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Dollar rallying again today, up 1.7 percent since the close on Monday. The bold analyst call of the day (week, month, year?) goes to Punk Ziegel's Richard Bove, who last night titled his piece, "The Financial Crisis is Over," calling the Bear Stearns [BSC
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] sale the watershed event, and concluded by saying "this is a once in a generation opportunity" to buy financial stocks.
FedEx [FDX
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] beat, but by a narrow margin. Guidance for the current (4th) quarter at $1.60-$1.80 is below analyst expectations of $1.98. They see "limited earnings growth" in fiscal 2009. Down about 2 percent pre-open.
Nike [NKE
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] reported strong numbers, well above analyst expectations. Again, growth was outside the U.S. U.S. up 5 percent, Europe up 23 percent, Asia Pacific up 27 percent. Up 5 percent pre-open.
Credit Suisse [CS
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] down nearly 8 percent pre-open, they say they are unlikely to be profitable in the first quarter, and took a valuation reduction in asset backed securities that resulted in a reduction of 2007 profit. After an internal probe revealed misspricings from a small number of errant traders (!).
Book news:
a) Barnes and Noble [BKS Loading... ()
b) Borders Group [BGP Loading... ()
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