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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Jacob Snyder who wrote (52777)	7/16/2011 8:07:42 PM
From: Return to Sender	1 Recommendation Read Replies (1) \| Respond to of 95622

From Briefing.com: Weekly Recap - Week ending 15-Jul-11Stocks tumbled more than 2% as Europe debt concerns and the inability of U.S. lawmakers to reach a debt ceiling agreement weighed on sentiment. The major indices suffered broad-based losses, with less than 50 stocks within the S&P 500 advancing. Nine of the 10 sectors fell more than 1%. Financials (-4.1%) and industrials (-3.6%) faced the most selling pressure. The energy sector outperformed on a relative basis after settling unchanged. Fed Chairman Bernanke gave his semi-annual testimony to lawmakers. Bernanke stated that the Fed remains prepared to adjust monetary policy in the event that economic developments warrant such a move. Bernanke also noted that the Fed has reached a consensus on the steps involved in an exit strategy from current policy. European sovereign debt concerns continues to weigh on stocks. An emergency EU meeting prompted speculation that the EU may be considering including Italy in any new bailout packages. Meanwhile, Moody's downgraded Ireland's debt to junk. While the U.S. has extremely low borrowing rates currently, the country has debt concerns of its own. Major rating agencies Moody's and S&P 500 both put the U.S. on review for a possible downgrade as uncertainty regarding the debt ceiling persists. S&P gave it a 50% chance that it will lower its long-term U.S. rating within the next 90 days. In corporate news, second quarter earnings reporting season unofficially started this week with Alcoa's (AA) report after the close Monday. A total of 13 S&P 500 companies reported earnings. Although 10 of them topped earnings expectations, only two of the reporting stocks posted a weekly share price advance. Alcoa missed EPS estimates by a penny, but posted better-than-expected revenue and offered a reassuring outlook. Shares fell 5.8% for the week. Banking giants JPMorgan Chase (JPM -2.0%) and Citigroup (C -8.7%) both saw their share prices decline despite posting upside EPS results. Shares of Google (GOOG 12.7%) rallied after the company handily topped EPS expectations. Revenue increased 24% y/y and EPS gained 36%. Earnings reporting season speeds up in the coming week. Operating earnings are projected to increase 14% y/y. Given the current uncertainty in the capital markets, guidance will be a key factor. Index Started Week Ended Week Change % Change YTD % DJIA 12657.20 12479.70 -177.50 -1.4 7.8 Nasdaq 2859.81 2789.80 -70.01 -2.4 5.2 S&P 500 1343.80 1316.14 -27.66 -2.1 4.7 Russell 2000 852.57 828.78 -23.79 -2.8 5.8 11:07 am Citigroup Beats Second Quarter Earnings Expectations (C) Citigroup (C $39.34 +0.32) reported second quarter earnings of $1.09 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.96. Revenues rose 4.5% year/year to $20.62 bln versus the $19.76 bln consensus. "We expect to begin returning capital to shareholders next year and end that year with an 8%-9% Tier 1 Common Capital Ratio under Basel III. During the first half of 2011, we added an estimated $9 billion in Basel III regulatory capital through the 'multiplier effect' created by the combined impact of earnings and the utilization of our deferred tax assets. In addition, at the end of 2012, we currently expect Citigroup's risk weighted assets under Basel III to be in the range of 135% of what they would be under Basel I and, more importantly, Citicorp's risk weighted assets to be approximately 120% of what they would be under Basel I." Citicorp revenues of $16.3 billion in the second quarter 2011 decreased less than 1% from the prior year period. Citi Holdings revenues declined 18% from the prior year period to $4.0 billion. Citigroup's quarterly net income increased 24%, compared to the second quarter 2010, to $3.3 billion as a significant improvement in the cost of credit was partially offset by higher operating costs. Total cost of credit in the second quarter fell 49% to $3.4 billion. The improvement in credit costs was driven by a 35% decline in net credit losses to $5.1 billion and a $2.0 billion release of credit reserves, reflecting a lower level of inherent losses remaining in the portfolio. Operating expenses grew 9% from the prior year period to $12.9 billion, reflecting the impact of foreign exchange translation, volume-related expenses in Citicorp, legal and related expenses and ongoing investment spending, which were partially offset by ongoing reengineering benefits and lower expenses in Citi Holdings. Citigroup's total allowance for loan losses was $34.4 billion at quarter end, or 5.4% of total loans. The $2.0 billion net release of credit reserves was 37% higher than the prior year period as credit quality continued to improve during the second quarter. More than half of the net credit reserve release was attributable to Citi Holdings. Book value per share was $60.34 and tangible book value per share was $48.75, 13% and 16% increases, respectively, versus the prior year period. Citigroup's Tier 1 Capital Ratio was 13.6% and its Tier 1 Common Ratio was 11.6%, an increase of 161 bps and 189 bps, respectively, from the second quarter 2010. LOL...market breadth led to only one stock being higher. Sure and after C's report the stock traded down. It did...