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Home Loan Bank Fires Lawsuit Salvo At Wall Street (GS, BAC, JPM)
Tuesday, February 16, 2010 - 3:27pm | 143A number of Wall Street firms are facing lawsuits from the Federal Home Loan Bank of Seattle, on grounds that the latter was misled regarding the quality of its $4 billion investment in mortgage-backed securities. The Seattle bank has filed 11 lawsuits against prominent firms like Goldman Sachs (...
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Hovnanian Chief Says His Stock is Undervalued on CNBC (HOV, XHB, PHM)
Tuesday, February 16, 2010 - 2:02pm | 189Hovnanian Enterprise's (NYSE: HOV) Chairman was just interviewed on CNBC defending his company and explaining why his stock is undervalued. He explained that maturities on debt are far out which gives the company a "large runway" until the debt needs to be paid off. This is in response to negatives...
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Company News for February 16, 2010 - Corporate Summary
Tuesday, February 16, 2010 - 10:38am | 250• Kraft (NYSE:KFT) posted better-than-expected fourth quarter earnings, with results 3 cents ahead of estimates at 48 cents, but revenues of $11 billion were just below $11.07 billion projections • Merck (NYSE:MRK) beat earnings and sales estimates and backed 2010 guidance, with adjusted earnings...
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Is Morgan Stanley (MS) Mighty Sick?
Tuesday, February 16, 2010 - 9:50am | 134In the last session the Morgan Stanley (NYSE: MS) share price intraday low of 26.88 broke below an important Fibonacci correction level of 27.12 . The stock managed to recover to that level but all indications suggest that there is more downside before MS recovers. The EMAs (4,9,18) are in an...
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Goldman Sachs (GS) Swaps Concealed Greek Deficits
Monday, February 15, 2010 - 10:26pm | 239Anger is growing as news breaks that Greece may have been using Goldman Sachs Group Inc. (NYSE: GS) derivatives to conceal its budget deficits as early as 2002. Christoforos Sardelis, the former head of Greece’s Public Debt Management Agency, said in an interview that Greece turned to the Goldman...
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Reviewing the Generals
Monday, February 15, 2010 - 3:29pm | 1544With the major indexes just below key resistance areas, it is a useful time to circle back and look at "the generals" of the market; i.e. the leadership stocks aka the "go to" stocks when institutional money wants in. While it is a 'stock market', in the end its a 'market of stocks' - even if...
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Swaps Agreements Damaged Greek Economy, Probe Reveals (GS)
Monday, February 15, 2010 - 9:25am | 172A probe by the Greek government revealed that swap agreements with securities firms may have helped it to keep its burgeoning debts hidden. These swaps were used over a number of years to defer debt servicing payments. Between 1999 and 2004, the Greek government had taken $1 billion from the...
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Samsung To Counter iPad With Its Own Tablet Computer (AAPL, GS)
Monday, February 15, 2010 - 9:13am | 165Samsung Electronics Co. plans to make its own tablet computer version to counter Apple, Inc.’s (NASDAQ: AAPL) iPad. The iPad is expected to create wave of new demand, which Samsung wants to capitalize on. It may be noted that Samsung is not only a competitor to Apple, but also a supplier, as it...
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Discover Pays $775 Million To Morgan Stanley (DFS, MS)
Friday, February 12, 2010 - 10:47pm | 123Discover Financial Services (NYSE: DFS) has agreed to pay $775 million to its former parent company Morgan Stanley (NYSE: MS) under the terms of a settlement. The settlement has been reported to Securities & Exchange Commission. Discover had earlier claimed that Morgan Stanley had breached the...
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Buffalo Wild Wings (BWLD) Maintains An Outperform Rating
Friday, February 12, 2010 - 6:13pm | 137Oppenheimer (NYSE: OPY) has maintained an Outperform rating for Buffalo Wild Wings (NASDAQ: BWLD). The company saw its same-store sales come down from an initial high level at the start of the fourth-quarter, which resulted in lower-than-expected margins and EPS for the fourth-quarter. However,...
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Atwood Oceanics, Inc. (ATW) Maintains An Outperform Rating
Friday, February 12, 2010 - 6:10pm | 123Analyst G. Scott Burk at Oppenheimer (NYSE: OPY) has maintained an Outperform rating for Atwood Oceanics, Inc. (NYSE: ATW). The company has reported that the Atwood Falcon would incur 2-5 weeks of downtime as a result of equipment repair issues. The company currently earns $425,000 per day from...
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McKesson Corporation (MCK) Maintains An Outperform Rating
Friday, February 12, 2010 - 6:08pm | 119Analyst Charles Rhyee at Oppenheimer (NYSE: OPY) has maintained an Outperform rating for McKesson Corporation (NYSE: MCK). The company currently has $3.4 billion in cash, which Oppenheimer believes it can use for acquisitions or share repurchases. According to Oppenheimer, the market has not...
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Chipotle Mexican Grill, Inc.(CMG) Continues To Be Rated As An Underperform
Friday, February 12, 2010 - 4:13pm | 129Analyst Matthew DiFrisco at Oppenheimer (NYSE: OPY) has released an update on Chipotle Mexican Grill, Inc. (NYSE: CMG). The company reported better-than-expected results for the fourth-quarter due to better restaurant margins, and constrained G&A. The company has maintained its guidance of...
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General Electric Company (GE) Maintains An Outperform Rating
Friday, February 12, 2010 - 4:10pm | 108Analyst Christopher Glynn at Oppenheimer (NYSE: OPY) has maintained an Outperform rating for General Electric Company (NYSE: GE). The write-offs at the company have been flat for three quarters now. The company has managed to write-off lowest quality assets in the early part of the loss cycle....
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Corning Incorporated (GLW) Maintains An Outperform Rating
Friday, February 12, 2010 - 4:09pm | 125Analyst Yair Reiner at Oppenheimer (NYSE: OPY) has maintained an Outperform rating for Corning Incorporated (NYSE: GLW). Oppenheimer believes that panel prices could decline meaningfully in the first-quarter. However, it believes that two factors put glassmakers in a better position; first, as...