May Dept Stores (NYSE:MAY)
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MORNING UPDATE: Man Securities Issues Alerts for CSCO, CEPH, DIS,
MAY, and HSP
CHICAGO, Aug. 11 /PRNewswire/ -- Man Securities issues the following Morning
Update at 8:30 AM EDT with new NewsWatch Alerts for key stocks.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020214/MANSECLOGO )
Before the open... NewsWatch Alerts for CSCO, CEPH, DIS, MAY, and HSP , Market
Overview, Today's Economic Calendar, and the Quote Of The Day.
QUOTE OF THE DAY
"I think this is a foxtrot economic recovery, fast-fast then slow-slow."
-- Jeffrey Saut, chief strategist, Raymond James
NewsWatch Alerts for CSCO, CEPH, DIS, MAY, and HSP ...
NEWSWATCH ALERTS - News That Could Move These Stocks -----------
Cisco Systems Inc. (NASDAQ:CSCO)*
Reported late Tuesday a profit in its 4Q of $1.4 billion, or 20 cents a share,
compared with $982 million, or 14 cents a share, 4Q 2003. Excluding one-time
items, Cisco earned 21 cents a share. Analysts were expecting an EPS of 20
cents. Sales in the quarter that ended July 31 rose 26% to $5.93 billion from
$4.7 billion last year. Inventory also rose slightly to $1.2 billion from $1.1
billion in the previous quarter. The stock closed down $0.20 at $20.05 and
lost more in after hours trading.
Cephalon Inc. (NASDAQ:CEPH)*
Was downgraded Tuesday based on concerns from the FTC merger arrangement with
Cima Labs that was announced on 8/9. As part of the agreement, CEPH has agreed
to grant a license to Barr Pharma for Actiq. Presently, Actiq constitutes 30%
of revenues. Therefore, the analyst consensus is that sales for CEPH would be
almost halve immediately. Accordingly, 2005 EPS estimates were reduced to
$2.41 from $2.50, that of 2007 to $1.65 from $2.48 and increased that of 2006
to $2.47 from $2.42. Consequently, CEPH finish down by $4.86 at $43.00 on the
highest volume of the year. The stock sank below support and closed at a new
52-week low.
The Walt Disney Co. (NYSE:DIS)*
Reported late Tuesday that it earned $604 million, or 29 cents per share, for
the 3Q, compared with $502 million, or 24 cents per share, in the same period
last year. Revenue climbed 17% to $7.471 billion from $6.377 billion in the
same period last year. Results beat expectations that were pegged at 27 cents
per share mostly by a 20% percent rise in operating income at its theme parks
which reported operating income of $421 million, compared to $352 million for
the same period last year. The stock closed up $0.50 at $22.44 and climbed
further in the after hours.
May Department Stores Co. (NYSE:MAY)*
The company posted net earnings on Tuesday for the 2Q of $110 million, or $0.36
per share, compared to $92 million, or $0.30 per share, in the prior year
quarter. Excluding store divestiture costs and beating the estimates by a
cent. Net earnings for the quarter were $101 million, or $0.33 per share,
compared to a net loss of $110 million, or $0.39 per share, in the prior year
quarter. MAY is in the process of consolidating its acquisition of Marshall
Field's department store group completed on July 31, including 62 department
stores and related inventory, customer receivables and distribution centers.
Hospira Inc. (NYSE:HSP)*
Reported net income, excluding items, for the 2Q of $0.56 per share, compared
to $0.43 per share in the 2Q of 2003. On average expectations were pegged at
$0.33 per share for the quarter. The adjusted net income for the quarter
increased 31.7% to $88.9 million from $67.5 million in the prior year. Outlook
for FY2004 is approximately $2.5 billion with an adjusted basis for FY2004 EPS
in the range of $1.39 - $1.54. The analysts expect earnings of $1.47 per share
on revenues of $2.56 billion for the FY2004. The stock closed at $27.15 up
$2.40 or 9.70%.
* To learn more about how to use these alerts and for our FREE report, "The 18
Warning Signs That Tell You When To Dump A Stock ", go to:
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NOTE: All stocks and options shown are examples only. These are not
recommendations to buy or sell any security.
MARKET OVERVIEW
Overseas markets are looking fairly weak this morning as only three out of the
15 markets that we track are in positive territory. The Frankfurt DAX is
currently dragging down the European indices with a 1.34 percent drop. In
overnight trading, the Japanese Nikkei closed up 0.88 percent, but the Hong
Kong Hang Seng fell 0.52 percent. The Paris CAC and the London FTSE are also
lower in mid-day trading in Europe.
The Federal Open Market Committee policy-making meeting yesterday resulted in a
25 basis point increase of the Federal Reserve's target federal funds rate to
1.5 percent. This is the rate that banks lend to each other overnight. Most
investors anticipated the move even after last week's weaker than expected
employment report. The Fed said that it plans to continue to tighten monetary
policy at a "measured" pace, which is a phrase that it has been using for quite
some time now. The central bank said that it sees balanced risks when it comes
to inflation and sustained economic growth. After the Fed announcement was made
yesterday, there was a brief positive reaction by the equity markets, which
gave way to a sell-off. The markets quickly rebounded later in the day, moving
to new highs. The S&P 500 closed up 1.3 percent for the day.
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DYNAMIC MARKET OPPORTUNITIES
Americans awoke yesterday morning to find a shock awaiting them. In overnight
trading, US light crude had galloped to $44.99 per barrel -- the highest in 21
years. It later breached the $45 mark. The reason for this latest jump is yet
more unrest in Iraq that had traders fretting over severe supply shortages. As
the country with the second-largest oil reserves after Saudi Arabia, Iraq
already played a major part in the oil market long before the war started and
the current situation spiraled out of control. But these days, any hint of
trouble can move the market in a rapid and damaging way. So when officials shut
down several oil fields in southern Iraq amid fighting and threats of sabotage
from groups loyal to radical cleric Moqtada al-Sadr, it was no surprise to see
oil prices bounce upwards again. The fields supply Iraq's main oil terminal at
Basra and account for 90% of total exports. One big, destructive hit here and
it's highly likely prices would shoot straight to $50 per barrel. But there are
other factors at work. Russian oil company Yukos has had its accounts frozen
and is on the verge of bankruptcy, which would force it to suspend operations.
Another potential inflammatory situation is the upcoming referendum to recall
Venezuelan President Hugo Chavez on August 15. Venezuela is the world's
fifth-largest oil producer, so despite government assurances to guarantee oil
exports, unrest there could hit the market further. As it is, OPEC is already
pumping a record 30 million barrels of oil per day, two million higher than its
daily limit. President Purmono Yusgiantoro says the cartel may officially raise
the production quota in September. He also said the group has the capacity to
produce another 1.5 million barrels per day.
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TODAY'S ECONOMIC CALENDAR
7:00 a.m.: MBA Refinancing Index (last minus 2.9 percent)
12:00 p.m.: June Chicago Fed Midwest Manufacturing Index (last
plus 2.2 percent)
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All stocks and options shown are examples only. These are not recommendations
to buy or sell any security and they do not represent in any way a positive or
negative outlook for any security. Potential returns do not take into account
your trade size, brokerage commissions or taxes which will affect actual
investment returns. Stocks and options involve risk and are not suitable for
all investors and investing in options carries substantial risk. Prior to
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DATASOURCE: Man Securities
CONTACT: Michael Lavelle of Man Securities, +1-800-837-6212
Web site: http://www.mansecurities.com/mu.html