DailyMarkets.com - A Focus On Financial Stability Edges Out Growth For Gold And Oil Direction

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• A Focus On Financial Stability Edges Out Growth For Gold And Oil Direction
• Bristol Myers At Neutral
• Bank Of America Stalls Foreclosure Process
• HP Appoints New CEO
• J&J-Galapagos In Anti-Cancer Deal
• Lockheed Martin Wins $119M U.S. Navy Contract
• Automation, Productivity Reduce U.S. Workforce
• Quicksilver Sells Midstream Assets
• Deckers In Neutral
• U.S. Auto Sales Mark Slow Recovery
• Equity Residential Acquires Asset.
• Equity Residential Acquires Asset.
• Liberty Media Enhancing Services
• ITT Wins Order
• GM To Invest In Baltimore Plant.
• GM To Invest In Baltimore Plant.
• SIRIUS Raises Subscriber Outlook
• Chevron Ready For UK Deepwater
• Plains Acquires Assets Worth $175M
• BP May Trim GoM Exposure
• Tesing Pic
• DaVita Refinances Debt
• Repsol Forms JV With Sinopec
• GE Lighting’s $60M Investment Plan
• Coca-Cola Wraps N.A. Bottling Deal
• Patterson-UTI Closes Key Asset Buy
• Stock Market Valuation 10/04/2010
• Cass Freight Index Reaches Two-Year High
• Forex Trading: EURGBP Sitting On The 100 Horu MA At The 0.8643. Eyeing Level Tonight

A Focus On Financial Stability Edges Out Growth For Gold And Oil Direction Posted: 04 Oct 2010 05:08 PM PDT North American Commodity Update Commodities – Energy Crude Rally Cools but Doesn't Reverse on Mixed Fundamental Picture Monday Crude Oil (LS Nymex) – $81.47 // -$0.11 // -0.13% After three consecutive sessions of hard rallying, US-based oil was finally knocked off its pace Monday. After climbing over 7 percent in the three sessions through Friday's close, WTI crude marked a modest decline on otherwise lack volatility. This lack of activity more accurately matches the CBOE's crude-based … [visit site to read more]

Bristol Myers At Neutral Posted: 04 Oct 2010 03:05 PM PDT We are maintaining our Neutral recommendation on Bristol Myers Squibb Company (NYSE:BMY) with a target price of $28. Bristol-Myers Squibb Company, headquartered in New York, is a major producer and distributor of pharmaceuticals and other healthcare-related products. The company manufactures and sells branded pharmaceutical drugs such as Pravachol for cholesterol reduction, Plavix for hypertension and Erbitux for cancer. In late 2009, Bristol-Myers sold its interest (83.1% stake) in infant … [visit site to read more]

Bank Of America Stalls Foreclosure Process Posted: 04 Oct 2010 03:05 PM PDT On Friday, Bank of America Corporation (NYSE:BAC) announced that it is holding up foreclosures in 23 states to examine whether some of its former executives rushed through documents of homeowners without properly evaluating the authenticity of the information. The verification includes the accuracy of the loan information, including who owns the mortgage. The 23 states including Connecticut, Florida, New Jersey, New York and Pennsylvania – are those where foreclosures have to be approved by the … [visit site to read more]

HP Appoints New CEO Posted: 04 Oct 2010 03:05 PM PDT Hewlett-Packard Co. (NYSE:HPQ) finally found a replacement for its previous chief executive officer (CEO) Mark Hurd. The company recently announced the appointment of former SAP AG (NYSE:SAP) chief Leo Apothekar as its CEO and president. The appointment will be effective from November 1. The former CEO left the company after some controversy. However, the dismissal of HP’s most capable CEO may not have been so wise. Hurd was the major driving force behind the company’s successful transformation from … [visit site to read more]

J&J-Galapagos In Anti-Cancer Deal Posted: 04 Oct 2010 02:35 PM PDT Johnson & Johnson (NYSE:JNJ) recently announced that its subsidiary Janssen Pharmaceuticals NV entered into an agreement with an affiliate of Belgium's Galapagos NV. The companies are looking to discover and develop anti-cancer treatments under the agreement.   As per the terms of the alliance, Galapagos' subsidiary, Argenta, will be providing medicinal chemistry and biology for Janssen's drug candidates. In return, Argenta stands to receive more than €33.5 million. Argenta will … [visit site to read more]

Lockheed Martin Wins $119M U.S. Navy Contract Posted: 04 Oct 2010 02:35 PM PDT The largest US defense contractor, Lockheed Martin Corporation (NYSE:LMT) won a $119 million contract from the U.S. Navy for the demonstration of its designs for new radar meant to enhance the U.S. Navy's capabilities against advanced anti-ship and ballistic missile threats.   The Air and Missile Defense Radar (AMDR) can provide volume search, tracking, ballistic missile defense discrimination and missile communications. Lockheed was one of three market players, including Northrop Grumman … [visit site to read more]

Automation, Productivity Reduce U.S. Workforce Posted: 04 Oct 2010 02:13 PM PDT From today’s LA Times: “Forced to cut costs during the recession, employers across the country are looking at ways to avoid hiring. They’ve accelerated use of computers and technology, replacing administrative assistants with software, cashiers with self-service kiosks and laborers with machines. These structural changes mean some jobs that disappeared during the recession may never come back. Productivity gains are good for company profits and help the economy grow over the long run. But in … [visit site to read more]

Quicksilver Sells Midstream Assets Posted: 04 Oct 2010 02:05 PM PDT Quicksilver Resources Inc. (NYSE:KWK) successfully completed the previously announced sale of all its ownership interests in Quicksilver Gas Services GP LLC and Quicksilver Gas Services L.P. (KGS) to Crestwood Holdings Partners LLC.   Quicksilver Gas Services, a master limited partner (MLP), owns and operates midstream assets for Quicksilver Resources. The partnership's assets include three natural gas gathering pipeline systems with related natural gas processing, treating and … [visit site to read more]

Deckers In Neutral Posted: 04 Oct 2010 02:05 PM PDT Strong demand for the UGG brand product line, new product introductions and in-demand inventory have helped Deckers Outdoor Corporation (NASDAQ:DECK) to achieve robust growth.   The company's top line has increased at a CAGR of 32% in the last five fiscal years. Deckers' long-term target is to achieve $1.1 billion in sales by 2012, including UGG sales of $900 million, Teva sales of $120 million and sales from other brands of $80 million. International markets provide a significant growth … [visit site to read more]

U.S. Auto Sales Mark Slow Recovery Posted: 04 Oct 2010 02:05 PM PDT Light vehicle sales in the U.S. during September rose 25.5% to a seasonally-adjusted annual rate of 11.8 million units, signaling a slow recovery in the industry. Stable gasoline prices and strong sales at Ford Motor (NYSE:F) and Chrysler were the contributing factors behind the sales growth.  U.S. Automakers  Sales at General Motors (MTLQQ) grew 10.5% to 173,155 vehicles, driven by higher sales of its Buick, Chevrolet and GMC brands. The combined sales of GM’s four brands – … [visit site to read more]

Equity Residential Acquires Asset. Posted: 04 Oct 2010 02:05 PM PDT Equity Residential (EQR – Analyst Report), the largest fully integrated publicly traded multi-family real estate investment trust( REIT)in the U.S., has recently acquired Vantage Pointe – a high-rise building in San Diego, California, for $200 million. The property includes 679 apartment units valued at approximately $291,000 per unit and $348 per square foot of rentable apartment space. Vantage Pointe also features 26,425 square feet of retail space and 968 underground parking … [visit site to read more]

Equity Residential Acquires Asset. Posted: 04 Oct 2010 02:05 PM PDT Equity Residential (EQR – Analyst Report), the largest fully integrated publicly traded multi-family real estate investment trust( REIT)in the U.S., has recently acquired Vantage Pointe – a high-rise building in San Diego, California, for $200 million. The property includes 679 apartment units valued at approximately $291,000 per unit and $348 per square foot of rentable apartment space. Vantage Pointe also features 26,425 square feet of retail space and 968 underground parking … [visit site to read more]

Liberty Media Enhancing Services Posted: 04 Oct 2010 02:05 PM PDT Recently, Liberty Media Corp. (NASDAQ:LINTA) announced that its pay-TV wing, Liberty Starz, has decided to hike its original programming time to more than double its current level in 2011. At the same time, Starz will also try to expand globally to compete with Time Warner Inc.'s (NYSE:TWX) HBO. Starz currently has around 25 hours of original programming, which may go up to 50–60 hours in 2011.   Starz is also on verge of renewing its existing agreement with Netflix Inc. (NASDAQ:NFLX). Recently, … [visit site to read more]

ITT Wins Order Posted: 04 Oct 2010 02:05 PM PDT ITT Corporation (NYSE:ITT) has been awarded a contract to provide Software In-Service Support (including technical work, modifications and upgrades) for the Joint Tactical Radio System (JTRS) Bowman Waveform (JBW). The JBW provides U.S. JTRS software-enabled radios with an operating waveform that is also recognized by UK's Bowman Waveform, enabling secured networked voice and data for joint operations on the battlefield. The contract covers a five-year period and is worth $49.5 million. ITT … [visit site to read more]

GM To Invest In Baltimore Plant. Posted: 04 Oct 2010 02:05 PM PDT General Motors (MTLQQ – Analyst Report) a.k.a GM has announced its plan to invest $23.5 million in its Baltimore Transmission Plant in order to boost its electric vehicle components. This comes on top of the automaker's announcement in January to invest $246 million at the Baltimore site to build electric motors for hybrids.   The $246 million investment in the site was attributable to GM's decision to manufacture the electric motors in-house at lower costs rather than purchasing them … [visit site to read more]

GM To Invest In Baltimore Plant. Posted: 04 Oct 2010 02:05 PM PDT General Motors (MTLQQ – Analyst Report) a.k.a GM has announced its plan to invest $23.5 million in its Baltimore Transmission Plant in order to boost its electric vehicle components. This comes on top of the automaker's announcement in January to invest $246 million at the Baltimore site to build electric motors for hybrids.   The $246 million investment in the site was attributable to GM's decision to manufacture the electric motors in-house at lower costs rather than purchasing them … [visit site to read more]

SIRIUS Raises Subscriber Outlook Posted: 04 Oct 2010 02:05 PM PDT Satellite radio service provider SIRIUS XM Radio Inc. (NASDAQ:SIRI), which was facing bankruptcy only a year ago, is now steadily moving toward stability. Recently, the company announced that it expects to generate record high subscriber growth this year. SIRIUS XM now expects to add 1.3 million net subscribers in 2010, much higher than its previous estimate of 1.1 million. The total subscriber base may reach up to 20.1 million by the end of 2010. Notably, this is the fourth time … [visit site to read more]

Chevron Ready For UK Deepwater Posted: 04 Oct 2010 02:05 PM PDT U.S. oil major Chevron Corporation (NYSE:CVX) is ready to dive into the UK waters of the North Sea, following the drilling permission granted by the British government. Accordingly, Chevron will drill the first deepwater exploration well in the region on the Lagavulin prospect.   The Lagavulin prospect is situated to the north of the Shetland isles off the Scottish coast. Chevron expects to find oil at a depth of 5,147 feet of water. The exact date for the commencement of drilling has … [visit site to read more]

Plains Acquires Assets Worth $175M Posted: 04 Oct 2010 02:05 PM PDT Plains All American Pipeline L.P. (NYSE:PAA) announced that its subsidiaries have entered into five different agreements to acquire assets worth $175 million. All the acquired assets are in areas where the partnership has existing operations. The assets, which were acquired by the Plain All American Pipeline's units, include a 34% interest in White Cliffs Pipeline LLC, liquids terminals in West Texas and Canada, an 11% interest in the Capline pipeline, and the land on which the partnership … [visit site to read more]

BP May Trim GoM Exposure Posted: 04 Oct 2010 02:05 PM PDT BP plc (NYSE:BP) is trying hard to restore its pre-spill image with various strategic initiatives. Following Bob Dudley's entry as the new chief executive officer on October 1, the company is trying to reduce the number of operatorships it holds in the Gulf of Mexico (GoM).   This move is part of the company's plan to trim the capex budget and rebalance its assets portfolio. Earlier, the company said that it would cut its capital spending by nearly 10% this year to fund the spill costs … [visit site to read more]

Tesing Pic Posted: 04 Oct 2010 02:05 PM PDT testing pic … [visit site to read more]

DaVita Refinances Debt Posted: 04 Oct 2010 02:05 PM PDT Moving ahead with its debt restructuring activity, on Friday DaVita Inc. (NYSE:DVA) announced its plan to sell about $1.45 billion of its senior notes and utilize the net proceeds to redeem another set of outstanding senior security notes, whose principal amount is worth $1.55 billion. The Board of DaVita had authorized a $3.35 billion debt refinancing activity in September 2010.   The $1.55 billion notes includes 6.625% senior notes worth $700 million to be matured in 2013 and another set … [visit site to read more]

Repsol Forms JV With Sinopec Posted: 04 Oct 2010 02:05 PM PDT Repsol YPF, S.A. (NYSE:REP), Spain's largest oil integrated company, decided to sell a 40% stake in its Brazilian assets to China Petrochemical Corp. or Sinopec Group, for $7.1 billion. This deal reflects China's increasing interest in international oil and gas resources, especially in Brazil.   This transaction is China's largest year-to-date international investment for oil and gas.   In August 2009, Sinopec acquired Geneva-based oil and gas explorer Addax Petroleum for $7.5 … [visit site to read more]

GE Lighting’s $60M Investment Plan Posted: 04 Oct 2010 02:05 PM PDT Cleveland-based GE Lighting recently announced its investment plans for its manufacturing unit at Bucyrus, Ohio. The company will be investing more than $60 million to expand the manufacturing of its energy-efficient lighting products.   GE Lighting is a unit of General Electric Co's (NYSE:GE) Kentucky-based Appliances & Lighting business. The investment plan was welcomed by all, including the company's executives and employees. It enhances GE's potential to sell its … [visit site to read more]

Coca-Cola Wraps N.A. Bottling Deal Posted: 04 Oct 2010 02:05 PM PDT Coca-Cola Company (NYSE:KO) closed the acquisition of the North American operations of Coca-Cola Enterprises Inc. (NYSE:CCE) for a total consideration of $12.3 billion.   In February 2010, Coca-Cola Company entered into a deal with Coca-Cola Enterprises Inc. to buy the latter's North American bottling business. Coca-Cola Enterprises, in its turn, also agreed to acquire Coca-Cola Co.'s bottling operations in Norway and Sweden for $822 million.   The North American bottling business … [visit site to read more]

Patterson-UTI Closes Key Asset Buy Posted: 04 Oct 2010 02:05 PM PDT Onshore contract driller Patterson-UTI Energy Inc. (NASDAQ:PTEN) closed its previously announced acquisition of certain assets of onshore well service rig provider Key Energy Services (NYSE:KEG) for approximately $238 million in cash. As per the deal between the two Houston-based companies, Key Energy sold its pressure pumping and wireline businesses to Patterson-UTI.   Patterson-UTI funded the purchase – including pumps and related equipment to unlock oil and gas deposits from shale (dense … [visit site to read more]

Stock Market Valuation 10/04/2010 Posted: 04 Oct 2010 01:03 PM PDT I update market valuations on a monthly basis. The point of this article is to measure the stock market based on six different metrics. This article does not look at the macro picture and try to predict where the economy is headed. It only uses these six metrics which have been very good past indicators of whether the market is fairly valued. However, regardless of market valuations, there are always individual stocks that are undervalued. I collaborate with my colleague Doug Short for some of … [visit site to read more]

Cass Freight Index Reaches Two-Year High Posted: 04 Oct 2010 12:52 PM PDT From the Journal of Commerce: “The Cass Freight Index for U.S. shipping reached its highest point in more than two years in September, growing 1.9 percent over the month before, Cass Information Systems announced last Friday.  The shipments index (blue line in the graph above) grew for the second straight time on a month-to-month basis, although the 1.9 percent gain was a sharp slowdown from the 8.3 percent gain the month before. The index increased 15.5 percent over September 2009 after … [visit site to read more]

Forex Trading: EURGBP Sitting On The 100 Horu MA At The 0.8643. Eyeing Level Tonight Posted: 04 Oct 2010 12:42 PM PDT … [visit site to read more]

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