Monday, July 11, 2011

DailyMarkets.com - Foreclosure Settlement On Its Way

DailyMarkets.com - Foreclosure Settlement On Its Way

Foreclosure Settlement On Its Way

Posted: 11 Jul 2011 10:05 AM PDT

The large U.S mortgage servicers are mulling over submitting their plans regarding the modified foreclosure practices by July 13 to the Federal Reserve, while their talks on broader settlement terms with state attorney generals (AGs) and the Department of Justice (DoJ) continue. The important participants in the discussion are Bank of America Corporation (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), Ally Financial Inc. and Wells Fargo & Company (NYSE:WFC).
Issues to be … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Celanese Raises Prices

Posted: 11 Jul 2011 10:05 AM PDT

Celanese Corporation's (NYSE:CE) Ticona engineering polymers business announced an increase in prices of Celanex PBT, Vandar PBT, Impet PET and Riteflex TPC-ET polyesters in the Americas and Europe, effective July 29.
For the Americas, Ticona engineering indicated a price increase of $0.15 per pound, while for Europe it indicated an increase of €0.25 per kilogram.
Effective August 1, 2011, Celanese's subsidiary Celanese EVA Performance Polymers Inc., is also increasing the price of all … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

AXIS Capital Upgraded

Posted: 11 Jul 2011 09:35 AM PDT

We believe conservative underwriting practices will help AXIS Capital Holdings Ltd. (NYSE:AXS) remain well capitalized.  A strong capital management via share repurchases should help grow earnings. Also, the company enjoys a strong rating from the rating agencies. As such we are upgrading the company to Neutral from Underperform.
AXIS continues to remain strongly capitalized. The company's financial flexibility remains very strong, with a debt to total capital ratio of 16%. Also, AXIS … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Life Tech Turns To Emerging Markets

Posted: 11 Jul 2011 09:35 AM PDT

Life Technologies Corporation (LIFE) recently opened its India Distribution Center (IDC) in Bangalore to cater to the customer demand in the South Asian Region.
The IDC spreads over 25,000 square feet. Since inception, the volume of items shipped per day in the region has increased fourfold. Moreover, Life Technologies could meet an order in lesser time; almost 50% faster in most cases.
Life Technologies has been increasing focus on emerging markets over the past few quarters. Revenues from … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Travelers Companies Downgraded

Posted: 11 Jul 2011 09:35 AM PDT

Given restricted premium growth and pressure on underwriting margins, we are downgrading our recommendation to Underperform on The Travelers Companies Inc. (NYSE:TRV). Also, potential reserve additions for asbestos liabilities present another risk.
Premium growth remains reduced as a result of the adverse impact of soft market conditions. Given the challenging economic environment and a slow recovery, we expect top-line growth to remain muted though lower exposures. Travelers also continues to … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Wells Fargo Purchases Edify

Posted: 11 Jul 2011 09:35 AM PDT

Wells Fargo Insurance Services, a part of  Wells Fargo & Company (NYSE:WFC), has purchased Fort Lauderdale, Florida-based employee benefits consulting firm Edify LLC.
The deal closed on July 1, 2011 on undisclosed terms.
The acquisition of Edify is expected to augment Wells Fargo's growing employee benefits business. Founded in 1996, Edify offers employee benefit programs and customized health and wellness consulting for middle-market and large employers aimed at improving health and … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Everest Re Upgraded To Neutral

Posted: 11 Jul 2011 09:35 AM PDT

We are upgrading our recommendation on the shares of Everest Re Group Ltd. (NYSE:RE) to Neutral from Underperform as we believe the company would benefit from the gradually improving reinsurance rates after heavy catastrophe losses (cat losses) that strained capital across the industry in the first half of the year.
We expect meaningful rate increases, particularly in the regions mostly affected by these events. Other factors that are expected to drive heightened demand for reinsurance include … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Earnings Preview: And So It Begins Again

Posted: 11 Jul 2011 09:03 AM PDT

Earnings Preview 7/08/11
Second quarter earnings season will “officially” kick off Monday after the bell when Alcoa (NYSE:AA) reports. There will not be a lot of reports this week, the real flood starts next week, but the ones we will get are important ones that the street will be paying lots of attention to, and this week could well set the tone for the entire earnings season.
While there will only be 44 firms reporting, 11 of those are in the S&P 500. The firms reporting this week include: … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Saks June Sales Rises

Posted: 11 Jul 2011 09:03 AM PDT

Same-store sales at Saks Incorporated (NYSE:SKS) went up 11.9% for the month of June, 2011, while it increased 12.3% in the five months ended July 2, 2011.
Owned sales surged 8.7% to $258.6 million for the five-week period ended July 2, 2011 compared with $237.9 million in the same period ended July 3, 2010.
Further on a year-to-date basis, owned sales increased 10.1% to $1,180.8 million for the five months ended July 2, 2011, compared with $1,072.3 million for the prior year five months ended … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Windstream Explores New Markets

Posted: 11 Jul 2011 09:03 AM PDT

Windstream Corporation (NYSE:WIN), a fixed-line voice and DSL Internet service provider, announced that it will offer larger bandwidth Ethernet to 11 new markets with a speed of 1 gigabyte per second.
These new markets include Akron, Columbus, Indianapolis, Dayton, Wichita, Tulsa, Oklahoma City, Northwest Arkansas, Augusta, Baton Rouge and Mobile. The company promises expanded bandwidth at a cheaper cost per megabyte and increased efficiency for businesses.
Windstream continues to widen its … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Bemis Concludes Brazilian Offer

Posted: 11 Jul 2011 08:50 AM PDT

Bemis Company Inc. (NYSE:BMS) recently concluded the tender offer to purchase the shares of Dixie Toga S.A., which is a subsidiary of Bemis' wholly owned Brazilian subsidiary Dendron Participacoes Ltda. The tender  was offered to purchase approximately 38 million shares of Dixie Toga, in order to increase the stake of Dendron Participacoes.
Bemis now holds more than 99% of the total number of outstanding shares in Dixie Toga, increased from approximately 86%. Based on the current exchange … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Regis’ Revenues Up, Comps Drop

Posted: 11 Jul 2011 08:50 AM PDT

Regis Corporation (NYSE:RGS) reported a year-over-year decline of 1.7% in same-store sales.
However, the rate of decline in comps improved from the year-ago quarterly drop of 2.7% and the third quarter plunge of 2.3%, attributable to higher customer footfalls. The several initiatives taken by Regis to drive traffic seems to have paid off as customer visits improved 150 basis points (bps) over the last nine months, but still plunged 2.5%.
Moreover, Regis, the largest hair salon chain in the world, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Sustained Gains For Bonds As Eurozone Fears Escalate

Posted: 11 Jul 2011 08:50 AM PDT

The widening of premiums to euro-area record highs commanded by investors willing to hold Italian and Spanish government bonds speaks volumes as confidence in leaders' abilities to solve the Eurozone crisis comes crashing down on the Empire of Debt. Faith in central bankers' and political leaders' ability to cut through the jungle of budget deficits sank to its lowest point yet as speculators recognize that if the sovereign debt crisis is spreading to a nation the size of Italy then a new … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: GBPUSD Moves Back Into The Intraday Channel As Fibonacci Support Holds

Posted: 11 Jul 2011 08:35 AM PDT

The GBPUSD has been tracking a downward trend with 4 tests along a top trendline on the 5 minute chart (see chart above). On two occasions today, the price has pushed below the bottom channel trendline (see chart above) and each time the push has run out of steam.   The price is back in the channel and given the two failed breaks, the chance of a move toward the top trendline at the 1.5944 level may be the most likely path.  The break below the bottom trendline should … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Polar Wireless Is Well Positioned

Posted: 11 Jul 2011 08:30 AM PDT

Ken Nagy, CFA
Polar Wireless is Well Positioned.

Polar Wireless (BCDI) is a mobile virtual network operator (MVNO), which intends to monetize its proprietary technology. The firm's SIM cards work in conjunction with current providers to eliminate roaming charges without the hassle of changing phone numbers or customer behavior. Fast growing mobile phone technology combined with the up tick in global travel has made the world a very small space, however high costs and hassles still exist. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Target’s Sales Expectation

Posted: 11 Jul 2011 08:30 AM PDT

Target Corporation (NYSE:TGT) recently posted better-than-expected sales results for the five-week period ended July 02, 2011.
The rise in comparable-store sales was well ahead of the street expectations, reflecting strong sales in the grocery category coupled with sales growth in health and beauty products and clothing basics.
The company's comparable-store sales jumped 4.5% for June 2011, following an increase of 2.8% in May 2011, compared with a growth of 1.7% in June 2010.
Year-to-date … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Raven Retains Outperform Rating

Posted: 11 Jul 2011 08:30 AM PDT

Raven Industries Inc. (NASDAQ:RAVN) retains a Zacks Outperform rating. The company is a manufacturer of a variety of products for customers in the industrial, construction and military/aerospace markets. Raven recently announced its fiscal 2012 first quarter results, delivering an EPS of 86 cents versus 72 cents in year-earlier quarter; quite easily outperforming the Zacks Estimate of 74 cents.
Total revenue increased 19% year over year to $101.5 million, striding ahead of the Zacks Estimate of … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Neutral On EnCana

Posted: 11 Jul 2011 08:30 AM PDT

We are maintaining our Neutral recommendation for EnCana Corporation (NYSE:ECA).
The company's extensive portfolio of quality natural gas assets spread over Canada and the U.S remains somewhat tempered by its sensitivity to gas price fluctuations, compared to its more diversified independent peers with higher oil production.
EnCana is the second largest gas producer in North America, holding a highly competitive land and resource position in a number of the region’s most promising shale and … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: EURUSD Makes New Lows. 1.3969 The Next Target.

Posted: 11 Jul 2011 08:02 AM PDT

The EURUSD has moved to new lows and below the key 1.4000 level. The pair has dipped back below the bottom channel trendline on the 5 minute chart for the 2nd time today.  That level comes in at the 1.4002 level currently.  The next target for the pair comes in at the May low which was at 1.3969.  A move below that and the 200 day and 61.8% retracement level at the 1.3906 level should slow the decline (i.e. should see some profit … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Natural Gas Futures Climb To 3-day High On Demand Outlook

Posted: 11 Jul 2011 07:55 AM PDT

Forex Pros – pros &ndash; Natural gas futures were up for a second day on Monday, climbing to a three-day high as warmer-than-normal weather across most parts of the U.S. next week boosted demand expectations for the fuel.<br /><br />On the New York Mercantile Exchange, natural gas futures for August delivery traded at USD4.296 per million British thermal units during U.S. morning trade, surging 1.8%.&nbsp; <br /><br />It earlier rose as much as 2.3% to trade … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Word From The Floor: Wall Street Slides At Open, Extends Weakness

Posted: 11 Jul 2011 07:51 AM PDT

07/11/11 The major stock averages fell over 1%, as renewed Euro-zone debt fears over Italy sparked risk aversion. Meanwhile, the US debt ceiling took center stage ahead of Obama’s news … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Dollar, Yen, Swiss Franc Gain As Risk Appetite Crumbles

Posted: 11 Jul 2011 07:50 AM PDT

Forex Pros – pros &ndash; The U.S. dollar, the yen and the Swiss franc all posted broad gains against their major counterparts on Monday, as risk appetite crumbled amid fears that the sovereign debt crisis in the euro zone could spread to Italy from Greece.<br /><br />During early U.S. trade, the greenback was sharply higher against the euro, with EUR/USD free-falling 1.83% to hit 1.4003.<br /><br />Earlier Monday, growing concerns over sovereign debt contagion … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Tim Geithner: “It’s Going To Feel Very Hard…”

Posted: 11 Jul 2011 07:48 AM PDT

For those who missed Meet the Press yesterday, please allow me to share a portion of the interview NBC's David Gregory had with Treasury Secretary Tim Geithner. Please allow me to interject my 'sense on cents' analysis as well.

SEC'Y GEITHNER:  We still have millions and millions of Americans out of work, and the most important thing we can do is to make sure we're taking steps to get people back to work as quickly as we can.
MR. GREGORY:  Well, let me ask you this.  … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Risk Aversion To Push GBP/JPY Down To 126.00; 122.15

Posted: 11 Jul 2011 07:46 AM PDT

Prev: GBP/JPY Short-term Double Bottom Failure can Open Up Larger Double Bottom Scenario (7/8)
GBP/JPY

- GBP/JPY did not attempt to bottom as anticipated, but instead showed a clear intent to continue the bearish mode to start the week, breaking below the 129.00 pivot.
- The 4H chart shows a market declining after a completed ABC correction. The acceleration downwards, and the RSI reading dipping below after failing to sustain a break above 60, all point to bearish continuation.
- The … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Crude Trades Below $95

Posted: 11 Jul 2011 07:30 AM PDT

07/11/11 Front month crude prices were trading lower to start the week on investor jitters concerning last weeks poor jobs … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – GBP/USD Hits 5-month Low As EZ Debt Woes Dominate

Posted: 11 Jul 2011 07:30 AM PDT

Forex Pros – pros &ndash; The pound extended losses against the U.S. dollar on Monday, tumbling to a five-month low as concerns that the sovereign debt crisis in the euro zone will spread to Italy from Greece dominated market sentiment.<br /><br />GBP/USD hit 1.5889 during early U.S. trade, the pair&rsquo;s lowest since January 31; the pair subsequently consolidated at 1.5895, dropping 1.00%.<br /><br />The pair was likely to find short-term support at 1.5768, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Gold Futures Trade Close To 10-week High On EU Debt Fears

Posted: 11 Jul 2011 07:26 AM PDT

Forex Pros – pros &ndash; Gold futures extended gains on Monday, trading close to the highest level in ten weeks as mounting fears that the euro zone&rsquo;s sovereign debt crisis could spread to Italy boosted the safe haven appeal of the precious metal. <br />&nbsp;<br />On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,555.45 a troy ounce during U.S. morning trade, climbing … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

USD/JPY Breaks Below A Rising Wedge

Posted: 11 Jul 2011 07:18 AM PDT

Prev: USD/JPY Finishing a Rising Wedge (7/7)
USD/JPY

- The USD/JPY is breaking below a rising wedge with force.
- The market should find support either at 80.00 or down to the 79.56 low.
- From here, we can expect a bounce towards 81.50. A break above than targets 82.25.
- Below 79.56, we can be looking at a slide down to 77.95-78.00, than the 76.00 low.
- 80.70 is an important pivot. The previous inability to sustain a break back above it on a bounce from the wedge support shows that the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/USD Tumbles To 7-week Low Amid Contagion Fears

Posted: 11 Jul 2011 07:18 AM PDT

Forex Pros – pros &ndash; The euro tumbled to a seven-week low against the U.S. dollar on Monday, as fears over the health of Italy&rsquo;s banking system saw Italian bond yields jump to a euro-lifetime high.<br /><br />EUR/USD hit 1.4026 during early U.S. trade, the pair&rsquo;s lowest since May 25; the pair subsequently consolidated at 1.4036, tumbling 1.60%.<br /><br />The pair was likely to find support at 1.4101, the low of June 27 and a seven-day low … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards
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