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Buzz Bits: Dow, Nasdaq Close Higher

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Editor's Note: This is a small sample of the content available on the Buzz and Banter.

Earnings Report - MV News

  • Watson Pharmaceuticals (WPI) reports 3Q EPS of $0.33 vs. $0.34 cons on revs of $440.5 mln vs. $478.9 mln cons. 4Q cons calls for EPS of $0.40 on revs of $470.2 mln.


It's all good fellas! - Fil Zucchi - 1:26 PM

When BankUnited Financial (BKUNA) reported its quarter, I ranted how the EPS would have fallen way short had it recognized a loss reserve for its $14 mln exposure to a $675 mln loan to a Florida real estate JV called Transeastern. BKUNA did not set aside any reserves notwithstanding that the debt was changing hands at 70 cents on the dollar. BKUNA's rationale was that the loan was current.

Today, Technical Olympic USA (TOA), an alleged guarantor of Transeastern's $675 mln debt, received a demand for payment from Deutsche Bank (DB), asserting that the loan is in default. TOA's stock is down close to 40%. Will BKUNA set aside a loss reserve now? Inquiring minds do want to know.

Postion in BKUNA, DB

Common Sense on HRB - John Succo - 11:13 AM

H&R Block (HRB) traded all the way up to $23.66 and my firm sold all the way up aggressively against our long volatility position.

I don't have a lot to add, except some common sense.

The company is doing very poorly in its mortgage business, so it announces that it wants to sell it. Not very appetizing for a buyer I suspect. My firm thinks after a few months of shopping the price, the company announces - if they do - that a buyer is willing to pay will disappoint.

The company doesn't have much left in the way of profit making businesses. It makes money making usery loans to tax payers wanting their refunds up front. Maybe some day these people will catch on. Maybe not. They make a little money here.

HRB's other business, tax preparation, makes little money at. That business was supposed to attract the mortgage seeker.

Much of the buying today is short covering.

Position in HRB

Vote or Pie. Yum, pie. - Kevin Depew - 10:43 AM

  • It's a good, old-fashioned election day rally as voters rush to the polls to vote in "Mid-term Grim Decision 2006."
  • The S&P 500 is conveniently closing in on the 1395 PnF target just ahead of election results.
  • The Nasdaq-100 (NDX) has broken the 1740 level, a new buy signal on the 5x3 chart.
  • Minyan Neal asks about gold, the XAU and the HUI.
  • Gold continues to look counter-trend near-term, with room to 640-645 resistance, but on a long-term PnF chart the primary trend remains positive.
  • The XAU has stalled right at downtrend resistance in the 142 area.
  • The HUI has room to 344-348 before running into similar downtrend resistance.
  • About 40 percent of U.S. citizens of voting age population cast ballots in non-presidential year elections, so the other 60% can complain about the results.


What you need to know... - Jon Doctor J Najarian - 8:13 AM

Urban Outfitters (URBN) Sales Miss, But Up 7% - URBN said 3Q same-store sales declined 10%, but total sales rose 7% to $308 million. The company said the sales were driven by a 24% increase in the total number of stores in operation.

EchoStar (DISH) 3Q Falls 33% - If you're looking for a bright spot it was that revenue rose to $2.47 billion from $2.13 billion. The bad news was that it added 295,000 net new subscribers during the period but subscriber acquisition costs rose 9% and because of that missed estimates by some $0.07 per share.

H&R Block (HRB) Lowers Guidance – The tax preparer cut its profit forecast for fiscal 2007 and said it was considering a sale of its Option One Mortgage unit as the cooling housing market slows loan originations. HRB hired Goldman Sachs & Co. (GS) to explore a possible sale of Option One.

Beazer (BZH) and Toll (TOL) Nets Fall – Atlanta-based BZH and Pennsylvania-based Toll Brothers both reported major drops in revenue, backlogs and signed contracts. But lux-builder TOL said it expects the market to improve more rapidly than generally anticipated.

Positions in TOL

No positions in stocks mentioned.

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