These data points, along with dwindling inventory of first generation iPhones, suggest that Apple will announce the new 3G iPhone at its World Developers Conference, which kicks off June 9, according to Ryan Petersen of ImportGenius. Citigroup has predicted that Apple will unveil the 3G iPhone at the conference.
Farmers pressured by rising fertilizer prices-WSJ
Fertilizer prices were up 65% in April from a year ago illustrating the pressure farmers are under as they also confront increases in machinery, fuel, seeds and chemicals, which affects how much they can grow, according to the Wall Street Journal. Escalating fertilizer prices “defies rational explanation,” says Robert Carlson, head of the North Dakota Farmers Union. Producers deny charges of price gouging. Now North Dakota Senator Dorgan is asking the FTC to take a hard look at the industry.
QCOM added to Alpha List, maintain Buy@PIPR
Piper believes QCOM is well positioned for strong earnings growth. Target to $60 from $54.
Weekly additions to the Investors Business Daily-100
The following are additions to the Investors Business Daily- 100 list for the week of May 23: Venoco Inc. (VQ), Gorman Rupp (GRC), Anadarko Petroleum (APC), Compass Minerals International (CMP), Petroleo Brasileiro SA (PBR), Darwin Professional Underwriters (DR), Clean Harbors Inc (CLHB).
Weekly subtractions from the Investor’s Business Daily-100
The following are subtractions from the Investors Business Daily-100 list for the week of May 23: Excel Maritime Carriers (EXM), Koppers Holdings (KOP), Diana Shipping (DSX), Dawson Geophysical (DWSN), Cameron International (CAM), Systemax Inc. (SYX), Millicom Intl. Cellular (MICC).
Fast Money position recap- Macke Owns (HAS), (MSFT), (INTC), (WMT); Jon Najarian Owns (AAPL), (AMR), (BHI), (BUD), (DELL), (FTO), (VLO), (OII), (CPX); Jon Najarian Is Short (LEH); Seymour Owns (AAPL), (F), (INTC), (MER), (MSFT), (TSO); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE).
Financials is all you need to know because it really starts and ends there. The UBS news is pulling down the financials again as this has become deja vu all over again. GS and LEH were downgraded by BofA which didn’t help any. The S&P is sitting on a support zone of 1350-1375.
The overall theme going forward seems to be to short financials, brokers and banks when overbought and buy the strongest energy names and setups when oversold. The market looks short term oversold and we should see some support come in for the financials which should mark the first sign of a turnaround for the market. If not, the market could trail down further. The most interesting chart over the weekend was that of the RKH and ^BIX, both of which are showing a possible breakdown in the banking sector. A breakdown would be considered negative for the market overall and could really put a damper on things going forward. So keep an eye on it.
DUG, QID, USO, SKF, XLF are a couple things I’ll be watching today. Stay focused, keep positive and pick plays with a high probability of success. Watch for Consumer Confidence and Home Sales at 7 AM PT, which should move the market. Good Luck and great trading.
