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 ...
We reported yesterday that Israli-data and IT security firm Aladdin Knowledge Systems Ltd. (NASDAQ: ALDN) was up sharply higher on reports that its old merger offer "may" be developing again. The company has issued a response, and it seems that there are still more questions and opportunity for skepticism than there are any solid answers. The company just noted: In response to a January 6th art...
With an aggressive style that stood out in the staid world of Austrian banking even more than her bouffant red wig, Sonja Kohn made few friends gathering billions for Bernard L. Madoff from wealthy investors in Russia and across Europe. Now, she has even fewer, The New York Times's Nelson D. Schwartz and Julia Werdigier write. [...]
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 ...
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...
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...
The plight of homeowners delinquent on their mortgages has been the focus of much debate lately. There have generally been two major lines of thinking: The best course is to let free market principles apply. If homeowners cannot afford the mortgage payment, the old fashioned remedy of foreclose should take place, turning an overburdened homeowner into a renter. Those more inclined to assess the...
Click charts to ENLARGE.Nouriel Roubini has had a hot hand. How we use his negativity is up to us.Oversold by stochastics? Not so much.___________________________________________________State of the SP500 individually?90 percent of the stocks exceed the ten day moving average. Only 3 stocks (DOW, EQR, and BBT) are oversold by 14 day stochastics. This is the LOWEST I have seen. No worries, eh?__...
Both Ford (F) and GM (GM) are forecasting lower auto sales for 2009, both in a similar range. But Ford said on its December Sales Call that sales may be even lower than the range given:New vehicle sales including medium and heavy trucks were running at a six month moving average of 16.3 million units through December of 2007. With the estimates of the November start at about 10.5 million units,...