Wednesday, August 15, 2012

A ‘great short’, a ‘solid indicator’ and 4 more quotes from market newsmakers Wednesday

August 15, 2012, 7:18 PM
Here are five quotes from Wednesday’s markets.
“It was a great short. It’s still a good short, I think, looking at the valuation compared with other companies, such as Google and Apple.”
-Rob Romero, portfolio manager of Connective Capital Management LLC, in an interview discussing his short trade of Facebook  FB  shares.  More insiders will be free to sell their  stock this week as their  lockup agreements expire. Short sellers have borrowed about 79% of the shares available for lending. Read more here
“We believe further upside in the stocks could be limited and the risk/reward dynamic is no longer compelling,”
-Scott Hamann, analyst at Keybanc Capital Markets in a research note discussing his downgrade of gunmakers Smith & Wesson SWHC +0.12% and Sturm Ruger RGR +0.96%, whose shares have rallied hard, as they traditionally do, during an election year. Read more here
“What happened during Facebook’s offering is factoring into their choice of exchanges today.”
-David Ethridge, senior vice president and head of the capital-markets group  of NYSE Euronext NYX  in an interview  on how companies decide whether to list on Nasdaq or the NYSE in the wake of problems with Facebook’s ipo in May. Read more here
“…if this were to continue for a few months, this would be a solid indicator of potential future market improvement in the U.S.”
- John Chambers CEO of Cisco in an earnings call with analysts discussing growth and uptrends in the network equipment maker’s business.  Read more here
“If you had told me that the twelfth busiest day of the year … would occur in the month of August, I would have wondered what you were smokin’. If you had gone one step further and said we would see $25 billion in high yield debt come to market in half-a-month, any month, I would have figured you had moved on up to the heavy stuff.”
- Ken Jaques, credit and derivatives manager of Informa Global Markets in a morning note on the rapid pace of corporate debt issuance Read more here
“…this year’s drought could positively influence our outlook as it spotlights the need for John Deere’s highly productive agricultural equipment.”
- Samuel Allen, chairman and chief executive officer of Deere & Co. DE +0.28%commenting on the farming machinery maker’s third-quarter earnings and outlook going forward. Read more here
-Tom Bemis

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