Monday, May 23, 2011

DailyMarkets.com - CSN Acquires Cement & Steel In Spain

DailyMarkets.com - CSN Acquires Cement & Steel In Spain

CSN Acquires Cement & Steel In Spain

Posted: 23 May 2011 07:31 AM PDT

Brazil-based Companhia Siderurgica Nacional (NYSE:SID), or CSN recently announced that the company will be investing in Spain's cement and steel assets in an effort to expand its portfolio in the country.
The company will acquire the cement and four steel making assets of Grupo Alfonso Gallardo for approximately $1.3 billion, incurring expenditure of roughly $768.5 million and debt assumption of $570.5 million. Completion of the transaction is subject to regulatory approvals.
Grupo Alfonso … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Euro: The Downside Prevails

Posted: 23 May 2011 07:18 AM PDT

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

EUR/CHF Hammered Out A New Record Low At 1.2323

Posted: 23 May 2011 07:15 AM PDT

The Euro Ends Week Returning to Vulnerability (5/20)
EUR/CHF

Short-term to Medium-term- The current record low for the EUR/CHF is 1.2323, although this might not be the "fresh" low for much long.
- Price action suggests a very strong attempt to extend the bearish scenario. In the very short-term, some a 150% fibonacci expansion target is at 1.2215. The 1.22 area could therefore be the general target for the current decline if the market holds below roughly 1.25.
- The 4H chart shows the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

O’Charley’s Beats On Higher Gains

Posted: 23 May 2011 07:05 AM PDT

Nashville-based O’Charley's Inc. (NASDAQ:CHUX) reported profit in the first quarter of 2011, after incurring losses in six consecutive quarters. The positive results were driven by improved comps across all three brands due to higher traffic.
The company reported earnings of 9 cents per share, beating the Zacks Consensus Estimate of 5 cents and a loss of 8 cents per share delivered in the prior-year quarter.
O’Charley's reported total revenue of $265.0 million in the first quarter, down 0.8% … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Manufacturing Data From China And Euro-zone Cause Concern About Global Growth

Posted: 23 May 2011 07:00 AM PDT

While much of the focus to start this week has been on events and developments with the Euro-zone sovereign debt crisis, weaker manufacturing data from China and the Euro-zone was an important part of today's strong risk aversion.
The flash or preliminary version of the HSBC Manufacturing PMI saw the index post a reading of 51.1, its weakest in 10-months.
From the Release: "The Flash manufacturing PMI eased further to 51.1 in May, the lowest level since July 2010. Manufacturers … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Increasing Pressure On DSK And The Euro-Zone

Posted: 23 May 2011 06:58 AM PDT

Despite areas of concern both here at home and around the world, most eyes remain fixated on developments within the Euro-zone at large and specifically on the developing case of former IMF head Dominique Strauss-Kahn.
The temperatures are rising on both the dethroned former international banker extraordinaire and the peripheral countries of the EU. Our market is opening sharply lower this morning on the heels of weakness in the EU. Let's navigate.
People the world over want to know what … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Red Robin Tops On Higher Comps

Posted: 23 May 2011 06:55 AM PDT

Casual dining restaurant operator Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB) reported first quarter 2011 adjusted earnings of 58 cents per share, comprehensively beating the Zacks Consensus Estimate of 24 cents and the year-ago quarter earnings of 15 cents.
However, including severance expense and initial cumulative gift card breakage income, GAAP net income during the quarter was $8.7 million or 56 cents per share. Results benefited from the upside in revenue, driven by comparable sales growth … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – USD/CAD Hits 2-month High As Crude Oil Tumbles

Posted: 23 May 2011 06:39 AM PDT

Forex Pros – The U.S. dollar rallied to a two-month high against its Canadian counterpart on Monday, as crude, Canada&rsquo;s largest export tumbled on the back of a broadly stronger U.S. dollar.<br /><br />USD/CAD hit 0.9802 during early U.S. trade, the pair&rsquo;s highest since March 28; the pair subsequently consolidated at 0.9788, gaining 0.50%.<br /><br />The pair was likely to find support at 0.9639, Friday&rsquo;s low and resistance at 0.9852, the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

NTRS’s Pension Fund Assets Enhanced

Posted: 23 May 2011 06:37 AM PDT

Last week, Northern Trust Corporation (NASDAQ:NTRS) announced that its UK pension fund client base substantially increased in 2010. Also, the company experienced a significant addition in assets under custody.
NTRS's UK pension fund grew by 15 new clients and its assets under custody increased by $43.9 billion. At current level, NTRS provides custody and associated services to around 34% of the topmost 200 pension funds in UK and 36% of entire UK Local Government Pension Schemes.
In 2009, the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Stock Market News Briefs: Acorda Therapeutics, Aes Trust, Akamai Technologies, Bank Of America, Barnes & Noble, BlackRock, Salesforce.com Inc, Gap, Morgan Stanley, Sprint Nextel Corporation

Posted: 23 May 2011 06:37 AM PDT

    Shares of Morgan Stanley (NYSE:MS) were guided lower after FrontPoint Partners LLC decided to close some of its hedge funds in which Morgan Stanley holds a minor stake by this month 

    After a regulatory filing disclosed that the chief scientist of Akamai Technologies Inc. (NASDAQ:AKAM) had purchased 50,000 shares of its stock, the company's shares jumped 5.1%

    Salesforce.com Inc. (NYSE:CRM) reported first quarter fiscal 2012 adjusted net … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Bon-Ton Misses, Lowers Outlook

Posted: 23 May 2011 06:37 AM PDT

Bon-Ton Stores Inc (NASDAQ:BONT) reported an adjusted loss of $1.48 in the first quarter of 2011, higher than the Zacks Consensus Estimate of a loss of $1.41. The lower-than-expected results were due to inclement weather conditions, which resulted in lower traffic. 
On a reported basis, including loan prepayment and refinancing of revolving credit charges of 53 cents per share, the company posted a loss of $2.01 versus loss of $1.33 in the year-ago quarter.
Total revenue of the departmental … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Pay Now Or Pay Later

Posted: 23 May 2011 06:32 AM PDT

Someone recently asked me whether I thought the taxpayers would be willing to pay to clean up our fiscal mess.
From a political perspective, I doubt that they will be willing to pay enough to convert the fiscal deficits into surpluses, which is necessary to reduce the level of debt. Since public awareness is probably at an all time high, they probably will tolerate a reduction in the deficit, perhaps enough to avert a financial panic if we have enough time for that. Hopefully, it would be … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

EUR/USD Opens Up The 1.3750 And 1.3450 Support Clusters Below 1.40

Posted: 23 May 2011 06:31 AM PDT

EUR/USD Ends Week Returning to Vulnerability (5/20)
EUR/USD

Short-term to Medium-term- The EUR/USD ended last week returning to the decline that started from near 1.4950. This week, the market has already reversed all of last week's rally, and is cracking the 1.40 support and psychological barrier.
- We could get some support here, even after breaking it, as the 4H RSI dips below 30, representing oversold conditions. However, the RSI reading in the 4H chart also represents a continuation … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Crude Oil Futures Extend Losses On U.S. Dollar, China, EU Fears

Posted: 23 May 2011 06:29 AM PDT

Forex Pros – Crude oil futures plunged on Monday, weighed down by the combined effect of a broadly stronger U.S. dollar, data showing weakening growth in China&rsquo;s manufacturing sector and ongoing fears over the euro zone&rsquo;s debt crisis.<br /><br />On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD97.09 a barrel during U.S. morning trade, plunging 2.85%.&nbsp;&nbsp;&nbsp; <br /><br />It … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

FX Headlines: Aussie, Euro Plummet As Markets Shift To Risk Aversion

Posted: 23 May 2011 06:22 AM PDT

The markets appear to be in a full-on risk-averse state as the Australian Dollar, European Euro, and New Zealand Dollar were all sold off in the overnight in favor of the Japanese Yen, Swiss Franc, and U.S. Dollar amid heightening concerns over the European sovereign debt crisis.

Fundamental Headlines
• Fed Focusing on Inflation Expectations – Bloomberg
• Greece Readies Crisis-Fighting Steps – Bloomberg
• Lagarde is Front-Runner to Head IMF – Bloomberg
• As Lenders Hold Homes in … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Just How Much Corn Will U.S. Producers Plant?

Posted: 23 May 2011 06:18 AM PDT

Today’s Idea
We could be in for a volatile summer in the grain complex, and especially in Corn futures, given the market’s current fundamentals. Some traders desiring to hold a long position may want to consider the purchase of a bull call spread in Corn futures options. For example, with September Corn trading at 711.50 as of this writing, the September Corn 750 calls could be bought and the September Corn 850 calls sold for about 24 cents, or $1,200 per spread, not including commissions. The … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Morning Market Brief

Posted: 23 May 2011 06:15 AM PDT

05/23/11 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 Balance Transfer Credit Cards

Hairy Start For The Euro As Risk Aversion Explodes

Posted: 23 May 2011 06:14 AM PDT

The week got off to a rocky start with investors scrapping to buy dollars after taking a dizzying look at several swirling undercurrents that emerged over the weekend. Signs of a global slowdown continue to feed through weaker commodity prices with a dip to a 10-month low for a key Chinese gauge generating fresh worries on Monday. And while Greece had been the burning Eurozone issue throughout the past week a punishing round of municipal elections in Spain saw the ruling Socialist party suffer … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Hibbett Tops Estimates

Posted: 23 May 2011 06:06 AM PDT

Hibbett Sports Inc. (NASDAQ:HIBB) reported first-quarter ended April 30, 2011 earnings of 76 cents per share, beating the Zacks Consensus Estimate of 68 cents. Earnings also came well ahead of the prior-year quarter earnings of 59 cents. The company has reported seventh consecutive quarter of earnings increases.
Quarterly Discussion
Net sales in the quarter were $203.7 million, up 10.4% from $184.5 million in the prior-year quarter. The quarterly sales also beat the Zacks Consensus Estimate of … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

FLIR Settles Litigation

Posted: 23 May 2011 06:06 AM PDT

FLIR Systems Inc. (NASDAQ:FLIR) has settled its litigation with William J. Parrish and E. Timothy Fitzgibbons (“Plaintiffs”), which was pending since 2008 in the California Superior Court for the County of Santa Barbara.
The litigation arose from FLIR's 2004 acquisition of Indigo Systems Corporation, Plaintiffs’ resulting employment with FLIR, and lawsuit between the parties filed by FLIR in 2006. As per the agreement, FLIR will be paying $39 million to settle all the existing claims and will be … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Euro Debt Weighs On Stocks

Posted: 23 May 2011 06:06 AM PDT

With nothing major on the U.S. economic calendar, stocks will likely remain under pressure on Monday as negative rating agency actions have brought back Europe’s festering debt problems to the front burner all over again.

In addition to lingering fears of Greek restructuring, Spain is in the news after the ruling party performed badly in regional elections, raising doubts on its ability to implement the tough austerity measures needed to ward off the need for a bailout. Renewed European … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/GBP Hits 2-month Low As Debt Fears Weigh

Posted: 23 May 2011 05:57 AM PDT

Forex Pros – The euro sank to a two-month low against the pound on Monday, as a combination of continuing concerns over the euro zone debt crisis and weak economic data punished the single currency.<br /><br />EUR/GBP hit 0.8665 during European afternoon trade, the pair&rsquo;s lowest since March 23; the pair subsequently consolidated at 0.8683, shedding 0.43%.<br /><br />The pair was likely to find support at 0.8588, the low of March 11 and resistance at 0.8763, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

U.S. Stock Futures Tumble On EU Debt Fears; Dow Drops 0.95%

Posted: 23 May 2011 05:42 AM PDT

Forex Pros – U.S. stock futures dropped sharply on Monday, tracking global equities lower as mounting fears over the euro zone&rsquo;s peripheral debt crisis weighed on market sentiment.<br /><br />Dow Jones Industrial Average futures pointed a drop of 0.95%, the S&amp;P 500 futures sank 0.98%, while Nasdaq 100 futures tumbled 1%.&nbsp;&nbsp;&nbsp; <br /><br />Fitch Ratings cut Greece’s debt ratings by three notches on Friday, while Standard … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

ArcelorMittal To Invest $2.2 Billion

Posted: 23 May 2011 05:35 AM PDT

Steel giant, ArcelorMittal (NYSE:MT) is set to expand its mining operations in Quebec with an investment of C$2.1 billion ($2.2 billion). The expansion will likely create 8000 jobs during construction and more than 900 permanent jobs once completed.
The investment will allow ArcelorMittal Mines Canada to increase its annual production of iron ore concentrate from 14 million tonnes to 24 million tonnes by 2013.
The plan involves expansion of ArcelorMittal’s Mont-Wright mining complex and additional … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Millicom Upgraded To Outperform

Posted: 23 May 2011 05:35 AM PDT

We upgrade our recommendation on Millicom International Cellular S.A. (NASDAQ:MICC) to Outperform. Millicom reported excellent financial results for the first quarter of 2011, easily beating the Zacks Consensus Estimates.  This fabulous performance was primarily attributable to a double-digit growth in Latin America and Africa. Furthermore, highly penetrated Central American region also witnessed a 5% revenue growth. Significant growth of 3G mobile and broadband services coupled with lucrative … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: EURUSD Continues Trend Day Alive

Posted: 23 May 2011 05:30 AM PDT

The EURUSD moved lower on Friday – staying below the 100 bar MA on the 5 minute chart. The opening today came in below the 1.4150 level which is the 38.2% of the 2011 low to high range. The price never rose above this level and has continued the trend down today.

In the last hour or so, there was the most serious correction of the day. The price moved up to test the 100 bar MA (see 5 minute chart above) and the 38.2% of the move down from today's high at the 1.4036 (high reached 1.4038). … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Week Starts With Crumbling Risk Sentiment, Retreat From Risky Assets

Posted: 23 May 2011 05:28 AM PDT

We start this week with a toxic mix of negative headlines and data that has caused equities in Asia and Europe to trade sharply lower. Oil prices were down 2.6% and investors sounded a retreat from higher yielding but riskier currencies like the EUR and commodity currencies like the AUD.
Safe haven currencies were stronger, especially the CHF, which hit a series of fresh record highs against the EUR.
In Europe, we saw renewed worries about sovereign debt as first Fitch downgraded Greek … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Dollar Up Across The Board As Debt Woes Hammer Euro

Posted: 23 May 2011 05:11 AM PDT

Forex Pros – The U.S. dollar was up against all of its major counterparts on Monday, as speculation over a restructuring of Greek debt curtailed demand for risk sensitive currencies.<br /><br />During European afternoon trade, the greenback was sharply higher against the euro, with EUR/USD tumbling 0.86% to hit 1.4033.<br /><br />Worries about Greek debt intensified after Fitch Ratings downgraded the country&rsquo;s sovereign debt by three notches to B+ from BB+ … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Crude Oil, Gold To Fall As Euro Zone Debt Fears Compound Risk Aversion

Posted: 23 May 2011 04:59 AM PDT

Commodities – Energy
Crude Oil to Fall as Risk Aversion Heats Up
WTI Crude Oil (NY Close): $99.49 // +1.05 // +1.07%
Prices continue to consolidate near the 23.6% Fibonacci retracement of the drop from the May 2 high at $99.41. On balance, anything shy of a daily close above the 50% mark at $104.73 amounts to consolidating within an overall bearish structure, with a break below $94.65 needed to mark the beginning of the next leg lower.
A firm correlation between the WTI contract and the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – GBP/USD Hits 3-day Low As Risk Sentiment Deteriorates

Posted: 23 May 2011 04:46 AM PDT

Forex Pros – The pound extended losses against the U.S. dollar on Monday, sliding to a three-day low as ongoing concerns over the sovereign debt crisis in the euro zone boosted demand for traditional safe haven currencies.<br /><br />GBP/USD hit 1.6109 during European early afternoon trade, the pair&rsquo;s lowest since May 18; the pair subsequently consolidated at 1.6127, shedding 0.63%.<br /><br />The pair was likely to find short-term support at 1.5970, the low … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Euro Extends Losses Vs. Dollar, Hits 10-week Low

Posted: 23 May 2011 03:39 AM PDT

Forex Pros – The euro extended losses against the U.S. dollar on Monday, tumbling to a 10-week low as the single currency came under broad selling pressure amid worries over unresolved sovereign debt issues.<br /><br />EUR/USD hit 1.3970 during European late morning trade, the pair&rsquo;s lowest since March 17; the pair subsequently consolidated at 1.4008, tumbling 1.05%.<br /><br />The pair was likely to find support at 1.3868, the low of March 17 and resistance … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Cotton Futures Slump On Declining Global Demand

Posted: 23 May 2011 03:07 AM PDT

Forex Pros – utures Pros &ndash; Cotton futures were down for a second day on Monday, pressured by a broadly stronger U.S. dollar and amid indications of a slowdown in global demand for the fiber.<br /><br />On the ICE Futures U.S. Exchange, cotton futures for July delivery traded at USD1.5375 a pound during European morning trade, tumbling 1.6%. <br /><br />It earlier fell by as much as 1.95% to a daily low of USD1.5326 a pound.<br /><br />The … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – USD/CHF Hits Daily High As Risk Aversion Escalates

Posted: 23 May 2011 03:03 AM PDT

Forex Pros – The U.S. dollar was higher against the Swiss franc on Monday, climbing to a daily high as ongoing fears over sovereign debt issues in the euro zone spurred demand for the safe haven greenback.<br /><br />USD/CHF hit 0.8758 during European morning trade, the daily high; the pair subsequently consolidated at 0.8830, gaining 0.61%.<br /><br />The pair was likely to find support at 0.8746, Friday&rsquo;s low and an eight-day low and resistance at 0.8937, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: EUR/JPY Receiving Support From Previous Lows

Posted: 23 May 2011 02:48 AM PDT

We've seen a sell-off in the euro against all of the major currencies this session. See here, the pair was testing resistance at the 200 hour moving average and then moved lower and completed a full hourly retracement. Following that, the pair has sold off another 100 points where it appears to have found some support from 113.85; a previous support level. If the rebound continues, we look back towards 114.90 as the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Broadly Weaker Euro Hits Record Low Against Swiss Franc

Posted: 23 May 2011 02:17 AM PDT

Forex Pros – The euro tumbled to a record low against the Swiss franc on Monday, as ongoing concerns over the regions debt crisis and weaker-than-expected economic data spurred demand for safe haven currencies.<br /><br />EUR/CHF hit 1.2335 during European morning trade, a euro-lifetime low; the pair subsequently consolidated at 1.2348, shedding 0.62%.<br /><br />The pair was likely to find short-term support at 1.2300 and resistance at 1.2423, the day&rsquo;s … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex News – Widened Losses On Debt Concerns

Posted: 22 May 2011 10:22 PM PDT

By ForexMansion.com
 
Europereceived today an influx of disappointing data today. This added to the debt concerns mounting in the region. Losses were seen across Asia and Europe today as sentiment was dragged down and investors were avoiding risk.
The economic and financial instability seen in Europe dragged the euro considerably down today, touching a record low against the Swiss frank, and reaching the low of 1.3993 against the dollar.
Spain's Socialist Party suffered a defeat in local … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards
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