Wednesday, December 1, 2010

DailyMarkets.com - Crude Oil Inventory Watch: Surplus Drops For A Fifth Week

DailyMarkets.com - Crude Oil Inventory Watch: Surplus Drops For A Fifth Week

Crude Oil Inventory Watch: Surplus Drops For A Fifth Week

Posted: 01 Dec 2010 06:16 PM PST

Inventories
The Department of Energy reported that in the week ending November 26, 2010, U.S. crude oil inventories increased by 1.0 million barrels, gasoline inventories increased by 0.6 million barrels, distillate inventories decreased by 0.2 million barrels, and total petroleum inventories were unchanged.

The latest inventory movements were very close to the 5-year averages, but the trend of a declining petroleum surplus continued for a fifth week. Inventories now stand 71.2 million, or … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Singapore Stock Market Update For Thursday 02 December

Posted: 01 Dec 2010 05:33 PM PST

Morning Highlights

There Are No Quick Picks For Today!
Singapore market opened higher as lifted by Wall Street’s overnight surge, with STI up 19.89 points to 3201.83.
Wall Street posted its biggest gains in three months overnight on talk of bold steps to resolve the EU’s debt crisis…
Watch Out For Economic News Today

Euro-zone 3Q GDP

ECB Interest Rates Announcement

U.S Fed Beige Book

Corporate Announcements

Cosco’s subsidiary has secured contracts valued over USD110mn to build 3 … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Stock Picks For Thursday: Citigroup, Motorola, Eastman Kodak, GigaMedia

Posted: 01 Dec 2010 05:07 PM PST

( click to enlarge )
Motorola, Inc. (NYSE:MOT) had a spectacular day after announcing Jan. 4 date for company to split in two. Motorola investors will get 1 share of Motorola Mobility Holdings Inc., for every 8 shares they now own, the company said yesterday. Immediately afterward, it will swap 7 old shares of Motorola for 1 new share in the remaining company, boosting the stock's value by a proportional amount to lift its marketability. The stock hit a high of 8.20 and ended at 8.01 … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Neutral On Peabody Energy

Posted: 01 Dec 2010 03:35 PM PST

We recently reiterated our Neutral recommendation on Peabody Energy Corporation (NYSE:BTU).
Based in St. Louis, Missouri, Peabody Energy is involved in the exploration, mining and production of coal for its global consumers. The world's largest private sector coal mining company, Peabody owns majority interests in more than 30 mines in the U.S. and Australia. The company's coal fuels 10% of all U.S. and 2% of worldwide electricity generation. The company conducts mining operations mainly in … [visit site to read more] or compare Best Credit Cards and Best CD Rates

The Day Ahead: ECB Rate Decision, Euro-zone GDP, US Jobless Claims

Posted: 01 Dec 2010 03:30 PM PST

12/02/10 The stories, data, and stocks that may have the greatest impact during the next trading … [visit site to read more] or compare Best Credit Cards and Best CD Rates

American Physicians Is Acquired

Posted: 01 Dec 2010 03:05 PM PST

Medical professional liability insurer American Physicians Service Group Inc. (NASDAQ:AMPH) has been acquired by ProAssurance Corporation (NYSE:PRA), as announced earlier.  Per the agreement, the shareholders of American Physicians will receive $32.50 per share in cash from the acquirer.
Excluding one-time transaction and restructuring costs, ProAssurance expects the transaction to be accretive to its 2011 earnings.
American Physicians believes that ProAssurance will offer superior quality … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Northrop Wins Coast Guard Contract

Posted: 01 Dec 2010 03:05 PM PST

Defense contractor Northrop Grumman Corporation (NYSE:NOC) received a $480 million contract to construct the fourth National Security Cutter (NSC) – WMSL 753, for the U.S. Coast Guard. Northrop will complete the construction work at its Pascagoula facility.
The National Security Cutters that comprise the Coast Guard’s Legend class are the flagships of the Coast Guard fleet, designed to replace the 378-foot Hamilton class High Endurance Cutters, which entered service during the 1960s. These ships … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Gen-Probe Files PMA For APTIMA

Posted: 01 Dec 2010 03:05 PM PST

Diagnostic products maker Gen-Probe Inc (NASDAQ:GPRO) has submitted a Pre-market Approval ("PMA") application to the U.S. Food and Drug Administration (FDA) for its APTIMA assay for the detection of human papillomavirus ("HPV") infections. This represents the last of the five regulatory submissions the company planned to complete in the U.S. in 2010. The APTIMA HPV assay is currently marketed in Europe.
HPV is one of the most prevalent sexually transmitted infections in the U.S. Roughly 20 … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Ryder Downgraded To Neutral

Posted: 01 Dec 2010 02:35 PM PST

We are downgrading our long-term recommendation on Ryder System Inc. (NYSE:R), the world’s largest provider of integrated logistics and transportation solutions, to Neutral from Outperform. Currently, the stock has a Zacks #3 Rank (Hold).
Although third quarter earnings beat the Zacks Consensus Estimate by 11 cents, downsizing of customer fleets and high maintenance cost of the aging fleet make us cautious on the stock.
Cash and cash equivalents at the end of the third quarter increased to $134.7 … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Enterprise Products Working Midstream

Posted: 01 Dec 2010 02:35 PM PST

Enterprise Products Partners L.P.'s (NYSE:EPD) midstream venture continues with the start-up of a natural gas liquid (NGL) fractionator and the addition of new storage capacity.
Enterprise's fourth NGL fractionator has commenced operations at its Mont Belvieu, Texas complex. The partnership started the operation well ahead of schedule with a production capacity of 75,000 barrels per day (BPD). Notably, the cost of the commencement has been well within the budget.
The new addition increases … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Office Depot Remains Neutral

Posted: 01 Dec 2010 02:05 PM PST

We reiterate our long-term Neutral recommendation on Office Depot Inc. (ODP), which entails that the stock will perform mostly in line with the broader market. The company's third quarter 2010 net earnings rose to 3 cents a share, beating the Zacks Consensus Estimate of a one-cent loss.
During the third quarter of 2010, soft demand for office supplies in a sluggish economy led to a 4.3% fall in total revenue to gross $2,899.7 million. Total revenue also missed the Zacks Consensus Estimate of … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Hasbro Wins Patent Case

Posted: 01 Dec 2010 02:05 PM PST

Toy maker Hasbro Inc. (NYSE:HAS) has won the case it had filed against its rival Buzz Bee Toys Inc. (a toy and game company located in Oakland) for patent violation of its Nerf and Super Soaker brands in June 2010.
The case was filed in the United States Federal Court in Springfield, MA. After five months since the filing of the lawsuit, the judge has pronounced the decision in favor of Hasbro as Buzz Bee Toys was found guilty of having violated the Nerf and Super Soaker water product patents.
The … [visit site to read more] or compare Best Credit Cards and Best CD Rates

RLI Corp. Forms New Service Group

Posted: 01 Dec 2010 02:05 PM PST

RLI Corp. (NYSE:RLI) announced the merger of three of its existing products — design professionals, technology professionals, and target professionals — to form a new unit named the Professional Services Group. The Professional Services Group will be led by L. Lenny Waldhauser.
This group will offer property, casualty and professional liability solutions to protect against a number of exposures. Also, the group will complement its insurance coverages with risk management and continuing education … [visit site to read more] or compare Best Credit Cards and Best CD Rates

More Non-End-of-the-World Economic Data

Posted: 01 Dec 2010 01:53 PM PST

Thanks to Daniel Gross for that great headline.   

1. Automakers reported strong sales gains in November, as “the economy accelerates out of the 2007-2009 slump.”  U.S. vehicle sales in November of 873,323 light trucks and passenger cars were above last year’s sales by 16.9%, led by a whopping 26.6% gain in light truck sales and a more modest 7.4% improvement in passenger car sales. Year-to-date sales of 10.44 million units so far this year are more than one million vehicles … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Closing Bell Market Monitor: FCX, STT, GM, HAR

Posted: 01 Dec 2010 01:39 PM PST

12/01/10 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

CrowdGather (CRWG) Delivers A Solid Quarter, Will Apply To A Major Exchange

Posted: 01 Dec 2010 01:35 PM PST

Ken Nagy, CFA

On December 1st 2010, CrowdGather (CRWG) announced results for the second quarter of Fiscal 2011 ended October 31, 2010.  CRWG reported record revenues of $462,925 for the second quarter of fiscal 2011, an increase of 697% from the $58,061 reported for the second quarter of fiscal 2010. This increase was primarily attributable to the revenues generated from current fiscal year acquisitions.   The net loss for the second quarter of fiscal 2011 was $711,272, or … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Red Hat Acquires Makara

Posted: 01 Dec 2010 01:35 PM PST

A leading open source solutions provider, Red Hat Inc. (NYSE:RHT) announced the acquisition of Makara, a developer of deployment and management solutions for applications in the cloud. Terms of the deal were not divulged.
Makara is a premier provider of solutions that facilitate organizations to deploy, manage, monitor and scale their applications on both private and public clouds.
Makara’s technologies will accelerate the development of Red Hat's comprehensive Platform-as-a-Service (PaaS) … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Underperform Again On COPEL

Posted: 01 Dec 2010 01:35 PM PST

We reiterate our Underperform recommendation on Companhia Paranaense de Energia (NYSE:ELP), also known as COPEL, a fully integrated electric utility of Brazil.
The company is one of the leading Brazilian electric utility companies and accounts for approximately 7.0% of total electricity production in the region with 99% of its production is derived chiefly from hydroelectric sources.
With the global economy reviving gradually from the recent crisis, demand for electricity is seen to be rising, … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Interactive Chart Of The Day: Global House Prices

Posted: 01 Dec 2010 01:27 PM PST

From The Economist, a great interactive chart of global house prices, with options to adjust home prices for inflation and income, and compare to rents. Compared to the U.S. housing bubble, the bubble was much worse in a countries like Australia and South Africa, and it doesn’t matter whether or not you adjust for inflation or income levels.     … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Sowing The Seeds Of The Recovery’s Demise

Posted: 01 Dec 2010 01:17 PM PST

OK, this might be a big stretch, but is it possible that the latest phase of the “recovery” is the result of a last gasp roll of the dice by the American consumer?
In other words, with so many institutions gaming current circumstances to produce illusory and/or unsustainable profits (which, in turn, goose share prices higher and lead to large bonus payouts), is it possible that a growing number of financially-strapped individuals have also decided that a ruthlessly cynical approach to managing … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Earnings Preview: Kroger

Posted: 01 Dec 2010 01:06 PM PST

The Kroger Company (NYSE:KR), one of the largest grocery retailers, is slated to report its third-quarter 2010 financial results before the bell on Thursday, December 2, 2010. The current Zacks Consensus Estimate for the quarter is earnings of 31 cents a share. For the quarter to be reported, the Zacks Consensus Estimate for revenue is $18,524 million.
Second-Quarter 2010, a Synopsis
Kroger's second-quarter 2010 results outpaced the Zacks' expectations. The quarterly earnings of 41 cents a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

SIRIUS XM Achieves A Milestone

Posted: 01 Dec 2010 01:06 PM PST

Satellite radio services provider SIRIUS XM Radio Inc. (NASDAQ:SIRI) has recently achieved a milestone, touching the 20-million subscriber base — a historic high. The company, which was facing bankruptcy just a year ago, is now steadily moving towards stability.
SIRIUS XM's business depends to a large extent upon automakers. The sale and lease of vehicles equipped with satellite radios is the most important source of revenues for both the XM and SIRIUS satellite radio services.
Improving U.S. … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Align To Resolve Warning Letter Issue

Posted: 01 Dec 2010 01:06 PM PST

Align Technology (NASDAQ:ALGN) received a warning letter from the US Food and Drug Administration (FDA) on November 18 requesting additional documentation over and above its response provided earlier related to the inspection of its corporate headquarters in California (between June and August). The FDA had issued Form 483 notice containing four observations subsequent to the inspection.
Additional information sought by the agency is related to Align's corrective actions in complaint handling and … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Morgans Hotel Seeks New CEO

Posted: 01 Dec 2010 01:06 PM PST

New York-based Morgans Hotel Group Co. (NASDAQ:MHGC) announced that its chief executive officer (CEO) Fred Kleisner will resign upon the completion of his tenureship on December 31.
The hotel company appointed Fred Kleisner as CEO in December 2007, after his successful stint as an interim CEO since September 2007. We believe Fred Kleisner navigated Morgans Hotel through the economic slowdown and decline in leisure demand quite impressively. His experience in the hotel industry as well as dedicated … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Sentiment Update: Individual Investor Sentiment Continues To Yo-Yo

Posted: 01 Dec 2010 12:50 PM PST

By Seeking Delta of http://seekingdelta.wordpress.com
Both the NAAIM (active money managers) and AAII (individual investors) sentiment surveys released last week show an increase in bullish sentiment. The biggest increase in bullish sentiment came in the AAII survey where the bullish reading rose to 47% from 40% last week. The NAAIM survey showed a modest increase.

click to enlarge

This week, active managers have, on average, a 67% allocation to equities. The median allocation … [visit site to read more] or compare Best Credit Cards and Best CD Rates

ABB Set To Acquire Baldor For $4.2B

Posted: 01 Dec 2010 12:35 PM PST

ABB Ltd. (NYSE:ABB) and Baldor Electric Company (NYSE:BEZ) have entered into an agreement, according to which ABB will acquire Baldor for $4.2 billion. This will be an all-cash transaction and includes net debt of $1.1 billion. The acquisition is expected to close in the first quarter of 2011.
ABB will be purchasing all the outstanding shares of Baldor through a tender offer of $63.50 per share, valued at 41% premium to Baldor's closing share price as of November 29, 2010. The transaction was … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Guess Upgraded To Outperform

Posted: 01 Dec 2010 12:35 PM PST

We are upgrading our rating on Guess? Inc. (NYSE:GES) to Outperform from Neutral.
The rating upgrade is based on third quarter 2010 earnings, which surpassed the Zacks Consensus Estimate on the heels of strong top-line growth, buoyed by the company's expansion in Europe and Asia which has paid off well, with the regions contributing more than half the quarter's revenue growth.The company also raised its fiscal 2011 outlook for revenue and earnings.
We also remain positive as Guess? has … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Beige Book Brighter

Posted: 01 Dec 2010 12:35 PM PST

The Federal Reserve's Beige Book, a compilation of mostly anecdotal information from the 12 Federal Reserve districts was generally more upbeat than most recent Beige books have been:

"Manufacturing activity continued to expand in almost all Districts, with relatively strong growth seen in metal fabrication and the automotive industries. Reports also showed steady to increasing activity for professional and nonfinancial services. Two Districts noted a decline in demand from government … [visit site to read more] or compare Best Credit Cards and Best CD Rates

12/01 FX Options Report

Posted: 01 Dec 2010 12:32 PM PST

The USD traded lower vs. the EUR. Concerns about European sovereign debt eased, with strength in economic data lifting equity … [visit site to read more] or compare Best Credit Cards and Best CD Rates

CNO Refinances $652 Million

Posted: 01 Dec 2010 12:05 PM PST

Restructuring its debt obligations, yesterday CNO Financial Group Inc. (NYSE:CNO) announced a new capital plan whereby the company will refinance its existing credit facility worth $652.1 million, due to mature in October 2013, and replace it with new long term senior secured credit facilities. However, the total refinancing process is subject to market conditions.
Accordingly, CNO plans to swap its existing $652.1 million credit facility with the issue of about $325 million of new senior secured … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Positive Data On Abbott Drug

Posted: 01 Dec 2010 12:05 PM PST

Abbott Laboratories (NYSE:ABT) along with partner Sucampo Pharmaceuticals Inc. (NASDAQ:SCMP) recently reported positive top-line data from a late-stage trial of lubiprostone in Japanese patients with chronic idiopathic constipation (CIC). Lubiprostone demonstrated safety and efficacy in the 48-week trial.
The 209 Japanese patients with CIC, who were enrolled in the phase III trial, were given 24-mcg lubiprostone capsule twice daily for up to 48 weeks. All the enrolled patients had a history of fewer … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Rasmussen Employment Index Reaches 2-Year High

Posted: 01 Dec 2010 12:00 PM PST

I’m reporting this index for the first time – the monthly Rasmussen Employment Index of worker confidence, which was released today and is based on a survey of 8,730 working Americans in November.  Here’s what Rasmussen is reporting:

“The Rasmussen Employment Index posts its largest single-month gain in over a year and reaches its highest level since September 2008 for the third straight month. At 84.0, November’s index is up six points from last month and 18 points from the beginning of … [visit site to read more] or compare Best Credit Cards and Best CD Rates

“New Sense Of Encouragement In The Market”

Posted: 01 Dec 2010 11:36 AM PST

12/01/10 ICAP’s Kenneth Polcari weighs in on today’s global equity rally, and provides his December … [visit site to read more] or compare Best Credit Cards and Best CD Rates

ASA Staffing Index At Highest Level Since 2007

Posted: 01 Dec 2010 11:33 AM PST

From today’s weekly report from The American Staffing Association (ASA):

“During the week of Nov. 15–21, 2010, temporary and contract employment rose 0.87%, raising the ASA Staffing Index up one point to a value of 101.  At a current index value of 101, U.S. staffing employment is 46% higher than the level reported for the first week of the current year and is 17% (23%) higher than the same weekly period in 2009 (2008).”

MP: The weekly staffing index of temporary and freelance … [visit site to read more] or compare Best Credit Cards and Best CD Rates
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