Börsipäev 27. detsember
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Baltic Morning News
Eesti Ehitus gets 2 orders. V.I. Center LLC, the Ukrainian associate of Eesti Ehitus Group (38.99%), signed a contract to develop and construct a hotel building of Radisson SAS Airport Hotel Kiev on a land plot that the company has on long-term leasehold. The hotel building will have up to 300 rooms, a conference center, and wellness facilities. According to the agreement, the main contractor for the project is Eurocon Ukraine, another subsidiary of Eesti Ehitus group. The project is scheduled to be completed by the end of 2007. Eesti Ehitus also signed another agreement with Estonian Ministry of Defence to perform the second stage design and construction works of Kuperjanov Single Infantry Battalion. The value of the order amounts to EEK 198.5m (EUR 12.7m) including VAT, and the project is scheduled to be completed by March 2008.
Tallink to increase share capital. The Estonian shipping company Tallink announced that they are planning a bonus issue to increase the share capital. The company wants to increase the share capital from the share premium (EEK 3.2b) and the retained earnings (EEK 1.8b) without making additional contributions by EEK 5.0b issuing 3 new shares for each existing share. The idea of doing this seems a bit confusing at the moment.
Tender offer for Mazeikiu Nafta At last, PKN announced the mandatory tender offer for Mazeikiu Nafta shares at LTL 10.25 per share. This corresponds to ca 1% premium to Friday's close. The period for the offer is from Jan 2 to Jan 15, 2007.
Rokiskio Suris investments for 2007. The Lithuanian cheese producer Rokiskio Suris plans to invest LTL 22.154m (EUR 6.416m) in 2007 in order to modernize production facilities. In 2005, the total annual investments amounted to LTL 12m.
Vilniaus Baldai posted a loss in November. The Lithuanian furniture manufacturer Vilniaus Baldai posted November net loss of LTL 0.856m, down from a pre-tax profit of LTL 0.513m a year ago. Sales decreased by 7% y-o-y to LTL 9.57m over the same period (already reported). In the first 11 months of the year, total sales increased by 1% to LTL 100m, and the net profit came in at LTL 1.944m, down from LTL 3.761m a year ago.
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Stocks to watch:
- BioVeris (BIOV) said it has entered into a technology license agreement with Baxter Healthcare Corp., a unit of Baxter International (BAX). Under the agreement, BioVeris received non-exclusive worldwide patent rights and know-how to use Neisseria meningitidis group C vaccine as a component in new vaccine candidates for the prevention of meningitis and sepsis.
- Ditech Networks (DITC) said it has received a Nasdaq non-compliance notice because the company did not file its report for the quarter ended Oct. 31 on time. As a result, the company's shares are subject to delisting.
- Federated's (FD) strategy of extending its Macy's banner to former May stores has been welcomed by some shoppers but given a wide berth by others.
- Ford's (F) CEO met with Toyota's (TM) chairman last week in Japan, in a sign that Alan Mulally may be looking to the Japanese rival for answers to the U.S. auto maker's problems.
- Granite Construction (GVA) said one of its units, in joint venture with Fred Weber Inc. and Millstone-Bangert Inc., has been awarded a $420 million contract by the Missouri Highways and Transportation Commission. Granite's portion of the contract is $210 million.
- McClatchy (MNI) agreed to sell the Minneapolis Star Tribune, its largest newspaper, to private-equity firm Avista for $530 million, less than half of what McClatchy paid in 1998.
- Monster Worldwide (MNST) said its board has elected Philip Lochner Jr. as a director, effective immediately. Among other prior positions, Lochner has served as a commissioner with the Securities and Exchange Commission. Lochner will join the special committee investigating the company's historical stock-option practices, and serve on the committee addressing related civil litigation.
- Red Robin Gourmet Burgers (RRGB) said it has acquired the Puyallup restaurant in Washington state. Red Robin sees a charge of a penny a share in the fourth quarter relating to the termination of the franchise agreement for the Puyallup restaurant.
- Refco (RFXCQ) said its Chapter 11 plan has become effective, allowing the company and its units to complete the wind-up of their business. Under the plan, secured lenders who were owed $717.7 million were paid in full before the plan's confirmation, the financial services provider said. Bondholders are expected to receive 83.4 cents on the dollar for their claims, while Refco Capital Markets' securities customers are expected to receive about 85.6 cents on the dollar for their claims, the company said.
- UnitedHealth (UNH) has received a formal order of investigation about its stock-option practices from Securities and Exchange Commission staff, according to a Tuesday regulatory filing. In April, the health insurer said it had received an informal inquiry from the SEC.
- Vascular Solutions (VASC) said the Food and Drug Administration has approved its premarket approval supplement for the D-Stat Flowable hemostat to reduce the incidence of clinically significant hematomas during the implantation of pacemakers or other devices.
- Wolverine Tube (WLV) said the New York Stock Exchange plans to suspend trading in the company's stock before the opening on Jan. 3, and initiate procedures to delist it.
Market Summary- Asian trading closed with the Hang Seng +2.10%, Nikkei +0.31%, Sensex +1.10%, Shanghai +1.61% and Taiwan +0.07%.
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Futuurid alustavad päeva plusspoolel ning nafta miinuses. Arvan, et hommikune tugevus saab alla müüdud ning eilne oli käivet vaadates suhteliselt ebatähtis päev. Huvitav on märkida siiski IWM ja QQQQ liikumise ulatuse erinevust.
First Albany upgrades Volterra Semiconductor (VLTR 14.62) to Strong Buy from Buy
First Albany initiates First Solar (FSLR 27.10) with a Buy and $36 tgt
Piper Jaffray initiates First Solar (FSLR 27.10) with an Outperform and a $37 tgt saying the co outperforms the industry on cost and margin
FSLR First Solar initiated with an Equal Weight at Morgan Stanley
FSLR First Solar initiated with a Buy at ThinkEquity- tgt $35, based on co's proscpects becuase of strong demand growth for solar and co's low cost product
UBS raises their tgt on COL to $73 from $67 saying their Buy rating continues to reflect their view that underappreciated growth opportunities and margin leverage can drive significant EPS upside beyond current consensus ests. They believe COL's margins can benefit from an improved rev mix, as it swaps lower margin In Flight Entertainment revs for high margin information Mgmt revs
ThinkEquity notes that Germany is completing the auctioning of approximately four 3.5 GHz licenses at what appears to be extremely low prices. The firm believes this should cause a giant spending boom for WiMax in Germany starting some time in 2007. They say Alvarion (ALVR 6.60) will be one of the leading contenders for these four new accounts, with the usual list of competitive suspects
Thomas Weisel believes SPWR has the potential to be a low-cost producer in the solar industry, driven by the co's technology leadership and recent efforts to vertically integrate. With its recent purchase of Powerlight, SPWR is bringing a strong distribution capability in-house. The firm thinks this should eliminate cost to the end user, further strengthening SPWR's low-cost producer position. They expect the benefits of this transaction to begin to bear fruit in 2007, but mature in 2008. They believe additional silicon supply and/or visibility into 2008 supply can be a catalyst for SPWR. They also see quarterly execution, specifically cost per watt reductions, as a potential catalyst for the shares.
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Lühidalt indeksite tehniline pilt.
Pühade eelsel ja järgsel ajal on kauplemismahud kokku kuivanud ning indeks on teinud väikese korrektsiooni langeva käibega. Näeme, et Nasdaq on langenud bollingeri alumisse serva ning 50 päeva libiseva keskmise juurde, kust võiks väikest toetust oodata. Mõned Nasdaq indikaatorid on jõudnud ka lühiajaliselt ülemüüdud tasemele: Stochastic Oscillator ja CCI. Viimane indikaator on lisatud ka alumisele pildidle. Lühidalt öeldes näitab indikaator ülehinnatud ja ülemüüdud tasemeid. CCI põhineb teoorial, et hinnad liiguvat tsükliliselt ning eeldab, et umbes 70-80 protsendil juhutudest viibivad hinnad -100 ja 100 vahel. Aga see sõltub siiski ka setupist ning on olnud ka märksa suuremaid äärmusi. Kuigi mõned indikaatorid näitavad ülemüüdust, on pikem nägemus indikaatorite põhjal siiski pigem külgsuunas ja negatiivne. See tähendaks aga allapoole 50 päeva libiseva keskmise kukkumist.
Siia juurde ka Dow Jonesi tehniline graafik. Näeme, et indeks on põrganud bollingeri eraldaval 20 päeva libise keskmisel. MACD on teinud negatiivse ristumise ja ACC/Disct on langenud ning samuti teinud negatiivse ristumise. Mis tähendab, et käive ei ole enam tõusu toetamas. Sama kinnitab ka CMF, mis on veel positiivne, kuid juba pikemat aega kahanenud.
Täna hommikul on futuurid olnud kergelt plussis. Toornafta on kukkunud allapoole kitsast kauplemisvahemikust, 50 päeva libisevast keskmisest ning kaupleb 61 dollari juures.
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Shark räägib täna jõuluvanarallist, mis on ajalooliselt on olnud tugev periood (paar päeva enne jõule kuni jaanuari alguseni). Samas, hoiatab, et kuna turu olemus on muutunud (pulliturust ettevaatlikuks), tasub olla ettevaatlik pikkade positsioonidega.
Yes Traders, There Is a Santa Claus Rally
By Rev Shark
RealMoney.com Contributor
12/27/2006 8:24 AM EST
Click here for more stories by Rev Shark
"Yes, Virginia, there is a Santa Claus. He exists as certainly as love and generosity and devotion exists, and you know that they abound and give to your life its highest beauty and joy."
-- Charles A. Dana
The annual Santa Claus rally looks to be kicking in this morning. Since 1950, the S&P 500 has gained an average of 1.5% in the seven trading days starting the day prior to Christmas and ending with the last couple days of January. Things looked rather bleak on Friday when steady selling kicked in all day but we got a light-volume bounce yesterday and it looks like we have a strong open this morning.
The market often does a very good job of making highly expected events, like a Santa Claus rally, a self-fulfilling event. They end up occurring because so many folks expect them to occur and there isn't any great inclination among market players to fight the action. In fact, they can often do better by embracing the conventional wisdom at least in the short term. The problem is that it may not last for long and when it does end it can do so quite abruptly.
Weak oil seems to be getting credit as the catalyst for positive action this morning. There is no other major news flow but the real driver is probably a combination of thin holiday trading, pressure to end the year on an upbeat note, and traders with idle capital anxiously pushing to create some momentum.
I plan on playing the upside but I certainly have my doubts about whether we can trust it to last for long. After the breakdown Friday we were well positioned for a Santa Claus bounce this week but there has been a definite change in the character of the market over the last month, as we have failed to make much progress. Concerns about the economy are growing and the wild optimism that drove us off the lows in the July is waning. I'm playing this bounce and I believe it could last for a couple days but it won't last long, and I will be looking to sell the strength aggressively at some point.
President Ford passed away last night. The policy of the NYSE in the past has been to close the market for the funeral of an ex-president. No funeral plans have been announced yet but there is the possibility that the market may be closed one day next week.
We have a big open on the way. Overseas markets were strong, gold is up and oil flat. -
Apple(AAPL) on eelturul tugevasti peksa saanud, aktsia üle 4% miinuses. Ettevõtet ümbritsev optsiooniskandaal on kõvasti kirgi üles kütnud.
Ülespoole avanevad:
IFON +41% (announces deal with LG), VASC +31% (gets FDA approval for added indication for use of D-Stat Flowable hemostat), CN +19% (could benefit from a possible change of China's tax system - Reuters), OXGN +12% (positive phase 2 data), TRGT +11% (recives milestone payment from AZN), APFC +9% (reports SepQ), RPRX +6.3% (extends yesterday's 17% move), FSLR +4.8% (multiple positive initiations of coverage for this recent IPO; target prices in $35-37 range), VLTR +3.8% (First Albany upgrade), LFC +3% (extends yesterday's 10 pt move), ALVR +2.9% (co announces that Aircel will use its BreezeMAX across India), AU +2.8%, SYT +1.5% (extends recent move), F +1.2% (extends yesterday's late move on possible deal with Toyota), USB +1.1% (extends recent move higher)... Recent momentum movers are catching a bid: ESCL +4.3%, MAMA +5.4%, ONSM +3.3%... Under $3: PFSW +15% (announces deal with Fathead.com), ZICA +3.5% (extends yesterday's 45% move).
Allapoole avanevad:
AAPL -4.2% (options probe said to focus on falsified documents - CNN), CLWT -8% (reports JunQ), IHG -4.8% (profit taking after recent big move on takeover speculation), UNH -2% (SEC starts options probe - DJ), SHPGY -1.7%, KSS -1.3% (hearing cut to Neutral at boutique firm), INCY -1%, BCRX -1%, SNCI -1%. -
AAPL kaupleb täna hommikul päris korralikus miinuses (ca $77.8):
Law.com reports according to people with knowledge of Apple's situation, federal prosecutors are looking closely at stock option administration documents that were apparently falsified by co officials to maximize the profitability of option grants to execs. The faked documents were revealed in a three-month internal probe -- conducted by Quinn Emanuel Urquhart Oliver & Hedges -- that concluded in October, said individuals familiar with the case who requested anonymity because it remains the subject of criminal and civil govt investigations. Since the fruits of Apple's internal investigation were disclosed to San Francisco federal prosecutors in October, the U.S. Attorney's Office has shown great interest in the case, said individuals with knowledge of the probe. And while it's not yet clear who the prosecutors' focus is, Apple released a statement in October that "the investigation raised serious concerns regarding the actions of two former officers in connection with the accounting, recording and reporting of stock option grants." Individuals with knowledge of the case said those ex-officers are Nancy Heinen and Fred Anderson, the co's former general counsel and chief financial officer, respectively.
Julgematele kauplejatele võib see pakkuda võimaluse gap-down reversal mänguks
