Monday, August 30, 2010

Daily Markets - The Obscenity Of The Right-Wing Professoriat

Daily Markets - The Obscenity Of The Right-Wing Professoriat

The Obscenity Of The Right-Wing Professoriat

Posted: 30 Aug 2010 05:51 PM PDT

I have the questionable distinction of appearing on Larry Kudlow's CNBC program several times a week, arguing with people whose positions under normal circumstances would get no serious attention, and defending policies I would have thought so clearly and obviously defensible they should need no justification. But we are living through strange times. The economy is so bad that the social fabric is coming undone, and what used to be merely weird economic theories have become debatable public … [visit site to read more]


Wrong Direction

Posted: 30 Aug 2010 05:32 PM PDT

According to USA Today, “Government anti-poverty programs that have grown to meet the needs of recession victims now serve a record one in six Americans and are continuing to expand.
Hmmm. Not exactly a V-shaped recovery, is … [visit site to read more]

Forex Trading: EURUSD Tests 100 Bar MA And FALLS Again

Posted: 30 Aug 2010 05:19 PM PDT

Oil Tumbles While Gold Holds As Risk Aversion Lacks A Fundamental Stabilizer

Posted: 30 Aug 2010 05:01 PM PDT

North American Commodity Update
Commodities - Energy
Energy Traders Adopt the Pessimism of Equities Participants, Ignore Improvement in Data
Crude Oil (LS Nymex) - $74.09 // $0.61 // 0.82%
Having carved out a long over-due bullish correction following its most prominent bear wave in three months, US-based oil seems to have hit the extent of what can be expected from speculative drive. At this point, the market requires fundamental drive to establish a genuine direction for a market that has … [visit site to read more]

Petrobras Steps Forward For Biofuel

Posted: 30 Aug 2010 03:35 PM PDT

While global oil giants have taken significant steps toward biofuel generation, Brazil's state-owned energy company Petroleo Brasileiro S.A (PBR) or Petrobras S.A. is no exception. The company recently acquired 50% stake of Bioleo Industrial and Comercial, a local biodiesel company. The deal was made for a total consideration of 15.5 million Brazilian reals ($8.8 million).  Petrobras made the purchase through its biofuels unit, Petrobras Biocombustivel.
 
Bioleo is situated in Feira … [visit site to read more]

Comerica Reaffirmed At Neutral

Posted: 30 Aug 2010 03:05 PM PDT

We have reaffirmed our Neutral recommendation on the shares of Comerica Inc. (CMA) following the company's earnings release, quarterly filing and the regulatory moves. The reaffirmation is based on the company's fundamentals, growth opportunities, credit environment and challenges in a post regulatory environment.
 
Comerica has turned to profit in the second quarter of 2010 after reporting losses for several quarters. The company's results also outpaced the Zacks Consensus Estimate. … [visit site to read more]

Neutral On Patterson

Posted: 30 Aug 2010 03:05 PM PDT

We reaffirm our Neutral recommendation on Patterson Companies Inc (PDCO), a leading distributor of dental, companion-pet veterinarian and rehabilitation medical supplies in the U.S. and Canada . First-quarter fiscal 2011 (ended July 31, 2010) earnings per share of 45 cents beat the Zacks Consensus Estimate by a penny.
 
Profit soared 19.6% year-over-year on account of higher sales which climbed roughly 8%, benefited by an extra week in the quarter. However, sales trailed the Zacks … [visit site to read more]

New Nordstrom Store In Macerich Mall

Posted: 30 Aug 2010 02:35 PM PDT

The Macerich Company (NYSE:MAC), a leading real estate investment trust (REIT), has recently announced the opening of a specialty fashion retail store by Nordstrom Inc. (NYSE:JWN) in Santa Monica Place, a shopping mall in Santa Monica, California.
 
The new Nordstrom store will showcase an optimum mix of clothing, accessories, shoes and cosmetics for women, men and children. The retail store would also offer in-store alterations, tailoring, and Personal Stylist – a complimentary wardrobe and … [visit site to read more]

Medical Action Acquires AVID

Posted: 30 Aug 2010 02:35 PM PDT

Disposable medical product supplier Medical Action Industries Inc (MDCI) has wrapped up its acquisition of custom procedure tray maker AVID Medical for $62.5 million in cash. 
 
Virginia-based AVID Medical manufactures and supplies custom procedure trays (a set of disposable products for surgical procedures) and serves acute healthcare organizations across the U.S. The company's procedure trays are designed to help hospitals control expenses while enabling them to provide the best … [visit site to read more]

Earnings Scorecard: Burger King

Posted: 30 Aug 2010 02:35 PM PDT

Burger King Holdings Inc. (NYSE:BKC), the world's second largest fast food hamburger chain, posted fourth quarter and fiscal 2010 results on August 24. The company's adjusted earnings for both quarter and fiscal surpassed the Zacks Consensus Estimates, but results declined on a year-over-year basis on the back of sagging comparable restaurant sales, hurt by a sluggish economic environment and high level of unemployment. The recent earnings announcement, subsequent analyst estimate revisions … [visit site to read more]

China To Bolster Black Gold

Posted: 30 Aug 2010 02:17 PM PDT

Last month, China superseded the United States as the world's largest energy consumer and the nation's expected appetite for black gold is likely to provide positive price support to crude oil and the US Oil Fund (USO), PowerShares DB Oil Fund (DBO) and the iShares Dow Jones US Energy (IYE).
Over the last year, China's consumption of crude has risen more than 18 percent to an average of 8.71 million barrels per day, driven by its double-digit growth rates and increased per-capita … [visit site to read more]

Kinross Acquires Dvoinoye Deposit

Posted: 30 Aug 2010 02:05 PM PDT

Kinross Gold Corporation (NYSE:KGC) has acquired a 100% interest in Russia's Dvoinoye deposit and the Vodorazdelnaya exploration and mining licenses by taking over the Northern Gold LLC and Regionruda LLC, the companies that enjoyed the rights to the properties. In exchange, Kinross paid about $165 million in cash and about 10.56 million newly issued Kinross shares. Both assets are located north of Kinross’ Kupol operation in the Russian Far East. The open pit Dvoinoye mine operates for six … [visit site to read more]

AES Adds 16MW Capacity In Turkey

Posted: 30 Aug 2010 02:05 PM PDT

The AES Corporation (NYSE:AES) began commercial operations at the 16 megawatt (MW) Damlapinar hydro power facility in Turkey. This facility, located on the Goksu River in Karaman, Turkey, is owned and operated by AES-IC Ictas Energy (AES-IC), a joint venture. AES Corp. has a 51% stake in the joint venture.
 
The 16 MW Damlapinar facility includes two 8.2 MW Francis Turbines from Harbin Power Engineering, a Chinese manufacturer. The engineering, procurement and construction work at the … [visit site to read more]

CEMEX Reduces Debt

Posted: 30 Aug 2010 01:35 PM PDT

Mexican cement maker, CEMEX, S.A.B. de C.V. (NYSE:CX) completed the sale of its assets in Kentucky to Bluegrass Materials Company, LLC, a subsidiary of Panadero Aggregates Holdings LLC, for $90 million.
 
Assets include seven aggregate quarries, three resale aggregate distribution centers, and one concrete block manufacturing facility, which were acquired by CEMEX as part of the Rinker acquisition in 2007.
 
The net proceeds from the sale will be used by CEMEX to reduce its debt. CEMEX … [visit site to read more]

A-Power’s Q2 Easily Beats

Posted: 30 Aug 2010 01:35 PM PDT

A-Power Energy Generation Systems Ltd. (NASDAQ:APWR) recently posted second-quarter 2010 results. The company's GAAP net income jumped 86.3% to $11.6 million from $6.3 million in the year-ago period. Excluding special items, earnings per share came in at 27 cents per share, which surged past the Zacks Consensus Estimate 14 cents.

A-Power is the largest provider of distributed generation systems (DG) focused on renewable energy in China, with project size ranging from 25MW to 400MW. The company … [visit site to read more]

Novartis’ Tekamlo Gains FDA Nod

Posted: 30 Aug 2010 01:35 PM PDT

Novartis (NYSE:NVS) recently received a boost with the US Food and Drug Administration (FDA) approving Tekamlo for the treatment of high blood pressure. Tekamlo is a combination of Novartis' Tekturna and amlodipine.
 
The FDA granted approval for the use of Tekamlo as an initial therapy in patients who might need several drugs to control their blood pressure. It is also approved for use as a replacement therapy in patients who have been using Tekturna or amlodipine without much … [visit site to read more]

Good News For SonoSite

Posted: 30 Aug 2010 01:35 PM PDT

Recently, SonoSite (NASDAQ:SONO) received clearance from US Food and Drug Administration (FDA) for its LumenVu catheter guidance system, which is designed to assist the placement of peripherally inserted central catheters (PICC). This area holds immense potential as about 2.5 million PICC line placements were made in the US in 2008.

Moreover, PICC placements, among the fastest growing applications performed in the hospital setting, involves certain risks and complications. This is supported by … [visit site to read more]

Global Recovery Still On Track, Despite Angst

Posted: 30 Aug 2010 01:23 PM PDT

“At an annual Federal Reserve retreat, angst, not panic, was the order of the day among officials and economists chastened by a deep recession and a disappointing rebound. “We’ll slog our way through this,” said Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, which sponsored the symposium, summing up two days of presentations, discussions, dinner-table conversation and hiking.

Several foreign central bankers said they were struck by the unusual degree of pessimism they had … [visit site to read more]

Big Lots In Neutral Lane

Posted: 30 Aug 2010 01:05 PM PDT

Big Lots Inc.'s (NYSE:BIG) closeout format provides it an edge over traditional discount retailers as it offers merchandise assortments to customers at extremely lower prices. The company buys brand merchandise at lower costs from vendors, who have excess inventory and resort to a fire sale of their goods, higher sales returns or discontinued products.
 
The company's business model is gaining strength. Big Lots' second-quarter 2010 earnings of 48 cents a share outshined the Zacks … [visit site to read more]

NextEra Unit Issues $400M Debt

Posted: 30 Aug 2010 01:05 PM PDT

NextEra Energy Inc.'s (NEE) unit, FPL Group Capital Inc., announced that it will sell $400 million in debentures. The debentures will mature on September 1, 2015, and will have an interest rate of 2.6%. NextEra Energy will act as a guarantor to the debt issue.
 
FPL Group Capital offered the debentures at 99.967% of face value and will yield 2.607% when held till maturity. The net proceeds of the issue will be added to the general fund of the FPL Group Capital and will be used to repay … [visit site to read more]

Infineon To Sell Business

Posted: 30 Aug 2010 01:05 PM PDT

Infineon Technologies ADS (NASDAQ:INTC) to sell its Wireless Solutions (WLS) business for a cash value of approximately $1.4 billion. The company's WLS business will continue to operate as a separate business with its existing customer base.
 
The transaction has been approved by the board of directors of Intel, and the supervisory board and management board of Infineon and is expected to close in the first quarter of 2011.
 
The Infineon's WLS business, a worldwide supplier of … [visit site to read more]

Angeion Beats Estimates Again

Posted: 30 Aug 2010 01:05 PM PDT

Third Quarter Financial Results…

On August 25, 2010, Angeion Corp (NASDAQ:ANGN) reported financial results for the third quarter ending July 31, 2010. This was the first quarter since Q4 2008 that the company generated positive earnings and EPS. In addition, this was the second consecutive quarter that Angeion beat both our top-line and EPS estimates.

As a result, we have again adjusted our full-year revenue and EPS estimates upwards. We have also raised our longer range EPS forecast for … [visit site to read more]

Lockheed Gets Navy Sonar Contract

Posted: 30 Aug 2010 01:05 PM PDT

Lockheed Martin Corporation (NYSE:LMT) announced that its Maritime Systems and Sensors (MS2) business unit has been awarded a $155.1 million contract to design and support a sonar system for the U.S. Navy. The sonar system will improve naval vessels abilities in areas like hull array, towed array and ship sensor processing. Work on the contract will be carried out at the company's facilities in Manassas, Virginia, and Syracuse, New York. Lockheed expects to finish work on the contract by … [visit site to read more]

St. Joe Sues M-I Swaco

Posted: 30 Aug 2010 01:05 PM PDT

The St. Joe Company (JOE), a publicly-held operationally diversified real estate company, has recently filed a lawsuit against M-I Swaco, a worldwide drilling company, for its alleged role in the Deepwater Horizon Oil Spill in the Gulf.
 
The legal suit is an effort by the company to compensate either partly or wholly the substantial decline in its enterprise value faced with direct costs, an interruption to its business, and the diminution in the value of its assets. This is the second … [visit site to read more]

Genzyme Rejects Sanofi Offer

Posted: 30 Aug 2010 01:05 PM PDT

Genzyme Corp. (NASDAQ:GENZ) recently rejected Sanofi-Aventis' (NYSE:SNY) offer to acquire the company for $69 per share. Earlier in the day, Sanofi had announced its non-binding proposal to Genzyme with the all-cash transaction being valued at $18.5 billion. However, Genzyme's board of directors rejected the offer calling it unrealistic. According to Genzyme, the offer price undervalues the company.
 
The offer price of $69 per share represents a 38% premium over Genzyme's share price on … [visit site to read more]

Earnings Scorecard: Hormel Foods

Posted: 30 Aug 2010 01:05 PM PDT

Following the strong third quarter results on August 20, the analysts have turned optimistic on Hormel Foods Corporation (NYSE:HRL) due to improved demand on account of gradual market recovery. Reported earnings per share (EPS) of 63 cents surpassed the Zacks Consensus Estimate by 4 cents. Thus, fiscal 2010 EPS guidance range increased to $2.85–$2.91 from $2.75–$2.85.
 
Earnings Review
 
Hormel posted strong results for the third quarter of fiscal 2010 with an EPS of 63 cents, up … [visit site to read more]

Forex Trading: AUDUSD: Making Sense Of The Hourly And 5 Minute Charts

Posted: 30 Aug 2010 11:17 AM PDT

October Suprise? Cuba Opens (A Little) For Business.

Posted: 29 Aug 2010 04:30 PM PDT

The planets are aligned for the entry of companies into Cuba. Yes, one of the worst places on earth to do business may well be open for business soon, and on terms to entice investment. True, this has been stated in previous years, but “this time it’s different”.

Think China and Richard Nixon’s surprise detente that opened the communist giant to relations and profitable trade with the United States. The first inkling of a thaw was the arrival of a U.S. table tennis team, followed by an easing … [visit site to read more]
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