Friday, September 2, 2011

DailyMarkets.com - BorgWarner Upgraded To Outperform

DailyMarkets.com - BorgWarner Upgraded To Outperform


BorgWarner Upgraded To Outperform

Posted: 02 Sep 2011 07:55 AM PDT

We currently upgraded our recommendation on BorgWarner Inc. (NYSE:BWA) to Outperform from Neutral. Based in Michigan, BorgWarner is a leading manufacturer of powertrain products for the world’s major automakers. Its products include four-wheel-drive and all-wheel-drive transfer cases (primarily for light trucks and sport utility vehicles or SUVs), automatic transmission and timing chain systems. These products are manufactured and sold worldwide, primarily to OEMs of passenger cars, SUVs, trucks … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


DIRECTV Teams With Miso

Posted: 02 Sep 2011 07:55 AM PDT

DIRECTV(NASDAQ:DTV), the largest satellite TV operator in the U.S., recently partnered Miso to combine latter's social TV network facility with its television viewing.
Miso is a TV-based social network that lists the most popular shows, provides show updates and offers a platform to connect with other fans.
The new software once downloaded on  mobile phones or iPad’s will allow the subscribers to use it like a remote and help them to find out popular TV programs as well as share it with their … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Fed Judge Curtails Oracle’s Claims

Posted: 02 Sep 2011 07:35 AM PDT

As per the recent verdict given by a federal judge, Oracle Corp. (NASDAQ:ORCL) will receive $272.0 million as compensation from its German software rival SAP AG (NYSE:SAP). The federal judge turned down the $1.3 billion verdict given by the jury in a patent infringement case between the two software giants.
The judge termed the jury award as "grossly excessive", and ascertained that Oracle's damages were not more than $272.0 million. However, if Oracle does not accept the compensation amount, the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


IBM Set To Acquire I2

Posted: 02 Sep 2011 07:35 AM PDT

International Business Machines Corp. (IBM) recently announced that it is acquiring analytics company i2. However, terms of the deal were not disclosed.
Cambridge, U.K.-based i2 develops analytical software that prevents crime and fraud in sectors such as banking, defense, health-care and insurance. The company boasts a clientele of more than 4,500 spanning over 150 countries.
Currently, i2 solutions are used by 12 of the top 20 retail banks globally and 8 of the 10 largest companies in the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


A Look At The USD-Schizophrenia And CAD-Weakness After NFP Shows No Employment Growth

Posted: 02 Sep 2011 07:17 AM PDT

The NFP Payroll numbers came in worse than expected – 0 after a forecast of 74K. July's number was revised down from 117K to 85K. This data definitely invites risk aversion, but the reaction for the USD was schizophrenic. After initial strength, USD -weakness took over, only to now result in a third reaction back to USD-strength. The CAD (which suffers if USD suffers) however is holding it's weakness without such shake-outs.

The EUR/USD will show true bearish continuation colors if it … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Flat Jobs Report Whipsaws Markets, But USD Weakness Likely In September

Posted: 02 Sep 2011 07:09 AM PDT

The reaction to today's flat reading in the non-farm payroll report was a back and forth affair. At first the ugly payroll figure was initially seen as risk-negative with stocks and oil sliding, and gold gaining. The USD saw a knee-jerk gain against higher yielders.
Then, the market interpreted the bad release as meaning that it would lead to more stimulus from the Fed, perhaps with the Fed easing as soon as this month, which would be a very negative fundamental factor for the USD, and the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


US Stocks Slump On Jobs Report

Posted: 02 Sep 2011 07:00 AM PDT

09/02/2011 Wall street slid at the open, as the August jobs report disappointed to the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


J. C. Penney’s Sales Down

Posted: 02 Sep 2011 06:55 AM PDT

J. C. Penney Company Inc. (NYSE:JCP), a leading retailer of apparel and footwear, accessories, fashion jewelry, beauty products and home furnishings, recently reported sales results for the four-weeks period ended August 27, 2011. The company's comparable-store sales for August inched down 1.9% compared with an increase of 2.3% in comparable-store sales for the same period last year.
Delay in back-to-school selling season and negative impact of hurricane Irene dented the results of the company. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Starz Bids Adieu To Netflix

Posted: 02 Sep 2011 06:55 AM PDT

Come March 2012 Netflix Inc. (NASDAQ:NFLX) customers will not be able to watch their favorite Walt Disney Co. (NYSE:DIS) and Sony Corp. (NYSE:SNE) movies, as license renewal talks between Netflix and Starz Entertainment LLC have fallen through.
The present deal with Starz that allows Netflix to stream online movies from Walt Disney and the Sony library will expire on February next year. The deal with Starz is important to Netflix as it provided Netflix with new titles to be streamed on its site. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex – USD/CHF Down During The European Session

Posted: 02 Sep 2011 06:50 AM PDT

Forexpros – The U.S. Dollar was lower against the Swiss Franc on Friday after the release of U.S. data on Nonfarm Payrolls.

USD/CHF was trading at 0.7804, down 1.89% at time of writing.

The pair was likely to find support at 0.7712, today's low, and resistance at 0.8241, Monday's high.

Earlier in the day, official data showed that U.S. non-farm payrolls remained unchanged unexpectedly at a seasonally adjusted 0K last month, from 85K in the preceding month whose figure was revised down … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Swiss Franc Extends Rally As Nonfarm Payrolls Shock Markets

Posted: 02 Sep 2011 06:47 AM PDT

Fundamental Headlines
• SNB May Buy Euros to Stem Franc's Gains – Bloomberg
• Global Stock Rally Runs Out of Steam – Financial Times
• Regulators Seek Trading Secrets – Reuters
• Greece Denies Troika Talks Break Down – WSJ
• Stock Futures Keep Falling – WSJ
European Session Summary
The Asian and European sessions were mostly quiet, at least from the foreign exchange perspective, as market participants braced for the nonfarm payrolls report out of the United States at 12:30 … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


FMD: Fourth Quarter Results

Posted: 02 Sep 2011 06:35 AM PDT

Ann Heffron, CFA
FMD: Fourth Quarter Results

On August 30, 2011, The First Marblehead Corporation (FMD) reported its fiscal fourth quarter results for the period ending June 30, 2011. For the quarter, FMD recorded a net loss from education financing of $19.5 million, or a diluted loss per share of $0.19. The total net loss, including the securitization trusts net loss of $64.5 million, was $83.8 million, or a $0.83 loss per diluted share.

Our fourth quarter loss estimate for the education … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Ciena Trims Losses

Posted: 02 Sep 2011 06:35 AM PDT

Ciena Corp. (NASDAQ:CIEN), a telecommunications network specialist, reported third quarter fiscal 2011 loss per share of a penny, which was significantly better than the Zacks Consensus Estimate of a loss of 21 cents. The reported loss per share narrowed from the comparable prior-year quarterly loss of 18 cents per share.
The results were positively impacted by growth across its business segments and lower operating expenses.
Revenue
Total revenue of $435.3 million in the third quarter of 2011 was … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Stock Market News Briefs: Bank Of New York Mellon, CIENA, ChevronTexaco, Goldman Sachs Group, International Business Machines, Netflix, Toyota Motor, Verizon Communications

Posted: 02 Sep 2011 06:35 AM PDT

    International Business Machines Corp. (NYSE:IBM) announced it was acquiring Algorithmics, a risk analytics firm based in Toronto, Canada, for $387 million in cash

    Negotiations between Netflix, Inc.'s (NASDAQ:NFLX) and Starz Entertainment regarding the renewal of Starz's licensing agreement collapsed. Subsequently, the pay cable network announced that it will stop providing its content to Netflix

    According to reports, Chevron Corp. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Target Date Set For Vivus’ ED Drug

Posted: 02 Sep 2011 06:35 AM PDT

Vivus Inc. (NASDAQ:VVUS) recently provided an update on the regulatory status of its erectile dysfunction (ED) treatment, avanafil. The company said that the US Food and Drug Administration (FDA) accepted its new drug application (NDA) of avanafil submitted in late June 2011, for review. The regulatory body has set a target date of April 29, 2012 for the drug.
Vivus' NDA for avanafil is supported by data from three phase III trials – TA-301 (REVIVE), TA-302 (REVIVE-Diabetes) and TA-314 … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Ugly Jobs Report Adds To Recession Fears

Posted: 02 Sep 2011 06:35 AM PDT

Today’s ugly jobs report adds to the fears that the U.S. economy is heading towards another recession. These fears had eased a bit in recent days as a host of economic readings showed signs of positive economic momentum. The continued resilience in the weekly jobless claims data and Thursday’s ISM report appeared to be leading towards the conclusion that while growth was very weak, it was nevertheless positive. This morning’s jobs report brings the recession scenario again to the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex – USD/JPY Down On Economic Data

Posted: 02 Sep 2011 06:30 AM PDT

Forexpros – The U.S. Dollar was lower against the Japanese Yen on Friday after the release of U.S. data on Nonfarm Payrolls.

USD/JPY was trading at 76.78, down 0.19% at time of writing.

The pair was likely to find support at 76.43, Wednesday's low, and resistance at 77.24, Thursday's high.

Earlier in the day, official data showed that U.S. non-farm payrolls remained unchanged unexpectedly at a seasonally adjusted 0K last month, from 85K in the preceding month whose figure was revised … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Swiss Franc: Capped By A Negative Trend Line

Posted: 02 Sep 2011 06:18 AM PDT

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


Australian Dollar: Technical Rebound In A Bearish Trend

Posted: 02 Sep 2011 06:18 AM PDT

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


Canadian Dollar: Technical Rebound In A Bearish Trend

Posted: 02 Sep 2011 06:18 AM PDT

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


Japanese Yen: Under Pressure

Posted: 02 Sep 2011 06:18 AM PDT

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


Euro: The Downside Prevails

Posted: 02 Sep 2011 06:18 AM PDT

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


British Pound: Under Pressure

Posted: 02 Sep 2011 06:18 AM PDT

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


Bond Traders Await Friday’s Non-Farm Payrolls Report

Posted: 02 Sep 2011 06:18 AM PDT

Friday, September 2, 2011
The current price consolidation seen in Bond futures may not last long, especially with current prices near all-time highs. Traders looking for a breakout from the current price consolidation may wish to explore the purchase of a strangle in Bond futures options. For example, with December Bonds trading at 136-15 as of this writing, the October Bond 138 calls and the 133 puts could be bought for about 2-28, or $2,437.50, not including commissions. The premium paid … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex Trading: USDCHF Moves Above 38.2% Of The Days Range

Posted: 02 Sep 2011 06:15 AM PDT

Truly Ugly

Posted: 02 Sep 2011 06:11 AM PDT

Few words can describe the August payroll reading of "no-change" – but the few that I can think of are: Truly ugly. The dollar staged a tentative advanced on the lack of hiring as investors probably quite rightly concluded that the stage is set for a further bout of quantitative easing. The difference this time around when the September FOMC meeting takes place is that Mr. Bernanke will have some hawks to tame when it comes time to put detail to the plan. Expect the Fed to shake its … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


USD/CAD Breaks Above Triangle Pattern And Tests 0.9820 Resistance After Poor NFP

Posted: 02 Sep 2011 06:09 AM PDT

Previous: A Whipply USD/CAD Retraces Sharply After Cracking the 0.9740 Support (8/31)
USD/CAD

After breaking below an ABC pattern, the USD/CAD cracked the 0.9740 support, but rallied sharply, now falling into a congestion triangle sine 8/31.
The market rested inside the triangle with a test to the upside just ahead of the NFP.
After the NFP showed a goose egg, the market was initially USD positive because of risk aversion, but then USD-weakness became universal in the reaction after … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


ArcelorMittal Forms Partnership

Posted: 02 Sep 2011 06:05 AM PDT

Steel giant ArcelorMittal (NYSE:MT) formed a strategic partnership with China’s Hunan Valin Group for the production of high-end steel products in China and iron ore purchases.
ArcelorMittal owns a stake in Valin Steel, the Shenzhen-listed unit of Valin Group. ArcelorMittal will help Valin Steel lower its production costs by sharing with the Chinese company its technical know-how.
The two companies will also move forward to explore the possibilities of establishing a long-term partnership to … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


FLIR Wins Contract For Star SAFIRE

Posted: 02 Sep 2011 06:05 AM PDT

FLIR Systems Inc. (NASDAQ:FLIR) received a contract for its Star SAFIRE® HD family of digital, high-definition, full-spectrum imaging systems valued at about $52.1 million from the Naval Air Warfare Center Aircraft Division.   The contract is for a period of three years and is of a fixed price nature.
Initially, an order of $25.6 million of Star SAFIRE® 380-HD systems and related support was placed with the company. Further, it can obtain over a span of the next three years $26.5 million … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex – GBP/USD Up On Economic Data

Posted: 02 Sep 2011 06:05 AM PDT

Forexpros – The British Pound was higher against the U.S. Dollar on Friday after the release of U.S. data on Nonfarm Payrolls.

GBP/USD was trading at 1.6244, up 0.40% at time of writing.

The pair was likely to find support at 1.6132, Thursday's low, and resistance at 1.6454, Monday's high.

Earlier in the day, official data showed that U.S. non-farm payrolls remained unchanged unexpectedly at a seasonally adjusted 0K last month, from 85K in the preceding month whose figure was revised … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex – EUR/USD Up On Economic Data

Posted: 02 Sep 2011 05:45 AM PDT

Forexpros – The Euro was higher against the U.S. Dollar on Friday after the release of U.S. data on Nonfarm Payrolls.

EUR/USD was trading at 1.4275, up 0.11% at time of writing.

The pair was likely to find support at 1.4209, today's low, and resistance at 1.4549, Monday's high.

Earlier in the day, official data showed that U.S. non-farm payrolls remained unchanged unexpectedly at a seasonally adjusted 0K last month, from 85K in the preceding month whose figure was revised down from … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex Trading: EURUSD Stays In The Range.

Posted: 02 Sep 2011 05:43 AM PDT

The tepid NFP report (zero jobs), has the EURUSD confused as to directional bias. The weaker number sent the pair lower initially on the weak is bad for everyone and especially EURO, but are now seeing a move back to the the highs on lower dollar across the board thought. The price has moved to the high for the day at the 1.4287 level and backed off.  On the downside, the initial fall fell to the underside of the channel trendline at the 1.4234 level (low reached 1.4328) and rebounded. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


U.S. Non-farm Payrolls Remain Unchanged Unexpectedly

Posted: 02 Sep 2011 05:40 AM PDT

Forexpros – U.S. non-farm payrolls remained unchanged unexpectedly last month, official data showed on Friday.

In a report, the U.S. Department of Labor said non-farm payrolls remained unchanged at a seasonally adjusted 0K, from 85K in the preceding month whose figure was revised down from 117K.

Analysts had expected U.S. non-farm payrolls to rise 74K last … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


U.S. Unemployment Rate Remains Unchanged

Posted: 02 Sep 2011 05:35 AM PDT

Forexpros – The rate of unemployment in the U.S. last month remained unchanged, official data showed on Friday.

In a report, the U.S. Department of Labor said the unemployment rate remained unchanged at a seasonally adjusted 9.1%, from 9.1% in the preceding month .

Analysts had expected the U.S. unemployment rate to remain unchanged at 9.1% last … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


RIO Gears Up For Global Demand Surge

Posted: 02 Sep 2011 05:30 AM PDT

Rio Tinto plc (NYSE:RIO), one of the world’s largest iron ore producers, recently predicted that the world mining industry would need to produce at least another 100 million metric tons of the steelmaking commodity per year over the next eight years to satisfy demand growth projections of the world.
Increase in demand is attributable to the rapid urbanization and industrialization of the developing countries including China, India, Indonesia, Vietnam and countries in Africa and South America. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Shaw Says No To Wireless

Posted: 02 Sep 2011 05:30 AM PDT

In a significant move yesterday, the Canadian Cable MSO Shaw Communications Inc. (NYSE:SJR) decided to put aside its plan to enter into the wireless market of that country. Instead, the company will now build a cheaper Wi-Fi network, which will enable offloading 3G/4G wireless data traffic across a short distance from landline Internet access points, such as homes, offices, snacks bars etc. Wi-Fi network will enable Shaw's customers to connect smartphones, tablets, and other mobile devices to … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex – EUR/GBP Down During The European Session

Posted: 02 Sep 2011 05:00 AM PDT

Forexpros – The Euro was lower against the British Pound on Friday.

EUR/GBP was trading at 0.8789, down 0.27% at time of writing.

The pair was likely to find support at 0.8778, today's low, and resistance at 0.8884, Wednesday's high.

Meanwhile, the Euro was down against the U.S. Dollar and the Japanese Yen, with EUR/USD shedding 0.05% to hit 1.4253 and EUR/JPY falling 0.19% to hit … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Pre-NY Open Top Stories: Shares Sag, Pressure Build For ECB To Cut Rate, SNB To Intervene

Posted: 02 Sep 2011 04:31 AM PDT

European equities and S&P500 futures are weaker as we head into the all important non-farm payroll report.
From Reuters: "European shares fell sharply on Friday, snapping a four-session rally, on concerns that U.S. non-farm payroll numbers could signal the world's biggest economy was headed for a recession, with charts signaling a bearish outlook for equities.
Financials came under renewed pressure, with Greek banks .FTATBNK falling 4.3 percent and Greek shares down 3.2 … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex – GBP/CHF Down In European Trade

Posted: 02 Sep 2011 04:30 AM PDT

Forexpros – The British Pound was lower against the Swiss Franc on Friday.

GBP/CHF was trading at 1.2653, down 1.71% at time of writing.

The pair was likely to find support at 1.2581, today's low, and resistance at 1.3536, Monday's high.

Meanwhile, the British Pound was up against the U.S. Dollar and the Euro, with GBP/USD gaining 0.20% to hit 1.6213 and EUR/GBP falling 0.22% to hit … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


USD/CHF, EUR/CHF, And GBP/CHF In Sharp Corrections; Swissie-Strength Reflect Fading Of Intervention Concerns

Posted: 02 Sep 2011 04:28 AM PDT

USD/CHF

The USD/CHF accelerated its bearish correction in Friday's European session.
The 4H chart shows a break below the 200SMA, and the market at 38.2% retracement and previous consolidation support levels.
The market has a good place to park until the NFP release Friday 8:30AM EDT. Swissie-gains are reflective of general risk aversion heading into this employment release. It also reflects the SNB intervention concerns fading.
If the market rallies but fails to break back above … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex – AUD/USD Down In European Trading Hours

Posted: 02 Sep 2011 04:00 AM PDT

Forexpros – The Australian Dollar was lower against the U.S. Dollar on Friday.

AUD/USD was trading at 1.0700, down 0.19% at time of writing.

The pair was likely to find support at 1.0574, Monday's low, and resistance at 1.0765, Thursday's high.

Meanwhile, the Australian Dollar was down against the Euro and the Japanese Yen, with EUR/AUD gaining 0.16% to hit 1.3322 and AUD/JPY falling 0.40% to hit … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Forex – USD/CHF Down During The European Session

Posted: 02 Sep 2011 03:20 AM PDT

Forexpros – The U.S. Dollar was lower against the Swiss Franc on Friday after the release of Swiss data on Employment Level.

USD/CHF was trading at 0.7806, down 1.87% at time of writing.

The pair was likely to find support at 0.7764, today's low, and resistance at 0.8241, Monday's high.

Earlier in the day, official data showed that The number of people employed in Switzerland fell unexpectedly to a seasonally adjusted 2.77M in the last quarter from 4.11M in the preceding … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


Crude Oil On The Defensive, Gold Finding Support Ahead Of US Jobs Data

Posted: 02 Sep 2011 03:17 AM PDT

Talking Points

Crude Oil On the Defensive Ahead of US Jobs Report
Gold Trading as Safe Haven For Now, Outlook Clouded

WTI Crude Oil (NY Close): $88.93 // +0.12 // +0.14%
Needless to say, all eyes are pointed squarely at the US employment report, with expectations calling for the world's top economy will add 68,000 jobs in August to mark a slowdown from the previous month. Evaluating the possible scenarios for the announcement's impact on risk appetite (and thereby crude prices) is not a … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards


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