Friday, June 24, 2011

DailyMarkets.com - Another Half-Billion For L-3 Comm

DailyMarkets.com - Another Half-Billion For L-3 Comm


Another Half-Billion For L-3 Comm

Posted: 24 Jun 2011 12:10 PM PDT

L-3 Communications Holdings Inc. (NYSE:LLL) has won a U.S. Missile Defense Agency contract valued at up to $538 million for mission support of the Airborne Sensors Program.
The deal covers a five-year base period plus five one-year options, the Pentagon said in its daily contract digest. The program involves sensors and platforms required to support the layered U.S. bulwark against ballistic missiles that could be fired by countries like Iran and North Korea.
L-3 Communications receives regular … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Another Half-Billion For L-3 Comm

Posted: 24 Jun 2011 12:10 PM PDT

L-3 Communications Holdings Inc. (NYSE:LLL) has won a U.S. Missile Defense Agency contract valued at up to $538 million for mission support of the Airborne Sensors Program.
The deal covers a five-year base period plus five one-year options, the Pentagon said in its daily contract digest. The program involves sensors and platforms required to support the layered U.S. bulwark against ballistic missiles that could be fired by countries like Iran and North Korea.
L-3 Communications receives regular … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


RDY Launches Generic Levaquin

Posted: 24 Jun 2011 12:10 PM PDT

Dr. Reddy's Laboratories (NYSE:RDY) recently announced the launch of its generic version of Johnson & Johnson's (NYSE:JNJ) antibiotic drug, Levaquin, in the US. Data from IMS Health reveal that the branded product recorded sales of $1.1 billion in the trailing twelve months ending March 2011.
Only recently Dr. Reddy's announced the launch of three other generic products in the US. The company launched the generic versions of Pfizer Inc.'s (NYSE:PFE) anti-depressant, Effexor XR, Eisai Co. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


RDY Launches Generic Levaquin

Posted: 24 Jun 2011 12:10 PM PDT

Dr. Reddy's Laboratories (NYSE:RDY) recently announced the launch of its generic version of Johnson & Johnson's (NYSE:JNJ) antibiotic drug, Levaquin, in the US. Data from IMS Health reveal that the branded product recorded sales of $1.1 billion in the trailing twelve months ending March 2011.
Only recently Dr. Reddy's announced the launch of three other generic products in the US. The company launched the generic versions of Pfizer Inc.'s (NYSE:PFE) anti-depressant, Effexor XR, Eisai Co. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


RIO To Acquire Riversdale

Posted: 24 Jun 2011 12:10 PM PDT

Rio Tinto plc (NYSE:RIO) announced that it plans to acquire the remaining stake in  Riversdale Mining Limited. by exercising its right under section 661A (1) of the Australian Corporations Act.
Currently, the company has a 99.76% stake in Riversdale through its wholly owned subsidiary Rio Tinto Jersey Holdings 2010 Limited.
Recently, Indian Steel major Tata Steel agreed to sell its holdings in Riversdale to Rio Tinto. Consequently, the company acquired a 26.28% stake in Riversdale for AUD … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


RIO To Acquire Riversdale

Posted: 24 Jun 2011 12:10 PM PDT

Rio Tinto plc (NYSE:RIO) announced that it plans to acquire the remaining stake in  Riversdale Mining Limited. by exercising its right under section 661A (1) of the Australian Corporations Act.
Currently, the company has a 99.76% stake in Riversdale through its wholly owned subsidiary Rio Tinto Jersey Holdings 2010 Limited.
Recently, Indian Steel major Tata Steel agreed to sell its holdings in Riversdale to Rio Tinto. Consequently, the company acquired a 26.28% stake in Riversdale for AUD … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Micron Misses In Q3, Shares Tumble

Posted: 24 Jun 2011 12:10 PM PDT

Micron Technology Inc. (NYSE:MU) reported adjusted third quarter 2011 earnings per share of 0 cents, which missed the Zacks Consensus Estimate of 17 cents.
The miss was largely due to subdued PC sales, which adversely affected the demand for memory chips. Management stated that Micron's results were somewhat affected by stalled production in Japan due to the earthquake. But management also stated that the company is no longer facing any supply interruption.
Revenue
Micron reported revenue of … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Micron Misses In Q3, Shares Tumble

Posted: 24 Jun 2011 12:10 PM PDT

Micron Technology Inc. (NYSE:MU) reported adjusted third quarter 2011 earnings per share of 0 cents, which missed the Zacks Consensus Estimate of 17 cents.
The miss was largely due to subdued PC sales, which adversely affected the demand for memory chips. Management stated that Micron's results were somewhat affected by stalled production in Japan due to the earthquake. But management also stated that the company is no longer facing any supply interruption.
Revenue
Micron reported revenue of … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Abbott Boosts Immunology Pipeline

Posted: 24 Jun 2011 12:05 PM PDT

Abbott Labs (NYSE:ABT) recently entered into a global agreement with Biotest AG for the development and commercialization of a novel anti-CD4 antibody, BT-061.
The Candidate: BT-061
The deal is focused on the development and commercialization of BT-061 for the treatment of rheumatoid arthritis (RA) and psoriasis. BT-061 is currently being evaluated in phase II studies for RA and psoriasis. Moreover, the candidate's potential to be used for other immune-related diseases is being evaluated in … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Excel Trust Issues Shares

Posted: 24 Jun 2011 12:05 PM PDT

Excel Trust, Inc. (EXL), a real estate investment trust (REIT) primarily focusing on retail assets, has recently announced an equity offer of 12.5 million shares at $10.94 each to raise cash to fund acquisition and repay a portion of its debt. The company will also grant the underwriters an option to purchase an additional 1.9 million shares to cover any over-allotments.
Morgan Stanley (NYSE:MS) – a global financial services firm; Wells Fargo Securities – part of Wells Fargo & Company … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Indian Steel Beckons Harsco

Posted: 24 Jun 2011 12:05 PM PDT

Harsco Corporation (NYSE:HSC) has won two major new environmental solutions contracts from JSW Steel Ltd valued at $135 million. The tenure of the contract is 10 years.
JSW Steel, a part of O.P. Jindal Group, is acknowledged as one of the largest steel makers in India and lowest cost steel producers in the world.
Under the contract, the company's environmental solutions will support JSW Steel's Vijayanagar production facility, one of the biggest plants in India, by briquetting and … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


H&R Block Beats

Posted: 24 Jun 2011 12:05 PM PDT

H&R Block's (NYSE:HRB) fiscal fourth-quarter 2011 adjusted income came in at $2.20 per share, 5 cents ahead of the Zacks Consensus Estimate. The results also compare favorably with $2.11 per share earned in the year-ago period. Adjusted income for the quarter was $658 million, down 5% from $692 million reported in fourth-quarter 2010.
H&R Block incurred an after-tax litigation charge of $17.0 million or 6 cents per share in the quarter under review. Adjusting for the charge, earnings … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Chico’s Prelim Sales & Biz.Update

Posted: 24 Jun 2011 12:05 PM PDT

Chico’s FAS Inc.'s (NYSE:CHS) preliminary second-quarter revenue increased at a mid-teens percentage rate while comparable store sales climbed by a low double-digit percentage rate.
The company by way of rewarding shareholders has also declared a quarterly dividend of 5 cents per share, which will be paid on September 26, 2011, to shareholders of record as of September 12, 2011.
The company also announced that the board of directors has elected Pamela Knous as chief financial officer, chief … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Fidelity Bids For Misys

Posted: 24 Jun 2011 11:35 AM PDT

Fidelity National Information Services Inc. (NYSE:FIS) confirmed its bid for the U.K. based financial software company, Misys. According to analysts, the deal is valued at approximately $2.4 billion.
Misys provides financial software to banks, fund managers and traders and has a predominantly strong operating base in eastern Europe, Africa, the Middle East and parts of Asia.
Moreover, Misys' services cater to more than 500 banks globally, which includes the world's top 50 banks, and Fidelity … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


BHP Invests Further In Canada

Posted: 24 Jun 2011 11:35 AM PDT

BHP Billiton Limited (NYSE:BHP) has approved another investment of $488 million to support the development of the Jansen Potash Project in Saskatchewan, Canada. The funding will help in supporting the project's feasibility study related to preparation and procurement of long lead time items. 
This investment raises BHP Billiton's contribution in Jansen to $1.2 billion. The total funding toward Saskatchewan thereby rose to almost $2 billion, indicating the company's potash business … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Honeywell’s UOP Wins Contract

Posted: 24 Jun 2011 11:25 AM PDT

UOP LLC, a wholly-owned subsidiary of Honeywell International Inc. (NYSE:HON), has agreed to provide key technology to the Abu Dhabi Oil Refining Co. (Takreer) for a new propane dehydrogenation (PDH) unit in the United Arab Emirates. The financial terms of the transaction were not disclosed.
Takreer refines crude oil and condensate, supplies petroleum products and produces granulated sulfur. The company's refineries at Ruwais and Abu Dhabi produce more than 23 million tons of products for local … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


MasterCard Intact At Neutral

Posted: 24 Jun 2011 11:25 AM PDT

We reiterated our Neutral recommendation on MasterCard Inc. (NYSE:MA) given the current sustainability factor. The company's first quarter operating earnings per share of $4.29 came in significantly ahead of the Zacks Consensus Estimate of $4.10 and $3.46 in the year-ago quarter.
Results for the reported quarter improved over the prior-year quarter mainly due to better pricing, an increased number of processed transactions, strong gross dollar value (GDV) growth and a lower tax rate that also … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Grainger Still Neutral

Posted: 24 Jun 2011 11:25 AM PDT

W.W. Grainger Inc.'s (NYSE:GWW) fiscal first quarter 2011 EPS was a record $2.18, up 58% year over year, while revenues climbed 12.6%, both outperforming the relevant Zacks Consensus Estimates. Results were driven by expanding product lines, investments in eCommerce, and enhancement of sales force.
However, given moderating margin expansion, tougher comparisons from the sale of oil spill clean-up products last year and weakness in government end-markets, we maintain our Neutral recommendation. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Airbus Edges Boeing In Paris

Posted: 24 Jun 2011 11:25 AM PDT

The rivalry in commercial aerospace between goliaths The Boeing Company (NYSE:BA) and EADS, the European owner of aircraft maker Airbus, got hotter at the just concluded 49th Paris Air Show in Le Bourget. Airbus was able to clinch orders and commitments worth $72.2 billion outscoring Boeing's $22 billion.
The Paris Air Show clearly indicates that the ever-increasing fuel cost has tilted customers towards more fuel-efficient Airbus’ A320neos in preference to Boeing’s 737s. The changed scenario … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Prologis Prices Equity Offer

Posted: 24 Jun 2011 11:25 AM PDT

Prologis Inc. (NYSE:PLD) – the erstwhile AMB Property Corp., has priced its equity offer of 30.0 million common shares at $33.50 each. The secondary offering was announced recently as part of its strategic initiative to raise cash and repay debt. The company has also decided to grant the underwriters an option to purchase an additional 4.5 million shares to cover any over-allotments.
BofA Merrill Lynch – the investment banking and wealth management division of Bank of America Corporation … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


China Medical Collaborates To Grow

Posted: 24 Jun 2011 11:25 AM PDT

China Medical Technologies, Inc. (NASDAQ:CMED), a Chinese in-vitro diagnostic firm, recently revealed that its whole subsidiary – Beijing GP Medical Technologies Co. Ltd. (“GP Medical”) has agreed to collaborate with Gaoxin Da An Healthcare Investment Ltd. (“Da An Health”) and jointly market and promote molecular diagnostic know-how for clinical diagnostic applications in China.
The two partners will work to introduce novel molecular diagnostic products to serve Da An Health’s hospital clients and … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Petrobras Evenly Poised

Posted: 24 Jun 2011 11:25 AM PDT

We have maintained our Neutral recommendation on Brazilian state-run energy giant Petroleo Brasileiro S.A. (PBR), or Petrobras S.A. with a price target of $35.
We believe that continued demand growth in Brazil (expected to outperform developed countries in the next few years), together with all the new investments and acquisitions, will fuel Petrobras' medium-term earnings outlook. Additionally, we expect the company to benefit from its expertise in deep-water operations, its recent major … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Petrobras Evenly Poised

Posted: 24 Jun 2011 11:25 AM PDT

We have maintained our Neutral recommendation on Brazilian state-run energy giant Petroleo Brasileiro S.A. (PBR), or Petrobras S.A. with a price target of $35.
We believe that continued demand growth in Brazil (expected to outperform developed countries in the next few years), together with all the new investments and acquisitions, will fuel Petrobras' medium-term earnings outlook. Additionally, we expect the company to benefit from its expertise in deep-water operations, its recent major … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Hot Option Plays: Gold Bugs Get Bit

Posted: 24 Jun 2011 11:18 AM PDT

Cusick’s Corner
EU debit crises and austerity measures are the headline risks this market seems to be focused on, what has caught my eye is Gold, GCN11, which is just getting pounded. With the Gold futures right at the $1500 level, I will be watching whether or not the bid comes in and starts to nibble. This has broken the strong uptrend if we get a close below 1520. Finance has also been the bane of this market, while Tech (as I have noted all week) and Energy has firmed up, supporting at this … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex – AUD/USD Down In U.S. Trade

Posted: 24 Jun 2011 11:15 AM PDT

Forex Pros – The Australian Dollar was lower against the U.S. Dollar on Friday after the release of U.S. data on Core Durable Goods Orders.<br/><br/> AUD/USD was trading at 1.0508, down 0.15% at time of writing.<br/><br/> The pair was likely to find support at 1.0455, Thursday&rsquo;s low, and resistance at 1.0651, Wednesday&rsquo;s high.<br/><br/> Earlier in the day, official data showed that U.S. core durable goods orders rose less-than-expected … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Apple Eyes Nortel Assets

Posted: 24 Jun 2011 11:05 AM PDT

Apple Inc. (NASDAQ:AAPL) recently received The Federal Trade Commission's (FTC) approval to bid for the intellectual properties of the Canadian telecom equipment manufacturer, Nortel Network.
The nod from the antitrust regulators is a positive for Apple as it has been interested to buy the patents relating to the 4G and Long Term Evolution (LTE) technologies. Apart from Apple, Google Inc. (NASDAQ:GOOG) has also been eyeing these technologies.
Given the inherent advantages compared to the conventional … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


1Q GDP Revised Up To 1.9%, Pt. 1

Posted: 24 Jun 2011 11:05 AM PDT

This is effectively the same post as I put out when the earlier looks at GDP in the first quarter were released. The numbers from the current release are in italics, while those from the second release are in bold while those from the first release and for previous quarters are in normal font. This allows you to see exactly where the changes in the contributions to growth are coming from. New commentary will be in both bold and italics.

Overall this is a slightly positive report. The headline … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Amphenol Reiterated At Neutral

Posted: 24 Jun 2011 11:05 AM PDT

We recently reiterated our Neutral recommendation on Amphenol Corporation (NYSE:APH), which designs, manufactures and markets electronic and fiber optic connectors, interconnect systems and coaxial and high-speed specialty cable.
Amphenol is successfully translating improvement in end-market demand, new product rollouts, and market share gains into top-line growth. The majority of end-markets are poised to grow with signs of economic recovery. The company is also optimistic about the accelerating … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


1Q GDP Revised Up To 1.9%, Pt. 2

Posted: 24 Jun 2011 11:05 AM PDT

(To see the first part of this analysis, please click here.)

Second Quarter Projection

Second quarter growth looks like it will probably come in close to the 1.9% level of the first quarter. That means that second-half growth will have to average 3.7% to get the whole year to 2.8%. We will need a lot of strength from net exports in the second half to get us there.

However, if we can start to replace imported oil with domestically produced energy we could substantially boost the overall rate … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


BUY ZSL $19.05 — Silver/Dollar Charts

Posted: 24 Jun 2011 10:54 AM PDT

This morning I doubled my position in Proshares Ultrashort Silver ETF (ZSL) with this buy at $19.05.  A reader wrote to inquire about the possible upside on ZSL, I got to looking at it, and what I saw convinced myself to buy more.

Click on any chart to ENLARGE

In considering the possibilities for ZSL I made this 6 month daily chart and noted some of my observations. At what appeared to be various possible destinations upside, I provide the corresponding low price that XSLV traded … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


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

Posted: 24 Jun 2011 10:45 AM PDT

Forex Pros – The New Zealand Dollar was lower against the U.S. Dollar on Friday after the release of U.S. data on Core Durable Goods Orders.<br/><br/> NZD/USD was trading at 0.8114, down 0.31% at time of writing.<br/><br/> The pair was likely to find support at 0.8046, Monday&rsquo;s low, and resistance at 0.8194, Wednesday&rsquo;s high.<br/><br/> Earlier in the day, official data showed that U.S. core durable goods orders rose less-than-expected to … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


American Capital Offers Shares

Posted: 24 Jun 2011 10:40 AM PDT

American Capital Agency Corp. (AGNC) recently issued a public offering of 43.2 million shares worth approximately $1.2 billion. The offering is expected to close on June 28, 2011. In a bid to cover over-allotments, the company will provide a 30-day option to the underwriters for purchasing an additional 6.5 million shares.
American Capital intends to utilize the proceeds generated from the transaction for acquiring other agency securities and general corporate purposes.
This public offering … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Varian Wins R&D 100 Award

Posted: 24 Jun 2011 10:35 AM PDT

Leading integrated radiotherapy systems maker Varian Medical Systems (NYSE:VAR) recently disclosed that its image guided radiotherapy and radiosurgery system (TrueBeam) is the recipient of a 2011 R&D 100 Award conferred by R&D Magazine. This yearly felicitation recognizes 100 technologically superior products from the previous year.  
R&D Awards, established by the editors of R&D Magazine, are given on an annual basis. This award is widely recognized as a hallmark of … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


BSD’s MicroThermX Gains Acceptance

Posted: 24 Jun 2011 10:35 AM PDT

Cancer treatment systems maker BSD Medical Corp. (NASDAQ:BSDM) recently revealed acceptance of its MicroThermX Microwave Ablation System ("MicroThermX") at the World Conference on Interventional Oncology ("WCIO") convened in New York City, between June 9 and 12, 2011. The two technical presentations, showcasing the benefits of the MicroThermX system, were the cynosure of the WCIO convention.
The WCIO gathering was attended by participants from across the globe. It concentrated on the usage … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


“Looking At…debt Ceiling Vote Coming Up”

Posted: 24 Jun 2011 10:29 AM PDT

06/24/11 OnPoint Executions’ Bobby Heller weighs in on this week’s volatility and discusses the upcoming earnings … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex Trading: USD/CHF Remains Bearish Near All-Time Lows

Posted: 24 Jun 2011 10:25 AM PDT

USD/CHF (daily chart) as of Friday (6/24/2011) has continued to consolidate near the all-time low of 0.8325 that was just established earlier this month. This occurs within the context of a long-term, medium-term, as well as short-term bearish trend that has been displaying strong technical characteristics. The most recent short-term bearish leg initiated when the important 0.8550 level, which was key prior support, held strong as current resistance. Now re-testing the all-time low, price is … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex – GBP/USD Down In U.S. Trade

Posted: 24 Jun 2011 10:00 AM PDT

Forex Pros – The British Pound was lower against the U.S. Dollar on Friday after the release of U.S. data on Core Durable Goods Orders.<br/><br/> GBP/USD was trading at 1.5976, down 0.18% at time of writing.<br/><br/> The pair was likely to find support at 1.5938, Thursday&rsquo;s low, and resistance at 1.6262, Wednesday&rsquo;s high.<br/><br/> Earlier in the day, official data showed that U.S. core durable goods orders rose less-than-expected to a … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


European Markets Mixed At Close; Dax Down 0.39%

Posted: 24 Jun 2011 09:55 AM PDT

Forex Pros – European stocks were mixed after the closing bell on Friday.<br/><br/> At the close of European trade, Germany&rsquo;s DAX fell 0.39%, London&rsquo;s FTSE 100 gained 0.41%, France&rsquo;s CAC 40 declined 0.08% and the EURO STOXX 50 was down 0.55%.<br/><br/> Earlier in the day, data showed that Germany&rsquo;s Ifo business climate rose unexpectedly to 114.5 last month, from 114.2 in the preceding month.<br/><br/> Analysts had … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Dollar Rises As Data Clashes With Greek Austerity Issues

Posted: 24 Jun 2011 04:30 AM PDT

06/24/11 The dollar has continued its ise today following another session of economic data clashing with Greek austerity plan … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


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