Thursday, September 30, 2010

DailyMarkets.com - MoneyGram Eliminates Debt

DailyMarkets.com - MoneyGram Eliminates Debt

MoneyGram Eliminates Debt

Posted: 30 Sep 2010 12:05 PM PDT

Taking its debt reduction initiative one step ahead, on Wednesday MoneyGram International Inc. (NYSE:MGI) announced an optional prepayment of $30 million against its tranche B term loan under its senior secured credit facility.
 
MoneyGram reduced its loan by 3% by repaying a significant part of it yesterday, thereby lowering its total outstanding debt by 28% to $277 million ever since January 2009.
 
MoneyGram has been continuously making steady attempts to discard its debt under the … [visit site to read more]

Danaher To Acquire Keithley

Posted: 30 Sep 2010 12:05 PM PDT

Danaher Corporation (NYSE:DHR) is set to acquire Keithley Instruments Inc. (NYSE:KEI) in an all cash deal for $21.60 per share which values the target at $300 million, net of cash. The acquisition will cement Danaher’s leading position in the Test & Measurement industry and provides a catalyst for value addition.
Keithley Instruments, Inc. produces and markets electronic instruments and systems geared to meet the needs of engineers for manufacturing jobs as well as in academic … [visit site to read more]

Home Depot In Neutral Lane

Posted: 30 Sep 2010 12:05 PM PDT

The Home Depot Inc. (NYSE:HD) is the leading player in the highly fragmented home improvement industry. The company has reinvigorated itself with a shift in focus from new square footage growth to maximization of productivity through its existing store base.
 
In addition, the company has implemented significant changes to its store operations in an effort to make them simpler and more customer friendly, thereby inducing more customer traffic.
 
Home Depot enjoys large economies of scale … [visit site to read more]

UTX To Upgrade Repair Facility

Posted: 30 Sep 2010 11:35 AM PDT

Pratt & Whitney, a division of United Technologies Corp. (NYSE:UTX) has entered into an agreement with ITR-Turborreactores, S.A. de CV (an ITP Group Company) to build a Designated Service Provider (DSP) Center of Excellence for repair of JT8D engine parts in Queretaro, Mexico, facility of ITR. ITR, a leading company in aerospace industry, is the world's largest independent provider of MRO for the JT8D market.
 
The existing facility of ITR in Queretaro provides a wide-range of repair … [visit site to read more]

Initial, Total Jobless Claims Fall

Posted: 30 Sep 2010 11:05 AM PDT

Initial Claims for Unemployment Insurance fell by 16,000 last week to 443,000. That more than reverses last week's increase.

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 6,250 to 458,000. 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 … [visit site to read more]

JPMorgan Halts Foreclosure Process

Posted: 30 Sep 2010 11:05 AM PDT

On Wednesday, JPMorgan Chase & Co. (NYSE:JPM) announced that it is stopping nearly 56,000 foreclosures. The company said that it will verify many of the loan documents that some of its employees may have singed without properly verifying the authenticity of the information in them. The verification includes the accuracy of the loan information, including who owns the mortgage.

All the suspensions are in the 23 states including Connecticut, Florida, Illinois, New York and New Jersey, where … [visit site to read more]

Office Depot Gets Contract

Posted: 30 Sep 2010 11:05 AM PDT

Recently, Office Depot Inc. (NYSE:ODP), one of the leading suppliers of office products and services, said that it has received a contract for office supplies, from MDU Resources Group Inc. (NYSE:MDU).
The company informed that it has been offering office supplies to MDU Resources since 2004. The businesses of MDU Resources comprise electric and natural gas utilities, natural gas pipelines and energy services, natural gas and oil production, construction materials and contracting.
Earlier, Office … [visit site to read more]

Earnings Scorecard: FedEx

Posted: 30 Sep 2010 11:05 AM PDT

FedEx Corporation (NYSE:FDX), the world’s second-largest package delivery company, reported first quarter fiscal 2011 results on September 16, 2010. FedEx earnings missed the Zacks Consensus Estimate by a penny. The company's second quarter and fiscal year 2011 outlook were also disappointing.
 
Yesterday, FedEx announced plans to raise its Express shipping rates by an average of 3.9% for both U.S. domestic and export services, effective January 3, 2011. In addition, effective November 1, … [visit site to read more]

ZGEN’s Cancer Candidate Encourages

Posted: 30 Sep 2010 10:35 AM PDT

ZymoGenetics, Inc.'s (NASDAQ:ZGEN) pipeline received a boost when its cancer candidate Interleukin 21 (IL-21) fared well in a mid-stage study. The open-label, single-arm study evaluated recombinant IL-21 as a monotherapy in patients suffering from metastatic melanoma, a deadly form of skin cancer.
 
Results from the multi-center phase IIa study, conducted by the NCIC clinical trials group in Canada, revealed that the median overall survival was 12.4 months in patients treated with IL-21. The … [visit site to read more]

Shell Makes Brazilian Oil Find

Posted: 30 Sep 2010 10:35 AM PDT

Energy major Royal Dutch Shell Plc (RDS.A) informed Brazil's oil and gas regulator about the discovery of a new offshore oil site in the country's Santos Basin. Having been drilled to a total depth of 1.25 mile (2 kilometers) below the ocean surface, the well (located in the deep-sea pre-salt concession block BM-S-54) showed indications of hydrocarbons.
 
The block is situated approximately 125 miles (200 kilometers) off the coast of Rio de Janeiro state. Shell, through its Brazilian … [visit site to read more]

Dendreon In Neutral Lane

Posted: 30 Sep 2010 10:05 AM PDT

We are maintaining our Neutral recommendation on Dendreon Corporation (NASDAQ:DNDN) with a target price of $44.00.
 
Dendreon, founded in 1992 and headquartered in Seattle, Washington, is a biotechnology company focused on developing drugs for cancer. The company received a huge boost with the US Food and Drug Administration (FDA) approving Provenge (sipuleucel-T), a therapeutic vaccine for treating advanced prostate cancer in men.
 
Unlike traditional vaccines that prevent diseases, … [visit site to read more]

YRCW’s Agreement With Teamsters

Posted: 30 Sep 2010 10:05 AM PDT

Trucking company YRC Worldwide Inc. (NASDAQ:YRCW) has reached a tentative agreement with the International Brotherhood of Teamsters. This agreement would help the struggling company save $350 million a year through March 2015 and improve its competitive position. The company is expecting that all these processes will be completed by late October 2010.
 
The tentative agreement would extend by two years, 2013 to 2015 and provide a further 15 percent wage reduction, benefit and work rule … [visit site to read more]

Aegon Shuts UK Units, Trims Jobs (revised)

Posted: 30 Sep 2010 10:05 AM PDT

As part of an ongoing restructuring program along with efforts to improve profitability, AEGON NV (NYSE:AEG) plans to close its two businesses and slash jobs in the United Kingdom.
 
According to the program, Aegon will shut down its UK third-party pension administration and its employee benefits software businesses, as it foresees a difficult environment in the UK. Aegon will now diversify its energies in its at-retirement and workplace-savings markets. Further, Aegon will retain its closed … [visit site to read more]
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