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Summary Box: Stocks dip as jobs worries continue (AP)

June 22nd, 2011

JOBS: New applications for unemployment benefits rose last week. The continued rise indicated little improvement in the job market since May, when there was a drop in the number of new jobs created.

GREEK DEAL: Reports of a new Greek austerity plan helped the Dow pare its losses. It closed down 60 points after dropping nearly 240 points in earlier trading.

THE INDEXES: The Dow closed down 59.67 points, or 0.5 percent, at 12,050. The S&P 500 index fell 0.3 percent 1,285.50. The Nasdaq gained 0.4 percent to 2,686.75.

Tags: Continue, Continue Ap

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Stanley Works Remains in an Uptrend

June 21st, 2011

The stock of Stanley Works (SWK), which I first discussed here on February 10, 2009, at $32.48, continues to power higher, dusting $70 psychological resistance and testing $77 before a recent pullback. If you haven’t already, now may be a good time to consider taking some profits off the table, if you’re in near $32.

However, those investors who can tolerate the risk can maintain their full position in SWK, as more upside is likely ahead.

With Stanley’s March 2010 acquisition of Black & Decker complete, look for 2011 sales to surge 20% to 22%, including organic growth of about 6% to 9%. In 2012, revenue should rise 7% to 10%.

Also, rare is the day you will find a steadier performer than New Britain, Conn.-based Stanley Works. Tool and hardware manufacturer Stanley is sort of a microcosm of the industrial ascension of the United States. Stanley is a low-profile, highly productive manufacturer of tools and hardware for consumer and industrial use: hammers, screwdrivers, saws, pliers, wood planes and measuring tape, etc. The craftsmanship and durability of it products is renowned.

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Tags: Stanley Works, Works

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“Papandreou has Serious Doubts Greek Parliament Will Take Necessary Steps”

June 21st, 2011

Greek finance minister Evangelos Venizelos (the former defense minister appointed to a new post in a cabinet shakeup, and who knows little about finance) is under pressure from labor unions to get a change in austerity measures and under pressure by the EU to not change a thing.

Reuters reports EU tightens squeeze on Greece; banks discuss rollover

Greece’s new finance minister grappled with EU and IMF officials over gaps in his austerity plans on Thursday, with European leaders insisting on deep spending cuts and more tax hikes if Athens wants to secure funds and avoid potential default.

Euro zone governments are meanwhile talking to European banks and insurance companies to try to convince them voluntarily to maintain their exposure to Greek debt when their bonds mature, as part of a possible second rescue for Athens.

Greek Finance Minister Evangelos Venizelos met inspectors from the European Commission, European Central Bank and the International Monetary Fund in Athens to try to iron out differences over the current bailout program.

“All conditions must be met,” Luxembourg Prime Minister Jean-Claude Juncker told reporters as he arrived for a summit of EU leaders at which Greece’s crisis will top the agenda.

“If Greece does what it has to do, we will do what we have to do.

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Tags: Greek, Greek Parliament

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Oxen Group Nightly – June 23, 2011 – Stock Market Recap

June 20th, 2011

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Testy Tuesday – Dow 12,000 or Dow 11,500?

June 16th, 2011

Are we “still too heavy“?

That was what I said about valuations back on May 4th, when we set new watch levels.  $96 was our goal on oil, we hit that and went long yesterday.  Of course, in our upside-down Wonderland Market, falling oil prices are somehow BAD for the Transports and we thought we accounted for that with our 2,448 target but they failed that last week and fell another 125 (5%) since then.  Similarly (easier to write than say), the Nasdaq blew through our 2,700 line and bottomed out at 2,639 yesterday (-2.25%) but the Russell has been the biggest surprise, leading us all the way down to 773 in yesterdays action before bouncing back to lucky 777.

As we expected yesterday, the Dollar was sacrificed on the altar of keeping the markets from going to Hell in a handbasket dropping all the way from 75.20 to 74.80 (0.5%) which gave us only a flat market but the 74.60 line held in overnight and were back to 74.80 and now the pre-markets are wondering why they gained 0.75% in overnight trading.  Oil po

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Top Small Caps in News; Glu Mobile, Zagg

June 14th, 2011

Shares of Glu Mobile Inc. (NASDAQ: GLUU), a San Mateo, California-based company engaged in the designing, marketing and sale of games for mobile phones, climbed in todays trade, up less than 1% to $4.71. The company late last month updated its financial guidance for the three-month period ended June 30, 2011.

Glu Mobile said that it expects non-GAAP revenue to come in between $16 million and $17 million for the three-month period ended June 30, 2011. The company’s previous guidance for non-GAAP revenue was $15-$16.5 million. The company expects its non-GAAP smartphone revenue to come in between $8.25 million and $8.75 million. Glu expects to report an operating loss of $1.3 million-$2.1 million for the three-month period ended June 30, 2011. This is smaller than the company’s previous estimate of an operating loss of $1.3 million-$2.5 million. The company expects gross margin to be around 80% for the three-month period.

Since updating its financial guidance, Glu Mobile shares are down 3.33%. In the same period the NASDAQ fell 4%. In the last one month the stock gained 25.07%, outperforming the NASDAQ, which is down 6.29%.

Zagg Inc. (NA

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Tags: Glu Mobile, Mobile

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