DailyMarkets.com - Video: Quantitative Easing Targets Asset Prices, Not Bank Reserves

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• Video: Quantitative Easing Targets Asset Prices, Not Bank Reserves
• Magellan Ups Quarterly Distribution
• Yet Another Hike By ONEOK Partners
• Marathon Sets Foot On Iraq
• Celgene Nets Abraxis Bio
• Earnings Scorecard: Safeway
• Darden Enters Middle East
• Peabody Hikes Dividend Rate
• Kodak Upgraded To Neutral
• Earnings Preview: Rent-A-Center
• Hartford Vends Off Canadian Unit
• Toyota Recall Rerun
• RRD Extends Bowne Merger
• Northeast Utilities And NSTAR Merge
• Earnings Preview: Sohu.com
• Con Edison Going Green
• Earnings Preview: Harris Corp.
• Biogen, Roche Revise Deal
• NCR Corp. Beats Expectations
• JA Solar Upgraded To Outperform
• Will They Or Won’t They?
• Closing Bell Market Monitor: VZ, SLB, CAT
• Tariffs On China Will Cost U.S. Jobs
• Interactive Brokers Beat Estimates
• People’s United Lags Estimates
• Chevron Plans $7.5B GoM Investment
• Leggett & Platt Misses Estimate
• Texas Capital Tops Zacks Ests
• Mixed 3Q For Pool Corp.
• Washington Federal Misses Estimate
• TCF Lags On Increased Expenses
• Cepheid Reduces Loss In 3Q
• Rambus Posts 3Q Loss, Shares Dip
• Columbia Sportswear Beats

Video: Quantitative Easing Targets Asset Prices, Not Bank Reserves Posted: 22 Oct 2010 05:01 PM PDT With markets coming off of overbought levels, bullish sentiment high, and gold backing off a vertical ascent, we believe investors need to be ready for a quantitative easing (QE) disappointment pullback. A "buy the QE rumor, sell the QE news" event needs to be considered from a portfolio management perspective. Having said that we also believe most investors and many financial professionals do not fully understand how QE works in the real world and that one of QE's primary … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Magellan Ups Quarterly Distribution Posted: 22 Oct 2010 04:35 PM PDT Pipeline operator Magellan Midstream Partners, L.P. (MMP) raised its third quarter 2010 cash distribution by 1.7% sequentially and 4.9% year over year to 74.50 cents per unit (or $2.98 per unit annualized). The cash distribution is up 184% since its initial public offering (IPO) in the beginning of 2001. Magellan's new distribution is payable on November 12 to unitholders of record as on November 5, 2010.   Tulsa, Oklahoma-based Magellan Midstream is a master limited partnership … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Yet Another Hike By ONEOK Partners Posted: 22 Oct 2010 04:35 PM PDT Master limited partner (MLP), ONEOK Partners L.P. (NYSE:OKS) hiked its third quarter cash distribution by 1 cent to $1.13 per limited partner unit, implying a 0.9% rise from the previous distribution of $1.12 per unit. This brings the partnership's annualized distribution to $4.52 per unit.   The distribution will be paid on November 12, 2010 to unit holders of record as of October 29, 2010.   The distribution increase reflects growing fee-based earnings as a result of the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Marathon Sets Foot On Iraq Posted: 22 Oct 2010 03:35 PM PDT Marathon Oil Corporation (MRO) has signed an exploration deal with the government of Iraq, which marks the company's foray into the country's oil and gas industry. The financial terms of the deal were not disclosed. Under the terms of the production sharing contracts (PSCs), Marathon acquired stakes in four exploration blocks in the Kurdistan Region of Iraq. The company will hold 80% ownership and operating interest in the two blocks – Harir and Safen, located northeast of Erbil. The … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Celgene Nets Abraxis Bio Posted: 22 Oct 2010 03:35 PM PDT The spate of acquisitions in the pharmaceutical industry continued with Celgene Corporation (NASDAQ:CELG) completing the purchase of Abraxis BioScience Inc. for $2.9 billion in cash and stock. Celgene aims to bolster its cancer portfolio through this acquisition. The deal, which is expected to modestly hurt Celgene's adjusted earnings in 2011 and be accretive thereafter, entitles the stockholders of Abraxis to $58 in cash and 0.2617 of Celgene stock for each Abraxis stock owned by them apart from … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Earnings Scorecard: Safeway Posted: 22 Oct 2010 03:35 PM PDT The announcement of Safeway Inc.’s (NYSE:SWY) third quarter results on October 14, 2010, has triggered a downward revision of estimates among analysts. Third Quarter Highlights Safeway reported an EPS of 33 cents beating both the Zacks Consensus Estimate and year-ago quarter's EPS of 31 cents. However, the third quarter of 2010 included employee severance charges of 2 cents, which were offset by a lower tax rate, compared with the year-ago period. The company reported sales of $9.4 billion, … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Darden Enters Middle East Posted: 22 Oct 2010 03:35 PM PDT Florida-based Darden Restaurants Inc. (NYSE:DRI) recently announced that it has inked a development agreement with food service franchise operator, Americana Group of Kuwait to enter the Middle East market. Americana Group will develop and operate all three of Darden’s brands Red Lobster, Olive Garden and LongHorn Steakhouse in the Middle East. The terms of the deal were not disclosed. As per the deal, Americana Group will set up 60 restaurants in Bahrain, Egypt, Kuwait, Lebanon, Qatar, Saudi … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Peabody Hikes Dividend Rate Posted: 22 Oct 2010 03:35 PM PDT In order to share more profits with its shareholders, the Board of Directors of Peabody Energy Corporation (NYSE:BTU) increased the quarterly dividend to 8.5 cents per share from the existing level of 7 cents. The new dividend will be payable on November 26, 2010, to shareholders of record at the close of business on November 4, 2010. Following the dividend increase, the annualized dividend of Peabody will now total 34 cents per share, a 21.4% growth from the previous annualized dividend of 28 … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Kodak Upgraded To Neutral Posted: 22 Oct 2010 03:05 PM PDT We upgrade our recommendation on Eastman Kodak Company (NYSE:EK) from Underperform to Neutral based on our optimism on the company's numerous expansion programs as well as its continuous product launches at competitive prices. Recently, Kodak launched three new consumer products. Besides, Kodak's strategy to maintain a decent liquidity position with the prospect of $1.8 – $2.0 billion of cash and cash equivalents in fiscal 2010 boosts our expectations. Kodak ended the second quarter of fiscal … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Earnings Preview: Rent-A-Center Posted: 22 Oct 2010 03:05 PM PDT Rent-A-Center Inc. (NASDAQ:RCII) is scheduled to report its third-quarter 2010 financial results after the market close on Monday, October 25, 2010. The current Zacks Consensus Estimate for the quarter is 55 cents a share. For the quarter, revenues are $665 million, according to the Zacks Consensus Estimate. Second-Quarter 2010, a Synopsis On July 26, 2010, Rent-A-Center delivered better-than-expected second-quarter 2010 results. The quarterly earnings of 72 cents a share, outpaced the Zacks … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Hartford Vends Off Canadian Unit Posted: 22 Oct 2010 03:05 PM PDT On Thursday, HartfordFinancial Services Group Inc. (NYSE:HIG) announced that it has agreed to sell the mutual funds business Hartford Investments Canada Corp, known as Hartford Investments, to CI Financial Corp. for approximately C$1.75 billion in assets. Although the terms of the deal remain undisclosed, the transaction is expected to culminate by the end of December 2010. The deal is subjected to regulatory approvals from the Canadian authorities. Hartford Investments manages 18 mutual funds and … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Toyota Recall Rerun Posted: 22 Oct 2010 03:05 PM PDT Toyota Motor Corp. (NYSE:TM) has announced that it will voluntarily recall about 740,000 vehicles in the U.S. in order to address a problem with the leakage of brake fluid from the brake cylinder. The affected vehicle models are Avalon (2005-2006), non-hybrid Highlander (2004-2006), Lexus RX330, and Lexus GS300, IS250 and IS350, all manufactured in 2006. The automaker also plans to recall more than 600,000 units of its Crown sedan, and Lexus IS and GS models for separate defects in its home … [visit site to read more] or compare Best Credit Cards and Best CD Rates

RRD Extends Bowne Merger Posted: 22 Oct 2010 03:05 PM PDT Although R.R. Donnelley & Sons Company (NYSE:RRD) confirmed that the acquisition of Bowne & Co. Inc. (NYSE:BNE) as announced on February 23, 2010 will be completed in 2010 (as previously expected), the termination date of the merger between RR Donnelley and Bowne has been extended from October 23, 2010 to January 23, 2011. This will provide the company with more time to examine and review its acquisition of Bowne & Co. under the Hart-Scott-Rodino Act. On May 12, 2010, Donnelley announced … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Northeast Utilities And NSTAR Merge Posted: 22 Oct 2010 02:35 PM PDT Northeast Utilities (NU), New England's largest utility system operator, and NSTAR (NST), electric and natural gas distribution company, have agreed to merge in a stock-for-stock deal.  The merger will create one of the largest U.S. utility companies, with an enterprise value of $17.5 billion. Following the merger, the combined company will retain the name Northeast Utilities. The $17.5 billion company will serve roughly 3.5 million customers, providing electric and gas energy to over … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Earnings Preview: Sohu.com Posted: 22 Oct 2010 02:35 PM PDT A leading online brand and Internet portal in China, Sohu.com Inc. (NASDAQ:SOHU) is set to release its third quarter 2010 results on October 25, 2010, before the U.S. market opens. Outlook During the second quarter earnings call, Sohu provided guidance for the third quarter 2010. For the third quarter, management expects total revenue in the range of $153.0 million to $158.0 million.The Zacks Consensus Estimate for total revenue is $157.0 million, in line with management's expectation. Sohu … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Con Edison Going Green Posted: 22 Oct 2010 02:35 PM PDT Consolidated Edison Inc.'s (NYSE:ED) wholly owned subsidiary, Con Edison Development and Panda Power Funds broke ground on a 20-megawatt solar electric generating station in Pilesgrove, New Jersey. The 71,400-panel solar farm — touted to be one of the largest in the U.S. — will have the capacity to power more than 5,100 homes with clean, renewable energy. The shovel-ready project will create over 100 construction jobs. Consolidated Edison expects the solar farm to begin commercial operation … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Earnings Preview: Harris Corp. Posted: 22 Oct 2010 02:35 PM PDT Harris Corp. (NYSE:HRS) is slated to release its first quarter 2011 results on Monday, October 25. The current Zacks Consensus Estimate for the first quarter is $1.24, representing a significant annualized growth of 49.48%. With respect to earnings surprise, over the trailing four quarters, Harris has outperformed the Zacks Consensus Estimate for all four quarters. The average earnings surprise was a positive 9.09%, implying that the company has outdone the Zacks Consensus Estimate by the same … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Biogen, Roche Revise Deal Posted: 22 Oct 2010 02:05 PM PDT Biogen Idec Inc. (NASDAQ:BIIB) and Roche Holdings Ltd. (RHHBY) recently announced that they amended their deal related to antibodies targeting CD20. The agreement covers products like Rituxan (rituximab) approved for the treatment of non-Hodgkin's lymphoma (NHL), chronic lymphoid leukemia (CLL), and rheumatoid arthritis (RA), ocrelizumab in mid-stage trails for multiple sclerosis (MS) and GA101 in late stage trials for NHL and CLL.  Per the amended agreement, Roche will now be responsible … [visit site to read more] or compare Best Credit Cards and Best CD Rates

NCR Corp. Beats Expectations Posted: 22 Oct 2010 02:05 PM PDT NCR Corp. (NYSE:NCR) posted decent third quarter earnings per share of 46 cents per share, beating the Zacks Consensus Estimate of 33 cents. Subsequently, shares soared 1.80% in after-market trade. Revenue NCR Corp. reported third quarter 2010 revenue of $1.21 billion, an increase of 6.3% from $1.14 billion in the year-ago quarter. The quarter's revenue was slightly above the Zacks Consensus Estimate of $1.2 billion. Revenue includes a negative impact of one percentage point from foreign … [visit site to read more] or compare Best Credit Cards and Best CD Rates

JA Solar Upgraded To Outperform Posted: 22 Oct 2010 02:05 PM PDT We recently upgraded our recommendation for JA Solar Holdings Company Ltd. (NASDAQ:JASO) from Neutral to Outperform. Leading pure-play solar cell company JA Solar caters to a geographically-diverse pan-continental customer base, which spans Germany, Italy, the U.S., Spain, India, Korea, China and Japan. The company also effectively uses its location advantage in China, with Chinese low-cost solar module manufacturers contributing a substantial portion of its revenue. JA Solar is based at Ningjin in … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Will They Or Won’t They? Posted: 22 Oct 2010 01:51 PM PDT I reckon that even die-hard bulls will concede that it’s hard to imagine we’ll see a sustained recovery in the U.S. economy without a rebound — or even a measure of stability — in the housing market. After all, it was trouble in the residential real estate market that helped bring us to this point to begin with. Under the circumstances, the following announcement from real estate analyst firm Clear Capital should lead at least some of those who only see good times on the horizon to … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Closing Bell Market Monitor: VZ, SLB, CAT Posted: 22 Oct 2010 01:41 PM PDT 10/22/10 The latest in news, commentary, and information on what’s moving the US equities markets. Watch this broadcast LIVE at 4:00 pm EST daily @ … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Tariffs On China Will Cost U.S. Jobs Posted: 22 Oct 2010 01:41 PM PDT “Think about the IPod, for instance. It is designed in America and its 451 parts are made in dozens of different countries. But just because it is finally assembled in China, it officially counts as a Chinese import and therefore a contributor to America's trade deficit — never mind that the Chinese add only $4 to the IPod's $150 final value. Imposing duties on IPods to slash the deficit, then, won't just cost Chinese jobs  in Beijing assembly plants, but American jobs in Cupertino … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Interactive Brokers Beat Estimates Posted: 22 Oct 2010 01:35 PM PDT Interactive Brokers Group Inc.'s (NASDAQ:IBKR) third quarter 2010 earnings of 26 cents per share beats the Zacks Consensus Estimate by 30%, surpassing the prior-year quarter earnings of 20 cents. Results benefited mainly from a growth in the top line and lower non-interest expenses. Also, the balance sheet remained highly liquid with a relatively low leverage. Interactive Brokers' net income available to common shareholders increased 30.6% from the prior-year quarter to $11.1 million. Behind the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

People’s United Lags Estimates Posted: 22 Oct 2010 01:35 PM PDT Regional bank People’s United Financial Inc. (NASDAQ:PBCT) announced third quarter 2010 operating earnings per share of 8 cents, which was below the Zacks Consensus Estimate of 10 cents. Earnings also compared unfavorably with 9 cents per share reported in the prior quarter, but were in line with the prior-year quarter.  Operating income reported was $27.7 million compared with $31.8 million in the prior quarter and $26.8 million in the prior-year quarter. Including pre-tax merger-related … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Chevron Plans $7.5B GoM Investment Posted: 22 Oct 2010 01:35 PM PDT U.S. energy behemoth Chevron Corp. (CVX) has approved a multibillion-dollar deepwater project in the Gulf of Mexico ("GoM"), just days after the federal government decided to lift its drilling moratorium in the region. The company plans to invest approximately $7.5 billion to develop two large fields – Jack and St. Malo, located within 25 miles of each other, approximately 280 miles southwest of New Orleans in water depths of 7,000 feet. Chevron's decision to go ahead with the offshore … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Leggett & Platt Misses Estimate Posted: 22 Oct 2010 01:05 PM PDT Leggett & Platt, Incorporated (NYSE:LEG), the manufacturer of diversified engineered products and components, recently posted third-quarter 2010 results that missed the Zacks' expectation. The company delivered earnings of 31 cents a share that fell short of the Zacks Consensus Estimate of 36 cents, and dropped 8.8% from last year's 34 cents, hurt by sluggish residential furnishing market and increase in raw-material costs. Consequently, management narrowed its guidance range to … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Texas Capital Tops Zacks Ests Posted: 22 Oct 2010 01:05 PM PDT Texas Capital Bancshares Inc. (NASDAQ:TCBI) reported third quarter 2010 earnings of 25 cents per share, 2 cents ahead of the Zacks Consensus Estimate of 23 cents. The results also compare favorably with earnings of 15 cents in the year-ago period. While the company experienced an increase in both interest income and non-interest income compared to the prior-year period, an increase in expenses and credit quality deterioration were the dampeners. Texas Capital's net interest income was $62.6 … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Mixed 3Q For Pool Corp. Posted: 22 Oct 2010 12:35 PM PDT Pool Corp. (NASDAQ:POOL) reported third-quarter 2010 earnings of 45 cents per share, higher than the Zacks Consensus Estimate of 42 cents. The increase was driven by a modest top-line growth along with efficient cost management. Pool had incurred a loss of 19 cents in the comparable quarter last year. The company reported a 6% year-over-year increase in net sales to $455 million during the quarter, missing the Zacks Consensus Estimate of $456 million. Inside the Headline Numbers Pool experienced a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Washington Federal Misses Estimate Posted: 22 Oct 2010 12:35 PM PDT Washington Federal Inc.'s (NASDAQ:WFSL) fiscal fourth quarter (ended September 30, 2010) earnings came in at 14 cents per share missing the Zacks Consensus Estimate of 19 cents. However, this compares favorably with the year-ago quarter's earnings of 11 cents. For the fiscal year, earnings of $1.05 per share were behind the Zacks Consensus Estimate of $1.10 but compares favorably with earnings of 46 cents in the year-ago period. Results benefited from a rise in revenue, net interest income and … [visit site to read more] or compare Best Credit Cards and Best CD Rates

TCF Lags On Increased Expenses Posted: 22 Oct 2010 12:35 PM PDT TCF Financial Corporation's (NYSE:TCB) third quarter 2010 earnings came in at 26 cents per share, 3 cents below the Zacks Consensus Estimate of 29 cents. This compares favorably with the earnings of 14 cents in the prior-year quarter. Increased non-interest expenses, sluggish economic recovery and increased regulatory trouble have affected the quarter results. Net income came in at $36.9 million, significantly up from $17.5 million in the year-ago quarter. Total revenue was $311.7 million, up … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Cepheid Reduces Loss In 3Q Posted: 22 Oct 2010 12:05 PM PDT Cepheid (NASDAQ:CPHD) reported a loss per share of 2 cents during the third quarter of fiscal 2010, much lower than the loss of 7 cents in the year-ago period and the Zacks Consensus Estimate of 6 cents. However, after adjusting for amortization of intangibles, the company's reported loss per share of 1 cent compares favorably with the year-ago quarter's loss of 6 cents. Revenues increased 34.6% to $56.1 million, beating the Zacks Consensus estimate of $53.0 million driven by a 35% growth in … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Rambus Posts 3Q Loss, Shares Dip Posted: 22 Oct 2010 12:05 PM PDT   Rambus Inc.(NASDAQ:RMBS) posted a third quarter 2010 loss per share of 27 cents, missing the Zacks Consensus Estimate of 17 cents. The adjusted loss per share excludes restatement and related legal charges and gain from a legal settlement. Shares dipped 1.66% after the market closed.   Revenue   Rambus reported total revenue of $31.7 million in the third quarter, up 13.9% from $27.9 million in the year-ago period, but down 18.4% from $38.9 million in the prior quarter. The … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Columbia Sportswear Beats Posted: 22 Oct 2010 12:05 PM PDT Columbia Sportswear Company (NASDAQ:COLM) delivered better-than-expected third-quarter 2010 results. The quarterly earnings of $1.53 per share beat the Zacks Consensus Estimate of $1.47, and jumped 10.9% from $1.38 posted in the prior-year quarter. Columbia registered a 16% increase in total sales to $504.0 million over $434.5 million in the prior-year quarter driven by a shift in business to more innovative and premium products and a continuous effort to increase consumer demand for … [visit site to read more] or compare Best Credit Cards and Best CD Rates

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