Credit Suisse AFFECTED by European Debt Crisis and 4 Stocks Falling to 52-Week Lows
Century Aluminum Com (NASDAQ:CENX) reports a Q2 EPS of (14c), consensus (15c). The shares closed at $5.93, down $0.17 or 2.79% on the day. They have traded in a 52-week range of $5.90 to $14.13.
Ceradyne (NASDAQ:CRDN) CEO Joel P. Moskowitz stated: “Although we are encouraged by the sequential increase in earnings from Q1’s 16c to Q2’s 28c, we continue to have short-term concerns regarding the anticipated solar rebound, its timing and the reduced gross profit margins we foresee. In the second quarter alone, operating losses from our solar crucible business, which twelve months ago had the highest gross profit margin in the company, reduced our fully diluted EPS by 14c. Without improved shipment levels in solar and defense, our second half 2012 operating results will likely be similar or somewhat greater than our first half 2012.” The shares closed at $21.17, down $0.48 or 2.22% on the day. They have traded in a 52-week range of $21.63 to $36.61.
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Credit Suisse Group (NYSE:CS): The outlook for Germany, the Netherlands, and Luxembourg was changed by Moody’s Investors Service from stable to negative as the shadow of the European debt crisis stretches across the euro zone’s top-rated countries, according to Reuters. The shares closed at $16.20, down $0.44 or 2.64% on the day. They have traded in a 52-week range of $16.40 to $37.17.
Deutsche Bank Ag (NYSE:DB): Late morning, Deutsche Bank announced its expectation of total Q2 revenue to be EUR 8.0 billion, which is lower than the EUR 8.5 billion that the company posted this quarter last year. In the quarter, credit provisions were EUR 400 million, lower than last year’s EUR 464 million, as non-interest expenses are EUR 6.6 billion. The rise in non-interest expenses is mostly a result of the bank’s U.S. dollar and pound sterling cost base being affected negatively by the weakening euro, the bank stated. Currently, Deutsche Bank predicts a Q2 net income of approximately EUR 700 million versus EUR 1.2 billion in the same quarter last year. The Core Tier 1 capital ratio of the bank was 10.2 percent by the conclusion of the Q2, the firm added. The shares closed at $28.17, down $0.59 or 2.05% on the day. They have traded in a 52-week range of $28.12 to $56.05.
Dell Inc. (NASDAQ:DELL): David Einhorn’s Greenlight Capital funds established new positions in Cigna (NYSE:CI) and Coventry Health (NYSE:CVH) in Q2, as indicated by the partnership’s quarterly letter to investors. Greenlight credited the companies’ strong balance sheets as well as their valuations at reasons for the purchases, not to mention the possible upside from political developments in relation to the possible modification or repeal of the health care legislation. The relative strength in Cigna and Coventry in comparison to the broader market has been attributed to the disclosure of new stakes of Einhorn. Greenlight’s letter also mentions that positions in Dell and Best Buy (NYSE:BBY) were closed in the quarter. The shares closed at $11.56, down $0.24 or 2.03% on the day. They have traded in a 52-week range of $11.52 to $18.36.
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