GoPro driving tech stocks up

NEW YORK (CNNMoney) The Fourth of July is a week away, but there have been a few fireworks this Friday in the stock market.

The S&P 500 is hovering around flat. The Dow Jones Industrial Average is down slightly, and the Nasdaq is up 0.4%. The tech-heavy Nasdaq has been a star performer for the week. It's on tap to finish the week up 0.6%. The other two indexes will end the week down.

Here's what you need to know before you take off early on this summer Friday:

1. Investors ignore Michaels debut, but clamor for more GoPro: Shares in GoPro (GPRO), the sports-oriented camera maker whose shares started trading Wednesday, have continued to surge. The stock is up 16% Friday, nearly as strong a move after yesterday's momentous 30% spike.

To put that in perspective, the stock priced at $24 and is now trading at over $36.

Investors are less enthusiastic about crafts retailer Michaels (MIK). It started trading Friday morning -- eight years after private equity firms Blackstone and Bain Capital took it private -- on the Nasdaq with the symbol "MIK". The company's shares priced at $17 and have moved little since trading commenced. The company raised $472 million the IPO.

Perhaps the biggest news in the IPO world this week is that Chinese e-commerce giant Alibaba chose to take what could be America's largest-ever IPO to the New York Stock Exchange. Yahoo (YHOO, Tech30), which owns a stake in Alibaba, has enjoyed a nice bounce the past two days. It's up 2.3%.

2. It's the shoes: Nike (NKE) and sneaker store chain Finish Line (FINL) both gained after the companies reported earnings and sales that surpassed Wall Street expectations, though they have since settled and remain in positive territory.

Nike said in its earnings report that the best news is coming out of Europe, with 18% sales growth. And with all the focus on the World Cup in Brazil, it should come as no surprise that sales from the company's soccer segment were also up sharply.

Shares of Nike rival Adidas (ADDDF) closed slightly higher in Germany, and Finish Line competitor Foot Locker (FOOT) is up 2.5%.

  Nike 1, Adidas 0

3. Dollar store drama and coffee surge: Shares in Dollar ! General (DG) are down more than 7% after CEO Rick Dreiling announced that he was retiring in 2015. Activist investor Carl Icahn has a 9.4% stake in Family Dollar (FDO), which many suspect he wants to merge with Dollar General. Family Dollar stock is down 2%. Related company Dollar Tree (DLTR) is slightly negative as well.

Keurig Green Mountain (GMCR) shares are having a perky day, up over 4% to lead the S&P 500. Research firm Argus upgraded the stock to "buy" on estimates that sales and profits will improve.

4. BNP pares dividend: The Wall Street Journal is reporting that BNP Paribas (BNPQF), the French banking giant that's nearing a $9 billion settlement with the Justice Department, will be cutting its dividend by an unspecified amount because the payment will hurt its balance sheet. The Paris-listed shares of the bank closed flat.

London-listed Barclays (BCS), another big European bank in the spotlight because of a dark pool-related lawsuit from the New York Attorney General, also closed flat after yesterday's 6.5% drop.

5. International markets: Asian stocks finished the day mixed, with Chinese and Indian stocks closing slightly higher. European markets closed mixed today, but all ended the week in the red.

Among A Raft Of Index Changes, Affiliated Managers Group To Join S&P 500

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The S&P Dow Jones Indexes unveiled changes earlier this week to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indexes.

Among the changes announced Tuesday, Affiliated Managers Group (NYSE AMG) will replace Forest Laboratories Inc. (NYSE: FRX) in the S&P 500 after the close of trading on Monday, June 30. LaSalle Hotel Properties (NYSE: LHO) will replace Affiliated Managers in the S&P MidCap 400 and Sagent Pharmaceuticals Inc. (NASDAQ: SGNT) will replace LaSalle in the S&P SmallCap 600.

Actavis PLC (NYSE: ACT) is acquiring Forest in a deal expected to be completed on June 30.

Rayonier Advanced Materials (NYSE: RYAMW) will replace Intrepid Potash Inc. (NYSE: IPI) in the S&P MidCap 400, and Intrepid will replace JAKKS Pacific (NASDAQ: JAKK) in the S&P SmallCap 600 after the close of trading on Friday, June 27. Rayonier Inc. is spinning off Rayonier Advance to shareholders.

Timken Steel Corp. will replace Greenhill & Co. (NYSE: GHL), and Greenhill replaces Spartan Motors Inc. (NASDAQ: SPAR) in the SmallCap 600 June 30. Timken Co. (NYSE: TKR) is spinning off TimkenSteel to shareholders.

Belden Inc. (NYSE: BDC) will replace Fidelity National Inc. (NYSE: FNF) in the S&P MidCap 400 June 30, when Synergy Resources (AMEX: SYRG) will replace Belden in the S&P SmallCap 600. Fidelity is reclassifying its shares into two tracking stocks which are ineligible for S&P indexes.

Veritiv Corp (NYSE: VRTVW) will replace Higher One Holdings Inc (NYSE: ONE) in the S&P SmallCap 600 on Tuesday, July 1. International Paper (NYSE: IP) is spinning off its distributions solutions unit, and the new company will merge with privately held UWW Holdings to create Veritiv.

Posted-In: S&P Dow Jones IndicesNews Events Markets

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Approaching the last hour of trading on Tuesday, the Dow traded down 0.43 percent to 16,864.02 while the NASDAQ gained 0.10 percent to 4,392.94. The S&P dipped down 0.31 percent to 1,956.56.

Leading and Lagging Sectors

Utilities shares rose around 0.45 percent in trading on Tuesday. Meanwhile, top gainers in the sector included Empresa Distribuidora y Comercializadora Norte S.A. (NYSE: EDN), up 4.7 percent, and Korea Electric Power (NYSE: KEP), up 3.9 percent.

Basic materials sector was the top loser in the US market on Tuesday. Top decliners in the sector included Kraton Performance Polymers (NYSE: KRA), Molycorp (NYSE: MCP), and AuRico Gold (NYSE: AUQ).

Top Headline

Walgreen Co (NYSE: WAG) reported weaker-than-expected fiscal third-quarter earnings.

Walgreen’s quarterly profit increased to $722 million, or $0.75 per share, from a year-earlier profit of $624 million, or $0.65 per share. Its adjusted earnings gained to $0.91 from $0.85 per share.

Its net sales surged 5.9% to $19.40 billion from $18.31 billion. However, analysts were projecting earnings of $0.94 per share on sales of $19.49 billion.

Equities Trading UP

Vertex Pharmaceuticals (NASDAQ: VRTX) shares shot up 41.12 percent to $94.00 after the company reported that its two phase 3 studies of Lumacaftor in combination with ivacaftor met the primary endpoint.

Shares of Wix.com (NASDAQ: WIX) got a boost, shooting up 9.96 percent to $19.54 after the company announced that it had surpassed 50 million registered users worldwide.

Micron Technology (NASDAQ: MU) shares were also up, gaining 4.64 percent to $32.71 after the company reported better-than-expected fiscal third-quarter earnings. Micron posted its adjusted earnings of $0.79 per share, beating analysts’ estimates of $0.69 per share.

Equities Trading DOWN

Shares of Elizabeth Arden (NASDAQ: RDEN) were down 3.67 percent to $27.26 on restructuring news. The company announced its plans to reduce jobs and exit some retail doors. It also announced the closing of its Puerto Rico affiliate.

Walgreen Co (NYSE: WAG) shares fell 0.71 percent to $73.21 after the company reported weaker-than-expected fiscal third-quarter earnings.

Carnival (NYSE: CCL) was down, falling 1.73 percent to $38.73 after the company reported its Q2 earnings of $0.10 per share and raised its forecast.

Commodities

In commodity news, oil traded down 0.40 percent to $105.75, while gold traded up 0.24 percent to $1,321.60.

Silver traded up 0.45 percent Tuesday to $21.01, while copper rose 0.03 percent to $3.15.

Eurozone

European shares were mostly lower today.

The eurozone’s STOXX 600 declined 0.12 percent, the Spanish Ibex Index dropped 0.05 percent, while Italy’s FTSE MIB Index fell 0.28 percent.

Meanwhile, the German DAX rose 0.20 percent and the French CAC 40 gained 0.06 percent while UK shares slipped 0.10 percent.

Economics

The ICSC–Goldman Sachs store sales index gained 2% in the week ended Saturday versus the earlier week.

The Johnson Redbook retail sales index declined 1.7% in the first weeks of June versus May.

The FHFA house price index remained unchanged in April, versus economists’ expectations for a 0.50% growth.

US home prices increased 1.1% in April versus March, according to S&P/Case-Shiller's composite index. After seasonal adjustments, US home prices gained 0.2% in April. The S&P/Case-Shiller home price index rose to a reading of 168.71 in April, versus a prior reading of 166.80. However, economists were expecting a reading of 169.09.

Sales of new US homes rose at an annual rate of 504,000 in May, versus economists’ expectations for a 439,000 gain.

The Conference Board's consumer confidence index rose to 85.20 in June, versus a previous reading of 83.00. However, economists were expecting a reading of 83.50.

The Richmond Fed manufacturing index fell to 3.00 in June, versus a prior reading of 7.00. However, economists were expecting a reading of 7.00.

Posted-In: Earnings News Emerging Markets Eurozone Futures Economics Intraday Update Markets Movers Tech

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Tesla Motors Is Facing a Big Threat

Electric vehicles have been around for a very long time, but they were not popular because of various shortcomings like limited range and low speed. Tesla Motors (TSLA) was the first company to change all that, and as a result, it gained a lot of media attention and saw a massive jump in its share price in 2013.

However, many big and established automakers like Toyota Motor (TM) and Hyundai are looking for the next big technology to power tomorrow's cars and have bet on hydrogen fuel cells. Toyota is so confident that fuel cell electric vehicles, or FCEVs, will dominate the automobile market in the years to come and has even projected to sell 5,000-10,000 vehicles per year. Furthermore, Air Liquide SA is planning to expand its business by constructing filling stations for FCEVs as it foresees growing demand for such vehicles.

Tesla's CEO, Elon Musk, thinks that the technology is a dead end, but you'd expect him to talk down the competition as he is betting big bucks on EVs. The success of FCEVs will be bad for Tesla and its investors, and given the various advantages that FCEVs have over EVs, it may overshadow EVs and dominate the auto market in the long run. Let's take a quick look at these advantages.

Pollution-free myth

Tesla's Model S has a reputation for being eco-friendly because it does not emit harmful gases into the environment. However, manufacturing one battery for an EV releases between 10,000 and 40,000 pounds of carbon dioxide into the atmosphere. Furthermore, the lithium required for the production of these lithium-ion batteries is mostly extracted through solar brines. And that's not all; the European Commission on Science for Environmental Policy claimed that the extraction of lithium from these brines causes a significant environmental, health, and social impact to the places where li-ion is located.

In addition to all that, batteries lose charge overtime and sooner or later it becomes useless. Thus, EV drivers will have to replace the battery or buy a new car. Therefore, driving Tesla cars may be eco-friendly, but overall, it isn't as green as it appears.

In comparison, hydrogen-powered cars are more environment friendly as they use a mix of hydrogen and oxygen to create electricity. That results in zero emissions, and the car runs completely cleanly.

Abundance

It is a well-known fact that hydrogen is widely available, therefore there wouldn't be any kind of fuel shortage if FCEVs become highly popular in the future and automakers will not have to worry about depletion. On the contrary, Tesla has struggled to boost its sales due to battery shortage, and it doesn't look like that the situation is going to change any time soon. Not to forget that Tesla only sells around 22,000 cars annually, which means that it will really struggle to keep up with the rising demand and expand globally.

Price

Tesla cars are expensive because of the installed batteries, and it will be very difficult to bring down prices without compromising on quality or performance. Thus, it's evident that consumers will have to pay over the odds for buying a Tesla car. EV owners don't have to pay for refueling, so it does compensate for the high cost to an extent, but given that batteries lose charge overtime, replacing them further adds to the cost.

Fuel cells' drawbacks

For anyone wanting to accelerate quickly, FCEVs won't be satisfactory. Moreover, the range of a hydrogen car fuel vehicle is limited (around 250 miles). That makes it impossible to use for long trips until there's a network of hydrogen fuel stations. And setting up a network of fuel stations will require huge investment and the success of FCEVs largely depends on the solution of this problem.

Conclusion

The scale of production that Toyota and Hyundai have is a big threat for Tesla. They can easily ramp up production and bring down costs if FCEVs click in the mass market. In addition, they won't be constrained by things such as battery production. So, Tesla investors should definitely keep an eye on these developments in fuel cells as they are quite capable of hurting sales in the long run.

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Mid-Day Market Update: FMC Slips On Weak Outlook; Integrys Energy Shares Surge

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Midway through trading Monday, the Dow traded down 0.19 percent to 16,915.55 while the NASDAQ declined 0.01 percent to 4,367.74. The S&P also fell, dropping 0.08 percent to 1,961.27.

Leading and Lagging Sectors

Monday morning, the basic materials sector proved to be a source of strength for the market. Leading the sector was strength from AK Steel Holding (NYSE: AKS) and Thompson Creek Metals Company (NYSE: TC).

Telecommunications services shares fell around 0.65 percent in trading on Monday. Top losers in the sector included NQ Mobile (NYSE: NQ), down 4 percent, and ORBCOMM (NASDAQ: ORBC), off 5 percent.

Top Headline

Oracle (NYSE: ORCL) announced its plans to buy Micros Systems (NASDAQ: MCRS) in a $5.3 billion deal.

The offer price of $68 per share represents a 3.4% premium over Micros' closing price on Friday.

Equities Trading UP

Integrys Energy Group (NYSE: TEG) shares shot up 12.90 percent to $68.81 after Wisconsin Energy (NYSE: WEC) announced its plans to acquire Integrys Energy Group in a deal valued at $9.1 billion.

Shares of Central Garden & Pet Company (NASDAQ: CENT) got a boost, shooting up 9.22 percent to $9.83 after Harbinger Group offered to buy Central Garden & Pet Co for $10 per share.

MICROS Systems (NASDAQ: MCRS) shares were also up, gaining 3.36 percent to $67.98 after Oracle (NYSE: ORCL) announced its plans to buy MICROS for $68 per share.

Equities Trading DOWN

Shares of Meritor (NYSE: MTOR) were 12.47 percent to $12.77 after the company reached a $500 million settlement with Eaton (NYSE: ETN) related to an anti-trust suit filed in 2006. The company’s board also authorized a repurchase of up to $210 million.

Ixia (NASDAQ: XXIA) shares tumbled 1.68 percent to $11.67 after the company reported its Q4 earnings of $0.15 per share on revenue of $120.60 million. Ixia now expected Q1 sales of $109.0 million to $113.0 million.

FMC (NYSE: FMC) was down, falling 3.65 percent to $72.02 after the company lowered its FY14 earnings forecast and issued a weak Q2 outlook.

Commodities

In commodity news, oil traded down 0.77 percent to $106.01, while gold traded up 0.02 percent to $1,316.90.

Silver traded down 0.26 percent Monday to $20.94, while copper rose 0.90 percent to $3.14.

Eurozone

European shares were lower today.

The eurozone’s STOXX 600 declined 0.51 percent, the Spanish Ibex Index dropped 0.33 percent, while Italy’s FTSE MIB Index fell 1.33 percent.

Meanwhile, the German DAX declined 0.66 percent and the French CAC 40 dropped 0.57 percent while UK shares slipped 0.36 percent.

Economics

The Chicago Fed National Activity Index rose to 0.21 in May, versus economists’ expectations for a reading of 0.20.

The flash reading of Markit PMI manufacturing index rose to a reading of 57.5 in June versus a reading of 56.4 in May. However, economists were expecting a reading of 56.0.

Sales of existing homes rose 4.9% to an annual rate of 4.89 million in May. However, economists were estimating a sales rate of 4.74 million.

Posted-In: Earnings News Eurozone Futures Commodities Economics Intraday Update Markets

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Tips for couples on the 'retirement talk'

People know they aren't saving enough for their golden years, but at least they are talking about retirement with their significant other.

Couples say they discuss retirement planning an average of 14 times a year, according to a telephone survey of 1,008 adults sponsored by Capital One ShareBuilder, an online investing site.

The survey shows 72% of employed adults say they're contributing a percentage of their annual income to retirement, tucking away an average of 6.4% of their annual incomes. Overall, folks believe they should be saving about 12.1%.

If you are saving less than 10% for retirement, especially if you're in your 40s and 50s, that's not enough, says Dan Greenshields, president of Capital One ShareBuilder. Ideally, at that age, you should be saving in the mid-teens to 20% of your income, but most Americans can't save that much because they have so many financial demands, he says.

Couples may believe they're talking about retirement planning 14 times a year, but that may mean they've mentioned the word retirement or simply talked about finances, he says. Not enough people are having in-depth retirement discussions.

He says it's especially important that couples discuss the lifestyle they want to have and where they want to live. You can live in some rural communities on half the assets that it takes to live in many big cities, Greenshields says.

He advises couples to try to make retirement planning fun by having the discussions over dinner at a restaurant or on a weekend retreat. Try to figure out what's important to each of you, what expenses you have, what you want to do for your grandchildren and whether either of you plan to have a second career.

St. Louis psychologist Diane Sanford, 57, who often counsels couples struggling with money issues, says, "I'm happy to hear couples are talking about retirement planning 14 times a year — I thought they wouldn't be talking about it at all."

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STORY: How retired couples can live happily ever after

"If you compile a budget for six months of all your expenses, which my husband and I did, then you'll see what you need to save to create the lifestyle you hope to have in retirement," she says. "The budget provides a neutral way of starting the conversation about retirement savings."

One of the worst mistakes partners can make is to start blaming each other for spending too much. It's better to work together than "pick each other apart," she says.

Couples who fear they won't have enough to retire may feel especially deprived, and under those circumstances, it's easy to blame the other person when, in reality, no one is at fault, says Joe Burgo, a psychologist in Chapel Hill, N.C., and author of Why Do I Do That? "Coming together as a team, agreeing upon and sharing the sacrifices, will help them weather the disappointment of living on less than they had expected."

Sanford says she often sees couples when one partner is involved in retirement saving and the other isn't. "It's important that both of you are informed and know what your assets are."

Other survey findings:

• Employed men tend to save at a slightly higher percentage of their income (7.2%) than employed women (5.6%).

• 58% of pre-retirees say they plan to retire at age 65, but 57% say they are concerned they won't save enough in time.

• 61% of female pre-retirees are concerned they will never save enough for retirement, compared with 52% of men.

The Oil "Crisis Spike" Is Just Getting Started

First there was the crisis in Ukraine. Then, seemingly out of nowhere, Iraq exploded into chaos again.

Both testify to one simple truth about today's energy sector: Geopolitical factors are the quintessential wild cards when it comes to estimating energy prices.

As for crude, prices have been subdued both yesterday and this morning following a crisis-related spike. But with two full-blown crises now looming, you can bet that's not going to last.

Oil prices are now likely headed higher.

In this case, supply and demand only works in the textbooks. These days, geopolitical events can quickly outdistance the "market-only" factors.

That's especially true in Iraq, where insurgents of the Islamic State of Iraq and the Levant (ISIL) are still on the move...

The Dangerous "Balance" in Iraq

Of the two crises, this is the one that concerns Americans the most. It may be only 275, but U.S. troops are moving back to Iraq.

On top of that, Washington is going to start consultations with Tehran. The entire region - from Riyadh in Saudi Arabia, through Amman in Jordan, to Ankara in Turkey - is in turmoil following the Sunni insurgency.

But when it comes to the impact this crisis has on oil prices, this is one of those classic cases where the unfolding events have more to do with perceptions than reality. So far, the fighting does not affect oil production or export routes.

Northern oil, accounting for about 20% of all national extraction, is centered around Kirkuk, with the export venue being a major pipeline system to Ceyhan in southeastern Turkey. This area is now controlled by the semi-autonomous Kurdistan Regional Government (KRG) in Erbil and its very effective militia, the Peshmerga.

The absolute majority of Iraqi oil comes from the south. To the extent that ISIL has Baghdad as its objective, the southern oil fields are not in danger.

ISIL is a Sunni uprising in what is a Shiite-dominated country. The southern region centered around Basra is heavily Shia and becoming closer with each passing day to neighboring Iran, also a Shiite country.

The south also has its own militia, and they will present major problems to any further ISIL advance. In addition, there have been reliable reports over the past few days that detachments of the Iranian Revolutionary Guard and other "volunteers" have been moving into southern Iraq.

Just yesterday it appears an Iranian general arrived in Basra to assist in the coordination of Shiite defenses for the area. The reality of what is happening on the ground will dictate that Washington bow to the inevitable and accede to some enhanced Iranian presence.

The Sunni Insurgency and Oil Prices

This will initiate the first of three factors that will impact global oil prices. And you won't need to have the uprising take over oil fields for this to have an effect.

First, the Iranian moves and what will now be an intensifying drive for outright independence in northern Kurdistan run the risk of trifurcating the country along ethnic and religious lines - Kurds controlling the far north, Sunnis the central portion of the country, and Shiites the south.

Second, ISIL honcho Abu Bakr al-Baghdadi has proclaimed the objective of his uprising is to unseat the Shiite government of Prime Minister Nouri al-Maliki. That objective is actually shared by the Kurdistan Regional Government, Turkey, and other elements in the region. Yet, paralyzing the government in the capital city would create significant problems for both the production and export of oil. There would be no administrative structure, no reliable regulatory oversight, and a rising inability for operating companies to budget and plan.

Of course, the other ISIL goal of setting up a sharia-based caliphate on the border between Iraq and Syria would fundamentally shatter any possible stability in the entire Gulf.

Third, should any of the international majors working in southern Iraq reduce or suspend field operations in the wake of all this uncertainty, the knock-on effects on wider oil prices would well exceed the actual loss of production.

Remember, we are moving into an environment in which perception is more important than reality. In normal times, a trader determines the price of an oil consignment on the expected price of the next available barrel. In uncertain times, that level is determined by the expected price of the most expensive next available barrel.

Oil prices will rise beyond what the market really justifies, and then take a breather, to start rising again in the absence of any resolution of the crisis at hand.

Not One, but Two Full-Blown Crises

Meanwhile, in Ukraine, Russian natural gas dominant Gazprom (OTCMKTS ADR: OGZPY) has cut off exports to the country while pledging to keep flow across Ukraine to Europe intact.

This will begin having a major impact as we move closer to September. Currently, European demand is low as summer sets in, and Ukrainian underground storage facilities have ample supply to meet reduced need at home.

That will change as fall arrives. Kiev said yesterday that it had enough gas to last until December, but that does not address the need to pump supply into storage wells before that.

As this energy problem deepens, there is widespread belief that Ukraine will begin siphoning off throughput bound for Europe for its own use. The real crunch, therefore, is several months away.

And Europeans remember all too clearly two weeks of freezing during a dreadful winter in 2009, the last time Russian gas was interrupted crossing Ukraine. The European Union has been successful in diversifying its supply sources since then and now only relies on Ukrainian throughput for just 15% of what it needs on a daily basis.

Still, the possibility of another interruption of that delivery obliges Europe to rebalance its delivery venues now. The Nord Stream pipeline from northern Russia to northern Germany via the Baltic Sea floor is uninterrupted. But the rising political animosity between Brussels (the seat of the EU as well as NATO) and Moscow will add some pressure, even though there is no indication long-term contracts are likely to be impaired.

Additional consignments of liquefied natural gas (LNG) from Qatar and North Africa are possible, although the latter is always subject to the vicissitudes of a morphing Arab Spring. So Europe has to balance its rising distrust of Russian intentions with its own energy requirements.

Longer-term solutions involve LNG deliveries from the United States and development of domestic shale gas. However, American deliveries are at least 18 months away, while local shale gas supplies are further down the road and still must face major political opposition and technical challenges.

But make no mistake. Neither the Ukrainian nor the Iraqi crisis is going to be a short-lived event. Both Kiev and Baghdad will emerge as significantly weakened seats of government.

All of which makes the period we are moving into a very chaotic one for oil prices.

PIMCO’s Gross: El-Erian ‘Trying to Undermine Me’

PIMCO co-founder and co-CIO Bill Gross accused departing CEO Mohamed El-Erian of trying to "undermine" him by talking to the press about issues between them and told Reuters last week that he had "evidence" El-Erian "wrote" a recent story in The Wall Street Journal about their deteriorating relationship.

“I’m so sick of Mohamed trying to undermine me,” said Gross, 69, according to Reuters, in a story posted late Thursday and updated Friday. The bond guru also indicated that he had been monitoring El-Erian’s phone calls.

When Reuters staff asked to see the evidence implicating El-Erian, Gross allegedly lashed out: “You’re on his side. Great, he’s got you, too, wrapped around his charming right finger,” the news agency reported.

A PIMCO spokesman said in a statement emailed to Reuters on Friday: "Mr. Gross did not make the statements Reuters attributes to him. He categorically denies saying this firm ever listened in on Mr. El-Erian's phone calls or that Mr. El-Erian 'wrote' any previous media article."

He added: "As a regulated company, PIMCO is required to retain records of its employees' communications to help ensure compliance with the firm's policies."

PIMCO owner Allianz named El-Erian, 55, chief economic advisor last week.

Reuters is standing by its story, and The Wall Street Journal maintains that it did the recent reporting and writing for its PIMCO coverage.

Bad to Worse

PIMCO is in the spotlight after some tough times. Its assets under management fell by some $80 billion in 2013, according to Morningstar.

Plus, the PIMCO Total Return Fund experienced $1.6 billion of net outflows in February, its 10th consecutive month of outflows. In addition, it lagged 71% of its peers with a return of 0.52% last month, the research firm says. (The fund’s 2013 return was close to -2%).

The bond shop announcement El-Erian's exit on Jan. 21, when it appointmed Doug Hodge as CEO and six deputy chief investment officers.

Still, experts acknowledge that the pressure is clearly taking its toll.

"I've never seen Bill and PIMCO scrutinized like this before. This is the most attention I have seen on them," Eric Jacobson, a Morningstar senior analyst, told Reuters. "A couple of high-profile stumbles and mediocre showings, coupled with some outflows — and with no identified successor for life after Bill — clearly has some investors on edge."

Jacobson notes that PIMCO’s flagship fund had a 10-year average return of about 6% and a 15-year average track record of nearly 6.7%.

More and More Questions

Lots of investment professionals are following the drama and mulling its implications.

“I guess it is time to revisit PIMCO and Bill Gross and Mohamed El-Erian, since the headlines have started up again,” wrote Tom Bakke, CFA, in a blog posted Friday. “When last we visited the soap opera, I had a simple question: ‘What’s the most important job of a chief investment officer?’ This time, other questions.”

The analyst wonders why, since consultants, institutional investors and investment advisors fill out “thousands” of due diligence questionnaires about PIMCO, how many identified the issues now surfacing in advance?

“Who questioned the firm’s process? Who saw past the fame of the key people and identified the cultural rifts? Truly, I’m interested in knowing, because I don’t think there are many DDQs extant among those thousands that give a hint of what was happening at PIMCO,” Bakke said.

In other words, instead of just scrutinizing Gross and El-Erian, investment professionals might want to focus on their own processes so they can get at the real issues in advance.

“A very tough standard," Bakke said. "Who met it in this case?”

Using Home Equity to Fund Retirement

Key changes recently were made in reverse mortgages. You should be aware of the changes and how they affect the way reverse mortgages can help increase your financial independence. Properly used, they are tools for employing home equity to enhance your retirement.

The first change is that the Federal Housing Administration restructured the program again for the loans its guarantees. Since the FHA guarantees most reverse mortgages these days, it sets the rules for most borrowers.

The FHA calls the loans Home Equity Conversion Mortgages (HECM). In September 2013, FHA replaced two types of loans (HECM Standard and HECM Saver) with today's HECM. The basic rules are the same. You have to be at least age 62 and own your principal residence outright or have paid-down a "considerable amount" of the debt. You can borrow only against your principal residence and must have sufficient resources to pay your property taxes, insurance, homeowners' association dues, and similar expenses. You also have to participate in an information session with a HUD-approved counselor before taking the loan.

Under a HECM, you receive money from a lender today, but no payments are due on the loan until you no longer occupy the residence. The principal, interest, and fees on the loan accumulate and eventually are paid from the sale proceeds of the home.

A federally-insured HECM is made by a private lender but is guaranteed by the FHA. Any portion of the loan balance that can't be paid from the home sale proceeds is covered by the government. If the home's value exceeds the debt, your heirs can keep the excess.

You have to pay a range of fees: mortgage insurance, an origination fee, a servicing fee, and the usual third party charges (appraisal, title search, inspections, surveys, recording fees, etc.). The origination fee can be as high as $6,000, depending on the value of your home. You have the choice of payin! g most of the fees upfront or having them added to the loan balance.

A little-known provision of the law requires the lender to offer you or your heirs a choice when the loan is due. They can allow the home to be foreclosed and the sale proceeds used to cover the loan. Or they can extinguish the debt by paying 95% of the home's current value, no matter how much is owed on the loan. If the loan amount is more than 95% of the home's value, the government will make up the loss to the lender. If you take out a HECM, be sure your heirs are aware of the option.

Another change since the financial crisis is most of the big-name lenders have left the HECM market. The number of HECMs issued rose steadily until home prices collapsed in many areas. For that and other reasons the major banks exited the market. Most HECM lenders now are smaller firms and not well-known.

The New York Times recently reported that some HECM lenders don't offer the repayment choice to next of kin and proceed immediately to foreclosure. You want to choose your lender carefully and let your loved ones know what you're doing and what their rights are when the loan is due.

The amount you can borrow depends on the value of your home, your age, and current interest rates. The older you are, the more you can borrow. The lower interest rates are, the more you can borrow.

For example, at recent interest rates, a 62 year old could borrow 52.6% of the home's value but only 34.3% if rates rise four percentage points. A 75 year old could borrow 58.9% today and 43.9% at the higher rate.

The changes and low interest rates mean you should take a fresh look at the HECM. I've generally regarded the HECM as a last resort for people late in life who needed cash and wanted to stay in their homes. By waiting until late in life you maximize the amount that can be borrowed and limit lifetime expenses for the mortgage.

But now there are other ways to consider using HECMS.

You can choose several ways to ! take a HE! CM, including a line of credit. Some call this the Standby HECM. You lock in the amount you can borrow at today's interest rates by establishing a line of credit but don't take money now. Instead, use the loan strategically to preserve your nest egg.

One research paper showed how a line of credit HECM could be used to avoid drawing principal from the investment portfolio when markets are down. After a steep portfolio decline, instead of selling some investments and further reducing investment principal to pay living expenses, you draw on the HECM line of credit and keep more of the investments intact for the market recovery.

The study found that the retiree's resources lasted longer if the HECM was tapped whenever the portfolio was less than 80% of its "glide path" or expected value in the retirement plan. But using the HECM more often was not an advantage. Tapping the HECM before the nest egg declined below the 80% level reduced the life of the nest egg. Another key to the strategy is that the HECM loan is repaid after the markets recover and the investment portfolio increases.

Having the HECM line of credit available also reduces the amount of cash and other short-term investments that need to be held in the portfolio. That increases the potential investment return over the long-term.

The HECM line of credit can have other uses.

It can help you delay Social Security benefits and a pension or other annuity payout. The older you are when these benefits begin, the higher the income. With Social Security, the benefits increase 8% for each year of delay to age 70. That is less than current cost of the HECM and higher than the return you'll receive elsewhere.

A HECM also can help reduce your tax burden. In years when you need extra money for an unexpected expense, instead of taking more money from a qualified retirement plan or taxable account and getting pushed into a higher tax bracket, you can draw on the HECM. Since it is a loan, there are no income taxes! on it.

Also, payments for large assets or unexpected expenses, such as automobiles or medical expenses, can be made by drawing on a HECM line of credit. You might not want to take additional money from your portfolio and forego the opportunity to earn returns. You can tap the HECM and either repay that loan with future investment gains or let it be paid after you no longer live in the residence.

There are other potential uses of the HECM, but don't fall for some of the scams or unwise strategies being peddled. Don't use a HECM to buy an annuity or life insurance or to finance a vacation.

A reverse mortgage can be an important income management tool. Always keep in mind, however, that it isn't free money. Interest is compounding on the loan, and you incur expenses to take out the loan. To the extent you have an outstanding reverse mortgage on your passing, there won't be equity in your home for your heirs to inherit.

Thursday’s Analyst Moves: FedEx Corporation, ConAgra Foods Inc, Marathon Oil Corporation, More (FDX, CAG, MRO, More)

Before Thursday’s opening bell, a number of big name dividend stocks were the subject of analyst moves. Below, we highlight the important analyst commentary for investors.

FedEx Upgraded at RBC Capital

FedEx Corporation (FDX) has been upgraded to “Sector Perform” at RBC Capital as the company is expected to continue to execute and buy back shares. The firm has a $155 price target on FDX, suggesting a 4% upside from Wednesday’s closing price of $148.95. FDX has a dividend yield of 0.54%.

Barclays Starts Coverage on RCS Capital

Barclays has initiated coverage on RCS Capital Corp (RCAP) with an “Overweight” rating and a $25 price target. This price target suggests a 21% upside from Wednesday’s closing price of $20.59. RCAP has a dividend yield of 3.50%.

Barclays Lifts PT on CDW

Barclays has raised its price target on CDW Corp (CDW) to $36. This price target suggests a 15% increase from Wednesday’s closing price of $31.32. CDW has a dividend yield of 0.54%

BofA/Merrill Downgrades ConAgra Foods

ConAgra Foods Inc (CAG

Move In to Hedge Funds' 5 Favorite REITs This Summer

BALTIMORE (Stockpickr) -- As we get deeper into 2014, real estate investment trusts -- better known as REITs -- continue to be a pocket of stellar performance for stock market investors. Year-to-date, the average large REIT is up more than 11.6%, double the performance of the S&P 500 over the same stretch.

You'd better believe that hedge fund managers are paying attention to the trend too. In the last quarter, funds' five biggest REIT bets grew by a whopping $19.1 billion, an indication that the smart money is buying REITs with both hands right now.

And with the broad market's flight to yield holding up as the S&P presses up against new highs, the only question is why aren't you buying them too?

Today, we'll take a closer look at hedge funds' five favorite REITs for 2014. To figure those out, we've got to take a closer look at 13F filings.

Institutional investors with more than $100 million in assets are required to file a 13F -- a form that breaks down their stock positions for public consumption. From hedge funds to mutual funds to insurance companies, any professional investors who manage more than that $100 million watermark are required to file a 13F.

In total, approximately 3,700 firms file 13F forms each quarter, and by comparing one quarter's filing to another, we can see how any single fund manager is moving their portfolio around. While the data is generally delayed by about a quarter, that's not necessarily a bad thing – research shows that applying a lag to institutional holdings can generate positive alpha in some cases. That's all the more reason to crack open the moves being made with pro investors' $19.6 trillion under management.

Without further ado, here are hedge funds' 5 favorite REITs.

Simon Property Group

First up is Simon Property Group (SPG), a $51 billion name that tips the scales as the largest U.S. real estate investment trust. SPG owns a wide collection of retail real estate assets, with U.S. regional malls and outlet centers making up approximately 90% of net lease income. Simon also owns a 29% stake in Klepierre, which gives the firm exposure to European retail properties as well. Funds picked up 2.27 million shares of SPG last quarter.

Simon's scale is one of its biggest benefits. The firm is better able to secure access to cheap capital than its smaller peers, and it's able to participate in larger projects that a smaller firm would require a partner for. The decision to spin off its smaller strip mall properties into Washington Prime Group (WPG) is a positive for the SPG shareholders. It retains the highest-quality assets under the SPG banner while unlocking shareholder value at a time when REITs are looking comparatively attractive in the marketplace.

In many cases, SPG also gets added exposure to retail sales. Because the firm's main properties are malls, lease agreements typically include a cut of store revenue. That's an attractive sweetener in an environment where consumer spending continues to be on the upswing.

Right now, SPG pays out a 3.16% dividend yield. While this stock isn't the beefiest payout, it's a staid bet for investors looking for their first taste of REIT exposure.

American Realty Capital Properties

2014 has been a challenging year for shares of American Realty Capital Properties (ARCP). Since the calendar flipped to January, this commercial real estate name has dropped by 6% and change, underperforming the rest of the REIT space in dramatic fashion. But with event risk largely shaken out of ARCP, this landlord is starting to look like an interesting, if speculative, bet. Last quarter, funds picked up a whopping 383.99 million shares of ARCP, a buy operation that amounts to 42% of this firm's outstanding shares. That's a conviction bet if ever there was one.

ARCP invests in single-tenant commercial properties, with a portfolio that includes everything from retail restaurant space to office buildings. The firm recently made news when it announced that it was planning on selling essentially all of its shopping center assets to Blackstone Group (BX) for $1.975 billion, rather than unloading those shopping centers through a spinoff. Simultaneously, the firm plans to use the proceeds of the Blackstone deal to fund a major sale-leaseback transaction in Red Lobster restaurants for $1.5 billion. Shares dropped hard on news of the change in course, but now that they've settled, this stock could be a particularly solid name for income-seekers who aren't exceptionally risk-averse.

Right now, ARCP pays out an 8.33-cent monthly dividend, a payout that adds up to a massive 8.3% yield at current levels. That big payout should continue to hold significant appeal as interest rates stay constrained near zero.

Public Storage

$29 billion self-storage REIT Public Storage (PSA) stands apart from most of the other names on this list because of its structure. As a self-storage stock, the firm receives far more revenue directly from consumers than the typical retail landlord ever would. Likewise, it generally leases storage units on a month-to-month basis rather than through a long-term arrangement. Despite the glaring differences, PSA is still a REIT worth taking a closer look at in 2014.

Hedge funds agree. They picked up 2.37 million shares of PSA last quarter.

Public Storage owns approximately 140 million square feet of leasable storage units spread across 38 states here in the U.S. as well as parts of Western Europe. Unlike a conventional landlord, where location is typically the deciding tenant factor, brand matters to PSA. Because the items stored at PSA's facilities are inherently valuable (they must be worth something for customers to bother storing them), customers are more likely to weigh a brand's reputation before securing space. Public Storage's huge scale gives it advertising and reputational advantages that smaller rivals can't match. Demand remains high for storage facilities in 2014, and that tailwind should help to propel growth.

Financing is another space where PSA stands out from its peers. Unlike most REITs, Public Storage has historically opted to finance most of its growth through equity rather than debt, leaving just $360 million in net borrowings on its balance sheet at last count. Right now, PSA pays out a 3.3% dividend yield.

Boston Properties

Commercial landlord Boston Properties (BXP) is enjoying a solid run in 2014. Since the start of the year, shares of the $17.6 billion REIT have rallied more than 14.5%. And with the commercial real estate market looking strong this year, there's reason to expect a lot more upside in this high-quality trust. Funds picked up 804,650 shares of BXP in the most recent quarter, a $92 million buying spree at current share prices.

Boston Properties owns interests in more than 160 properties spread across the country, with a focus on office buildings in large metropolitan areas. In addition, the firm owns a hotel, three residential properties and another four retail spaces. BXP's properties are mostly concentrated in just five markets: Boston, New York, Princeton, San Francisco and Washington, D.C. Location is everything, and that's the approach BXP has used to pursue high-quality properties in prime locations that continue to enjoy strong demand for leases.

BXP has historically been more tactical than most of its peers, selling off buildings when markets get frothy and buying again when prices drop. That approach is a bit more hazardous than the typical "own it forever" approach to real estate that most REITs follow, but Boston Properties has frankly been able to walk the line very effectively. Today, BXP's 65-cent quarterly dividend adds up to a 2.26% yield.

Essex Property Trust

Last up is Essex Property Trust (ESS), an $11.2 billion apartment REIT that owns interests in 234 residential communities with a total of 33,468 units among them, as well as five commercial buildings. Essex's properties are focused on the West Coast.

As a residential REIT, there are some major differences between Essex and a conventional commercial landlord. For starters, while commericals are able to lease space triple-net and very long-term (that is, tenants pay for insurance, maintenance, and taxes directly), housing trusts don't. That exposes ESS to some short-term pricing risk if the firm gets caught with surprise bills – it also exposes the firm to risks from housing laws in jurisdictions that are tenant friendly. Similarly, residential leases typically span just a year, rather than the 20-year average seen in commercial property leases. Combating all of those factors, Essex is able to charge retail and has the big tailwinds of a hot rental market in the regions where it operates.

In April, Essex purchased BRE Properties in a $6.2 billion deal that dramatically grew Essex's scale, making it the largest multifamily REIT on the West Coast. While the ink is basically still wet on the purchase, the combined firm should be able to provide big economies of scale for ESS shareholders in 2014.

Hedge funds seem to think so. They picked up 5 million shares of the firm last quarter, adding to their previous holdings by approximately 15%.

To see these stocks in action, check out the Institutional Buys portfolio on Stockpickr.



-- Written by Jonas Elmerraji in Baltimore.

RELATED LINKS:

 

>>5 Rocket Stocks to Buy for a Correction Week >>3 Big-Volume Stocks to Trade for Breakouts >>5 Retail Stocks to Trade for Gains in June

 

Follow Stockpickr on Twitter and become a fan on Facebook.

At the time of publication, author had no positions in the names mentioned.

Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to TheStreet. Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily, and on CNBC.com. Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation.

 

Follow Jonas on Twitter @JonasElmerraji

Geopolitical Risk Derails ECB Plan Market Awaits FOMC

IMF cuts 2014, longer-term U.S. growth forecasts Iraq and Ukraine heat up geopolitical risk VIX rose from 3.86% to 12.65% European inflation confirmed low at 0.6%

Euro strengthens boosted by safe haven flows.

The European Central Bank decision to turn to negative deposit rates had limited effect. The policy had the intended result and started weakening the currency below 1.36, but geopolitical events changed the economic landscape. The EUR had proven resilient to the Ukraine turmoil but the Iraqi insurgency proved to much. The USD has lost some of its appeal as a safe haven so the EUR recovered and even the inflation data confirming the deflation fears could not bring it below 1.3550. Eurostat released inflation figures today. Deflation continues to be a the rate of inflation in April was 0.8% only to fall even further to 0.6 last month.

 

Germany's ZEW Economic Sentiment release could give further insight to the single currency against the ECB recovery plans. Germany continues to be the single engine of European growth but has started to slow down dragged by a strong EUR. The ZEW has posted negative figures as economist and business leaders are not optimistic about German growth given the challenged faced by the Eurozone as rampant unemployment and low inflation continue to erode productivity gains.

 

The United States economy continues to post mixed data. Friday's PPI and Consumer Confidence were lower that combined with low retail sales and a pessimistic jobless claims. This week US Manufacturing came in above the forecast and even the revisions to April's numbers were better than expected.

The Federal Reserve will hold its Federal Open Market Committee on Wednesday. There are no changes expected to interest rates and there is a small possibility of an increase in the tapering pace. The US employment situation does not warrant faster taper, but given how the Bank of England has stepped up their own time table it would not be a total surprise if the Fed adjusts to the expectations of higher rates early next year. Ironically the Fed might not need to reduce the amount of funds it designates to buying bonds given that in that now famous Janet Yellen inaugural press conference as Fed Chair. During her first question and answer period Yellen said that the Fed would start hiking six months after the end of the taper. At the current pace the end would be in the Fall of 2014 with an expectation of a rate hike in Spring 2015. This now seems to the be timetable that the BoE under governor Carney seem to have set for the UK economy.

IMF Trims US Growth Forecast. Employment Still Weak.

The International Monetary Fund has cut its forecast for the US economy by 0.8% in 2014, but maintains its 3% growth forecast for 2015. The IMF recommends the US stick to lower rates for longer as the organization sees shaky unemployment recovery. The Fund is urging the US to stimulate the economy by investing in infrastructure and take the burden off the Federal Reserve whose intervention has had questionable results even as they are planning to end the quantitative easing program. Yellen and her team will have the final word this week and the market is not expecting the IMF warning to have much of an effect in the FOMC decision.

 

BOE MPC Member Sees Higher UK Rates Sooner Rather Than Later

 

Bank of England David Miles MPC external member said in an interview that he would vote for a rate hike before his term ends in 11 months. The fact that he is a known dove raises the probability of Carney getting more than enough votes before Spring 2015 to raise UK rates. The British economy has caught many analysts offside. This includes the teams at the Bank of England and the IMF who offered a retraction after their missed call. Mark Carney has worked alongside the government to prepare the Old Lady to meet the demands of a modern economy. The new powers over mortgages awarded to the central bank address one of the biggest risk identified by several agencies: housing.

Gold and Oil stable but upward trend expected due to Iraq and Ukraine-Russia
The situation in Iraq continues to escalate. The US has not ruled out armed intervention and there are talks with estranged Iran to counter the ISIS threat. US Secretary of State John Kerry said, “I wouldn't rule out anything that would be constructive.” Russia has followed through on the gas deadline and after its passing without an acceptable agreement it has ceased to provide energy to Ukraine. The weekend saw renewed fighting between the Ukraine military and Pro-Moskow rebels after a plane was attacked resulting in the deaths of 49 Ukrainian soldiers.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Forex Markets

Originally posted here...

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LPL to Move 1,000 Workers to New Carolinas Facility

LPL Financial (LPLA) said late Monday that it is building a regional headquarters in Fort Mill, S.C., and will move its 1,000 employees in the Charlotte, N.C., area to the new facility.

The independent broker-dealer also says it will invest about $150 million in the region, which is located about 30 miles south of Charlotte, over the next eight years.

"We plan to create a work environment that supports innovation, collaboration, and engagement — a space that promotes employees' overall well-being and a place that they will feel proud and excited to come to work every day,” said Chairman and CEO Mark Casady, in a press release. “We believe that by building such an exciting workplace, our employees will be further empowered to do their best to support our clients."

Construction of the new building will begin in 2015, with completion expected in fall 2016.

Earlier this year, the IBD opened a new regional San Diego headquarters, which it says is among the largest net-zero energy commercial office buildings in the United States. About 1,600 LPL Financial employees, who previously worked in seven office buildings in the La Jolla area of San Diego, are now based in the new 13-story facility.

"LPL Financial is one of the nation's premier financial advisor firms, and we couldn't be more excited that they are choosing to grow and succeed here in South Carolina, investing $150 million and intending to create a total of 3,000 new jobs in the state of South Carolina," said Gov. Nikki Haley, in a statement.

In the Carolinas, LPL’s regional headquarters will be located in Kingsley Park, near Interstate 77. 

---

Check out LPL Goes Green With New San Diego Headquarters on ThinkAdvisor.

 

 

3 Stocks Rising on Unusual Volume

DELAFIELD, Wis. (Stockpickr) -- Professional traders running mutual funds and hedge funds don't just look at a stock's price moves; they also track big changes in volume activity. Often when above-average volume moves into an equity, it precedes a large spike in volatility.

>>5 Stocks Poised for Breakouts

Major moves in volume can signal unusual activity, such as insider buying or selling -- or buying or selling by "superinvestors."

Unusual volume can also be a major signal that hedge funds and momentum traders are piling into a stock ahead of a catalyst. These types of traders like to get in well before a large spike, so it's always a smart move to monitor unusual volume. That said, remember to combine trend and price action with unusual volume. Put them all together to help you decipher the next big trend for any stock.

>>5 Huge Stocks to Trade for Huge Gains

With that in mind, let's take a look at several stocks rising on unusual volume recently.

Agios Pharmaceuticals

Agios Pharmaceuticals (AGIO), a biopharmaceutical company, focuses on the development and commercialization of therapeutics in the field of cancer metabolism and inborn errors of metabolism in the U.S. This stock closed up 5.9% at $47.50 in Friday's trading session.

Friday's Volume: 566,000

Three-Month Average Volume: 409,914

Volume % Change: 50%

From a technical perspective, AGIO spiked sharply higher here right above some near-term support at $42.50 with above-average volume. This move pushed shares of AGIO into breakout territory, since the stock took out some near-term overhead resistance at $47.47. Shares of AGIO are now quickly moving within range of triggering another major breakout trade. That trade will hit if AGIO manages to take out some key overhead resistance levels $48.94 to $48.98 and then once it clears its all-time high at $49.79 with high volume.

Traders should now look for long-biased trades in AGIO as long as it's trending above some near-term support at $42.50 and then once it sustains a move or close above those breakout levels with volume that this near or above 409,914 shares. If that breakout gets underway soon, then AGIO will set up to enter new all-time-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $55 to $60.

Myriad Genetics

Myriad Genetics (MYGN), a molecular diagnostic company, focuses on the development and marketing of predictive medicine, personalized medicine and prognostic medicine tests primarily in the U.S. This stock closed up 3.4% at $35.02 in Friday's trading session.

Friday's Volume: 2.27 million

Three-Month Average Volume: 1.67 million

Volume % Change: 50%

From a technical perspective, MYGN spiked notably higher here right above some near-term support at $33.40 with above-average volume. This spike higher on Friday is quickly pushing shares of MYGN within range of triggering a near-term breakout trade. That trade will hit if MYGN manages to take out some key overhead resistance levels at $36.06 to its 50-day moving average of $37.16 and then once it clears more resistance at $38.32 with high volume.

Traders should now look for long-biased trades in MYGN as long as it's trending above some near-term support levels at $33.40 or at $33.25 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.67 million shares. If that breakout starts soon, then MYGN will set up to re-test or possibly take out its next major overhead resistance levels at $42 to its 52-week high of $42.50.

AMAG Pharmaceuticals

AMAG Pharmaceuticals (AMAG), develops and commercializes specialty pharmaceutical products. This stock closed up 7.2% at $19.31 in Friday's trading session.

Friday's Volume: 603,000

Three-Month Average Volume: 443,202

Volume % Change: 50%

From a technical perspective, AMAG soared higher here right off its 50-day moving average of $18.09 with above-average volume. This move pushed shares of AMAG into breakout territory, since the stock took out some key near-term overhead resistance levels at $18.79 to $19.08. Market players should now look for a continuation move higher in the short-term if AMAG manages to clear Friday's intraday high of $19.31 with strong upside volume flows.

Traders should now look for long-biased trades in AMAG as long as it's trending above its 50-day at $18.09 or above more near-terms support at $17.50 and then once it sustains a move or close above $19.31 with volume that's near or above 443,202 shares. If that move gets started soon, then AMAG will set up to re-test or possibly take out its next major overhead resistance levels at $21.75 to $22.74, or even $23.

To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.

-- Written by Roberto Pedone in Delafield, Wis.

RELATED LINKS:

>>5 Stocks Under $10 Set to Soar Higher

>>5 Stocks Insiders Love Right Now

>>5 Health Care Stocks to Trade for Gains in June

Follow Stockpickr on Twitter and become a fan on Facebook.

At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including

CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

Will the Adobe Systems (ADBE) Earnings Report be Cloud High? MSFT, ADSK & IGV

The Q2 2014 earnings report for software stock Adobe Systems Incorporated (NASDAQ: ADBE), a potential peer or performance benchmark of other software stocks or players like Microsoft Corporation (NASDAQ: MSFT), Autodesk, Inc (NASDAQ: ADSK) and iShares S&P GSTI Software Index Fund (NYSEARCA: IGV), is scheduled for after the market closes on Tuesday. Aside from the Adobe Systems Incorporated earnings report, it should be said that Microsoft Corporation reported Q3 2014 earnings on April 24th (FYQ3 revenues and EPS beat; cloud revenue doubled; Q4 view was light) and Autodesk, Inc reported Q1 2015 earnings on May 15th (Q1 revenues beat and earnings met estimates). The last time Adobe Systems reported earnings, it beat expectations thanks to strong adoption of Creative Cloud and Adobe Marketing Cloud as the company has been shifting away from from physical products to cloud-based software that users subscribe to.

What Should You Watch Out for With the Adobe Systems Incorporated Earnings Report?

First, here is a quick recap of Adobe Systems Incorporated's recent earnings history from Yahoo! Finance:

Earnings HistoryMay 13Aug 13Nov 13Feb 14

EPS Est	0.34	0.34	0.32	0.25
EPS Actual	0.36	0.32	0.32	0.30
Difference	0.02	-0.02	0.00	0.05
Surprise %	5.90%	-5.90%	0.00%	20.00%

 

Back in March, Adobe Systems Incorporated reported that revenue fell about 1% to $1 billion while net income fell from $65.1 million to $47 million – beating analyst expectations. However, Adobe Systems Incorporated exited Q1 with 1.844M paid Creative Cloud subscriptions, an increase of 405k when compared to the number of subscriptions as of the end of Q4 fiscal year 2013 while Adobe Marketing Cloud quarterly revenue was $267 million for a 24% year-over-year growth. The CEO commented:

"Adobe's Q1 momentum was driven by strong adoption of Creative Cloud and Adobe Marketing Cloud. We have an amazing pipeline of innovation that we will deliver in the coming months, as well as plans to differentiate ourselves by further integrating our Cloud businesses."

The EVP/CFO also commented:

"We achieved a significant milestone with our transition to the Cloud in our first quarter with more than half of Adobe's total revenue coming from recurring sources such as Creative Cloud subscriptions and Adobe Marketing Cloud adoption. In our Creative business, reported revenue from subscriptions exceeded revenue from legacy perpetual licenses for the first time."  

This time around and according to the Yahoo! Finance analyst estimates page, the consensus expects revenue of $1.03B and EPS of $0.30 - slightly higher than the consensus EPS of $0.27 expected about ninety days ago.

On the news front and back in mid May, Adobe Systems Incorporated experienced an outage that disrupted the Web-based, subscription Creative Cloud service to top-selling software programs (including Photoshop, Illustrator and Flash) for about a day. Customers were able to apply to compensation for the outage (Creative Cloud plans range from $30 to $75 per month).

Prior to the outages, Pacific Crest reported that after speaking with Adobe Systems Incorporated resellers, demand is accelerating for the company's Creative Cloud product. Pacific Crest kept a $75 price target and Outperform rating on the stock. In addition and in early April, Cowen said the recent pullback in Adobe Systems Incorporated should be used to aggressively buy shares as they believe the company has one of the best secular growth stories in their universe. They also gave shares an Outperform rating with a $80 price target.

What do the Adobe Systems Incorporated Charts Say?

The latest technical chart for Adobe Systems Incorporated show a mix of trend lines:

A look at the performance chart for Adobe Systems Incorporated, Microsoft Corporation, Autodesk, Inc and iShares S&P GSTI Software Index Fund show a divergence after the recession and then a mirror performance. However, Microsoft Corporation has been more of an underperformer:

Nevertheless, Microsoft Corporation along Autodesk, Inc still have a bullish technical chart while iShares S&P GSTI Software Index Fund has a mix of trend lines:

What Should Be Your Next Move?

It will be interesting to see what impact the cloud outage had on Adobe Systems Incorporated's financials along with subscription increases. However and for the longer term, Adobe Systems Incorporated does look like a safe cloud computing bet.  

Microsoft Needs More Than Nokia for Windows Phone to Succeed

Follow @andrewtonner

Truly monumental changes are in the works at tech giants Microsoft (NASDAQ: MSFT  ) and Nokia (NYSE: NOK  ) . Or at least that's what we're led to believe. With Microsoft's massive $7.2 billion purchase of Nokia's handset business set to close in the coming months, Microsoft and Nokia are both supposed to be looking toward newer and brighter futures.

Both Microsoft and Nokia reported earnings this week. Sadly for this turnaround narrative, the results, especially from Nokia, paint a far bleaker picture than perhaps many realize. I know, I know -- I'm as surprised as you that Microsoft would throw good money after a bad acquisition. I guess there's a first time for everything, right?

Source: Microsoft.

However, the current struggles at Nokia highlight some very ugly truths for Microsoft going forward, as it vies to become relevant in the mobile market that's essentially passed Microsoft by.

Nokia's nightmarish numbers
Nokia's fourth-quarter earnings were truly dreadful. Perhaps most importantly, as far as Microsoft is concerned, is that things at Nokia's handset business appear to be going from bad to worse.

For starters, it's worth noting that Nokia began reporting its handset business as a discontinued operation now outside its core business. For the quarter, revenue from discontinued operations fell 29% from Q4 2012, and 4.5% from the third quarter of this year. Equally alarming, Nokia's handset shipments also came in well short of what had been expected, declining to 8.2 million shipments during the quarter versus 8.8 million in the third quarter.

For the quarter, Nokia's handset division saw its non-International Financial Reporting Standards operating margin decline 6 percentage points from the year before to -7.3%. Its handset business is bleeding money.

Put in proper context, it seems Nokia is getting a pretty sweet deal here, swapping what's by far its most challenged business for more than $7 billion of Microsoft's cash, while Microsoft is about to acquire a total mess of a business. That would be fine normally, as the tens of billions of dollars of cash Microsoft generates each quarter make botched acquisitions like this easy to weather.

However, Nokia's importance to Microsoft was arguably more strategic than financial. Microsoft had planned to use Nokia as the partner that helps drive what will be its glorious resurgence in the mobile space. But as we saw with Nokia's recent report, Microsoft's grand ambitions are likely crashing and burning in front of its very eyes.

Garbage in, garbage out
Since virtually all models involve a fair deal of assumptions, even the most sophisticated model can generate an outrageous outcome if it's based on unrealistic expectations. And in comparing Microsoft's ambitions for Nokia versus the current business realities at the Finnish smartphone maker, Microsoft's comeback plans are looking more and more like a pipe dream.

In the short term, the deal is almost assuredly going to be a money-loser for Microsoft. In its acquisition presentation, Microsoft estimated it would need to sell roughly 50 million Nokia smartphones to hit its operating income breakeven point. But in the full year Nokia reported on Thursday, it managed to sell only 30 million handsets. And especially with handset sales actually losing momentum in the fourth quarter -- traditionally the strongest quarter for smartphone sales -- it's hard to imagine how Microsoft will hit its breakeven point anytime in the near future. 

Source: Microsoft.

However, it gets worse when looking at the long term.

By 2018, Microsoft is targeting a 15% share of the global smartphone market, which, at that point, will have growth to 1.7 billion units. This means Microsoft believes it will be able to grow its smartphone sales to roughly 255 million units, or about Apple's market share, even as Nokia's handset sales are declining in the present.

Source: Microsoft.

In arriving at a final value for the deal, Microsoft estimates the Nokia handset deal will result in a net present value of between $15 billion and $30 billion. But again, this is predicated on Microsoft's achieving operating margins of 5% at the low end, and 10% at the high end. But again, remember, Nokia's handset business saw its operating margin decline meaningfully to 7.6% in its most recent quarter.

We're seeing a common thread emerge here -- that there's a gaping chasm between the current state of affairs at Nokia and what Microsoft believes it will be able to achieve with Nokia going forward.

A tall order indeed
Now, I'm all about being an optimistic, so forgive me for saying that this seems largely unachievable for Microsoft from where I'm sitting.

But it does.

Microsoft needed to make a bold move to demonstrate that it's serious about growing its presence in mobile. But from the look of things today, Microsoft will need to move far beyond just Nokia to achieve its desired 255 million shipments in five years' time.

In fact, it's been widely rumored that Microsoft has been in active discussions with other smartphone OEMs, such as Sony, Samsung, and many others, about possibly expanding their own portfolios of Windows-based smartphones in the year ahead.

However, as Microsoft prepares to bring Nokia's handset business under its corporate umbrella, it's looking more and more like a botched deal from the start. And that's something that should have Microsoft investors up in arms at the prospect of yet another botched billion-dollar buyout.

Apparently, history does repeat itself with Microsoft.

A much better bet than Microsoft for the year ahead
There's a huge difference between a good stock and a stock that can make you rich. The Motley Fool's chief investment officer has selected his No. 1 stock for 2014, and it's one of those stocks that could make you rich. You can find out which stock it is in the special free report "The Motley Fool's Top Stock for 2014." Just click here to access the report and find out the name of this under-the-radar company.

Paul Lountzis on the Margin of Safety

Source: The Manual of Ideas

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