Friday, November 19, 2010

DailyMarkets.com - US Dollar Escapes Unscathed Again

DailyMarkets.com - US Dollar Escapes Unscathed Again

US Dollar Escapes Unscathed Again

Posted: 19 Nov 2010 05:45 PM PST

Given all that stress that the Federal Reserve’s currency debasement program is laying on the global economy, last week’s G-20 summit in South Korea should have been the monetary equivalent of a military degradation for the U.S. dollar. The greenback should have been slapped across the face, stripped of its medals, and cashiered from the ranks of respected currencies. Instead the dollar escaped unscathed, retaining its privileged status as the world’s … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Closing Bell Market Monitor: ANN, DLM, FL

Posted: 19 Nov 2010 04:15 PM PST

11/19/10 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

Novatel Launches HSPA+ USB Modems

Posted: 19 Nov 2010 04:05 PM PST

Novatel Wireless Inc. (NASDAQ:NVTL) yesterday announced the launch of its compact and light-weight DC-HSPA+ USB modem on Bell Mobility’s Dual-Cell HSPA+ (DC HSPA+) network. The Ovation MC547 USB modem is based on the 3GPP Release 8 standard and will provide the next-generation, high-speed mobile environment.
By providing theoretical peak downlink data rates of up to 42 Mbps and 11 Mbps on the uplink, DC-HSPA+ will enable carriers to upgrade their existing infrastructure equipment and achieve … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Vistaprint Announces New CFO

Posted: 19 Nov 2010 03:35 PM PST

Vistaprint N.V. (NASDAQ:VPRT), one of the leading online providers of professional marketing products and services to micro businesses, recently announced the promotion of Ernst Teunissen to executive vice president and chief financial officer (CFO).
Teunissen will replace current CFO Mike Giannetto and assume his responsibility on March 1, 2011. Mike Giannetto will leave Vistaprint, effective June 30, 2011, for personal reason and will help in the coming months to facilitate a smooth CFO … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Enterprise Remains Neutral

Posted: 19 Nov 2010 03:35 PM PST

We are maintaining our long-term Neutral recommendation for Enterprise Products Partners L.P. (NYSE:EPD). Given the partnership's string of organic growth projects, significant geographic and business diversity, strong balance sheet and solid liquidity position, we believe it is one of the largest fully-integrated midstream service providers with a positive long-term outlook.
Management expects to invest approximately $2.5 billion on growth projects in 2011. A major portion of the capex will be … [visit site to read more] or compare Best Credit Cards and Best CD Rates

St. Jude Wraps Up AGA Acquisition

Posted: 19 Nov 2010 03:35 PM PST

St. Jude Medical (NYSE:STJ) has officially completed its acquisition of cardiac devices maker AGA Medical Holdings. This follows the recent federal antitrust clearance of the deal. Pursuant to the agreement, AGA Medical has been merged with St. Jude's wholly-owned subsidiary Asteroid Subsidiary Corporation.
St. Jude announced its acquisition of Plymouth, Minnesota-based AGA Medical for $1.3 billion in October 2010. The deal value includes the assumption of $225 million of AGA Medical debt. Under … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Walter To Buy Canadian Company

Posted: 19 Nov 2010 03:35 PM PST

U.S. coal miner Walter Energy Inc. (NYSE:WLT) has proposed to acquire Canada's Western Coal Corp. for CAD$11.50 per share in a cash and stock deal, with an eye to create a coal behemoth tapping the rising demand from Asian Steel-makers.
Walter Energy has entered into a purchase agreement to buy roughly 54.5 million (19.8%) of the outstanding Western Coal shares owned by affiliate Audley Capital. Walter Energy will pay CAD$11.50 per share or a total consideration of CAD$630 million (USD$615 … [visit site to read more] or compare Best Credit Cards and Best CD Rates

CBG To Offer Services To NYX And AIG

Posted: 19 Nov 2010 03:05 PM PST

CB Richard Ellis Group Inc. (NYSE:CBG), the world's largest commercial real estate services firm (on the basis of 2009 revenues), was recently selected by NYSE Euronext Inc. (NYSE:NYX) to provide real estate transaction and facilities management services for its entire portfolio in the U.S. and Europe.
With the deal, CB Richard Ellis will offer its services across three million square feet of space of one of the leading global operators in the financial markets.
In another significant development, … [visit site to read more] or compare Best Credit Cards and Best CD Rates

EOG To Issue $1.5 Billion Debt

Posted: 19 Nov 2010 03:05 PM PST

Texas-based major independent oil and gas exploration company EOG Resources Inc. (NYSE:EOG) is planning to issue debt worth $1.5 billion in a three-part sale, IFR reported. The issue includes $750 million of 10-year notes, $400 million worth 5-year bonds and $350 million of 3-year bonds.
The news came a day after Moody’s Investors Service cut its rating outlook for EOG to “negative” from “stable.” However, Moody’s affirmed investment-grade “A3″ long-term debt and “Prime-2″ commercial paper ratings … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Ratings Action On Assurant

Posted: 19 Nov 2010 02:35 PM PST

Rating agency A.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of theproperty and casualty (P&C) and life and health insurance subsidiariesof Assurant, Inc. (NYSE:AIZ). Also, A.M. Best has affirmed the issuer credit ratings of "bbb" and debt ratings of Assurant.
A.M.Best acknowledges the company's diverse product base and distribution platform, established presence in various niche markets, adequate risk-adjusted capitalization, solid … [visit site to read more] or compare Best Credit Cards and Best CD Rates

WPP Group: Merger & Joint Venture

Posted: 19 Nov 2010 02:35 PM PST

Advertising titan WPP Group plc's (NASDAQ:WPPGY) public relations and public affairs companies, Hill & Knowlton and Public Strategies Inc., will merge on January 1, 2011. These companies will, however, retain their brands going forward.
Public Strategies Inc. is engaged in public relations and public affairs providing counseling to organizations in matters such as crisis management, litigation communications, long-term communication planning, public opinion research, government relations, … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Qualcomm Getting Out Of The FLO

Posted: 19 Nov 2010 02:05 PM PST

A recent BloomBerg report hinted that Qualcomm Inc. (NASDAQ:QCOM) is negotiating with U.S. telecom giant AT&T (NYSE:T) to divest the spectrum of its failed mobile TV venture called the "FLO TV." Last July, management had announced that the company is looking for a suitable buyer to sell its mobile TV venture.
Qualcomm has spent $683 million to acquire nationwide wireless spectrum in 6-MHz blocks within the 700-MHz frequency. Furthermore, the company also spends $800 million to build its mobile … [visit site to read more] or compare Best Credit Cards and Best CD Rates

TDS Upgraded To Outperform

Posted: 19 Nov 2010 02:05 PM PST

We are upgrading our long-term recommendation to Outperform from Neutral for Telephone and Data Systems (NYSE:TDS). Currently, the stock has a Zacks #3 Rank (Hold), which signifies that for the short term (1-3 months), we are maintaining our Hold rating.
Telephone and Data Systems' is seeing the benefits from a number of actions taken in 2009 such as, bundled and unlimited service plans, early smartphone upgrades, expanded handset portfolio including Android-powered devices, and innovative … [visit site to read more] or compare Best Credit Cards and Best CD Rates

New Contract Wins For UTX

Posted: 19 Nov 2010 02:05 PM PST

Hamilton Sundstrand is associating with AVIC Electromechanical Systems Co., a division of Commercial Aviation Corp. of China, to design the C919 single-aisle plane’s power system. Hamilton Sundstrand has also been selected to make the electric system, pilot controls, and fire and overhead protection system for the 150-seater C919 aircraft.
The company said those contracts will be worth around $1.5 billion. Hamilton Sundstrand is a United Technologies Corp. (UTX) company.
Aircraft engine maker … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Cemig Increases Stake In Light S.A.

Posted: 19 Nov 2010 02:05 PM PST

Companhia Energetica de Minas Gerais (NYSE:CIG), known as Cemig, acquired a 0.53% stake in Light S.A. for approximately R$30.5 million, or R$28.17 per share from Andrade Gutierrez Concessões S.A.
The transaction involved the exchange of roughly 1.1 million common shares of Light S.A and ends the Share Purchase Agreement signed on December 30, 2009, between Cemig and Andrade Gutierrez Concessões S.A.
Earlier on March 25, 2010, Cemig acquired approximately 25.5 million common shares of Light S.A. … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/USD Up At The End Of U.S. Session

Posted: 19 Nov 2010 02:00 PM PST

Forex Pros – The Euro was higher against the U.S. Dollar on Friday.

EUR/USD was trading at 1.3674, up 0.24% at time of writing.

The pair was likely to find support at 1.3448, Tuesday's low, and resistance at 1.3751, Monday's high.

Meanwhile, the Euro was up against the British Pound and the Japanese Yen, with EUR/GBP gaining 0.61% to hit 0.8556 and EUR/JPY rising 0.27% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/JPY Down Toward The End Of U.S. Session

Posted: 19 Nov 2010 01:45 PM PST

Forex Pros – The U.S. Dollar was lower against the Japanese Yen on Friday.

USD/JPY was trading at 83.48, down 0.05% at time of writing.

The pair was likely to find support at 82.40, Monday's low, and resistance at 83.78, Thursday's high.

Meanwhile, the U.S. Dollar was down against the Euro and up against the British Pound, with EUR/USD gaining 0.25% to hit 1.3675 and GBP/USD falling 0.36% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Earnings Scorecard: Coventry

Posted: 19 Nov 2010 01:35 PM PST

Following the release of third-quarter results on November 5, 2010, the majority of the analysts covering Coventry Health Care Inc. (NYSE:CVH) have moved their estimates upward over the last 30 days for the fourth quarter of 2010, the first quarter of 2011 and the fiscal 2010 and 2011.
Earnings Review
The company performed impressively in the third quarter with earnings of $1.24, beating the Zacks Consensus Earnings Estimate by 57 cents, and exceeding the year-ago earnings by 56 cents, helped by a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Goodrich Wins Airbus Contract

Posted: 19 Nov 2010 01:35 PM PST

Goodrich Corporation (NYSE:GR) has been selected by European aircraft manufacturer Airbus to provide the main landing gear for its A350-1000 variant of the A350 XWB series of aircraft.
The A350-1000 is the largest of the three variants of the A350 XWB series. It is designed to carry up to 350 passengers and with a fully-loaded fuel-tank has a range of up to 8,000 nautical miles. The contract is expected to generate more than $2 billion in original equipment and aftermarket revenue for … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – GBP/USD Down Toward The End Of U.S. Session

Posted: 19 Nov 2010 01:30 PM PST

Forex Pros – The British Pound was lower against the U.S. Dollar on Friday.

GBP/USD was trading at 1.5985, down 0.34% at time of writing.

The pair was likely to find support at 1.5840, Tuesday's low, and resistance at 1.6155, Monday's high.

Meanwhile, the British Pound was down against the Euro and the Japanese Yen, with EUR/GBP gaining 0.65% to hit 0.8559 and GBP/JPY falling 0.45% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Quote Of The Day

Posted: 19 Nov 2010 01:28 PM PST

“Economics and finance might be science, if it weren't for people.”

AEI’s Alex … [visit site to read more] or compare Best Credit Cards and Best CD Rates

U.S. Markets Close Higher; Dow Jones Up 0.20%

Posted: 19 Nov 2010 01:10 PM PST

Forex Pros – U.S. stocks were up after the closing bell on Friday.

At the close of U.S. trade, the Dow Jones Industrial Average rose 0.20%, the S&P 500 index gained 0.25%, while the Nasdaq 100 index climbed 0.02%.

Meanwhile, across the Atlantic, European stock markets were mixed at close. France's CAC 40 was down 0.20%; Germany's DAX gained 0.17%; Britain's FTSE 100 declined 0.62%; and the EURO STOXX 50 fell … [visit site to read more] or compare Best Credit Cards and Best CD Rates

ACE Limited Approves Share Buyback

Posted: 19 Nov 2010 01:05 PM PST

The board of directors of ACE Limited (NYSE:ACE) approved a share buyback program, wherein the company is authorized to buy back up to $600 million of its common shares through December 31, 2012. The company with an intention to offset, in whole or in part, the expected dilution from the exercise of stock options and granting of restricted stock under ACE's equity-based incentive plans approved the buyback.
This authorization also replaces the earlier share buyback program approved in November … [visit site to read more] or compare Best Credit Cards and Best CD Rates

6 Hot Companies Selling Oprah’s Favorite Things

Posted: 19 Nov 2010 01:05 PM PST

Oprah’s highly anticipated Favorite Things episode aired today leading to the usual screaming and crying from audience members thrilled to be gifted the items on her list. Don’t you wish you were in the audience for one of those shows?
Alas, this is the last season of the Oprah Winfrey Show and, presumably, this is Oprah’s final Favorite Things episode.
Retailers have long known that Oprah has the golden touch. Products that have appeared on her shows have leapt off of shelves. Her Favorite … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Union Pacific Raises Dividend

Posted: 19 Nov 2010 01:05 PM PST

Yesterday, the Board of Directors of Union Pacific Corp. (NYSE:UNP) decided to raise the quarterly dividend by 15% to 38 cents per share from 33 cents. Remarkably, this is the second time in 2010 that the company has decided to increase its dividend rate.
In early 2010, Union Pacific raised it dividend to 33 cents from 27 cents. Together, the company has raised dividend by a whopping 40.8% in 2010 alone.
On the same day, in another major boost to Union Pacific, Standard & Poor’s Ratings … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Intuit Falters On Seasonal Q1 Loss

Posted: 19 Nov 2010 01:05 PM PST

Intuit Inc. (NASDAQ:INTU) reported first quarter 2011 adjusted loss per share (EPS) of 19 cents, in line with the Zacks Consensus Estimate. The adjusted EPS excludes amortization of intangible assets and tax gains, but includes stock-based compensation expenses.
Historically, Intuit has reported losses in its first and fourth quarters, when revenue from the tax business is minimal and operating expense remain unchanged.
Revenue
Intuit reported revenues of $532.0 million in the fourth quarter, up … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Crude Oil Down After China Hikes Reserve Ratio

Posted: 19 Nov 2010 12:44 PM PST

11/19/10 Crude oil futures declined, as China raised its banks’ reserve ratio requirements. The December crude oil contract expires on … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Progressive Lags In October

Posted: 19 Nov 2010 12:35 PM PST

Progressive Corp.'s (NYSE:PGR) earnings per share for October 2010 were 12 cents, down 25% from 16 cents in October 2009. However, the results of the reported month were in line with September 2010. Net income for the month declined a substantial 28% to $76.5 million from $106.7 million in the year-ago period. On a sequential basis, net income declined 7% from $81.9 million in the previous month.
Progressive reports its results every month. The company recorded net premiums of $1.34 billion, up … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Label Expansion For Shire’s Vyvanse

Posted: 19 Nov 2010 12:35 PM PST

Shire plc (NASDAQ:SHPGY) recently announced that the US Food and Drug Administration (FDA) approved the use of attention deficit hyperactivity disorder (ADHD) treatment Vyvanse (lisdexamfetamine dimesylate) in adolescents aged 13 to 17 years.
 
The approval was based on positive results from a four-week study of Vyvanse in 314 adolescent ADHD patients. The trial demonstrated that the 30 mg, 50 mg and 70 mg strengths of the drug when given thrice daily were more effective in improving the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Neutral On MICROS Systems

Posted: 19 Nov 2010 12:35 PM PST

We recently reiterated our Neutral recommendation on MICROS Systems Inc (NASDAQ:MCRS).  Earnings estimates for fiscal 2011 have inched up by $0.03 following the release of better-than-expected first quarter results.
MICROS Systems reported revenues of $233.4 million in the first quarter of fiscal 2011, up 10.4% year over year. The increase in revenues was primarily driven by growth in demand from customers resulting in an improvement in global economic conditions.
On a segmental basis, Hardware … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/CAD Down During The U.S. Session

Posted: 19 Nov 2010 12:25 PM PST

Forex Pros – The U.S. Dollar was lower against the Canadian Dollar on Friday.

USD/CAD was trading at 1.0186, down 0.04% at time of writing.

The pair was likely to find support at 1.0057, Monday's low, and resistance at 1.0262, Wednesday's high.

Meanwhile, the U.S. Dollar was down against the Euro and up against the British Pound, with EUR/USD gaining 0.22% to hit 1.3671 and GBP/USD falling 0.41% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Electronic Components Should Power Growth At CTS Corp. (CTS)

Posted: 19 Nov 2010 12:05 PM PST

 CTS Corporation ( CTS ) designs, manufactures, assembles, and sells a broad line of electronic components and sensors. The firm also provides electronics manufacturing services primarily to original equipment manufacturers (OEMs), for the automotive, computer, communications, medical, industrial, and defense and aerospace markets. The firm was established in 1896 as a provider of high-quality telephone products and was incorporated as an Indiana corporation in February 1929. Along the way … [visit site to read more] or compare Best Credit Cards and Best CD Rates

RightNow Repurchases Shares With Debt

Posted: 19 Nov 2010 12:05 PM PST

RightNow Technologies, Inc. (NASDAQ:RNOW) announced that its board of directors has authorized a $15 million increase to a previously approved $10 million stock repurchase program. On July 28, 2010, the board authorized a stock repurchase program of $10 million.
As a result, RightNow can now repurchase shares up to $25 million. RightNow is expected to fund these share repurchases from the proceeds of notes that it offered earlier this week. As of September 30, 2010, RightNow also had … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Parsing Bernanke’s Latest Speech

Posted: 19 Nov 2010 12:05 PM PST

Fed Chairman Ben Bernanke made an important speech to the ECB's Central Banking Conference in Frankfurt this morning. Below I present key passages from the speech along with my reaction/interpretation/translation of it. You can read the entire speech (including a series of very interesting graphs) here.

Rebalancing the Global Recovery

“The global economy is now well into its second year of recovery from the deep recession triggered by the most devastating financial crisis since the Great … [visit site to read more] or compare Best Credit Cards and Best CD Rates

General Dynamics Wins MDA Contract

Posted: 19 Nov 2010 12:05 PM PST

Defense Contractor General Dynamics Corporation (NYSE:GD), through its unit General Dynamics Information Technology, received the Missile Defense Agency Engineering and Support Services (MiDAESS) contract to provide systems engineering and testing services to the Missile Defense Agency (MDA).
General Dynamics is among the five companies selected for the five-year contract. The contract has a $1.6 billion ceiling value for all awardees and no initial award value.
Under the contract, General … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex Trading: GBPUSD Moves Back Above 100 Hour MA

Posted: 19 Nov 2010 12:00 PM PST

The GBPUSD has moved back above the 100 hour MA turning the bias positive. Look for further positive bias as trading heads to the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/USD Up During The U.S. Session

Posted: 19 Nov 2010 11:45 AM PST

Forex Pros – The Euro was higher against the U.S. Dollar on Friday.

EUR/USD was trading at 1.3677, up 0.26% at time of writing.

The pair was likely to find support at 1.3448, Tuesday's low, and resistance at 1.3751, Monday's high.

Meanwhile, the Euro was up against the British Pound and the Japanese Yen, with EUR/GBP gaining 0.63% to hit 0.8558 and EUR/JPY rising 0.23% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates
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