Credit To Equity: Credit Cautious as Equities Outperform‏

December 15th, 2014

Courtesy of MJ Credit Guru MS Howells Broad Market US and European Corporate credit market Indices are opening slightly stronger, however, many of the corporate credit market’s worst performing companies and sectors are continuing to widen. For example, RIG is opening 21bps wider at ~721bps while WFT, NBR, and TCK are opening 3-7bps wider. US [...]

News and Notes: Biotechs to Keep on the Radar Immunogen & Kite Pharma

December 15th, 2014

IMGN Immunogen disclosed Eli Lilly exercised its rights under its Multi-Target Agreement with ImmunoGen t (10.01 ) On December 11, 2014, Eli Lilly exercised its rights under its Multi-Target Agreement with ImmunoGen to take two licenses for exclusive rights to develop and commercialize anticancer products to two undisclosed targets using our antibody-drug conjugate technology. Lilly [...]

Credit to Equity Update: Divergence not this Severe Since 2007

December 11th, 2014

Recent equity market rally at odds with corporate credit market’s caution (Courtesy of Mike Johnson of MS Howell) Today, the CDX High Yield index is slightly lower and the IG index has surrendered nearly all its gains while the S&P 500 is up nearly 24pts. In our opinion, this divergence between the corporate credit and [...]

Stock Market Strategy: The Definitive Work on Intel (INTC)

December 5th, 2014

Courtesy of Russ Fischer SeekingAlpha Intel And Inevitability Summary Inevitability leads to predictability and gains in the stock market. The explosive growth of solid state drives in inevitable. Intel has a breakthrough cost on the raw material for solid state drives. The best investments I have ever made – investments that have made up 90%+ [...]

Rosenthal Research Focus: Non Volatile Random Access Memory (NVRAM) The Resurgence of Intel (INTC)

November 17th, 2014

Intel: More Good News About The Mobile Losses (Courtesy of Russ Fischer) Summary The losses on the mobile division are truly enormous. If the losses are R&D costs, what are they R&Ding? If they are primarily development costs, they can decrease rather quickly. Last week I wrote a piece on the Intel (NASDAQ:INTC) mobile losses. Basically it [...]

Stock Market Strategy: Why Stock Markets are Selling Off in Dramatic Fashion in One Easy Chart

October 15th, 2014

Courtesy of  dshort.com The Chart below does not require much of an introduction. Suffice it to say:  QE3 Ends + Record Amounts of Margin Debt = Vicious Stock Market Sell Off.  We have seen this process unfold before. At the end of QE1 in 2010 and QE2 in 2011 the S&P500 dropped about 20% from [...]

Stocks to Watch: GILEAD (GILD): HARVONI WILL BE THE BLOCKBUSTER WE EXPECT

October 14th, 2014

Courtesy of Prohost Biotech – Monday, October 13, 2014 A lot of talk, writings and insinuations were, and still are filling the media prior to, and following the FDA granting Gilead (GILD) approval for its all-oral HCV combination pill Harvoni. All that has been mentioned to date is questionable, except the fact that people infected with genotype 1a and [...]

The Morning Call: News that Moves Markets

October 1st, 2014

Courtesy of Briefing.com U.S. Equities Futures point to a slighlty lower open The VIX (16.31) looks to threaten the key 17.00 level that has for the most part held up since February MBA Mortgage Index (-0.2% actual v. -4.1% previous) ADP Employment Change (213K actual v. 202K expected) S&P Futures -4 @ 1962 Dow Futures [...]

Credit Update with Guru MJ: The ECB Brought out the Bazooka

September 4th, 2014

Courtesy of MJ of M.S. Howells Global credit markets were surprised by the ECB’s forceful actions this morning. The ECB has decided that it is going to force-ably restart European credit markets, consumer driven economic growth, and eliminate the risk of deflation. Its impact on the EUR also indicates that fears over European exports to [...]

Credit Update with Guru MJ: ECB Action Tonight May Disappoint

September 3rd, 2014

Credit to Equity Still Attractive But ECB Action Could Create Opportunity The potential of a Ukrainian – Russian peace agreement has the market on a sugar high. However, we believe the underlying strength in US economic growth and the increasingly aggressive actions and expectations of the ECB are the true issues to follow. In our [...]