InvestMacro FX

This morning, Keybanc initiated coverage on shares of Huntsman (HUN) with a buy rating as the company should see earnings growth as economic conditions improve in North America. With the new coverage, Keybanc set a price target of $20 per share.

5-1-12-Jetblue (NASDAQ:JBLU) filed 46.69 million shares on behalf of shareholders, the firm said Tuesday.As of March 15th, Jetblue had 283.3 million shares outstanding and a market cap of $1.35 billion.Jetblue shares are down 8.7% year-to-date while the S&P midcap 400 is up 13%.

Chesapeake (NYSE:CHK) said yesterday the IRS was reviewing the controversial perk that allowed the firm’s CEO Aubrey McClendon to buy a small stake in every oil or gas well the company drilled.Chesapeake believed resolving the matter won’t have a serious impact on the company.Specifically, the IRS said it was examining the Founders’ Well Participation Program as part of audits of CHK’s 2008, 2009 income tax returns.Chesapeake said it has been in talks with IRS and said a resolution probably wouldn’t have a material impact on the company.SmarTrend alerted subscribers to take profits in Chesapeake Energy on March 29, 2012 at $22.89, since then the stock fell 19.5%. We are now watching for any positive developments that could result in a new uptrend signal.

This is what’s in the news for Wednesday, May 2, 2012. The Wall Street Journal reports Facebook’s $3B a year advertising business revolves around convincing marketers to buy new forms of ads to create buzz around their brands, but some major advertisers wonder if they’re getting their money’s worth. Reuters reports a German court ruled that Microsoft (NYSE:MSFT) infringed Motorola Mobility’s (NYSE:MMI) patents and ordered Microsoft to remove its Xbox 360 gaming consoles and Windows 7 operating system software from the German market. Reuters also reports GM (NYSE:GM) had proposed taking a controlling stake of more than one-third in Isuzu Motors, worth about $3B, but now seeks a smaller holding after the Japanese truck maker said it wanted to remain independent, sources say. Bloomberg reports Oil fell from the highest level in five weeks as growing crude stockpiles in the U.S. and uncertainty before elections in three European countries raised concern that global demand may weaken. Finally, Bloomberg also reports Goldman Sachs (NYSE:GS) said a proposed Federal Reserve rule that seeks to limit links between banks could lower U.S. economic growth by as much as 0.4 percentage point and eliminate up to 300,000 jobs.

The Labor Department said that Wal-Mart (NYSE:WMT) owed employees $4.8 million in back wages for denying overtime payments to thousands of employees working as vision center managers and asset-protection coordinators.Though the monetary amount is pocket change for the company, it represents another embarrassing mishap at a firm whose public image is already blemished.

Comcast (NASDAQ:CMCSA) reported Q1 EPS of $0.45, topping estimates by $0.03.Revenues in the quarter came in at $14.88 billion, vs. estimates of $14.45 billion.The company said total Q1 customer adds were 565,000.The company also reported Q1 operating cash flow of $4.69 billion, vs. estimates of $4.68 billion.

It was a down day on Wall Street as the positive news from the Labor Department was overshadowed by a disappointing ISM non-manufacturing report. The Labor Department reported that 365,000 people filed for unemployment benefits last week on a seasonally adjusted basis, down 27,000, which marks the biggest decline in almost a year.

This morning, Goldman Sachs increased its price target on shares of Visa (V) to $142 as international expansion and strong consumer spending should continue to benefit the company. With the higher price target, Goldman raised its EPS estimates and reiterated its buy rating.

Time Warner reported its first quarter results before the bell this morning, posting an EPS of $0.67, above analyst estimates of $0.65. Revenues for the quarter rose 4% to $7 billion, also above consensus estimates of $6.81 billion.The company also announced in its release that it repurchased 24 million shares of its stock for almost $900 million through the first quarter per the plan authorized by the company’s board of directors back in January. Although earnings did beat estimates, the media company’s profits were down 11% from the prior quarter due to restructuring costs and other items.

Viacom (VIAB) reported strong earnings this morning of $585 million on $3.33 billion of revenue. As the company has been buying back its own stock, earnings per share climbed to $1.07 in the quarter, or 98 cents per share excluding special items.