Friday, August 6, 2010

Daily Markets - California Pizza Matches Ests

Daily Markets - California Pizza Matches Ests


California Pizza Matches Ests

Posted: 06 Aug 2010 08:05 AM PDT

California Pizza Kitchen, Inc. (NASDAQ:CPKI), one of the leading casual dining restaurant chains, recently posted second-quarter 2010 earnings of 17 cents per share, consistent with the Zacks Consensus Estimate, but dropped 32.0% from 25 cents in the prior-year quarter.

The pizza restaurant chain said that total revenues for the second quarter dropped 4.6% year over year to $163.1 million, but outperformed the Zacks Consensus Estimate of $162.0 million. Comparable-store sales fell 5.9% in the … [visit site to read more]


Con Edison In Line With Consensus

Posted: 06 Aug 2010 08:05 AM PDT

Consolidated Edison Inc. (NYSE:ED) announced its second quarter fiscal 2010 results of EPS of 51 cents, in line with the Zacks Consensus Estimate and beating the year-ago EPS of 48 cents. On a reported basis, including the net mark-to-market effects of the competitive energy businesses the company reported earnings of 65 cents per share compared with 55 cents per share in the year-ago quarter.
 
The GAAP EPS variances reflect the year-over-year differences, where Con Edison of New York … [visit site to read more]


Earnings Preview Blog: CSC

Posted: 06 Aug 2010 07:35 AM PDT

Computer Sciences Corporation (NYSE:CSC) is scheduled to announce its first quarter and fiscal year 2011 results on August 11, 2010 and we do not see substantial variation in analyst estimates at this point.
 
Fourth Quarter Overview
 
The company reported decent fourth quarter 2010 numbers, with EPS of $1.66 exceeding the Zacks Consensus Estimate of $1.44, although earnings declined compared with the year-ago quarter. CSC delivered revenue of $4.2 billion, up 2.4% from $1.03 … [visit site to read more]


CF Falls Far Short Of Estimates

Posted: 06 Aug 2010 07:35 AM PDT

Fertilizer company CF Industries Holdings Inc.,s (NYSE:CF) net earnings more than halved to $105.1 million or $1.54 per share in the second quarter of 2010 compared with $213 million or $4.33 per share in the year-ago period. The recent acquisition of Terra Industries (”TRA”) weighed on the earnings of CF. Excluding a one-time charge related to the acquisition, the company earned $2.51 per share, significantly down from the Zacks Consensus Estimate of $3.16.

CF's topline jumped 32% year over … [visit site to read more]


UBS To Pay $81M To Settle Charges

Posted: 06 Aug 2010 07:05 AM PDT

UBS AG (NYSE:UBS) has hit the headlines again but this time for a wrong reason. The company has been ordered to pay $80.8 million by the Financial Industry Regulatory Authority Inc.'s ("FINRA") arbitration panel in order to settle a damage claim brought forward by Kajeet Inc. Kajeet, a cellphone marketer based in Bethesda, Maryland, had sued UBS for damages incurred following its investments in auction-rate securities through UBS.
 
Initially, Kajeet claimed $110 million for losses … [visit site to read more]


Jacobs Wins Series Of Contracts

Posted: 06 Aug 2010 07:05 AM PDT

At the beginning of this month, Jacobs Engineering Group Inc. (NYSE:JEC), won a series of new contracts. The contracts were received from Eastman Chemical Company (NYSE:EMN), Suncor Energy Inc. (NYSE:SU) and Network Rail.
 
Jacobs will provide Eastman maintenance as well as construction services at its Kingsport site.
 
Jacobs' contract with Suncor Energy is valued at $0.79 million. Jacobs will supply research and development services for Suncor's technology projects. The contract will be … [visit site to read more]


Stock Market News Briefs: American International Group, CF Industries Holdings, Goldman Sachs Group, Kraft Foods, Potomac Electric Power Company, Progress Energy Inc, Warner Chilcott Limited, Wynn Resorts, Limited

Posted: 06 Aug 2010 07:05 AM PDT

 Kraft (NYSE:KFT) reported after-the-close results of 60 cents, 8 cents higher than Zacks expectations, on revenue of $12.2 billion, slightly below Zacks expectations of $12.3 billion

 Pepco (NYSE:POM) topped earnings expectations with second quarter profits of 34 cents, 12 cents ahead of Zacks projections, on a 1.8% revenue drop to $1.6 billion, which missed estimates of $2.4 billion

 Warner Chilcott (NASDAQ:WCRX) reported better-than-expected earnings and sales, as second quarter … [visit site to read more]


RBS Sells 318 Branches To Santander

Posted: 06 Aug 2010 07:05 AM PDT

Royal Bank of Scotland Group plc.(NYSE:RBS) has announced that it is selling its 318 branches and associated assets and liabilities to Santander UK plc., the U.K. unit of Banco Santander SA (NYSE:STD). The
selling price is at a premium of GBP350 million to net assets at closing. This business' implied equity is GBP1.3 billion.

The amount is to be paid in cash and is subject to certain closing conditions such as the business' performance. The deal is expected to be completed by the end of next … [visit site to read more]


Interview With Dr. Howard Schilit: Author Of Financial Shenanigans

Posted: 06 Aug 2010 07:00 AM PDT

I recently interviewed Howard Schilit, author of Financial Shenanigans. The full interview is posted on GuruFocus.com. I will post the first part of the interview here followed by a link to the full inveterview on Guru Focus.
I recently finished reading the third edition of Financial Shenanigans. I loved the book asked the author of the book Howard Schilit for an interview to discuss his book. Mr. Schilit was kind enough to grant me the time to ask him several questions about the book. I … [visit site to read more]


Forex Trading: USDCAD Between “Goal Posts” On Weak US And Cad Employment

Posted: 06 Aug 2010 06:51 AM PDT

Host Stock News For Friday 6 August: Kraft Foods, BP, RBS, Barclays, Goldman Sachs, Activision Blizzard, British Airways

Posted: 06 Aug 2010 06:47 AM PDT

BP (NYSE:BP) - Co. finished pumping cement into its ruptured oil well in the Gulf of Mexico on Thursday to seal off the source of the world’s worst offshore spill. (RTRS)

UK

RBS (NYSE:RBS) - Co.’s H1 net income GBP 9mln vs. Exp. loss of GBP 47mln, and core impairments totalled GBP 1.1bln, up GBP 126mln on quarter. Co.’s non-core impairments declined by 18% to GBP 1.39bln. Co. says it remains in line with or ahead of all the key group metrics, and remains on course to meet its UK mortgage … [visit site to read more]


Without Job Growth, Here Comes The “QE2″

Posted: 06 Aug 2010 06:46 AM PDT

This morning's Unemployment Report further confirms that our economy remains burdened by our Sense on Cents description of 'walking pneumonia.'  While this month's report was decidedly weaker than expectations, once again we witness downward revisions to prior reports. Do you find it strange that more often than not much of the economic data released has displayed this tendency to have downward revisions to prior reports? Think the data is heavily massaged? You think?
Let's … [visit site to read more]


Pending Home Sales Lowest In June

Posted: 06 Aug 2010 06:35 AM PDT

Pending home sales in the U.S. fell noticeably in June, marking a 19% decline from the corresponding period last year. On a month-over-month basis, June recorded a drop of 2.6% from May in the number of buyers signing contracts to purchase homes. Consequently, the pending home sales index in the country reached 75.7, the lowest since 2001.
 
In the U.S., the northeastern region saw the biggest decline of more than 12% in pending home sales, followed by the midwestern region, which faced a … [visit site to read more]


AIG Surpasses Zacks Estimate

Posted: 06 Aug 2010 06:35 AM PDT

American International Group Inc. (NYSE:AIG) reported second-quarter operating earnings of $1.34 billion or $1.99 per share, significantly ahead of the Zacks Consensus Estimate of 99 cents and operating income of $1.14 billion or $1.71 per share in the year-ago period.

On a GAAP basis, AIG reported a net loss of $2.66 billion or $3.96 per share, compared with a net income of $1.82 billion or $2.30 per share in the year-ago quarter. This included loss from discontinued operations, derivative … [visit site to read more]


PNC Gains $750M Through Notes Sale

Posted: 06 Aug 2010 06:35 AM PDT

PNC Financial Services Group Inc.'s (NYSE:PNC) subsidiary, PNC Funding Corp., has raised $750 million by selling senior notes. The notes carry a coupon rate of 4.375% and mature on August 11, 2020. The offer size exceeded the initially planned $500 million.
 
Bank of America Corp. (NYSE:BAC) and J.P. Morgan Chase & Co. (NYSE:JPM) are the Lead managers while PNC and Morgan Stanley (NYSE:MS) are the co-managers for this offering. Ratings from Moody's Investor Services, unit of Moody's Corp. … [visit site to read more]


Forex Trading: GBPUSD Contained By The Weeks Range Post NFP

Posted: 06 Aug 2010 06:22 AM PDT

Swiss Franc: Under Pressure

Posted: 06 Aug 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]


Japanese Yen: The Downside Prevails

Posted: 06 Aug 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]


British Pound: Under Pressure

Posted: 06 Aug 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]


Euro: The Downside Prevails

Posted: 06 Aug 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]


Citi Raises $3B From Notes Sale

Posted: 06 Aug 2010 06:05 AM PDT

Citigroup Inc. (NYSE:C) sold $3 billion of notes earlier this week. The company conducted the sale in two parts. The first tranche was $2.25 billion of new notes due on August 9, 2020, with a coupon rate of 5.375%. The second tranche was of $750 million, consisting of the reopening of notes due May 19, 2015, and carrying a coupon rate of 4.75%. This second tranche exceeded the initial planned size of $500 million.
 
Citi would use the proceeds for general corporate purposes. These include … [visit site to read more]


Grupo Aeroportuario Offers Equity

Posted: 06 Aug 2010 06:05 AM PDT

Aeroportuario del Sureste, S.A.B. de C.V. (NYSE:ASR) is planning a secondary equity offering and hence has filed a registration with the U.S. Securities and Exchange Commission.
 
JMEX B.V. plans to sell its 16.0% stake in Grupo Aeroportuario del Sureste by offering 43.6 million shares for sale either directly or in the form of ADSs, where underwriters will have the option to buy an additional 4.4 million shares to cover over-allotments. Each ADS is equivalent to ten common … [visit site to read more]


Unemployment Stays At 9.5%

Posted: 06 Aug 2010 06:05 AM PDT

Census Drop-offs Lead Payrolls Lower

In a more or less expected development this morning, the Bureau of Labor Statistics (BLS) released its monthly Current Employment Statistics (CES), in which it states total non-farm employment in the U.S. for the month of July fell by 131,000 jobs. This accounts for 143,000 jobs lost among temporary U.S. census workers, offset to a degree by the private sector, which hired 71,000 employees in July.

While the gain of 71,000 workers among private companies … [visit site to read more]


RBS Fined $8.9M By U.K. FSA

Posted: 06 Aug 2010 05:35 AM PDT

Royal Bank of Scotland Group plc (NYSE:RBS) has been fined £5.6 million ($8.9 million) by the U.K. Financial Services Authority (FSA). The fine follows the company's failure to possess adequate systems and controls for preventing the violation of the U.K. financial sanctions. However, as the claims are settled by RBS early, a 30% reduction in the fine amount was granted to the company.
 
Firms in the U.K. are barred from offering financial services to persons included in the HM Treasury … [visit site to read more]


[Book Giveaway] The Complete Eldercare Planner By Joy Loverde

Posted: 06 Aug 2010 05:30 AM PDT

The Complete Eldercare Planner by Joy Loverde

As a thank you to all our readers and a follow-up to our 'Avoiding Caregiver's Stress: A Health and Financial Checklist' post, we are giving away 1 free copy of a book that provides the latest information on everything from financing a longer life to in-home assisted-living care. The book is authored by Joy Loverde and is called The Complete Eldercare Planner, Revised and Updated Edition: Where to Start, Which Questions to Ask, and How to … [visit site to read more]


Markets In Everything, Or Not: Lemonade Stand

Posted: 06 Aug 2010 04:06 AM PDT

Government officials shut down a 7-year old’s lemonade stand in Portland, … [visit site to read more]


Actively-Managed ETFs Lack Track Records

Posted: 06 Aug 2010 04:00 AM PDT

One of the biggest concerns voiced over actively-managed ETFs has been their lack of strong track records. Many market commentators, including Lisa Valentine, Managing Editor for FSOkx.com, have expressed reservations and cautioned investors from investing in Active ETFs for that reason. When it comes to active management, investors always look to the manager track records and often Morningstar ratings to get a gauge of how they can expect the fund to perform.
Morningstar issues ratings for … [visit site to read more]


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