Wednesday, October 6, 2010

DailyMarkets.com - Not Buying It

DailyMarkets.com - Not Buying It

Not Buying It

Posted: 06 Oct 2010 04:28 PM PDT

According to one retail industry trade group, things are looking up in the months ahead:
“Bringing Back Some Holiday Cheer” (Business Wire)
2010 Holiday Retail Sales Likely to be Strongest Since 2006
The International Council of Shopping Centers (ICSC) is forecasting that the 2010 holiday shopping season (Nov.-Dec.) will increase by 3-3.5 percent over the same period last year, making it the largest increase since 2006 (+4.4%). The ICSC projection is for U.S. retail industry chain stores that … [visit site to read more]

2 More States Report Sept. Tax Increases Vs. 2009

Posted: 06 Oct 2010 03:10 PM PDT

1. Texas collected sales tax revenue totalling $1.57 billion in September, up by 6.8 percent from September 2009.  “This increase is significantly larger than recent monthly gains which have been in the 0 to 2 percent range," said Texas Comptroller Susan Combs. "Sales tax increases were posted across almost all sectors, including oil and gas, construction, manufacturing, wholesale trade, retail trade and restaurants."

2. Indiana collected $1.16 billion in September–$28.9 … [visit site to read more]

Salix Drug Approval Date Pushed Out

Posted: 06 Oct 2010 03:05 PM PDT

The US Food and Drug Administration (FDA) recently extended its action date for Salix Pharmaceuticals, Ltd.'s (NASDAQ:SLXP) New Drug Application for Xifaxan (rifaximin) 550 mg. Salix is looking to get Xifaxan 550 mg approved for the treatment of non-constipation irritable bowel syndrome (IBS) and IBS-related bloating.
 
The FDA said that it needs additional time to review the company's NDA and has therefore pushed out the action date by three months. A decision should now be out by March 7, … [visit site to read more]

AEP To Buy Solar Power

Posted: 06 Oct 2010 02:35 PM PDT

AEP Ohio, a unit of American Electric Power (NYSE:AEP), will buy solar energy from the 49.9 megawatt (MW) solar generating facility to be developed by Turning Point Solar, a joint venture of Agile Energy Inc. and New Harvest Power, in Southeastern Ohio.
 
AEP Ohio will buy all of the output, including renewable energy credits, over a period of twenty years from the newly developed solar generating facility.
 
According to the Ohio Substitute Senate Bill 221, AEP Ohio needs to supply … [visit site to read more]

Shell’s Prelude Approval Deferred

Posted: 06 Oct 2010 02:00 PM PDT

The Australian government has deferred a decision on energy major Royal Dutch Shell Plc’s (RDS.A) proposed Prelude floating liquefied natural gas (LNG) project for a fourth time. The environmental review for the development – located in the Browse basin off northwestern Western Australia – was expected on the first of October but was pushed back as new Environment Minister Tony Burke evaluates the venture. The government approval to the $5.7 billion project will pave the way for a final … [visit site to read more]

Southern Company Boosts Solar Energy

Posted: 06 Oct 2010 02:00 PM PDT

Georgia Power, the largest subsidiary of Southern Company (SO), received permission from the state regultors for a new tariff, which will help the utility company to nearly double its purchases of solar energy. The latest tariff plan will be effective from January 1, 2011.
 
Under the new solar tariff, the Georgia Power will obtain an additional 1.5 megawatts ("MW") of solar capacity for 17 cents per kilowatt hour ("kWh") from relatively small generators such as commercial … [visit site to read more]

Good News For ZOLL’s LifeVest

Posted: 06 Oct 2010 02:00 PM PDT

Resuscitation devices maker ZOLL Medical's (NASDAQ:ZOLL) LifeVest Wearable Defibrillator has been reportedly prescribed to more than 30,000 patients at high risk of sudden cardiac arrest (SCA) by their physicians, representing another major milestone for the company.
 
SCA, an abrupt loss of cardiac function, is one of the major causes of unexpected deaths. According to the American Heart Association, more than 700 people die from this condition each day in the U.S. Early defibrillation … [visit site to read more]

Orphan Status For PBTH Drug

Posted: 06 Oct 2010 02:00 PM PDT

Prolor Biotech, Inc.  (PBTH) recently announced that its longer-acting version of the human growth hormone, hGH-CTP, has been granted orphan drug status by the US Food and Drug Administration (FDA).
 
This drug, currently undergoing mid-stage studies, is being developed to treat adults and children with deficiency in growth hormone. The candidate is being evaluated as a weekly or bi-monthly injectable therapy as opposed to the multiple injections per week needed by current … [visit site to read more]

Senior Notes From CB Richard Ellis

Posted: 06 Oct 2010 02:00 PM PDT

CB Richard Ellis Group Inc. (NYSE:CBG), the world's largest commercial real estate services firm (on the basis of 2009 revenues), has recently announced an offer to sell 6.63% senior notes due 2020 worth $350 million. BofA Merrill Lynch, the investment banking and wealth management division of Bank of America Corporation (NYSE:BAC); Credit Suisse Group (NYSE:CS); HSBC Holdings plc (NYSE:HBC); and Barclays plc (NYSE:BCS) are acting as joint book-running managers for the offering.
 
CB Richard Ellis … [visit site to read more]

Patterson-UTI Rig Count Grows

Posted: 06 Oct 2010 01:35 PM PDT

Onshore contract driller Patterson-UTI Energy Inc. (PTEN) declared its September 2010 drill rig count to average at 184, up from 180 in the previous month. The company operated 175 rigs in the U.S. and 9 in Canada in September, compared with 171 rigs in the U.S. and 9 rigs in Canada during August.
 
Patterson-UTI's activity levels in the U.S. peaked in early October 2008 with a rig count of 275. Since then, till the second quarter of 2009, the company witnessed a steep and rapid decline … [visit site to read more]

Patterson-UTI Rig Count Grows

Posted: 06 Oct 2010 01:35 PM PDT

Onshore contract driller Patterson-UTI Energy Inc. (PTEN) declared its September 2010 drill rig count to average at 184, up from 180 in the previous month. The company operated 175 rigs in the U.S. and 9 in Canada in September, compared with 171 rigs in the U.S. and 9 rigs in Canada during August.
 
Patterson-UTI's activity levels in the U.S. peaked in early October 2008 with a rig count of 275. Since then, till the second quarter of 2009, the company witnessed a steep and rapid decline … [visit site to read more]

Costco Earnings Rise

Posted: 06 Oct 2010 01:35 PM PDT

Costco Wholesale Corporation (COST), one of the leading U.S. warehouse club operators, recently posted better-than-expected fourth-quarter 2010 results. The quarterly earnings of 97 cents pershare topped the Zacks Consensus Estimate of 95 cents, and rose 14.1% from 85 cents earned in the prior-year quarter.
 
The double-digit increase in the bottom-line was buoyed by growth in the top-line due to improved sales of discretionary items, as consumers seeking discounts started flocking to … [visit site to read more]

BMC Acquires Software Unit

Posted: 06 Oct 2010 01:35 PM PDT

Milan-based Neptuny Software is the leading provider of Information Technology (IT) Performance Optimization, as well as Capacity and Virtualization Planning solutions. Neptuny's Caplan solution, which is basically a Capacity Planning solution for large data centers and networks, facilitates organizations in planning their capacity needs for business processes. Caplan has been successfully adopted by major customers such as Vodafone Group plc (VOD), Unicredit Group, Expedia Inc. (EXPE), … [visit site to read more]

Arrow Buys Richardson RFPD

Posted: 06 Oct 2010 01:05 PM PDT

Electronic parts distributor Arrow Electronics, Inc. (NYSE:ARW) recently announced that it will acquire all of the assets and operations of the RF, Wireless and Power Division of Richardson Electronics, Ltd. (NASDAQ:RELL) for $210 million.
 
Richardson RF, Wireless and Power Division (Richardson RFPD) is a leading value-added global component distributor and provider of engineered solutions primarily serving the global radio frequency (RF) and wireless communications market. The product portfolio … [visit site to read more]

General Dynamics Wins Navy Contract

Posted: 06 Oct 2010 01:05 PM PDT

Aerospace and defense company General Dynamics Corporation (GD) announced that its subsidiary Bath Iron Works has received a contract worth $33.7 million from the U.S. Navy. The new contract is a continuation of the initial contract awarded in November 2005. The company will provide lead yard services for the Navy's DDG 51 Arleigh Burke-class AEGIS destroyer program.
 
The involvement of General Dynamics' unit with the lead yard service programs dates back to 1987. Bath Iron Works … [visit site to read more]

Steve Eisman Named As The Defendants’ Co-Conspirator In Lawsuit

Posted: 06 Oct 2010 12:45 PM PDT

Steve Eisman

I got passed an interesting tip yesterday that Steve Eisman is currently being named as the Defendants' Co-Conspirators in a lawsuit between two colleges.
For all readers who have not heard of Steve Eisman, he was made famous by Michael Lewis's bestseller The Big Short: Inside the Doomsday Machine in which Lewis tells the story detailing how Steve Eisman made a fortune by shorting the housing market.
The case involves Keiser University, a regional for-profit college, … [visit site to read more]

FTI Consulting Upgraded

Posted: 06 Oct 2010 12:35 PM PDT

FTI Consulting Inc. (NYSE:FCN), the global business advisory firm, has been upgraded to Neutral from Underperform. The company provides specialized consulting services across 35 U.S. cities and 21 foreign countries.
 
The rating was upgraded on the back of second quarter 2010 earnings results, which were in line with the Zacks Consensus Estimate. Moreover, economic consulting and strategic communications segments generated double digit growth in revenues and forensic and litigation … [visit site to read more]

WPP Upgraded To Outperform

Posted: 06 Oct 2010 12:35 PM PDT

We have upgraded our rating for WPP Group Plc (NASDAQ:WPPGY) from Neutral to Outperform based on a positive outlook for the second half of 2010.
 
First Half 2010 Highlights 
WPP Group plc's first half 2010 net results soared 48.1% year over year to ₤0.191 per share ($1.46 per ADR) compared with ₤0.129 per share ($0.96 per ADR) in the year-ago period – a marked improvement achieved owing primarily to revenue growth and fall in operating expenses.
 
Net income (pro forma), … [visit site to read more]

Digital River Looks At Solid Growth

Posted: 06 Oct 2010 12:35 PM PDT

In a recent filing with the Securities and Exchange Commission (SEC), Digital River Inc. (NASDAQ:DRIV) stated that it expects revenue growth to reach approximately 20% in 2011.
 
Digital River recently entered into several new customer agreements, which are expected to contribute to revenue in the fourth quarter of 2010 and 2011.
 
Last week, the company signed an agreement to manage the European online sales for Freecom, a Mitsubishi Kagaku Media company, which designs, manufactures and … [visit site to read more]

Joel Greenblatt’s Reading List

Posted: 06 Oct 2010 12:20 PM PDT

I am proud to announce that a new page has been added to Value Walk. The new page can be found on the top menu bar under the books tab.
Below is the text from the new page:

Joel Greenblatt in addition to being a great investor is also a professor at Columbia's Business School. He teaches a class titled "Value and Special Situation Investing".
The course as described as follows:
This course will review the basic elements of fundamental analysis and will provide practical experience in … [visit site to read more]

BJ’s 2010 Expansion Almost Complete

Posted: 06 Oct 2010 12:05 PM PDT

BJ's Restaurants Inc. (NASDAQ:BJRI) announced that it has opened a new restaurant in Puente Hills, California. This new restaurant, covering 8,500 square feet, accommodates a seating arrangement for 280 guests.
 
The company will be able to drive higher traffic in its new restaurant situated in the Southern California market. With a strategic location at the south of Puente Hills East shopping center and east of the Puente Hills Mall, BJ's enjoys a strong brand awareness and guest loyalty. … [visit site to read more]

Praxair Completes Altamira Complex

Posted: 06 Oct 2010 12:05 PM PDT

Praxair Mexico announced the completion of Altamira Complex situated on the northeast coast of Mexico. The company started a new packaged gas facility at this industrial corridor, which is the company's concluding part of investments to satisfy a growing demand.
 
Besides the gas facility, the Altamira Complex also has a state-of-the-art, on-site hydrogen plant and an advanced nitrogen plant. The hydrogen plant supplies gases to POSCO, an important steel company, while the nitrogen … [visit site to read more]
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