Blue Mountain Credit Fund still in the red YTD; here are their biggest holdings
Blue Mountain Credit Alternatives Fund was up 0.36% for November, although the fund remains well into the red for the year. For the first 11 months, the fund was down 24.85% gross. Q3 2020 hedge fund letters, conferences and more Blue Mountain's fundamental credit strategy was up 0.63% for November, including a 1.09% gain for Read More
* US: Dow Futures: 13521.00 (0.24%), S&P 500 Futures: 1455.70 (0.30%), NASDAQ Futures: 2848.50 (0.36%)
* Europe: CAC: 3500.74 (0.10%), DAX: 7419.94 (0.09%), FTSE: 5851.69 (0.22%).
* Asia-Pacific: Australia: 4372.90 (-0.29%), China: 2029.29 (-0.19%), Hong Kong: 20698.68 (0.02%), India: 5673.90 (0.08%), Japan: 9091.54 (0.24%).
* Metals: Gold: 1773.80 (0.52%), Silver: 34.44 (1.34%), Copper: 3.76 (0.72%)
* Energy: Crude Oil: 92.97 (1.13%), Natural Gas: 2.88 (1.45%)
* Commodities: Corn: 7.49 (-0.73%), Soya Bean: 16.23 (-0.97%), Wheat: 8.96 (-1.03%)
* Currency: EUR/USD: 1.2958 (0.21%), GBP/USD: 1.6249 (0.19%), USD/JPY: 77.7600 (-0.10%)
* 10 year US Treasury: 1.710% (0.001)
Financial and Economic News Update
U.S. stock-index futures rise: U.S. stock-index futures are pointing to a higher open on Tuesday as home prices gained in July from a year earlier. The S&P/Case Shiller composite index of 20 metropolitan areas increased 1.2 percent in July from the same period last year. Economists were expecting a gain of 1.05 percent. The Dow Jones industrial average, the S&P 500 and the NASDAQ were all trading modestly in the green.
European markets trading largely unchanged: European markets are flat in trade today ahead of a meeting between ECB President Mario Draghi and German Chancellor Angela Merkel in Berlin. The German DAX (INDEXDB:DAX) is trading 0.1 percent higher at 7419.94, the FTSE 100 (INDEXFTSE:UKX) rose 0.2 percent to 5851.69 and the CAC 40 (INDEXEURO:PX1) added 0.1 percent to 3500.74. The euro zone blue-chip ESTX 50 PR.EUR (INDEXSTOXX:SX5E) (Euro Stoxx 50) was trading 0.1 percent higher
Asian markets end mixed: Asian markets closed mixed on Tuesday amid investor concern about a slowdown in global growth. Japan’s NIKKEI 225 (INDEXNIKKEI:NI225) added 0.3 percent to end at 9,091.54 points. The HANG SENG INDEX (INDEXHANGSENG:HIS) closed 0.02 percent higher at 20,698.68 points, while the SSE Composite Index (SHA:000001) (Shanghai Composite Index) fell 0.2 percent. The S&P/ASX 200 (INDEXASX:XJO) index ended 12.6 points down at 4,372.9. The benchmark Indian 30-share BSE SENSITIVE (INDEXBOM:SENSEX) index closed 0.11 percent higher.
Company News Update
* Yahoo! Inc. (NASDAQ:YHOO)’s new chief executive Marissa Mayer on Tuesday is expected to outline to employees her plans to turnaround the struggling Internet giant, according to a report by AllThingsD, which cited an internal memo sent out by Mayer on Friday.
* FactSet Research Systems Inc. (NYSE:FDS) reported fourth quarter profit of $48.5 million, or $1.08 per share that beat the average analysts’ estimate of $1.06 per share. Revenue for the quarter increased 8 percent to $207.7 million, in line with Street estimates.
* Vail Resorts, Inc. (NYSE:MTN) posted fourth quarter loss of $1.50 a share that was narrower than the average analysts estimate of $1.56 a share. Revenue increased 4.5 percent to $113.54 million, beating expectations of $107.18 million.
* Warren Buffet’s Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) has exercised warrants that give it a 17 percent stake in broadcaster and publisher Media General, Inc. (NYSE:MEG), according to a regulatory filing.
* Office-supply giant Staples, Inc. (NASDAQ:SPLS) plans to close 45 locations in Europe and speed up the closure of 15 stores in the U.S. as part of efforts to cut down expenses and grow in a struggling economy.
* Energy company Oneok Partners LP (NYSE:OKS) said it expects earnings to grow 19 percent in 2013. The company expects $405 million to $455 million in 2013, up from its 2012 forecast of $345 million to $375 million.
* Electric car maker Tesla Motors Inc (NASDAQ:TSLA) cut its revenue forecast for 2012, and now expects full-year revenue to be between $400 million to $440 million. The company had earlier forecast sales of $560 million to $600 million.
* Logistics company C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW) has agreed to buy privately-held smaller rival Phoenix International for $635 million.
* Troubled cellphone maker Nokia Corporation (ADR) (NYSE:NOK) unveiled two mid-range models in a bid to bolster its presence in the price sensitive Asian market.
* Toy retailer Toys ‘R Us plans to hire 45,000 seasonal workers this holiday season, 5,000 more than it did last year.
* Sidewinder Drilling Inc, a Houston-based land drilling company controlled by private equity firm Avista Capital Partners, has agreed to buy Union Drilling, Inc. (NASDAQ:UDRL) for $242 million in cash.
* Security company ADT will replace Lexmark International Inc (NYSE:LXK) and pipe and filter maker Pentair, Inc. (NYSE:PNR) will replace DeVry Inc. (NYSE:DV) in the S&P 500 (INDEXSP:.INX) index.
* Payroll processor Paychex, Inc. (NASDAQ:PAYX) has been downgraded to “neutral” from “buy” by analysts at UBS AG.
* Restaurant operator Buffalo Wild Wings (NASDAQ:BWLD) has been upgraded to “outperform” from “sector perform” by analysts at RBC Capital Markets.
* Lennar Corporation (NYSE:LEN) is down close to a percent in early morning trade after Barclays Capital lowered the stock to “equal weight” from “overweight” with a target price of $42.
* Britain-based emerging markets lender Standard Chartered PLC (LON:STAN) (HKG:2888) fell 3.8 percent in London trading after the Financial Times reported that Singapore’s sovereign wealth fund Tenmasek Holdings is looking to sell its 18-percent stake.
* Xstrata PLC (LON:XTA) slid 1.8 as it asked for another week to decide whether to accept the $36 billion revised offer from Glencore International Plc (LON:GLEN). Britain’s takeover regulator has granted the extension request and Xstrata will now have until 7 a.m. London time on Monday, October 1.
* French bank Credit Agricole SA (EPA:ACA) has agreed to provide an additional 600 million euros ($779 million) in fresh capital to its Greek subsidiaries, according to a Financial Times report. Separately, Goldman Sachs downgraded the stock to “neutral” from “buy.”
* German tire maker Continental AG (ETR:CON) (FRA:CON) sank 4.4 percent after Reuters reported that automotive parts supplier Schaeffler sold a 10.4 percent stake in the company for 1.6 billion euros ($2 billion).
* Commodities trader Glencore International Plc (LON:GLEN) will buy a smaller stake in Kazakh zinc and gold producer, Kazzinc, than it had earlier agreed upon.
* Drugmaker Sanofi SA (ADR) (NYSE:SNY) (EPA:SAN) said it may cut 900 jobs in France within the next three years as part of a plan to reduce costs. Unions had earlier predicted 2,500 layoffs.
* Hong Kong-listed Italian fashion group Prada S.p.A. (HKG:1913) reported a 59 percent increase in first-half profit to 286.4 million euros ($371.8 million), from 179.5 million euros a year earlier. Revenue for the period increased 37 percent to 1.55 billion euros.
* British media company Daily Mail and General Trust plc (LON:DMGT) jumped 2 percent after reporting a revenue boost from the London Olympics.
* Chipmaker STMicroelectronics N.V. (ADR) (NASDAQ:STM) (EPA:STM) was up in early morning trade after analysts at HSBC plc initiated coverage of the stock with a neutral rating.
* British electricity and gas utility National Grid plc (ADR) (NYSE:NGG) (LON:NG) gained 0.5 percent after analysts at Credit Suisse reiterated their “outperform” rating on the stock.
* Taiwan’s Foxconn Technology Group, the parent of Apple Inc. (NASDAQ:AAPL)’s supplier Hon Hai Precision Industry Co., Ltd. (TPE:2317), said production has resumed at its Taiyuan plant in northern China, a day after it shut down following large scale unrest.
* Google Inc (NASDAQ:GOOG) has started selling its Nexus 7 tablet computer in Japan. Priced at 19,800 yen ($255), the 16 gigabyte model went on sale online on Tuesday and will hit store shelves on October 2.
* Toyota Motor Corporation (ADR) (NYSE:TM) (TYO:7203) will cut back on production of its luxury Lexus vehicles amid a drop in its China sales, where anti-Japanese riots over a territorial dispute has caused disruptions for Japanese businesses across the country, the Nikkei business daily reported.
* Indian liquor baron Vijay Mallya’s United Spirits Limited (BOM:532432) is in talks with British drinks giant Diageo plc (ADR) (NYSE:DEO) (LON:DGE) to sell a stake in the company.
* Japanese construction machinery makers Komatsu Ltd (TYO:6301) and Hitachi Construction Machinery Co., Ltd. (TYO:6305), and industrial robotics maker Fanuc Corp (TYO:6954), all ended deep in the red after Caterpillar Inc. (NYSE:CAT) reduced its 2015 earning forecast and said a global recession remains possible.
* Chinese railway equipment stocks ended lower on Tuesday after Credit Suisse rated the sector as “underweight.” China Railway Construction Corp Limited (HKG:1186) (SHA:601186) fell 1.8 percent and China Communications Construction Co Lt (HKG:1800) (SHA:601800) was down 2.1 percent. China CNR Corporation Limited (SHA:601299) lost 0.9 percent.
* Three former executives of Olympus Corp (TYO:7733) pleaded guilty on Tuesday over charges related to a $1.7 billion accounting fraud at the Japanese medical equipment maker. Separately, Sony Corporation (ADR) (NYSE:SNE)
(TYO:6758) in likely to approve this week a 50 billion yen ($642 million) investment in Olympus Corp (TYO:7733), according to a Reuters report.
* Exchange operator Hong Kong Exchanges and Clearing Limited (HKG:0388) fell 2.6 percent after the company said it would raise $500 million via convertible bonds to fund its acquisition of the London Metals Exchange.
Economic Calendar for Tuesday, September 25, 2012:
07:45 A.M. ET: ICSC-Goldman Store Sales (Week ending Saturday, September 22)
08:55 A.M. ET: Redbook Index (MoM)
08:55 A.M. ET: Redbook Index (YoY)
09:00 A.M. ET: S&P/Case-Shiller Home Price Indices (YoY) (July)
10:00 A.M. ET: Consumer Confidence (September)
10:00 A.M. ET: FHFA House Price Index (July)
10:00 A.M. ET: Richmond Fed Manufacturing Index (September)
11:30 A.M. ET: 4-Week Bill Auction
01:00 P.M. ET: 2-Year Note Auction