May 31, 2012
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) — U.S. stocks on Thursday closed one of the worst months in years, with the Dow halting a seven-month win streak after disappointing data tempered expectations for the May jobs report.
“It’s the summer months, unfortunately, so that’s one strike. Everyone is out hunting for black swans and finding them. It’s a strange environment where investors just don’t trust the market at all, so the question is how cheap do stocks have to get before they can entice investors again,” said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.
The Dow Jones Industrial Average DJIA -0.21% fell 26.41 points, or 0.2%, at 12,393.45, off 6.2% from the end of April, and its worst month in two years.
The S&P 500 Index SPX -0.23% lost 2.99 points, or 0.2%, at 1,310.33, leaving it down 6.3% for May.
Down 7.2% from the month-ago close, the Nasdaq Composite Index COMP -0.35% shed 10.02 points, or 0.4%, at 2,827.34. The monthly percentage loss was the worst since May 2010, when Greece’s fiscal crisis sent shock waves across world markets, and also the month of the so-called U.S. “flash crash.”
Two years later, “waves of uncertainty continue to emanate from Europe,” said Lawrence Creatura, portfolio manager at Federated Investors.
On Friday, the government releases its nonfarm payrolls report for May
“Because the private-payrolls print missed today, it will influence investors’ expectations for tomorrow,” Creatura added on payrolls-processor Automatic Data Processing reporting that the pace of private-sector hiring slowed in the second quarter.
Decliners just outpaced advancers on the New York Stock Exchange, where 1.3 billion shares traded. Composite volume topped 4.5 billion.
“The good news is a lot of stocks are becoming attractively priced, and a lot of the bad news we’re seeing has already been discounted. And there’s been a surge in insider buying; many insiders have changed their behavior in recent weeks, toggling from selling to buying, and that’s from the people who know the companies the best,” commented Creatura at Federated.
Stocks briefly turned higher on headlines related to Europe.
“Contingency plans continue,” said Peter Boockvar, equity analyst at Miller Tabak, of the Dow Jones report that said discussions were taking place at the International Monetary Fund, given Spain’s struggle to raise the funds needed to bailout lender Bankia.
Ahead of Wall Street’s start, stock-index futures scaled back gains after data included first-time jobless claims rising to a five-week high, followed by the ADP report. Read more on jobless claims.
The Commerce Department revised its forecast of U.S. economic growth in the first quarter to a 1.9% annualized pace, slower than the 2.2% rate first estimated. Read more on GDP.
Also, a regional survey of business conditions in the Chicago area came in below expectations.
“If you go back and look at May through October for the last 60 years and string them together, you don’t go anywhere. The summer months have a long track record of doing pretty much nothing,” added Ablin at Harris Private Bank.
Kate Gibson is a reporter for MarketWatch, based in New York.
By JACK EWING
Mario Draghi, president of the European Central Bank, also criticized political leaders on Thursday, saying half-measures have made the debt crisis worse.
By KEITH BRADSHER
A cheaper renminbi makes Chinese exports more competitive in overseas markets, but it could worsen trade friction with Europe and particularly the United States.
By MARK LANDLER
President Obama put partisanship aside for a few hours to pay tribute to his predecessor at the official unveiling of George W. Bush's official White House portrait.
Economy and Finance
Every man, woman and child in Canada could be on the hook for more than $9,000 to pay for the unfunded liabilities of public-sector employee pension plans, according to a new Canadian Federation of Independent Business (CFIB) report.
Real Estate and Development
Politics and Policy
Retail and Manufacturing
|ADVFN III||World Daily Markets Bulletin|
US Market Reports
Disappointing Data Drags Stocks Lower In Early Trading
Stocks have moved notably lower in early trading on Thursday on the heels of a batch of disappointing U.S. economic data. The major averages have slid firmly into negative territory after opening the session near the unchanged line.
The major averages have edged up off their lows for the session in the past few minutes but remain in the red. The Dow is down 45.98 points or 0.4 percent at 12,373.88, the Nasdaq is down 23.21 points or 0.8 percent at 2,814.15 and the S&P 500 is down 8.67 points or 0.7 percent at 1,304.65.
The weakness that has emerged on Wall Street comes following the release of a slew of U.S. economic data, including reports providing further signs of sluggishness in the labor market.
ADP said private sector employment rose by 133,000 jobs in May following a downwardly revised increase of 113,000 jobs in April. Economists had expected an increase of about 154,000 jobs compared to the addition of 119,000 jobs originally reported for the previous month.
A separate report from the Labor Department showed that initial jobless claims rose to 383,000 in the week ended May 26th from the previous week's revised figure of 373,000. Jobless claims had been expected to come in unchanged at the 370,000 originally reported for the previous week.
A Commerce Department report showing slower than previously estimated first quarter GDP growth has also helped to drag stocks lower along with a recent report showing that Chicago-area business activity expanded at a much slower rate in the month of May.
With the price of crude oil extending a recent downward move, oil service stocks are helping to lead the markets lower once again. The Philadelphia Oil Service Index has fallen by 2.2 percent, adding to the 3.9 percent loss it posted on Wednesday.
Housing stocks have also come under considerable selling pressure, dragging the Philadelphia Housing Sector Index down by 1.8 percent. Steel, natural gas, computer hardware, and health insurance stocks are also posting notable losses, moving to the downside along with most of the major sectors.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Thursday following the overnight sell-off on Wall Street. Japan's Nikkei 225 Index fell by 1.1 percent, while Hong Kong's Hang Seng Index edged down by 0.3 percent.
Meanwhile, the major European markets have turned mixed over the course of the trading day. While the U.K.'s FTSE 100 Index is up by 0.4 percent, the French CAC 40 Index and the German DAX Index are down by 0.2 percent and 0.1 percent, respectively.
In the bond market, treasuries are extending yesterday's rally on the heels of the disappointing economic data. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is falling by 3.5 basis points to a new record low of 1.59 percent.
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TSX Up At Open Thursday
Bay Street stocks moved higher at open Thursday amid marginal buying across a variety of sectors, with the S&P/TSX Composite Index adding 31.41 points or 0.27 percent to 11,464.63.
Information technology services provider CGI Group Inc. surged 15 percent after it said its wholly owned unit CGI Holdings Europe Limited would acquire Logica plc.
CE Franklin Ltd. skyrocketed 35 percent after it said it would be acquired by NOV Distribution Services ULC.
Among financial plays, CIBC gathered over 1 percent after posting higher second-quarter net income. TD Bank, Royal Bank and Scotiabank were up around 1 percent each.
In the oil patch, Pacific Rubiales Energy and Imperial Oil moved up around 1 percent each. In the gold space, Agnico-Eagle Mines and Barrick Gold gained around 1 percent each.
The price of crude oil oil was ticking lower after falling heavily to hit a fresh 7-month low in the previous session. Yesterday, oil shed over 3 percent to settle at a seven-month low on increasing concerns over the euro zone debt crisis. Today during trading hours, the EIA will release its U.S. crude oil inventories report for the weekended May 25. Analysts expect crude oil inventories to gain by 100,000 barrels and gasoline stocks to remain unchanged last week. Crude for July edged down $0.54 to $ 87.28 a barrel.
The price of gold little changed Thursday morning on bargain hunting, despite lingering concerns over Spain's banking system, a surge in Italian borrowing costs and Greek elections. Gold for August eased $2.80 to $1,562.90.
In corporate news from Canada, CIBC posted higher second-quarter net income of C$811 million or C$1.90 per share compared with C$767 million or C$1.80 per share last year. Adjusted earnings per share grew to C$2.00 from C$1.83 a year ago. Analysts were expecting the bank to report earnings of C$1.88 per share this quarter .
Industrial machinery dealer CE Franklin Ltd. said it would be acquired by NOV Distribution Services ULC, an unit of oil and gas equipment and services company National Oilwell Varco Inc. (NOV) for consideration of C$12.75 in cash per common share. The stock closed Wednesday's session at C$9.350.
Gaming software maker Amaya Gaming Group Inc. announced that it has extended its buyout offered for CryptoLogic Ltd. (CRY.TO) until 5.00 p.m. London time on 25 June 2012, unless otherwise extended. In December 2011, Amaya Gaming Group has said it offered to buy CryptoLogic for $2.50 per share, estimated to total about $34.5 million.
Information technology services provider CGI Group Inc. said its wholly owned unit CGI Holdings Europe Limited would acquire Logica plc. Logica Shareholders would be entitled to receive 105 pence in cash per Logica Share. The purchase price represents a premium of about 59.8 percent to the latest closing price per Logica Share of 65.70 pence
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European Markets Higher, Oil Stocks Firm
The European markets are higher on Thursday, following the previous session's sharp sell-off, after Germany's unemployment rate dropped and Eurozone inflation slowed more than expected in May. Sentiment was also influenced by some broker comments. Oil stocks are trading higher.
European Central Bank president Mario Draghi has reportedly said that the eurozone setup is unsustainable and that leaders have to decide what they want the bloc to be in future. The central bank cannot fill the "vacuum" left by governments, Draghi warned.
As Ireland votes in a referendum, opinion polls seem to be showing that the country will back the new German-backed EU fiscal treaty. Results are expected by Friday afternoon.
The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.77 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.62 percent.
The German DAX is advancing 0.43 percent and the French CAC 40 is adding 0.82 percent. The FTSE 100 is adding 0.87 percent and Switzerland's SMI is up 0.07 percent.
In Frankfurt, SAP is up 1.8 percent. UBS raised the business software maker to "Buy" from "Neutral." Commerzbank and Deutsche Bank are moderately higher. Volkswagen is notably higher and Daimler is modestly up. BMW is in negative territory.
HeidelbergCement is up 0.3 percent. The stock was downgraded to "Equalweight" from "Overweight" at Morgan Stanley. Chemicals firm Lanxess is up about 1 percent. Commerzbank raised the stock to "Buy" from "Add." Deutsche Post is losing 1.5 percent.
In Paris, STMicroelectronics is climbing 2.9 percent, followed by Cap Gemini, which is up 2.8 percent. BNP Paribas is gaining 2.4 percent. Societe Generale is rising 1.6 percent and Credit Agricole is advancing moderately. Peugeot is gaining 1.3 percent and Renault is adding 0.9 percent.
In London, BG Group is climbing 1.8 percent and Royal Dutch Shell is advancing 1.3 percent. Tullow Oil is up 2 percent. InterContinental Hotels Group is advancing 4 percent.
Kingfisher is gaining 1.1 percent. The home improvement retailer said its retail profit and sales for the first quarter declined from last year, hurt by poor weather in the UK and Europe as well as adverse foreign currency translation.
Asset manager Man Group and software firm Sage Group are gaining 2.2 percent each.
Canadian IT company CGI Group Inc. has agreed to acquire Logica for 105 pence per share in cash. Logica shares are soaring over 64 percent.
Admiral Group is losing nearly 3 percent, following a regulatory decision to refer private motor insurance market to the Competition Commission.
Thomas Cook is declining 8.6 percent after reporting a wider loss for the first half of the year..
ABB is falling 1.8 percent in Stockholm. The stock was reduced to "Neutral" from "Outperform" at Exane BNP.
Ahold is up 1.6 percent after HSBC raised the stock to "Neutral" from "Overweight."
Morgan Stanley raised Telefonica to "Equalweight" from "Underweight." The stock is up 1.7 percent in Madrid.
In economic news, a report from the Federal Labor Agency showed that the number of unemployed in Germany remained unchanged in May. In April, the number of unemployed increased by a revised 18,000. Economists had forecast unemployment to decline by 7,000 persons this month.
Meanwhile, the unemployment rate edged down to 6.7 percent from 6.8 percent in April. Economists expected the rate to hold steady at 6.8 percent for a fifth straight month.
Eurozone inflation slowed more than expected in May, flash estimates from Eurostat showed. Annual inflation fell to 2.4 percent from 2.6 percent in April, slightly below the expected rate of 2.5 percent.
Fears concerning Europe hurt markets across Asia/Pacific too. Additionally, Xinhua said there was no plan to introduce stimulus measures of the scale unleashed during the depths of the global financial crisis in 2008 to revive growth.
Asia Market Reports
Asian Shares Fall On Contagion Fears
Asian shares ended mostly lower in nervous trading on Thursday, as higher borrowing costs in Spain and Italy rekindled worries about spreading contagion in Europe.
Risk aversion deepened after the yields on 10-year Spanish sovereign debt rose to near 7 percent, or six-month highs, while Italian government yields broke the 6 percent danger level in the wake of disappointing auctions overnight. Investors also remained focused on Greece after a new opinion poll showed most Greeks want to see the terms of an international financial bailout revised.
Stocks pared losses across Asia as polls showed over 60 percent of Irish voters support fiscal measures to contain the debt crisis, while German retail sales increased for a second consecutive month in April. The euro recovered against the dollar and commodities such as copper and crude reclaimed some lost ground after data showed Germany's seasonally adjusted jobless rate fell to a record low in May.
Japan's Nikkei fell almost 2 percent early in the session before recouping some of its loss to end down about a percent lower at 8,542.73, its lowest closing mark since Jan. 17. The broader Topix index shed 0.6 percent. Export-linked shares came under heavy selling pressure, as the yen hit fresh multi-month highs against the euro and dollar on concerns about the stability of Europe's financial system.
Advantest tumbled 3.7 percent, Canon fell 3.5 percent, Honda Motor lost 2.4 percent and Toyota Motors edged down 1.1 percent. Nikon rose 1.1 percent on hopes for growth in its camera business, especially its highly profitable digital single-lens reflex cameras.
China's Shanghai Composite index eased half a percent, with infrastructure-related stocks leading the losses on concerns over slowing domestic growth. Hong Kong's Hang Seng index slipped a modest 0.3 percent.
Australian stocks pared early losses to end modestly lower, with month-end window dressing and expectations that China will take more steps to boost economic growth this year helping prevent significant downside. Both the benchmark S&P/ASX 200 and the broader All Ordinaries index lost about 0.4 percent each.
Mining stocks fell notably, with BHP Billiton and Rio Tinto falling less than a percent each, while smaller rival Fortescue slumped 4.4 percent. In the financial sector, ANZ, Commonwealth and Westpac fell between 0.3 percent and 0.7 percent, while NAB tumbled 5.6 percent on going ex-dividend.
In economic news, Australian building approvals plummeted a seasonally adjusted 8.7 percent month-over-month in April, the Australian Bureau of Statistics said, coming in at 10,330. That was well shy of forecasts for an increase of 0.3 percent following the downwardly revised gain of 6.0 percent. The annual figures were even worse, with approvals plummeting 24.1 percent.
Seoul shares ended largely unchanged, with the Kospi average slipping marginally on fears that Spain could be forced to seek a bailout. Crude refiners led the losses, as crude fell more than 3 percent to a 6-month low overnight, pressured by a stronger dollar and on concerns the deepening eurozone debt crisis will reduce fuel demand.
S-Oil lost a percent, while SK Innovation tumbled 2.8 percent. Ssangyong rallied 2.9 percent after its parent India's Mahindra & Mahindra posted a forecast-beating 44 percent rise in fourth-quarter profit.
New Zealand shares rose, defying weak overseas and regional cues, as Mainfreight extended the previous session's gains after posting record annual sales and earnings. Shares of the transport company gained a percent, adding to yesterday's 3.2 percent rally, while the benchmark NZX-50 index rose a modest 0.2 percent. Pumpkin Patch, the children's clothing chain, advanced 2.3 percent after announcing two new board appointments.
Among heavyweights, Contact Energy rose 1.5 percent, Skycity Entertainment gained 1.2 percent and Telecom added 1.2 percent, while Nuplex tumbled nearly 4 percent and Fisher & Paykel Healthcare lost 3.3 percent. Rakon, a manufacturer of components for navigation systems and smart phones which derives most of its revenue from abroad, soared 8.5 percent on a weaker kiwi dollar. Oil refiner NZ Refining, led the decliners on the exchange, falling 3.7 percent as it reported lower gross refining margins in March and April.
India's benchmark Sensex was last trading down 1.1 percent after government data showed the nation's annual economic growth slumped to a nine-year low of 5.3 percent in the January-March quarter, reflecting weak business sentiment amid the weakness in the rupee, high fiscal and current account deficits and policy paralysis in Prime Minister Manmohan Singh's administration.
Elsewhere across Asia, Indonesia's Jakarta Composite index was down a whopping 2.2 percent and Singapore's Straits Times edged down 0.4 percent, while Malaysia's KLSE Composite rose 0.4 percent and the Taiwan Weighted average added 0.6 percent.
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Crude Ticks Up After Steep Fall
The price of crude oil was ticking higher after falling heavily to hit a fresh 7-month low in the previous session.
Light Sweet Crude Oil (WTI) futures for July delivery edged up $0.16 to $87.98 a barrel. Yesterday, oil shed over 3 percent to settle at a seven-month low on increasing concerns the euro zone debt crisis could peg oil demand growth and fears the contagion could spread from Greece to Spain and Italy. Both Italy and Spain continued to struggle at bond auctions, failing to meet targets. As well, the dollar continued its winning ways, strengthening against most major currencies.
Wednesday after the market hours, the API said U.S. crude oil inventories fell 353,000 barrels, while gasoline stocks gained 2.10 million barrels in the weekended May 25.
The price of gold was extending gains for a second session Thursday morning on bargain hunting, despite lingering concerns over Spain's banking system, a surge in Italian borrowing costs and Greek elections.
Gold for August delivery, the most actively traded contract, edged up $2.50 to $1,568.20 an ounce. Yesterday, gold ended higher on bargain hunting notwithstanding the strong U.S. dollar
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,270.26 tons.
This morning, the U.S. dollar was hovering around its two-year high versus the euro and around its two-month high against sterling. The buck was steady near a 16-month high against the Swiss franc, while lingering near a 2-week low versus the yen.
In economic news, euro zone inflation slowed more than expected in May, flash estimates from Eurostat showed. Annual inflation fell to 2.4 percent from 2.6 percent in April. The rate was slightly below the expected rate of 2.5 percent. Nonetheless, inflation continues to stay above the European Central Bank's 'below, but close to 2 percent' target.
Data released by the Federal Statistics Office showed that Germany's retail sales increased at a slower pace in April, but the rate of growth exceeded economists' forecast. Separately, the agency said unemployment rate in Germany declined marginally in April. The adjusted unemployment rate fell to 5.4 percent in April from 5.5 percent in March. In April last year, the rate was 6.1 percent.
Traders will look to the private sector employment report from the ADP, due out at 8.15.a.m ET. ET. The consensus expectations are for an addition of 154,000 jobs by the sector in May following an addition of 119,000 jobs in April.
A little later, the Labor Department is due to release its customary U.S. jobless claims report for the week ended May 26th. Economists expect claims to remain unchanged at 370,000 in the recent reporting week.
Additionally, the Commerce Department is due to release its preliminary estimate of first quarter U.S. GDP at 8:30 am ET. Economists expect GDP growth to be downwardly revised to 1.9 percent for the quarter.
Today during trading hours, the EIA will release its U.S. crude oil inventories report for the weekended May 25. Analysts expect crude oil inventories to gain by 100,000 barrels and gasoline stocks to remain unchanged last week.
May 31, 2012 | DAILY NEWS SUMMARY
CBS NEWS TOP STORIES
| Both focus on jobs; Obama hits rival's record as Mass. governor; Romney pans president's green energy efforts |
Read full story
Commentary May 31, 2012
After falling sharply in the previous session, stocks may regain some ground in early trading on Thursday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 18 points. (May 31, 2012) Full Article
Industrial production in South Korea climbed a seasonally adjusted 0.9 percent on month in April, Statistics Korea said on Thursday, blowing past expectations for a contraction of 0.9 percent following the upwardly revised 2.9 percent contraction in March. (May 31, 2012) Full Article
Industrial output in Japan added a seasonally adjusted 0.2 percent on month in April, the Ministry of Economy, Trade and Industry said in Thursday's preliminary reading - expanding for the second straight month. (May 31, 2012) Full Article
The Philippine economy expanded more than expected in the first quarter of 2012, backed by a recovery in manufacturing and services, figures released by the country's economic planning agency showed Thursday. (May 31, 2012) Full Article
Swiss economic growth accelerated unexpectedly in the first quarter of 2012, buoyed by strong domestic consumption, the latest figures from the State Secretariat For Economic Affairs showed Thursday. The rate of growth was the fastest since the third quarter of 2010. The gross domestic product expanded 0.7 percent quarter-on-quarter in the first quarter, faster than the revised 0.5 growth recorded in the fourth quarter. (May 31, 2012) Full Article
India's economic grew at the slowest pace in nine years during the quarter ended March 2012 as manufacturing output shrank, data published by the Central Statistics Office showed Thursday. (May 31, 2012) Full Article
The number of persons out of work in Germany remained unchanged in May, while the jobless rate ticked down suggesting that the economy's strong resilience to the turmoil in the rest of euro area prompted employers to hold on to their hiring plans. (May 31, 2012) Full Article
Eurozone inflation slowed more than expected to a 15-month low in May, flash estimates from Eurostat showed Thursday. (May 31, 2012) Full Article
The European Central Bank President Mario Draghi said Thursday that the bank cannot fix the turmoil in the currency bloc and urged Eurozone leaders to come up with a 'vision' for years ahead. Speaking as the Chairman of the European Systemic Risk Board, Draghi called for centralization of financial sector regulations. Also, the central banker hinted that he supports the direct injection of capital into banks by the permanent rescue fund. (May 31, 2012) Full Article
Employment in the U.S. private sector rose by less than expected in the month of May, according to a report released by payroll processor Automatic Data Processing, Inc. (ADP) on Thursday, with the report providing further signs of sluggishness in the labor market. (May 31, 2012) Full Article
New claims for unemployment in the U.S. rose by more than expected for the last full week of May, according to figures released Thursday by the Labor Department. New unemployment claims came in at a seasonally adjusted level of 383,000 for the week ending May 26, up 10,000 from the previous week’s revised level of 373,000. The initial unemployment claims level was higher than the predictions of most economists who had expected new claims to hold steady at the 370,000 level initially report (May 31, 2012) Full Article
While the U.S. economy saw continued growth in the first quarter of 2012, the Commerce Department released a report on Thursday showing that the pace of growth was slower than previously estimated. (May 31, 2012) Full Article
Networking gear maker Ciena Corp. (CIEN) on Thursday posted a siginificantly narrower loss for the second quarter on back of a higher-than-expected revenue as well as lower costs. (May 31, 2012) Full Article
National Bank of Canada (NA.TO) posted a sharp rise in profit for the second quarter on Thursday, benifiting from a one-time gain related to an asset sale. The bank boosted its quarterly dividend by 5 percent. (May 31, 2012) Full Article
Canadian Imperial Bank of Commerce (CM, CM.TO) on Thursday reported a rise in earnings for the second quarter that beat estimates, helped by higher income in its retail and business banking operations. (May 31, 2012) Full Article
Joy Global Inc. (JOY) on Thursday posted higher-than-expected earnings for the second quarter, as higher shipments boosted sales. However, the Mining equipment manufacturer slashed its annual business forecast. (May 31, 2012) Full Article
Thursday, Morgan Stanley (MS) announced plans to buy an additional 14 percent stake in the Morgan Stanley Smith Barney Holdings LLC brokerage from Citigroup Inc (C). (May 31, 2012) Full Article
Broker Ratings Changes
FBR Capital Markets Downgrades C.H. Robinson Worldwide Inc. (CHRW) To Market Perform From Outperform With $65 Down From $74 Price Target
(May 31, 2012)
FBR Capital Markets Initiates Echo Global Logistics, Inc. (ECHO) At Outperform With $20 Price Target
(May 31, 2012)
FBR Capital Markets Starts Expeditors International of Washington Inc. (EXPD) At Market Perform With $40 Price Target
(May 31, 2012)
FBR Capital Markets Starts UTI Worldwide Inc (UTIW) At Market Perform With $17.50 Price Target
(May 31, 2012)
FBR Capital Markets Starts XPO Logistics, Inc. (XPO) At Market Perform With $17.50 Price Target
(May 31, 2012)
FBR Capital Markets Ups VOCUS, INC. (VOCS) To Outperform From Market Perform With $20 up from $18 Price Target
(May 31, 2012)
Robert W. Baird Cuts Amylin Pharmaceuticals Inc (AMLN) To Neutral From Outperform With $28 Price Target
(May 31, 2012)
Robert W. Baird Lifts Zynga Inc. (ZNGA) To Outperform From Neutral With $13 Price Target
(May 31, 2012)
Todays WS Events
AIG To Present At The Strategic Decisions Conference; Webcast At 4:00 PM ET
American International Group, Inc. (AIG) will present at Sanford C. Bernstein Strategic Decisions Conference. The event is scheduled to begin at 4:00 PM ET, May 31, 2012. To access the webcast, log on at www.aig.com (May 31, 2012)
AT&T To Present At Cowen Technology Conference; Webcast At 9:30 AM ET
AT&T Inc. (T) will present at the Cowen 40th Annual Technology, Media & Telecom Conference in New York. The event is scheduled to begin at 9:30 AM ET, May 31, 2012. To access the live webcast, log on to http://www.att.com/gen/landing-pages?pid=5718 (May 31, 2012)
Clorox Analyst Meeting At 8:30 AM ET
The Clorox Co. (CLX) will hold its analyst meeting in New York. The event is scheduled to begin at 8:30 AM ET on May 31, 2012. To access the live webcast, log on at http://investors.thecloroxcompany.com/events.cfm (May 31, 2012)
Goldman Sachs To Present At Strategic Decisions Conference;webcast At 9:00 AM ET
Goldman Sachs Group Inc. (GS) COO, Gary Cohn will present at the Sanford C. Bernstein 2012 Annual Strategic Decisions Conference in New York City. The event is scheduled to begin at 9:00 AM ET on May 31, 2012. To access the live audio webcast, log on at www.gs.com/shareholders (May 31, 2012)
Joy Global Q2 12 Earnings Conference Call At 11:00 AM ET
Joy Global Inc. (JOY) will host a conference call at 11:00 AM ET on May 31, 2012 to discuss its Q2 12 earnings results. To access the live webcast, log on at http://investors.joyglobal.com/events.cfm To hear the live call, dial 888-504-7966 (US) or 719-325-2437 (International) with access code #7285398. A replay of the call can be heard by dialing 888-203-1112 or 719-457-0820, access code #7285398. (May 31, 2012)
Raytheon Annual Meeting Of Stockholders At 11:00 AM ET
Raytheon Co. (RTN) will host its 2012 Annual Meeting of Stockholders in The Ritz-Carlton, Pentagon City, 1250 South Hayes Street, Arlington, VA . The event is scheduled to begin at 11:00 AM ET on May 31, 2012. To access the webcast, log on at http://investor.raytheon.com/phoenix.zhtml?c=84193&p=irol-EventDetails&EventId=4768155 (May 31, 2012)
Time Warner To Present At Nomura Telecom Summit; Webcast At 11:00 AM ET
Time Warner Inc. (TWX) CEO, Phil Kent will present at the Nomura 2nd Annual U.S. Media & Telecom Summit in New York, NY. The event is scheduled to begin at 11:00 AM ET, May 31, 2012. To access the live webcast, log on at http://www.timewarner.com/investors (May 31, 2012)