A Mexican wave for Big Oil?
Mexico opens way for Big Oil

New legislation is allowing foreign companies to finally invest in the country's vast oil reserves.

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The mining equipment maker impresses in its second quarter, and investors push up shares more than 5%.

By Jim J. Jubak Jun 2, 2011 4:51PM

Jim JubakAnother great quarter from mining equipment maker Joy Global (JOYG): Earnings per share for the company's second quarter came in at $1.52, 17 cents a share above Wall Street estimates. 


Revenue climbed 19% from the second quarter of fiscal 2010 to $1.06 billion. That was slightly above the consensus forecast of $1.03 billion.


 

Another increase in guidance for the full 2011 fiscal year: For fiscal 2011, the company now sees earnings of $5.30-$5.60 a share (former guidance was $5.10-$5.40). Wall Street analysts had been projecting earnings per share of $5.41. 


Revenue, the company now projects, will total $4.1 billion-$4.3 billion. That's above former guidance of $4 billion-$4.2 billion. (The Wall Street consensus was $4.17 billion.) 

 

The daily deals site wants to raise $750 million in an IPO, trading under the symbol 'GRPN.'

By Kim Peterson Jun 2, 2011 4:09PM
Call it a tech bubble, call it a frenzy or call it a series of overhyped valuations. It just got bigger now that Groupon is going public.

The site, which offers daily discounts at local shops and restaurants, filed plans today to raise $750 million in an initial public offering, creating a new wave of anticipation among investors who want to cash in on social media.

Groupon had been on this path ever since it rejected a $6 billion offer from Google (GOOG) last December. The company pioneered the daily-deals business, and was rewarded by seeing a rash of competitors and clones. Google, Facebook, LivingSocial and Amazon (AMZN) have all jumped into the pool, offering customers discounts at hair salons, photography studios, restaurants and other stores.

Post continues after this video about Groupon's IPO filing: 

At least one major cable company said that the focus should be more on Internet than anything else.

By Kim Peterson Jun 2, 2011 3:50PM
At one time, cable companies were falling all over themselves to entice customers into the "triple play" of cable, Internet and digital phone. Customers liked it too, snapping up the discounted bundled packages with all three services.

But times have changed. As the economy turned sour, people were open to ditching the digital phone. And some have cut the cable cord, too, relying on Hulu and Netflix (NFLX) instead.

But the one part of that triple play that people absolutely can't live without is their Internet connection. And that's causing cable companies to shift their focus from triple play to selling the single play of broadband Internet. 

One investor says the pieces are in place for the market to go sky high.

By Kim Peterson Jun 2, 2011 3:21PM
Image: Arrow Up (© Stockbyte/SuperStock)Could the Dow Jones Industrial Average (INDU) hit 20,000 within 18 months? That's what the hedge fund manager and investor James Altucher thinks, and it's got a lot of people talking today. That's a long way to go for the Dow, currently at 12,273.

One reason Altucher is bullish is because the Federal Reserve's second round of quantitative easing hasn't really started yet. Last November, the Fed said it would buy $600 billion in long-term Treasury bonds, hoping to juice the economy by unleashing new money.

Federal stimulus takes six to 18 months before one dollar of it means something to the economy, Altucher writes. He expects that $600 billion to make an impact toward the end of this year.

Altucher's also optimistic because President Barack Obama extended the tax cuts he inherited from his predecessor. Altucher even calls Obama's presidency the "third administration" of George W. Bush. 

As the weather warmed up in May, same-store sales cooled off. Here's a look at retailers showing some cracks.

By TheStreet Staff Jun 2, 2011 1:11PM

By Jeanine Poggi, TheStreet

 

As the weather heated up in May, retail same-store sales cooled off.

 

Of the 23 retailers tracked by TheStreet, 12 missed Wall Street's estimates, with even some of the top-notch performers disappointing.

 

"Unlike the April same-store sales report, May's batch of numbers contained a singular message," Wall Street Strategies analyst Brian Sozzi wrote in a note. "That message, echoing the commentary on first-quarter earnings conference calls, is one of reality coming home to roost."

 

Before simply giving in to the widespread selling and panic that has swept the markets this week, take a look at the current technical picture for help in making more calm, well-educated decisions.

By MoneyShow.com Jun 2, 2011 12:58PM

By Tom Aspray, MoneyShow.com
 

After weathering a torrent of worrisome economic and financial news over the past few weeks, stocks hit the tipping point on Wednesday, as the selling was heavy for most of the day. 

 

Today’s Wall Street Journal headline announced “Economic Outlook Darkens.” The combination of a weaker-than-expected ADP employment report, a sharp decline in manufacturing output, and a late-day downgrade of Greece’s debt combined to keep the selling pressure heavy.

 

One measure of how negative the action was is that only ten S&P 500 stocks were higher on the day. As I have been noting for the past week or so, the sentiment measures for the stock market are more consistent with a market bottom, not a top. 

 

This week’s sentiment reading from the American Association of Individual Investors (AAII) is likely to show a further decline in bullishness, as it will approach last summer’s lows of 20.7% bulls. Newsletter writers, while bullish overall, still have a high percentage who are looking for a correction.

 

Wednesday’s stock market decline clearly reversed the positives from Tuesday’s strong gains, but is it really the start of a more significant market correction?

 

I think it is impossible to gauge the true state of the economy or the direction of stock prices from monthly economic numbers that are always subject to revision. Therefore, the most objective approach is to look at the technical outlook to determine the market’s direction.

 

The overseas markets are sharply lower in early trading on Thursday, as those markets are now reacting to the US market troubles, but is a waterfall decline likely? Take a look at the technical evidence first; then decide.

 

Patience? Ding. Checklist? Ding. TV news? Bzzzt.

By Motley Fool Pick of the Day Jun 2, 2011 11:34AM

By Morgan Housel, The Motley Fool 

 

Reuters blogger Felix Salmon posted a video last week arguing against attending meetings like the Ira Sohn conference in New York, an annual gathering in which some of the world's richest hedge fund managers talk about themselves and share an investing idea or two.

 

These people are just talking up their books, Salmon says. Sales pitches. Infomercials. As he puts it: "If you want to go there and spend your money and eat, like, rubber chicken and rub shoulders with plutocrats, then all power to you. But don't pretend that you're doing this for your investment portfolio."

 

Joe Weisenthal of Business Insider came back with a thoughtful rebuttal. Chasing stock tips might be futile, he said, but "It's not often that you get to hear the thought process and reasoning employed by these financial professionals."

 

As the retail giant holds its annual meeting, investors wonder: When will US sales recover?

By TheStreet Staff Jun 2, 2011 11:13AM

By Jeanine Poggi, TheStreet

 

Wal-Mart's (WMT) annual shareholders meeting historically has been more about the star-studded entertainment than any challenges facing the retail giant.

 

Everyone from Miley Cyrus to "American Idol" Season 9 winner Lee DeWyze has performed at the Bud Walton Arena in Arkansas, the state where Wal-Mart is based. Actor, comedian and singer Jamie Foxx hosted last year's spectacle, which also featured double-dutch jumping unicyclists and belly dancers.

 

But it will take more than pop icons to overshadow the biggest question concerning Wall Street: When will Wal-Mart's domestic sales recover?

 

With buzz-worthy debuts from LinkedIn and Yandex, it's been a strong year for initial public offerings. But it seems like there are just as many losers as winners.

By TheStreet Staff Jun 2, 2011 10:50AM

Updated: 4:40 p.m. ET

 

By Debra Borchardt, TheStreet

 

LinkedIn (LNKD) set the bar pretty high for initial public offerings with its scorching debut last month, and that kind of trading can help the wider IPO market by fueling demand for the next batch of new companies to go public.

 

Several prominent IPOs followed on the heels of LinkedIn's offering, and today coupon website Groupon joined the fray by filing to go public. 

 

The vast majority of retail investors, of course, don't get to buy in at the offering price. Those allocations are doled out to institutional players and a few lucky retail brokerage clients. Even then, those brokerage clients only get tiny slivers of the sale. That leaves everyone else waiting until the stock's debut to get a piece of the action.

 

Following LinkedIn and the massive $10 billion offering of Glencore International on the London Stock Exchange, the total value of global IPOs reached $80.3 billion year-to-date as of May 20, according to Thomson Reuters, up 1% from 2010's pace. And that doesn't include Yandex (YNDX) and a host of other debuts that went off with varying success as the month drew to a close.

 

Despite a blowout quarter from the equipment maker, in this market, it's futile to pick up shares until they fall -- like it or not.

By Jim Cramer Jun 2, 2011 9:15AM

jim cramerthe streetJoy Global (JOYG) blows it out. Second-quarter earnings up 34%. Futility, right?

 

Probably.

 

But it's amusing to think of it like this: When you go through the earnings release, there is nothing but net. Raised outlooks; positive items about coal, iron, copper and oil; demand soaring from China and India. All the right touchstones.

 

All of the things that would ordinarily have sent it up 10% today and then kept it up in subsequent days.

 

In this market, though, it doesn't matter, because we are staring at sub-3% bond yields on the 10-year Treasury, which confirms that the recession is back -- except this time neither the Fed nor Congress can come to the rescue. That is the mindset of this market, like it or not.

 

A package that some people thought would save the country won't fix its real economic issues.

By Jim J. Jubak Jun 1, 2011 5:00PM

Jim JubakThe much-hoped-for June deal between Greece and its "saviors" -- the European Union, the International Monetary Fund (IMF), and the European Central Bank (ECB) -- looks more and more like an effort to kick the can down the road as far as possible -- and pray that things get better. 


The European Central Bank is taking the lead in putting together this deal -- and it's only logical, therefore, that its concerns are driving its structure.  


The bank's big worry is the extreme vulnerability of the European banking system to a Greek default. Too many banks in France and Germany hold too much Greek debt, and any restructuring would require government rescues of the most troubled of these institutions.  


A Greek default, the bank worries, would also destabilize the rescues of Ireland and Portugal, requiring the bank to open new fronts in its fight to keep the euro from imploding. 

 

The sell-off I've been warning of for months has reached new depths, but a few points of light are beginning to shine.

By Anthony Mirhaydari Jun 1, 2011 4:44PM

Stocks dropped hard Wednesday on another batch of bad economic news and a sovereign credit downgrade for Greece. The Citigroup Economic Surprise Index, which measures how growth is faring against Wall Street expectations, is in the midst of its most violent decline since the 2008 financial crisis. And with the end of the Federal Reserve's $600 billion money-printing initiative just a few weeks away, investors are running scared.

 

There's good reason for this. A rise in inflationary pressures has been the main reason economic data have been so terrible lately -- a situation I've covered at length in my columns and blog posts going back to February. Additional Fed stimulus would only make the problem worse, effectively shelving hopes for a third round of direct asset purchases by the central bank. A QE3 would make the problem worse.

 

After months of banging on the table that all was not well with the economy and the markets, I'm slowly beginning to see glimmers of hope that suggest that the broad market sell-off, which entered its third month Wednesday, could give way to a relief rebound rally. Remember that the time to get cautiously bullish is when there's blood in the streets. Right now, there's a sea of red.

 

A listing in China would help the beverage giant fund expansion and promote its brand.

By Kim Peterson Jun 1, 2011 2:16PM
Coca-Cola's (KO) Sprite is the best-selling soft drink in China. The beverage maker is doing so well there, in fact, that it's talking to the government about listing shares in Shanghai.

This would be a big deal. China doesn't allow foreign companies to list in its stock market, but it wants Shanghai to become more of a financial hub. So the government has opened the door for a foreign board of international companies to list on the Shanghai stock exchange, and Coke wants in.

The plans seem fairly murky at this point. There's no official time line for when this foreign board will get started, but some people expect to see approval this summer. We don't know which companies will be allowed on the board.

Check out this interview with Coke's chief executive about China. Post continues after video

Declining prices and a still-gloomy market outlook haven't stopped several of the sector's top stocks from rallying.

By MoneyShow.com Jun 1, 2011 12:35PM

By Tom Aspray, MoneyShow.com

 

Tuesday’s release of the March S&P/Case-Shiller price index showed a drop of 3.6%, which was the largest year-to-year decline since November 2009. The decline in national home prices back to 2002 levels has many people discussing a double-dip recession in housing. Sentiment on housing has also gotten worse, as 54% of Americans do not think housing will bottom until 2014.

 

The gloomy outlook has not affected homebuilders' stocks, however, as many have surged over the past few days on strong volume. The Dow Jones Homebuilding Index completed a weekly head-and-shoulders (H&S) top formation in April 2006 when the neckline in the 800 area was broken.

 

This industry group eventually made a low at 162 in November 2008. Since those lows, the group has traded in a wide range, but it now appears that the correction from the early 2011 highs is over.

 

Some of the largest homebuilders are already near resistance, while others are much closer to good support and may provide low-risk buying opportunities.

 

Here are your choices for saving intelligently.

By Motley Fool Pick of the Day Jun 1, 2011 11:18AM

By Alex Dumortier, CFA

 

This month, the rate of inflation exceeded the yield on the 10-year Treasury bond for the first time since 2008. That's a negative real yield. Your assets will lose purchasing power with that return. Bill Gross, who manages the world's biggest bond fund, told Bloomberg Television last week: "Savers are being disadvantaged. . . . We call (what policymakers are trying to do) pocket picking." Don't let central bankers pick your pocket. Here are a few asset allocation guidelines to avoid just that.

 

Saving is healthy -- even necessary. Indeed, during the housing bubble, there was spending on a massive scale, with people borrowing against the value of their home to fund their spending habits. Now that the party is over, U.S. consumers are left licking their wounds -- or balance sheets, as it were.

 

Avoid cash and government bonds
However, by setting interest rates at zero, the Federal Reserve isn't making it easy for people to save -- that's the idea.

 

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[BRIEFING.COM] The major averages punctuated a solid week with a subdued Friday session. The S&P 500 shed 0.2% to narrow its weekly gain to 1.7%, while the Nasdaq Composite (+0.1%) displayed relative strength. The tech-heavy index finished the week in line with the benchmark average.

Market participants went into today's session expecting to hear some new insight from Fed Chair Janet Yellen, who delivered the keynote address at this year's Jackson Hole Symposium. Unfortunately, the ... More


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