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Heavy selling pressure on weak economic data is bringing back memories of the market decline of March through May. Will it last?

By Anthony Mirhaydari Jun 21, 2012 3:26PM

Stocks and other risky assets had an ugly, ugly day Thursday as traders reacted so a batch of poor economic data out of China, Germany and the United States, as well as to lingering disappointment over the Federal Reserve's decision to merely extend its existing $400 billion Operation Twist initiative by $267 billion.

 

With Europe under pressure and growth slowing here, Wall Street obviously wanted more. So is that it? Is June's rebound finished? Not quite.

 

In a unanimous vote, government advisors said the benefits of a treatment for multiple myeloma outweigh the risks.

By Minyanville Jun 21, 2012 1:48PM
Government advisors sent a strong recommendation in favor of Onyx Pharmaceuticals' (ONXX) cancer drug Kyprolis.

In an 11-0 vote, the panel of advisors said the benefits of the drug outweighed the risks for patients with multiple myeloma, a cancer of blood plasma cells. 

Stocks slump on weak economic data from the US and China.

By MSN Money Partner Jun 21, 2012 12:55PM
Information provided by Theflyonthewall.com 

Chesapeake Energy
(CHK) named former ConocoPhillips (COP) chairman Archie Dunham as its new chairman to replace Aubrey McClendon, who remains CEO and president. Chesapeake also appointed four new directors picked by its largest stakeholders, Southeastern Asset Management and Carl Icahn.

Philip Morris (PM) shares fell over 2% after the company became the latest multinational company to lower its full year 2012 earnings forecast. 

Is a drop in the share price of the largest US chain of farm and ranch stores an opportunity?

By Gene Marcial Jun 21, 2012 12:34PM
Image: Construction (© Photodisc Green/Getty Images)Shares of Tractor Supply (TSCO) had been on a tear, nearly doubling to about $100 in late May 2012 from $53 in August last year, powered by strong sales and earnings growth.

But some analysts have warned of a possible slowing in demand from recreational farmers and ranchers for livestock and farm products, as well as for seasonal lawn and garden equipment amid a weakened economic recovery. 

A company's exposure to Europe is becoming a red flag for many investors.

By The Fiscal Times Jun 21, 2012 11:47AM
By Suzanne McGeeThe Fiscal Times

The ripples are spreading. Spanish consumers are buying cheaper yogurt, Europeans are buying fewer Volvos and Asians are consuming fewer chicken nuggets.

What it all adds up to is a steady drip-drip-drip of earnings pre-announcements and warnings from the multinational giants who once bet that having their tentacles in every corner of the globe would help them ride out recessions and other setbacks. This time, however, things may be different. 

Under Armour is downgraded to 'neutral,' and ASML is initiated with an 'outperform.'

By MSN Money Partner Jun 21, 2012 10:49AM
Information provided by Theflyonthewall.com

Thursday's noteworthy upgrades include:  
  • EQT Corporation (EQT) upgraded to Buy from Hold at Deutsche Bank
  • Onyx Pharmaceuticals (ONXX) upgraded to Buy from Hold at Brean Murray, and to Outperform from Neutral at RW Baird
  • TJX (TJX) upgraded to Outperform from Market Perform at Wells Fargo
  • Vulcan Materials (VMC) upgraded to Positive from Neutral at Susquehanna
 

A higher life expectancy and rising retirement age are contributing to the boom in retirement solutions.

By Trefis Jun 21, 2012 10:30AM
TrefisImproving life expectancy and a rising retirement age limit are set to push the annuities market in the U.S., benefiting insurance companies such as MetLife (MET), Manulife Financial (MFC), Hartford Financial Services Group (HIG) and Prudential Financial (PRU).

With doubts being raised about the solvency of the social security provision, Americans are encouraged to look for sources beyond government entitlement to secure their financial positions and avoid any chances of outliving their financial resources. The U.S. government has acknowledged that the official retirement age will rise from the current limit of 67 in the near future.  
Tags: aigMETPRU

Bruce Berkowitz's Fairholme Fund is beginning to show some recovery signs in his long-term bets.

By GuruFocus.com Jun 21, 2012 10:20AM

After losing more than 32% on heavy bets on financials in 2011, Bruce Berkowitz's Fairholme Fund (FAIRX) has rebounded to the top 1% of funds, according to Morningstar.


Berkowitz often emphasizes that he does not believe performance can be measured by a revolution of the sun but on a long-term basis. Though his fund suffered a challenging year, some of his long-term bets are beginning to show the recovery he anticipated.

 

CEO Bob McDonald must be held accountable for a string of poor quarterly results.

By Jim Cramer Jun 21, 2012 10:10AM

Why can't Bob McDonald be held accountable for what's happening at Procter & Gamble (PG)? Why can't the decline of this great company be placed at his feet?

 

A lot of people who write and talk about business do not, I believe, understand the importance of a CEO to an enterprise. They believe some companies can't really be affected in significant ways by the person at the helm.

 

I disagree.

 

Limited shipping capacity and strong demand are boosting prospects for this LNG tanker operator.

By TheStockAdvisors Jun 21, 2012 9:59AM

By Nathan Slaughter, Exploration & Paydirt

 

Golar LNG (GLNG) is one of the primary beneficiaries of the burgeoning global trade of liquefied natural gas (LNG).

 

The company owns a fleet of modern LNG tankers that are paid handsomely to transport chilled gas from port to port. Its fleet is 100% utilized, reflecting the lack of idle shipping capacity. Companies with available tonnage have almost been able to name their own price.

 

The stock's valuation makes it look too cheap not to take a bite.

By InvestorPlace Jun 21, 2012 9:35AM

By Dan Burrows


InvestorPlace's special report about Apple (AAPL) on the occasion of the iPhone's fifth birthday would surely be incomplete if we didn't weigh in on the prospects for its stock. Let's start by looking at how it's fared recently.


Turns out the shares have seriously stumbled since hitting a record closing high of $636 in early April. The stock is off more than 8% since then to about $580 and change, shedding $50 billion in market cap -- more than the entire value of Hewlett-Packard (HPQ) -- along the way.


That's a sharp sell-off. By comparison, the S&P 500 is off just 2% over the same period.

 

Orders from the US and Norway should benefit the company's aeronautics division.

By Trefis Jun 21, 2012 9:10AM
TrefisLockheed Martin (LMT) last week received a $490 million contract from the U.S. Department of Defense to start buying materials and components for the seventh batch of 35 F-35 Joint Strike Fighter (JSF) planes.

The seventh batch will deliver 19 conventional take-off and landing or F-35 "A" models to the U.S. Air Force, six short take-off and vertical landing or F-35 "B" models to the U.S. Marine Corps, four carrier variants of F-35 to the U.S. Navy. The remaining six F-35 fighter planes will be delivered to some of the international partners of the F-35 JSF program, including three F-35 "A" models to Italy, two F-35 "A" models to Turkey and one F-35 "B" model to Britain. 
Tags: LMT

The drugstore lowers sales guidance for the year, and the open source software provider reports weak billings.

By MSN Money Partner Jun 21, 2012 8:45AM
By Joseph Woelfel, TheStreet.com

Rite Aid (RAD) reported first-quarter earnings Thursday that met analysts' expectations, but it lowered its sales guidance for the year. The drugstore chain reported a first-quarter loss of $30.7 million, or 3 cents a share, narrower than a year-earlier loss of $65.5 million, or 7 cents a share. Analysts, on average, were expecting a loss of 3 cents a share.

Rite Aid lowered its fiscal 2013 sales guidance to between $25.3 billion and $25.7 billion and said it expects same-store sales to decline between 0.5% and 1%. The company previously anticipated sales would be between $25.4 billion and $25.8 billion with same-store sales between flat and an increase of 1.5%. Shares of Rite Aid fell 1.71% in premarket trading Thursday to $1.15.

 

Master limited partnerships constantly have to raise new money, which explains why Western Gas is selling 5 million units.

By Jim J. Jubak Jun 20, 2012 6:15PM
Western Gas Partners (WES) dropped 4.96% Tuesday on news that the master limited partnership has filed to sell 5 million units Friday at a price of $43.88 each. The units closed at $43.15 Tuesday. (Western Gas Partners is a member of my Jubak's Picks portfolio.)

Now I understand why stocks (or in this case master limited partnerships) fall when the company decides to sell more shares or units. The current stream of profits going to investors will in the future have to be spread over 5 million more units. That's dilution of about 5.2% on the 95.78 million units outstanding. And certainly nobody wants to pay more for units -- they closed at $45.40 the day before the announcement -- than the new units being sold command.
 
Tags: WES

Investors hope the company has a next-generation treatment for the virus. The new data will fuel more takeover talk.

By Minyanville Jun 20, 2012 5:46PM
Shares of Idenix (IDIX) were rising after the company said an experimental hepatitis C drug was effective in a mid-stage study.

The stock rose 14.3% to close at $10.71. The shares have almost doubled in the past 12 months as investors bet that Idenix will be among the winners in developing a better treatment for the liver-destroying virus. 

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[BRIEFING.COM] The headlines generally favored Tuesday being another good day for the stock market.  Instead, it was just a mixed day with modest point changes on either side of the unchanged mark for the major indices.

For the most part, the stock market was a sideshow.  The main trading events were seen in the commodity and Treasury markets, both of which saw some decent-sized losses within their respective complex.

Dollar strength was at the heart of the weakness in ... More


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