Wednesday, September 22, 2010

Daily Markets - Sanofi Failure Opens Door For Aastrom Bio

Daily Markets - Sanofi Failure Opens Door For Aastrom Bio

Sanofi Failure Opens Door For Aastrom Bio

Posted: 22 Sep 2010 10:05 AM PDT

This morning Sanofi-Aventis and Vical announced that their late-stage candidate, Temusi (NV1-FGF), failed a phase III program in patients with severe peripheral arterial disease (PAD). The 525-patient program was designed to show superiority of Temusi versus placebo in preventing amputations and death in patients with Critical Limb Ischemia (CLI), the most advanced form of PAD.

Temusi is an angiogenic (gene) therapy encoding Fibroblast Growth Factor 1 that has demonstrated ability to induce … [visit site to read more]

TTEK Wins Contract

Posted: 22 Sep 2010 10:05 AM PDT

A joint venture of Tetra Tech Inc. (NASDAQ:TTEK) with ACCIONA Infrastructures Canada Inc., called Tetra Tech Canada Construction, has been awarded a $30 million Lameque Wind Energy Contract. Tetra Tech, through this JV, will be supplying its turn-key construction services to the Lameque Wind Power Project in New Brunswick, Canada.
 
ACCIONA Energy North America is Tetra Tech's client for the project, which involves commissioning of a 45-megawatt (MW) wind farm with thirty 1.5-MW ACCIONA … [visit site to read more]

Cintas Beats Estimates, Ups Outlook

Posted: 22 Sep 2010 10:05 AM PDT

Cintas Corporation (NASDAQ:CTAS) announced its first-quarter fiscal 2011 results with operating earnings of 40 cents per share, which surpassed the Zacks Consensus Estimate of 37 cents. The company had reported operating earnings of 43 cents per share in the year-ago quarter.
 
On a GAAP basis, Cintas' earnings for the first quarter of fiscal 2011 were 40 cents per share versus 35 cents per share recorded in the year-ago period.
 
Total Revenue
 
Cintas' total operating revenue … [visit site to read more]

Sanofi Failure Opens Door For Aastrom Bio

Posted: 22 Sep 2010 09:35 AM PDT

This morning Sanofi-Aventis and Vical (NASDAQ:VICL) announced that their late-stage candidate, Temusi (NV1-FGF), failed a phase III program in patients with severe peripheral arterial disease (PAD). The 525-patient program was designed to show superiority of Temusi versus placebo in preventing amputations and death in patients with Critical Limb Ischemia (CLI), the most advanced form of PAD.

Temusi is an angiogenic (gene) therapy encoding Fibroblast Growth Factor 1 that has demonstrated ability to … [visit site to read more]

FMC Technologies Cut To Neutral

Posted: 22 Sep 2010 09:35 AM PDT

We are downgrading oil drilling equipment maker FMC Technologies Inc. (NYSE:FTI) shares to Neutral from Outperform purely on valuation grounds, as we see limited near-term price upside.
 
FMC Technologies currently trades at a premium to its peers, which, in our view, is justified given its dominant market share, technology leadership and efficient execution skills. However, at current valuations, we have a difficult time justifying sufficient potential return to support an Outperform … [visit site to read more]

Four ETFs To Play Brazil’s Prosperity

Posted: 22 Sep 2010 09:17 AM PDT

As fears of weak economic growth continue to prevail in the U.S., Brazil has been a hot ticket amongst emerging markets and is likely to continue to witness a booming economy.
The South American nation is rich in natural resources and is a leader in global agriculture.  The recent global boom in commodities has fared well for the largest national economy in Latin America as its exports of beef, soybeans, coffee, orange juice, iron ore and steel have all increased.  Furthermore, this … [visit site to read more]

Nokia Remains Neutral

Posted: 22 Sep 2010 09:05 AM PDT

We maintain our long-term Neutral recommendation for Nokia Corp. (NYSE:NOK), which means the stock, will perform mostly in line with the broader market. Currently it is a Zacks #3 Rank (Hold) stock. The company is trying a lot, including replacement of its CEO, OS upgrade, and a series of new product launches, to regain its competitive strength. Despite these, we remain concerned about the company's future catalysts.
 
Nokia recently, upgraded its operating system. Nokia enriched the newly … [visit site to read more]

Novatel Enhances USB Product Line

Posted: 22 Sep 2010 09:05 AM PDT

Novatel Wireless Inc. (NASDAQ:NVTL) has launched an innovative USB modem for Dual-Carrier HSPA+ networks. This is in alignment with the company's initiative to introduce wireless broadband access devices suitable for high-speed net-generation mobile technologies. Recently, Spanish telecom giant Telefonica S.A. (NYSE:TEF) introduced Novatel's Ovation MC545 USB modem for its dual-carrier HSPA+ network, which was designed and installed by L.M. Ericsson AB (NASDAQ:ERIC).
 
Ovation MC545 theoretically … [visit site to read more]

HCN Prices Share Offer

Posted: 22 Sep 2010 09:05 AM PDT

Health Care REIT Inc. (NYSE:HCN), a real estate investment trust (REIT) that operates senior housing and health care real estate assets, has recently announced plans to offer 8.0 million common shares at $45.75 each to raise cash. The company will also grant the underwriters an option to purchase an additional 1.2 million shares to cover any over-allotments.
 
Health Care REIT expects to raise gross proceeds of approximately $366.0 million from the offer, which would be primarily utilized … [visit site to read more]

Jeremy Grantham On Bubbles

Posted: 22 Sep 2010 08:46 AM PDT

This video is old but still very revelant. There are many signs of a massive Australian housing bubble, although I am not familiar with the situation in UK. According to many metrics such as; price to rent, income to home price, and home price increases versus inflation, Australia looks a lot more scary than the US did in 2007.
Jeremy Grantham, founder and chief strategist at GMO, on bubbles. He says two currently exist in UK and Australian house prices and two could form in emerging markets … [visit site to read more]

Computer Sciences Inks A Deal

Posted: 22 Sep 2010 08:35 AM PDT

Virginia-based software major Computer Sciences Corp. (NYSE:CSC) recently inked a licensing and maintenance deal with a developing insurance company. Under the terms of the deal, Computer Sciences will license the insurance carrier's New Business Accelerator (nbAccelerator) and Insurance Optics Business Analytics solutions.
 
The deal reflects a long-standing relationship between the two companies, since the carrier is already using Computer Sciences' policy administration system, … [visit site to read more]

HP-Oracle Lawsuit Settled

Posted: 22 Sep 2010 08:30 AM PDT

The lawsuit between the two tech majors Hewlett-Packard Company (NYSE:HPQ) and Oracle Corporation (ORCL), relating to Mark Hurd's appointment with the latter, is settled.  The former chief of HP has been relieved from his duties, after a claim for sexual harassment was brought against him by a former marketing contractor.
 
The lawsuit was settled after Hurd agreed to give up $14.0 million in stock from HP, only after which he was cleared for employment elsewhere. After his … [visit site to read more]

DaVita Raises Funds, Gives Outlook

Posted: 22 Sep 2010 08:30 AM PDT

DaVita Inc. (NYSE:DVA) has planned to raise funds to refinance its existing senior secured credit facilities and outstanding bonds by issuing new secured and unsecured debt. In addition, DaVita has provided its third quarter and fiscal year 2010 guidance.
 
The board of directors of DaVita has authorized the refinance of its $1.8 billion of indebtedness under its existing senior secured credit facilities, $700 million of its 6 5/8% Senior Notes due 2013 and $850 million of its Senior … [visit site to read more]

Australian Dollar: Under Pressure

Posted: 22 Sep 2010 08:27 AM PDT

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

Canadian Dollar: Under Pressure

Posted: 22 Sep 2010 08:27 AM PDT

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

Minnesota’s Exports Soar 19% In QII

Posted: 22 Sep 2010 08:24 AM PDT

STAR TRIBUNE — “Minnesota manufacturers reported a 19 percent year-over-year jump in exports in the second quarter, enough to nearly match the state’s record high exports of two years ago.  The performance provided another sign the anemic economic recovery may be gaining traction.”

HT: J. … [visit site to read more]

Stocks To Know For Wednesday: Ebay, Microsoft, Adobe, E*Trade Financial, American International Group, Prudential, Allied Irish Banks, Infineon Technologies, Merck, Santander, BHP Billiton

Posted: 22 Sep 2010 08:24 AM PDT

As I warned yesterday, the US equity market had overdone its expectations that the Fed where going to fire up the printing press & embark on QE2 with immediate effect. Hence it had set itself up for a fall and was ripe for a setback on the resulting disappointment.

The culprit for the early dip in European stocks this morning was to be the execution of a 1.5 bn euro programme order to sell European stocks!

Stocks catching the eye this hump day include Santander (NYSE:STD) which has … [visit site to read more]

Random Roundup

Posted: 22 Sep 2010 07:48 AM PDT

1. Christina Sommers in today’s NY Times on the proposed “Paycheck Fairness Bill,” which would make it easier for women to file class-action, punitive-damages suits against employers they accuse of sex-based pay discrimination. Q: Now that young, childless, single women earn 8 percent more than their male counterparts in large metro areas (21% more in Atlanta), couldn’t men also file class-action lawsuits if this bill passes?

2. “Medical Tourism: Have Insurance Card, … [visit site to read more]

Forex Trading: USDCHF At Profit Taking Support Level

Posted: 22 Sep 2010 07:46 AM PDT
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