Goldman Sachs is upgrading AK Steel (NYSE:AKS) to Buy from Neutral and adding it to theAmericas Conviction Buy List. They recommend AKS for near-term to medium-term investors primarily due to its high sensitivity to steel prices. Its electrical steel segment should remain highly profitable and should get a boost from global stimulus packages, particularly in China. Firm's new 6- month P/E and E...
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AK Steel (NYSE:AKS): Upgraded to Buy, added to Conviction Buy list at Goldman Sachs
Wed, Jan 7, 7:28 AM ET
Better late than never, Macro Man is happy to reveal is list of non-predictions for the new year. And so, without further ado….. 1) Last year’s lows in the S&P (^GSPC) will NOT hold. Consensus looks for 2009 earnings to be roughly the same level as 2008. This looks too high. The economic environment in the US and the world is not the worst since the early 80’s, it’s ...
The next six components include one that may disappear from the index, as well as a top pick for 2009
Fake profits shake Satyam. Satyam (SAY) shares are down over 70% in Indian trading after B. Ramalinga Raju, the company's founder and chairman, resigned and admitted over $1B of Satyam's balance sheet as of Sept. 30 was inflated non-existing cash and bank balances. In a letter to the board, Raju wrote that the inflated profits had accrued over the last several years and that he was making the ...
Bank of America, raising cash to weather a dismal market at home, sold a $2.83 billion chunk of its holding in China Construction Bank on Wednesday, dragging the Chinese bank's stock 6 percent lower. China's three largest banks attracted big strategic investments from western financial giants at the time of their initial public offerings. Those investors [...]
If you are one of those who cannot stand Indian IT-outsourcing firms, you probably just got another feather in your cap. India's Satyam Computer Services Ltd. (NYSE: SAY) is turning out to be a house of cards. Shares closed at $9.35 yesterday after many recent troubles, and that was already down two-thirds from their highs. Things are worse this morning. Much, much worse.The company's Chairman...
Wall Street and Detroit got bailouts. Now investors who lost money with Bernard L. Madoff may get a bailout of sorts, too, The New York Times's Lynnley Browning writes. Under American tax rules, investors may be able to seek redress from the federal government for losses stemming from the $50 billion Ponzi scheme that Mr. Madoff [...]
Stock markets pushed higher on Tuesday as investors shrugged off economic reports showing more troubles for America's factories and service sector, The New York Times's Jack Healy reported. Worries from the Federal Reserve that the recession could persist despite their best efforts did not hold back gains, either. Technology, transportation and basic-materials sectors led the major [...]
T. Boone Pickens may still have some relevance in the media and in oil circles. And he may not. The oil magnate made a call late yesterday that oil could be back at $100.00 per barrel by the end of 2010. It seems that all these supply cuts are being noticed by him (and others) and this recent pop from the Middle East tensions gave another chance to kiss the kiss the pig at the town fair.Picken...
BEIJING (AP) -- Bank of America Corp. raised more money Wednesday to cope with U.S. economic turmoil by selling part of its stake in China Construction Bank Ltd., China's second-biggest commercial lender, for $2.8 billion....