Two Ways: Green on Walgreen's Horizon
Strengthen your portfolio in good times and bad.
Jefferies had good things to say about Walgreen (WAG) this morning. According to Briefing.com, analysts at the investment bank expect Walgreen to earn $0.59 a share now for the third quarter, up from its previous target of $0.55 a share. Consensus expectations call for the retail consumer staple to earn $0.56 a share.
Jefferies says the upgrade reflects improved sales on higher generic drug volume. It also says Walgreen likely benefited from lower fees and slower square footage growth, as well as reduced labor costs. Jefferies raised its estimate for fiscal year 2009 from $2.00 to $2.03 as well as its price target from $25 to $35. Walgreen reports results on June 22nd.
From the Bull Pen: It's a pretty chart for Walgreen and bulls are watching for a break above $32 resistance. One can set a sell stop near $29.50-$30.
From the Bear Cave: Bears can look elsewhere such as the real estate ETF (IYR). Consider downside entry on a rally back to $34, if and when it gets there.
Quick Check Around the World
Asian trading closed with the Hang Seng 0.81%, India 1.80%, Shanghai 0.93%, Nikkei 0.85%, and Taiwan 1.41%.
Glancing towards Europe, we see the FTSE 1.72%, CAC 1.12%, DAX 0.22%
As of 8:10 AM EST, S&P Futures are trading +2.0 to 915.20 and Nasdaq futures are +12 to 1461.75.
A Look at Commodities
Over in commodities, crude oil is trading +0.74 to 72.11 while gold is +0.60 at 935.20 this morning. Silver is +0.500 to 14.24 and copper +1.85 to 229.05.
The dollar index is -0.020 to 80.9900.
No events on the radar today.
Good luck today!
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter