Wall Street Week Before Memorial Day

This Wall Street Week before Memorial Day Weekend has a feel of fall to it, with rain littering the five-day forecast on the East Coast. The week brings a revision to GDP and new data on housing, manufacturing and consumer spending and confidence. The G-8 is gathering, as is the OECD, and there's a summit planned between Japan and the EU.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Wall Street Week Before Memorial Day

Monday

The week regularly starts off light on economic data, and this week is no exception. We’ve just the Chicago Fed’s National Activity Index to look forward to on Monday morning at 8:30 AM ET. This latest report covers the month of April. March’s data showed improvement over February, with a reading of +0.26.

The Financial Industry Regulatory Authority holds its annual meeting on Monday. In the evening, St. Louis Federal Reserve Bank President James Bullard gives a speech on monetary policy and the economy.

Canadian markets are closed on Monday. In the States, there should be the usual slew of merger Monday news. Also look for analyst and shareholder meetings at Denbury Resources (NYSE: DNR) and Liberty Media (Nasdaq: LINTA). The day’s earnings report schedule highlights news from Campbell Soup (NYSE: CPB), GT Solar (Nasdaq: SOLR), Jamba (Nasdaq: JMBA), Perry Ellis (Nasdaq: PERY), QR Energy (NYSE: QRE), China Mass Media (NYSE: CMM), China Sunergy (Nasdaq: CSUN), CNinsure (Nasdaq: CISG), FNB United (Nasdaq: FNBN), Gladstone Investment (Nasdaq: GAIN), Kent Financial (Nasdaq: KENT), Mecox Lane (Nasdaq: MCOX), Natuzzi (NYSE: NTZ), Orsus Xelent (AMEX: ORS), Perfect World (Nasdaq: PWRD), Rediff.com India (Nasdaq: REDF), Ship Finance (NYSE: SFL), Tech Data (Nasdaq: TECD), Universal (NYSE: UVV), Verigy (Nasdaq: VRGY) and more.

Tuesday

Speaking from Russia, look for the early AM speech by Boston Federal Reserve Bank President Eric Rosengren. The Boston Bank’s Chief will be discussing a framework for financial stability and regulatory priorities. Also before the bell, Federal Reserve Governor Elizabeth Duke will talk to financial education at Boston University. After the bell at 9:50, Kansas City Fed Bank President Thomas Hoenig addresses the 29th Annual Monetary and Trade Conference in Philadelphia. James Bullard addresses a group in Missouri after lunch.

Tuesday offers the regular weekly same-store sales data from the International Council of Shopping Centers (ICSC) and Redbook. Last week’s report from the ICSC, covering the period ending May 14, showed sales fell 2.0% from the prior week. When matched against the prior year period, sales increased 3.2%. Redbook had year-over-year sales falling 2.3%.

New Home Sales will be reported for the month of April at 10:00 AM ET. Last month’s data showed sales running at an annual pace of 300K. Economists surveyed by Bloomberg see April’s pace matching that rate, with the range extending from 285K to 320K.

Israeli Prime Minister Benjamin Netanyahu addresses the U.S. Congress just days after President Obama shocked him with a suggestion to push back Israel’s borders. The American Secretary of State, Hillary Clinton, will not be in town Tuesday, as she addresses the Organization for Economic Co-operation and Development (OECD) annual forum in Paris. The President will be in Britain, after having visited Ireland Monday.

The IAEA sends a group to Japan to study the nuclear disaster and the current situation. Morgan Stanley (NYSE: MS) CEO James Gorman addresses the Japan Society.

Chrysler is supposed to repay $7.5 billion in American and Canadian loans Tuesday. Barnes & Noble (NYSE: BKS) introduces its newest e-reader. Look for analyst meetings from El Paso (NYSE: EP), Flextronics (Nasdaq: FLEX) and Danone (OTC: DANOY.PK). Tuesday’s EPS reports include Applied Materials (Nasdaq: AMAT), Medtronic (NYSE: MDT), Compuware (Nasdaq: CPWR), AutoZone (NYSE: AZO), Avago Technologies (Nasdaq: AVGO), China Techfaith Wireless (Nasdaq: CNTF), Books-a-Million (Nasdaq: BAMM), Collective Brands (NYSE: PSS), Cracker Barrel (Nasdaq: CBRL), DSW (NYSE: DSW), Dycom (NYSE: DY), Edap-TMS (Nasdaq: EDAP), Express (Nasdaq: EXPR), Focus Media (Nasdaq: FMCN), Global Education & Technology (Nasdaq: GEDU), Hanwha Solarone (Nasdaq: HSOL), HEICO (NYSE: HEI), KongZhong (Nasdaq: KONG), Ku6 Media (Nasdaq: KUTV), On Track Innovations (Nasdaq: OTIV), Pacific Sunwear of California (Nasdaq: PSUN), Power Grid Corp. of India (Nasdaq: PWGR), Premier Exhibitions (Nasdaq: PRXI), Sanderson Farms (Nasdaq: SAFM), Take Two Interactive (Nasdaq: TTWO) and Tivo (Nasdaq: TIVO).

Wednesday

Durable Goods Orders will be reported for the month of April at 8:30 AM ET. Last month’s report showed orders grew by 4.1% after revision. This month, economists are looking for orders to have fallen 3.0% in April, with the range of forecasts spanning -5.7% to +0.5%. The range is so wide because of the high ticket price of durable goods such as airplanes etc.

The regular mortgage activity data is due from the Mortgage Bankers Association (MBA) in the premarket. Last week’s data covering the period ending May 13 showed the Market Composite Index gained 7.8% on a seasonally adjusted basis, aided greatly by recently discounted mortgage rates. Last week’s activity was driven by refinancing, as the Refinance Index jumped 13.2%, while the Purchase Index declined by 3.2%.

The FHFA House Price Index is due for release at 10:00 AM ET. At last check, the index fell 1.6% from January to February. Also on Wednesday, the House Financial Services Committee is holding a hearing on housing. The House Financial Services Committee will also take up the idea of ending the bailout of the government sponsored enterprises, namely Fannie Mae (OTC: FNMA.OB) and Freddie Mac (OTC: FMCC.OB).

The Senate Banking Committee is examining derivatives clearinghouses, and the SEC is considering whistleblower incentives and protections. Minneapolis Federal Reserve Bank President Narayana Kocherlakota addresses a group in Minnesota at 1:00 PM.

The EIA reports on Petroleum Status at 10:30 AM ET Wednesday morning. The last data covering the period ending May 13 showed crude oil inventory was unchanged, while total motor gasoline stocks increased by 0.1 million barrels. Oil inventory was above the upper limit of the average range for this time of year, while gasoline was within the lower limit of the average range.

Find analyst meetings and conference presentations by Ross Stores (Nasdaq: ROST), Citrix Systems (Nasdaq: CTXS), Yahoo (Nasdaq: YHOO), Arrow Electronics (NYSE: ARW), CVS Caremark (NYSE: CVS) and Thermo Fisher Scientific (NYSE: TMO). The Ira Sohn Investment Conference is being held in New York City.

The day’s EPS schedule highlights news from Costco Wholesale (Nasdaq: COST), Polo Ralph Lauren (NYSE: RL), Netapp (Nasdaq: NTAP), Computer Sciences (NYSE: CSC), Hormel Foods (NYSE: HRL), China Nepstar (NYSE: NPD), 99 Cents Only (NYSE: NDN), AFC Enterprises (Nasdaq: AFCE), American Eagle Outfitters (NYSE: AEO), Ascena Retail (Nasdaq: ASNA), BOS Better Online Solutions (Nasdaq: BOSC), Brown Shoe Co. (NYSE: BWS), China Nuokang (Nasdaq: NKBP), Conn’s (Nasdaq: CONN), Gigamedia (Nasdaq: GIGM), LTX Credence (Nasdaq: LTXC), Medical Action (Nasdaq: MDCI), Semtech (Nasdaq: SMTC), Sigma Designs (Nasdaq: SIGM), Suntech Power (NYSE: STP), Sycamore Networks (Nasdaq: SCMR), Synovis Life Technologies (Nasdaq: SYNO), Toll Brothers (NYSE: TOL), Uroplasty (Nasdaq: UPI), Valence Technology (Nasdaq: VLNC) and Zale Corp. (NYSE: ZLC).

Thursday

The focus on Thursday morning will be on the first quarter GDP revision. The Advance Estimate showed GDP only grew at a rate of 1.8%. Economists surveyed by Bloomberg see the revision taking the rate up to 2.1%, with the range spanning 1.9% to 2.6%.

Weekly Initial Jobless Claims are due for release at 8:30 AM ET. Last week’s data covering the period ending May 14 showed claims fell by 29K against the prior week, to 409K. The four-week moving average for claims now sits at 439K.

The EIA’s latest Natural Gas Report covering the period ending May 13 showed a net increase of 92 Bcf from the previous week. Natural gas stores now sit at 36 Bcf below their five-year average for this time of year. The report will be published at 10:30 AM ET.

The Senate Banking Committee examines the future of housing finance Thursday. The Group of 8 draws the powerhouse nations’ leaders for a summit in France through Friday.

Thursday’s analyst meetings and conference presentations include Raytheon (NYSE: RTN), CSX (NYSE: CSX), Oneok (NYSE: OKE), Johnson & Johnson (NYSE: JNJ), Symantec (Nasdaq: SYMC), Rambus (Nasdaq: RMBS) and Autozone (NYSE: AZO). The EPS schedule includes Blue Coat Systems (Nasdaq: BCSI), H.J. Heinz (NYSE: HNZ), Big Lots (NYSE: BIG), Tiffany (NYSE: TIF), Patterson Cos. (Nasdaq: PDCO), Gushan Environmental (NYSE: GU), America’s Car-Mart (Nasdaq: CRMT), Angeion (Nasdaq: ANGN), Bio-Reference Laboratories (Nasdaq: BRLI), CorVel (Nasdaq: CRVL), dELIA’s (Nasdaq: DLIA), Food Technology Service (Nasdaq: VIFL), Fred’s (Nasdaq: FRED), Gordman’s Stores (Nasdaq: GMAN), HHGregg (NYSE: HGG), Iteris (AMEX: ITI), Magma Design Automation (Nasdaq: LAVA), Marvell Technology (Nasdaq: MRVL), Mobile Telesystems (NYSE: MBT), Oceanfreight (Nasdaq: OCNF), Omnivision Technologies (Nasdaq: OVTI), Paragon Shipping (Nasdaq: PRGN), Patterson Companies (Nasdaq: PDCO), QAD (Nasdaq: QADB), Quality Systems (Nasdaq: QSII), RBC Bearings (Nasdaq: ROLL), rue21 (Nasdaq: RUE), Seneca Foods (Nasdaq: SENEA), Signet Jewelers (NYSE: SIG), Versant (Nasdaq: VSNT) and WSP Holdings (NYSE: WH).

Friday

Friday brings the monthly Personal Income and Outlays data for the month of April. The data for March showed a 0.5% increase in income, 0.6% increase in spending and a 0.1% increase in the Core PCE Price Index. Economists are looking for a 0.4% increase in both income and spending for April and a 0.2% increase in the Core PCE Price Index.

At 9:55 AM ET, look for the Reuters/ University of Michigan Consumer Sentiment Index. The report for mid-May showed an increase of 2.6 points to a mark of 72.4, which is still a relatively low level of confidence. Economists are looking for this final reading of the month to show a slight increase to 72.5.

At 10:00 AM ET, look for the latest Pending Home Sales Index for the month of April. The index increased 5.1% to 94.1 in March. It was still 11.4% below the prior year reading, which was supported by tax incentive driven activity.

The bond market closes at 2:00 PM ET in advance of the Memorial Day weekend.

Hyundai Motors meets with investors and Friday’s EPS schedule includes news from Graham (AMEX: GHM), Mentor Graphics (Nasdaq: MENT), Shiloh Industries (Nasdaq: SHLO) and several foreign companies.

On Saturday, Japan holds a summit with the European Union.

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Rising Cost of Living is Killing Housing Affordability

The latest mortgage activity data, reported Wednesday by the Mortgage Bankers Association, offered good news for those on the cusp of home ownership. The affordability of the American dream improved again in the week ending May 13, 2011.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

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Rising Cost of Living is Killing Housing Affordability

The latest take on weekly mortgage activity showed an inrease of 7.8% in the MBA’s Market Composite Index. The latest surge follows an increase of 8.2% the week before. It’s no coincidence either, as mortgage rates have been diving, down 53 basis points now from this year’s peak. In the latest measured period, contracted rates on 30-year and 15-year fixed rate mortgages averaged 4.6% (down from 4.67% last week) and 3.75% (down from 3.81%), opening up opportunity for many.

Sadly though, the latest reported period saw no follow-through in Purchase Activity, which was up 6.7% the week before. Rather, this week, the MBA’s seasonally adjusted Purchase Index fell 3.2%. Opportunistic refinancing activity continued though, as the Refinance Index climbed 13.2%, marking its busiest state since this past December.

This latest contrast in activity is quite deflating for real estate hopefuls, as housing affordability beckons for growth now. Distressed properties and the deflating bubble have taken the average price of a home down 32.6% from its peak in mid-2006, according to Case Shiller’s latest published 20-City Index covering through February 2011. Mortgage rates are certainly inviting enough. Unfortunately, there’s a good reason for all that.

The economy is in the dumps, and the reason rates are driving lower now is because of renewed economic concerns. The flow of economic data of late has offered little good news, showing prices on the rise as economic growth decelerates. The latest brick in the wall of worry is a rather large, sharp and otherwise dangerous looking block. It’s this whole debt ceiling catastrophe that’s waiting to happen at the hands of political bumbling. The general budget deficit was growing its own teeth well enough, given the warning from Standard & Poor’s that time is running out on our bad borrowing ways. But then we get word from the Treasury that the government’s failure to raise the debt ceiling threatens technical default.

For most Americans, technical default is just as bad as real default, since the bank is taking possession of whatever collateral we have laid up either way. But for the government, it’s a little different. Our creditors know we’re still good for what we owe them, and that once we work it out with the wife, they’ll get paid. The wife in this instance is the Republican Party, though she doesn’t have a good record either in the spending department. When she sees something she likes, say for instance war with Iraq or defense spending generally, she doesn’t give a second thought to whipping out the credit card. Anyway, for now, the GOP is playing the money conscious wife.

It’s now evident to just about every American that there’s a limit to our credit, and we’re getting close to it. Yet, the economy is not as healthy as we would have hoped it would be at this point in the cycle. So, even though we could use more stimulant, empty coffers call for financial prudence. It’s defacto austerity, and we know how well that goes over as medicine for a vulnerable economy. All we have to do is take a peer over the pond to Portugal and Greece to see our potential future. Meanwhile, we know Americans are spending less with gasoline hovering around $4, and with the massive Mississippi threatening to force prices higher. So, even as housing affordability beckons, Americans are unable to act while handcuffed by fiscal threats and financial fears, and while held at gunpoint by gasoline.



Editor's Note: Article should interest investors in Bank of America (NYSE: BAC), Freddie Mac (OTC: FMCC.OB), Fannie Mae (OTC: FNMA.OB), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), Wells Fargo (NYSE: WFC), Toronto Dominion (NYSE: TD), BB&T (NYSE: BBT), CIT (NYSE: CIT), Bank United (NYSE: BKU), First Citizens (OTC: FCNCA.PK), Synovus (NYSE: SNV), United Bankshares (Nasdaq: UBSI), Hampton Roads Bankshares (Nasdaq: HMPR), WesBanco (Nasdaq: WSBC), City Holding (Nasdaq: CHCO), Sandy Spring (Nasdaq: SASR), First Citizens (OTC: FCBN.OB), SCBT Financial (Nasdaq: SCBT), Wilmington Trust (NYSE: WL), WSFS Financial (Nasdaq: WSFS), Southside Bancshares (Nasdaq: SBSI), Stellar One (Nasdaq: STEL), Union First Market (Nasdaq: UBSH), Eagle Bancorp (Nasdaq: EGBN), First Bancorp (Nasdaq: FBNC), Ameris (Nasdaq: ABCB), The Bancorp (Nasdaq: TBBK), First Community (Nasdaq: FCBC), Capital City (Nasdaq: CCBG), Financial Institutions (Nasdaq: FISI), National Bankshares (Nasdaq: NKSH), Citizens & Northern (Nasdaq: CZNC), Charter Financial (Nasdaq: CHFN), Seacoast Banking (Nasdaq: SBCF), TIB Financial (Nasdaq: TIBB), American National (Nasdaq: AMNB), United Community (Nasdaq: UCBI), Middleburg Financial (Nasdaq: MBRG), Heritage Financial (Nasdaq: HBOS), Zions Bancorp (Nasdaq: ZION), East West Bancorp (Nasdaq: EWBC), City National (NYSE: CYN), Bank of Hawaii (NYSE: BOH), SVB Financial (Nasdaq: SIVB), Westamerica (Nasdaq: WABC), Cathay General (Nasdaq: CATY), Umpqua (Nasdaq: UMPQ), Glacier Bancorp (Nasdaq: GBCI), Pacific Capital (Nasdaq: PCBC), PacWest (Nasdaq: PACW), Western Alliance (NYSE: WAL), First National Alaska (OTC: FBAK.OB), First Interstate Bancsystem (Nasdaq: FIBK), Nara (Nasdaq: NARA), West Coast (Nasdaq: WCBO), TriCo (Nasdaq: TCBK), Territorial (Nasdaq: TBNK), Washington Banking (Nasdaq: WCBO), Bank of Marin (Nasdaq: BMRC), Hanmi (Nasdaq: HAFC), PNC Bank (NYSE: PNC), J.P. Morgan Chase (NYSE: JPM), United Bankshares (Nasdaq: UBSI), Bank of New York Mellon (NYSE: BK), MB Financial (Nasdaq: MBFI), Astoria Financial (NYSE: AF), New York Community (NYSE: NYB), Hudson City (Nasdaq: HCBK), People’s United (Nasdaq: PBCT), First Niagra (Nasdaq: FNFG), Capitol Federal (Nasdaq: CFFN), Washington Federal (Nasdaq: WFSL), Investor’s Bancorp (Nasdaq: ISBC), Northwest Bankshares (Nasdaq: NWBI), Sterling Financial (Nasdaq: STSA), Ocwen (NYSE: OCN), Flagstar (NYSE: FBC), Provident (NYSE: PFS), Colombia Banking (Nasdaq: COLB), Kearny (Nasdaq: KRNY), Brookline (Nasdaq: BRKL), Dime Community (Nasdaq: DCOM), Flushing Financial (Nasdaq: FFIC), Danvers (Nasdaq: DNBK).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Turbulent Seas Have Arrived

MIRAL SHIPPING DRY BULK FREIGHT REPORT

In his latest Dry Bulk Shipping Market Report, Wall Street Greek Shipping Columnist Alex Miral discusses the current state of the Dry Bulk Market, and navigates its turbulent seas for us.

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Turbulent Seas Have Arrived

Since my last article for WSG, there has been much important news that has implications for the dry bulk shipping market. Global events such as the tragic Japanese earthquake back in March remind us all how fragile life is and how profoundly the lives of so many can be changed in an instant. The uprisings in the Middle-East that began in Egypt during January signaled momentous change for many of its people and also may have wider implications for the global economy including the shipping markets. We witnessed the bankruptcy of one of the largest dry bulk owner-operators, Korea Line and the widespread anticipation that more could very well follow. Currently, we are witnessing the great flood of the Mississippi River that may alter, albeit temporarily, the flow of US grain and other cargoes from the US Gulf. However, in these turbulent times, the Carlisle group’s $5 – 10 billion private equity investment with Chinese partners to build 50-100 ships for Chinese ship-operators shows that at least a few large players are confident in dry bulk and China. As my father often says, there is never a dull moment in shipping.

In recent weeks, the dry bulk freight market has been mixed, but in my opinion, with an overall bearish tone. It has varied with ship size category, dropping to extremely depressed levels for capsizes; higher volatility for panamaxes at low but more bearable levels for owners; or mainly drifting sideways at historically decent freight levels for the handysize to supramax vessel sizes. It has been a period with an inverted curve, where the largest ships have been earning the least freight, a highly unusual occurrence. There has been a strong volume of cargoes during this downturn, which points to the main driver coming from the supply side.

There continues to be a steady flow of bulk carrier deliveries that are depressing freights. In the first quarter of this year, the bulk carrier fleet has reportedly expanded by 74 million deadweight; 4.5 per cent of that from capesize ships. The aggregate supply additions are tempered by demolitions and slippage (an industry term for cancelations), but even so, the numbers are huge. Up to 1300 bulk carriers are projected to be delivered less cancellations, resulting in the global bulk carrier fleet growth outstripping the global trade growth by as much as 5 percent. The growth will not be equal in all ship sizes; the larger ship supply is set to grow more than the relatively smaller sizes. For example, the handymax supply is projected to grow little. These supply dynamics are not set to improve until at after 2012 at the earliest.

As of today, the spot market for capesize has dropped below US $6,000 per day and has hovered in the $6000 - $7000 per day range for over one month, a freight that does not cover OPEX for these vessels. Many capesizes are on long-term charter or contracts at higher rates, but capesize freight numbers are still extremely low and troubling. The smaller vessel classes have fared considerably better.

The Panamax ships had recovered to near $14,000 per day last Friday after dropping to near $11,000 per day. However, as of May 16, rates are starting to decline again. The seasonal South American grain deliveries have helped give these ships a little boost, providing a decent number of cargoes from Argentina and Brazil to Asia and Europe.

The Handymax and Supramax ships have also averaged close to $14,000 per day and this rate has been more or less steady for several months. These ships have benefited from some of the increased grain business and also from a steady supply of 40,000 mt plus mineral cargoes (coal and iron ore) in the Far East. The coal trade to India and China from Indonesia plus transatlantic and outbound scrap has been standout trades that have benefited these ships. The smaller handysize vessels are trading around the $11,000 per day average level, also steady since at least the winter months, and above OPEX for these vessels. Therefore, outside the capes, owners have been doing relatively well if they purchased their vessels reasonably.

What does the future hold? There is pessimism by many analysts in the dry bulk market for the remainder of this year and next year. Judging from the ship order books and an uncertain global economic picture for several years including unrest in the Middle-East, high oil prices, high debt levels in the developed world, I also fear a several year cycle of depressed freight rates. Freights are at current low levels even in the environment of relatively strong economic growth in China, India, Brazil and other emerging markets, with record levels of iron ore still being shipped into China, and increasing coal and grain movements around the world. Can one imagine if China went into recession? However, there is a case to be made that the rebuilding of Japan, and the potential shutdown of additional nuclear plants, would translate to significant amounts of additional iron ore, steel and thermal coal movements, which may be enough to put a floor under freights. If China were to keep growing at present levels, then dry bulk may avoid the worst. However, I feel at best we will experience a bumpy ride for the next few years.

Next report, we will look more in depth at the near term.



Editor's Note: This article should interest investors in Teekay Corp. (NYSE: TK), Navios Maritime Holdings (NYSE: NM), Navios Maritime Acquisition (NYSE: NNA), Navios Maritime Partners L.P. (NYSE: NMM), Tsakos Energy Navigation Ltd. (NYSE: TNP), Overseas Shipholding Group (NYSE: OSG), International Shipholding (NYSE: ISH), Excel Maritime Carriers (NYSE: EXM), Safe Bulkers (NYSE: SB), Claymore/Delta Global Shipping ETF (NYSE: SEA), Genco Shipping & Trading (NYSE: GNK), Diana Shipping (NYSE: DSX), Danaos (NYSE: DAC), Tsakos Energy Navigation (NYSE: TNP), Ship Finance Int'l (NYSE: SFL), Nordic American Tanker (NYSE: NAT), Seaspan (NYSE: SSW), General Maritime (NYSE: GMR), DHT Maritime (NYSE: DHT), Brunswick (NYSE: BC), Marine Products Corp. (NYSE: MPX), DryShips (Nasdaq: DRYS), Top Ships (Nasdaq: TOPS), Eagle Bulk Shipping (Nasdaq: EGLE), Sino-Global Shipping (Nasdaq: SINO), Paragon Shipping (Nasdaq: PRGN), K-SEA Transportation Partners (NYSE: KSP), Euroseas (Nasdaq: ESEA), Star Bulk Carriers (Nasdaq: SBLK), Omega Navigation (Nasdaq: ONAV), Knightsbridge Tankers Ltd. (Nasdaq: VLCCF), TBS Int'l (Nasdaq: TBSI), Golar LNG (Nasdaq: GLNG), Claymore/Delta Global Shipping (Nasdaq: XSEAX), American Commercial Lines (Nasdaq: ACLI), National Bank of Greece (NYSE: NBG), Hellenic Telecommunications (NYSE: OTE), Coca-Cola HBC (NYSE: CCH).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.