodity concerns), KLIC -4.2% (Hearing weakness attributed to tier 1 firm downgrade), KYN -3.1% (announces public offering of 6.75 mln shares of common stock), GOV -1.0% (prices 8,000,000 common share offering at $25.00).
Analyst comments: ADSK -4.3% (downgraded to Hold from Buy at Jefferies), TS -2.7% (downgraded to Neutral from Buy at UBS ), UL -2.4% (downgraded to Hold from Buy at ING Group, downgraded to Neutral from Buy at UBS), RIG -2.2% (downgraded to Underweight from Neutral at JP Morgan), UEIC -2.0% (downgraded to Hold from Buy at Deutsche Bank), BCS -1.7% (downgraded to Neutral from Buy at UBS).
SMF Notes: CBOE CBOE Holdings: 2Q10 miss and spotty outlook drive significant weakness
UBS notes CBOE significantly underperformed yesterday following the company's 2Q10 results. They believe the combination of the headline earnings miss and a focus on new and existing areas of concern during the co's conference call, reminded investors that a large part of CBOE's business is becoming increasingly more competitive, which puts the company's premium valuation into question. Firm cuts their tgt to $27 to $29.
SMF Notes: INSID Weekly Insider Trading Summary: Notable Purchases
Weekly Insider Trading Summary: Notable Purchases -- CVD, CYMI, HLX, WTNY, SPN, MDCA, & LSI; Notable Sales -- CMCSA CEO, WYNN, EXR, and ISLN Directors
This week we've seen notable insider buying in the following stocks:
* Covance (CVD) CEO and SVP bought 22,500 shares at $38.59-38.95 on 8/2
* Cymer (CYMI) Director bought 33,000 shares at $33.50 on 7/30
* Helix Energy (HLX) CEO bought 103,500 shares at $9.47-9.68 on 8/2
* Whitney Holding (WTNY) Directors (2) bought 110,000 shares at $8.01-8.87 on 7/30-8/4
* Superior Energy (SPN) CEO bought 37,500 shares at $23.40 on 8/3
* MDC Partners (MDCA) COO bought 63,288 shares at $11.96-12.44 on 8/3
* LSI Corp (LSI) CEO and Directors (4) bought 150,761 shares at $3.90-4.10 on 7/30-8/2
* CA (CA) Director bought 20,000 shares at $19.78 on 8/5
* Corning (GLW) Director John Canning bought 20,000 shares at $19.16 on 8/5
* White Mountain Insurance (WTM) Director bought 1,000 shares at $318.73 on 8/2
* BancorpSouth (BXS) Director bought 19,750 shares at $14.94 on 8/2
* Whole Foods (WFMI) Director bought 8,000 shares at $36.43 on 8/5
* Symantec (SYMC) Director bought 20,000 shares at $13.00 on 8/3
* American National (ANAT) COO bought 3,060 shares at $79.71-80.00 on 8/2-8/3
* East West Bancorp (EWBC) President bought 15,000 shares at $15.47-15.56 on 7/30
* Covidien (COV) CFO bought 5,500 shares at $37.24 on 8/4
* Unifi (UFI) Director Kenneth Langone bought 43,800 $3.92-4.08 8/2-8/3
* Popular (BPOP) Director bought 45,000 shares at $2.75 on 8/3
We've seen notable insider selling in the following stocks:
* Wynn (WYNN) Director Elaine Wynn sold 147,383 shares at $88.01-91.31 on 8/2
* NxStage Medical (NXTM) Director/10% owner OrbiMed Capital sold 754,800 shares at $16.31-16.41 on 8/2-8/5
* Comcast (CMCSA) CEO sold 625,000 shares at $18.00-19.46 on 8/3
* Isilon Systems (ISLN) Director/10% owner Atlas Venture sold 444,700 shares at $17.40-18.68 on 7/30-8/3
* Extra Space Storage (EXR) Director sold 407,500 shares at $15.75-15.79 on 8/2-8/3
* Home Bancshares (HOMB) Chairman/10% owner sold 180,000 shares at $24.60-24.62 on 8/2-8/3
* Strayer Education (STRA) COO sold 17,800 shares at $236.25 on 7/30
ECONX July Average Workweek 34.2 vs 34.1, prior 34.1 08:30 ECONX July Hourly Earnings M/M +0.2% vs +0.1% prior -0.1% 08:30 ECONX July Nonfarm Payroll- Private 71K vs 83K consensus, prior revised to 31K from 83K 08:30 ECONX July Nonfarm Payrolls -131K vs -87K prior revised to -221K from -125K 08:30 ECONX July Unemployment Rate 9.5% vs 9.6% Prior 9.5%
SMF Notes: S&P futures vs fair value: -9.40. Nasdaq futures vs fair value: -19.80.
Stock futures have dropped in response to the latest official payrolls figures. Nonfarm payrolls for July fell 131,000, which is far worse than the decline of 87,000 that had been expected, on average, by a sample of economists polled by SMF. That makes for a disappointing follow up to the prior month’s downwardly revised decline of 221,000 nonfarm payrolls. Despite the larger-than-expected decline for July and the downward revision to June data, the unemployment rate remained at 9.5% when it had been expected to rise to 9.6%. The lower unemployment rate is most likely the result of discouraged job seekers exiting the labor force.
SMF Notes: Stocks Gapping down Premarket July Jobs Report Bad
In reaction to disappointing earnings/guidance: APEI -35.6% (also downgraded by multiple analysts), PMC -17.5%, ATPG -15.2% (also downgraded to Neutral from Add at CapitalOne Southcoast), NILE -11.9% (also removed from Conviction Buy List at Goldman), OSTK -11.5%, LZB -10.8% (says results for the fiscal 2011 first quarter were impacted negatively by a number of factors), CEC -8.8%, XIDE -8.8%, ATEC -8.6% (also downgraded to Hold from Buy at Canaccord Genuity, downgraded to Sector Perform from Outperform at RBC Capital), POWR -7.4% (light volume), RST -7.1%, ATVI -6.4%, MCZ -5.7%, ERII -5.4%, KOG -5.2% (also downgraded to Market Perform from Outperform at Raymond James), NGSX -4.7% (also announces proposed shelf registration statement to sell $75 mln of its securities), ELX -3.9%, OPNT -3.2% (light volume), LYV -2.2%, IGOI -2.1%, CF -1.6%.
Select financials trading lower: NBG -4.2%, GNW -3.0%, LYG -2.7%, HIG -2.2%, IRE -2.2%, HBAN -2.1%, ING -2.1%, STI -2.0%, MTG -2.0%, PMI -1.9%, BPOP -1.9%, STD -1.8%, RDN -1.8%, COF -1.6%, DB -1.6%, AEG -1.4%, WFC -1.1%, BAC -1.0%, JPM -0.9%.
Other news: LOCM -9.2% (continued weakness from this week's 30% drop), TNCC -6.2% (Tennessee Commerce Bancorp announces pricing of common stock offering at $4/share), BUD -4.8% (traded lower overseas with other brewers on commodity concerns), KLIC -4.2% (Hearing weakness attributed to tier 1 firm downgrade), KYN -3.1% (announces public offering of 6.75 mln shares of common stock), GOV -1.0% (prices 8,000,000 common share offering at $25.00).
Analyst comments: ADSK -4.3% (downgraded to Hold from Buy at Jefferies), TS -2.7% (downgraded to Neutral from Buy at UBS ), UL -2.4% (downgraded to Hold from Buy at ING Group, downgraded to Neutral from Buy at UBS), RIG -2.2% (downgraded to Underweight from Neutral at JP Morgan), UEIC -2.0% (downgraded to Hold from Buy at Deutsche Bank), BCS -1.7% (downgraded to Neutral from Buy at UBS).
SMF Notes: CBOE CBOE Holdings: 2Q10 miss and spotty outlook drive significant weakness
UBS notes CBOE significantly underperformed yesterday following the company's 2Q10 results. They believe the combination of the headline earnings miss and a focus on new and existing areas of concern during the co's conference call, reminded investors that a large part of CBOE's business is becoming increasingly more competitive, which puts the company's premium valuation into question. Firm cuts their tgt to $27 to $29.
SMF Notes: INSID Weekly Insider Trading Summary: Notable Purchases
Weekly Insider Trading Summary: Notable Purchases -- CVD, CYMI, HLX, WTNY, SPN, MDCA, & LSI; Notable Sales -- CMCSA CEO, WYNN, EXR, and ISLN Directors
This week we've seen notable insider buying in the following stocks:
* Covance (CVD) CEO and SVP bought 22,500 shares at $38.59-38.95 on 8/2
* Cymer (CYMI) Director bought 33,000 shares at $33.50 on 7/30
* Helix Energy (HLX) CEO bought 103,500 shares at $9.47-9.68 on 8/2
* Whitney Holding (WTNY) Directors (2) bought 110,000 shares at $8.01-8.87 on 7/30-8/4
* Superior Energy (SPN) CEO bought 37,500 shares at $23.40 on 8/3
* MDC Partners (MDCA) COO bought 63,288 shares at $11.96-12.44 on 8/3
* LSI Corp (LSI) CEO and Directors (4) bought 150,761 shares at $3.90-4.10 on 7/30-8/2
* CA (CA) Director bought 20,000 shares at $19.78 on 8/5
* Corning (GLW) Director John Canning bought 20,000 shares at $19.16 on 8/5
* White Mountain Insurance (WTM) Director bought 1,000 shares at $318.73 on 8/2
* BancorpSouth (BXS) Director bought 19,750 shares at $14.94 on 8/2
* Whole Foods (WFMI) Director bought 8,000 shares at $36.43 on 8/5
* Symantec (SYMC) Director bought 20,000 shares at $13.00 on 8/3
* American National (ANAT) COO bought 3,060 shares at $79.71-80.00 on 8/2-8/3
* East West Bancorp (EWBC) President bought 15,000 shares at $15.47-15.56 on 7/30
* Covidien (COV) CFO bought 5,500 shares at $37.24 on 8/4
* Unifi (UFI) Director Kenneth Langone bought 43,800 $3.92-4.08 8/2-8/3
* Popular (BPOP) Director bought 45,000 shares at $2.75 on 8/3
We've seen notable insider selling in the following stocks:
* Wynn (WYNN) Director Elaine Wynn sold 147,383 shares at $88.01-91.31 on 8/2
* NxStage Medical (NXTM) Director/10% owner OrbiMed Capital sold 754,800 shares at $16.31-16.41 on 8/2-8/5
* Comcast (CMCSA) CEO sold 625,000 shares at $18.00-19.46 on 8/3
* Isilon Systems (ISLN) Director/10% owner Atlas Venture sold 444,700 shares at $17.40-18.68 on 7/30-8/3
* Extra Space Storage (EXR) Director sold 407,500 shares at $15.75-15.79 on 8/2-8/3
* Home Bancshares (HOMB) Chairman/10% owner sold 180,000 shares at $24.60-24.62 on 8/2-8/3
* Strayer Education (STRA) COO sold 17,800 shares at $236.25 on 7/30
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