Thursday, August 19, 2010

Daily Markets - GM Files For IPO

Daily Markets - GM Files For IPO

GM Files For IPO

Posted: 19 Aug 2010 12:05 PM PDT

General Motors (MTLQQ) or GM has filed the first batch of paperwork required to hold an initial public offering (IPO) of stock within months. However, the filing did not reveal the exact timing of IPO and the number of shares to be sold under the IPO.
 
The IPO will allow the stakeholders of the company to sell their stakes. However, no dividend will be paid on the common shares. Meanwhile, the company itself will sell preferred shares, the proceeds from which will be utilized for … [visit site to read more]

Neutral On Liberty Global

Posted: 19 Aug 2010 12:05 PM PDT

We upgrade our recommendation for Liberty Global Inc. (NASDAQ:LBTYA) to Neutral based on our assessment that the company's top line may improve in future due to solid growth in Chile and Australia. Liberty Global is the dominant cable operator in these markets, which are relatively less competitive than the mature North American markets.
 
The company is aggressively buying back shares, a move that we think will provide downside cushion to EPS. We believe Liberty Global's earnings will … [visit site to read more]

FDA To Withdraw Shire Drug Approval

Posted: 19 Aug 2010 12:05 PM PDT

The US Food and Drug Administration (FDA) recently announced that it plans to withdraw the approval of Shire plc's (NASDAQ:SHPGY) ProAmatine. The drug is used to treat low blood pressure (orthostatic hypotension).

The drug was approved under the FDA's accelerated approval program, under which companies are required to conduct post-approval studies of the drug in order to confirm its benefits.

The regulatory body noted that since the time of the approval of ProAmatine, neither Shire nor the … [visit site to read more]

Biogen Strikes Licensing Deal

Posted: 19 Aug 2010 11:35 AM PDT

Biogen Idec (NASDAQ:BIIB) recently entered into an exclusive licensing agreement with Knopp Neurosciences for the development and commercialization of KNS-760704 for the treatment of amyotrophic lateral sclerosis (ALS) or Lou Gehrig's disease and other potential indications.
 
Deal worth more than $345 million
 
Per the terms of the deal, Knopp stands to receive up to $345 million from Biogen in addition to royalties. The payments include an upfront amount of $20 million and $60 million … [visit site to read more]

NetApp Reports Solid First Quarter

Posted: 19 Aug 2010 11:35 AM PDT

 
Network Appliances Inc. (NASDAQ:NTAP) reported first quarter fiscal 2011 adjusted earnings per share (EPS) of 41 cents, exceeding the Zacks Consensus Estimate of 36 cents. The adjusted earnings per share excludes amortization of intangible assets, acquisition related expenses, non-cash interest expense as well as investments and tax gains, but includes stock-based compensation expenses.
 
Revenue
 
NetApp reported first quarter fiscal 2011 revenue of $1.14 billion, up 35.8% from … [visit site to read more]

Applied Grows But Misses

Posted: 19 Aug 2010 11:05 AM PDT

Applied Materials' (NASDAQ:AMAT) third quarter earnings missed the Zacks Consensus by 8 cents. This was in spite of the revenue beat of 6.1% and mainly on account of a higher-contribution from the loss-making EES unit (even excluding the one-time inventory adjustments, EES segment margins declined 309 bps).
Analysts are generally more positive about Applied Materials after the company announced its decision to close down Sunfab. This is evident from the fact that more than a third of the analysts … [visit site to read more]

Merrill Lynch Fined By FINRA

Posted: 19 Aug 2010 11:05 AM PDT

On Wednesday, Merrill Lynch, a part of Bank of America Corporation (NYSE:BAC), was charged $0.5 million by the Financial Industry Regulatory Authority (FINRA) for failing to provide sales charge discounts to its customers who had purchased unit investment trusts (UITs). 
 
Merrill Lynch will have to pay $2 million as compensation to customers who did not get the discounts from January 2006 till date. Bank of America had acquired Merrill Lynch in 2009, following the financial … [visit site to read more]

NiSource Rate Hike Approved

Posted: 19 Aug 2010 11:05 AM PDT

Diversified utility NiSource Inc. (NYSE:NI) announced that its subsidiary Columbia Gas of Pennsylvania Inc. has reached a settlement with Pennsylvania Public Utility Commission to increase gas rates, which will become effective from October 1, 2010. On January 28, 2010, the company had filed a request with the commission to increase the base rate by $32 million annually. However, the commission approved of a much lower increase in base rate.
 
The new rates, which were approved by the … [visit site to read more]

Weekly Rail Container Volume Highest On Record

Posted: 19 Aug 2010 10:51 AM PDT

WASHINGTON, D.C. – Aug. 19, 2010 – “The Association of American Railroads (AAR) today reported rail intermodal volume on U.S. railroads for the week ending Aug. 14, 2010 was the highest of 2010, with 233,767 total trailers and containers, up 20.8 percent from the same week in 2009, but down 1.4 percent compared with 2008 (see chart above). Weekly container volume, a subset of intermodal, was the highest on record up 22.4 percent compared with the same week in 2009, and up 6.4 percent with … [visit site to read more]

Exxon Barred From Jubilee Field

Posted: 19 Aug 2010 10:35 AM PDT

ExxonMobil Corp. (NYSE:XOM) stepped back from its decision to buy a stake of Kosmos Energy's Jubilee oil field in Ghana. The deal was for $4 billion. The oil giant was compelled to cancel the deal due to extreme pressure from Ghana government and strong resistance from the state oil company, Ghana National Petroleum Corporation ("GNPC").     
 
Partnered with Tullow oil ("TLW") and Anadarko Petroleum Corp (NYSE:APC), Kosmos discovered the Jubilee field in 2007. … [visit site to read more]

Earnings Scorecard: Quicksilver

Posted: 19 Aug 2010 10:35 AM PDT

Quicksilver Resources Inc's (NYSE:KWK) second quarter results on August 9, 2010, came in above expectations primarily on record volumes produced during the quarter. During the quarter, Quicksilver made tremendous progress in strengthening its operations and adding growth opportunities for the future. However, analysts' sentiments on future earnings remain slightly negative due to expectations of higher unit costs, resulting from the company's decision to sell all of its interest in … [visit site to read more]

PBIO: Q2 Better Than Expected; Price Target Raised To $5.00

Posted: 19 Aug 2010 10:35 AM PDT

On August 17, 2010, Pressure BioSciences, Inc. (NASDAQ:PBIO) reported strong financial results for the three month period ended June 30 2010.
Total revenue for 2Q10 was $402,104, compared to $270,381 for the comparable period in 2009, a 49% increase. Revenue from the sale of PCT products and services was $283,382 for 2Q10 compared to $159,202 for the same period in 2009, a 78% increase. During each of Q2 2010 and 2009, the company completed the installation of 12 PCT Sample Preparation Systems (PCT … [visit site to read more]

Earning Scorecard: TWC

Posted: 19 Aug 2010 10:35 AM PDT

The second largest cable operator in the United States, Time Warner Cable Inc. (NYSE:TWC) postedexcellent second quarter 2010 financial results, which beat the Zacks Consensus Estimate. The increase was attributable to both the Commercial and Residential Subscription revenues, which grew along with Advertising revenues.
 
 During the reported quarter, Time Warner Cable performed exceptionally well in Digital video subscriber addition. Primary Service Units increased by 60,000 to 26.7 … [visit site to read more]

Buffalo Wild Wings Grows In Canada

Posted: 19 Aug 2010 10:05 AM PDT

Buffalo Wild Wings Inc (NASDAQ:BWLD), the casual dining chain recently announced that through its subsidiary BWLD Canada LP, it is planning to expand for the first time outside United States in Canada. As per its expansion plan, the company will open more than 50 company-owned and franchised restaurants in the next 5 years.
Buffalo Wild Wings' first location is Southern Ontario, where it will open two restaurants by spring 2011, one in Oshawa and the other in Mississauga. The company reveals that … [visit site to read more]

First Business Stays At Outperform

Posted: 19 Aug 2010 10:05 AM PDT

We are maintaining our Outperform on First Business Financial Services, Inc. (NASDAQ:FBIZ). Our target price is now $11.50 (down from $12.00 previously), generating a total return of almost 27%.

FBIZ posted excellent second quarter diluted EPS of $0.46 (before a $2.7 million writedown of goodwill), up 349% from the $0.10 earned last year. This far exceeded our $0.30 estimate, largely due to favorable variances on the loan loss provision and noninterest expense, as well as a lower-than-expected tax … [visit site to read more]

ELP Downgraded To Neutral

Posted: 19 Aug 2010 10:05 AM PDT

We recently downgraded our recommendation for Companhia Paranaense de Energia (NYSE:ELP), also known as COPEL, one of the leading Brazilian electricity utilities from Outperform to Neutral.
Second Quarter Highlights
On August 11, COPEL announced its financial results for the second quarter 2010. Net income dipped 53.2% year over year to R$135.7 million (US$75.4 million), or R$0.50 per share (US$0.28 per ADR) compared with R$290.0 million (US$138.8 million) or R$1.06 per share (US$0.51 per ADR). … [visit site to read more]

Ruby Tuesday Expands In Hawaii

Posted: 19 Aug 2010 10:05 AM PDT

Ruby Tuesday Inc (NYSE:RT) announced recently that it is expanding in Hawaii through franchised restaurants. Franchisee RT Hawaii Restaurants Inc. is planning to open three new restaurants in Hawaii, within the next three years with the first one expected to open in June 2011. The possible locations remain undisclosed. 
Ted Davenport and Rick Nakashima, the two principal investors in the company, who will also invest in this venture, currently own and operate 4 Ruby Tuesday restaurants in … [visit site to read more]
at

No comments:

Post a Comment