Börsipäev 6. veebruar
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PiperJaffray downgrades Nordstrom (JWN 42.20) to Market Perform from Outperform and $44 tgt, as they cite valuation.
Piper Jaffray upgrades Pier One (PIR $10.70) to Outperform from Underperform
Smith Barney upgrades Micron Tech (MU $14.89) to Buy from Hold and raises their tgt to $21 from $15
Piper Jaffray raises their tgt on Select Comfort (SCSS 34.79) to $40 from $37, as they remain confident in the co's long-term growth opportunities, its competitive advantages, and current business momentum
Merrill Lynch resumes coverage on Targer (TGT $54.96) with a Buy and a $63 tgt
Alcan Aluminium (AL) upgraded to Overweight from Neutral at J.P Morgan -
Selline lugu täna WSJ-s:
Harvey Sawikin, a principal at Firebird Management LLC, with $2.2 billion under management, was unimpressed when he learned that hedge-fund manager Edward Lampert had taken over Sears Holdings in 2004. Mr. Sawikin prefers his own little investment in Apranga, a retailer based in Vilnius, Lithuania.
"If Warren Buffett was a young investor, he would be more likely to do what we do than what Eddie Lampert does," says Mr. Sawikin, who invests in companies few have ever heard of, and in places few could spot on a map.
Mr. Sawikin is part of a growing group of hedge-fund managers who are going to the far frontiers of investing. And it is paying off. Last year, funds that ventured to places like Korea and Russia fared well. And some of these markets might do even better this year. Stock indexes in Russia, Brazil and Turkey have already registered double-digit percentage gains in 2006.
Firebird's funds target satellites of the former Soviet Union in Europe, Asia and Russia itself. The funds have been among the top 10 hedge funds with assets over $100 million over three years and five years, according to data from Barclay Group.
Mr. Sawikin believes global growth is moving away from developed markets, and that smart money should move with it. Apranga, with a market capitalization of less than €100 million ($120 million), might not be a household name. But its pretax profit nearly doubled between 2002 and 2005, according to the company's Web site. And Mr. Sawikin paid only seven times earnings in 2004 for his stake, which he says has tripled in value.
"You have to do all kinds of corporate and financial engineering to find value in the U.S.," says Mr. Sawikin, noting that U.S. stocks now sell for around 18 times earnings. By contrast, he focuses on companies in economies growing at twice the rate of the U.S., and which he can snap up at a third of U.S. valuations.
Mr. Sawikin is big on trades that are bets on the growth of consumer demand in these markets. For example, he owns shares of Tallink, an Estonian ferry company whose boats ply the Baltic Sea between Estonia and Finland and Sweden, a voyage that he says is referred to informally as "the booze cruise."
Mr. Sawikin says he is only joking when he advises investors to take a bearish position on Sears and a bullish one on Apranga. But he may be only half joking. -
Rev Shark:
Curb Your Inner Nostradamus
By Rev Shark
RealMoney.com Contributor
2/6/2006 9:15 AM EST
"Do not push the river, it will flow by itself."-- Polish Proverb
The market struggled last week after an excellent performance in January, and the bears tell us that that's just the start. With a poor earnings season winding down, continued high energy prices and evidence that inflation is a concern and that the FOMC is not ready to end interest rate hikes, the market has few positive catalysts.The bulls tell us we are just seeing some profit taking and consolidation after a good run. Things really aren't that negative and most of the negatives have been priced in to this market anyway.
So who is right? I don't know, but we really don't need to answer that question. What we need to do is simply get into the flow of the market. We need not anticipate; we simply need to react. If the market is going to continue to sell off we will see evidence in the form of poor breadth, struggling leadership and lackluster bounces. If the market is going to consolidate and regain its momentum then we will see active dip buying, leadership in key groups like technology and some life in big caps that have struggled lately.
Market participants focus too much on prediction, and not on analysis. They want to gaze into a crystal ball and see the future so they can be completely prepared when things unfold as predicted. That is nice if you can do it but it is an extremely difficult task and if you are wrong it can be very costly.
Rather than focus so much on what the future holds it is usually more productive to focus on what is happening now. If you are in synch with the way the market is acting you can react quickly as events unfold. The are hundreds of little clues throughout the course of the trading day that we can pick up on and react to if we pay attention.
