Börsipäev 31. märts - kaupemine taas 16:30-23:00
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Rahvusvahelise üksuses eraldamine Altriast on siis lõpule viidud, uus Altria (endiselt sümbol MO) ja Philip Morris International (PM) kauplevad eraldi ettevõtetena. Iga Altria aktsia eest said aktsionärid ühe PM aktsia. MO hind on hetkel $23.20 ja PM hind $51.06 ehk kokku $74.26, mis on reedesest sulgemishinnast 0.5% võrra kõrgem.
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Standpoint Research initiates Mobile Telesystems Russia (MBT 75.35) with a Buy and sets a 3-yr tgt of $110, based on indications that demand for consumption of mobile services in Russia will continue on its fast track, growing average revenue per subscriber and monthly usage per subscriber, and emerging opportunities that include a joint transport network co between MBT and Comstar and a 3G spectrum clearance that is imminent.
Suhteliselt tundmatu maja, aga mõtted lähevad meie Sistema ideega kokku.
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Philip Morris initiated with a Buy at Merrill
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Mobile TeleSystems upgraded to Outperform from Neutral at Credit Suisse
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Citigroup kärbib Google'i (GOOG) Q1 ja FY08 prognoose ning langetab hinnasihi $625-lt $600-ni (30x 2009E EPS'i):
Citigroup says based on their Friday conf call with comScore and ChannelAdvisor and comScore's Feb Paid Click data, firm is lowering GOOG's Q1 ests. Firm now ests 0% Q/Q and 16% Y/Y Paid Click growth vs. 4% and 20% prior. Firm now ests 5% Q/Q and 40% Y/Y Net Revenue growth vs. 8% Q/Q and 44% prior. For Q1 Net Revenue is now $3.54 bln and non-GAAP EPS is now $4.50 (consensus $4.55 and $3.6 bln). Firm also cuts '08 ests; 08 Net Revenue goes from $16.0 bln to $15.6 bln (up 34% Y/Y) and non-GAAP EPS goes from $20.00 to $19.08 (consensus $19.71 and and $15.9 bln). -
Saksamaa DAX -0.95%
Prantsusmaa CAC 40 -0.13%
Inglismaa FTSE 100 -0.07%
Hispaania IBEX -1.37%
Venemaa MICEX -0.11%
Poola WIG -0.47%
Aasia turud:
Jaapani Nikkei 225 -2.30%
Hong Kongi Hang Seng -1.88%
Hiina Shanghai A (kodumaine) -3.01%
Hiina Shanghai B (välismaine) -2.10%
Lõuna-Korea Kosdaq +1.22%
Tai Set -0.99%
India Sensex -4.44%
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The Truth About This Market
By Rev Shark
RealMoney.com Contributor
3/31/2008 9:11 AM EDT
The ultimate result of shielding men from the effects of folly is to fill the world with fools.
--Herbert Spencer
Now that the economy and stock market have already suffered a substantial hit due to highly aggressive and questionable investing decisions by major banks and brokers, our helpful government officials are rushing to enact new rules and regulations that will do absolutely nothing to repair the damage that has already been done. The damage has and will be done, and many financial institutions have learned some hard lessons. Now the focus will be on assigning blame and making political points.
At least the media will have something to do as it generates sound bites from anxious regulators who are rubbing their hands in glee over the enhanced powers that they are sure to enjoy. Whether or not it does any good is irrelevant, as it is simply impossible for government to let the process of suffering losses play out.
The biggest problem with all the attention that is now going to be focused on regulation is that it tends to make investors impatient. Everyone wants our problems resolved so that this market can right itself and continue on its merry way. The many folks calling for a market bottom along with new regulatory efforts are exactly the sort of thing that entices investors to get their hopes up and jump in, just in case governmental really does solve the problems for once.
Unfortunately, the truth is that the market is simply going to need time to work through its many issues. Yes, we'll have some rallies and bounces, but it is going to take a while for things to get better, and we'll have to stay patient before we can be more optimistic about the health of the overall market.
One positive is that the gloom with regard to the overall economy in the popular press is becoming very extreme. I see very little optimism or hope about the economy in the short term, and that may be a good sign. It is when no one thinks things that can get better that the process will begin.
It is a quiet morning with a slight positive start, which is typical since we ended up closing week. It is also the final day of the quarter but with major losses a certainty we are not likely to see much window dressing action today.
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Ülespoole avanevad:
In reaction to strong earnings/guidance: SVA +31.1%, CALM +8.4%, CDS +7.9%... M&A news: ANST +32.4% (to be acquired by ANSYS for $30.29/share in cash and stock), GILT +4.4% (to be acquired for $11.40/share in cash by an American and Israeli investment group)... Select European financial names showing strength: UBS +2.8% (could ask for more capital at annual meeting - WSJ), BCS +1.4%, HBC +1.4%, CS +1.2%... Other news: IACI +6.9% (judge rules for IACI in Liberty dispute), ASTI +6.2% (announces that the co has achieved its Q108 manufacturing milestone of Initial Operating Capability on its 1.5 megawatt production line), ALNY +5.5% (forms new agreement with Tekmira related to the planned Tekmira-Protiva business combination), MXWL +5.1% (modestly rebounding following Friday's 20%+decline), NE +4.3% (adds $4.0 bln in prospective rev backlog from five deepwater rigs in Brazil), SOL +3.4% (modestly rebounding following Friday's ~10% decline), EPD +2.8% (Cramer makes positive comments on MadMoney), AMAG +2.1% (Cramer makes positive comments on MadMoney), CRXL +2.0% (announces that its rabies monoclonal antibody combination has entered a Phase II clinical trial in the US), TXT +2.0% (receives $10.4 bln multi-year V-22 Osprey contract), MEDX +1.3% (announces that it will receive a milestone payment for an undisclosed amount from its licensing partner, Novo Nordisk A/S), BSX +1.1% (TAXUS Express stent shows similarly low re-intervention rates in diabetic patients compared to non-diabetics in ARRIVE 1 and 2 registries)... Analyst upgrades: IRM +3.4% (upgraded to Buy from Neutral at Merrill).
Allapoole avanevad:
In reaction to weak earnings/guidance: HRT -9.6%, CGRB -8.2%, ABAT -8.1%, PLL -4.6%... M&A news: ANSS -7.9% (signs definitive agreement to acquire Ansoft for implied value of $32.50/share)... Other news: MO -69.5% (following spin-off of 100% of the shares of Philip Morris International), SGP -21.8% (Doubt cast on 2 drugs used to lower cholesterol - NY Times; also downgraded by ,multiple analysts), TMA -14.5% (received extension of override agreement with some repo counterparties; Deadline now Monday 3/31), MRK -11.4% (says based on the recommendation of the Steering Committee for ACHIEVE, further patient enrollment in the study has been placed on hold; also Doubt cast on 2 drugs used to lower cholesterol - NY Times), CMCSK -5.6% (still checking), IBN -4.5% (closed -7.8% in India trading), GFI -4.2% (announced Chief Executive Officer Ian Cockerill has decided to step down)... Analyst downgrades: GU + -7.0% (downgraded to Mkt Perform at Piper Jaffray), TIBX + -5.1% (downgraded to Underperform at Jefferies), LYTS + -4.7% (downgraded to Hold at Needham), VOD + -3.7% (downgraded to Underweight at Morgan Stanley), SCUR + -3.1% (downgraded to Sell at Deutsche Bank), PEIX + -3.1% (downgraded to Underperform from Market Perform at Raymond James). -
Muidu karune Morgan Stanley on täna väljas pullidele meelepärase jutuga ...
At current levels, valuation dispersions are close to 3 standard deviations wider than usual in the US, which has always been a great signal for valuation factors to start working again. Our backtest shows that the composite valuation factor in Europe returns 18% in the subsequent 12 months after a +2 standard deviation signal, and such strategy has produced a positive return in all occasions. The comparable number in the US is 16%. -
Chicago PMI 48.2 vs 46.7 consensus, prior 44.5
The Chicago PMI index, which is released on the last business day of the month (with data for the same month), has an impressive 91% correlation with the national ISM. -
Üks tegur, mis turge toetamas, on kindlasti langev nafta hind. Hetkel kaupleb mai naftafutuur 3% võrra miinuses $102 tasemel. Allamüük toimus väga järsult ja ühe võimaliku põhjusena nähakse "tagurpidi window dressing'ut" ehk kvartali lõpus võetakse kasumit ning raha voolab sektorist välja.
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Kvartali viimast kauplemispäeva hoiab üleval finatssektor ning ehitajad, kes reedel kaotasid enim. Finantssektori tugevus tuleneb JPM prognoosidest ja Paulsoni plaanidest.
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Thornburg (TMA) sai eile õhtul nõutud miljardi kokku.
