Daily Markets - Hot Stock News For Thursday 22 July: Morgan Stanley, Wells Fargo, Apple, BP, GlaxoSmithKline, RBS, Qualcomm, eBay, Starbucks, Baidu
Daily Markets - Hot Stock News For Thursday 22 July: Morgan Stanley, Wells Fargo, Apple, BP, GlaxoSmithKline, RBS, Qualcomm, eBay, Starbucks, Baidu |
- Hot Stock News For Thursday 22 July: Morgan Stanley, Wells Fargo, Apple, BP, GlaxoSmithKline, RBS, Qualcomm, eBay, Starbucks, Baidu
- China Holds An Unpleasant Surprise For The World’s Economies
- Forex Trading: Eurozone Industrial New Orders
- Mining Stocks Waiting For Take Off!
- Forex Trading: CAD Still On The Move
- Forex Trading: Euro Higher On More Positive Data
- Forex Trading: CAD Trading Sideways
- Forex Trading: Euro Higher On German PMI
- Forex Trading: EUR And GBP Tumble Following Bernanke Speech
- Batteries Are The Shocking Truth About Electric Cars
- Crude Oil Falls On Bearish Inventory Data, Gold Seesaws Lower
- One More Reason Wal-Mart Deserves Nobel Prize
- Did Taxpayers’ $3.7 Trillion Bailout Save The U.S. Housing Market?
- Hedge Fund Manager David Einhorn Establishes Position In Apple
- Crude Oil Inventory Watch: Week Ending 7/16/2010
- Despite Positive Earnings, Ben Bernanke Spooks Market With Talk Of “Unusual Uncertainty”
- Crude Suffers A Steep Decline Through The US Session, Though Commodity Still Well Within Its Range
- Stock Picks For Thursday 22 July: Motorola, American Oriental Bioengineering, Somaxon Pharmaceutical, Royale Energy, Hemispherx Biopharma, Generex Biotechnology
- Forex Trading: EUR/JPY Selling Off
- Switzerland Under Siege: Free Markets May Yet Save The Swiss Franc
- ‘Anyway You Cut It - Sales Just Aren’t Cutting It’
- California Mortgage Defaults Fall To 3-Year Low
- These 72 Analysts Believe Gold Will Go Parabolic To Between $2,500 And $15,000
- SWK’s 2Q Surpasses Zacks Estimate
- Host Hotels Marginally Beats
- M&T Bank Tops On Margin Expansion
- We’re In A One-and-a-half Dip Recession
- Amphenol Tops, Stays At Outperform
- Textron Beats, Raises Estimates
- Comerica Turns To Profit, Beats
- Potential Revenue Disappointers
- Genzyme Misses By A Wide Margin
- Earnings Preview: Medco
- Jamie Dimon’s Recommended Reading List
- Hot!
- FIS Marginally Tops Expectations
- Eaton’s Earnings Climb
- Earnings Preview: Zimmer Holdings
- Earnings Preview: Total System
- Seagate Misses Estimates
- Earnings Preview: JAKKS
- Quest Beats, But Lowers Guidance
- ConAgra Divests Gilroy Foods
- Earnings Preview: Core Labs
- BP Offloads Assets To Apache
| Posted: 22 Jul 2010 03:36 AM PDT Equities finished in negative territory despite some encouraging earnings before the bell from the likes of Morgan Stanley (NYSE:MS) (+6.26%) and Wells Fargo (NYSE:WFC) (+0.58%). Apple (NASDAQ:AAPL) (+0.93%) saw decent gains after they reported impressive numbers at the close of the previous session. The early down-tick arose on speculation of a large S&P 500 order and also due to EU stress test jitters in the back ground. Equities were range-bound ahead of Bernanke’s testimony but plunged … [visit site to read more]
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| China Holds An Unpleasant Surprise For The World’s Economies Posted: 22 Jul 2010 03:01 AM PDT China implemented one of the world’s most aggressive economic stimulus programs to fight the recession of 2008. And the country went on something akin to a debt binge. Credit growth surged as much 50 percent - an unprecedented peak. Such a policy can jump start an economy. But it lays the groundwork for imbalances and major bubbles. Yes, I am aware that China is said to be different … but I don’t believe it! Instead I’m fully convinced that even Chinese central planners … [visit site to read more]
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| Forex Trading: Eurozone Industrial New Orders Posted: 22 Jul 2010 02:02 AM PDT The euro is once again trading higher after June industrial new orders came in better than expected at 3.9% versus the forecast of -0.1% and the prior reading of … [visit site to read more]
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| Mining Stocks Waiting For Take Off! Posted: 22 Jul 2010 02:01 AM PDT Ever been in one of those big airports, stuck in a jet on the tarmac behind a line of other jets a mile long? I have. And it is really frustrating, isn’t it? Well, here are 7 mining stocks that are getting darned tired of sitting on the groud. All they want is for someone to give them clearance and fly they will. A couple, if you look carefully, are already trying to fly. I guess they are the most bored or impatient of the group. LOL We begin with ANOORAQ RESOURCES … [visit site to read more]
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| Forex Trading: CAD Still On The Move Posted: 22 Jul 2010 01:39 AM PDT In the prior post we said that 1.0439 was the next target if the pair could make a break to the downside; the momentum has continued and the pair has moved through that level with the the 200 moving average (1.0414) as the next … [visit site to read more]
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| Forex Trading: Euro Higher On More Positive Data Posted: 22 Jul 2010 01:04 AM PDT The euro has furthered its gains after the release of more positive data out of the Eurozone. Flash Manufacturing PMI - Survey: 55.2 Actual: 56.5 Prior: 55.6
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| Forex Trading: CAD Trading Sideways Posted: 22 Jul 2010 12:38 AM PDT After retracing 61.8% of the move from the high on July 20th to the low on the 21st, USD/CAD has been trading sideways so far this session bouncing back and forth between the 61.8% and 50.0% lines. With the pair now attempting to break through to the downside, a close below may see the pair trade down to the 38.2% fibo line at … [visit site to read more]
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| Forex Trading: Euro Higher On German PMI Posted: 22 Jul 2010 12:35 AM PDT The euro made gains against all of the major currencies after Germany's June PMI came at better than expected. The details are as follows: Flash Manufacturing PMI - Survey: 58.0 Actual: 61.2 Prior: 58.4 Following the release the EUR made a new session high of 1.2796 against the … [visit site to read more]
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| Forex Trading: EUR And GBP Tumble Following Bernanke Speech Posted: 21 Jul 2010 11:54 PM PDT EUR and GBP Tumble Following Bernanke Speech
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| Batteries Are The Shocking Truth About Electric Cars Posted: 21 Jul 2010 10:01 PM PDT Can white elephants come in green? President Barack Obama flew to Holland, Mich., on Thursday to attend groundbreaking ceremonies for a new lithium-ion battery plant, which the White House advertised as an example of federal stimulus grants at work and a gateway to a clean-energy future. Great stuff - if you don’t look too hard. Indeed, the Holland plant, effusively hailed by Michigan Gov. Jennifer Granholm as creating 300 jobs, and 62,000 “green” jobs down the road, will produce … [visit site to read more]
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| Crude Oil Falls On Bearish Inventory Data, Gold Seesaws Lower Posted: 21 Jul 2010 09:42 PM PDT Crude oil took its cues from the DOE inventory report in Wednesday’s session, but volatility remains extremely low. Gold is exhibiting an interesting correlation. Commentary: Crude oil is flat after shedding $0.88, or 1.14% on Wednesday. The primary catalyst for the move was the DOE inventory report, which … [visit site to read more]
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| One More Reason Wal-Mart Deserves Nobel Prize Posted: 21 Jul 2010 08:45 PM PDT NY Times Economix Blog — “Mr. Mobarak, a Bangladeshi who has advised his country's government, found that the presence of apparel jobs in Bangladesh appears to bolster school enrollments of girls, especially for young girls (see chart above). "A doubling of garment jobs causes a 6.71 percent increase in the probability that a 5-year-old girl is in school," Mr. Mobarak writes in a summary of his findings. For India, Bangladesh and other developing countries, these findings provide a … [visit site to read more]
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| Did Taxpayers’ $3.7 Trillion Bailout Save The U.S. Housing Market? Posted: 21 Jul 2010 08:21 PM PDT The amount of taxpayer dollars directed at the Troubled Asset Relief Program (TARP) continues to grow but with little economic progress being made, particularly in the housing market. Total taxpayer support for the mortgage market rose by $700 billion in the past year to $3.7 trillion, Neil Barofsky, the Special Inspector General for TARP, said his quarterly report to Congress. “Indeed, the current outstanding balance of overall Federal support for the nation’s financial … [visit site to read more]
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| Hedge Fund Manager David Einhorn Establishes Position In Apple Posted: 21 Jul 2010 08:17 PM PDT Until recently, Apple (NASDAQ:AAPL) had been hitting on all cylinders. Its products were selling like hotcakes with fans lining up for hours for the latest Apple products which include the iPhone 4, iPad and the iMac. That is until recently. In the past month or so, the stock has been hit hard as a defected antenna has led the iPhone 4 to unexpectedly drop calls. The defected antenna has gained so much negative publicity due to the high cost of the iPhone 4 that there are rumors out there that … [visit site to read more]
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| Crude Oil Inventory Watch: Week Ending 7/16/2010 Posted: 21 Jul 2010 07:26 PM PDT Inventories
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| Despite Positive Earnings, Ben Bernanke Spooks Market With Talk Of “Unusual Uncertainty” Posted: 21 Jul 2010 06:17 PM PDT After hearing Big Ben state that there’s “unusual uncertainty” concerning our nation’s economic outlook, market players were not really enthusiastic. Market volatility picked up after these statements — the VIX finished up 1.71, putting more pressure on stocks. Keep an eye on the 28 level on the VIX, if broken could be a flag for some more potential pressure on securities. We have claims and housing data due out tomorrow morning, so these economic results could potentially add even more … [visit site to read more]
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| Crude Suffers A Steep Decline Through The US Session, Though Commodity Still Well Within Its Range Posted: 21 Jul 2010 06:12 PM PDT Though there wasn't much scheduled macro economic data on the docket nor is there a distinct trend in underlying sentiment ahead of the what is considered heavy risk on Friday; oil would put in for a substantial move through Wednesday's US trading hours. In fact, the decline through the day was the sharpest since the 12th.
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| Posted: 21 Jul 2010 06:11 PM PDT ( click to enlarge ) American Oriental Bioengineering (NYSE:AOB) - The stock has been on a deep downtrend, falling from a high of $6.38 down to its current price of around $2.42. The technical chart indicates that stock seems to be stabilizing. The volume has been quite modest, however the stochastics are oversold which could power the rally that I think is coming. I’m a buyer of AOB once it breaks $2.49 for a possible breakout move. The stock could have good upside potential, so watch … [visit site to read more]
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| Forex Trading: EUR/JPY Selling Off Posted: 21 Jul 2010 06:00 PM PDT The Yen crosses have been under pressure following Bernanke's testimony, which left a lot to be desired for the bulls lout there. For the EUR/JPY cross we see the 50% retracement in striking distance, where we could see some support for the … [visit site to read more]
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| Switzerland Under Siege: Free Markets May Yet Save The Swiss Franc Posted: 21 Jul 2010 05:01 PM PDT Efforts are underway to undermine Switzerland’s rock solid reputation as a safe haven. The alpine nation, famous for its readiness against enemies with citizens storing military assault rifles at their homes, is under attack. The attack, however, comes from one of their own, the guardian of the Swiss franc: the Swiss National Bank (SNB). In any other country, a central bank may have the power to derail the currency; in Switzerland, however, efforts to undermine the franc may be more … [visit site to read more]
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| ‘Anyway You Cut It - Sales Just Aren’t Cutting It’ Posted: 21 Jul 2010 04:25 PM PDT As a long-time market-watcher, I get a kick out of those countless Wall Street “experts” who focus so slavishly on “the number.” You know, earnings per share, or EPS: the manipulated, expectations-managed data point that “analysts” view as their raison d’etre.
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| California Mortgage Defaults Fall To 3-Year Low Posted: 21 Jul 2010 03:03 PM PDT DQNews — “The number of California homes pushed into the formal foreclosure process between April and June dropped for the fifth consecutive quarter to the lowest level in three years. The declines were greatest in the most affordable areas, where foreclosure activity continues to fall from extremely high levels over the past two years. Highlights include: 1. A total of 70,051 Notices of Default (NODs) were filed at county recorder offices during the April-to-June period. That was down … [visit site to read more]
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| These 72 Analysts Believe Gold Will Go Parabolic To Between $2,500 And $15,000 Posted: 21 Jul 2010 03:01 PM PDT Believe it or not but I have identified 72 economists, academics, gold analysts and market commentators who have developed sound rationale as to why gold could quite possibly go to a parabolic top of at least $2,500 an ounce to even as much as an unimaginable $15,000 before the bubble finally pops! When I first began writing about such projections (http://www.munknee.com/2010/06/why-many-analysts-see-gold-going-as-high-as-10000/) I was satisfied with identifying 10 individuals who were of … [visit site to read more]
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| SWK’s 2Q Surpasses Zacks Estimate Posted: 21 Jul 2010 03:00 PM PDT Stanley Black & Decker (NYSE:SWK) has reported financial results for the second quarter of 2010. Earnings per share from continuing operations were $1.24, up 39.3% compared with 89 cents in the comparable quarter of 2009. EPS surpassed the Zacks Consensus Estimate of 77 cents. Net income from continuing operations soared 191.1% year over year to $206.1 million, compared with $70.8 million in the second quarter of 2009. The increase in net income was due primarily to growth in revenue that … [visit site to read more]
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| Posted: 21 Jul 2010 03:00 PM PDT Host Hotels & Resorts Inc. (NYSE:HST), the largest lodging real estate investment trust (REIT) in the U.S., reported second quarter 2010 FFO (funds from operations) of $151 million or 23 cents per share, compared to $68 million or 12 cents per share in the year-earlier quarter. Funds from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. The second quarter FFO marginally beat the … [visit site to read more]
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| M&T Bank Tops On Margin Expansion Posted: 21 Jul 2010 02:50 PM PDT M&T Bank Corporation's (NYSE:MTB) second quarter operating earnings of $1.53 per share left behind the Zacks Consensus Estimate of $1.25. Earnings nearly doubled from 79 cents per share earned in the prior-year quarter, aided by an expansion in net interest margin coupled with lower credit costs. On a GAAP basis, the company reported a net income of $188.75 million or $1.46 per share, compared with $51.19 million or 36 cents per share in the prior-year quarter. The favorable comparison is … [visit site to read more]
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| We’re In A One-and-a-half Dip Recession Posted: 21 Jul 2010 02:30 PM PDT We're not in a double-dip recession yet. We're in a one and a half dip recession.
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| Amphenol Tops, Stays At Outperform Posted: 21 Jul 2010 02:30 PM PDT Amphenol Corporation (NYSE:APH) reported earnings per share (EPS) of 74 cents in the second quarter of 2010, including a benefit of $10 million or 6 cents per share relating to a reduction in tax expense for tax reserve adjustments, primarily related to the completion of the audits of certain prior-year tax returns. Excluding these items, EPS was 68 cents, beating the Zacks Consensus Estimate of 61 cents, as well as the year-ago result of 43 cents. Sales came in at $885 million, up 29.1% from … [visit site to read more]
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| Textron Beats, Raises Estimates Posted: 21 Jul 2010 02:30 PM PDT Textron Inc. (NYSE:TXT) posted earnings per share of 29 cents for the quarter excluding one-time items, handsomely outpacing both the Zacks Consensus Estimate of 10 cents and the year-ago quarterly earnings of 8 cents per share. On a reported basis, after including a restructuring charge, income from continuing operations came in at 27 cents in the reported quarter, compared to a loss of 23 cents in the year-ago quarter. Operational Results Textron in the reported quarter witnessed 3.7% higher … [visit site to read more]
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| Comerica Turns To Profit, Beats Posted: 21 Jul 2010 02:20 PM PDT Comerica Incorporated (NYSE:CMA) reported second-quarter 2010 net income of 39 cents per share, easily beating the Zacks Consensus Estimate of 23 cents. Results were far ahead of the prior-year quarter, as second-quarter 2009 had incurred a loss of 11 cents and the prior quarter had incurred a loss of 46 cents. Net income attributable to common share holders of Comerica totaled $69 million, compared to a net loss of $16 million in the second quarter of 2009 and net loss of $71 million in the … [visit site to read more]
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| Potential Revenue Disappointers Posted: 21 Jul 2010 02:20 PM PDT If there is one thing the market does not seem to tolerate these days, it is companies missing on the top line. This earnings season a company can simply blow the doors off of consensus estimates on the bottom line, but if the improvement all came from better than expected margins, and revenues were lighter than expected, the stock gets pummeled. While this infatuation with revenues at the expense of earnings is probably not permanent, it will probably hold for the rest of the earnings season. … [visit site to read more]
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| Genzyme Misses By A Wide Margin Posted: 21 Jul 2010 02:00 PM PDT Genzyme Corporation (NASDAQ:GENZ) reported second quarter earnings of 6 cents per share (excluding one-time items but including the impact of stock-based compensation expense), well below the Zacks Consensus Estimate of 36 cents and the year-earlier earnings of 64 cents. Excluding the impact of stock-based compensation expense, earnings came in at 18 cents. With the company yet to emerge from manufacturing problems, we were not surprised to see the dismal second quarter results. Second quarter … [visit site to read more]
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| Posted: 21 Jul 2010 01:50 PM PDT Medco Health Solutions Inc. (NYSE:MHS) is scheduled to release its second-quarter 2010 earnings on July 22, 2010. The Zacks Consensus Estimate for the quarter is 79 cents per share, representing a year-over-year growth of 14.4%.
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| Jamie Dimon’s Recommended Reading List Posted: 21 Jul 2010 01:41 PM PDT Jamie Dimon I recently added a new page to the website. The page will be a permanenet list of Jamie Dimon's recommended reading. In the next few days I hope to add two more pages; Warren Buffett's recommended reading, and Seth Klarman's recommended reading.
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| Posted: 21 Jul 2010 01:30 PM PDT Here are the highlights from the latest National Oceanic and Atmospheric Administration report on current climate conditions (full report here): The combined global land and ocean average surface temperature for June 2010 was the warmest on record at 16.2°C (61.1°F), which is 0.68°C (1.22°F) above the 20th century average of 15.5°C (59.9°F). The previous record for June was set in 2005.
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| FIS Marginally Tops Expectations Posted: 21 Jul 2010 01:30 PM PDT A leading provider of banking and payment technology to financial institutions and government organizations, Fidelity National Information Services Inc. (NYSE:FIS) reported second quarter 2010 results that beat the Zacks Consensus Estimate of 45 cents by a penny. Earnings Earnings on a non-GAAP basis from continuing operations increased 15.0% year over year to 46 cents per share but was in line with management's guidance range of 45 cents to 47 cents. Including after-tax purchase amortization … [visit site to read more]
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| Posted: 21 Jul 2010 01:20 PM PDT Electrical equipment maker Eaton Corporation (NYSE:ETN) reported better-than-expected second quarter 2010 results, helped primarily by stronger end-markets. Earnings per share, excluding acquisition-related integration charges, came in at $1.36, beating the Zacks Consensus Estimate of $1.17. In the year-ago period, the Cleveland, Ohio-based company earned 23 cents per share. Revenue Total quarterly revenue of $3.4 billion was up 16% year over year and 9% sequentially. Improved sales in the … [visit site to read more]
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| Earnings Preview: Zimmer Holdings Posted: 21 Jul 2010 01:20 PM PDT Zimmer Holdings (NYSE:ZMH) is scheduled to release its second-quarter 2010 earnings on July 22, 2010. The Zacks Consensus Estimate for the quarter is $1.05 per share, representing a year-over-year growth of 5.5%.
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| Earnings Preview: Total System Posted: 21 Jul 2010 01:05 PM PDT Total System Services Inc. (NYSE:TSS) is scheduled to report its second quarter 2010 results after the market closes on Wednesday, July 21. The Zacks Consensus Estimate for the second quarter is 23 cents per share, representing a negative growth of about 16% from the year-ago quarter.
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| Posted: 21 Jul 2010 12:45 PM PDT Seagate Technology Inc. (NASDAQ:STX) reported fourth-quarter 2010 earnings per share of 70 cents (excluding one-time items), missing the Zacks Consensus Estimate of 78 cents per share. The company was badly hit by the struggles in Europe, where not just currency but also a slowdown in demand, particularly in the consumer market, impacted results. Seagate has been reporting earnings surprises on a regular basis and despite the miss, the average positive surprise remains at 21.69%. However, given … [visit site to read more]
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| Posted: 21 Jul 2010 12:45 PM PDT JAKKS Pacific Inc. (NASDAQ:JAKK), a multi-brand company that designs and markets a broad range of toys and consumer products, is slated to release its second-quarter 2010 results on Thursday, July 22. The current Zacks Consensus Estimate for the quarter is 5 cents per share, representing an annualized growth of 276.7%.
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| Quest Beats, But Lowers Guidance Posted: 21 Jul 2010 12:35 PM PDT Quest Diagnostics (NYSE:DGX) reported second quarter fiscal 2010 earnings per share (EPS) of $1.07, beating the Zacks Consensus Estimate by a penny. The company had reported an EPS of $1.00 in the second quarter of fiscal 2009. Results for the previous quarter included benefits associated with an insurance recovery (5 cents), offset by charges related to debt repurchase and investment write-off (4 cents). Revenues for the quarter declined 1.4% year over year to $1.9 billion, driven by a decline … [visit site to read more]
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| Posted: 21 Jul 2010 12:35 PM PDT ConAgra Foods, Inc. (NYSE:CAG) divested its Gilroy Foods & Flavors, the dehydrated and vegetable product operations, part of Commercial Foods segment, to Olam International for $250 million.
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| Posted: 21 Jul 2010 12:15 PM PDT Oilfield services provider Core Laboratories N.V. (NYSE:CLB) is scheduled to report its second quarter 2010 results on Wednesday, July 21, after the closing bell.
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| Posted: 21 Jul 2010 12:15 PM PDT BP plc (NYSE:BP) has taken the first tangible step towards divestiture of assets worth $10 billion announced last month. The financially troubled U.K. major will sell $7 billion worth of upstream assets to Apache Corp. (NYSE:APA). The agreement includes several transactions, expected to close in the third quarter.
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