Monday, December 20, 2010

DailyMarkets.com - Progressive Beats In November

DailyMarkets.com - Progressive Beats In November

Progressive Beats In November

Posted: 20 Dec 2010 11:35 AM PST

Progressive Corp.'s (NYSE:PGR) earnings per share for November 2010 were 17 cents, up 42% from 12 cents in November 2009. Results of the reported month also increased 42% over October 2010. Net income for the month improved 37% to $109.9 million from $80.0 million in the year-ago period. On a sequential basis, net income improved 44% from $81.9 million in the previous month.
Progressive reports its results every month. The company recorded net premiums of $1.01 billion, up 7% from $942 million … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Pinnacle West Adds More Solar

Posted: 20 Dec 2010 11:05 AM PST

Electric service provider Pinnacle West Capital Corp. (NYSE:PNW) announced that its unit Arizona Public Service Co. has entered into an agreement with SunEdison, a subsidiary of MEMC Electronic Materials Inc. (NYSE:WFR), for development of a green power plant in Prescott, Arizona.
SunEdison will own and operate a photovoltaic solar power plant and produce 10 megawatt (MW) of green power, which will be entirely purchased by Pinnacle West's unit. The plant is expected to generate more than 25 million … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Huntington Nears TARP Repay

Posted: 20 Dec 2010 11:05 AM PST

Huntington Bancshares Inc. (NASDAQ:HBAN) is inching closer to the repayment of the bailout money it received under the U.S. Government's Troubled Asset Relief Program (TARP). Last Friday, the company concluded its equity and debt offerings with the intent of paying back the TARP loan by December.
Huntington completed its public offering of around 146 million shares at $6.30 per share generating gross proceeds of $920 billion. Huntington also completed the public offer of $300 million in principal … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Sanofi Expands Oncology Pipeline

Posted: 20 Dec 2010 11:05 AM PST

French pharma giant Sanofi-Aventis (NYSE:SNY) recently entered into two agreements in order to bolster its oncology franchise. While the first agreement was signed with Avila Therapeutics, the second was signed with Merck KGaA (MKGAF). 
Avila Deal
Under the first agreement, which is initially for a three year period, Sanofi and Avila will work on the discovery of targeted covalent drugs for the treatment of cancers. The companies will focus on designing targeted covalent drugs which will … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Manpower To Enhance Return

Posted: 20 Dec 2010 11:05 AM PST

Manpower Inc. (NYSE:MAN), the global leader in the employment services industry, recently informed that its Board of Directors has approved a new 3 million share repurchase program, with a view to enhancing shareholders' return.
Milwaukee, Wisconsin-based Manpower still has 200,000 shares at its disposal under its 5 million share repurchase authorization, previously announced in August 2007. To date, the company has bought back 4.8 million shares, aggregating $252.7 million.
Manpower's … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Bank Failures Now Up To 157 In 2010

Posted: 20 Dec 2010 10:35 AM PST

The ongoing economic volatility took its toll on a few more banks last week. On Friday, six more banks were shuttered by U.S. regulators. Out of the six failed banks, three were based in Georgia and one each in Florida, Arkansas and Minnesota. This brings the total number of bank failures to 157, compared to 140 in 2009, 25 in 2008 and just 3 in 2007.
While the bigger banks benefited greatly from the various programs launched by the government, many smaller banks continue to struggle. Tumbling … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Bank Failures Now Up To 157 In 2010

Posted: 20 Dec 2010 10:35 AM PST

The ongoing economic volatility took its toll on a few more banks last week. On Friday, six more banks were shuttered by U.S. regulators. Out of the six failed banks, three were based in Georgia and one each in Florida, Arkansas and Minnesota. This brings the total number of bank failures to 157, compared to 140 in 2009, 25 in 2008 and just 3 in 2007.
While the bigger banks benefited greatly from the various programs launched by the government, many smaller banks continue to struggle. Tumbling … [visit site to read more] or compare Best Credit Cards and Best CD Rates

XL Group Enters China

Posted: 20 Dec 2010 10:35 AM PST

China Insurance Regulatory Commission has granted a license to XL Group (NYSE:XL) to function as a property and casualty company in Shanghai. XL Insurance (China) Company Limited will commence its operations following the completion of all regulatory registrations. Zheqiang (Al) Xie will head the new entity.
This license, to operate in Shanghai, widens XL Group's presence in the emerging market. XL Group believes that China with a growing insurance market offers opportunities to write more … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Caterpillar’s November Sales Up 48%

Posted: 20 Dec 2010 10:35 AM PST

Caterpillar Inc. (NYSE:CAT), citing robust growth across all regions, reported a 48% year-over-year jump in global sales for the three months rolling period ended November 2010, virtually a reverse of the 45% drop in sales in the comparable year-ago period. October 2010 sales also grew 48%.
In May 2010, the company had recorded a growth of 11%, reversing a long trend of global decline since September 2008. Since then, Caterpillar has been on a roll, recording sales growth of 22% in June, 32% in … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Investors Feed On Darden Restaurants Call And Put Options Ahead Of Earnings

Posted: 20 Dec 2010 10:11 AM PST

Investors feed on Darden Restaurants call and put options ahead of earnings
Today’s tickers: DRI, AKS, GRA & GMXR
Darden Restaurants, Inc. (NYSE:DRI) – Options strategists are feasting on near-term call and put options on the operator of eateries such as Red Lobster and Olive Garden ahead of the firm’s second-quarter earnings report, which is scheduled for release before the market opens on Tuesday. Shares in Darden Restaurants rallied as much as 1.6% during the session to touch an intraday … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Infosys In Emerging Markets

Posted: 20 Dec 2010 10:05 AM PST

Infosys Technologies Ltd. (NASDAQ:INFY) expanded its reach in the emerging markets through the introduction of a new Digital Smart Home Gateway at the recent Intel Developer Forum 2010 in San Francisco, California. The new solution is powered by E600 series of Intel Atom (TM) processor, which connects many home devices. The users can run the new Digital Smart Home Gateway from a Wi-Fi console, smart phone or distantly by the Web, enabling them to manage hordes of devices at home.
The new solution, … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Total And Suncor In Tactical Deal

Posted: 20 Dec 2010 10:05 AM PST

Integrated oil and gas company, TOTAL S.A. (NYSE:TOT) announced that its subsidiary Total E&P Canada Ltd. has formed a strategic alliance with Suncor Energy Inc. (NYSE:SU) for oil sands assets in Alberta, Canada. This alliance includes the Fort Hills mining project and Voyageur upgrader project operated by Suncor and Joslyn mining project operated by TOTAL.
As part of the arrangement, TOTAL will acquire a 19.2% interest in Suncor's Fort Hills project. This will increase TOTAL’s stake in this … [visit site to read more] or compare Best Credit Cards and Best CD Rates

ITMN’s Esbriet Backed For EU Nod

Posted: 20 Dec 2010 09:35 AM PST

InterMune's (NASDAQ:ITMN) share price more than doubled after the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) issued a positive opinion recommending the approval of Esbriet for the treatment of mild-to-moderate idiopathic pulmonary fibrosis (IPF), in the European Union (EU). The timing of the positive opinion was ahead of prior expectations. If approved, Esbriet would be the first available medicine for the treatment of IPF in the EU.
The positive … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Explosive Miners With 2011E Earnings Projections

Posted: 20 Dec 2010 09:18 AM PST

One of the things that has continually amazed me is how undervalued stocks will eventually become very strong movers, if not downright rockets.  I cannot begin to tell you how many stocks I have come across that were selling so cheaply I could not believe it.  And invariably I would just pass, thinking there must be something wrong with the stock. After all, how could I, of all people, see something so obvious that the entire market was missing?  Impossible, I … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Bank Failures Now Up To 157 In 2010

Posted: 20 Dec 2010 09:05 AM PST

The ongoing economic volatility took its toll on a few more banks last week. On Friday, six more banks were shuttered by U.S. regulators. Out of the six failed banks, three were based in Georgia and one each in Florida, Arkansas and Minnesota. This brings the total number of bank failures to 157, compared to 140 in 2009, 25 in 2008 and just 3 in 2007.
While the bigger banks benefited greatly from the various programs launched by the government, many smaller banks continue to struggle. Tumbling … [visit site to read more] or compare Best Credit Cards and Best CD Rates

CCE’s Growth Outlook On A Ramp

Posted: 20 Dec 2010 09:05 AM PST

Coca-Cola Enterprises Inc.’s (NYSE:CCE) outlook for fiscal 2010 and 2011 remains strong.  After buying the bottling operation in Norway and Sweden from the giant Coca Cola (NYSE:KO), Coca-Cola Enterprises looks forward to capture revenues and profits in the hottest markets and consistently deliver double-digit growth. After judging by the bottling company's growth outlook and the proven record of good performance in the European market, we believe that the company's marketing and operating … [visit site to read more] or compare Best Credit Cards and Best CD Rates

China Arch. Announces Reverse Spilt

Posted: 20 Dec 2010 09:05 AM PST

China Architectural Engineering Inc. (NASDAQ:CAEI) announced a one-for-four (1-for-4) reverse split of its common stock in a bid to push up its trading price above the $1 benchmark to avoid delisting on the NASDAQ Stock Market.  
The reverse stock split, effective December 21, 2010, will reduce China Architectural Engineering's issued and outstanding shares of approximately 80.2 million to 20 million shares. China Architectural Engineering's board of directors has further approved a … [visit site to read more] or compare Best Credit Cards and Best CD Rates

The Last 10 Years: Why These Stocks Have Always Done Best

Posted: 20 Dec 2010 09:04 AM PST

When investing in the stock market, for years I've favored small-caps, penny stocks and even micro-cap stocks over big-cap stocks. Why?

"The proof is in the pudding," as they say. Big company stocks tend to move up and down with the general stock market. Small company stocks can see their stock prices immediately affected by changes in management, marketing practices, and new product development and discoveries. Big companies, with so many divisions, cannot benefit as quickly … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Printing Money: Literally

Posted: 20 Dec 2010 08:39 AM PST

This post is about the literal printing and issue of money. The next will cover money printing figuratively.)
The holiday season is upon us and one thing is for sure: the public is demanding more folding money—cash—for shopping, although debit cards have no doubt cut into that ritual significantly. The public gets more cash by "cashing checks" or withdrawing cash from their accounts at banks and other financial institutions. They pay for their additional cash—coin and currency—by … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Earnings Preview: Darden

Posted: 20 Dec 2010 08:35 AM PST

Florida-based Darden Restaurants Inc. (NYSE:DRI) is slated to release its second quarter 2011 earnings on December 21. The current Zacks Consensus Estimate is 54 cents for the second quarter (reflecting a year-over-year growth of 25.5%).
Darden has outperformed the Zacks Consensus Estimate thrice and has missed it once in the last four quarters. The average earnings surprise was a positive of 1.82%. This implies that the company has beaten the Zacks Consensus Estimate by this magnitude over the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Rite Aid’s Loss Narrows

Posted: 20 Dec 2010 08:35 AM PST

Leading drugstore chain operator Rite Aid Corp. (NYSE:RAD) posted a lower net loss of $81.5 million in the third quarter of fiscal 2011, compared with a loss of $86.1 million in the year-ago period. The quarterly loss per share of 9 cents was an improvement over the Zacks Consensus Estimate of a loss of 13 cents.

Quarterly Details

Rite Aid's revenues declined 2.4% year over year to $6.2 billion from $6.4 billion, primarily due to a 1.3% decline in same-store sales. During the quarter, the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

BorgWarner Acquires Swedish Unit

Posted: 20 Dec 2010 08:35 AM PST

BorgWarner Inc. (NYSE:BWA) announced that it has signed an agreement to acquire the Traction Systems division of Stockholm, Sweden-based Haldex Group, in order to accelerate its growth in the global all-wheel drive (AWD) market. The acquisition will also help the company to build a strong customer base in the European market for AWD equipments.
The acquisition is valued at $205 million (SEK1.43 billion). The traction systems unit expects to generate more than $205 million in revenues for the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Australian Dollar: Bullish Bias Above 9825

Posted: 20 Dec 2010 08:32 AM PST

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Canadian Dollar: Rebound In Sight

Posted: 20 Dec 2010 08:32 AM PST

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Bulls Don’t Mind Re-heated Coffee

Posted: 20 Dec 2010 08:30 AM PST

Today’s Idea
Now that March Coffee has broken out to new yearly highs, some momentum traders may wish to establish a bullish position by using strategies involving Coffee futures options. An example of one such strategy would be the purchase of a bull call spread. For instance, with March Coffee trading at 225.30 as of this writing, the Feb 230 calls could be bought and the Feb 240 calls could be sold for about 3.00, or $1125 per spread, not including commissions. The premium paid is the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Opening Bell Market Monitor: T, QCOM, BPL, EBAY

Posted: 20 Dec 2010 03:29 AM PST

12/20/10 The latest in news, commentary, and information on what’s moving the US equities … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Approval For MDT’s Arctic Front

Posted: 20 Dec 2010 08:27 AM PST

Leading medical devices player, Medtronic (NYSE:MDT) has received approval from the US Food and Drug Administration (FDA) for its Arctic Front Cardiac CryoAblation Catheter system. It is designed to treat drug refractory paroxysmal atrial fibrillation (PAF). This is a type of AF where irregular heartbeats in the upper chambers start and stop suddenly on their own. This approval is significant as the company's Cardiac Rhythm Disease Management (CRDM) has been witnessing declining sales in the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Cardinal Gets Antitrust Clearance

Posted: 20 Dec 2010 08:27 AM PST

Cardinal Health (NYSE:CAH) recently announced that antitrust regulators had cleared its $1.3 billion takeover of Kinray, a leading pharma distributor with a presence in the New York metropolitan area. In this regard, the Federal Trade Commission ("FTC") had approved early termination of waiting period, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, for the planned takeover.     
The cash deal to acquire Kinray will enhance Cardinal's capability to cater … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Earnings Preview: ConAgra Foods Inc.

Posted: 20 Dec 2010 08:27 AM PST

ConAgra Foods Inc. (NYSE:CAG), North America’s leading packaged food company, is slated to release its second quarter of fiscal 2011 results on December 21. Based on the first quarter results, ConAgra narrowed its fiscal 2011 earnings per share (EPS) growth expectation from the range of 8%-10% over the fiscal 2010 EPS of $1.74 to just 5%-7%.
First Quarter Summary
ConAgra reported results for the first quarter of fiscal 2011 slightly below expectations on account of increases in costs and … [visit site to read more] or compare Best Credit Cards and Best CD Rates

The Holiday Grind Is Here For 10 Days Only – Are You Ready?

Posted: 20 Dec 2010 08:23 AM PST

It's that time again when volume dries up and prices rise into the new year. A lot of individuals are scrambling to prepare for the holidays, even though we had a year to prepare. The big money has already done most of their year end shuffling and will be taking it easy until January.

The market is overbought and sentiment readings are at extreme levels which in the past have been the start of large sell offs and even bear markets. While I am keeping a close eye for a top, there is … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Cold Weather Boosts Crude Demand

Posted: 20 Dec 2010 08:01 AM PST

12/20/10 Front month crude prices were in the green this session as cold weather continues to boost crude … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex Trading: EURUSD Correction Stays Below 1.3125 And Move Down Resumes

Posted: 20 Dec 2010 07:54 AM PST

As per the prior post the corrective move in the EURUSD was able to stay below the 1.3125 level, and as a result, it has led to further downside pressure. The price has moved below the 200 day MA at the 1.3100 level but found bottom trendline support (see chart above) at the 1.3092 level.  A break of this level will next look to test the 1.3160 level (low price from December 2nd -chart … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex Trading: EURUSD Looks To Test The 200 Day MA

Posted: 20 Dec 2010 07:22 AM PST

The EURUSD has broken lower and looks to test the 200 day MA at the 1.3100 level. Look for profit taking buyers against the level on the first test. If the level is broken the next target would be the 1.2968 level. If 1.3125 can hold a corrective move, it would increase the selling … [visit site to read more] or compare Best Credit Cards and Best CD Rates

AT&T To Purchase Nearly $2 Billion In Spectrum From Qualcomm

Posted: 20 Dec 2010 02:22 AM PST

12/20/10 AT&T announced Monday that it will purchase nearly $2 billion worth of broadcast spectrum from Qualcomm in an attempt to ramp up its 4G … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Resurfacing Eurozone Woes Drives Bonds To Third Straight Gain

Posted: 20 Dec 2010 07:12 AM PST

There is a firmer bid to bonds to start the week as demand for fixed income is once again vogue after a string of losses that drove yields up to a seven-month peak. Military frolics in South Korea also have the world awaiting a response from the North, but safe to say that investors have one eye of the safety of bonds with just two weeks before the end of the year. Bond prices are on the rise for a third straight day with the U.S. 10-year yield coming back sharply after visiting 3.56% last … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Arian Silver Upbeat On Progress At San Jose Mine

Posted: 20 Dec 2010 01:31 AM PST

Arian Silver Corp (LON:AGQ) , the silver exploration, development and production company with a focus on projects in the silver belt of Mexico, reported this morning that the first batch of silver concentrate had been produced from its flagship San Jose mine in Zacatecas State The first batch of San Jose concentrate comprised 7.5 tonnes and contained 12.4 kilograms of silver (400 ounces) per tonne. In an update on operations, the company said it had also completed eight new drill holes along … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Stock Investor Sentiment: Tough Being Bearish

Posted: 19 Dec 2010 10:10 AM PST

It is tough to be bearish for the following reasons: 1) the overwhelming consensus opinion of investors, bloggers, and newsletter writers is bullish now and into 2011; 2) the perception amongst investors is that the Federal Reserve has back stopped the market; 3) there is a persistence to the tape as it marches higher on both good and bad news; and 4) it is the holiday season where thinly traded markets can be easily manipulated higher.  Yes, it is tough being bearish when everyone and … [visit site to read more] or compare Best Credit Cards and Best CD Rates
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