Daily Markets - Schwab Launches New ETFs

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• Schwab Launches New ETFs
• Earnings Scorecard: National-Oilwell
• GE In Utility Privatization Project
• Where Americans Are Spending More…and Less
• ITW Hikes Dividend Rate
• Earnings Scorecard: Equity Residential
• Markets In Everything: Smart Parking Meters With ‘Demand-Responsive Pricing’
• The Jobs Emergency
• Manulife Financial’s Profit Dips
• Nelnet Tops Zacks View
• Earnings Preview: Autodesk
• OfficeMax Remains Cautious
• Skelaxin Generics Hit King Pharma
• Earnings Scorecard: Helmerich & Payne
• ReneSola Beats Zacks Estimate
• Central Garden & Pet Misses
• Cogo Group Matches Estimates
• Catalyst Health In Line With Zacks
• The Short And Simple Story Of The Credit Crisis.
• Forex Trading: EURUSD Finds Buyers Against 100 Hour MA Level On First Test
• SABESP 2Q Dips, Short Of Estimate
• Chrysler Still In Loss Territory
• ProAssurance On Par With Zacks Est
• Osiris Beats On Cost Control
• Leucadia’s Profit Declines
• Loss Widens For Morgans Hotel Group
• A Bull Market No One Is Talking About?
• Is The Media Gaming You?
• AES Corp Flies Past Estimates
• Dril-Quip Slips By A Penny
• Veolia Gains, Revenues Suffer
• Post-Recession Private Job Growth
• Q2 Revenues Up At Micromet
• Sara Lee CEO Steps Down
• Q2 Loss Widens At Ardea
• Hot Stock News For Monday 9 August: Hewlett-Packard, Bank of America, Research in Motion, Apple, Visa, JP Morgan, 3M, Genzyme, AIG
• Australian Dollar: The Downside Prevails
• Canadian Dollar: Under Pressure
• Forex Trading: USDJPY Corrects To 100 Hour MA Resistance Level
• UBS AG Sells $1.5 Billion Notes
• A Chicago Bank Fails, Becomes 109th
• Dynegy Beats, Still In Red
• Forex Trading: GBPUSD Remains Above 100 Hour MA As Consolidation Phase Continues

Schwab Launches New ETFs Posted: 09 Aug 2010 11:35 AM PDT Last week, Charles Schwab Corporation (NASDAQ:SCHW) announced the launch of three new bond Exchange-Traded Funds (ETFs). This will increase the tally of Schwab's total ETFs to 11. Previously the company had 8 Equity ETFs. The new bond ETFs are expected to offer coverage to short-term, intermediate-term and inflation-protected securities.   The three new ETFs – the Schwab Short Term U.S. Treasury ETF ("SCHO"), Schwab U.S. TIPS ETF ("SCHP") and Schwab Intermediate-Term U.S. Treasury … [visit site to read more]

Earnings Scorecard: National-Oilwell Posted: 09 Aug 2010 11:35 AM PDT Oilfield service company National-Oilwell Varco (NYSE:NOV) reported its second quarter 2010 results on July 29. The reported quarter earnings results were 4 cents higher than the Zacks Consensus Estimate, attributable to proficient managerial skills and the company’s diversified technology portfolio.  Second Quarter Recap The company's earnings per share in the quarter, including after-tax charge, were 96 cents, 81.1% above the prior-year quarter result of 53 cents. Total revenue of $2.94 … [visit site to read more]

GE In Utility Privatization Project Posted: 09 Aug 2010 11:35 AM PDT GE Intelligent Platforms, a part of General Electric (NYSE:GE), will be working on the Alaska Utility Privatization Project being developed by Doyon Utilities LLC. The project will use GE's Proficy Process Systems, providing productive and flexible power generation solution. Doyon has received this utility privatization contract for the United States Army Forts Wainwright, Richardson and Greely in Fairbanks, Anchorage and Delta Junction, Alaska. The period of contract is 50 years, during which … [visit site to read more]

Where Americans Are Spending More…and Less Posted: 09 Aug 2010 11:11 AM PDT Since the recession started, Americans have increased spending the most on telephone equipment, pets, education, child care, health care, housing, food and drink and have cut back spending the most on moving, motor vehicles, gas, recreational vehicles, video/audio equipment, and travel outside the U.S. Read more of Mike Mandel’s analysis on the changes in consumer spending since the fourth quarter of 2007. … [visit site to read more]

ITW Hikes Dividend Rate Posted: 09 Aug 2010 11:05 AM PDT Illinois Tool Works Inc.'s (NYSE:ITW) Board of Directors approved a 10.0% hike in the company's quarterly dividend rate. The revised quarterly rate now stands at 34 cents per common share compared with 31 cents previously, resulting in an annual rate of $1.36 per common share. The revised dividend will be paid on October 13, to shareholders as of the close of business on September 30.     Illinois Tool Works follows a consistent policy of returning cash to shareholders via dividend … [visit site to read more]

Earnings Scorecard: Equity Residential Posted: 09 Aug 2010 11:05 AM PDT Equity Residential (NYSE:EQR), a leading real estate investment trust (REIT), reported its fiscal 2010 second quarter fund from operations (FFO) of 58 cents per share, which exceeded the Zacks Consensus Estimate by 3 cents. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.   We cover below the results of the recent earnings announcement, subsequent analyst estimate … [visit site to read more]

Markets In Everything: Smart Parking Meters With ‘Demand-Responsive Pricing’ Posted: 09 Aug 2010 10:53 AM PDT “San Francisco has been working on making parking “smarter” for quite a while now, and it’s just recently taken another big step in that direction by starting to replace over 5,000 older parking meters with the snazzy new model pictured above. Those will not only let you pay with a credit or debit card, but will automatically adjust parking rates based on supply and demand, which means you could pay anywhere from $0.25 to $6.00 an hour depending on how many free spaces there are. Those rates … [visit site to read more]

The Jobs Emergency Posted: 09 Aug 2010 10:51 AM PDT Washington's latest answer to the worst jobs crisis since the Great Depression is $26 billion in aid to state and local governments. This still leaves the states and locales more than $62 billion in the hole this fiscal year. And because every state except Vermont has to balance its budget, the likely result is 600,000 to 700,000 more state and local jobs vanishing over the next 12 months (including private contractors and other businesses that depend on state and local governments) according … [visit site to read more]

Manulife Financial’s Profit Dips Posted: 09 Aug 2010 10:35 AM PDT Manulife Financial Corporation (NYSE:MFC) reported second-quarter 2010 adjusted operating earnings of 37 cents, lower than 48 cents reported in the prior-year quarter. Adjusted operating earnings were $643 (C$658) million, lower than $759 (C$776) million in second-quarter 2009. Adjusted operating earnings in the reported quarter also lagged management's guidance of $684–$782 (C$700–C$800) million. A low interest rate environment, lack of realized gains on available for sale (AFS) … [visit site to read more]

Nelnet Tops Zacks View Posted: 09 Aug 2010 10:35 AM PDT Nelnet Inc. (NYSE:NNI) reported second quarter 2010 earnings of $1.17 per share compared with 60 cents in the year-ago quarter. Excluding gains on debt repurchases, the company reported earnings of $1.06 per share, compared with 53 cents in the prior-year period. Results were also ahead of the Zacks Consensus Estimate of 96 cents. Quarterly results reflect a decrease in interest expenses (payable on bonds and notes) and benefits of diversification of revenue through fee-based businesses. The … [visit site to read more]

Earnings Preview: Autodesk Posted: 09 Aug 2010 10:35 AM PDT Autodesk Inc. (NASDAQ:ADSK) will release it second quarter 2011 earnings on August 12, 2010. On June 24, 2010, at its Investor Day, Autodesk raised the low end of its second quarter 2011 earnings and revenue guidance, primarily due to strong global end market demand. The company had also provided its long-term business outlook. Excluding one-time charges but including stock based compensation expense, earnings per share are expected to be in the range of 19 cents to 22 cents. The current Zacks … [visit site to read more]

OfficeMax Remains Cautious Posted: 09 Aug 2010 10:35 AM PDT Despite posting better-than-expected second-quarter 2010 results, OfficeMax Inc. (NYSE:OMX) projected weaker sales for third quarter and fiscal 2010, as it remains cautious about the macroeconomic environment and a sluggish job market that may weigh upon the results.  Quarterly Discussion  The quarterly earnings of 12 cents per share share, showed a sharp improvement from a loss of 4 cents delivered in the prior-year quarter, on the heels of effective cost and inventory management that … [visit site to read more]

Skelaxin Generics Hit King Pharma Posted: 09 Aug 2010 10:35 AM PDT King Pharmaceuticals Inc. (NYSE:KG) reported second-quarter earnings of 17 cents per share, a penny above the Zacks Consensus Estimate, but 46.9% below the year-ago earnings. Revenues fell 16.6% to $370.9 million mainly due to the lackluster performance of several key products and the entry of two generic versions of Skelaxin. Revenues, however, exceeded the Zacks Consensus Estimate by $8.9 million. Quarter in Detail King Pharma’s branded Pharmaceuticals segment declined 41.1% with revenues … [visit site to read more]

Earnings Scorecard: Helmerich & Payne Posted: 09 Aug 2010 10:35 AM PDT Late last month, contract drilling services provider, Helmerich & Payne Inc. (HP) announced its financial results for the third fiscal quarter of 2010 (three months ended June 30, 2010).   Now that the Wall Street analysts have had some time to digest the quarterly performance of Helmerich & Payne, they are weighing in their estimate revisions. Below we cover the results of the recent earnings announcement, subsequent analyst estimate revisions and Zacks ratings for the outlook … [visit site to read more]

ReneSola Beats Zacks Estimate Posted: 09 Aug 2010 10:05 AM PDT ReneSola Ltd. reported second-quarter adjusted Earnings Per American Depositary Share (EPADS) of 42 cents per share, beating both the Zacks Consensus Estimate of 40 cents and year-ago quarterly loss of five cents. Operational Results ReneSola's revenues rose to $253.9 million, increasing by 22.9% from $206.6 million in the first quarter of 2010 and by 207.4% compared to $82.6 million in the year-ago quarter. Revenue in the reported quarter also comfortably beat the Zacks Consensus Estimate of … [visit site to read more]

Central Garden & Pet Misses Posted: 09 Aug 2010 10:05 AM PDT Central Garden & Pet Company's (NASDAQ:CENT) third-quarter 2010 results fell short of the Zacks' expectations. The quarterly earnings of 40 cents a share missed the Zacks Consensus Estimate of 44 cents and dropped 9.1% from the prior-year quarter.   The quarterly earnings underperformed the Zacks Consensus Estimate by 9.1%. With respect to earnings surprises, the stock has fluctuated in the last four quarters (including the reported quarter) in the range of approximately negative 9.1% … [visit site to read more]

Cogo Group Matches Estimates Posted: 09 Aug 2010 10:05 AM PDT COGO Group Inc (NASDAQ:COGO) reported second quarter of 2010 earnings per share from continuing operations of 12 cents, matching the Zacks Consensus Estimate. Cogo posted revenues of $91 million, up 23.6% year-over-year. In the second quarter, its industrial business represented nearly 17.4% of total business. Industrial Applications Business grew roughly 83.7% year-over-year. The company is taking part in opportunities in the smart grid, smart meter, automotive and high-speed railway end-markets … [visit site to read more]

Catalyst Health In Line With Zacks Posted: 09 Aug 2010 10:05 AM PDT Catalyst Health Solutions Inc. (CHSI) reported second quarter 2010 income from continuing operations of $19.5 million or earnings of 44 cents per share, in line with the Zacks Consensus Estimate. The result compares favorably with the earnings of $16.2 million or 37 cents in the prior-year quarter.   The year-over-year increase was attributable to higher revenues coupled with client renewals and a higher generic utilization, supported by the deal to buy FutureScripts … [visit site to read more]

The Short And Simple Story Of The Credit Crisis. Posted: 09 Aug 2010 09:48 AM PDT This is a really good video explaining the financial crisis in a pretty simple manner. The video explains credit default obligations (CDOs), sub-prime lending, leverage, low interest rates: and how they caused the worst economic crisis since the great depression. The goal of giving form to a complex situation like the credit crisis is to quickly supply the essence of the situation to those unfamiliar and uninitiated. This project was completed as part of my thesis work in the Media Design … [visit site to read more]

Forex Trading: EURUSD Finds Buyers Against 100 Hour MA Level On First Test Posted: 09 Aug 2010 09:36 AM PDT … [visit site to read more]

SABESP 2Q Dips, Short Of Estimate Posted: 09 Aug 2010 09:35 AM PDT Sao Paulo, Brazil-based Companhia de Saneamento Basico do Estado de Sao Paulo, or SABESP's (NYSE:SBS) financial results in the second quarter 2010 were disappointing as earnings per ADR of R$1.46 (US$1.62 per ADR) reported a year-over-year decline of 28.4% compared with R$2.04 (US$1.95) in the second quarter of 2009. Earnings per ADR also fell short of the Zacks Consensus Estimate of $1.65.   Net income plummeted 28.2% year over year to R$333.6 million (US$185.3 million) compared with … [visit site to read more]

Chrysler Still In Loss Territory Posted: 09 Aug 2010 09:35 AM PDT The struggle continues for Chrysler Group LLC having reported a net loss of $172 million for its second quarter ended June 30, 2010. However, an improvement in operating profit was instrumental in narrowing down the loss from the $197 million reported in the first quarter of fiscal 2010. The Detroit-based auto maker did not report its second quarter fiscal 2009 results. Revenues increased 8.2% sequentially to $10.5 billion in the quarter. Worldwide vehicle sales hiked 22% to 407,000 units in … [visit site to read more]

ProAssurance On Par With Zacks Est Posted: 09 Aug 2010 09:35 AM PDT ProAssurance Corporation's (NYSE:PRA) second quarter operating earnings of $1.29 per share came in line with the Zacks Consensus Estimate. However, this compared unfavorably with the earnings of $1.52 per share in the prior-year quarter. On a year over year basis, earnings for the quarter were adversely affected by a 7.8% decline in revenues that totalled to $161.5 million, primarily due to weakness in premiums written and earned. However, the lower-than-expected top-line was partly offset by … [visit site to read more]

Osiris Beats On Cost Control Posted: 09 Aug 2010 09:35 AM PDT Osiris Therapeutics(NASDAQ:OSIR) reported second quarter earnings of 5 cents per share, well above the Zacks Consensus Estimate of a profit of one cent and the year-ago loss of 26 cents. Even though revenues missed expectations by $0.7 million, the bottom-line was driven by lower operating expenses. Quarter in Detail Revenues, generated from collaborative agreements, research licenses, and government contracts declined 1.6% to $10.3 million in the reported quarter. Second quarter 2010 revenues … [visit site to read more]

Leucadia’s Profit Declines Posted: 09 Aug 2010 09:35 AM PDT Leucadia National Corporation (NYSE:LUK) reported its financial results for the second quarter of 2010. The company generated a net loss of $244.7 million, or $1.01 per share during the quarter compared with net earnings of $411.0 million, or $1.67 per share in the second quarter of 2009. The decline was attributable to losses related to Leucadia's associated companies.   Revenue  In the second quarter, revenue increased by 45.1% year over year to $412.5 million. The improvement was … [visit site to read more]

Loss Widens For Morgans Hotel Group Posted: 09 Aug 2010 09:35 AM PDT Morgans Hotel Group Co. (NASDAQ:MHGC) reported its second quarter 2010 loss from continuing operations of 75 cents per share, highly disappointing as compared with the Zacks Consensus Estimate of a loss of 29 cents and the year-ago quarter's loss of 32 cents. The wider-than-expected losses were due to the expense related to the development of the hotel Mondrian in SoHo and absence of tax benefit recorded in second quarter 2009. Total revenue rose 10.3% year over year to $60.2 million. Adjusted … [visit site to read more]

A Bull Market No One Is Talking About? Posted: 09 Aug 2010 09:17 AM PDT Fundamentals With Wheat futures grabbing all the headlines this summer, as the severe drought in eastern Europe and Russia have severely lowered the potential output from this year’s Wheat harvest, another member of the grains complex, Soybeans, is also participating in a bull market run. New-crop November Soybeans are hovering near their highest levels of the year, somewhat on the back of Wheat’s rapid climb, but also due to their own bullish fundamentals. Well above normal temperatures in the … [visit site to read more]

Is The Media Gaming You? Posted: 09 Aug 2010 09:08 AM PDT Monday, August 9, 2010: Issue #1319 Almost every day, friends and business associates forward me media stories about the economy or the financial markets and ask me to comment. But my comment on every story – whether bullish or bearish – is always the same: "Perhaps." Perhaps the economy will experience a double-dip recession. Perhaps gold will hit $2,000. Perhaps the market will surprise everyone and rally in earnest. But if this is too indefinite for you, let me emphasize a few … [visit site to read more]

AES Corp Flies Past Estimates Posted: 09 Aug 2010 09:05 AM PDT AES Corporation's (NYSE:AES) adjusted EPS of 23 cents in the second quarter of 2010 flew past the Zacks Consensus EPS estimate of 21 cents. However, adjusted EPS for the quarter fell short of the year-ago EPS of 28 cents. On a GAAP basis the company reported EPS of 18 cents compared with 45 cents in the year-ago quarter.   The 5-cent variance in adjusted and GAAP EPS came from currency transaction loss of 5 cents, and debt retirement loss of a penny. This was partially offset by a penny … [visit site to read more]

Dril-Quip Slips By A Penny Posted: 09 Aug 2010 09:05 AM PDT Dril-Quip Inc. (NYSE:DRQ) reported modestly weaker-than-expected second-quarter earnings of 70 cents per share, compared with the Zacks Consensus Estimate of 71 cents. The quarter's earnings were, however, slightly higher than the year-earlier profit of 68 cents.   Revenues increased 6.6% year over year to $142 million driven primarily by the offshore rig equipment, partially offset by subsea and surface equipment revenues. Of the total revenue, Products revenue accounted for … [visit site to read more]

Veolia Gains, Revenues Suffer Posted: 09 Aug 2010 09:05 AM PDT Despite a mixed economic environment, Veolia Environnement S.A. (NYSE:VE) achieved a 6.6% rise in recurring net income for the first six months of 2010, which came in at €306.2 million. The six-month period of 2010 witnessed good recycled raw material prices, while recovery in waste volumes was limited and divergent.   Net income, on a GAAP basis, was €374.2 million in the six months ended June 30, 2010, versus €220.3 million in the year-ago period.  Operating … [visit site to read more]

Post-Recession Private Job Growth Posted: 09 Aug 2010 08:35 AM PDT The general tone of the press coverage in response to the employment report was that this recovery is particularly weak and that job creation has been awful. The question, then, is: “Compared to what?” Well how about the last two recessions?  We don't yet have an "official" end to the Great Recession as scored by the NBER, but the general consensus of economists is that it ended in July 2009. That is when several key indicators started to turn up, and was also the start of the third … [visit site to read more]

Q2 Revenues Up At Micromet Posted: 09 Aug 2010 08:35 AM PDT Micromet Inc.'s (NASDAQ:MITI) second quarter 2010 loss per share came in at 4 cents per share, narrower than the year-ago quarter's loss of 27 cents. However, after adjusting for the change in fair value of warrants, the company reported a loss per share of 14 cents, less than the year-ago quarter's post adjustment loss of 15 cents per share. The Zacks Consensus Estimate hinted at a loss of 17 cents per share. Revenues for the reported quarter climbed approximately 32.6% year over year to … [visit site to read more]

Sara Lee CEO Steps Down Posted: 09 Aug 2010 08:35 AM PDT Sara Lee Corp. (NYSE:SLE) announced today that its CEO Brenda C. Barnes will resign from the positions of Chairman and Chief Executive Officer. She was on a prolonged medical leave since May 14, 2010 following a stroke. Under Barnes' leadership, Sara Lee undertook various business restructuring initiatives. These included the sale of the company's air freshener division to Procter & Gamble (NYSE:PG) and personal care brands to Unilever Plc. (NYSE:UL) for a combined consideration of … [visit site to read more]

Q2 Loss Widens At Ardea Posted: 09 Aug 2010 08:35 AM PDT Ardea Biosciences Inc.'s (NASDAQ:RDEA) second-quarter 2010 net loss of $12.8 million, or 57 cents per share was higher than the year-ago loss of $8 million, or 44 cents per share and the Zacks Consensus Estimate of a 46 cent per share loss.   The wider loss at Ardea in the reported quarter was attributable to the increased amount spent by the company on developing its pipeline coupled with lower revenues in the quarter.   Revenue in the reported quarter slipped 36 % to $3.5 … [visit site to read more]

Hot Stock News For Monday 9 August: Hewlett-Packard, Bank of America, Research in Motion, Apple, Visa, JP Morgan, 3M, Genzyme, AIG Posted: 09 Aug 2010 08:32 AM PDT General Motors - Co. is expected to kickstart its return to the stock market this week by registering its intention to float as well as reporting is Q2 earnings. (Sunday Express) UK UK’s biggest companies are carrying GBP 73bln pension deficit. (Telegraph) The total pension deficit of the FTSE 100 was an estimated GBP 73bln at the end of June, according to research by Pension Capital Strategies (PCS), a division of insurance broker Jardine Lloyd Thompson. That is a GBP 17bln … [visit site to read more]

Australian Dollar: The Downside Prevails Posted: 09 Aug 2010 08:18 AM PDT Update on supports and resistances. … [visit site to read more]

Canadian Dollar: Under Pressure Posted: 09 Aug 2010 08:18 AM PDT Update on supports and resistances. … [visit site to read more]

Forex Trading: USDJPY Corrects To 100 Hour MA Resistance Level Posted: 09 Aug 2010 08:07 AM PDT … [visit site to read more]

UBS AG Sells $1.5 Billion Notes Posted: 09 Aug 2010 08:05 AM PDT UBS AG (NYSE:UBS) has sold $1.5 billion of senior unsecured bank notes through its Stamford branch. The notes have a coupon rate of 2.25% and mature on August 12, 2013.   Ratings from Moody's Investor Services − a unit of Moody's Corp. (NYSE:MCO) − and Standard & Poor’s are "Aa3" and "A+", respectively. The sole book running manager for the sale was UBS AG.   Last month, UBS AG posted its third consecutive quarter of net profit. Results were driven by solid contribution … [visit site to read more]

A Chicago Bank Fails, Becomes 109th Posted: 09 Aug 2010 08:05 AM PDT U.S. regulators on Friday shuttered Chicago, Illinois-based Ravenswood Bank, pushing up U.S. bank failures to 109 so far in 2010. This compares with a total number of 140 bank failures in 2009, 25 in 2008 and only 3 in 2007.   Although the economy is showing signs of a gradual recovery with the stabilization of large financial institutions, tumbling home prices, soaring loan defaults and a high unemployment rate continue to impact small banks.   While we expect the overall economic … [visit site to read more]

Dynegy Beats, Still In Red Posted: 09 Aug 2010 08:05 AM PDT Before markets opened today, Dynegy Inc. (NYSE:DYN) reported a second quarter net loss of 25 cents per share in-line with results for the second quarter of 2009. The Zacks Consensus Estimate was a loss of 41 cents per share for the quarter.   Operational Results   Dynegy on the revenue front witnessed a slide year over year to $239 million from $450 million in the year-ago period, compared with Zacks Consensus Estimate of $494 million. Operating loss was reduced to $229 million … [visit site to read more]

Forex Trading: GBPUSD Remains Above 100 Hour MA As Consolidation Phase Continues Posted: 09 Aug 2010 07:48 AM PDT … [visit site to read more]

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