Stryker Corp. Q2 2008 Earnings Call Transcript
July 17, 2008
Stryker Corp. (SKY)
Q2 FY08 Earnings Call
Stryker Corp. Q2 2008 Earnings Call Transcript
Champion Enterprises, Inc. Q2 2008 Earnings Call Transcript
July 17, 2008
Champion Enterprises, Inc.
Q2 2008 Earnings Call
Champion Enterprises, Inc. Q2 2008 Earnings Call Transcript
17 Jul 2008 16:00:00 - Top 5 Stocks up on Unusual Volume
July 17, 2008
| Intraday Unusual Volume - Top 5 Up |
| Symbol | Volume % Change |
Price % Change |
News | |
| BBBB | 652% |  41.38% |
news | |
| RECN | 530% | 23.30% |
news | |
| AMED | 492% | 59.94% |
news | |
| EURX | 394% | 18.35% |
news | |
| MDVN | 381% | 18.61% |
news | |
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17 Jul 2008 16:00:00 - Top 5 Stocks up on Unusual Volume
Troubling Aspects to the GSE Bailout Bill
July 17, 2008
John Jansen submits:
According to draft legislation being debated on Capitol Hill, the Congress would grant sweeping authority to the Secretary of the Treasury to purchase obligations and securities of FNMA, Freddie Mac, as well as those of the Federal Home Loan System. It imposes no restrictions on the Secretary of the Treasury and says that he will determine the terms and conditions of the transactions as well as the amounts. The draft language contains an analytical section (brief) which specifically states that the authorizations of the section extend to purchases of equity.The draft authorizes sales of Treasury debt to fund the purchases. It goes one step farther and excludes those sales from the debt ceiling.
The legislative grant of authority would expire on December 31 2009.
Troubling Aspects to the GSE Bailout Bill
Sector Relative Strength (7/17/08)
July 17, 2008
Hickey and Walters (Bespoke) submit:
Below we have updated our charts of sector relative strength. In each chart, rising lines indicate periods where the sector is outperforming the S&P 500. Charts with red shading indicate that the sector has underperformed over the last year. In each chart we also include red dots that highlight each of the Fed rate cuts since August. We also included a chart of the relative strength of the Transportation sector versus the S&P 500. While it has not been considered an ‘official’ sector since 2001, interest in the group has been high given its performance in the face of higher oil prices.
Over the last year, four sectors (Consumer Discretionary, Financials, Industrials, and Telecom Services)have underperformed the S&P 500, while six have outperformed. More recently, however, we have seen some key reversals in the market’s leading sectors. For example, Energy and Materials have broken their uptrends that had been in place for much of 2007. Additionally, the relative strength for Utilities peaked last week and has since had a quick reversal below support.
Sector Relative Strength (7/17/08)
‘Out of Bear Market Territory’ - No
July 17, 2008
Hickey and Walters (Bespoke) submit:
Just a quick message to CNBC. A couple of their anchors have mentioned that the S&P 500 has now moved "out of bear market territory" multiple times today. While it would be nice, the market still has a long way to go for that to happen.
To get out of the current bear market, the S&P 500 has to rally 20% from its low. If July 15th was the low, the index needs to get all the way up to 1,457.89 to get "out of bear market territory" and be in a new bull market. Just because the S&P 500 isn’t down more than 20% from its highs anymore doesn’t mean the bear market isn’t still intact. You wouldn’t say "we’re out of bull market territory" if the market rallied the required 20% only to pull back slightly to not be up 20% from the prior low anymore.
‘Out of Bear Market Territory’ - No
All Financials
July 17, 2008
Hickey and Walters (Bespoke) submit:
lf you don’t have significant exposure to the Financial sector, chances are you’re underperforming the market by a lot today. With the S&P 500 up about 0.75% at the time of this posting, the S&P 500 Financial sector is up 5.43%, while four sectors are down more than 50 bps. Utilities and Consumer Staples are each down more than 1%. Talk about sector divergence.
click to enlarge
S&P 500 Earnings Beat Rate at 72%
July 17, 2008
Hickey and Walters (Bespoke) submit:
With 11% of S&P 500 companies reporting Q2 EPS, this quarter’s EPS beat rate now stands at 72%. While it’s still early in the quarter, if this rate holds it would mark the second strongest quarterly beat rate since at least 1998. What makes this rate even more impressive is the fact that so far this quarter, 34% of the companies reporting have been from the Financials sector, which many have feared would report disastrous quarters.
In last week’s Week In Review [PDF file], we mentioned that a better than expected earnings season could be the distraction needed to get investors’ minds off of crumbling financials, higher oil and the weak economy. So far so good.
S&P 500 Earnings Beat Rate at 72%
Wildfires Can Be Necessary, for Forests and Markets
July 17, 2008
Vinny Catalano submits:
It hardly instills deep confidence in our government officials when, after nearly a year, its prime modus operandi is to react to the latest financial crisis with yet another 11th hour solution. This is one of the longer term implications of the bailout plan for Fannie (FNM) and Freddie (FRE).
For all the near-term good that could be construed from the latest financial wildfire containment, it is hard to understand why after nearly a year Messrs. Paulson and Bernanke are still in a reactive mode. Given all the resources at their disposal and all the warnings that are plain for everyone to see, it is most disturbing to hear the hurried pitch for unlimited backstop funds for the two GSEs.
Wildfires Can Be Necessary, for Forests and Markets
Just How Terrible Is Housing as an Asset Class? Roubini Weighs In
July 17, 2008
Kevin S. Price submits:
For some time now, we’ve been noting that the recently-concluded housing bubble wasn’t like most of the bubbles that preceded it. Unlike the railroad, telegraph, and dot-com bubbles–which, for all their short-term wreckage, created new infrastructure of immense economic value, as Daniel Gross argues in Pop!–the housing bubble has left behind virtual ghost towns, economically useless infrastructure (e.g., roads, water, and power leading to virtual ghost towns), and a brutal overhang of household and government indebtedness.
So we were pleased to see the (sometimes breathless, often prophetic) Nouriel Roubini make special note of the unproductive nature of the U.S. housing stock. Here are the key passages from Roubini, via Naked Capitalism:
Just How Terrible Is Housing as an Asset Class? Roubini Weighs In
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