Monday, August 2, 2010

Daily Markets - US Bancorp Pacts With Nuveen

Daily Markets - US Bancorp Pacts With Nuveen

US Bancorp Pacts With Nuveen

Posted: 02 Aug 2010 11:45 AM PDT

US Bancorp (NYSE:USB) has announced a strategic alliance with Nuveen Investments Inc. In exchange of the long-term asset management business of FAF Advisors, an affiliate of the company and advisor to the First American Funds family of mutual funds, US Bancorp would acquire a 9.5% stake in Nuveen, besides cash considerations. The deal is expected to close by the year end and is subject to customary closing conditions and mutual funds' boards of directors' approval.
 
The deal would … [visit site to read more]

PDLI Matches Ests

Posted: 02 Aug 2010 11:35 AM PDT

PDL BioPharma Inc. (PDLI) posted second quarter earnings of 38 cents per share, in line with the Zacks Consensus Estimate, but down 8 cents from the year-ago quarter. Lower revenues and higher general and administrative expenses led to the decline in second-quarter earnings.
 
Quarterly Details
 
Second quarter revenues of $120.3 million was just shy of the Zacks Consensus Estimate of $121 million and about 4% below the year-ago figure of $125.9 million. The decline was because PDL … [visit site to read more]

Greatbatch Lifted To Neutral

Posted: 02 Aug 2010 11:35 AM PDT

We upgrade our recommendation on Greatbatch Inc. (NYSE:GB) to Neutral following its better-than-expected results in the last quarter and our improved visibility on the stock. Second-quarter fiscal 2010 revenues and earnings beat the Zacks Consensus Estimate on the back of healthy double-digit growth in the company's Vascular and Electrochem businesses.
 
We feel that improving trends across the Vascular and Electrochem markets should boost revenues moving forward. Greatbatch has … [visit site to read more]

RBS Plans To Sell Off Assets

Posted: 02 Aug 2010 11:20 AM PDT

Royal Bank of Scotland Group plc (RBS) is planning to sell off assets worth £4.3 billion ($6.71 billion), in continuity in its efforts to shrink the balance sheet, according to Wall Street Journal.
 
RBS plans to vend off 318 U.K. branches to Spain ’s Banco Santander SA (STD) for around £1.8 billion ($2.81 billion). It also plans to dispose of its Global Merchants Services ("GMS”) division to Advent International Corp. and Bain Capital LLC for £2 billion ($3.12 billion) and £2.5 … [visit site to read more]

Earnings Preview: Cardinal Health

Posted: 02 Aug 2010 11:05 AM PDT

Cardinal Health (CAH) is slated to report fourth-quarter and fiscal 2010 (ending June 30, 2010) results on Thursday, August 5, 2010. The company earlier issued earnings per share guidance in the range of $2.15 to $2.20 for fiscal 2010. The current Zacks Consensus Estimate for the fourth quarter is 49 cents, representing an estimated 43.2% year over year decline.
 
Third Quarter Recap
 
Cardinal Health reported third-quarter fiscal 2010 adjusted (excluding one-time gain on sale of … [visit site to read more]

“E*Trade, Can You Hear Us Now?”

Posted: 02 Aug 2010 10:58 AM PDT

Keep punchin'!!
Those words to live by resonate in my ears. How so? My Dad has ended almost every conversation–and certainly every meaningful conversation–in my close to 50 years with those words of wisdom and encouragement. When times are challenging or I find myself encountering a particular hurdle, the little voice in the back of my head whispers those two little words.
I find myself thinking of my Dad's motivation when I read of specific … [visit site to read more]

Volcano Beats, Raises Guidance

Posted: 02 Aug 2010 10:50 AM PDT

Volcano Corporation (VOLC) reported second-quarter earnings of 10 cents per share, surpassing the year-ago quarter's net loss of 11 cents. Analysts had expected the company to break even.

Volcano reported a record 36% year-over-year increase in revenue’s to $73.5 million from $54.0 million in the year-ago quarter, with growth witnessed across all reporting segments.  Revenues included $6.7 million from Axsun Industrial Segment (acquired by Volcano in late 2008), an increase of 36% … [visit site to read more]

AGCO Beats On S. American Results

Posted: 02 Aug 2010 10:35 AM PDT

AGCO Corporation (AGCO) announced adjusted second-quarter earnings per share of 66 cents that beat the Zacks Consensus Estimate by 19 cents. Results in the quarter were 3% higher than the prior-year EPS of 64 cents. The strong performance was driven by material cost control, higher production and solid growth in South America (particularly in strong Brazilian and Argentinean markets), which helped offset weaker results in the Europe/Africa/ Middle East (EAME) segment.
 
During the … [visit site to read more]

MoneyGram Misses By 3 Cents

Posted: 02 Aug 2010 10:05 AM PDT

MoneyGram International Inc. (NYSE:MGI) reported second quarter loss per share of 31 cents, modestly ahead of the Zacks Consensus Estimate of a loss of 28 cents but substantially lower than the loss of 40 cents reported in the year-ago quarter. Results included stock-based compensation costs of $6.0 million, $1.9 million of restructuring and reorganization costs, $1.5 million of asset impairment charges and $3.5 million write off of deferred financing and debt discount. Reported net loss was … [visit site to read more]

ISM Better Than Expected

Posted: 02 Aug 2010 09:45 AM PDT

The Institute for Supply Management's (ISM) Manufacturing index fell in July to 55.5 from 56.2, but the decline was far less than the expected level of 54.2. Any reading over 50 indicates that the manufacturing sector of the economy is expanding. Thus the expansion continues, but at a somewhat slower pace than in June.

This is the 12th straight month that the index has been above 50. Nine of the ten sub-indexes that make up the overall index are over the magic 50 level. Four of the … [visit site to read more]

Earnings Scorecard: Massey Energy

Posted: 02 Aug 2010 09:45 AM PDT

U.S. coal producer Massey Energy Company's (NYSE:MEE) second quarter results on July 27, 2010, came in below expectations as it struggles to recover from the recent Upper Big Branch (UBB) mine accident. The ongoing inspection and enforcement activity due to the UBB tragedy continues to hurt the company's smooth functioning, resulting in reduced productivity. This is influencing the bearish sentiment among analysts.
 
Turning to the Quarter
 
Massey Energy reported a second quarter … [visit site to read more]

McAfee To Acquire TenCube

Posted: 02 Aug 2010 09:30 AM PDT

Internet security company McAfee Inc. (NYSE:MFE) recently signed a definitive agreement to acquire the privately held mobile security company tenCube. The acquisition is expected to close by the end of this month.
 
Founded in 2005, Singapore-based tenCube is a provider of Wavesecure service that helps secure information in any mobile phone. Wavesecure uses technologies that help locate a mobile phone as well as lock, back-up or delete all information stored in the device and its memory … [visit site to read more]

Jabil Upped To Outperform

Posted: 02 Aug 2010 09:30 AM PDT

We are upgrading Jabil Circuit Inc. (NYSE:JBL) to Outperform from our previous Neutral rating. Jabil's results continued to improve in each of the last four quarters and estimates for the fourth quarter and full year 2010 have soared, following the company's strong third quarter 2010 results that beat the Zacks Consensus Estimate.
 
Third Quarter Highlights
 
Third quarter 2010 revenues and earnings both jumped on a year-over-year and sequential basis, attributable to a significant … [visit site to read more]

Europe And LATAM Boost Telefonica

Posted: 02 Aug 2010 09:20 AM PDT

Spanish telecom giant Telefonica (NYSE:TEF) reported its first-half 2010 earnings per share of 83 Euro cents ($1.06), comfortably beating the year-ago earnings of 76 Euro cents (97 cents). Net income upped 9.4% year over year to €3.8 billion ($4.8 billion).
 
Consolidated revenue increased 5.4% year over year to €29.05 billion ($37.07 billion), driven by strong growth in Latin America and Europe as well as the recovery in Spain. Operating income inched down 0.6% year over year to €6.5 … [visit site to read more]

Housing: Still Flooded

Posted: 02 Aug 2010 09:20 AM PDT

One of the central reasons for the recession — and for the anemic recovery from it so far — has been the issue of the popping housing bubble. Housing is, for most homeowners, a highly leveraged investment. Even the old conservative rule of a 20% down payment is a far more leveraged position than is allowed when buying stocks, where at least 50% down is required. During the housing bubble, almost no one was putting 20% down anymore, and down payments of under 5% were common.

Even long-time … [visit site to read more]

The Only Thing That Guarantees Your Financial Independence

Posted: 02 Aug 2010 09:11 AM PDT

Monday, August 2, 2010: Issue #1314
Reading Tom Shales in The Washington Post recently, it dawned on me why so many people who should achieve financial independence don't – and probably never will.
I'm not talking about those who are uneducated, unskilled or just can't pull their lives together because of drugs, alcohol or crushing personal circumstances. I'm talking about the millions of bright, talented people who have plenty going for them and should be financially secure but … [visit site to read more]

Canadian Pacific Outperforms

Posted: 02 Aug 2010 09:00 AM PDT

Canadian Pacific Railway Limited (NYSE:CP), Canada's second largest railway, reported adjusted earnings per share of 92 Canadian cents (89 cents per share) in the second quarter, surpassing the Zacks Consensus Estimate of 82 cents. Adjusted earnings jumped 96% year over year from 47 Canadian cents per share (40 cents). Earnings were driven by stronger-than-expected economic recovery, cost management as well as a strong volume growth.
 
Revenues climbed 20% year over year to C$1.23 billion … [visit site to read more]

SK Telecom Posts Better 2Q

Posted: 02 Aug 2010 08:45 AM PDT

SK Telecom Corp. Ltd. (NYSE:SKM), a leading South Korean telecom operator, declared strong financial results in the second quarter 2010, boosted by a solid smartphone growth. Quarterly total operating revenue was approximately $2.66 billion, up 1% year over year. Total Cellular service revenue was $2.39 billion, up 1% year over year. Interconnection revenue was $263 million, down 5% year over year.
 
Net income in the second quarter 2010 was $313 million, an improvement of 17% year over … [visit site to read more]

Helmerich & Payne Outperforms

Posted: 02 Aug 2010 08:45 AM PDT

Contract drilling services provider, Helmerich & Payne Inc. (NYSE:HP) reported solid results for the third fiscal quarter of 2010 (three months ending June 30, 2010), helped by improving U.S. land drilling operations.
 
Earnings per share, excluding an impairment charge on assets seized in Venezuela , came in at 61 cents, surpassing the Zacks Consensus Estimate of 59 cents. Revenues of $483.4 million were also ahead of Zacks Consensus Estimate of $449.0 million.
 
Year-Over-Year … [visit site to read more]

Forex Trading: GBPJPY Moves Back Above 100 Day MA At 136.65. Close Will Be Eyed.

Posted: 02 Aug 2010 08:36 AM PDT

ALTH’s Net Loss Up On Higher Costs

Posted: 02 Aug 2010 08:35 AM PDT

Allos Therapeutics Inc.’ (NASDAQ:ALTH) second quarter 2010 loss of 19 cents per share was narrower than the Zacks Consensus Estimate of a loss of 20 cents per share. The year-ago loss was also 19 cents. The identical loss per share was attributable to the increased number of shares outstanding in the reported quarter.
The net loss in the quarter was $20 million as against $16.8 million a year ago.  The wider loss in the quarter was attributable to higher costs incurred on selling … [visit site to read more]

Suncor Goes Above Expectations

Posted: 02 Aug 2010 08:20 AM PDT

Canada's premier integrated energy company, Suncor Energy (NYSE:SU) reported better-than-expected second quarter 2010 results, aided by additional upstream production from the Petro-Canada merger and higher crude prices. Earnings per share, excluding certain items, came in at 50 Canadian cents (48 cents), surpassing the Zacks Consensus Estimate of 31 cents and prior-year period result of 4 Canadian cents.
 
Suncor's net earnings of 31 Canadian cents per share were significantly ahead of … [visit site to read more]

Australian Dollar: The Downside Prevails

Posted: 02 Aug 2010 08:18 AM PDT

Update on supports and resistances. … [visit site to read more]

Canadian Dollar: Under Pressure

Posted: 02 Aug 2010 08:18 AM PDT

Update on supports and resistances. … [visit site to read more]

S&P Futures Sailing In Choppy Waters, But Are Calmer Seas Ahead?

Posted: 02 Aug 2010 08:17 AM PDT

Fundamentals
If trading stock index futures were compared to riding in a boat, participants would be reporting choppy seas ahead, as the market struggles to find calming economic data to restore smooth sailing higher. Since the last half of May, the S&P 500 has treaded water, with the index trading within about a 100-point range, finding support near the 1000 level and running into stormy seas above the 1100 area. Few could blame corporate earnings for the S&P’s struggles, as the … [visit site to read more]

PowerShares Utilizes Innovative Fixed Income ETF Approach

Posted: 02 Aug 2010 08:17 AM PDT

In an attempt to better serve the needs of investors and offer a different way to gain exposure to fixed income, Invesco PowerShares recently announced that it has renamed the PowerShares High Yield Corporate Bond Portfolio (PHB) to the PowerShares Fundamental High Yield Corporate Bond Portfolio. 
PHB will now seek to replicate and track the RAFI High Yield Bond Index, making it the first bond ETF to utilize a holdings methodology which is based on fundamentals, including book value, … [visit site to read more]

Enbridge Signs Deal With Atlas

Posted: 02 Aug 2010 08:00 AM PDT

Houston-based Enbridge Energy Partners LP (NYSE:EEP) recently announced plans to acquire Elk City Gathering and Processing System (ECOP) from Atlas Pipeline Partners LP (NYSE:APL) for $682 million. The transaction will enable Enbridge to take advantage of the rising natural-gas output in Oklahoma and Texas .
 
The purchase includes ECOP's assets of 800 miles (1,287 kilometers) of pipelines and four gas-processing plants in southwestern Oklahoma and the Texas Panhandle. The daily capacity of … [visit site to read more]

Forex Trading: EURUSD Marches Toward Next Target After Break Of Fibo Resistance

Posted: 02 Aug 2010 07:32 AM PDT
at

No comments:

Post a Comment