Archive for March 12th, 2008
Filed under: Analyst reports, Chipotle Mexican Grill’A’ (CMG), Analyst initiations
.gif) MOST NOTEWORTHY: Chipotle Mexican Grill, Micrus Endovascular and Acorda Therapeutics were today’s noteworthy initiations:
- Jefferies expects the quality gap between Chipotle Mexican Grill (NYSE: CMG) and its peers will become more apparent in a weakening consumer environment. The firm started shares with a Buy rating and $110 target.
- Micrus Endovascular (NASDAQ: MEND) was initiated with an Outperform rating and $20 target at Barrington, citing the company’s strong product line, improving salesforce, leading market share position and their expectation for continued strong transition from clipping to coiling.
- Acorda Therapeutics (NASDAQ: ACOR) was assumed with an Overweight rating at JP Morgan, as they believe the company’s Fampridine-SR for multiple sclerosis is a $500M + opportunity
OTHER INITIATIONS:
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Filed under: Analyst reports, Chipotle Mexican Grill’A’ (CMG), Analyst initiations
MOST NOTEWORTHY: Chipotle Mexican Grill, Micrus Endovascular and Acorda Therapeutics were today’s noteworthy initiations:
- Jefferies expects the quality gap between Chipotle Mexican Grill (NYSE: CMG) and its peers will become more apparent in a weakening consumer environment. The firm started shares with a Buy rating and $110 target.
- Micrus Endovascular (NASDAQ: MEND) was initiated with an Outperform rating and $20 target at Barrington, citing the company’s strong product line, improving salesforce, leading market share position and their expectation for continued strong transition from clipping to coiling.
- Acorda Therapeutics (NASDAQ: ACOR) was assumed with an Overweight rating at JP Morgan, as they believe the company’s Fampridine-SR for multiple sclerosis is a $500M + opportunity
OTHER INITIATIONS:
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Filed under: Rants and raves, Scandals, Media World, Politics
 New York Gov. Eliot Spitzer today ended a once-promising political career that some thought could have ended in the White House. In a televised spectacle almost OJ-like in its scope, Wall Street’s mortal enemy resigned after being linked to a prostitution ring.
Spitzer, who never had a problem with low self-esteem, didn’t seem contrite during his initial public apology to his wife. He was more graceful today though not as apologetic as the media says he should have been. Spitzer at least seemed sorry.
“In the past few days, I have begun to atone for my private failings,” he told the media throng. “From those whom much is given, much is expected.”
Spitzer added that he was “deeply sorry” and that he looks upon his short time in office with “a sense of what might have been.” His resignation is effective Monday. Lt. Gov. David A. Patterson will take over.
Continue reading It’s official: Eliot Spitzer resigns as New York governor
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Filed under: Analyst reports, Analyst upgrades and downgrades, Kroger Co (KR), Level 3 Communications (LVLT)
MOST NOTEWORTHY: UBS AG, KLA-Tencor and Level 3 Comm were today’s noteworthy downgrades:
- Keefe Bruyette downgraded shares of UBS (NYSE: UBS) to Underperform from Market Perform as they expect as they expect further write-downs to erase profits in 2008.
- Oppenheimer downgraded shares of KLA-Tencor (NASDAQ: KLAC) to Underperform from Perform after checks indicated Intel (NASDAQ: INTC) has chosen Applied Materials’ (NASDAQ: AMAT) reticle inspection tool for its entire 32nm node after a long period of evaluation against KLA-Tencor. Oppenheimer believes this represents a $300M shift from KLA-Tencor’s dominant market share in reticle inspection.
- Jefferies cut Level 3 Communications (NASDAQ: LVLT) to Hold from Buy as they see limited opportunity for near-term share appreciation given the company’s integration challenges and the added uncertainty from recent management changes.
OTHER DOWNGRADES:
- Keefe Bruyette downgraded Credit Suisse (NYSE: CS) to Market Perform from Outperform.
- Kroger (NYSE: KR) was downgraded to Underweight from Neutral at JP Morgan.
- Baird cut Network Appliance (NASDAQ: NTAP) to Neutral from Outperform.
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Filed under: Rants and raves, Scandals, Media World, Politics
New York Gov. Eliot Spitzer today ended a once-promising political career that some thought could have ended in the White House. In a televised spectacle almost OJ-like in its scope, Wall Street’s mortal enemy resigned after being linked to a prostitution ring.
Spitzer, who never had a problem with low self-esteem, didn’t seem contrite during his initial public apology to his wife. He was more graceful today though not as apologetic as the media says he should have been. Spitzer at least seemed sorry.
“In the past few days, I have begun to atone for my private failings,” he told the media throng. “From those whom much is given, much is expected.”
Spitzer added that he was “deeply sorry” and that he looks upon his short time in office with “a sense of what might have been.” His resignation is effective Monday. Lt. Gov. David A. Patterson will take over.
Continue reading It’s official: Eliot Spitzer resigns as New York governor
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Filed under: Economic data, Commodities, Oil
Weekly crude oil inventories jumped 6.2 million barrels to 311.6 million barrels for the week ending March 7, 2008, well above the consensus estimate, the U.S. Energy Information Agency announced Wednesday. Weekly gasoline inventories increased 1.7 million barrels, while distillate supplies fell 1.2 million barrels.
Analysts surveyed by Bloomberg News had expected weekly oil inventories to rise by 1.7 million barrels. Oil futures fell about $1 to $107.02 per barrel immediately after the news.
Refineries operated at 85.0% of their operable capacity last week, compared to 85.9% in the previous week. However, analysts are quick to point out that some decline in refinery capacity is expected in late winter and early spring as refineries undertake maintenance and convert systems for gasoline production to get ready for the summer driving season, historically a period of high gasoline consumption in the United States.
Oil Analysis: Another bearish weekly inventory report for oil, but don’t tell that to oil traders in the trading pits. Driven by institutional investors (and other investors) seeking a lucrative return on assets in the face of likely under-performing stocks and bonds, oil has to-date largely ignored a two-month rise in inventories in the largest oil consuming market, the United States, to trade at record highs. Currently, there’s little hard evidence to suggest the pattern will change anytime soon.
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Filed under: Analyst reports, Analyst upgrades and downgrades, Kroger Co (KR), Level 3 Communications (LVLT)
MOST NOTEWORTHY: UBS AG, KLA-Tencor and Level 3 Comm were today’s noteworthy downgrades:
- Keefe Bruyette downgraded shares of UBS (NYSE: UBS) to Underperform from Market Perform as they expect as they expect further write-downs to erase profits in 2008.
- Oppenheimer downgraded shares of KLA-Tencor (NASDAQ: KLAC) to Underperform from Perform after checks indicated Intel (NASDAQ: INTC) has chosen Applied Materials’ (NASDAQ: AMAT) reticle inspection tool for its entire 32nm node after a long period of evaluation against KLA-Tencor. Oppenheimer believes this represents a $300M shift from KLA-Tencor’s dominant market share in reticle inspection.
- Jefferies cut Level 3 Communications (NASDAQ: LVLT) to Hold from Buy as they see limited opportunity for near-term share appreciation given the company’s integration challenges and the added uncertainty from recent management changes.
OTHER DOWNGRADES:
- Keefe Bruyette downgraded Credit Suisse (NYSE: CS) to Market Perform from Outperform.
- Kroger (NYSE: KR) was downgraded to Underweight from Neutral at JP Morgan.
- Baird cut Network Appliance (NASDAQ: NTAP) to Neutral from Outperform.
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Filed under: Analyst reports, Analyst upgrades and downgrades, Nokia Corp. (NOK)
MOST NOTEWORTHY: Nokia, Thornburg Mortgage and AbitibiBowater were today’s noteworthy upgrades:
- Oppenheimer upgraded shares of Nokia (NYSE: NOK) to Outperform from Perform on valuation following the recent weakness, as their checks indicate demand remains solid. WestLB raised Nokia to Buy from Add on valuation, as they believe concerns about Chinese demand are overdone.
- Bear believes Thornburg Mortgage (NYSE: TMA) is much more likely to survive given liquidity from the Fed’s Term Securities Lending Facility. Bear upgraded Thornburg to Peer Perform from Underperform.
- BMO Capital upgraded AbitibiBowater (NYSE: ABH) to Market Perform from Underperform citing the company’s $496M private debt exchange offer.
OTHER UPGRADES:
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Filed under: Economic data, Commodities, Oil
Weekly crude oil inventories jumped 6.2 million barrels to 311.6 million barrels for the week ending March 7, 2008, well above the consensus estimate, the U.S. Energy Information Agency announced Wednesday. Weekly gasoline inventories increased 1.7 million barrels, while distillate supplies fell 1.2 million barrels.
Analysts surveyed by Bloomberg News had expected weekly oil inventories to rise by 1.7 million barrels. Oil futures fell about $1 to $107.02 per barrel immediately after the news.
Refineries operated at 85.0% of their operable capacity last week, compared to 85.9% in the previous week. However, analysts are quick to point out that some decline in refinery capacity is expected in late winter and early spring as refineries undertake maintenance and convert systems for gasoline production to get ready for the summer driving season, historically a period of high gasoline consumption in the United States.
Oil Analysis: Another bearish weekly inventory report for oil, but don’t tell that to oil traders in the trading pits. Driven by institutional investors (and other investors) seeking a lucrative return on assets in the face of likely under-performing stocks and bonds, oil has to-date largely ignored a two-month rise in inventories in the largest oil consuming market, the United States, to trade at record highs. Currently, there’s little hard evidence to suggest the pattern will change anytime soon.
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Filed under: Analyst reports, Analyst upgrades and downgrades, Nokia Corp. (NOK)
MOST NOTEWORTHY: Nokia, Thornburg Mortgage and AbitibiBowater were today’s noteworthy upgrades:
- Oppenheimer upgraded shares of Nokia (NYSE: NOK) to Outperform from Perform on valuation following the recent weakness, as their checks indicate demand remains solid. WestLB raised Nokia to Buy from Add on valuation, as they believe concerns about Chinese demand are overdone.
- Bear believes Thornburg Mortgage (NYSE: TMA) is much more likely to survive given liquidity from the Fed’s Term Securities Lending Facility. Bear upgraded Thornburg to Peer Perform from Underperform.
- BMO Capital upgraded AbitibiBowater (NYSE: ABH) to Market Perform from Underperform citing the company’s $496M private debt exchange offer.
OTHER UPGRADES:
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