Post Market Update
Market Levels
• US: Dow: 12588.30 (0.37%), S&P 500: 1360.13 (0.50%), NASDAQ: 2853.13 (0.57%)
• Europe: CAC: 3341.52 (-1.22%), DAX: 6950.53 (-1.34%), FTSE: 5605.59 (-1.29%).
• Asia-Pacific: Australia: 4336.80 (-0.29%), China: 2014.72 (-0.77%), Hong Kong: 21159.01 (0.24%), India: 5574.05 (-1.01%), Japan: 9024.16 (2.15%).
• Metals: Gold: 1714.70 (0.05%), Silver: 32.37 (-0.93%), Copper: 3.45 (-0.32%)
• Energy: Crude Oil: 86.67 (1.43%), Natural Gas: 3.79 (2.35%)
• Commodities: Corn: 7.31 (0.83%), Soya Bean: 13.83 (-1.34%), Wheat: 8.53 (-0.87%)
• Currency: Euro (€) / US Dollar ($) (EURUSD): 1.2741 (0.32%), British Pound Sterling (UK£) / US Dollar ($) (GBPUSD): 1.5893 (-0.17%), US Dollar ($) / Japanese Yen (¥) (USDJPY): 81.2450 (0.15%)
• 10 year US Treasury: 1.581% (-0.010)
Market and Economy News Update
U.S. markets end higher: U.S. markets closed higher on Friday, with the Dow snapping a four-day losing streak, amid investor optimism over the “fiscal cliff” talks in Washington. All three indices closed sharply lower for the week.
Oil prices jump: Oil prices gained on Friday amid investors concerns that the escalating conflict between Israel and Palestinians could result in supply disruption in the region. A fire on an oil and natural gas platform in the Gulf of Mexico also provided additional support to crude prices. Crude oil for December delivery added 1.4 percent, to settle at $86.67 a barrel on the New York Mercantile Exchange. Brent oil for December settlement soared 1.1 percent to $109.18 a barrel on the London-based ICE Futures Europe exchange.
Stocks in Focus
• Google Inc (NASDAQ:GOOG) is close to releasing a Google Maps app for Apple Inc. (NASDAQ:AAPL)’s iOS6, according to a report in the Wall Street Journal.
• JPMorgan Chase & Co. (NYSE:JPM) and Credit Suisse Group AG (ADR) (NYSE:CS) have agreed to pay a combined $417 million to settle federal charges that they misled investors through packaging and selling of residential mortgage-backed securities ahead of the 2008 financial crisis.
• General Motors Company (NYSE:GM) is expected to announce a deal to buy auto lender Ally Financial Inc.’s European, Latin American and Chinese operations for about $4 billion on Monday, according to The Wall Street Journal.
• Visa Inc (NYSE:V) said the U.S. Federal Trade Commission has asked for information on a debit card service that may have violated new rules that took effect under the Dodd-Frank Act.
• Nike, Inc. (NYSE:NKE) gained 1.9 percent after agreeing to sell its Cole Haan brand to private equity firm Apax Partners for $570 million.
• Pfizer Inc. (NYSE:PFE) said a Phase 3 study of its once-a-day anti-seizure pregabalin controlled-release formulation did not meet the primary endpoint for a change in seizure frequency.
• Activision Blizzard, Inc. (NASDAQ:ATVI) jumped 4.8 percent as its latest “Call of Duty” video game sold more than $500 million in the first day of its release.
• OfficeMax Incorporated (NYSE:OMX) soared 12 percent after wood products maker Boise Cascade, in which it has a stake, filed for an initial public offering.
• Best Buy Co., Inc. (NYSE:BBY) tumbled 10 percent amid rumors that founder Richard Schulze could withdraw his bid to take the company private, and dump his stock.
• Dynavax Technologies Corporation (NASDAQ:DVAX) plummeted 47 percent after a U.S. Food and Drug Administration panel gave a negative report on its experimental hepatitis B vaccine Heplisav.
• Nucor Corporation (NYSE:NUE) said John Ferriola will take over from Daniel R. DiMicco as chief executive officer on January 1.
• Allergan, Inc. (NYSE:AGN) gained 0.9 percent after the maker of Botox said it would pay $350 million to buy privately held SkinMedica.
• Cable-network operator Outdoor Channel Holdings, Inc. (NASDAQ:OUTD) has agreed to merge with InterMedia Outdoors Holdings LLC in a cash and stock deal worth about $208 million.
• Waste-management company Progressive Waste Solutions Ltd (USA) (NYSE:BIN) has acquired Choice Environmental Services Inc. from Swisher Hygiene, Inc. (NASDAQ:SWSH) for $123.3 million.
• Canada-based Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) said the U.S. Federal Trade Commission has cleared its $2.6 billion acquisition of dermatology rival Medicis Pharmaceutical Corp (NYSE:MRX), without conditions.
• Norwegian oil-services company Seadrill Ltd (NYSE:SDRL) has agreed to buy the ultra-deepwater semi-submersible rig Songa Eclipse from Songa Offshore SE for $590 million, according to a Reuters report.
• Cyberonics, Inc. (NASDAQ:CYBX) reported second quarter earnings excluding items of 44 cents a share, 5 cents above the average analysts’ estimate. Sales gained 17 percent to $63 million, also topping estimates of $60 million.
• Wireless-networking equipment maker Ruckus Wireless, Inc. (NYSE:RKUS) closed lower in its first day of trading after raising $126 million in its initial public offering.
Hedge Fund News Update
• New York-based Libra Advisors LLC is planning to return money to investors by year end and become a family office, according to a report in The Wall Street Journal.
• David Tepper’s Appaloosa Management LP initiated new positions in American International Group, Inc. (NTSE:AIG), Morgan Stanley (NYSE:MS) and JPMorgan Chase & Co. (NYSE:JPM), but reduced its stake in Bank of America Corp (NYSE:BAC), according to a regulatory filing.
• The number of Asia-focused hedge funds hit a record high of 1,128 in the third quarter, with total industry assets up 2.6 percent this year, according to data from Hedge Fund Research.
• Activist hedge fund Starboard Value, the biggest shareholder in Office Depot Inc (NYSE:ODP), has asked the office supply retailer to revoke its “poison pill” provision, which it claims is limiting the influence of shareholders, according to a Reuters report.
Brokerage Upgrades and Downgrades on Friday, November 16, 2012
• Advanced Semiconductor Engineering (ADR) (NYSE:ASX) was lifted to “outperform” from “market perform” by analysts at Sanford C. Bernstein.
• AtriCure Inc. (NASDAQ:ATRC) was upgraded to “buy” from “underperform” by analysts at Credit Agricole with a target price of $51.
• Brooks Automation, Inc.(USA) (NASDAQ:BRKS) was raised to a “buy” rating from a “neutral” rating by analysts at Sidoti with a target price of $9.
• CIT Group Inc. (NYSE:CIT) was lifted to “buy” from “neutral” by analysts at Nomura with a target price of $42.50.
• Capstead Mortgage Corporation (NYSE:CMO) was upgraded to “outperform” from “market perform” by analysts at Wells Fargo & Co.
• Cheniere Energy Partners LP (NYSEAMEX:CQP) was raised to “overweight” from “equal weight” by analysts at Barclays Capital with a target price of $25.
• GameStop Corp. (NYSE:GME) was lifted to “buy” from “average” by analysts at Caris & Co. with a target price of $31.
• Home Loan Servicing Solutions Ltd (NASDAQ:HLSS) was upgraded to “buy” from “hold” by analysts at Deutsche Bank with a target price of $19.25.
• Heartland Payment Systems, Inc. (NYSE:HPY) was raised to “outperform” from “market perform” by analysts at Wells Fargo & Co.
• Invesco Mortgage Capital Inc (NYSE:IVR) was lifted to “outperform” from “market perform” by analysts at Wells Fargo & Co.
• Quicksilver Resources Inc (NYSE:KWK) was upgraded to “neutral” from “underperform” by analysts at Macquarie with a target price of $2.50.
• Mobile TeleSystems OJSC (ADR) (NYSE:MBT) was raised to “buy” from “hold” by analysts at Deutsche Bank.
• MKS Instruments, Inc. (NASDAQ:MKSI) was lifted to “buy” from “hold” by analysts at Stifel Nicolaus with a target price of $29.
• NetApp Inc. (NASDAQ:NTAP) was upgraded to “buy” from “hold” by analysts at Argus with a target price of $36.
• OSI Systems, Inc. (NASDAQ:OSIS) was raised to “outperform” from “perform” by analysts at Oppenheimer with a target price of $72.
• Regions Financial Corporation (NYSE:RF) was lifted to “outperform” from “neutral” by analysts at Robert W. Baird with a target price of $8.
• Roper Industries, Inc. (NYSE:ROP) was upgraded to “buy” from “neutral” by analysts at Citigroup with a target price of $130.
• Seadrill Ltd (NYSE:SDRL) was raised to “outperform” from “neutral” by analysts at Credit Suisse with a target price of $48.
• Timberland Bancorp, Inc. (NASDAQ:TSBK) was lifted to “outperform” from “market perform” by analysts at Raymond James with a target price of $7..
• American Eagle Outfitters (NYSE:AEO) was downgraded to “market perform” from “outperform” by analysts at BMO Capital Markets with a target price of $20.
• Banro Corporation (USA) (NYSEAMEX:BAA) was lowered to “market perform” from “outperform” by analysts at BMO Capital Markets.
• Coca-Cola Enterprises Inc (NYSE:CCE) was cut to “underperform” from “outperform” by analysts at Credit Agricole.
• DryShips Inc. (NASDAQ:DRYS) was downgraded to “neutral” from “buy” by analysts at Global Hunter Securities.
• Frontier Communications Corp (NASDAQ:FTR) was lowered by analysts at Goldman Sachs from a “neutral” rating to a “sell” rating with a target price of $3.75.
• Genetic Technologies Limited (ADR) (NASDAQ:GENE) was cut to “sell” from “buy” by analysts at Ladenburg Thalmann with a target price of $1.60.
• Poseidon Concepts Corp (TSE:PSN) was downgraded to “underperform” from “outperform” by analysts at Scotia Capital with a target price of $11.
• Tranzyme Inc (NASDAQ:TZYM) was lowered by analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating with a target price of $1.
• Windstream Corporation (NASDAQ:WIN) was cut to “sell” from “neutral” by analysts at Goldman Sachs with a target price of $7.50.
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