Daily Markets - Automatic Data Acquires Cobalt |
- Automatic Data Acquires Cobalt
- Valspar Barely Misses
- GM To File IPO To Repay Debt
- Eni Strengthens Position In Africa
- Northrop Pockets $457 Million Contract
- Factory Output Jumps In July
- Earnings Scorecard: Harris Corp.
- BP Acquires Devon Assets For $2B
- Duke Realty Sells Asset
- Mid-America Acquires Asset
- BofA To Reduce BlackRock Holding
- Loss Lingers At China Architectural
- WPP Acquires Digitaria Interactive
- Praxair Announces Price Escalation
- FLIR To Acquire ICx Technologies
- ITW Revenue Update, Guidance Intact
- IN FOCUS: Mars Hill Global Relative Value ETF (GRV)
- Pactiv To Be Bought In $6 Billion Deal
- Public Pension Showdown: Actuaries Vs. Economists
- A Proposed Solution To The Foreclosure Crisis
- Forex Trading: EUR/USD Rally Might Not Hold Below Pivotal Levels
- Cautious On Agilent After 3Q Results
- Housing Starts Still Weak
- What’s Going To Happen To Fannie And Freddie?
- USD/JPY: Bad Economics Are Good For The Yen
- Three Ways To Profit From China’s Muscle In The Gold Market
- Earnings Scorecard: American Tower
- U.S. Cellular Downgraded
- Earnings Scorecard: WellPoint
- Hot Stock News For Tuesday 17 August: Cisco, Qualcomm, Pfizer, BP, Barclays, Santander
- Australian Dollar: The Downside Prevails
- Canadian Dollar: The Downside Prevails
- Fluor Wins Contract
- Wal-Mart Barely Beats, Lifts View
- Sasol Keeps Neutral Rating
- Forex Trading: EURUSD Moving From Support To Resistance To Support. What To Watch For Now.
| Automatic Data Acquires Cobalt Posted: 17 Aug 2010 11:35 AM PDT Provider of outsourced HR solutions and payroll processing services Automatic Data Processing Inc. (NYSE:ADP) announced the closing of its previously announced acquisition of privately held Cobalt Group for approximately $400 million in cash. Automatic Data had announced the acquisition of Cobalt on July 9, 2010.
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| Posted: 17 Aug 2010 11:35 AM PDT Paints and coatings maker Valspar Corp. (NYSE:VAL) recorded net income of $75.1 million or 74 cents per share in the third quarter of fiscal 2010, up 15.5% from last year's $65 million or 61 cents per share. Earnings were helped by a stronger catings business that negated subdued performance in the paints business. However, adjusting for restructuring charges and gain from sale of assets, earnings of 70 cents narrowly missed the Zacks Consensus Estimate of 71 cents. Revenues Quarterly … [visit site to read more]
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| Posted: 17 Aug 2010 11:35 AM PDT According to reports, General Motors (MTLQQ) or GM is likely to file its paperwork for an IPO this week as government ownership is hurting the company’s public image. The news leaked soon after the company's Chief Executive Officer, Ed Whitacre, announced its decision to step down from its position for undisclosed reasons. Dan Akerson, a telecoms and finance veteran, will replace him on Sep 1. GM recorded a profit of $1.3 billion or $2.55 per share in the second quarter of the year, … [visit site to read more]
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| Eni Strengthens Position In Africa Posted: 17 Aug 2010 11:05 AM PDT Eni SpA (NYSE:E) recently signed a deal to strengthen its position in Africa. The Italian oil major entered into a definitive agreement with U.K.-based Surestream Petroleum to acquire a stake in the Ndunda Block, Democratic Republic of Congo. This agreement marks the company's first step into the country.
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| Northrop Pockets $457 Million Contract Posted: 17 Aug 2010 11:05 AM PDT Shipbuilder and defense contractor Northrop Grumman Corp. (NYSE:NOC) won a $457 million contract from the U.S. Defense Department to provide radar equipment for aircraft pilots. Work on the contract will be done in Rolling Meadows, Illinois and is expected to be completed by 2014.
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| Posted: 17 Aug 2010 11:05 AM PDT In July, Industrial Production increased by 1.0% over June, and was 7.7% higher than it was a year ago. However the June industrial production number was revised down to a decline of 0.1% rather than an increase of 0.1%. Still, even with the downward revision this is a pretty solid showing. The June decline came after a 1.3% surge in production in May. The quality of the increase in July was very high. Total industrial production includes not just the output of factories, but also of Mines and … [visit site to read more]
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| Earnings Scorecard: Harris Corp. Posted: 17 Aug 2010 10:35 AM PDT Harris Corp. (NYSE:HRS) continues to post solid results supported by a strong demand for its tactical radio products, several government communications products, and excellent operating efficiency. Overall, analysts' opinions also remain positive on the stock, given the company's results. The recent earnings announcement, subsequent analyst estimate revisions, and the Zacks ratings for both the short-term and the long-term are covered in depth below.
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| BP Acquires Devon Assets For $2B Posted: 17 Aug 2010 10:35 AM PDT
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| Posted: 17 Aug 2010 10:35 AM PDT Duke Realty Corp. (NYSE:DRE) recently sold a 7.6 acre land parcel in Pembroke Pines, Florida. The asset was sold to Demeter Pembroke Pines, a Fort Lauderdale-based developer and an affiliate of Keenan Properties Group, for $4.66 million.
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| Posted: 17 Aug 2010 10:35 AM PDT Mid-America Apartment Communities Inc. (NYSE:MAA), an apartment-only real estate investment trust (REIT), recently acquired Verandas at Sam Ridley – a 336-unit upscale property in Nashville MSA (Metropolitan Statistical Area) for $32 million. The purchase price of $95,238 per unit was significantly above the recent apartment transactions for older properties, thereby indicating the high quality of the apartment community and stabilization of market fundamentals.
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| BofA To Reduce BlackRock Holding Posted: 17 Aug 2010 10:35 AM PDT On Sunday, the Wall Street Journal reported that Bank of America Corporation (NYSE:BAC) is planning to sell its 34.1% (64.7 million common and preferred shares) stake in BlackRock Inc. (NYSE:BLK). BofA is considering this sale as it does not view the BlackRock stake as a core earnings asset. However, no talks have started regarding when and how the company may trim its holdings.
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| Loss Lingers At China Architectural Posted: 17 Aug 2010 10:05 AM PDT China Architectural Engineering Inc. (NASDAQ:CAEI) reported a net loss of $3.3 million or a loss per share of 6 cents for its second quarter ended March 31, 2010. The company had earned $2.5 million or 5 cents per share in the year-ago quarter. A decrease in contract revenue due to a fewer number of projects along with higher raw material and labor and administrative costs perpetrated the loss in the quarter.
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| WPP Acquires Digitaria Interactive Posted: 17 Aug 2010 10:05 AM PDT WPP Group plc (NASDAQ:WPPGY), through its subsidiary, has acquired US-based Digitaria Interactive Inc., which is a renowned digital agency that concentrates in transferring brands to Web applications, devices, appliances, multimedia and other digital media platforms.
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| Praxair Announces Price Escalation Posted: 17 Aug 2010 10:05 AM PDT Praxair Inc. (NYSE:PX), together with its Canadian subsidiary Praxair Canada Inc., announced an escalation in product prices, facility fees/monthly basic charges and other items.
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| FLIR To Acquire ICx Technologies Posted: 17 Aug 2010 10:05 AM PDT FLIR Systems Inc (NASDAQ:FLIR) is set to acquire ICx Technologies Inc (NASDAQ:ICXT) in an all cash deal valued at $274 million. Wexford Capital LP and its affiliates, which own approximately 62% of the shares of ICx, has supported the merger. The transaction is expected to close by the end of the calendar year. The acquisition strengthens FLIR’s capabilities in advanced sensors for chemical, biological, radiological, nuclear and explosives (CBNRE) detection for defense and security … [visit site to read more]
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| ITW Revenue Update, Guidance Intact Posted: 17 Aug 2010 10:05 AM PDT Illinois Tool Works Inc. (NYSE:ITW) reported a 16% year-over-year rise in operating revenues for the three months ended July 31, 2010. The increase includes a 13% growth attributable to a hike in base revenue and 3% to acquisitions. Currency translation was flat in the quarter. End markets were stable.
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| IN FOCUS: Mars Hill Global Relative Value ETF (GRV) Posted: 17 Aug 2010 10:00 AM PDT Launch Date: July 8, 2010
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| Pactiv To Be Bought In $6 Billion Deal Posted: 17 Aug 2010 09:35 AM PDT Pactiv Corp. (NYSE:PTV) has agreed to be taken over by Reynolds Group Holdings Ltd. for $4.4 billion. Including debt, the deal is valued at $6 billion and is expected to close before the end of 2010. Reynolds Group will pay $33.25 a share, which represents a 39% premium to Pactiv’s May 14 closing price, the last trading day before stories of Pactiv’s takeover surfaced.
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| Public Pension Showdown: Actuaries Vs. Economists Posted: 17 Aug 2010 09:26 AM PDT Great article on the estimates used for pension returns. The debate boils down to whether to use the historic return of 8%, or the current rate on long term treasuries which is close to 3.5%. I must side with the use of a lower estimate A. Not only should future bond returns below due to zero interest rates, but future stock returns should be low since the Shiller 10 year P/E is above 20 (implying real returns for stocks of less than 2%). B. It is ALWAYS prudent to use a lower estimate which … [visit site to read more]
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| A Proposed Solution To The Foreclosure Crisis Posted: 17 Aug 2010 09:12 AM PDT With the Conference on The Future of Housing Finance being held in Washington today, do we really expect the government to propose anything that may help support our hosuing markets. I am not optimistic and I am an optimist by nature. I am a big believer in unleashing the power and strength of entrpreneurial minds to address our problems. Why haven't these minds developed solutions? Do you think that these minds are stifled by the overwhelming presenc eof Uncle Sam? I … [visit site to read more]
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| Forex Trading: EUR/USD Rally Might Not Hold Below Pivotal Levels Posted: 17 Aug 2010 09:11 AM PDT The Euro has remained in a distinctive uptrend, continuing trucking to the upside. With Irish and Spanish bonds having a solid selling, the Euro is showing considerable progress. Despite mixed economic data, the Euro rallied to 1.29 against its arched nemesis, the United States Dollar. European Current Account figures slipped by 4.6 Billion versus 3.6 Billion eyed. German Economic Sentiment dropped to 14.0 from 21.2 prior, while Euro-zone’s Economic Sentiment rose to 15.6 from 10.7. The … [visit site to read more]
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| Cautious On Agilent After 3Q Results Posted: 17 Aug 2010 09:05 AM PDT Agilent Technologies' (NYSE:A) third-quarter earnings beat the Zacks Consensus Estimate by 6 cents, or 12.5%. Revenues of $1.38 billion exceeded by 2.3%.
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| Posted: 17 Aug 2010 09:05 AM PDT In July, Housing Starts rose to a seasonally-adjusted annual rate of 546,000, an increase of 1.7% over the 537,000 rate in June. However, the June rate was revised down from 549,000 so, relative to where we thought we were yesterday, it is a decline of 0.5%. Relative to the 587,000 pace of a year ago, it is a drop of 7.9%. Housing was not exactly booming a year ago, when we were near the deepest point of the Great Recession. Housing starts were also below the consensus expectations of a … [visit site to read more]
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| What’s Going To Happen To Fannie And Freddie? Posted: 17 Aug 2010 09:04 AM PDT Mortgage-industry industry leaders will attend a summit with government officials today (Tuesday) to discuss how to reform Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), the two mortgage giants that so far have devoured close to $150 billion in taxpayer bailout funds. However, that meeting is likely to be derailed by a far greater problem: After making modest progress, the housing market again appears on the verge of collapse. “There’s been a feeling in government, which seems … [visit site to read more]
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| USD/JPY: Bad Economics Are Good For The Yen Posted: 17 Aug 2010 09:01 AM PDT The growth in Japan has put a pressure on the risk appetite in London Session. The Yen climbed to 85.20 following a much lower than expected reading. Fears of the world’s third largest economy slowing down into the second quarter of the year prompted Yen to once again act as a safe heaven. With the latest reading of the Chinese and Japanese economy data, we finally have seen a predicament coming for years: China has overtaken Japan as the second largest economy in the world. Japanese economy … [visit site to read more]
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| Three Ways To Profit From China’s Muscle In The Gold Market Posted: 17 Aug 2010 08:59 AM PDT When recently gold sold off and fell as much as 8% below its record high level of $1,260 an ounce, investors had to be more than a little concerned. With the huge debt loads top world economies have taken on to rebound from the worst financial crisis since the Great Depression, investors have grabbed onto gold as the best way to hedge against the inflation and other financial calamities they felt were certain to come. So far, those calamities haven’t materialized. But those … [visit site to read more]
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| Earnings Scorecard: American Tower Posted: 17 Aug 2010 08:35 AM PDT American Tower Corp. (NYSE:AMT) continues its strong performance, driven by a substantial demand for tower space to facilitate high-speed wireless data and video services, together with emerging 4G technologies.
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| Posted: 17 Aug 2010 08:35 AM PDT We are downgrading our recommendation to Underperform from Neutral for U.S. Cellular (NYSE:USM), the sixth-largest wireless Chicago-based carrier, due to disappointing second quarter 2010 results and outlook. The stock currently has a Zacks #5 (’Strong Sell’) Rank.
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| Posted: 17 Aug 2010 08:35 AM PDT Following the release of second quarter results on July 28, 2010, the majority of analysts covering WellPoint Inc. (NYSE:WLP) made upward revisions to their fourth-quarter and 2010 annual estimates. However, third-quarter of 2010 and 2011 annual estimates witnessed more of a downward trend among analysts over the last 30-day period.
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| Hot Stock News For Tuesday 17 August: Cisco, Qualcomm, Pfizer, BP, Barclays, Santander Posted: 17 Aug 2010 08:19 AM PDT BP (NYSE:BP) - Co. has raised USD 5bln in new loans by pledging revenues from oil sales for the first time in a bid to bolster its liquidity in the wake of the Gulf of Mexico spill. The new financing is the latest effort to diversify its sources of funding and shore up liquidity, people close to the process said. (FT) - BP’s Macondo well in the Gulf of Mexico may not be permanently killed until September as US officials consider two options to allow a final plugging procedure from the bottom … [visit site to read more]
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| Australian Dollar: The Downside Prevails Posted: 17 Aug 2010 08:18 AM PDT |
| Canadian Dollar: The Downside Prevails Posted: 17 Aug 2010 08:17 AM PDT |
| Posted: 17 Aug 2010 08:05 AM PDT Fluor Corporation (NYSE:FLR) announced that Fluor-B&W Portsmouth LLC, its joint venture with Babcock and Wilcox, has been awarded a contract for cleaning up and de-installation of the Portsmouth Gaseous Diffusion Plant (GDP). The tenure of the contract is 10 years with a value of $2.1 billion.
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| Wal-Mart Barely Beats, Lifts View Posted: 17 Aug 2010 08:05 AM PDT Retailing behemoth Wal-Mart Stores Inc. (NYSE:WMT) reported a 9% growth in fiscal 2011 second-quarter adjusted EPS to 97 cents from 89 cents in the year-ago period. The result edged past the Zacks Consensus Estimate of 96 cents per share and came in line with the company's view of 93 cents to 98 cents per share offered in May.
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| Posted: 17 Aug 2010 08:05 AM PDT We are maintaining our Neutral recommendation on Sasol Ltd. (SSL) ADRs with a target price of $42. Sasol is the largest oil and chemical concern in South Africa, engaged in diversified and highly profitable activities along the energy chain. The company specializes in gas-to-liquids (GTL) and coal-to-liquids (CTL) technologies, which produce synthetic fuels in commercial quantities from low-grade natural gas and natural coal. Recently, these technologies have been attracting attention as they … [visit site to read more]
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| Forex Trading: EURUSD Moving From Support To Resistance To Support. What To Watch For Now. Posted: 17 Aug 2010 07:31 AM PDT |
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