Thursday, September 23, 2010

Daily Markets - Stryker & Vision-Sciences Ink Pact

Daily Markets - Stryker & Vision-Sciences Ink Pact

Stryker & Vision-Sciences Ink Pact

Posted: 23 Sep 2010 12:05 PM PDT

Orthopedic devices giant Stryker Corp. (NYSE:SYK) has reportedly struck a deal with New York-based Endoscopy product maker Vision-Sciences Inc. (NASDAQ:VSCI). Under the exclusive three-year pact, Vision-Sciences will manufacturer and supply endoscopic urology devices to Stryker. 
 
The Stryker-branded devices, flexible video and fiber cystoscopes, will employ Vision-Sciences' proprietary EndoSheath technology that ensures contamination-free products for patients. Vision-Sciences will also … [visit site to read more]

NASDAQ Ups 2010 Expense Forecast

Posted: 23 Sep 2010 12:05 PM PDT

NASDAQ OMX Group Inc. (NASDAQ:NDAQ) has provided its operating expense guidance for 2010 and revenue outlook for the longer term, according to Reuters.
 
NASDAQ expects total operating expenses to increase to a range of $882 million−$898 million for 2010, compared to the July expectation of $870 million−$885 million. The expense forecast has surged due to the incremental run rate in expenses of $12 million to $13 million from the acquisition of SMARTS Group, a provider of surveillance … [visit site to read more]

DineEquity’s 3Q Same-Store Sales Up

Posted: 23 Sep 2010 11:35 AM PDT

DineEquity Inc. (NYSE:DIN), operating under the Applebee’s Neighborhood Grill & Bar and IHOP brands, announced a preview of its same-store sales results for third quarter 2010. The company indicated that comparable sales in the chain of restaurants under both the brands are on a rising trend.
 
Applebee’s domestic system-wide comparable-store sales spiked up 2.7% for the first eleven weeks ending September 19, 2010, with franchise same-restaurant sales up 3.2% and company-operated … [visit site to read more]

Priority Review For ENDP Drug

Posted: 23 Sep 2010 11:35 AM PDT

Recently, Endo Pharmaceuticals (NASDAQ:ENDP) received a boost with the US Food and Drug Administration (FDA) deciding to review the New Drug Application (NDA) for the company's oral formulation of long-acting pain drug oxymorphone on a priority basis. A response from the FDA is expected to be out by January 7, 2011. The NDA was submitted last month.
 
The new tablet formulation, a semi-synthetic opioid analgesic, is designed so as to resist attempts of crushing, breaking, pulverizing or … [visit site to read more]

Wilmington Lowered To Underperform

Posted: 23 Sep 2010 11:05 AM PDT

Based on Wilmington Trust Corporation's (NYSE:WL) exposure to risky construction loans and its deteriorating credit quality, we have downgraded our long term recommendation on the shares of company to "Underperform" from "Neutral".
 
Wilmington's second quarter 2010 loss of $1.33 per share significantly lagged the Zacks Consensus Estimate of a loss of 30 cents. This also compares unfavorably with the prior quarter's loss of 44 cents and the prior-year quarter's loss of 20 … [visit site to read more]

Restructuring At Amedisys

Posted: 23 Sep 2010 11:05 AM PDT

Amedisys (NASDAQ:AMED) announced a restructuring plan which is expected to benefit the company over the long-term. The company has decided to close 13 agencies consisting of 9 home health and 4 hospice agencies. In addition, 23 home health and 3 hospice agencies will be consolidated with the existing locations.
 
Amedisys is also curtailing its start-up programs thereby suspending the progress of 28 home health agencies. The company expects to open 5-10 start-up home health agencies, way below … [visit site to read more]

Used Home Sales Rebound Slightly

Posted: 23 Sep 2010 11:05 AM PDT

Existing Home Sales rebounded by 7.6% in August from an absolutely dismal showing in July. The seasonally adjusted annual rate was 4.13 million up from 3.84 million in July, but down 19.0% from a year ago when the rate was 5.10 million.

The August rate was just slightly better than the consensus expectations of a 4.10 million annual rate. The rate was well below the June rate of 5.26 million, which was boosted by people trying to close on their homes by the end of June so they could qualify … [visit site to read more]

Weekly Rail Traffic Continues To Improve, Container Volume Sets A New All-Time Record High

Posted: 23 Sep 2010 11:01 AM PDT

“The Association of American Railroads (AAR) today reported solid gains in weekly rail traffic (see chart above), with U.S. railroads posting the highest intermodal volume for 2010 and the highest container count on record. For the week ending Sept. 18, 2010, intermodal traffic on U.S. railroads totaled 240,013 trailers and containers, up 16.9 percent from the same week in 2009, and up 2.4 percent compared with 2008. Container volume last week increased 18.8 percent compared with 2009, and … [visit site to read more]

Adobe Optimist Sells Put Spread

Posted: 23 Sep 2010 10:44 AM PDT

Adobe Systems, Inc. (NASDAQ:ADBE)– A put credit spread on the maker of graphic design software suggests one option strategist expects the firm's shares are unlikely to decline much further ahead of October expiration. Adobe's shares fell as much as 22.2% to touch down at a new 52-week low of $25.81 on Wednesday morning after the firm forecast lower than expected fourth-quarter sales. Today, shares slipped 0.15% lower to trade at $26.63 as of 11:30 am ET. The bullish player sold 2,500 … [visit site to read more]

Theravance Presents COPD Data

Posted: 23 Sep 2010 10:35 AM PDT

Recently, Theravance Inc. (NASDAQ:THRX) and partner GlaxoSmithKline Plc (NYSE:GSK) presented encouraging data from a mid-stage study (n=60) on their combination therapy Relovair for treating patients suffering from chronic obstructive pulmonary disorder (COPD). The data from the double-blind, parallel-group, placebo-controlled study was presented at the European Respiratory Society congress in Spain.
 
The 28- day study evaluated the safety and efficacy of Relovair (FF 400mcg in conjunction with … [visit site to read more]

AMB Leases In China

Posted: 23 Sep 2010 10:05 AM PDT

AMB Property Corp. (NYSE:AMB), a leading real estate investment trust (REIT), recently leased approximately 283,200 square feet of its development portfolio in China as the country witnessed increased demand for state-of-the-art distribution facilities due to rise in consumer and business spending.
The company leased 186,200 square feet of industrial space at AMB Guangzhou Development Zone Logistics Center, a multi-story business park located in Guangzhou — the third largest city in China, to an … [visit site to read more]

Wyndham Acquires ResortQuest

Posted: 23 Sep 2010 10:05 AM PDT

Wyndham Worldwide Corporation (NYSE:WYN), a noted hospitality company, announced that through its Exchange and Rentals business unit it is buying ResortQuest, a vacation rental firm in the U.S., for $56 million. The deal is expected to close by the end of the third quarter of 2010.
 
ResortQuest's portfolio of 6,000 properties throughout the United States will complement Wyndham’s existing network of 85,000 vacation properties in approximately 100 countries, with most of them in Europe. … [visit site to read more]

“AFTERSHOCK: The Next Economy And America’s…

Posted: 23 Sep 2010 09:56 AM PDT

"AFTERSHOCK: The Next Economy and America's … [visit site to read more]

AUD/USD Still Riding Strong Uptrend

Posted: 23 Sep 2010 09:49 AM PDT

Price action on AUD/USD (a 4-hour chart of which is shown) as of Thursday (9/23/2010) has made a bearish correction back down to support in the 0.9465 price region, which is also around the bottom of a steep parallel uptrend channel extending back to the August lows, after hitting a high right around the 0.9600 price region on Wednesday.

Despite this bearish correction, price continues to be entrenched within the steep uptrend for the time being. If this uptrend is broken to the … [visit site to read more]

CFOs Feeling Like Sisyphus

Posted: 23 Sep 2010 09:47 AM PDT

The lessons of history are so great. Regrettably all too often those lessons are not fully learned and are thus repeated. My days at Boston Latin School in the early '70s introduced me to the great ancient civilizations of Greece and Rome. The stories of the battles, the empires, the pride, and the downfalls held many lessons which stay with me to this day. These memories came back to me this morning as I reviewed a recent poll of our nation's CFOs.
Let's both look forward and backward … [visit site to read more]

Jacobs: Extension Of Kent Contract

Posted: 23 Sep 2010 09:35 AM PDT

Jacobs Engineering Group Inc. (NYSE:JEC) has received the extension of its consultancy contract from Kent County Council in the U.K. until 2013. Jacobs will provide services to the County Council's Highway division.
 
Recently, Jacobs also won two engineering contracts, one each from Hydrogen Energy California, LLC and Scania to provide water treatment and zero liquid discharge facility in Bakersfield, California and to erect a new climatic wind tunnel in Sodertalje, Sweden, … [visit site to read more]

Halliburton’s DJSI Entry Questioned

Posted: 23 Sep 2010 09:35 AM PDT

Major oilfield service provider Halliburton Co. (NYSE:HAL) has been selected as a member of the global Dow Jones Sustainability Indexes ("DJSI"), the global indicator tracking the financial performance of leading sustainability-driven companies worldwide. Launched in 1999, DJSI is widely considered as the benchmark in this area. The index is drawn up by Dow Jones in collaboration with investment management firm Strategic Asset Management ("SAM").
 
Halliburton has been selected as a … [visit site to read more]

Denny’s On Expansion Track

Posted: 23 Sep 2010 09:05 AM PDT

Denny's Corporation (NASDAQ:DENN), America's largest full-service family restaurant chain, recently announced the opening of its 1600th restaurant in the United States. The new restaurant is in Sioux Falls, South Dakota. This new unit is a Flying J conversion owned by franchisee Ken Herslip of LaMore Restaurant Group, LLC. With the opening of this restaurant, Denny's has crossed a significant milestone and achieved the top notch in terms of locations in the family-restaurant segment.
The … [visit site to read more]

Jobless Claims Up 1st Time In 5 Weeks

Posted: 23 Sep 2010 09:05 AM PDT

Initial Claims for Unemployment Insurance climbed by 12,000 last week to 465,000. That is the first increase in five weeks.

Since claims can be volatile from week to week, it is better to track the four-week moving average to get a better sense of the trend. It declined by 3,250 to 463,250. After declining sharply in the second half of 2009, the four-week moving average has been stuck in a tight trading range.

Just over a month ago, the weekly number hit 500,000 and threatened to break out to … [visit site to read more]

Goodrich Acquires DeCrane Assets

Posted: 23 Sep 2010 09:05 AM PDT

Defense contractor Goodrich Corporation (NYSE:GR) has concluded the acquisition of the Cabin Management assets of DeCrane Holdings Company for approximately $280 million. Inclusion of DeCrane's Cabin Management assets will boost the capacity of Goodrich’s Interiors Strategic Business Unit, within its Nacelles and Interior Systems Segment. DeCrane's Cabin Management business unit provides seating, furniture, veneers and cabin management systems to the business jet market.
 
DeCrane Cabin … [visit site to read more]

AdvisorShares Finalizes Global Tactical And Active Bear ETF

Posted: 23 Sep 2010 09:00 AM PDT

AdvisorShares recently made two separate filings with the SEC providing finalized and updated prospectus for two of its proposed actively-managed ETFs – the Active Bear ETF (HDGE) and the Cambria Global Tactical ETF (GTAA). Plans for both these funds had previously been indicated by preliminary prospectus being filed for each ETF. AdvisorShares provided important expense structure details for each fund that was previously undisclosed.
Active Bear ETF (HDGE)
The primary strategy that will be … [visit site to read more]

Interview With Steve Kiel: Portfolio Manager Of The Hayek Fund And The Freedom Fund

Posted: 23 Sep 2010 08:59 AM PDT

I had an interesting interview recently with Steve Kiel, which I posted on GuruFocus.com. I will post the beginning of the interview here, with a link to the rest of the interview on GuruFocus.com
Can you tell us a little bit about your background and how you got into the investment industry?
Sure. I'd say that I have a pretty eclectic background. I'm sure it's much different than most money managers, and I think it causes me to look at companies and the risk associated with them in a … [visit site to read more]

Australian Dollar: Under Pressure

Posted: 23 Sep 2010 08:36 AM PDT

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

Canadian Dollar: Under Pressure

Posted: 23 Sep 2010 08:36 AM PDT

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

New York Times Sees Lower Revenues

Posted: 23 Sep 2010 08:35 AM PDT

The sluggish advertising trend is weighing upon The New York Times Company (NYSE:NYT), the diversified media conglomerate, prompting an update on its third-quarter 2010 outlook.
 
The publisher of The New York Times, International Herald Tribune, The Boston Globe and 15 other daily newspapers now expects total revenue to decline by 2% to 3% compared with a growth of 1.2% witnessed in second quarter 2010, stemming from the uncertainty among advertisers influenced by the sluggish economic … [visit site to read more]

Petrobras Set For Record Share Sale

Posted: 23 Sep 2010 08:35 AM PDT

Brazilian state-run energy giant Petroleo Brasileiro S.A. (NYSE:PBR), or Petrobras S.A. , is expected to price the biggest global share issue in history late on Thursday. The stock offering of up to R$134 billion (or $79 billion) will see the Brazilian government receive shares (worth about $42.5 billion) against the transfer of rights for up to 5 billion barrels of deep-sea pre-salt oil reserves (oil deposits located in the sea bed under thick layers of salt) to Petrobras.
 
The Rio de … [visit site to read more]

Manpower Is Neutral

Posted: 23 Sep 2010 08:35 AM PDT

Manpower Inc.'s (NYSE:MAN) comprehensive range of services makes it a truly global staffing firm. The company provides services for the entire employment and business cycle including permanent, temporary and contract recruitment, employee assessment and selection, training, outplacement, outsourcing and consulting.
 
The company's brand value and strong global network provide a competitive advantage and reinforces its dominant position in the market. Manpower leverages a strong network … [visit site to read more]
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