SEPT 25 2009
MARKET UPDATE
2009-09-25
Stocks are indicated slighly higher with DJIA futures up 12 points and S&P futures up 2.4 points.
The US market is anticipating the pricing of Shanda Games, the largest IPO of the year so far.It should raise $1 billion. Poor earnings from RIM (RIMM) could hurt the tech sector. The G20 will also start its Pittburg meeting.
European equity markets were slight up with the FTSE rising .3%, the DAX up .1%, and the CAC 40 higher by a fraction. Japan's NIKKEI was chopped down by 2.8% ,and Hong Kong's Hang Seng was close to flat.
Treasuries are indicated higher as the 10-Year yield is 3.37%.
Commodities prices are mixed.
Oil is higher as oil is trading at $66.31 after a big sell-off yesterday, and spot gold is trading down to $998.10.
ECONOMIC & MACRO EVENTS
2009-09-25
These are today’s top economic data:
8:30 AM EST Durable Orders (Aug)
9:55 AM EST University of Mich. Sentiment, Revised data (September)
10:00 AM EST New Home Sales (August)
Earnings Today: KB Home (KBH) and Park Electrochemical (PKE).
ANALYST UPGRADES & DOWNGRADES
FBR upgraded McAfee (MFE) to Outperform
Biovail (BVF) initiated at Overweight by J.P. Morgan
UBS upgrades AMR (AMR) to Buy
Jefferies initiates P & G (PG) with a Buy
Oppenheimer cut Mannkind (MNKD) to Underperform
Cowen downgraded Textron (TXT) to Neutral
DeutscheBank downgrades RIM (RIMM) to Sell
JPMorgan downgraded Massey Energy (MEE) to Neutral
BULLISH EVENTS
Tibco (NASDAQ:TIBX)
2009-09-25
Tibco posted better than expected earnings and its shares are rising early.
Cepheid (NASDAQ:CPHD)
The FDA approved a test of the firm's blood clot prediction treatment.
Sara Lee (NYSE:SLE)
Sara Lee will sell its body care business to Unilever for for $1.88 billion.
Ford (NYSE:F)
Ford announced that it would build a third plant in China to meet rising demand.
GlaxoSmithKline (NYSE:GSK)
The EU recommende the company's flu vaccine be licensed in the 27-nation region.
BEARISH EVENTS
RIM (NASDAQ:RIMM)
RIm posted poor earnings yesterday and a weak forecast. THe stock is off 10% on the news.
Nomura (NYSE:NMR)
Japan's largest brokerage said it was raising $5.7 billion causing dilution in the stock.
Google (NASDAQ:GOOG)
New data from research firm Hitwise shows Microsoft (MSFT) gaining search engine share.
Palm (NASDAQ:PALM)
Palm may have lost a revenue opportunity. A story at TheStreet says Verizon (VZ) won't be a client.
CBS NYSE:CBS
The company is fighting the perception from an Audit Integrity survey that it could be a bankruptcy candidate.