Daily Markets - Endo Pharma To Buy Penwest

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• Endo Pharma To Buy Penwest
• Mindray Launches Ultrasound In U.S.
• Apache’s Egyptian Wells Go Online
• Chico’s FAS Results In Line
• The Upside Of The Downside
• Synopsys Posts Decent 3Q
• Ross Stores Meets, Outlook Cautious
• Sysco Misses Estimates
• American Cap Reiterated At Neutral
• GameStop Earnings Up But Misses
• Loss Doubles At Hot Topic
• The Architecture Billing Index (Leading Indicator) Improves In July And In 5 Out Of The Last 6 Months
• Good News For BMY Pipeline
• Tata Motors To Raise $700M
• ENDP To Buy Penwest
• Why The Unfolding Disaster In Pakistan Should Concern You
• Forex Trading: EURUSD. Confused Yet? The Market Is.
• Refinancing Activity Hits 15-Month High As Mortgage Rates Fall To Historically Low Levels
• Becoming A “Go-Ahead” Nation … Again

Endo Pharma To Buy Penwest Posted: 19 Aug 2010 04:05 PM PDT In a bid to sustain and drive growth in the area of pain management, Endo Pharmaceuticals Holdings Inc. (NASDAQ:ENDP) recently agreed to acquire drug developer Penwest Pharmaceuticals Co. (NASDAQ:PPCO). Through this deal, Endo Pharma will gain full access to a painkiller that was being co-developed by the companies. The deal, worth approximately $144 million or $5.00 per share in cash, has been approved by the Boards of both companies. The companies have been co-developing an extended-release version of … [visit site to read more]

Mindray Launches Ultrasound In U.S. Posted: 19 Aug 2010 04:05 PM PDT Mindray Medical International Limited (NYSE:MR), a global Chinese medical device company, recently launched its latest M7 ultrasound system in the U.S. market. Mindray’s new system utilizes its high-performance “System On Chip” (SOC) technology, thereby imparting a higher level of imaging capability to a portable system. Mindray believes that the new M7 system provides good value to the customer by combining an economical price with differentiating attributes. This higher-end segment of the … [visit site to read more]

Apache’s Egyptian Wells Go Online Posted: 19 Aug 2010 03:35 PM PDT Independent energy company Apache Corporation (NYSE:APA) announced the discovery of oil in two locations of the Phiops Field through the Pepi-1X and Buchis South-1X exploration wells. The company also released a report on the appraisal of the Faghur Basin in the oil and gas province of the Western Desert, southwest Egypt. Apache drilled the Pepi-1X well to a depth of approximately 6 miles, resulting in a test-flow of 4,216 barrels of oil and 4.9 million cubic feet (MMcf) of gas per day. The … [visit site to read more]

Chico’s FAS Results In Line Posted: 19 Aug 2010 02:05 PM PDT Chico’s FAS, Inc. (NYSE:CHS) reported second-quarter 2010 earnings of 17 cents per share, in line with the Zacks Consensus Estimate. The result also compares favorably with 10 cents earned in the second quarter of 2009. Net income was $30.5 million, compared with $18.0 million in the prior-year quarter. Sales Net sales in the second quarter 2010 were $465.4 million, up 10% year-over-year from $419.9 million in the prior year period. The advance reflects a 9% year-over-year increase in … [visit site to read more]

The Upside Of The Downside Posted: 19 Aug 2010 01:54 PM PDT It’s not all gloom-and-doom as far as the downturn goes, I guess… “Worker Fatalities Fall 17% on Decline in Construction Deaths” (Bloomberg) U.S. workplace deaths fell 17 percent in 2009 to a record low on a decline in construction fatalities, as unemployment surged to the highest level in a quarter century. There were 4,340 deaths across all industries, compared with 5,214 a year earlier. Fatalities among private construction firms dropped 16 percent in 2009, the Bureau of Labor … [visit site to read more]

Synopsys Posts Decent 3Q Posted: 19 Aug 2010 01:35 PM PDT Synopsys Inc. (NASDAQ:SNPS) reported third quarter 2010 earnings per share (EPS) of 31 cents, which inched past the Zacks Consensus Estimate of 30 cents. Revenue Revenue in the third quarter was $336.9 million, down from $345.2 million last year. Revenue was in line with management’s guidance range of $330.0 million to $338.0 million. License revenues (including time-based and upfront) were $301.2 million, down from $303.4 million in the year-ago quarter. Maintenance and service revenues were $35.7 … [visit site to read more]

Ross Stores Meets, Outlook Cautious Posted: 19 Aug 2010 01:35 PM PDT Ross Stores Inc. (NASDAQ:ROST) announced that second-quarter fiscal 2010 earnings jumped 25.0% to $129.3 million or $1.07 per share, compared to $103.4 million or 82 cents in the year-ago period. Quarterly earnings matched the Zacks Consensus Estimate. However, Ross Stores stated that it is maintaining a “somewhat cautious” outlook for the second half of fiscal 2010 amid tepid economic conditions and tough year-over-year comparisons. The company expects earnings of $4.18 to $4.27 per share in … [visit site to read more]

Sysco Misses Estimates Posted: 19 Aug 2010 01:35 PM PDT Sysco Corp. (NYSE:SYY) delivered fourth-quarter 2010 earnings (excluding one-time items) of 53 cents per share, in line with the year-ago earnings. However, the result was below the Zacks Consensus Estimate of 58 cents. Sysco’s earnings (excluding one-time items) surged 10.2% to $1.95 per share in fiscal 2010 from $1.77 in fiscal 2009. Reported earnings per share climbed 7.5% from the year-ago quarter to 57 cents, and 12.4% over the previous year to $1.99. Revenue and Operating Income On a … [visit site to read more]

American Cap Reiterated At Neutral Posted: 19 Aug 2010 01:05 PM PDT We are reiterating our recommendation on American Capital Ltd. (NASDAQ:ACAS) following the company's earnings release. The reaffirmation takes into account the company's business model, strategic initiatives, opportunities and challenges.   American Capital's 5 cent shortfall in the second quarter followed a rise in debt refinancing costs; the company posted an operating income of 9 cents per share while the Zacks Consensus Estimate was 14 cents. However, the results were unchanged from … [visit site to read more]

GameStop Earnings Up But Misses Posted: 19 Aug 2010 01:05 PM PDT GameStop Corporation (NYSE:GME), the video game and entertainment software retailer, recently posted second-quarter 2010 results. The quarterly earnings of 26 cents a share missed the Zacks Consensus Estimate by a penny but rose 13% from 23 cents earned in the prior-year quarter.    The bottom-line growth was primarily driven by higher top-line and a decline in interest expenses (down 11%).   Quarterly Discussion   The Grapevine, Texas based company, GameStop, posted total … [visit site to read more]

Loss Doubles At Hot Topic Posted: 19 Aug 2010 01:05 PM PDT The loss at specialty retailer Hot Topic Inc. (NASDAQ:HOTT) deepened in the second quarter of fiscal 2010 with the company posting a loss per share of 14 cents, twice the loss of 7 cents in the year-ago quarter and slumping further below the loss of 4 cents in the first quarter of fiscal 2010. The loss of 14 cents in the quarter was on par with the Zacks Consensus Estimate. Loss per share in both the reported quarter as well as the corresponding year-ago quarter included approximately 2 cents per … [visit site to read more]

The Architecture Billing Index (Leading Indicator) Improves In July And In 5 Out Of The Last 6 Months Posted: 19 Aug 2010 12:54 PM PDT The American Institute of Architects (AIA) released its monthly Architecture Billings Index (ABI) yesterday for July, which improved to 47.9 last month compared to June, and marked the fifth monthly increase during the last six months.  Also, the July reading was almost the highest index level for the ABI since January 2008, second only to a 48.4 reading in April (see chart above).  According to the AIA: “The Architecture Billings Index (ABI) is a diffusion index … [visit site to read more]

Good News For BMY Pipeline Posted: 19 Aug 2010 12:35 PM PDT Recently, Bristol-Myers Squibb Co.'s (NYSE:BMY) pipeline received a boost when the US Food and Drug Administration (FDA) accepted the Biologics License Application (BLA) for oncology candidate, ipilimumab. Furthermore, the agency has decided to review the application on a priority basis. Bristol-Myers acquired full ownership rights to ipilimumab through the Medarex acquisition in 2009. Bristol-Myers is seeking approval for the treatment of adults suffering from advanced melanoma who have … [visit site to read more]

Tata Motors To Raise $700M Posted: 19 Aug 2010 12:35 PM PDT News has leaked that Indian auto giant, Tata Motors Ltd. (NYSE:TTM), will raise $700 million by selling shares with differential voting rights. The automaker intends to utilize the funds to repay debt and expand its operations. In June, the company's board sought shareholders' approval to raise funds equivalent to Rs.47 billion ($1 billion) through ordinary shares, 'A' ordinary shares, convertible bonds, debentures, warrants and other equity-linked instruments in either the domestic or … [visit site to read more]

ENDP To Buy Penwest Posted: 19 Aug 2010 12:35 PM PDT In a bid to sustain and drive growth in the area of pain management, Endo Pharmaceuticals Holdings Inc. (NASDAQ:ENDP) recently agreed to acquire drug developer Penwest Pharmaceuticals Co. (NASDAQ:PPCO). Through this deal, Endo Pharma will gain full access to a painkiller that was being co-developed by the companies. The deal, worth approximately $144 million or $5.00 per share in cash, has been approved by the boards of both companies. The companies have been co-developing an extended-release version … [visit site to read more]

Why The Unfolding Disaster In Pakistan Should Concern You Posted: 19 Aug 2010 12:31 PM PDT The human tragedy unfolding in Pakistan right now demands our full attention. Flooding there has already stranded 20 million people, more than 10 percent of the population. A fifth of the nation is underwater. More than 3.5 million children are in imminent danger of contracting cholera and acute diarrhea; millions more are in danger of starving if they don't get help soon. More than 1,500 have already been killed by the floods. This is a human disaster. It's also a frightening opening for … [visit site to read more]

Forex Trading: EURUSD. Confused Yet? The Market Is. Posted: 19 Aug 2010 12:27 PM PDT … [visit site to read more]

Refinancing Activity Hits 15-Month High As Mortgage Rates Fall To Historically Low Levels Posted: 19 Aug 2010 12:20 PM PDT Wall Street Journal — “The much-anticipated rise in applications to refinance existing mortgages finally came through over the past week.  The Mortgage Bankers Association said Wednesday its refinancing index jumped 17% to 4676.70 in the week to Wednesday, soaring to the highest since May 2009. The rise contrasts with the four-week average of a 3.2% increase. The sudden jump is a sign that mortgage rates—which clocked up record lows this week—have fallen far enough to encourage a … [visit site to read more]

Becoming A “Go-Ahead” Nation … Again Posted: 19 Aug 2010 12:00 PM PDT Please pardon my getting political but it’s my blog and I have something that I want to get off my chest. I’m a history fanatic (what true chartist wouldn’t be?) because it provides context within which events can be better understood. I recently finished reading, for example, “The first tycoon: the epic life of Cornelius Vanderbilt” by T. J. Stiles (I highly recommend the book to anyone interested in knowing how the United States evolved from a collection of disparate states into a linked … [visit site to read more]

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