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Morning Market Briefing | Fri Mar 12 09:01 2010 |
Commentary
Mar 12, 2010 Stocks Poised For Higher Open Following Strong Retail Sales Figures - U.S. Commentary
Stocks are likely to open notably higher on Friday, as better-than-expected retail sales data for February has generated some optimism ahead of additional data on the health of the consumer. The major index futures are all in positive territory, with the Dow futures up by 37 points. Full Article
Stocks are likely to open notably higher on Friday, as better-than-expected retail sales data for February has generated some optimism ahead of additional data on the health of the consumer. The major index futures are all in positive territory, with the Dow futures up by 37 points. Full Article
Economic News
Mar 12, 2010 Retail Sales Unexpectedly Rose 0.3% In February
Retail sales unexpectedly showed a modest increase in the month of February, according to a report released by the Commerce Department on Friday, with the unexpected growth partly due to a jump in sales by electronics and appliance stores. Full Article
Retail sales unexpectedly showed a modest increase in the month of February, according to a report released by the Commerce Department on Friday, with the unexpected growth partly due to a jump in sales by electronics and appliance stores. Full Article
Mar 12, 2010 German FinMin Seeks Expulsion Of Euro Countries Failing To Consolidate Budgets
Any Eurozone member country that fails to consolidate its budget or to restore competitiveness should be expelled from the currency bloc, Finance Minister Wolfgang Schaeuble wrote in an opinion piece in the Financial Times on Friday. Full Article
Any Eurozone member country that fails to consolidate its budget or to restore competitiveness should be expelled from the currency bloc, Finance Minister Wolfgang Schaeuble wrote in an opinion piece in the Financial Times on Friday. Full Article
Mar 12, 2010 Eurozone Industrial Output Surges In January
Eurozone industrial production rose at a record pace in January on increased energy output, data released by the Eurostat showed Friday. Full Article
Eurozone industrial production rose at a record pace in January on increased energy output, data released by the Eurostat showed Friday. Full Article
Mar 12, 2010 Canadian Unemployment Rate Edges Down To 8.2%
Canada's unemployment rate edged lower in March as the economy created nearly 21,000 jobs, fueling expectations that policy makers in Ottawa will raise interest rates sooner than previously expected. Full Article
Canada's unemployment rate edged lower in March as the economy created nearly 21,000 jobs, fueling expectations that policy makers in Ottawa will raise interest rates sooner than previously expected. Full Article
Mar 12, 2010 New Zealand January Retail Sales Growth Tops Expectations
New Zealand retail sales grew more than expected on fuel and auto sales in January, reversing a fall in December. However, weaker-than-expected growth in core retailing raised concern over the recovery in consumer spending. Full Article
New Zealand retail sales grew more than expected on fuel and auto sales in January, reversing a fall in December. However, weaker-than-expected growth in core retailing raised concern over the recovery in consumer spending. Full Article
Mar 12, 2010 U.S. President To Nominate Yellen For Fed Vice Chairman Post
U.S. President Barack Obama intends to nominate Federal Reserve Bank of San Francisco's President Janet Yellen for the post of vice chairman of the Federal Reserve Board in Washington, reports said Friday. Full Article
U.S. President Barack Obama intends to nominate Federal Reserve Bank of San Francisco's President Janet Yellen for the post of vice chairman of the Federal Reserve Board in Washington, reports said Friday. Full Article
Earnings News
Mar 12, 2010 National Semiconductor Q3 profit soars; guides Q4 sales above Street
Thursday, National Semiconductor Corp. (NSM) posted over a two-fold rise in third-quarter profit, as sales grew 24% and gross margins improved year-over-year. Both quarterly earnings and sales came in above the Street view. Looking ahead, the company guided fourth-quarter sales above the consensus estimate of analysts. Full Article
Thursday, National Semiconductor Corp. (NSM) posted over a two-fold rise in third-quarter profit, as sales grew 24% and gross margins improved year-over-year. Both quarterly earnings and sales came in above the Street view. Looking ahead, the company guided fourth-quarter sales above the consensus estimate of analysts. Full Article
Mar 12, 2010 Aeropostale Q4 profit up 42%, beats estimate; guides Q1 profit above estimates
Thursday, Aeropostale Inc. (ARO) reported a 42% surge in fourth-quarter profit, reflecting a 16% growth in sales as well as better margins. Quarterly earnings and sales easily surpassed the Street view. Further, for the first quarter, the company guided earnings above the estimate of analysts. Full Article
Thursday, Aeropostale Inc. (ARO) reported a 42% surge in fourth-quarter profit, reflecting a 16% growth in sales as well as better margins. Quarterly earnings and sales easily surpassed the Street view. Further, for the first quarter, the company guided earnings above the estimate of analysts. Full Article
Mar 12, 2010 Pall Corp. Q2 earnings up 27.5%, yet miss Street; lowers FY10 EPS view below estimate
Thursday, Pall Corp. (PLL) reported a 27.5% rise in its second-quarter profit, helped by a 3.2% increase in sales and higher gross margins. However, the company's quarterly earnings per share came in below analysts' expectations as did its quarterly sales. Looking ahead, the company lowered its earnings outlook to a range below the analysts' estimate. Full Article
Thursday, Pall Corp. (PLL) reported a 27.5% rise in its second-quarter profit, helped by a 3.2% increase in sales and higher gross margins. However, the company's quarterly earnings per share came in below analysts' expectations as did its quarterly sales. Looking ahead, the company lowered its earnings outlook to a range below the analysts' estimate. Full Article
Mar 12, 2010 Ann Taylor posts a small Q4 profit on much lower impairments
Friday, AnnTaylor Stores Corp. (ANN) posted a meager profit in the fourth quarter, compared to loss last year. The year ago results were severely dented by hefty asset and goodwill impairment charges. Sales for the quarter declined 2.9%, while gross margin, surged 1,680 basis points year-over-year. Further, the company provided sales outlook for fiscal 2010. Full Article
Friday, AnnTaylor Stores Corp. (ANN) posted a meager profit in the fourth quarter, compared to loss last year. The year ago results were severely dented by hefty asset and goodwill impairment charges. Sales for the quarter declined 2.9%, while gross margin, surged 1,680 basis points year-over-year. Further, the company provided sales outlook for fiscal 2010. Full Article
Mar 12, 2010 United Technologies maintains FY10 outlook
Friday, United Technologies Corp. (UTX) reiterated its earnings and revenues outlook for fiscal 2010. The estimates of analysts fall near the top-ends of the guidance ranges provided by the company. Full Article
Friday, United Technologies Corp. (UTX) reiterated its earnings and revenues outlook for fiscal 2010. The estimates of analysts fall near the top-ends of the guidance ranges provided by the company. Full Article
Corporate News
Mar 12, 2010 Pfizer terminates late-stage trial of lung cancer drug; breast cancer drug fails to meet goal
Thursday, pharma giant Pfizer Inc. (PFE) announced the termination of a Phase 3 clinical trial that studied the treatment of non-small cell lung cancer with its investigational compound figitumumab with erlotinib, citing its failure to reach the desired end point. Additionally, the company said its two late-stage studies of Sutent in advanced breast cancer also did not achieve the primary endpoints. Full Article
Thursday, pharma giant Pfizer Inc. (PFE) announced the termination of a Phase 3 clinical trial that studied the treatment of non-small cell lung cancer with its investigational compound figitumumab with erlotinib, citing its failure to reach the desired end point. Additionally, the company said its two late-stage studies of Sutent in advanced breast cancer also did not achieve the primary endpoints. Full Article
Mar 12, 2010 Agrium ends its pursuit for CF Industries; Yara: won't raise bid for Terra
Thursday, Agrium, Inc. (AGU, AGU.TO) announced that it is abandoning its bid for CF Industries Holdings, Inc. (CF), and will allow the expiry of its offer to acquire CF shares on March 22. Agrium has been trying to buy the shares of CF Industries, which in turn has been pursuing its rival Terra Industries without any fruition. Friday, Yara International ASA, said it will not compete to acquire Terra Industries after Terra's board tilted towards an increased bid from CF Industries. Full Article
Thursday, Agrium, Inc. (AGU, AGU.TO) announced that it is abandoning its bid for CF Industries Holdings, Inc. (CF), and will allow the expiry of its offer to acquire CF shares on March 22. Agrium has been trying to buy the shares of CF Industries, which in turn has been pursuing its rival Terra Industries without any fruition. Friday, Yara International ASA, said it will not compete to acquire Terra Industries after Terra's board tilted towards an increased bid from CF Industries. Full Article
Todays WS Events
Mar 12, 2010 United Technologies Analyst And Portfolio Managers Meeting At 8:30 AM ET
United Technologies Corp. (UTX) will host an Analyst and portfolio managers meeting, on Mar 12, 2010. The event is scheduled to begin at 8:30 AM, ET. To access the webcast, log on at www.utc.com
United Technologies Corp. (UTX) will host an Analyst and portfolio managers meeting, on Mar 12, 2010. The event is scheduled to begin at 8:30 AM, ET. To access the webcast, log on at www.utc.com
Mar 12, 2010 Pall Corp Q2 10 Earnings Conference Call At 8:30 AM ET
Pall Corp. (PLL) will host a conference call at 8:30 AM ET March 12, 2010, to discuss its Q2 10 financial results. To access the live webcast, log on at www.pall.com/investor
Pall Corp. (PLL) will host a conference call at 8:30 AM ET March 12, 2010, to discuss its Q2 10 financial results. To access the live webcast, log on at www.pall.com/investor
Mar 12, 2010 AnnTaylor Stores Q4 09 Earnings Conference Call At 8:30 AM ET
AnnTaylor Stores Corp. (ANN) will host a conference call at 8:30 AM, ET, to discuss Q4 09 earnings result, on March 12, 2010. To access the live webcast, log on at www.anntaylor.com To hear the live call, dial 51112246. A replay of the call can be heard by dialing 800-642-1687 with access code 51112246.
AnnTaylor Stores Corp. (ANN) will host a conference call at 8:30 AM, ET, to discuss Q4 09 earnings result, on March 12, 2010. To access the live webcast, log on at www.anntaylor.com To hear the live call, dial 51112246. A replay of the call can be heard by dialing 800-642-1687 with access code 51112246.
Mar 12, 2010 Dominion Resources To Present At Morgan Stanley Utilities Conference; Webcast At 9:00 AM ET
Dominion Resources Inc. (D) will present at the Morgan Stanley Utilities Conference in New York. The event is scheduled to begin at 9:00 AM ET March 12, 2010. To access the live webcast, log on to www.dom.com/investors
Dominion Resources Inc. (D) will present at the Morgan Stanley Utilities Conference in New York. The event is scheduled to begin at 9:00 AM ET March 12, 2010. To access the live webcast, log on to www.dom.com/investors
Mar 12, 2010 Wisconsin Energy To Participate On A Panel At The Morgan Stanley Utilities Conference; Webcast At 9:
Wisconsin Energy (WEC) to Participate on a Panel at the Morgan Stanley Utilities Conference. The event is scheduled to begin at 9:45 AM ET March 12, 2010. To access the live webcast, log on at www.wisconsinenergy.com
Wisconsin Energy (WEC) to Participate on a Panel at the Morgan Stanley Utilities Conference. The event is scheduled to begin at 9:45 AM ET March 12, 2010. To access the live webcast, log on at www.wisconsinenergy.com
Mar 12, 2010 Goldcorp Q4 09 Earnings Conference Call At 1:00 PM ET
Goldcorp Inc. (GG) will host a conference call at 1:00 PM ET March 12, 2010 , to discuss its Q4 09 financial results. To access the live webcast, log on at www.goldcorp.com The call can also be accessed by dialing 800-355-4959 or 416-695-6622. For replay of the call, dial 800-408-3053 or 416-695-5800 with ID#: 3168044.
Goldcorp Inc. (GG) will host a conference call at 1:00 PM ET March 12, 2010 , to discuss its Q4 09 financial results. To access the live webcast, log on at www.goldcorp.com The call can also be accessed by dialing 800-355-4959 or 416-695-6622. For replay of the call, dial 800-408-3053 or 416-695-5800 with ID#: 3168044.
Energy
Mar 12, 2010 IEA Raises 2010 Global Oil Demand Growth Forecast
The International Energy Agency (IEA) raised its forecast Friday for global oil demand this year for a second consecutive month in the wake of more than expected increase in fuel consumption in Asian countries. Full Article
The International Energy Agency (IEA) raised its forecast Friday for global oil demand this year for a second consecutive month in the wake of more than expected increase in fuel consumption in Asian countries. Full Article
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Daily Market Analysis | Fri Mar 12 09:11 2010 |
Mar 12, 2010 Strong Growth Data May Keep Buying Momentum Alive -RTTNews Daily Market Analysis
The major U.S. index futures are pointing to a higher opening on Friday, with the futures getting a lift from relief over the fact that China has not resorted to further monetary policy tightening and the unexpected increase in U.S. retail sales. Commodities are also trading higher in reaction to the news. Additionally, the strong industrial production data from the euro zone region is a proof that the growth momentum had not stalled. That said, some profit taking cannot be ruled out, given the resilience shown by traders over most of the week. Full Article
