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Even as some industrial segments of the Indian economy continued to post a negative or flat growth in August 2009, the passenger vehicle makers have ended the month on a positive note.
Net profits of the car manufacturers and dealers moved up as sales volume of the domestic auto industry continued to grow for the seventh consecutive month in August. Resultantly, the surge in domestic car sales in the said month also brought cheer to the domestic auto components sector, raising its hopes of witnessing an even better performance in the ensuing quarters of 2009-10.
Beginning of the end to recessionary trends
The fifth month of the current financial year witnessed the domestic auto industry post a robust 24% jump in sales despite the volatile global market movements and the persistent recessionary pressures. The consistent surge in domestic car sales since last few months clearly signals that the worst for the auto and allied industries is over.
“The uptrend in auto sales in August 2009 has lifted up the mood of SME auto part makers, who were battling lower sales on account of demand slump in the last financial year. This is a positive sign, indicating that the auto industry is regaining its lost momentum” says Vijay Sarda, a mid-sized dealer of TVS Motors in Nanded, Maharashtra.
The monthly data released by the Society of Indian Automobile Manufacturers (SIAM) reveals that passenger car sales was up 25.59% in August, while sales for motorcycles went up by 25.94% in the same month. Nearly 1,008,702 vehicles were sold in August, as compared to 811,341 units during a year-ago period. If the domestic demand for passenger cars and motorbikes in August are anything to go by, the auto component sector can expect more orders to come their way in the near term.
“Rise in vehicle sales will lead to increased enquiries for small-scale auto part vendors. Moreover, the consistent sales growth will also give a fillip to the vehicle manufacturers and auto component makers to add more capacity in the coming quarters,” saysA Kumar, Proprietor of Yash Auto, a small-sized auto parts dealer in Kolkata.
The current sales trend has also prompted SIAM to make an upward revision in the growth forecast of the auto industry. With surge in sales momentum expected to continue in the coming months, the SME auto component manufacturers can again expect to see good times.
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NYSE Technology sector gainers: (STM, NOK, ALU, ELX, LSI)
STMicroelectronics N.V. (ADR) (NYSE: STM) surged by 0.12% to close at .30 with overall traded volume of 1.03 million shares. ADR’s total market capitalization stood at .31 billion. STMicroelectronics N.V. is an independent semiconductor company that designs, develops, manufactures and markets a range of semiconductor products used in a variety of microelectronic applications, including automotive products, computer peripherals, telecommunications systems, consumer products, industrial automation and control systems.
Nokia Corporation (ADR) (NYSE: NOK) moved up by 0.84% and closed at .64 whereas total traded volume stood at 16.92 million shares. NOK’s relative strength index arrives at 60.35 times for the day. Nokia Corporation (Nokia) is engaged in the manufacturing of mobile devices and in converging Internet and communications industries. It has three segments: Devices & Services, NAVTEQ, and Nokia Siemens Networks.
Alcatel-Lucent (ADR) (NYSE: ALU) closed at .03 after jumping by 1% with traded volume of 6.86 million shares. Its total market capitalization stood at .85 billion in the last trading day. Alcatel Lucent provide products, solutions, and transformation services offerings, which enables service providers, enterprises, governments and strategic industries (such as transportation or energy) globally to deliver voice, data and video communication services to the consumers.
Emulex Corporation (NYSE: ELX) reported the gain of 1.81% and closed at whereas overall traded volume stood at 2.33 million shares. ELX’s relative strength index ends at 44.25 times. Emulex Corporation (Emulex) is a provider of a range of storage networking infrastructure solutions that connect servers, storage and networks within the data center.
LSI Corporation (NYSE: LSI) went up by 2.10% to close at .37 with total traded volume of 13.08 million shares. Market capitalization stood at .86 billion in the last trading session. LSI Corporation (LSI) designs, develops and markets storage and networking semiconductors and storage systems. It provides silicon-to-system solutions that are used at the core of products that create, store, consume and transport digital information.
Service sector price jumps: (CHS, BYD, XJT, WEN, RAD)
Chico’s FAS, Inc. (NYSE: CHS) jumped up by 0.11% and closed at .11 whereas overall traded volume stood at 3.54 million shares. Its total market capitalization arrived at .63 billion. Chico’s FAS, Inc. is a specialty retailer of private branded, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items under the Chico’s, White House |Black Market (WH|BM) and Soma Intimates (Soma) brand names.
Boyd Gaming Corporation (NYSE: BYD) went up by 0.12% to close at .10 with total traded volume of 1.61 million shares. BYD’s relative strength index stands at 42.63 times till its last trading day. Boyd Gaming Corporation (Boyd Gaming) is a multi-jurisdictional gaming company. As of December 31, 2009, the Company’s wholly owned and operated 15 casino entertainment facilities located in Nevada, Mississippi, Illinois, Louisiana and Indiana.
ExpressJet Holdings, Inc. (NYSE: XJT) closed at .59 after surging by 0.30% whereas traded volume stood at 2.62 million shares for the day. ExpressJet Holdings, Inc. (Holdings) is engaged in the business of transporting people. The Company’s principal asset is XJT Holdings, Inc., the sole stockholder of ExpressJet Airlines, Inc. ((Airlines) and together with XJT Holdings, Inc. and Holdings is referred as ExpressJet). Airlines operates a fleet of 244 aircraft. As of December 31, 2009, ExpressJet operated 214 aircraft for Continental as Continental Express under the Amended Continental CPA and 30 aircraft within its Corporate Aviation (charter) division.
Wendy’s Arby’s Group Inc. (NYSE: WEN) moved up by 1.16% to close at .35 with overall traded volume of 4.84 million shares. WEN’s relative strength index ends at 58.30 times till its last trading session. Wendy’s/Arby’s Group, Inc. is the parent company of its wholly owned subsidiary holding company, Wendy’s/Arby’s Restaurants, LLC (Wendy’s/Arby’s Restaurants).
Rite Aid Corporation (NYSE: RAD) reported the gain of 2.11% and closed at .97 whereas total traded volume stood at 1.74 million shares. Market capitalization arrived at 0.22 million for the day. Rite Aid Corporation is a retail drugstore chain in the United States. The Company operates its drugstores in 31 states across the country and in the District of Columbia. As of February 27, 2010, it operated 4,780 stores. In its stores, the Company sells prescription drugs and an assortment of other merchandise, which it calls front-end products.
Jackson Hewitt Tax Service Inc. (NYSE: JTX) plunged by 16.04% and closed at .89 whereas overall traded volume stood at 4.19 million shares. JTX’s share price is at its oversold level with relative strength index of 32.02 times. Jackson Hewitt Tax Service Inc. provides computerized preparation of federal, state and local individual income tax returns in the United States through a nationwide network of franchised and Company-owned offices operating under the brand name Jackson Hewitt Tax Service.
EnergySolutions, Inc. (NYSE: ES) went down by 4.59% to close at .40 with total traded volume of 1.39 million shares. Its total market capitalization stood at 7.90 million in the last trading day. EnergySolutions, Inc. (EnergySolutions) is a provider of specialized, technology-based nuclear services to government and commercial customers. The Company’s range of nuclear services includes engineering, in-plant support services, spent nuclear fuel management, decontamination and decommissioning (D&D), operation of nuclear reactors, logistics, transportation, processing and disposal.
Borders Group, Inc. (NYSE: BGP) closed at .30 after decreasing by 4.41% whereas traded volume stood at 710,005 shares. Borders Group, Inc. (Borders) is an operator of book, music and movie superstores and mall-based bookstores. As of January 30, 2010, Borders operated 511 superstores under the Borders name, including 508 in the United States and three in Puerto Rico.
US Airways Group, Inc. (NYSE: LCC) reported the fall of 3.89% to close at .64 with overall traded volume of 9.96 million shares. LCC’s relative strength index arrives at 48.86 times till its last trading session. US Airways, Inc. (US Airways) is engaged in the operation of a network air carrier. The Company provides air transportation for passengers and cargo. US Airways is a wholly owned subsidiary of US Airways Group, Inc. (US Airways Group).
General Maritime Corporation (NYSE: GMR) witnessed the correction of 3.82% and closed at .54 whereas total traded volume stood at 1.52 million shares. Its total market capitalization ended at 2.56 million for the day. General Maritime Corporation is a provider of international seaborne crude oil transportation services. The Company also provides transportation services for refined petroleum products. As of February 26, 2010, the Company’s fleet consists of 31 wholly owned vessels, including 11 Suezmax vessels, 12 Aframax vessels, two Panamax vessels and four Handymax vessels.
Bearish day at industrial goods sector: (MWA, RZ, SPF, BZH, HOV)
Mueller Water Products, Inc. (NYSE: MWA) reported the fall of 9.20% to close at .16 with overall traded volume of 7.65 million shares. Its total market capitalization stood at 8.13 million. Mueller Water Products, Inc. is a manufacturer and marketer of a range of water infrastructure, flow control and piping component system products for use in water distribution networks and water treatment facilities. The Company also acts as a wholesale distributor, especially in Canada, for products it manufactures and products that are manufactured by other companies.
Raser Technologies, Inc. (NYSE: RZ) went down by 4.76% and closed at .40 whereas total traded volume stood at 977,315 shares. RZ’s value of 38.46 depicts shows that the share price is in highly oversold level. Raser Technologies, Inc. (Raser) is an environmental energy technology company. The Company focuses on geothermal power development and technology licensing.
Standard Pacific Corp. (NYSE: SPF) closed at .02 after moving down by 4.74% with traded volume of 2.12 million shares. Standard Pacific Corp. is a geographically diversified builder of single-family attached and detached homes. The Company constructs homes within a range of price and size targeting a range of homebuyers.
Beazer Homes USA, Inc. (NYSE: BZH) dropped by 3.06% and closed at .12 whereas overall traded volume stood at 2.66 million shares for the day. Market capitalization ended at 6.22 million. Beazer Homes USA, Inc. (Beazer) is a diversified homebuilder. The Company designs, sells and builds single-family and multi-family homes. The Company acts as the general contractor for the construction of its home communities. Beazer’s project development operations are controlled by its operating divisions.
Hovnanian Enterprises, Inc. (NYSE: HOV) decreased by 2.42% to close at .44 with total traded volume of 1.32 million shares in the last trading day. Its relative strength index arrives at 53.21 times. Hovnanian Enterprises, Inc. (Hovnanian) designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, mid-rise and high-rise condominiums, urban infill and active adult homes in planned residential developments.
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