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165 views  2012-09-06 07:34

U.S. Falls in Global Competitiveness. In a report just released by the World Economic Forum the U.S.A.’s economic competitiveness has fallen to seventh from the previous year’s fifth place ranking.   The top three factors that hurt the U.S. ranking were an inefficient government bureaucracy, tax rates and tax regulations. Switzerland, Singapore, Finland, Sweden, The Netherlands and Germany ranked ahead of the U.S.  The full report can be found at the following link. http://reports.weforum.org/global-competitiveness-report-2012-2013/#=  The U.S. report can be found at http://reports.weforum.org/global-competitiveness-report-2012-2013/#=


Seagate Technology (STX): Needham lowered their rating from Strong Buy to Hold. Pre-market: 31.50 -1.03 (-3.17%)

Nokia (NOK): Deutsche Bank lowered their rating from Hold to Sell. Pre-market: 2.38 0.00 (0.00%)

Nokia (NOK): Societe Generale lowered their rating from Hold to Sell. Pre-market: 2.38 0.00 (0.00%)

Coverage Initiated

CIT Group (CIT): Oppenheimer initiated coverage with a Perform rating.

Pep Boys (PBY): Credit Suisse initiated coverage with a Neutral rating and a target price of $10.00.

Earning Reports

H&R Block (HRB): Reported EPS of -$0.38 in-line with estimates. Pre-market: 16.59 +0.36 (2.22%)

Men’s Wearhouse (MW): Reported EPS of $1.15 beating estimates by +$0.03. Pre-market: 35.33 +3.49 (10.96%)

VeriFone (PAY): Reported EPS of $0.75 beating estimates by +$0.05. Pre-market: 31.50 -3.88 (-10.97%)

Navistar (NAV): Reported EPS of $1.22 beating estimates by +$2.58. Pre-market: 22.10 +1.69 (8.28%)

Futures at 9:09: Dow +0.50%. S&P +0.53%. Nasdaq +0.33%. Crude +0.48% to $95.83. Gold +0.64% to $1704.80.

Europe: London +0.81%. Paris +1.46%. Frankfurt +1.40%. 

Asia: Japan +0.01%. Hong Kong +0.34%. China +0.70%. India +0.19%. 

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