The reports had a benign effect on the futures as they remain lower as the markets are more concerned with the financial sector and the rising price of oil. Crude oil is today up more than $2.50 at $118.15 a barrel.
Iran buys wheat from the U.S.-WSJ
For the first time in nearly three decades, Iran this summer bought over 1M tons of hard red winter wheat from the U.S., equal to between 3% and 4% of U.S. domestic wheat exports. U.S. government sanctions do not apply to agricultural exports to Iran, according to the Wall Street Journal. A drought in Iran is expected to cut its production by about a third.
Salesforce.com-CRM volatility Elevated at 62 into lower outlook
CRM is recently trading at $58.15 in pre-open trading, below its close of $65.30. CRM, the seller of subscriptions to business software, reported Q2 EPS below analyst expectations. CRM lowered forward guidance. CRM September option implied volatility of 62 is above its 26-week average of 55 according to according to Track Data, suggesting larger price movement.
Monsanto-MON: View weakness as a buying opportunity@ARGS
Argus views the recent weakness as a buying opportunity as seed prices trend up.
Google-GOOG: Search ad budgets remain intact@COWN
Following the Search Engine Strategies conference earlier this week, Cowen said they believe search ad budgets continue to exhibit good growth. The firm believes there some headwinds due to the economy but they believes their revenue estimates are achievable. Shares are Outperform rated.
Google-GOOG: Still comfortable with Street’s top-line estimates@KBRO
After conducting checks, Kaufman Bros. believes Google’s U.S. and Western Europe search advertising revenue is not being significantly impacted by economic headwinds. The firm maintained their Buy rating.
Gymboree-GYMB: Even in a weak mall environment, 2Q EPS beat estimates@FBRC
Even though there was a 42% growth in earnings, FBRC believes there is a shifting in the risk/reward scenario and will remain sidelined until the macro environment has greater clarity. At current levels, FBRC believes substantial share appreciation will be more difficult, but that 3Q08 guidance is attainable. The firm increased FY08 and reduced FY09 EPS estimates; target price decreased to $36 from $43 and Market Perform rating reiterated.
Celgene-CELG Vidaza receives expanded FDA approval
Celgene Corporation announced VIDAZA received expanded U.S. Food and Drug Administration approval to reflect new overall survival achieved in the AZA-001 survival study of patients with higher-risk myelodysplastic syndromes. This expanded indication supplements the 2004 FDA authorization of VIDAZA as the first therapy approved in the U.S.
