Daily Markets - Good News For Boston Scientific

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• Good News For Boston Scientific
• Lower Q2 Loss At Optimer
• Peabody Sells And Buys Notes
• Warner Chilcott Beats, Sales Rise
• Amgen’s Vectibix Disappoints
• AMB Leases In Europe
• Mack-Cali Leases Property
• Earnings Preview – J. C. Penney
• Earnings Scorecard: Motorola Inc.
• Earning Scorecard: Citrix Systems
• Tetra Tech Acquires EBA Consultants
• Laurence Kotlikoff: “The U.S. Is Bankrupt”
• Legg Mason’s July AUM Higher
• RenaissanceRe Boosts Buyback Plan
• Earnings Scorecard: Life Technologies
• Foster Wheeler Gets Contract
• Earning Scorecard: Tellabs Inc.
• Will Active ETFs Remain On The Margin?
• Magellan Midstream Remains “Neutral”
• CIT Refinances $3B Costly Debt
• Extended Claims Soar
• Costco’s Sales Rise
• The Monks Vs. The Louisiana Funeral Cartel
• Apache Completes Permian Asset Buy
• Zimmer Implants Plating System
• Tower Group Raises Dividend
• Hot Stocks For Thursday 12 August: Cisco, Research In Motion, General Motors, AIG, Rio Tinto, GlaxoSmithKline, BBVA
• Australian Dollar: The Downside Prevails
• Canadian Dollar: The Downside Prevails
• Could Uncertainty Make Gold Sparkle Again?
• My Interview On The Radio Last Night
• Forex Trading: USDJPY Tests 86.00. 86.22 Next Target Level
• Bill Clinton Makes Case For Sense On Cents
• Forex Trading: GBPUSD Contained…for Now That Is

Good News For Boston Scientific Posted: 12 Aug 2010 12:05 PM PDT Recently, Boston Scientific (NYSE:BSX) received a notice from the Food and Drug Administration (FDA), whereby all the issues cited in the Company’s 2006 corporate warning letter have been resolved.  The warning letters from the FDA dates back to January 2006, when Boston Scientific was notified of the serious regulatory problems and corrective actions at three of its facilities. Following which the company took significant steps to identify the solutions for the quality issues and implement … [visit site to read more]

Lower Q2 Loss At Optimer Posted: 12 Aug 2010 12:05 PM PDT Optimer Pharma's (NASDAQ:OPTR) second quarter 2010 loss of 27 cents per share was narrower than the Zacks Consensus Estimate by 3 cents and the year-ago loss by 10 cents. The narrower loss was attributed to lower costs since the company cut its research & development (R&D) spending in the quarter. Optimer does not have any marketed products at present. It earns revenues primarily from research grants and collaborative agreements. Revenue in the reported quarter declined 16% year over … [visit site to read more]

Peabody Sells And Buys Notes Posted: 12 Aug 2010 12:05 PM PDT Yesterday, coal miner Peabody Energy Corp. (NYSE:BTU)  initiated a new issue of senior notes and also announced the redemption of notes previously issued. In the new offer, Peabody priced the issue of 6.5% senior notes due 2020, aggregating to $650 million, under its shelf registration statement. Further, it announced the redemption of its outstanding 6 7/8% senior notes due 2013. The 6.5% notes issued by Peabody will be a general unsecured senior obligation and will rank equally in right of … [visit site to read more]

Warner Chilcott Beats, Sales Rise Posted: 12 Aug 2010 11:35 AM PDT Warner Chilcott plc (NASDAQ:WCRX) posted second-quarter earnings of 95 cents per share, beating the Zacks Consensus Estimate of 81 cents and the prior-year earnings of 44 cents. Higher revenues accounted for increased earnings. Revenues Quarterly revenues, at $815.6 million, more than tripled from $250.8 million, a year ago. The astronomical year-over-year increase resulted primarily due to contributions from the products (mainly Actonel, Asacol and Enablex) acquired from Procter & Gamble Co. … [visit site to read more]

Amgen’s Vectibix Disappoints Posted: 12 Aug 2010 11:35 AM PDT Biotech company Amgen (NASDAQ:AMGN) recently reported disappointing results on its oncology drug, Vectibix, which was being studied for the first-line treatment of head and neck cancer. Top-line results from a randomized phase III study showed that Vectibix failed to achieve its primary endpoint. Although treatment with Vectibix plus platinum-based chemotherapy prolonged the medial survival period to 11.1 months compared to 9 months with chemotherapy alone, the improvement in overall survival was … [visit site to read more]

AMB Leases In Europe Posted: 12 Aug 2010 11:05 AM PDT AMB Property Corp. (NYSE:AMB), a leading real estate investment trust (REIT), has recently leased approximately 139,900 square feet of its development portfolio in Europe amid signs of gradual recovery in the industrial market fundamentals. About 110,600 square feet of space were leased to Drake & Farrell Logistics B.V., a leading logistics provider in the Netherlands. The lessee will occupy the space at AMB Bleiswijk Distribution Center, a newly developed multi-tenant warehouse facility … [visit site to read more]

Mack-Cali Leases Property Posted: 12 Aug 2010 11:05 AM PDT Mack-Cali Realty Corp. (NYSE:CLI), a fully integrated real estate investment trust (REIT), has recently extended its lease agreement with Frenkel & Co.Inc., an insurance brokerage company which provides insurance and risk management services for businesses and individuals in the U.S. and internationally.   Mack-Cali would lease about 23,516 square feet of space in Harborside Financial Center Plaza 3 building to Frenkel for 11 years. With the deal, the lessee would relocate its office to … [visit site to read more]

Earnings Preview – J. C. Penney Posted: 12 Aug 2010 11:05 AM PDT J. C. Penney Company Inc. (JCP), a leading retailer of apparel, footwear, accessories, fashion jewelry, beauty products and home furnishings, is scheduled to report its second-quarter 2010 financial results before the bell on Friday, August 13, 2010. The current Zacks Consensus Estimate for the quarter is 5 cents a share.   First-Quarter 2010, a Synopsis J. C. Penney posted first-quarter 2010 results on May 14, 2010. The quarterly earnings of 25 cents a share remained in line with the … [visit site to read more]

Earnings Scorecard: Motorola Inc. Posted: 12 Aug 2010 10:35 AM PDT The struggling mobile phone manufacturer Motorola Inc. (NYSE:MOT) reported strong second quarter 2010 results, beating the Zacks Consensus Estimate by 1 cent. The reported quarter's earnings benefited from growing market traction for its 3G Android-based smartphones.   Overall, the analysts' opinion remains positive on the stock, given the company's excellent results.   Second Quarter Highlights   During the quarter, net income was $162 million or 7 cents per share, compared … [visit site to read more]

Earning Scorecard: Citrix Systems Posted: 12 Aug 2010 10:35 AM PDT Future Outlook is flat for Citrix Systems Inc. (NASDAQ:CTXS). The company reported mixed financial results for the second quarter 2010. While revenue handsomely beats the Zacks Consensus Estimate, EPS falls below it. The recent earnings estimate revision trend is also showing a mixed opinion among the analysts.   Surprisingly, the company has raised its previous guidance of fiscal 2010 revenue by 2.5% although EPS guidance remains weak.  Second Quarter Highlights  Quarterly net … [visit site to read more]

Tetra Tech Acquires EBA Consultants Posted: 12 Aug 2010 10:35 AM PDT Tetra Tech Inc (NASDAQ:TTEK) has acquired a closely held scientific and engineering consulting firm located in Canada.   The firm, EBA Engineering Consultants Ltd, has more than 600 employees and provides scientific and engineering services to the mining and infrastructure sectors. It has annual revenues of $100 million and is the second major acquisition of Tetra Tech in Canada after Wardrop Engineering in 2009. The financial results of the firm will be consolidated under Tetra Tech's … [visit site to read more]

Laurence Kotlikoff: “The U.S. Is Bankrupt” Posted: 12 Aug 2010 10:20 AM PDT Nobody likes being told they are broke. While the truth may hurt, when you're broke, you're broke. Are we as a nation broke? Laurence Kotlikoff believes we are and expresses as much today in a Bloomberg commentary, U.S. Is Bankrupt and We Don't Even Know It,  Let's get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills. What it can and must do is radically simplify its tax, health-care, retirement and financial systems, … [visit site to read more]

Legg Mason’s July AUM Higher Posted: 12 Aug 2010 10:05 AM PDT Legg Mason Inc. (NYSE:LM) reported preliminary month-end assets under management (AUM) of $659.3 billion for the month of July, up 2.0% from $645.4 billion at the end of the prior month having declined marginally in June from May. The company has recorded a rise in AUM after two consecutive months of decline.   At the end of July, Legg Mason’s equity AUM totaled $165.3 billion, up 6% from $155.8 billion at the end of the prior month.   Fixed income AUM was up 2% sequentially to $364.7 … [visit site to read more]

RenaissanceRe Boosts Buyback Plan Posted: 12 Aug 2010 10:05 AM PDT In an attempt to return value to its investors, the board of RenaissanceRe Holdings Ltd. (NYSE:RNR) approved the expansion of its stock repurchase program to a total current authorization of approximately $500 million. This authorization includes $375.1 million available under earlier authorizations, whereby repurchases will be done from the open market based on RenaissanceRe's ongoing cash and capital requirement, natural calamities and other market conditions. However, there is no expiration … [visit site to read more]

Earnings Scorecard: Life Technologies Posted: 12 Aug 2010 10:05 AM PDT Earnings estimate revisions for Life Technologies (LIFE) have been mixed since the company announced its second quarter fiscal 2010 results on July 29, 2010. Second Quarter Highlights  Life Technologies reported EPS of 58 cents in the second quarter of 2010, compared with 22 cents a year earlier. However, after adjusting for certain one-time items, EPS was 91 cents, surpassing the Zacks Consensus Estimate of 87 cents and 15% higher than 79 cents in the year-ago quarter. Strong growth in … [visit site to read more]

Foster Wheeler Gets Contract Posted: 12 Aug 2010 10:05 AM PDT Foster Wheeler AG (NASDAQ:FWLT) has been awarded a contract by Daewoo Engineering Company for engineering, procurement, construction and commissioning of two circulating fluidized-bed (CFB) steam generators for PT Merak Energi in Indonesia. The terms of the agreement are not known. The business will be included in the company's third quarter 2010 order bookings. The generators are expected to be deployed in the third quarter of 2012. Foster Wheeler will supply two 60 MW CFB steam generators and … [visit site to read more]

Earning Scorecard: Tellabs Inc. Posted: 12 Aug 2010 10:05 AM PDT Future Outlook is bright for Tellabs Inc. (TLAB). The recent earning revision trend is extremely favorable for the company. Ever since Tellabs declared its second quarter 2010 financial results on July 27, almost all the analysts covering the stock have made upward revision of their estimates.   This significant positive sentiment came from huge growth of Tellabs' new technology products popularly known as "Growth" products that helped the company to stabilize its overall … [visit site to read more]

Will Active ETFs Remain On The Margin? Posted: 12 Aug 2010 10:00 AM PDT Charles Schwab hosted a panel discussion about the ETF industry on Aug 10th, 2010 involving many of the leaders in the space including Peter Crawford from Charles Schwab, Ben Fulton from Invesco PowerShares, Tom Lydon of ETF Trends, Sue Thompson from iShares, Jim Ross from SSgA and Scott Burns from Morningstar who was moderating the panel. One of the first topics raised in the discussion was that of actively-managed ETFs when Crawford suggested that ETFs will continue to dominate the … [visit site to read more]

Magellan Midstream Remains “Neutral” Posted: 12 Aug 2010 09:35 AM PDT We are maintaining our Neutral recommendation on Magellan Midstream Partners, L.P. (NYSE:MMP) with a target price of $52. Magellan recently reported excellent second quarter 2010 results, buoyed by higher rates and improved demand for its transportation services. The partnership reported earnings per unit (EPU) of 86 cents (excluding mark-to-market commodity-related pricing adjustments), comfortably surpassing the Zacks Consensus Estimate of 64 cents and the year-ago profit of 45 cents. Total … [visit site to read more]

CIT Refinances $3B Costly Debt Posted: 12 Aug 2010 09:05 AM PDT In an effort to make itself more flexible with respect to financial support, business lender CIT Group Inc. (NYSE:CIT) refinanced $3 billion of its first lien debt. The company also prepaid about $1 billion of the debt with available corporate cash.   This $1 billion takes CIT's repayment to $4.5 billion or 60% of its original first lien debt. The company refinanced the remaining 40% at a lower cost and with more flexible terms.   In November 2009, CIT filed for bankruptcy protection … [visit site to read more]

Extended Claims Soar Posted: 12 Aug 2010 09:05 AM PDT Initial Claims for Unemployment Insurance edged up by 2,000 last week to 484,000. The four-week moving average increased by 14,250 to 473,500. Both are at the high end of the “trading range” that they have been in since the start of the year, which followed a steep drop in the last half of 2009. The path of the four week moving average is shown in the graph below (from http://www.calculatedriskblog.com/). The slight rise in the weekly numbers was a bit of a disappointment as the consensus … [visit site to read more]

Costco’s Sales Rise Posted: 12 Aug 2010 09:05 AM PDT Costco Wholesale Corporation (NASDAQ:COST), one of the leading U.S. warehouse club operators, recently posted healthy sales data for the four-week period ended August 1, 2010.   After a 4% increase in June 2010, Costco's comparable-store sales for July rose 6%, reflecting comparable sales growth of 4% at its U.S. locations and 14% at its international divisions. Year-to-date comparable-store sales grew 7% with U.S. sales up 4% and international sales up 20%. The results were favorably … [visit site to read more]

The Monks Vs. The Louisiana Funeral Cartel Posted: 12 Aug 2010 08:41 AM PDT The Institute for Justice has teamed up with a group of monks from Saint Joseph Abbey to get Louisiana's casket licensing law overturned. Under Louisiana law, it is a crime for anyone but a licensed funeral director to sell "funeral merchandise," which includes caskets. To sell caskets legally, the monks would have to abandon their calling for one full year to apprentice at a licensed funeral home, learn unnecessary skills and take a funeral industry test. They would also have to … [visit site to read more]

Apache Completes Permian Asset Buy Posted: 12 Aug 2010 08:35 AM PDT U.S. energy firm Apache Corp. (NYSE:APA) closed the previously-announced acquisition of beleaguered oil giant BP Plc's (NYSE:BP) Permian Basin assets in West Texas and New Mexico for approximately $3.1 billion. The assets include oil and gas operations, acreage and infrastructure.   The transaction is part of a broader agreement between the two companies whereby BP – the financially troubled U.K. major – will offload $7 billion worth of oil and gas assets in the U.S., Canada and Egypt … [visit site to read more]

Zimmer Implants Plating System Posted: 12 Aug 2010 08:35 AM PDT Zimmer (NYSE:ZMH) recently implanted its NCB (Non-Contact Bridging) periprosthetic plating system for the first time. The system, scheduled for full release in the fall of 2010, is targeted at complex femoral fractures, which can occur around a hip or knee implant.  It has been observed that hip and knee replacements get more complicated by femur fractures. As a result, we expect Zimmer's implant system to be of great assistance to orthopedic surgeons as they often come across several … [visit site to read more]

Tower Group Raises Dividend Posted: 12 Aug 2010 08:35 AM PDT Earlier during the week, property and casualty insurer Tower Group Inc. (NASDAQ:TWGP) announced a 5.5 cent increase in quarterly dividend to 12.5 cents from 7 cents paid in the second quarter of 2010. This hike represents a 79% increase from the previous dividend. With the increased annual dividend of 50 cents per share, Tower's dividend yield stands at 2.2%. The current yield brings it at par with its peer companies. Tower increased its annual dividend by 50% in 2007, 33% in 2008 and 30% in … [visit site to read more]

Hot Stocks For Thursday 12 August: Cisco, Research In Motion, General Motors, AIG, Rio Tinto, GlaxoSmithKline, BBVA Posted: 12 Aug 2010 08:20 AM PDT Rio Tinto (NYSE:RTP) - Co. says it has decided in principle to buy back shares by Tinto Holdings, adding that the first tranche of buyback will be USD 9.2bln. (RTRS) UK GlaxoSmithKline (NYSE:GSK) - Co. and Valeant Pharma persuaded a US panel that their new epilepsy drug helps prevent seizures and has manageable risks. (Sources) Man Group - Financial Times reports that rumours that Bank of New York Mellon is thinking about bidding for the co. are untrue. (FT) Centrica - Co.’s North … [visit site to read more]

Australian Dollar: The Downside Prevails Posted: 12 Aug 2010 08:18 AM PDT Update on supports and resistances. … [visit site to read more]

Canadian Dollar: The Downside Prevails Posted: 12 Aug 2010 08:18 AM PDT Update on supports and resistances. … [visit site to read more]

Could Uncertainty Make Gold Sparkle Again? Posted: 12 Aug 2010 08:17 AM PDT Fundamentals Gold futures have been in a choppy, sideways range this past week, as traders try to decipher the myriad of recent economic data. The Gold market has been in a state of flux, and we have seen the market disassociate itself from the normal inverse relationship with the US Dollar. The FOMC policy statement could be seen as a positive for the metal. While the Fed does suggest that inflation is tame, the statement also suggests that the central bank could keep rates low longer than … [visit site to read more]

My Interview On The Radio Last Night Posted: 12 Aug 2010 08:13 AM PDT I was on the radio last night discussing current stock market valuations. For anyone who did not catch it I will post the audio clip here. Before listening to the clip it would probably be best to read my latest article on market valuations. To read the article The segment is only about ten minutes long but i had to separate into five different segments to hear it. Sorry. Segment 1 Segment 2 Segment 3 Segment 4 statement 5 … [visit site to read more]

Forex Trading: USDJPY Tests 86.00. 86.22 Next Target Level Posted: 12 Aug 2010 07:55 AM PDT … [visit site to read more]

Bill Clinton Makes Case For Sense On Cents Posted: 12 Aug 2010 07:35 AM PDT Bill Clinton could be a spokesman for Sense on Cents. How so? As 5 News in Ft. Smith-Fayetteveille, Arkansas attests,  Bill Clinton Says Country In "Mess" In Part Due to Lack of Economic Education,  The biggest names in Arkansas politics, including President Clinton and Governor Beebe, stopped by Northwest Arkansas today to promote economic education. Today President Bill Clinton joined the state's political and business leaders at the Economics Arkansas luncheon to … [visit site to read more]

Forex Trading: GBPUSD Contained…for Now That Is Posted: 12 Aug 2010 07:24 AM PDT … [visit site to read more]

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