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Morgan upgrades First Marblehead (FMD 37.67) to Overweight from Neutral
CIBC upgrades Microsoft (MSFT 29.10) to Sector Performer from Underperformer, following the co's solid Q307 results and better than expected preliminary FY08 outlook
JP Morgan downgrades UAL (UAUA 36.95) and Alaska Air (ALK 35.58) to Underweight from Overweight
upgrades XM Satellite (XMSR 11.78) and Sirius (SIRI 2.96) to Buy from Neutral
Lehman upgrades ABB Limited (ABB 20.30) to Overweight from Equal Weight -
Employment Cost Index 0.8% vs 0.9% consensus
Chain Deflator-advanced 4.0% vs 3.2% consensus
GDP-advanced 1.3% vs 1.8% consensus -
GB Wilson Greatbatch: Lazard says to buy GB ahead of further recognition that the co’s two most often overlooked segments have more growth in store (28.75 )
Lazard says to buy GB ahead of further recognition that the co's two most often overlooked segments have more growth in store than most investors expect. Firm says non-medical components and miscellaneous "other medical" components, together accounting for 35% of total rev, seem to surprise the consensus every quarter and, they believe, will continue to do so. Fortunately, non-medical components sport the highest gross margins of any of the co's product lines and nearly double the operating margin of the rest of the co
Ulespoole avanevad:
Gapping up on strong earnings/guidance: BIDU +27.6% (also upgraded to Outperform at RBC), VSEA +14.0%, SWIR +13.0%, SIMO +9.4%, NETL +9.3%, FLIR +8.9%, INSP +8.3% (also reaches agreement with Sandell Asset Mgmt, announces $6.30/share special dividend), SNCR +7.2%, SPF +6.4%, AXL +5.4%, CMI +5.2%, MEE +4.9%, MSFT +4.8% also upgraded to Sector Perform at CIBC)... BIDU sympathy plays trading up: GMKT +4.6%, SOHU +3.8%, SINA +3.2%, NTES +3.1%, SNDA +1.6%, LONG +1.0%, FMCN +0.7%... M&A: INTL +5.7% (to be acquired by Mitel for $25.60/share)... Other news: ARQL +14.2% (announces exclusive license agreement with Kyowa Hakko Kogyo to develop and commercialize ARQ 197), SNTO +10.6% (selected to provide right channeling support to Amp'd Mobile), DSCO +6.9% (upgraded to Buy at Jefferies), CTICD +5.5% (announces it will report Q4 results on May 2), IPCS +4.7% (declares $11/share special cash dividend).
Allapoole avanevad:
Gapping down on weak earnings/guidance: OCR -15.3%, BECN -15.2% (also downgraded to Neutral at Baird), GLGC -10.9%, SPRT -10.5%, BLG -10.5%, WFR -8.4% (downgraded to Neutral at Credit Suisse), VPRT -8.1%, PSYS -8.1%, BRCM -6.5% (also downgraded to Neutral at UBS), YRCW -6.1%, ACTU -6.0%, BOOM -5.7%, FALC -5.4%, IDTI -5.1%, TRID -4.3%, oPWV -4.0%, RACK -3.8%... Other news: MDCO -11.6% (discloses that US Patent Office denied extended patent for Angiomax), AVID -10.8% (also downgraded to Mkt Perform at Piper), CF -5.9% (names new CFO), MLNM -5.1% (downgraded to Underweight at Morgan Stanley). -
Looking Beyond the Earnings Boost
By Rev Shark
RealMoney.com Contributor
4/27/2007 8:52 AM EDT
Click here for more stories by Rev Shark"Just as a cautious businessman avoids investing all his capital in one concern, so wisdom would probably admonish us also not to anticipate all our happiness from one quarter alone."
-- Sigmund Freud.By just about most every measure the market has been acting extremely well. You might find some fault with breadth and underperformance of small stocks, but strong earnings have propelled the DJIA up 18 of the past 20 days and have left many market players feeling like any doubt or caution about the future is just plain silly.
When the market has been as strong as this one, it is extremely important to maintain a cool head and to not let emotions push you to move too quickly. An environment like this always produces dramatic calls about how the rally has just begun and that we are likely to see substantial further gains in the indices.
Perhaps we will see the DJIA gain another 1,000 points over the next few months. It is possible but that doesn't mean you keep buying just because you fear being left out.
Good investing is cool, calm and methodical. It appreciates the fact that even in a strong market there are likely to be consolidations and pullbacks. It also recognizes the fact that you need to be prepared in case your thesis is wrong.
Investing is a marathon, not a sprint; you need to pace yourself. Time and again those who become overly excited about the short-term action set themselves up for disappointment when cooler heads prevail.
Be a bull if you feel that is the right posture, but be a reasonable one and don't expect your gains to come instantly. There are going to be some setbacks along the way and getting too caught up in the present action will not serve you very well when the emotions cool.
We have had some powerful momentum lately but with earnings season winding down and more focus on economic statistics, that is very likely to cool. We may continue to hold up but you are likely to regret putting your capital to work too quickly after the run we have already had.
We have some softness in the early going despite strong action from Microsoft. Once again earnings are looking good but some profit taking is kicking in. Overseas markets are weak, oil is down and gold up.
The GDP numbers came in softer than expected and that always stirs up that ugly word "stagflation." However, as we have seen time and again this is a market that holds no fear for the buyers and it wouldn't be at all surprising to see them jump on the weakness. One of these days that won't work but don't expect the bulls to give up on that strategy too quickly.
