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Websim Focus sui Mercati finanziari 07/08/2014 08:48 – WS
Chiusura piatta a Wall Street che, giustamente, non ha risentito dei problemi italici: Dow Jones +0,08%, Nasdaq +0,05%, S&P500 invariato.
Asia. Stamattina Borse deboli senza stress particolari. Tokio -0,2%, Corea del Sud, Hong Kong e Shanghai scendono dello 0,5%, Mumbai sale -0,2%.
I future sulle borse europee anticipano un avvio in leggero rialzo, +0,2%.
Il nostro commento sulla situazione.
Piazza Affari (ieri -2,7%) ha pagato dazio al brutto dato sul Pil del secondo trimestre, ma non è una novità per nessuno che l’Italia sia un cantiere aperto. Ha pesato molto di più il taglio di giudizio di Goldman Sachs su bond e borse periferiche. Ieri per esempio Lisbona ha perso il 4,5% tornando sui livelli di un anno fa.
Di solito questi provvedimenti hanno un impatto limitato nel tempo e non dimentichiamoci che ormai il denaro si muove in giro per il mondo alla velocità della luce. Agli strateghi americani è bastato vedere una ripresa degli emergenti (Cina in particolare) per decidere di consigliare ai clienti di prendere profitto da una parte (Europa) per spostarsi dall’altra. Fanno i broker e guadagnano dalle commissioni! D’altronde, con il brutto inciampo di Banco Espirito Santo e con i dati di frenata dell’economia tedesca abbiamo fornito una serie di begli assist.
Ucraina. Francamente, pensare che la situazione possa deflagrare in qualcosa di ancor più grave ci sembra improbabile. Dovemmo vedere per esempio un’impennata del petrolio, che non c’è (brent in calo a 104,7 usd), o un crollo della borsa russa, che non c’è (ieri -1,7%) e del rublo, ancora a debita distanza dai minimi storici. Aldilà di qualche schermaglia, crediamo che né Europa né Russia abbiano interesse a scatenare il putiferio. Bastano e avanzano Libia e Gaza.
Italia. Per quanto ci riguarda, il fatto che l’Italia non cresca non fa piacere, ma le riforme vanno avanti e un importante punto a favore arriverà a breve con la riforma del Senato. La valutazione del nostro mercato è interessante sotto il profilo dei fondamentali, le trimestrali evidenziano diffusi progressi e non vediamo tra le banche situazioni nemmeno lontanamente accomunabili a quella di BES. Lo spread secondo noi è destinato ancora a ridursi in primis perché Draghi fa buona guardia (oggi potrebbe dire qualcosa di nuovo) e poi perché il governo non ha alcuna intenzione di mollare sul controllo dei conti pubblici.
In breve, queste violente discese spesso si rivelano ottime occasioni di acquisto, per cui non “panichiamo”.
Analisi tecnica borse. Al netto delle borse periferiche non è accaduto nulla. L’S&P500 (1.920) resta ancora sopra il nostro primo livello di acquisto posto a 1.900 punti. Il Dax di Francoforte (9.130) sta per raggiungere area 9mila, livello interessante per rientrare. Monitoriamo l’Ibex di Madrid (10.246) che a 10.070/10mila offre un’interessante opportunità di acquisto.
FtseMib (19.809, -2,7%). Si è bruciato quasi 14 punti di guadagno in un paio di mesi. Una perdita che sconta ampiamente le recenti brutte notizie. Una chiusura di settimana sopra 19.900/20mila farebbe rientrare l’allerta. In caso contrario, vorrà dire che l’Italia è tornata nel mirino della speculazione e sarà meglio chiudere le posizioni in stop (su chiusura sotto 19mila) per evitare pericolosi e imprevedibili avvitamenti.
Variabili macro
Forex. Il dollaro rimane un ottimo asset per diversificare il rischio sull’Europa. Oggi cross euro dollaro (1,338). Ormai raggiunto il target di 1,33, suggeriamo di prendere profitto “per trading” sulle posizioni consigliate a partire da area 1,39,1,40, ma vista l’evoluzione del quadro macro si potrebbe essere anche più ambiziosi e puntare a un target strategico di 1,30.
Bond.
Bond periferici. Goldman Sachs ha scatenato un po’ di polverone facendo risalire lo spread a 173 punti base e il rendimento del BTP decennale al 2,82%. Paradossalmente, i dati macro giocano a favore di un’ulteriore compressione dei rendimenti. Per cui un eventuale ritorno verso il 3% sarebbe per noi occasione di acquisto.
Websim Focus sui Mercati finanziari 06/08/2014 08:46 – WS
Wall Street ha chiuso in calo ieri sera, interrompendo il tentativo di rimbalzo messo in atto lunedì. Dow Jones -0,84%, S&P500 -0,97%, Nasdaq -0,71%.
Stamattina anche le Borse asiatiche risentono del clima di incertezza. Tokio perde l’1,14%, Hong Kong -0,6%, Shanghai -0,2%, Seul -0,4%, Mumbay -0,2%.
I future sulle borse europee anticipano un avvio in calo dello 0,6%.
Italia. Occhi puntati alle 11:00 sul dato del Pil del secondo trimestre. Le
attese degli economisti sono per una crescita dello 0,1% rispetto allo stesso periodo dell’anno scorso dal precedente -0,5%. Il mercato, però, teme che sia peggiore rendendo più concreto lo spettro della stagnazione o addirittura quello della recessione.
A Piazza Affari prosegue la stagione delle trimestrali. Da seguire in particolare Cattolica Assicurazioni, Interpump, Moncler.
Telecom Italia (ieri -4,6%) ha chiuso il primo semestre risultati deboli ma in linea con le attese. L’Ebitda è pari a 4,345 miliardi, -5,3% in termini organici, su ricavi a 10,551 miliardi, in calo del 6,5%. Il debito netto a fine giugno è pari a 27,358 miliardi. Il consiglio ha deciso di seguire da vicino l’evoluzione dello scenario in Brasile dopo la mossa di Telefonica (offerta sul terzo operatore GVT) che ha spiazzato le mire di Tim Brasil.
Analisi tecnica borse. Ieri si sono viste ancora vendite aggressive sulla periferia della zona euro (Milano -1,6% e Madrid -1,3%) spiegabili anche con la decisione di uno dei broker più importanti del mondo, Goldman Sachs, di abbassare il giudizio su azioni e bond periferici. Sull’Italia, in particolare, sottolineano gli analisti americani, pesa uno scenario macro molto fragile e l’impasse nel cammino verso le riforme strutturali. Come dar loro torto! Semmai ci auguriamo che la strigliata possa dare una spinta in più al governo. In passato è successo spesso.
FtseMib (20.052, -1,62%). Fallito il tentativo di allungo oltre l’ostacolo di breve a 21mila punti, si è tornati pericolosamente a ridosso del delicato supporto a 20mila punti, minimo di maggio il cui cedimento potrebbe provocare un’accelerazione del movimento verso i ben più importanti supporti a 19mila punti. Alziamo l’allerta.
Variabili macro
Petrolio debole in scia anche al rimbalzo del dollaro. Oggi Wti a 97,5 usd, Brent 104,8 usd. Oro fermo a 1.291 usd. Nessuna novità grafica.
Forex.
Le probabili vendite di bond periferici e azioni europee da parte di chi sta seguendo il consiglio di Goldman non faranno altro che favorire l’apprezzamento del dollaro. Per cui insistiamo nel sostenere che il cross euro dollaro (1,3367) potrebbe scendere almeno a quota 1,33, ma vista l’evoluzione del quadro di breve si potrebbe essere anche più ambiziosi (1,30!).
Bond.
Bond periferici. Per il momento è il comparto che resiste meglio alle pressioni ribassiste che invece stanno colpendo con maggiore efficacia le rispettive borse periferiche. Oggi BTP decennale al 2,77% da 2,72% di ieri, con lo spread a 162 da 154 di ieri. Puntiamo sempre a uno spread di 100 punti base e a un rendimento finale tra il 2,3/2,2%. Potrebbe esserci un po’ di debolezza nei prossimi giorni, complice il periodo vacanziero, e un eventuale ritorno verso il 3% sarebbe occasione di acquisto.
Borse cinesi in forte rialzo e mercati asiatici da record, Moody’s alza il Portogallo
I mercati hanno mostrato in queste ultime settimane di non essere troppo angustiati dai conflitti sanguinosi in attoa Gaza e nel Donetks, con il pronto recupero dei mercati asiatici in atto stamattina dopo la flessione di Wall Street e dell’Europa di venerdì, si scopre che anche le indicazioni poco ottimiste giunte da due società di prima grandezza per l’intero pianeta come Amazon e Visa, non sono ritenuti elementi così rilevanti da mutare il quadro di fondo favorevole all’investimento azionario.
In Asia l’indice MSCI Asia Pacific, il benchmark per l’area, tocca nuovi massimi degli ultimi sei anni, sale dello 0,4%, tutti e dieci gli indici settoriali nei quali si struttura, sono in rialzo. A fornire la spinta maggiore sono i listini cinesi, in particolare quello gemello di Shanghai e di Shenzen (+2,4%) che rappresenta, più di quello di Hong Kong (+0,9%), la Cina continentale. Il dato previsionale sull’andamento dell’industria cinese pubblicato alla fine della settimana scorsa, sembra aver sgombrato i residui timori sulla crescita dell’economia cinese, la salita dell’indice PMI elaborato da Hsbc eMarkit sui massimi degli ultimi 18 mesi dovrebbe tradursi in un Pil della Cina in espansione nel corso del 2014 coerente con gli obiettivi pianificati dal premier Li Keqiang,( +7,5%)
E’ in rialzo, ma con una variazione meno ampia, la Borsa della ex grande città stato ora sotto la giurisdizione cinese dopo la dominazione britannica: l’indice Hang Seng sale dello 0,9%. Seoul guadagna lo 0,8% e Tokyo lo 0,4%. Mumbai è piatta dopo i record storici toccati la settimana scorsa
Venerdì Wall Street ha chiuso con il Dow Jones in ribasso dello 0,7% ma nel corso del fine settimana, anche se da Goldman Sachs è arrivato un avvertimento sul pericolo di una correzione in arrivo, è risalita la propensione al rischio, non solo in Asia, ma anche in Europa: il future dell’indice Ftse 100 di Londra sale dello 0,2%. Nel loro bollettino trimestrale, gli strateghi di Goldman Sachs hconsigliano di ridurre l’esposizione ad azioni e bond in vista della minaccia rappresentata dalla risalita dell’inflazione negli Stati Uniti.
Venerdì sera Moody’s ha alzato di un gradino il rating del Portogallo a “Ba1” – un livello sotto l’investment-grade – citando il miglioramento delle condizioni fiscali del Paese e un’attesa riduzione continua e graduale del “peso del debito pubblico molto alto”. L’outlook è stabile.
Intanto a Gaza la micro tregua di 12 ore è terminata e nel Donetks l’Ucraina sembra aver sferrato l’attacco finale, Kiev ha chiesto ai tecnici aeronautici impegnati nella zona del relitto del Being della Malaysia Airline abbattuto 15 giorni fa di lasciare l’area. Gli Stati Uniti hanno diffuso materiale che, secondo la loro ricostruzione, rivela il supporto militare fornito dalla Russia si separatisti filo russi: l’artiglieria russa starebbe sparando sull’esercito di Kiev.
Nonostante il quadro geo strategico non si possa definire tranquillo, oggi, anniversario della dichiarazione di guerra dell’impero Austro Ungarico alla Serbia nel 1914
, le grandezze macroeconomiche più sensibili a questi temi, sono tranquille. Il petrolio tipo Brent perde lo 0,4% a 108 dollari e l’oro tratta a 1309 dollari il barile, invariato. Nella foto una postazione di artiglieria austriaca puntata contro Belgrado.
A Milano la stagione delle trimestrali comincia ad entrare nel vivo, oggi diffondono i dati Ansaldo Sts (STS.MI), Acea (ACE.MI) e Fiera Milano (FM.MI).
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Quartz Daily Brief—Israel’s pause, Murdoch’s rejection, Glaxo’s China bribery, UAE’s Mars mission
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Good morning, Quartz readers!
What to watch for today
Israel pauses its rocket fire. The temporary cessation comes after four children from one Palestinian family were killed by Israeli shelling on a Gaza beach, and will enable the delivery of aid. Israel warned that a ground invasion is still being considered.
Morgan Stanley steals Goldman’s thunder. The last big bank to report second-quarter earnings may beat out Goldman Sachs as Wall Street’s biggest earner from equity trades.
Hollande tries to renew African ties… The French president begins a tour of Niger, Chad, and the Ivory Coast to revive the policy of “Françafrique,” as Islamist militants threaten France’s former colonies.
…As West African heads of state convene. The Economic Community of West African States meets in Accra, Ghana, where a regional Ebola outbreak will be high on the agenda (to July 18).
Google’s mobile rewards. The company’s push into smartphone and tablet search ads, along with growing YouTube ad revenue, should boost its quarterly earnings.
While you were sleeping
The US imposed its toughest sanctions on Russia yet. President Barack Obama targeted oil giant Rosneft as well as Russia’s energy, finance, and defense industries. But the effectiveness of the sanctions ultimately depends on whether the EU follows suit.
Rupert Murdoch was spurned. 21st Century Fox made an $80 billion takeover bid for Time Warner, but was rebuffed. The bold move by Murdoch’s film and TV company, if pursued further, could be transformational for the media industry.
GlaxoSmithKline fessed up to Chinese bribery. US investigators will look for similarities between a newly revealed 2001 bribery case and current allegations of improper practices at the pharmaceutical company’s China unit, according to the Financial Times (paywall). Any similarities could lead to much tougher charges.
GE toasters may be toast. The industrial conglomerate is in talks to sell its home appliances unit. The underperforming, century-old business is the third-biggest US appliance maker by market share.
Tony Abbott scrapped Australia’s carbon tax. The prime minister plans to “unshackle” the economy to encourage growth. Green groups are dismayed at the move, which would make it difficult for Australia to meet its carbon emissions targets.
Quartz obsession interlude
Roya Wolverson on Urban Outfitters offending everyone except suburban American teens. “Urban Outfitters’s latest faux pas is a case-in-point: it had to pull a duvet cover featuring Lord Ganesh, the Hindu deity with the head of an elephant, from its website and issue an apology after some vocal Hindu activists protested the use of the image on a bedspread. It isn’t the first time Urban Outfitters’s designs have caused a ruckus among Hindus, not to mention people of other cultures.” Read more here.
Matters of debate
US regulators will only listen the telecom industry. And it’s the public’s fault for writing incoherent comments on net neutrality.
Everyone should shower like the Japanese. Bathrooms elsewhere are wasteful and inefficient.
Fox and Time Warner can’t go it alone. To survive upheaval in their industry, they need to get bigger together.
The Myers-Briggs personality test is useless. The questionnaire is entirely unbacked by scientific evidence.
A Thai smartphone ad is unfair to men. It makes new fathers look more clueless about parenting than they actually are.
Surprising discoveries
Ultra-pure water can be deadly. It tastes of nothing and will suck the electrolytes right out of you.
China has a DIY Tesla charging network. An enthusiast bought and installed 20 charging pillars (paywall) for just $800 each.
The UAE is going to Mars. The country’s unmanned probe will be the Arab world’s first space mission.
The other checkout line really is moving faster than yours. It’s simple mathematics.
Move over, BRICS, there are new acronyms in town. Create your own with our emerging economic bloc generator.
Our best wishes for a productive day. Please send any news, comments, emerging economy acronyms, and useful personality tests to hi@qz.com. You can follow us on Twitter here for updates throughout the day.
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ARN Daily Basic: Daily Analysts’ Updates for 7/16/2014
Analysts’ Upgrades
- Alstom Unsp (NASDAQ:ALSMY) was upgraded by analysts at BNP Paribas from a “neutral” rating to an “outperform” rating. Previous closing price of $3.55. Tweet This.
- ARM Holdings plc (LON:ARM) was upgraded by analysts at FinnCap to a “buy” rating. They now have a GBX 1,000 ($17.12) price target on the stock. Tweet This.
- ARM Holdings plc (ADR) (NASDAQ:ARMH) was upgraded by analysts at FinnCap from a “hold” rating to a “buy” rating. Previous closing price of $42.89. Tweet This.
- Beiersdorf A G (OTCMKTS:BDRFF) was upgraded by analysts at Goldman Sachs from a “sell” rating to a “neutral” rating. Tweet This.
- Bwin.party Digital Entertainment Plc (LON:BPTY) was upgraded by analysts at Citigroup Inc. to a “neutral” rating. They now have a GBX 84 ($1.44) price target on the stock, down previously from GBX 95 ($1.63). Tweet This.
- Comerica Incorporated (NYSE:CMA) was upgraded by analysts at Macquarie from an “underperform” rating to a “neutral” rating. They now have a $50.00 price target on the stock, up previously from $45.00. 3.6% downside from the previous close of $51.87. Tweet This.
- Cash America International Inc (NYSE:CSH) was upgraded by analysts at Sterne Agee from a “neutral” rating to a “buy” rating. They now have a $50.00 price target on the stock, up previously from $40.00. 20.4% upside from the previous close of $41.52. Tweet This.
- Ecopetrol S.A. (NYSE:EC) was upgraded by analysts at Citigroup Inc. from a “sell” rating to a “neutral” rating. Previous closing price of $34.46. Tweet This.
- Faroe Petroleum plc (LON:FPM) was upgraded by analysts at Credit Suisse to a “neutral” rating. They now have a GBX 138 ($2.36) price target on the stock, up previously from GBX 129 ($2.21). Tweet This.
- Gluskin Sheff + Associates Inc. (TSE:GS) was upgraded by analysts at National Bank Financial from a “sector perform” rating to an “outperform” rating. Tweet This.
- Gentiva Health Services, Inc. (NASDAQ:GTIV) was upgraded by analysts at Zacks from a “neutral” rating to an “outperform” rating. They now have a $19.00 price target on the stock. 20.6% upside from the previous close of $15.75. Tweet This.
- Ingram Micro Inc. (NYSE:IM) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating. Previous closing price of $28.83. Tweet This.
- Intel Co. (NASDAQ:INTC) was upgraded by analysts at B. Riley from a “neutral” rating to a “buy” rating. They now have a $40.00 price target on the stock, up previously from $33.50. 26.1% upside from the previous close of $31.71. Tweet This.
- J.B. Hunt Transport Services Inc. (NASDAQ:JBHT) was upgraded by analysts at Bernstein from a “market perform” rating to an “outperform” rating. Previous closing price of $76.98. Tweet This.
- J.B. Hunt Transport Services Inc. (NASDAQ:JBHT) was upgraded by analysts at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating. Previous closing price of $76.98. Tweet This.
- J.B. Hunt Transport Services Inc. (NASDAQ:JBHT) was upgraded by analysts at Credit Suisse from a “neutral” rating to an “outperform” rating. Previous closing price of $76.98. Tweet This.
- J.B. Hunt Transport Services Inc. (NASDAQ:JBHT) was upgraded by analysts at Morgan Stanley from a “neutral” rating to an “outperform” rating. They now have a $86.00 price target on the stock, up previously from $78.00. 11.7% upside from the previous close of $76.98. Tweet This.
- Mellanox Technologies, Ltd. (NASDAQ:MLNX) was upgraded by analysts at Jefferies Group from a “hold” rating to a “buy” rating. They now have a $50.00 price target on the stock, up previously from $37.00. 39.8% upside from the previous close of $35.77. Tweet This.
- Grupo Aeroportuario del Pacifico (NYSE:PAC) was upgraded by analysts at Deutsche Bank from a “hold” rating to a “buy” rating. Previous closing price of $68.64. Tweet This.
- Penske Automotive Group, Inc. (NYSE:PAG) was upgraded by analysts at Zacks from a “neutral” rating to an “outperform” rating. They now have a $59.00 price target on the stock. 19.1% upside from the previous close of $49.55. Tweet This.
- Precision Drilling Corp (NYSE:PDS) was upgraded by analysts at Deutsche Bank from a “hold” rating to a “buy” rating. Previous closing price of $13.40. Tweet This.
- Public Service Enterprise Group Inc. (NYSE:PEG) was upgraded by analysts at Argus from a “hold” rating to a “buy” rating. They now have a $44.00 price target on the stock. 17.9% upside from the previous close of $37.32. Tweet This.
- Rogers Communications Inc. (NYSE:RCI) was upgraded by analysts at Canaccord Genuity from a “sell” rating to a “hold” rating. Previous closing price of $38.30. Tweet This.
- Rogers Communications Inc. (TSE:RCI.B) was upgraded by analysts at Canaccord Genuity from a “sell” rating to a “hold” rating. Tweet This.
- Salvatore Ferragamo S.P.A., Firenze (NASDAQ:SFRGF) was upgraded by analysts at Societe Generale from a “sell” rating to a “hold” rating. Previous closing price of $28.25. Tweet This.
- Salvatore Ferragamo SpA (OTC:SFRGF) was upgraded by analysts at Societe Generale from a “sell” rating to a “hold” rating. Previous closing price of $28.25. Tweet This.
- Salvatore Ferragamo (OTCMKTS:SFRGY) was upgraded by analysts at Societe Generale from a “sell” rating to a “hold” rating. Tweet This.
- SJW Corp. (NYSE:SJW) was upgraded by analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating. They now have a $33.00 price target on the stock. 24.0% upside from the previous close of $26.61. Tweet This.
- Spirit Realty Capital, Inc (New) (NYSE:SRC) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating. Previous closing price of $11.38. Tweet This.
- Syngenta AG (NYSE:SYT) was upgraded by analysts at Credit Suisse from a “neutral” rating to an “outperform” rating. Previous closing price of $72.57. Tweet This.
- Tech Data Corp (NASDAQ:TECD) was upgraded by analysts at Bank of America from an “underperform” rating to a “neutral” rating. Previous closing price of $62.38. Tweet This.
- Unilever plc (LON:ULVR) was upgraded by analysts at Oriel Securities Ltd to a “reduce” rating. They now have a GBX 2,600 ($44.51) price target on the stock, down previously from GBX 2,800 ($47.94). Tweet This.
- Western Digital Corp. (NYSE:WDC) was upgraded by analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating. They now have a $120.00 price target on the stock, up previously from $95.00. 21.6% upside from the previous close of $98.71. Tweet This.
- Wesfarmers Limited (ASX:WES) was upgraded by analysts at JPMorgan Chase & Co. to a “neutral” rating. Tweet This.
- Get today’s most recent analysts’ upgrades at AnalystRatings.net
Analysts’ Downgrades
- Apr Energy PLC (LON:APR) was downgraded by analysts at Citigroup Inc. to a “neutral” rating. They now have a GBX 650 ($11.13) price target on the stock, down previously from GBX 1,350 ($23.11). Tweet This.
- Atwood Oceanics, Inc. (NYSE:ATW) was downgraded by analysts at Global Hunter Securities from a “buy” rating to a “neutral” rating. They now have a $51.00 price target on the stock, down previously from $55.00. 0.7% upside from the previous close of $50.66. Tweet This.
- Bwin.party Digital Entertainment Plc (LON:BPTY) was downgraded by analysts at Deutsche Bank to a “hold” rating. They now have a GBX 110 ($1.88) price target on the stock, down previously from GBX 170 ($2.91). Tweet This.
- Diageo plc (LON:DGE) was downgraded by analysts at Societe Generale to a “sell” rating. They now have a GBX 1,650 ($28.25) price target on the stock, down previously from GBX 1,850 ($31.67). Tweet This.
- Ensco Plc (NYSE:ESV) was downgraded by analysts at Guggenheim from a “buy” rating to a “neutral” rating. They now have a $58.00 price target on the stock, down previously from $64.00. 6.3% upside from the previous close of $54.56. Tweet This.
- NASDAQ (NASDAQ:function) was downgraded by analysts at JPMorgan Chase & Co. to a “buy” rating. Tweet This.
- Hershey Co (NYSE:HSY) was downgraded by analysts at Morgan Stanley from an “outperform” rating to a “neutral” rating. They now have a $108.00 price target on the stock, up previously from $101.00. 14.1% upside from the previous close of $94.66. Tweet This.
- Hershey Co (NYSE:HSY) was downgraded by analysts at Credit Suisse from an “outperform” rating to a “neutral” rating. Previous closing price of $94.66. Tweet This.
- IMAX Co. (NASDAQ:IMAX) was downgraded by analysts at Piper Jaffray from an “overweight” rating to a “neutral” rating. They now have a $28.00 price target on the stock, down previously from $35.00. 8.2% upside from the previous close of $25.87. Tweet This.
- Michael Kors Holdings Ltd (NASDAQ:KORS) was downgraded by analysts at William Blair from an “outperform” rating to a “market perform” rating. Previous closing price of $79.44. Tweet This.
- K Plus S Ag (NASDAQ:KPLUF) was downgraded by analysts at Nomura from a “neutral” rating to a “reduce” rating. Previous closing price of $31.50. Tweet This.
- Miller Energy Resources Inc (NASDAQ:MILL) was downgraded by analysts at Casimir Capital from a “buy” rating to a “hold” rating. Previous closing price of $5.40. Tweet This.
- National Retail Properties, Inc. (NYSE:NNN) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating. Previous closing price of $37.64. Tweet This.
- Nationstar Mortgage Holdings Inc (NYSE:NSM) was downgraded by analysts at Wells Fargo & Co. from a “market perform” rating to an “underperform” rating. Previous closing price of $34.10. Tweet This.
- Nationstar Mortgage Holdings Inc (NSYE:NSM) was downgraded by analysts at Wells Fargo & Co. from a “market perform” rating to an “underperform” rating. Tweet This.
- Potash Corp./Saskatchewan (NYSE:POT) was downgraded by analysts at TD Securities from a “buy” rating to a “hold” rating. They now have a $39.00 price target on the stock. 8.8% upside from the previous close of $35.83. Tweet This.
- Potash Corp Of Saskatchewan Inc. (TSE:POT) was downgraded by analysts at TD Securities from a “buy” rating to a “hold” rating. They now have a C$39.00 price target on the stock. 1.2% upside from the previous close of $38.52. Tweet This.
- Ross Stores, Inc. (NASDAQ:ROST) was downgraded by analysts at Sterne Agee from a “buy” rating to a “neutral” rating. They now have a $68.00 price target on the stock, down previously from $81.00. 4.2% upside from the previous close of $65.27. Tweet This.
- Software Ag Sp (NASDAQ:STWRY) was downgraded by analysts at Societe Generale from a “buy” rating to a “sell” rating. Previous closing price of $6.75. Tweet This.
- Software Ag Sp (NASDAQ:STWRY) was downgraded by analysts at Deutsche Bank from a “buy” rating to a “hold” rating. Previous closing price of $6.75. Tweet This.
- Software Ag Sp (NASDAQ:STWRY) was downgraded by analysts at HSBC from an “overweight” rating to a “neutral” rating. Previous closing price of $6.75. Tweet This.
- Symrise Ag (NASDAQ:SYIEF) was downgraded by analysts at Nomura from a “neutral” rating to a “reduce” rating. Previous closing price of $54.20. Tweet This.
- Syngenta AG (NYSE:SYT) was downgraded by analysts at Berenberg Bank from a “buy” rating to a “hold” rating. Previous closing price of $72.57. Tweet This.
- Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM) was downgraded by analysts at Susquehanna to a “neutral” rating. Previous closing price of $22.47. Tweet This.
- Time Warner Inc (NYSE:TWX) was downgraded by analysts at Barrington Research from an “outperform” rating to a “market perform” rating. Previous closing price of $71.01. Tweet This.
- Walter Investment Management Corp (NYSE:WAC) was downgraded by analysts at Wells Fargo & Co. from a “market perform” rating to an “underperform” rating. Previous closing price of $28.39. Tweet This.
- William Hill plc (LON:WMH) was downgraded by analysts at AlphaValue to an “add” rating. They now have a GBX 395 ($6.76) price target on the stock. Tweet This.
- Yara International ASA (NASDAQ:YARIY) was downgraded by analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating. Previous closing price of $47.75. Tweet This.
- Yahoo! Inc. (NASDAQ:YHOO) was downgraded by analysts at CRT Capital from a “buy” rating to a “fair value” rating. They now have a $38.00 price target on the stock. They noted that the move was a valuation call. 6.7% upside from the previous close of $35.60. Tweet This.
- ZipRealty (NASDAQ:ZIPR) was downgraded by analysts at Lake Street Capital from a “buy” rating to a “hold” rating. Previous closing price of $3.02. Tweet This.
- Get today’s most recent analysts’ downgrades at Analyst Ratings.net
Analysts’ New Coverage
- LON (LON:1SBA) is now covered by analysts at RBC Capital. They set an “outperform” rating and a GBX 225 ($3.85) price target on the stock. Tweet This.
- American Airlines Group Inc (NASDAQ:AAL) is now covered by analysts at Atlantic Securities. They set an “overweight” rating and a $51.00 price target on the stock. 16.7% upside from the previous close of $43.70. Tweet This.
- Apple Inc. (NASDAQ:AAPL) is now covered by analysts at Citigroup Inc.. They set a “buy” rating and a $110.00 price target on the stock. 15.4% upside from the previous close of $95.32. Tweet This.
- Alent PLC (LON:ALNT) is now covered by analysts at Liberum Capital. They set a “buy” rating and a GBX 400 ($6.85) price target on the stock. Tweet This.
- AVG Technologies NV (NYSE:AVG) is now covered by analysts at Goldman Sachs. They set a “neutral” rating on the stock. Previous closing price of $19.65. Tweet This.
- Brookdale Senior Living, Inc. (NYSE:BKD) is now covered by analysts at Goldman Sachs. They set a “buy” rating and a $34.14 price target on the stock. Tweet This.
- CA, Inc. (NYSE:CA) is now covered by analysts at FBR Capital Markets. They set a “market perform” rating and a $31.00 price target on the stock. 9.6% upside from the previous close of $28.28. Tweet This.
- Check Point Software Technologies Ltd. (NASDAQ:CHKP) is now covered by analysts at Goldman Sachs. They set a “neutral” rating on the stock. Previous closing price of $64.72. Tweet This.
- Eclipse Resources Corp (NYSE:ECR) is now covered by analysts at Morgan Stanley. They set an “overweight” rating and a $31.00 price target on the stock. 36.0% upside from the previous close of $22.80. Tweet This.
- Eclipse Resources Corp (NYSE:ECR) is now covered by analysts at Capital One Financial Corp.. They set an “overweight” rating and a $28.00 price target on the stock. 22.8% upside from the previous close of $22.80. Tweet This.
- FireEye Inc (NASDAQ:FEYE) is now covered by analysts at Goldman Sachs. They set a “buy” rating and a $42.00 price target on the stock. 24.2% upside from the previous close of $33.82. Tweet This.
- Frank s International (NYSE:FI) is now covered by analysts at Jefferies Group. They set a “hold” rating and a $25.00 price target on the stock. 8.2% upside from the previous close of $23.11. Tweet This.
- Forrester Research Inc. (NASDAQ:FORR) is now covered by analysts at Sidoti. They set a “buy” rating on the stock. Previous closing price of $37.76. Tweet This.
- Fortinet Inc (NASDAQ:FTNT) is now covered by analysts at Goldman Sachs. They set a “neutral” rating and a $26.00 price target on the stock. 8.1% upside from the previous close of $24.05. Tweet This.
- GENCO SHIPPING & TRA (NASDAQ:GSKNF) is now covered by analysts at Imperial Capital. They set an “outperform” rating and a $28.00 price target on the stock. 33.3% upside from the previous close of $21.00. Tweet This.
- Home Bancorp Inc. (NASDAQ:HBCP) is now covered by analysts at FIG Partners. They set an “outperform” rating on the stock. Previous closing price of $22.02. Tweet This.
- Information Services Group (NYSE:III) is now covered by analysts at CIBC. They set a “sector perform” rating on the stock. Previous closing price of $4.62. Tweet This.
- IsoRay (NYSE:ISR) is now covered by analysts at Maxim Group. They set a “buy” rating and a $5.00 price target on the stock. 81.8% upside from the previous close of $2.75. Tweet This.
- Lifelock Inc (NASDAQ:LOCK) is now covered by analysts at Goldman Sachs. They set a “neutral” rating on the stock. Previous closing price of $12.72. Tweet This.
- LifeLock (NYSE:LOCK) is now covered by analysts at Goldman Sachs. They set a “neutral” rating on the stock. Previous closing price of $12.72. Tweet This.
- McDermott International (NYSE:MDR) is now covered by analysts at Tigress Financial. They set a “neutral” rating on the stock. Previous closing price of $7.45. Tweet This.
- Monsanto Company (NYSE:MON) is now covered by analysts at Berenberg Bank. They set a “buy” rating and a $141.00 price target on the stock. 17.5% upside from the previous close of $119.98. Tweet This.
- ORBCOMM Inc. (NASDAQ:ORBC) is now covered by analysts at Macquarie. They set a “neutral” rating and a $7.50 price target on the stock. 11.3% upside from the previous close of $6.74. Tweet This.
- Palo Alto Networks Inc (NASDAQ:PANW) is now covered by analysts at Goldman Sachs. They set a “conviction-buy” rating and a $97.00 price target on the stock. 27.7% upside from the previous close of $75.98. Tweet This.
- PBF Energy Inc (NYSE:PBF) is now covered by analysts at Barclays. They set an “equal weight” rating and a $30.00 price target on the stock. 8.0% upside from the previous close of $27.79. Tweet This.
- Proofpoint Inc (NASDAQ:PFPT) is now covered by analysts at Goldman Sachs. They set a “buy” rating and a $42.00 price target on the stock. 26.3% upside from the previous close of $33.26. Tweet This.
- Qlik Technologies Inc (NASDAQ:QLIK) is now covered by analysts at FBR Capital Markets. They set a “market perform” rating and a $24.00 price target on the stock. 12.3% upside from the previous close of $21.37. Tweet This.
- Radius Health Inc (NASDAQ:RDUS) is now covered by analysts at Cantor Fitzgerald. They set a “buy” rating and a $20.00 price target on the stock. 64.7% upside from the previous close of $12.14. Tweet This.
- Radius Health Inc (NASDAQ:RDUS) is now covered by analysts at Cowen and Company. They set an “outperform” rating on the stock. Previous closing price of $12.14. Tweet This.
- Radius Health Inc (NASDAQ:RDUS) is now covered by analysts at Canaccord Genuity. They set a “buy” rating and a $21.00 price target on the stock. 73.0% upside from the previous close of $12.14. Tweet This.
- Radius Health Inc (NASDAQ:RDUS) is now covered by analysts at Jefferies Group. They set a “buy” rating and a $17.00 price target on the stock. 40.0% upside from the previous close of $12.14. Tweet This.
- Stonegate Mortgage Corp (NYSE:SGM) is now covered by analysts at Compass Point. They set a “neutral” rating and a $13.00 price target on the stock. 3.5% downside from the previous close of $13.47. Tweet This.
- Seventy Seven Energy Inc (NYSE:SSE) is now covered by analysts at Jefferies Group. They set a “hold” rating and a $27.00 price target on the stock. 7.5% upside from the previous close of $25.11. Tweet This.
- Symantec Co. (NASDAQ:SYMC) is now covered by analysts at Goldman Sachs. They set a “neutral” rating and a $23.00 price target on the stock. 0.5% upside from the previous close of $22.89. Tweet This.
- Trecora Resources (NYSE:TREC) is now covered by analysts at B. Riley. They set a “buy” rating and a $17.00 price target on the stock. 45.9% upside from the previous close of $11.65. Tweet This.
- UK Mail Group PLC (LON:UKM) is now covered by analysts at Cantor Fitzgerald Europe. They set a “buy” rating and a GBX 700 ($11.98) price target on the stock. Tweet This.
- Viper Energy Partners LP (NASDAQ:VNOM) is now covered by analysts at Northland Securities. They set a “market perform” rating and a $34.00 price target on the stock. 4.7% upside from the previous close of $32.47. Tweet This.
- Whiting Petroleum Corp (NYSE:WLL) is now covered by analysts at Tigress Financial. They set a “buy” rating on the stock. Previous closing price of $83.80. Tweet This.
- Get today’s most recent analysts’ new coverage at Analyst Ratings.net
Quartz Daily Brief—China’s GDP addiction, UK unemployment, Yahoo’s Alibaba stake, US sunscreen gap
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Good morning, Quartz readers!
What to watch for today
Banks and tech firms vie for the earnings spotlight. Bank of America will try to continue the winning streak begun by Citigroup, JPMorgan Chase, and Goldman Sachs, which all beat expectations this week, but a hefty mortgage securities settlement looms. Meanwhile, eBay earnings could reflect the cost of a security breach and a spat with Google over SEO tactics.
EU officials shuffle the deck. When member states meet in Brussels to discuss expanding Russian sanctions, they’ll also sort out who to appoint next (paywall) to various management posts.
UK unemployment goes lower? Jobless rates are already at their lowest point since 2009; analysts expect encouraging numbers but not a dramatic drop.
Beige is boring. The US central bank releases its periodic Beige Book business survey of its 12 regional banks, which are expected to reflect moderate economic growth—in other words, a bit of a snoozer.
While you were sleeping
China’s GDP stayed on target. The economy expanded by 7.5% in the second quarter, precisely in line with the government’s target, thanks to a hefty stimulus. As Quartz’s Gwynn Guildford explains, China knows it has a problem, but it just can’t kick the investment habit.
The BRICS nations created their own bank. The countries agreed to fund a $50 billion development bank and a $100 billion currency exchange reserve as a counterweight to the US-dominated IMF and World Bank. The New Development Bank (NDB) will be headquartered in Shanghai, but its first president will be Indian.
Yahoo! will keep more of Alibaba. Yahoo! has reduced the amount of the Chinese e-commerce group it will be forced to sell (paywall) when Alibaba holds its IPO—good news given that’s all Yahoo investors seem to care about. Meanwhile, lackluster earnings showed that Yahoo CEO Marissa Mayer is stumbling in her pursuit of growth.
Standard and Poor’s tried to settle with US regulators. The ratings agency is willing to pay up to $1 billion (paywall) to resolve a $5 billion government lawsuit that accused the company of inflating the ratings of mortgage bonds, according to the Wall Street Journal.
America’s most famous undocumented immigrant got arrested. Jose Antonio Vargas, a Pulitzer-prize winning journalist who once worked for the Washington Post and New York Times, was detained by border officials in a Texas town. He was holding an event to highlight the plight of children escaping gang violence in Central America.
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Quartz obsession interlude
John McDuling on Alibaba striving to be the Netflix of China. “Alibaba’s strategy thus far has been somewhat different from Netflix’s: Like Amazon, it is selling set-top boxes. But the new service with Lionsgate looks like the most Netflix-style thing it has done. It will feature the production company’s biggest hits and be available exclusively in mainland China.” Read more here.
Matters of debate
Hong Kong will be free one day. But it might be a long, long time from now, says the city’s last governor.
Humanity could go the way of the honeybee. Bee colony collapses are a cautionary tale for avoiding extinction.
The future of passwords is no passwords. Tired of the letter-number combo game, people want other ways to log in.
Working moms are less stressed out. The challenge of balancing work and home may be easier than dealing with your kids all day.
Surprising discoveries
It’s a hoppy, golden age for beer. There haven’t been this many American breweries since the 1870s.
American sunscreen sucks. Regulators have been withholding powerful ingredients that are safely used in Europe and Asia.
Google/Novartis contact lenses could help with diabetes. They measure blood sugar levels by analyzing your tears.
Germany is going retro with its national security. It may use manual typewriters for sensitive documents due to a US spy scandal.
An amateurish experiment nearly deprived the world of Sriracha. Air quality fears prompted a questionable hot sauce science project.
Our best wishes for a productive day. Please send any news, comments, NSA-proof typewriters, and IPA sixpacks to hi@qz.com. You can follow us on Twitter here for updates throughout the day.
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Quartz Daily Brief—BRICS strongmen meet, Israel-Palestinian ceasefire, UK cabinet shuffle, Obama’s credit card
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Good morning, Quartz readers!
What to watch for today
The three men who rule much of the world meet in Brazil. The leaders of China, Russia, and India—along with counterparts from South Africa and Brazil—are all nationalistic leaders who rule with an iron fist.
A possible Israel-Palestinian cease-fire. Egypt is attempting to broker a deal between Israel, Hamas, and other Palestinian militant groups, starting with a de-escalation in fighting from 6am GMT on Tuesday, followed by a 12-hour cessation of hostilities that would lead to negotiations for a lasting truce.
A big week for Wall Street and Silicon Valley. Goldman Sachs and JPMorgan Chase are, like many other big US banks, expected to report dismal second-quarter earnings, and JPMorgan CEO Jamie Dimon will speak publicly for the first time since he announced he has throat cancer. Meanwhile, analysts expect a 9% increase in Yahoo profits and are looking for updates on its minority stake in Alibaba, and Intel may see an uptick from narrow gains in the global PC market.
A dispatch from Janet Yellen. The Federal Reserve chair will explain her plans to unwind the stimulus to the Senate Banking Committee.
Chile ponders further economic stimulus. The country’s central bank, which meets today, have reduced Chile’s benchmark interest rate four times since October. But falling growth forecasts due to weakened domestic demand have raised expectations for further cuts.
While you were sleeping
Citigroup’s earnings were surprisingly fine. Despite the announcement of a $7 billion agreement to resolve a US investigation into shady mortgage securities, the bank’s earnings beat expectations and provided a boost for the entire US financial sector.
Ukraine blamed Russia for shooting down a military plane. Although pro-Russian separatists took responsibility for the downing of a Ukrainian aircraft near the Russia border, Kiev says the powerful missile belonged to Russian forces.
BMW doubled down on electric cars. The German automaker plans to up increase its orders of Samsung’s electric vehicle battery cells by 20-30% in 2016, from 2014 levels. The batteries will be used for BMW’s i3 and i8 electric cars along with future hybrid models.
Iran’s leader may have scuppered nuclear talks. A speech by supreme leader Ayatollah Ali Khamenei that unexpectedly called for more uranium enrichment, not less, has restricted the ability of Iranian diplomats to negotiate a gradual end to sanctions.
The UK foreign secretary switched jobs. William Hague will become leader of the lower house of parliament, as a massive reshuffling of prime minister David Cameron’s cabinet—dubbed “the new night of the long knives”—is expected to usher in a more diverse group of women and younger men.
The world feels better about China than it does about its president. Most Asians in a new Pew survey think China’s progress is good for their own country, but few trust president Xi Jinping. Other than people in China, Pakistan, and Malaysia, most Asians see the United States as their greatest ally.
Quartz obsession interlude
David Yanofsky on Airbus’s attempt to patent a new kind of airplane seating that would guarantee you less legroom. “The European airplane maker filed the application–officially named ‘Seating device comprising a forward-foldable backrest’—with the USPTO on June 12, 2014. Among the application’s claims is the seat’s ability to “avoid providing an excessive necessary distance” between seats—AKA legroom. Among the application’s omissions is a tray table (or even a cup holder).” Read more here.
Matters of debate
The NSA’s goal is total population control. The US spy agency has no interest in stopping terrorism.
Obama uses the wrong credit card. His JPMorgan Select card offers fewer benefits than comparable cards—though it’s not like he needs the frequent flier miles.
Buffett, Gates, and Adelson don’t understand immigration. The billionaires are willfully ignorant of the politics behind the US impasse.
Germany is a world champion beyond soccer. The country’s World Cup win is a symbol of its reunification and strength as a world power.
Hermione is the real literary role model. Harry Potter’s smart female confidant should be the star of the series.
Surprising discoveries
Running-of-the-bulls selfies are illegal in Spain. Police are looking for a daredevil who took an amazing self-portrait in Pamplona.
You can see political favoritism from space. National leaders’ hometowns shine brighter on satellite maps.
Researchers have developed a material nearly too dark to see. The ultra-black material absorbs almost all visual light.
Amazon employees are the hottest. Among big tech companies, at least; Apple employees are the least attractive.
It costs $20 to breathe in Venezuela. The country’s largest airport is charging outbound passengers to cover the cost of an advanced air purifier.
Our best wishes for a productive day. Please send any news, comments, light-absorbing materials, and presidential credit card recommendations to hi@qz.com. You can follow us on Twitter here for updates throughout the day.
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The Only Thing Investors Are Talking About – 07/14/2014
The only thing my fellow investors were talking about on Friday was LeBron James coming back to the Cleveland Cavaliers.
But Reity, that has nothing to do with investing.
That is exactly my point. There was nothing else for investors to talk about. That’s because the economic calendar has gone silent and earnings season has not yet come into full bloom. Thus, stocks are wandering aimlessly just under the previous highs.
This all is about to change with earnings reports coming soon from heavyweights like: Citigroup, CSX, Goldman Sachs, Google, IBM, Intel, Johnson & Johnson, Yahoo and 201 other companies this week.
Best,
Steve Reitmeister ( aka Reity…pronounced “Righty” )
Executive Vice President
Zacks Investment Research
Minyanville Daily Recap 07/07/2014
US markets followed European stocks lower today. German industrial production for May fell 1.8% month-on-month; expectations were that the figure would come in unchanged. The lower number caused some firms to reduce their second-quarter GDP forecasts for Europe. The French CAC closed on its low, down 1.41%.
Health care, materials, industrials, and energy stocks were notable underperformers today in the S&P 500 (SPX). These four basic sectors all experienced 90% down days (which indicates broad-based selling), much more than the -0.39% performance from the index itself. Crude oil continued to drop despite unconfirmed speculation that a military coup was brewing in Iraq and could materialize if the government was unable to form a new Parliament.
Long-duration Treasuries rallied today with the 10-year yield falling 2.5 basis points to 2.61%. Shorter-duration notes sold off as investors continued to price in earlier rate hikes from the Fed following last Thursday’s payrolls report. Goldman Sachs economists moved forward their estimates for when the Fed may begin hiking rates to the third quarter of 2015 from the first quarter of 2016. Most economists already believe the Fed will hike in the third quarter of next year.
The economic calendar is very light this week, but tomorrow is an exception. The May JOLTS job data, which is the truest gauge of employment activity for a given month, will be released tomorrow morning. Also scheduled to be released is May consumer credit growth. Fed Presidents Kocherlakota (dovish) and Lacker (hawkish) are both lined up to give speeches tomorrow afternoon.
Overnight, UK industrial and manufacturing production will be released. Also scheduled to be reported is the German trade balance from May, which will show the effects of Russia sanctions enacted earlier this year. A Food & Agriculture report earlier today noted that the negative impact of disrupted shipments of wheat from Ukraine has diminished.
Alcoa (AA) will open up second-quarter earnings tomorrow after the market closes. The estimates are currently for EPS of $0.12 and revenues of $5.6 billion.
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