Among the stocks featured in the June 30 edition of Schaeffer's Market Blog are General Motors (NYSE:GM), Atari (NASDAQ:ATAR), Palm (NASDAQ:PALM), and Goldman Sachs (NYSE:GS). Schaeffer's Market Blog is just one of the many free market commentaries written every day at www.SchaeffersResearch.com - the home of Bernie Schaeffer and Schaeffer's Investment Research. The Market Blog is written throughout every trading day by Schaeffer's financial analysts and traders. They are quick insights to the day's most notable market activity from an options perspective. For additional information about this report or to have it delivered to you free via email every day click on the following link. http://www.schaeffersresearch.com/redirect.aspx?CODE=PROB12M&PAGE=1 .
Schaeffer's Market Blog for Friday, June 30, 2006:
Below are just a few of today's Market Blog entries. Click here to read all of today's Market Blog. http://www.schaeffersresearch.com/redirect.aspx?CODE=PROB1C&PAGE=1 .
11:43 AM General Motors Higher
General Motors (NYSE:GM) is more than five percent higher this morning, after Kirk Kerkorian sent the automaker's CEO Rick Wagoner a letter. In the correspondence, Kerkorian suggested that the automaker join in a partnership with France's Renault and Japan's Nissan. Through his Tracinda investment company, Kerkorian stated that a deal could "realize substantial synergies and cost savings and thereby greatly benefit the company and enhance shareholder value." Kerkorian's Tracinda, represented by Jerry York on the board, owns 9.9 percent of GM's shares. Renault threw its hands in the air, refusing to comment on the letter.
11:46 AM Free Financial Podcasts
Don't forget that many of our observations are available as audio presentations that you can hear on your computer or download from Apple's iTunes Music Store to play on a portable device such as an iPod. To see the full menu of observations, please visit our media center.
Yesterday, Jon Lewis interviewed our Director of Quantitative Analysis, Chris Johnson, and they talked about which sectors are hot and which are not this week. Highly recommended listening.
12:06 PM Atari Downfall Riot
Atari (NASDAQ:ATAR) is more than 12 percent lower today, thanks to a statement made by auditors. The group expressed "substantial" doubt that ATAR will be able to continue as a "going concern." ATAR added that it has revised its fourth-quarter result to a loss of $6.2 million, or five cents per share. ATAR also revised its full-year forecast to a loss of 54 cents per share. Originally, the firm expected a loss of three cents per share and 52 cents per share respectively.
12:48 PM PALM Drops Following Disappointing Forecast
Late yesterday, Palm (NASDAQ:PALM) reported that quarterly profit increased 54 percent when compared to a year earlier. The reason for the jump is stronger sales of the company's handheld devices. In the quarter, PALM earned 25 cents per share. For the next quarter, PALM expects earnings to fall between $380 million and $385 million. Therein is the reason the equity has shed more than 11 percent today. The Street expects earnings of $413 million.
1:54 PM Goldman Sachs Looks Vulnerable
Goldman Sachs (NYSE:GS) looks like it could be vulnerable as the stock was rejected at its 50-day moving average this morning and has been moving lower through the session. The shares also look to be near the top of their downtrending channel over the past couple of months. Amid the recent price weakness, investor optimism on the stock seems to be as high as ever. The current Schaeffer put/call open interest ratio of 0.67 is below 94 percent of readings over the past year, short interest fell eight percent over the past month to a measly two percent of float, and analysts currently have 11 "buy" ratings, six "hold" ratings, and zero "sell" ratings on the equity. Not exactly the picture of worry. This could be a potential red flag for the security unless price action improves soon.
For more information on these stocks or any stock in your portfolio, feel free to visit our Schaeffer's Equity Scorecard feature. Click here to read all of today's Market Blog: http://www.schaeffersresearch.com/redirect.aspx?CODE=PROB1C&PAGE=1 .
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About Schaeffer's Investment Research (www.SchaeffersResearch.com)
Schaeffer's Investment Research, founded by Bernie Schaeffer in 1981, is a financial information and trading resources company. It publishes Bernie Schaeffer's Option Advisor, the nation's leading options subscription newsletter. The firm's contrarian approach focuses on stocks with technical and fundamental trends that run counter to investor expectations. The firm's website, http://www.SchaeffersResearch.com , is recognized as one of the leading information sources for stock and options traders and was cited as the top options website by both Forbes and Barron's. Click here for more details about Schaeffer's trading methodology: http://www.SchaeffersResearch.com/method .
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