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IBDvalueinvestin (99.68)

Guidance season begins today with a nightmare

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March 30, 2009 – Comments (2)

Guidance season begins today with a nightmare


Gapping down
In reaction to disappointing earnings/guidance: MTW -13.0% (no longer believes that it will be able to achieve its previous guidance), ACH -10.0%, CRNT -6.6% (light volume), CALM -5.2%... Select financial related names pulling back: LNC -15.6% (downgraded to Neutral at Credit Suisse), ING -12.6%, C -8.0% (Citi seeks Nikko Cordial bids - Financial Times), BAC -7.8%, BX -7.8%, BCS -7.3% (Barclays falls on refusal to join asset scheme - Times Online; also downgraded to Sell at SocGen), WFC -7.0%, RBS -6.4%, HBC -6.3%, DB -6.2%, UBS -5.7% (More cuts due at UBS: Newspaper - NY Post), LYG -5.7%, BBT -5.2% (downgraded to Sell at Stifel Nicolaus), PRU -5.1%, AZ -5.1%, PUK -5.0%, MS -4.6%, USB -4.1%, AIG -3.9% (American Intl delays, cuts funding on several land ventures - WSJ), GS -3.8%, STT -3.5%, CS -3.2%, AXA -2.2%... Select auto related names trading lower with bankruptcy fears surrounding GM and Europe's Chrysler: GM -20.7% (Government forces out Wagoner at GM; administration's auto team suggested that the best chance for success for both GM and Chrysler "may well require utilizing the bankruptcy code in a quick and surgical way" - WSJ), DAI -7.4%, F -3.2%... Select metals/mining names showing weakness with lower spot prices: MT -6.7%, AAUK -6.4%, RIO -5.8% (downgraded to Neutral at HSBC), BHP -5.7% (BHP investors back quest for acquisitions: Report - Reuters), BBL -5.7%, RTP -5.4%, GOLD -3.7%, ABX -1.9%, GLD -1.0%... Select oil/gas names trading lower with weakness in crude on demand concerns: STO -3.8%, E -3.4%, TOT -3.2%, RDS.A -3.1%, BP -3.1%, COP -2.1%, XOM -1.9%, CVX -1.7%... Select solar names pulling back: CSUN -15.8%, ESLR -11.2%, SOLR -10.8%, TSL -10.3%, SOLF -10.1%, ENER -9.3%, YGE -7.2%, FSLR -6.9%, STP -6.4%... Select drybulk shipping names trading lower: DRYS -13.1% (announces filing of its annual report on Form 20-F; discusses "going concern" paragraph), EXM -9.8%, EGLE -6.1%, TBSI -6.1% (secures covenant waiver for credit facilities), NM -5.3%, GNK -5.1%... Select airlines ticking lower in early trade: UAUA -9.8%, AMR -6.2%, DAL -5.9%, CAL -4.2%... Other news: ARNA -28.9% (announces Lorcaserin pivotal Phase 3 obesity trial results), GE -4.4% (GE sees first 'glimmers of hope' in economy - Financial Times)... Analyst comments: PHG -10.1% (trading ex-dividend; also downgraded to Sell at SocGen), CBS -8.9% (downgraded to Sell at UBS), ICE -4.6% (initiated with a Sell at Pali Capital), MOS -4.1% (downgraded to Hold from Buy at Soleil- based on valuation), POT -3.9% (downgraded to Hold at Soleil), CHL -3.7% (downgraded to Neutral at UBS), NYX -3.0% (initiated with a Sell at Pali Capital), QSII -3.0% (downgraded to Sell at UBS), DTSI -2.3% (downgraded to Hold at Kaufman Bros and removed from Focus List).

 

2 Comments – Post Your Own

#1) On March 30, 2009 at 9:44 AM, IBDvalueinvestin (99.68) wrote:

Financials rose too fast too quick, 100% in 3 weeks and some rose 200% in 3 weeks. Time for at least a 50% retrace of those gains before they can move any higher.

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#2) On March 30, 2009 at 9:58 AM, IBDvalueinvestin (99.68) wrote:

Did any of you catch the tidbit about Great Britain , Soros says that it may need IMF help? I thought only the needy 3rd world countries needed IMF help? Whats going on here.

and in other readings I see what the deficit that USA banks have so far:

http://www.elitetrader.com/vb/attachment.php?s=&postid=2364470

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