Thursday, July 14, 2011

DailyMarkets.com - U.S. Oil, Gasoline Supplies Shrink

DailyMarkets.com - U.S. Oil, Gasoline Supplies Shrink

U.S. Oil, Gasoline Supplies Shrink

Posted: 14 Jul 2011 11:35 AM PDT

The U.S. Energy Department’s weekly inventory release showed that crude and gasoline stockpiles moved downwards, while distillate supplies rose. Meanwhile, refiners reduced processing rates by 0.4%.
The Energy Information Administration (EIA) Petroleum Status Report – which contains data for the previous week ending on Friday, outlines information regarding the weekly change in petroleum inventories held and produced by the U.S., both locally and abroad.
The report provides an overview of the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

GameStop Incorporates Impulse

Posted: 14 Jul 2011 11:35 AM PDT

GameStop Corporation (NYSE:GME), the video game and entertainment software retailer, recently completed the incorporation of GameStop Impulse on its website.
GameStop Impulse, the digital distribution platform, segregated its offerings into three components: Impulse Client, Impulse Reactor and Impulse Publisher.
Impulse Client offers a vast digital distribution platform, thereby facilitating users to access their preferred games instantly with an option of downloading the same through their … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – AUD/USD Down In U.S. Trade

Posted: 14 Jul 2011 11:15 AM PDT

Forexpros – The Australian Dollar was lower against the U.S. Dollar on Thursday after the release of U.S. data on Core Retail Sales.<br/><br/> AUD/USD was trading at 1.0743, down 0.15% at time of writing.<br/><br/> The pair was likely to find support at 1.0525, Tuesday&rsquo;s low, and resistance at 1.0804, Wednesday&rsquo;s high.<br/><br/> Earlier in the day, official data showed that U.S. core retail sales remained unchanged unexpectedly at a … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Halliburton Fortifies Poland Link

Posted: 14 Jul 2011 11:05 AM PDT

Oilfield service provider Halliburton Company (NYSE:HAL) has won a shale natural gas exploration contract in Poland from Chevron Corporation (NYSE:CVX). The financial terms of the deal were not disclosed.
The scope of the deal includes drilling services, mud logging, cementing, coiled tubing, slickline services, well testing, completion and hydraulic fracturing. Halliburton will also render management services for further enhancement of the project.
Although the contract spans for a period of three … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Comerica Nears Sterling Merger

Posted: 14 Jul 2011 11:05 AM PDT

Comerica Inc. (NYSE:CMA) continues to be on track to close its pending acquisition of Sterling Bancshares Inc. (NASDAQ:SBIB). The buyout has been approved by the Board of Governors of the Federal Reserve System. The deal also got the nod from the Texas Department of Banking.
Comerica now expects to close the deal on July 28, 2011. This is, however, subject to terms and conditions in the merger agreement and completion of the expiration of the obligatory 15-day Department of Justice waiting period … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Chrysler Recalls Ram Trucks

Posted: 14 Jul 2011 11:05 AM PDT

Chrysler Group LLC, 25% owned by Italy's Fiat SpA (FIATY), will recall 242,780 units of its top selling truck, Dodge Ram, due to a steering problem leading to a loss of control in the left front wheel.
The recalled vehicles include Dodge Ram 1500 Mega Cab 4×4 vehicles, Dodge Ram 2500 4×4 trucks, Dodge Ram 3500 Cab Chassis 4×2 vehicles and Dodge Ram 3500 4×4 trucks of 2008–2011 model years. It may also include Dodge Ram 2500 and 3500 trucks of 2003–2008 model year.
On investigation, it … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

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

Posted: 14 Jul 2011 10:45 AM PDT

Forexpros – The New Zealand Dollar was higher against the U.S. Dollar on Thursday after the release of U.S. data on Core Retail Sales.<br/><br/> NZD/USD was trading at 0.8434, up 0.72% at time of writing.<br/><br/> The pair was likely to find support at 0.8112, Tuesday&rsquo;s low, and resistance at 0.8506, Wednesday&rsquo;s high.<br/><br/> Earlier in the day, official data showed that U.S. core retail sales remained unchanged unexpectedly at a … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Bernanke Tries To Walk Back Market’s Expectation For QE3 On Day 2 Of Testimony, Stocks Give Up Gains

Posted: 14 Jul 2011 10:44 AM PDT

While in yesterday's session, Bernanke's testimony helped rally the US stock market, today, it had the opposite effect, as equities which had been higher, turned lower during and after his statements.
The main reason was his answer that the Fed does not think that current conditions warrant further stimulus – aka QE3.
From Marketwatch: "U.S. stocks shaved Thursday gains after Federal Reserve Chairman Ben Bernanke said the central bank was not ready to take immediate action to further … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Unilife Supplies Unifill To Sanofi

Posted: 14 Jul 2011 10:25 AM PDT

Retractable syringes maker Unilife Corporation (UNIS) has begun the initial supply of its Unifill ready-to-fill (prefilled) syringe to Sanofi (NYSE:SNY). This follows the company's recent completion of all the required validation tests for the product.
Under the terms of the exclusive agreement, inked in July 2008, Sanofi paid Unilife roughly $40 million, consisting of $16 million for the exclusive right to negotiate the purchase of Unifill and up to $24 million to help fund the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

“Looking To Earnings…for Positive Story”

Posted: 14 Jul 2011 10:18 AM PDT

07/14/11 Meridian Equity Partners’ Joseph Greco discusses the latest earnings and the latest comments from Fed Chairman … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

CIGNA Shifts To Connecticut

Posted: 14 Jul 2011 10:05 AM PDT

Health insurer CIGNA Corp. (CI) recently revealed plans shift to its headquarters to Bloomfield, Connecticut after it was nominated to receive economic benefits from the state government in exchange for new job creations. The CIGNA base will move from Philadelphia, where it has been stationed since 1982.
CIGNA would be the first to receive $50 million of economic benefits from Connecticut Governor Dannel P. Malloy under the "First Five" program, a job creation initiative, passed by the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Retail Sales Rise Slightly

Posted: 14 Jul 2011 10:05 AM PDT

Retail and Food Service Sales were in line with expectations for June, coming in with an increase of 0.1%. Retail sales alone were up 0.2%. Total retail sales are up 8.5% from a year ago (8.1% including food service).
The Retail Sales report covers far more than just the Malls and is a very broad based measure of consumer spending. Since consumer spending makes up 70% of the economy, it is a very important number. That overstates things a bit since retail sales are mostly about the sale of … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Charles Schwab In Expansion Mode

Posted: 14 Jul 2011 10:05 AM PDT

On Wednesday, San Francisco-based Charles Schwab Corp. (NASDAQ:SCHW) announced its expansion plan.
The company entered into a strategic alliance with Broadridge Financial Solutions Inc. (NYSE:BR) with an intention to expand its global investing offerings.
The terms of the agreement were not disclosed.
New York-based Broadridge Financial Solutions provides securities transaction processing, clearing and settlement services to retail and institutional brokerage firms, global banks, mutual funds, annuity … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Sabra REIT Eyes Mid-Atlantic Assets

Posted: 14 Jul 2011 10:05 AM PDT

Sabra Health Care REIT, Inc. (SBRA) recently announced that it has entered into an agreement to acquire four skilled nursing facilities for $97.5 million in the Mid-Atlantic Region. The facilities will be functional under a long-term lease and are expected to provide a yield of 8.75% on cash rent. The transaction is expected to be completed by the third quarter of 2011.
Additionally, Sabra Health Care acquired a 70-bed hospital named Texas Regional Medical Center and a 120-bed skilled nursing … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Euro Pares Gains, Dollar Rebounds

Posted: 14 Jul 2011 05:00 AM PDT

07/14/11 It was a volatile trading session as an early rise in risk appetite was reversed on statements made by Fed Chairman Ben … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

European Markets Close Lower; Dax Down 0.73%

Posted: 14 Jul 2011 09:55 AM PDT

Forexpros – European stocks were down after the closing bell on Thursday.<br/><br/> At the close of European trade, Germany&rsquo;s DAX fell 0.73%, London&rsquo;s FTSE 100 shed 1.01%, France&rsquo;s CAC 40 declined 1.11% and the EURO STOXX 50 was down 0.73%.<br/><br/> Meanwhile, on Wall Street, equity markets were down after the open. The Dow Jones Industrial Average was down 0.28%; the S&P 500 index shed 0.49%, while the Nasdaq 100 index declined … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Capital One Outpaces Estimates

Posted: 14 Jul 2011 09:48 AM PDT

Capital One Financial Corp.'s (NYSE:COF) second quarter 2011 earnings from continuing operations of $2.04 per share were substantially ahead of the Zacks Consensus Estimate of $1.67. Though this compared unfavorably with $2.04 in the prior quarter, it surpassed $1.78 recorded in the year-ago quarter.
Better-than-expected results for the quarter were primarily aided by increased revenues and a lower provision for loan losses ensuing from an improved credit performance. Additionally, the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Earnings Preview: Eli Lilly

Posted: 14 Jul 2011 09:48 AM PDT

Eli Lilly & Company (NYSE:LLY) is all set to announce its second quarter 2011 results on July 21, 2011 before the opening bell. The Zacks Consensus Estimate for the second quarter is $1.17, representing a year-over-year decrease of 5.6%.
Eli Lilly has surpassed earnings estimates consistently in the last four quarters with a trailing average of 5.96%.
First Quarter 2011 Recap
Eli Lilly reported first quarter earnings per share of $1.24, seven cents more than the Zacks Consensus Estimate and 5% … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Japanese Deal For ZOLL AED Plus

Posted: 14 Jul 2011 09:35 AM PDT

Massachusetts-based medical devices maker ZOLL Medical (NASDAQ:ZOLL) has granted Tokyo-based Asahi Kasei Corporation exclusive rights to distribute, in Japan, its AED Plus devices for treating sudden cardiac arrest ("SCA"). Asahi Kasei, with annual sales of roughly $20 billion, is a Japanese company engaged in nine business segments including medical and drugs. The AED Plus will be marketed in Japan by its subsidiary ADMIS Inc.
SCA, an abrupt loss of cardiac function, is one of the major causes … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Avnet Remains Neutral

Posted: 14 Jul 2011 09:35 AM PDT

We have reiterated our long-term Neutral recommendation on Avnet Inc. (NYSE:AVT).
Recently, Avnet, a distributor of electronic components and computer products, completed its acquisition of value-added IT distributor Amosdec SAS. The company expects to expand its footprint in Europe by leveraging its strength in data center and Amosdec's position in software and services.
Avnet recovered in fiscal 2010 after a disastrous 2009, driven by strong global demand. The company's revenues jumped 40.3% … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

JetBlue June Traffic Rises

Posted: 14 Jul 2011 09:35 AM PDT

The discounted U.S. airline JetBlue Airways Corporation (NASDAQ:JBLU) reported a 7.2% year-over-year traffic increase in June 2011. Airline traffic is measured in billions of revenue passenger miles, which implies one mile flown by one passenger.
On a year-over-year basis, capacity (or available seat miles) grew 10% while load factor (percentage of seats filled with passengers) fell 210 basis points (bps) to 82.1% from 84.2% in June 2010.
Despite rising fuel prices, JetBlue, Southwest Airlines Co. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

BP To Revive North Sea Fields

Posted: 14 Jul 2011 09:35 AM PDT

BP Plc (NYSE:BP) and its partners have signed a £3 billion (US$4.8 billion) agreement for the redevelopment of two oil fields in the North Sea.
The deal is as a part of BP's strategy to uphold a superior business standard in the region despite a recent tax hike on oil and gas production in British waters.
The two fields –– Schiehallion and Loyal –– are located to the west of the Shetland Islands. The fields have already produced nearly 400 million barrels of oil since the commencement … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Earnings Preview: Abbott Labs

Posted: 14 Jul 2011 09:05 AM PDT

Abbott Laboratories (NYSE:ABT) is all set to announce its second quarter 2011 results on July 20, 2011 before the opening bell. The Zacks Consensus Estimate for the second quarter is $1.11, representing a year-over-year increase of 9.9%.
The Zacks Consensus Estimate is within the guidance range of $1.10 to $1.12 provided by the company while releasing its first quarter results. Abbott Labs has surpassed earnings estimates consistently in the last four quarters with a trailing average of … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Starbucks’ Coffee Blends To Beat The Heat

Posted: 14 Jul 2011 08:50 AM PDT

Starbucks Corporation (NASDAQ:SBUX) has added two new products to its already extensive selection of summertime refreshment offerings. The two new coffee blends will help customers prepare a refreshing drink at home and beat the heat by not having to go out in the sizzling summer.
Starbucks' VIA Caramel Flavored Iced Coffee is a special blend of medium roasted coffee, with a buttery, velvety caramel flavor and pure cane sugar that provides the perfect balance of refreshment and sweetness. They are … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Phillips Buys Povos

Posted: 14 Jul 2011 08:50 AM PDT

According to Reuters, Phillips (NYSE:PHG) announced its intention to buy Shanghai-based Povos Electric Appliance Company, in order to further expand its household and consumer appliances business in Asia. The deal is expected to be completed by the fourth quarter of 2011. However, the financial terms were not disclosed.
Earlier in 2011, Phillips established its appliances headquarters in Shanghai. It also completed a strategic acquisition of an Indian kitchen appliances company Preethi, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Goldcorp Favors Primero Acquisition

Posted: 14 Jul 2011 08:35 AM PDT

Goldcorp Inc. (NYSE:GG) has agreed to support the proposed transaction by which the Canadian gold and copper producer Northgate Minerals Corporation will acquire all of the issued and outstanding shares of Primero Mining Corp.
Goldcorp holds 35% of Primero's shares, and has entered into an agreement to vote in favor of the deal. On completion of the deal, Goldcorp will receive 46.7 million Northgate shares representing approximately 11% of the company’s outstanding shares. The transaction will … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: USDCAD Moves Toward Resistance At 0.9594

Posted: 14 Jul 2011 08:31 AM PDT

The USDCAD has gotten a boost from lower oil today and from the failure on a break below floor support at the  0.9558 level. This level was the low on July 8th and again early in the session today. When the price moved below that level earlier today, it should have solicited some additional selling. When that break failed and oil prices started to fall on the change in tone by Bernanke, the price has rebounded.  
The price is now testing the topside trendline resistance at the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Bonds Fizzle As European Crisis Stalls

Posted: 14 Jul 2011 08:20 AM PDT

U.S. data released Thursday failed to develop the argument that the Fed will ease further, while a successful auction of Italian government debt found buyers albeit at the costliest price in three years. Some of investors' earlier fears have evaporated as quickly as they built leaving fixed income buyers perhaps a little overweight having spent a week feasting on safe haven bonds.
Eurodollar futures – Initial claims dropped to 405,000 through last weekend while the reading from the prior … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Dollar Regains Ground Vs. Rivals As Bernanke Testifies

Posted: 14 Jul 2011 08:07 AM PDT

Forexpros – The U.S. dollar regained ground against its major counterparts on Thursday, as Federal Reserve Chairman Ben Bernanke said that further monetary easing may not be needed and that the central bank was not prepared to take action at this point.<br /><br />During U.S. morning trade, the greenback erased losses against the euro, with EUR/USD slipping 0.02% higher to hit 1.4160.<br /><br />Earlier in the day, Italy auctioned EUR1.25 billion of five-year bonds at … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: USDCHF Moves Above Resistance. Up On The Day

Posted: 14 Jul 2011 08:04 AM PDT

The USDCHF has moved above trendline resistance on the hourly chart and this gives the pair the potential for a further positive bias. The 0.8161 level was the last level to be breached and will be now eyed as support.  A move back below this level will not be favorable and could take the wind out of the corrective move.   The 0.8221 level is the next level that needs to be breached in order to keep the correction higher in motion.  Above that the 38.2% of the move down … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Word From The Floor: US Stocks Start Higher, Earnings And Data Lift Sentiment

Posted: 14 Jul 2011 07:52 AM PDT

07/14/11 Wall Street kicked off the trading session with an advance, lifted by earnings from JP Morgan and a decline in jobless … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Natural Gas Futures Add To Losses After U.S. EIA Data

Posted: 14 Jul 2011 07:49 AM PDT

Forexpros – Natural gas futures extended losses on Thursday, dropping to a two-day low after the U.S. Energy Information Administration said natural gas inventories rose more-than-expected last week. <br /><br />On the New York Mercantile Exchange, natural gas futures for August delivery traded at USD4.285 per million British thermal units during U.S. morning trade, tumbling 2.15%.&nbsp;&nbsp;&nbsp;&nbsp; <br /><br />It earlier fell as much as 2.5% to … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: EURUSD Moves Down On A Less Accomodative Bernanke

Posted: 14 Jul 2011 07:42 AM PDT

Bernanke came out and started by saying there was ample accomodation and the Fed was not prepared to add additional accomodation at this point. Yesterday the market interpreted his outline of what the Fed could do as a clue that they were likely to ease (ie.. QE3) sooner rather than later. 

The EURUSD has move below the trendline on the hourly chart at the 1.4195 level now and this level will be eyed as the volatile trade continues with the comments.  A move above this level could … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – GBP/USD Edges Higher Following Flurry Of U.S. Data

Posted: 14 Jul 2011 07:38 AM PDT

Forexpros – The pound edged higher against the U.S. dollar on Thursday, following a flurry of U.S. economic data on first time jobless claims, retail sales and wholesale prices.<br /><br />GBP/USD hit 1.6193, the pair&rsquo;s highest since June 22; the pair subsequently consolidated at 1.6137 during U.S. morning trade, gaining 0.2%.&nbsp; <br /><br />Cable was likely to find support at 1.5904, Wednesday&rsquo;s low and resistance at 1.6262, the high of June … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Crude Rises On Weaker Dollar

Posted: 14 Jul 2011 02:30 AM PDT

07/14/11 Front month crude prices were trading higher this morning on a weaker dollar and positive economic … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/USD Advances Following U.S. Jobs, Retail Data

Posted: 14 Jul 2011 07:30 AM PDT

Forexpros – The euro was up against the U.S. dollar for a second day on Thursday, re-approaching a four-day high after the U.S.&rsquo;s credit rating was put under review for a downgrade, while the Italian Senate approved a EUR48 million austerity package.<br /><br />EUR/USD hit 1.4281, the pair&rsquo;s highest since July 8; the pair subsequently consolidated at 1.4228 during U.S. morning trade, gaining 0.46%.<br /><br />The pair was likely to find support at … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Morning Market Brief

Posted: 14 Jul 2011 01:15 AM PDT

07/14/11 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

Range Resources And Red Emperor Begin Drilling In Georgia

Posted: 14 Jul 2011 02:07 AM PDT

Oil and gas groups Range Resources (LON:RRL), Strait Oil and Gas and Red Emperor Resources (LON:RMP) have begun drilling the Mukhiani 1 well in the former Soviet state of Georgia. The well is targeting a prospect with a mean estimate of undiscovered oil in place of 115 million barrels. Of that, 46 million barrels is attributable to Range's 40% interest and 23 million barrels is attributable to Red Emperor's 20% interest. Drilling operations will run 24 hours a day for the next 45-55 days as … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards
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