Carnage On The Markets As Selloff Continues, Facebook IPO’s
allpennystocks Newsletter
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http://ymlp229.net/zhHTz4 ——————————————————————————– May 20, 2012 Week In Review…
Week In Review For May 14 to May 18, 2012 Canadian Companies mentioned include:
* Magellan Minerals Ltd. (TSX-Venture:MNM) * Commerce Resources Corp. (TSX-Venture:CCE) * Eacom Timber Corp. (TSX-Venture:ETR) * Colonial Coal International Corp. (TSX:CAD) U.S. Companies mentioned include:
* KMA Global Solutions International Inc. (Pink Sheets:KMAG) * China Agritech Inc. (Pink Sheets:CAGC) * Cellceutix Corp. (OTCBB:CTIX) * McKenzie Bay International Inc. (Pink Sheets:MKBY) This week on AllPennyStocks.com:
* Article Published, May 16, 2012: Tarot Cards, Crystal Balls and History Say to Keep an Eye on This New Public Company (http://www.allpennystocks.com/aps_us/special_reports/262/Tarot-Cards,-Crystal-Balls-and-History-Say-to-Keep-an-Eye-on-This-New-Public-Company.htm)(U.S. Company) * Article Published, May 16, 2012: West Africa Focused Gold Producer Looking For a Bottom (http://www.allpennystocks.com/aps_ca/special_reports/269/West-Africa-Focused-Gold-Producer-Looking-For-a-Bottom.htm) (CDN Company) * Article Published, May 18, 2012: Facebook Frenzy Shines Spotlight on Winning and Losing Internet Microcaps (http://www.allpennystocks.com/aps_us/special_reports/264/Facebook-Frenzy-Shines-Spotlight-on-Winning-and-Losing-Internet-Microcaps.htm) (U.S. Companies) Video charts for the week:
* May 14th Technical Video Chart For KMAG. After a monster move from $0.0005 to $0.0231, shares of KMA Global have seen some profit taking.
Ending last week with two green closes, technical traders will be watching for a potential continuation of a bounce off support at $0.006. view:
( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/g1Z2xmz4QXk ).
* May 16th Technical Video Chart For DEE:CA. After a plummet from $1.70 to just over a dollar, the Delphi Energy chart is holding support at $1.15 and making slightly higher lows. There`s some resistance around $1.30, but a big upside should the reversal stay the course. view:
( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/Gm9dj46Otls ).
Follow AllPennyStocks.com on Twitter: Click here: ( http://www.allpennystocks.com/aps_common/twitter.asp ) to join AllPennyStocks.com on Twitter. Find out about the penny stocks to watch before anyone else, only on Twitter. Following AllPennyStocks.com is free, get all the details here: ( http://www.allpennystocks.com/aps_common/twitter.asp ).
WEEKLY UPDATE – GREEK TURMOIL ROCKS NORTH AMERICAN MARKETS The week kicked-off on a sour note and never looked back, despite some intermittent moments of bullishness. Equities and commodities began the week in trouble and finished it fragile; feeling the aftershock of foreign dysfunction as the Greeks came through the prior weekend without a coalition government. The week was flooded with news from Europe that dominated a smattering of decent economic data from the States and another heavy batch of earnings news. The results from this past week`s continuation of bearishness include the Dow dumping 2012 gains by more than 1/2 in two weeks. The TSX has doffed-off about 1,000 points, or more than 8 percent, to its lowest level since October 2011. The markets being roiled by uncertainly has been especially damaging for small caps as shown by the Toronto Venture Exchange being battered; dropping 468 points (-27.61%) since the beginning of March.
Attempts to form a coalition government in Greece have failed since an inconclusive election May 6 where Greek voters rebelled against the strict austerity measures that are required for Greece to continue to receive much-needed bailout funds and to remain in the euro-zone. The debt-wracked country will be hosting another election on June 17th, but is under heavy scrutiny as it faces a principle interest payment before that day will arrive. European leaders voiced support this past week for keeping Greece in the euro-zone – including Spanish Prime Minister Mariano Rajoy saying that it would be “a very big mistake” if Greece were to exit – but cautioned the country must stick with unpopular austerity measures if Greece is going to continue to receive help. The fear is that the actions of the anti-austerity ruling party could cause the bailout deal to come unglued, default on loans will follow and the country will end up leaving the euro.
German Chancellor Angela Merkel said that she wants Greece to remain in the euro-zone and will make every effort to help the nation get on solid footing. Merkel agreed with France`s newly elected president Francois Hollande to consider measures to spur growth in Greece.
Adding to those concerns, the European Central Bank has suspended its lending to some Greek banks that need to sufficiently boost their capital. Worse yet, Fitch cut Greece`s debt rating to “Triple C,” citing the “heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union.” Spanish and Italian debt markets were in sharp focus with Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain’s biggest lenders, having their ratings slashed three levels by Moody’s Investors Service. The ratings firm cited a recession and mounting loan losses in downgrading 16 of the nation’s banks. The moves followed Moody’s May 14 downgrade of 26 Italian banks. Over the last year, investors have been running-away from holding Spanish debt with global ownership of Spanish bonds decreasing more than 30 percent in that time. The yield on the Spanish 10-year bond climbed to 6.33% on Monday and held over 6% all week. Any rate above the 6% benchmark raises the risk that Spain might need a bailout of its own.
Italian bond yields also rose, hitting 5.75%. Yields on 10-year Greek bonds screamed ahead to 27.3%.
German economic growth came in at 0.5% in the first quarter. The positive figure was warmly welcomed after the 0.2% decline in GDP at the end of 2011 that had raised fears that Europe`s largest economy was falling into recession. Importantly, the growth helped the EU in general by keeping the EU`s GDP at 0.1%; modestly stemming fears that the EU on a whole was heading into a recession.
Investors continue to hope that the U.S. Central Bank will swoop in to be the superhero and save the markets with QE3 to provide liquidity to the markets. Casually adding credence to the possibility, the minutes were released from the April meeting of the Federal Open Market Committee. Those minutes showed that “several members indicated that additional monetary policy accommodation could be necessary if the economic recovery lost momentum or the downside risks to the forecast became great enough” as compared to previous minutes, which only said that “a couple of members” expressed support for further stimulus.
The heightened emotions have caused the Vix Index, the so-called “fear gauge,” to shoot upward this past week. Breaking back above 25, the Vix is registering its highest levels since early December 2011.
Over the weekend, investors will be watching developments out of the Group of Eight meeting held at Camp David in Chicago, Illinois where policymakers are expected to offer their support for the European Union. Markets will be closed Monday due to the Victoria Day holiday in Canada.
The Canadian dollar continued its slide against the USD with the gap widening to parity this past week as investors continue to avoid riskier currencies like the loonie. Data had little impact on boosting sentiment in Canada`s currency as traders shierked off inflation data and signals that other countries are in support of Greece and Spain`s banking woes. The loonie fell for four straight days, representing the longest string in 2012. Basically, the combination of rising risk aversion and uneven data from the States is weighing heavily on the currency. Regressing to four-month lows, the Canadian dollar lost 2.14% against the USD, meaning that next week will begin with one Canadian dollar buying US$0.97843.
Commodity Snapshot:
* Gold futures fell to the lowest level since last July on Wednesday before the bulls staged a big comeback on Thursday and Friday to edge gold ahead for the week. The run was the biggest two-day move since October of last year. The two days of sharp gains amidst the turmoil overseas and falling equities has some analysts suggesting that gold might have turned a corner for price direction after some steady weakness and be returning to its role as a “safe haven.” Quick to rebut, other analysts urged caution, saying that a couple days does not make a trend. On the week, June contracts, the most actively traded on the Comex division of the New York Mercantile Exchange, rose by $7.90, or 0.50%, to close at $1,591.90 per troy ounce.
* Silver, rebounded with bullion late in the week to pare losses after dipping as low as $26.73 an ounce on Wednesday. A rise in the euro to recover from a four-month low against the USD and investors consolidating positions heading into the weekend helped bolster the rally, despite concerns over bank downgrades and the possibility of Greece exiting the euro. The gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, touched 56.6 this week, its highest since late December, easing back on Friday to around 56 as silver outperformed gold in a rising market. On the week, July contracts were the most actively traded; dropping 0.61%, or $0.48 to close the week at $28.715.
* Copper prices continued their May swoon by posting losses for the third straight week. The multi-use red metal has dropped more than 10% from its May 1st high of $3.8555 against a backdrop of data showing a global slowdown in growth. The dark cloud from Europe has hamstringed economically-sensitive assets such as copper and crude, but copper is now at very oversold levels which had advantageous buyers moving in with a position ahead of the G8 meeting in Chicago this weekend. July contracts were the most actively traded on New York`s COMEX exchange during the week and shaved-off 17.95 cents, or 4.92%, to $3.4685 per pound.
* Oil prices fell four out of five days this past week as a result of the latest flare-up in Europe. A poor jobs report in the States two weeks ago and data from China suggesting a slowing economy began the steep slide with EU news adding further fuel to the fire which has not let oil prices stabilize after a run-up over demand concerns based on threats that Iran may block oil flow in the Straight of Hormuz. Crude has fallen in 12 of the last 13 sessions. On the week, June contracts retreated another $4.65, or 4.84%, to close at $91.48 per barrel.
Equity Market Snapshot:
(All percentages on a weekly basis unless otherwise noted) * Major gold miners benefited from the bounce in bullion late in the week with Barrick Gold (ABX, +2.10%), Goldcorp (G, +1.60%), Newmont Mining (NMC, +4.16%), Yamana Gold (YRI, +2.73%) and Agnico-Eagle Mines (AEM, +0.41%) all pulling up from lows to close green on the TSX.
Kinross Gold (K, -1.01%) paced the laggards.
* Energy stocks were laggards again this past week as oil fell yet again. Suncor Energy (NYSE:SU, -6.41%), Canadian Natural Resources (NYSE:CNQ, -5.23%), Talisman Energy (NYSE:TLM, -9.13%), Imperial Oil (NYSE:IMO, -6.88%) and Cenovus Energy (NYSE:CVE, -6.25%) all posting significant losses.
* Sentiment remained sour for banks in the wake of the $2 billion trading blunder, which now may be as high as $5 billion reported the prior week by JPMorgan Chase & Co. (NYSE: JPM, -9.39%) which lead to the resignation of execs this week, including Chief Investment Officer Ina Drew, the woman who oversaw the unit responsible for the debacle.
To that end, Fitch also lowered its rating on JPM, voicing concerns of “lack of liquidity.” The SEC and FBI have opened investigations of the company related to the matter. It came out Friday that JPM holds $100 billion in risky bonds, a situation that is far to similar to conditions before the financial fall-out in 2008. Shares of JPM have lost about 25% in three weeks.
* Caught in the jet wash of global concerns and the JPM fiasco.
Majors Goldman Sachs Group (NYSE:GS, -6.50%), Bank of America (NYSE:BAC, -7.02%) and Citigroup (NYSE:C, -11.38%) posted losses on the week.
* On the Canadian banking front, The Bank of Nova Scotia (TSX:BNS, -3.60%), Toronto-Dominion Bank (TSX:TD, -4.43%), Royal Bank of Canada (RY, -4.26%) and Bank of Montreal (BMO, -2.57%) all drifted lower with the U.S. peers.
* “Facebook Friday” finally arrived with the much-anticipated Initial Public Offering of Facebook finally arriving with pricing coming in on Thursday at $38 per share (the top end of its expected pricing), making it the largest internet IPO ever. Things didn`t start well with a glitch leading to a delay to the commencement of trading and didn`t end much better after all the hype. An initial spike to $45 was followed by a slide back to close the first day only 23 cents higher than it began on massive volume of 580.2 million shares traded.
* Other social media stocks fell on the day and were mixed for the week, including Groupon (NASDAQ:GRPN, +16.97%), LinkedIn (NYSE: LNKD, -7.66%) and Zynga (NASDAQ:ZNGA, -4.28%). Daily deals site Groupon shares rose for the week after on Monday it reported narrowing losses and better-than-expected sales.
* Shares of Chesapeake Energy (NYSE:CHK, -3.04%) initially rebounded on Monday after saying that it arranged $3 billion in secured loans from Goldman Sachs and affiliates Jefferies Group and news that an activist investor had boosted his holdings in the company to more than 5 percent. The early-week bump did not hold as shares fell sharply after Standard & Poor`s downgraded the company`s credit rating, citing “mounting turmoil” related to corporate governance and budget gaps.
* Yahoo (NASDAQ:YHOO, +1.51%) had a volatile week as it announced that CEO Scott Thompson left the company after it was found he padded his resume with an embellished college degree, ending his term there after just four months. In other Yahoo news, the company reported that it is close to selling its stake in Alibaba back to the Chinese internet giant.
* Apparel and accessories retailer Francesca`s Holdings Corp.
(NASDAQ: FRAN, -9.16%) fired its CFO Gene Morphis for improper use of social media (he was Tweeting non-public information, according to reports) as it raised its guidance for the year.
* Retail giants Wal-Mart (NYSE:WMT, +5.07%) and Sears Holdings (NASDAQ:SHLD, -4.48%) reported earnings this past week. Wal-Mart, the nation`s largest retailer, posted stronger-than-expected quarterly earnings and sales. Rival Sears also reported a profit, even as sales declined, thanks to a boost from selling real estate assets. The retailer also announced it was looking at a partial spinoff of its Canadian operations.
* Societe Generale‘s analyst Andy Perkins cut his rating on Nokia (NYSE:NOK, -10.94%) to Sell from Hold, writing that the company’s trajectory seems to be playing out that of Motorola in its rise and subsequent fall starting in 2005, and he predicts business will get worse for Nokia.
* Shares of Chinese solar energy producers Yingli Green Energy (NYSE:YGE, -28.61%), Trina Solar (NYSE:TSL, -22.02%) and Suntech Power (NYSE:STP, -22.48%) took a pounding after the U.S. government announced new tariffs on Chinese solar panels. Shares of U.S. panel makers First Solar (NASDAQ:FSLR, -15.36%) and SunPower (NASDAQ:SPWR, -8.30%) fell right along with them.
* Beauty company Avon Products (NYSE:AVP, -15.12%) said early in the week that it would consider the most recent buyout offer from Coty Inc., which upped its offer during the week prior. Warren Buffett`s Berkshire Hathaway is helping to finance the bid and said it would back the purchase. Shares of Avon tumbled upon the news.
* Shares of Best Buy (NYSE:BBY, -6.54%) rose initially upon the retailer saying that former Chief Executive Brian Dunn`s relationship with an employee was inappropriate but didn`t involve “misuse of company resources” or “misuse of aircraft.” The news was not strong enough to salvage the week, however.
* Dow component Home Depot (NYSE:HD, -6.54%), a bellwether of activity in the nation`s troubled home-building industry, reported quarterly earnings in line with estimates but issued an earnings forecast that fell short.
* Shares of retailer JC Penney (NYSE:JCP, -23.42%) has been working diligently on re-branding itself, but saw shares nosedive after it reported a much bigger than expected loss last quarter. The company also discontinued its dividend.
* GlaxoSmithKline (NYSE:GSK, -3.16%) couldn`t muster a green week even with news that its experimental melanoma drug, dabrafenib, showed promise in Phase I trials for patients with brain tumors that could add months to the lives of patients.
* Shares of Salesforce.com (NYSE:CRM, +5.66%) rose sharply after the company reported better-than-expected earnings late Thursday. Beating Wall Street expectations, the cloud computing and social enterprise company reported that its first-quarter revenue rose 38% from the year-earlier quarter, to $695 million.
Weekly Indices Results:
The S&P TSX Composite Index accelerated its decline;subtracting 414.03 points, or 3.54%, to 11,280.64. The TSX Venture Exchange crashed again; plummeting 118.45 points, or 8.80%, to 1,227.88.
In the States, the Dow Jones Industrial Average lost value for the third straight week; depreciating by 451.22 points, or 3.52%, on the week to 12,369.38. The much-broader S&P 500 followed along; shrinking its total by 58.17 points, or 4.30%, to close at 1,295.22. The tech-rich NASDAQ Composite continued to eliminate gains from earlier in the year; unleashing 155.03 points, or 5.28%, to 2,778.79 on the week.
Canadian Economic Data:
* The Canadian Real Estate Association (CREA) reported that national resale housing activity edged up 0.8% in April 2012. The national average home price rose by 0.9% on a year-over-year basis for the month.
* Consumer prices rose 2.0% in the 12 months to April, led by increases in transportation costs. This increase followed a 1.9% rise in March. Energy prices increased 1.1% in the 12 months to April, following a 5.1% rise in March. The slower increase in April was largely attributable to smaller price gains for gasoline and electricity, as well as price declines for natural gas (-13.9%).
Excluding energy, the CPI rose 2.1% in the 12 months to April, following a 1.6% increase in March.
* Statistics Canada reported that foreign holdings in Canadian investments went down $2.1 billion in March, led by debt instruments.
On the other side, Canadian investors acquired the largest amount of foreign securities in nearly five years at $7.8 billion, most of those funds in equities.
* Manufacturing sales increased 1.9% in March to $49.7 billion, the largest advance since September 2011. The gain was led by the petroleum and coal products industry.
* Wholesale sales rose 0.4% in March to $48.7 billion. Higher sales were reported in three of the seven subsectors, accounting for almost half of total wholesale sales. In the last 12 months, Canadian wholesalers posted nine monthly increases, which translated into a growth rate of 6.0% relative to March 2011. In volume terms, wholesale sales were unchanged in March.
Next week, economic data will be sparse with only Retail Trade and the Index of Leading Indicators on Wednesday; and March`s Unemployment Insurance stats on Thursday.
U.S. Economic Data:
* Falling in line with economists` expectations, April’s Consumer Price Index, a measure of the U.S. cost of living, was unchanged from March, following three straight months of gains that included a 0.3 percent rise in March, according to the Labor Department. The so-called core measure, which excludes more volatile food and energy costs, rose 0.2 percent for a second month.
* Output from factories increased in April, lead by a gain in auto production, which jumped by 3.9% – the fifth straight month of increase in the output at auto plants and biggest climb since January.
The Federal Reserve said factory production rose 0.6% in April, erasing a 0.5% decline in March.
* The Philadelphia Fed Survey showed that regional manufacturing unexpectedly plunged in May for the first time in eight months. Going against economist predictions of a rise to 8.8, the Philly Fed index fell to -5.8 from 8.5 in April. Any reading below zero indicates contraction in manufacturing in the area.
* Also missing the mark, the index of leading indicators, which gauges the economy`s performance over the next three to six months, fell 0.1% in April; disappointing economists who expected it to rise 0.2%.
* The Commerce Department said that retail sales rose in April only by 0.1%, the slowest pace of the year, indicating that unseasonably warm weather may have pulled consumers to stores more in March, when retail sales jumped by 0.7%.
* U.S. builders picked-up the pace in April, evidence that the beleaguered housing market is slowly healing. The Commerce Department said that builders broke ground at a seasonally adjusted annual pace of 717,000 homes in April from March, a 2.6 percent increase month over month. Building permits, a gauge of future construction, fell in April from a 3 1/2 year high to a seasonally adjusted annual rate of 715,000. The drop was highlighted by a 23 percent decrease in the apartment category, a notably volatile sector. Permits for single-family homes rose almost 2 percent.
* Manufacturing activity in the New York area rebounded in May, almost entirely erasing a surprising decline in the prior month, according to the New York Federal Reserve Bank. The bank’s Empire State Manufacturing Index rose to 17.1 in May from 6.6 in April, which was the lowest since November 2011. The 17.1 reading came in well-ahead of economist predictions of a rise to 9.5.
* More Americans than forecast filed applications for unemployment benefits for the week ended May 12th, signaling that the labor market is making little progress. The Labor Department reported that initial jobless claims were unchanged at 370,000, slightly higher than the drop to 365,000 that economists had predicted. The number of people on unemployment benefit rolls rose, while those receiving extended payments decreased.
Next week, data in the States will include Existing Home Sales on Tuesday; New Home Sales on Wednesday; Durable Goods and Initial Jobless Claims on Thursday; and Consumer Sentiment on Friday.
Penny Stocks to Watch & Company Spotlight Results:
Among the stocks we watched this week, gold explorer Magellan Minerals Ltd. (TSX-Venture:MNM) rose on Monday to touch its intraweek high of 24.5 cents, but slid lower the rest of the week to finally rest at $0.20; down $0.04, or 16.67%. The other stock we had on radar, rare metal explorer Commerce Resources Corp. (TSX-Venture:CCE) was reflective of all the other junior miners by fading primarily all week; ending at $0.205 for a loss of 26.79%, or 7.5 cents per share, with an intraweek high of $0.265.
In the States, fertilizer maker China Agritech Inc. (Pink Sheets:CAGC) trended sideways and even hit an intraweek high of $0.91, but fell into Thursday`s close and ended-up closing down by 9 cents, or 10.71%, at $0.75 on Friday. The other U.S. stock on our watchlist, tech company KMA Global Solutions International Inc. (Pink Sheets:KMAG) lost its momentum and tumbled by $0.0025, or 33.33%, to $0.005 with an intraweek high of $0.0082.
If you`d invested in all four stocks and held them to the end, you`d have seen an average loss of 21.88%. However, if you`d bought all four at the beginning of the week and sold each at its peak, you`d have realized gains of 3.30%.
Next week, we focus on Eacom Timber Corp. (TSX-Venture:ETR) and Colonial Coal International Corp. (TSX-Venture:CAD). In the States, look for big things from Cellceutix Corp. (OTCBB:CTIX) and McKenzie Bay International Ltd. (Pink Sheets:MKBY).
We`ve been quite quiet over the last six weeks or so with our company spotlights as we continued to watch the carnage on the stock markets.
While we have no crystal ball to know if the selloff has ended, one thing is certain, stocks have been beaten up and are currently possible to snatch up at significant discounts. Next week we will be announcing a new U.S. company spotlight on an interesting Company in a relatively safe industry with strong fundamentals. This Company, like most of the one`s we highlight on AllPennyStocks.com, is under the radar of most investors but we believe that it warrants some attention. Look for this new Company spotlight in your email boxes early next week.
————————- Forward Looking Statements This report includes forward-looking statements that reflect the mentioned companies current expectations about its future results, performance, prospects and opportunities. the mentioned companies has tried to identify these forward-looking statements by using words and phrases such as “may,” “will,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “we are confident” or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause the mentioned companies actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company`s growth expectations and ongoing funding requirements, and specifically, the Company`s growth prospects with scalable customers, and those outlined above. Other risks include the Company`s limited operating history, the Company`s history of operating losses, consumers` acceptance, the Company`s use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company`s securities, the possible volatility of the Company`s stock price, the concentration of ownership, and the potential fluctuation in the Company`s operating results.
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