Investors were very happy about the manufacturing data out this morning. Stocks dipped at the open before the news but staged a quick turnaround as the Institute for Supply Management said the manufacturing sector grew steadily in March, up a full point over February and better than economists expected.
In trading on Monday, general contractors & builders shares were relative laggards, down on the day by about 1.6%. Helping drag down the group were shares of Ryland Group (RYL), down about 2.8% and shares of Standard Pacific (SPF) off about 2.7% on the day.
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PVH Corp. (NYSE:PVH) shares rose 1.7% to $91.29 after releasing quarterly earnings after the close Tuesday.In the fourth quarter the company had an EPS of $1.18, better than analyst estimates of $1.10 per share. Revenues for the quarter were $1.53 billion, better than consensus estimates of $1.50 billion.Phillips-Van Heusen is currently above its 50-day moving average (MA) of $82.62 and above its 200-day of $71.03.In the last five trading sessions, the 50-day MA has climbed 1.1% while the 200-day MA has risen 0.58%.
Toyota (NYSE:TM) announced it will invest in a Canadian factory in Woodstock, Ontario for $80 million to manufacture more RAV-4 models.Additionally, the factory will add 400 new jobs and Toyota will raise the plant’s production from 150,000 to 200,000 vehicles per year.Toyota Motor (NYSE:TM) has potential upside of 0.1% based on a current price of $86.92 and an average consensus analyst price target of $87.
Best Buy (NYSE:BBY) reported Q4 EPS of $2.47, topping estimates of $2.15.The company reported Q4 revenues of $16.63 billion, missing estimates of $17.15 billion.The company said it would close 50 US Best Buy big-box stores.Shares are trading over 4% lower premarket.Best Buy (NYSE:BBY) has potential upside of 6.6% based on a current price of $26.62 and an average consensus analyst price target of $28.38.
Movado (NYSE:MOV) reported Q4 EPS of $0.24, topping estimates of $0.10 (1 estimate).The company reported Q4 revenues of $122.4 million, vs. the year ago figure of $101 million.The company said it sees annual revenues of $500 million – $505 million.The company sees FY 2013 EPS of $1.10, inline with estimates.Movado also declared a $0.50 special cash dividend, and boosted its quarterly dividend to $0.05 from $0.03.Movado (NYSE:MOV) has potential upside of 7.8% based on a current price of $22.27 and an average consensus analyst price target of $24.
Map Pharmaceuticals (NASDAQ:MAPP) reported a Q4 loss of $0.45 per share, missing estimates for a loss of $0.29 per share.The company reported Q4 revenues of $837,000 vs. estimates of $3.65 million. The figure may not be comparable.The company intends to restate interim financial statements for timing of revenue recognition for Allergan milestone payment.MAP Pharmaceuticals (NASDAQ:MAPP) has potential upside of 49.8% based on a current price of $16.19 and an average consensus analyst price target of $24.25.
This is what’s in the news for Friday March 30, 2012. The Wall Street Journal reports natural gas futures fell 5.8% to a new 10 year low after the U.S. government reported a larger-than-expected rise in natural gas inventories, as demand remained weak as production increases. The Wall Street Journal also reports to avoid a production shut down, Boeing (NYSE:BA) thinks new orders for its C-17 military cargo plane may come from the Middle East or Asia. Reuters reports although Deutsche Lufthansa (PINK:DLAKY) won’t end its investment in JetBlue Airways (NYSE:JBLU), the possibility remains that it could do so in the future depending on the German airline’s capital needs. Finally, Bloomberg reports new rules in China have companies, including AIG (NYSE:AIG) and Allianz SE (PINK:AZSEY), ready to take a larger share of the $50B that the country”s drivers spend annually on car insurance.
Disney (NYSE:DIS) announced its plans to develop mobile social games with Japanese firm DeNA as the company continues to try and take its movie characters mobile.The companies intend to begin with a launch of two games in Japan based on Disney characters prior to researching ways to expand their venture.Walt Disney (NYSE:DIS) has potential upside of 7.1% based on a current price of $43.01 and an average consensus analyst price target of $46.04.
