Tuesday, September 6, 2011

DailyMarkets.com - Synutra Sees Management Churn

DailyMarkets.com - Synutra Sees Management Churn

Synutra Sees Management Churn

Posted: 06 Sep 2011 08:05 AM PDT

Rockville, Maryland-based Synutra International, Inc (SYUT) recently announced that its Chief Financial Officer (CFO) Donghao Yang has resigned to pursue other opportunities.
Yang joined the infant formula company in China as CFO in June 2010 and utilized all his expertise and experience to improve the company's top line and narrow down the losses. Yang has an experience of over 16 years in corporate finance, commodity trading and international business development. He will however, continue … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

FTC Seeks More Info From Medco-ESRX

Posted: 06 Sep 2011 07:40 AM PDT

Recently, Federal Trade Commission (FTC) requested both Medco Health Solutions (NYSE:MHS) and Express Script (NASDAQ:ESRX) to submit additional information regarding the pending acquisition deal. Under the current circumstances, the completion of the proposed acquisition can get postponed by approximately 30 days. Despite the uncertainty regarding the delay, Medco anticipates to close the deal by the first half of 2012. However, the deal is also subject to approval of the stockholders of both Express … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

SNPS Acquires NSys Design

Posted: 06 Sep 2011 07:35 AM PDT

Leading software, IP design, verification and manufacturer of electronic components, Synopsys, Inc. (NASDAQ:SNPS) recently completed the acquisition of a leading independent provider of verification IP (VIP), nSys Design Systems Private Limited (nSys). With this acquisition, Synopsys intends to increase investment in VIP technology to address the growing verification challenges that designers face while developing complex systems on chips (SoCs) to serve the demand for ‘smart’ electronics.
However, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Strike Hampers Toyota’s Production

Posted: 06 Sep 2011 07:35 AM PDT

Approximately 3,200 workers at the Toyota Motor Co. (NYSE:TM) plant in Melbourne, Australia went on a day’s strike on Friday regarding pay. Moreover, workers at the Toyota warehouse in Sydney also followed suit in support of their counterparts in the Melbourne plant. The workers intend to further strike work on Thursdays and Fridays over the next three weeks.
Toyota Australia was forced to shut down production at the Altona manufacturing plant and Toyota Parts Centers in Melbourne and Sydney, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: EURUSD Looks To Test The 1.4096 Level.

Posted: 06 Sep 2011 07:16 AM PDT

The US ISM non Manfacturing came is stronger at 53.3  vs 51.0 expectations. It has helped move the EURUSD on some risk taking.  The rally, however has resistance at the close from yesterday at the 1.4096 level which is the close from yesterday and the 200 bar MA on the 5 minute … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Crude Oil Futures Trim Losses After ISM Report

Posted: 06 Sep 2011 07:16 AM PDT

Forexpros – Crude oil futures pared sharp losses on Tuesday, bouncing off a seven-day low after a report showed that service sector activity in the U.S. rose unexpectedly in August.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD84.89 a barrel during U.S. morning trade, dropping 1.8%.

It earlier fell as much as 3.5% to trade at USD83.22 a barrel, the lowest price since August 26.

The U.S. Institute of Supply Management said earlier that … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

US ISM Services Index Shows Activity Picking Up In August

Posted: 06 Sep 2011 07:11 AM PDT

The ISM services index showed some good news for the US, as it came in at 53.3 for the month of August, better then the 52.7 we saw in July and a full two points better than the forecast of a 51.3 reading.

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The business activity sub-gauge was at 55.6 a bit weaker than July 56.1, the employment index slid to 51.6 from July's … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

U.S. ISM Non-manufacturing PMI Rises Unexpectedly

Posted: 06 Sep 2011 07:07 AM PDT

Forexpros – Service sector activity in the U.S. rose unexpectedly in August, industry data showed on Tuesday.

In a report, the Institute of Supply Management said its non-manufacturing purchasing manager’s index rose by 0.6 points to 53.3 in August from 52.7 in July.

Analysts had expected the index to decline to 51.0 in August.

On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.

The New … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Kohl’s August Comp Sales Slip

Posted: 06 Sep 2011 07:05 AM PDT

Same-store sales at Kohl's Corporation (NYSE:KSS) went down 1.9% in the four-week period ended August 27, 2011 compared with an increase of 4.5% in the year-ago period. On a year-to-date basis, same-store sales increased 1.1% in August 2011.
Total sales declined 0.1% to $1,414.0 million for the four-week period ended August 27, 2011 compared with $1,416.0 million in the same period ended August 28, 2010. Further on a year-to-date basis, total sales increased 2.9% to $9,824.0 million, compared … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Honda Recalls A Million

Posted: 06 Sep 2011 07:05 AM PDT

Honda Motor Co. (NYSE:HMC) plans to recall 962,000 cars globally in order to fix a problem with their power windows and computer systems. The recall involves 936,000 units of Fit and CR-V (including 80,111 units in the U.S.) and 26,000 units of CR-Z compact hybrids (including 5,626 units in the U.S.). No injuries have been reported related to either of the problems.
Honda detected a design flaw in the Fit and CR-V line-ups that allows residue from window cleaners to accumulate, which can degrade … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Tuesday Morning Links

Posted: 06 Sep 2011 06:59 AM PDT

1. “Manity sizing” comes to the U.K. Stores are labeling trousers up to two inches narrower at the waist than they actually are. 

2. The Post Office is dying.  Reason? We don’t need it anymore.

3. Flashback to July 22, 2007 – “Fannie Mae and Freddie Mac are riding to the rescue of the subprime lending market. Consumer advocacy groups and politicians have been calling on the agencies to get more involved in guaranteeing subprime loans and creating consumer-friendly mortgages that can … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

GBP/JPY Respects Support At 123.40 And Resistance At 124.50

Posted: 06 Sep 2011 06:44 AM PDT

GBP/JPY

The 123.35-123.40 support from August held. A sharp rebound pushed the market to 125.00, but the 4H chart above shows failure to close above the 124.50 pivot.
Still the bullish 4H candle engulfed all of this week's earlier bearish candles.
Note the RSI showing a 3-pt divergence (the second RSI low is higher than both the 1st and 3rd. The 3rd RSI low is higher than the first.)
If the market can close above 124.50 in Tuesday's US trading session, we can see a rally towards … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – USD/CAD Pulls Back From Four-week High Ahead Of ISM

Posted: 06 Sep 2011 06:44 AM PDT

Forexpros – The U.S. dollar pulled back from a four-week high against its Canadian counterpart on Tuesday, paring earlier gains made on the back of mounting concerns over the global economic outlook.

USD/CAD pulled back from 0.9964, the highest since August 11, to trade at 0.9930 during U.S. morning trade, still up 0.24% on the day.

The pair is likely to find short-term support at 0.9852, Monday's low and resistance at 1.000, the high of August 9.

Market sentiment continued to be weighed … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Swiss Move Masks Bigger Picture Dollar Bid

Posted: 06 Sep 2011 06:41 AM PDT

Some weeks ago discussion surfaced over a possible peg for the Swiss franc against the euro after safe haven flows created a sustained advance in the value of the few currencies outside of the euro-area. Having dotted the “i's” and crossed the “t's” the plan apparently caught the Swiss bulls on the hop on Tuesday forcing the franc to halve its year-to-date gains of 13% versus the euro in the space of just a few moments. The move to peg the Swiss franc at a value of Sfr1.20 per euro cast an … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Cartoon Of The Day: Western Fetish

Posted: 06 Sep 2011 06:37 AM PDT

Featured in James Joyner’s article about “the Western fetish for turning cheap, efficient food into expensive, inefficient … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

IBM Agrees To Buy Algorithmics

Posted: 06 Sep 2011 06:35 AM PDT

International Business Machines Corp.(NYSE:IBM) has agreed to acquire the Toronto-based risk analytics software firm Algorithmics, for an estimated $387 million in cash. The deal is expected to be completed by October 2011. Algorithmics is a member of Fitch Group, the majority of which is owned by Paris-based holding company Fimalac SA.
Apart from providing risk analytics software, Algorithmics also provides advisory service that is used by financial organizations globally such as banks, insurance … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

U.S. Dollar Strongest Performer After SNB Imposes Exchange Rate Floor

Posted: 06 Sep 2011 06:29 AM PDT

Fundamental Headline
• European Stocks Decline for Third Day on Debt Crisis; U.S. Futures Slide – Bloomberg
• World in 'Dangerous' Period with EU Turmoil – Bloomberg
• China Starts to Reshuffle Engineers of Economic Boom – Reuters
• U.S. Banks Offered Deal Over Lawsuits – Reuters
• SNB Sends Franc Plunging – WSJ
European Session Summary
Following sharp criticism last week by Swiss Economic Minister Johann Schneider-Amman stating that markets were likely overstating the … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: EURUSD Moves Toward The 200 Day MA At 1.4013

Posted: 06 Sep 2011 06:21 AM PDT

The EURUSD has been moving in a volatile fashion as it is being pushed and pulled from EURCHF buying on one hand and issues in the EU (Greece/Italy) on the other hand. 
The pair is now down on the day now with the price below the 1.4096 level.  Staying below keeps the pair on the defensive.  The earlier low for the day was also breached below the 1.4038 level.  but is now back above the key level.   This level will now be eyed on the downside for intraday … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

The Economy In Focus

Posted: 06 Sep 2011 06:16 AM PDT

The long weekend was unable to make us forget Friday’s ugly labor market report that highlighted the stalled state of the U.S. economy. With Europe mired in its own intractable fiscal problems and the key emerging markets battling inflationary pressures, the global economic picture remains very uncertain.

It is this backdrop of all-around uncertainty that has been adding to the allure of safe-haven assets like gold, U.S. and German government bonds and the Swiss Franc. The Swiss central bank … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Stock Market News Briefs: Bank Of America, Peabody Energy, Esterline Technologies, Expedia, Finisar, Goldman Sachs Group, H&R Block, J P Morgan Chase & Co, KMG Chemicals, Liz Claiborne

Posted: 06 Sep 2011 06:11 AM PDT

    Expedia Inc. (NASDAQ:EXPE) announced that its chief financial officer, Michael Adler, will vacate his position after the spin-off of TripAdvisor, and will be replaced by Mark Okerstrom, currently senior vice president of corporate development

    Houston-based specialty-chemicals maker KMG Chemicals Inc. (NASDAQ:KMGB) said that it expects fourth-quarter profit to be roughly half of what it earned in its latest quarter

    Coal producer Peabody Energy … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Nokia Remains Neutral

Posted: 06 Sep 2011 06:05 AM PDT

Nokia Corp. (NYSE:NOK) is currently is in a state of mess and we are yet to find any catalyst for the ensuing third quarter of 2011. The Symbian operating system is completely outdated now, facing rejection from all the corners of global markets. At present, Nokia's future is contingent upon the success of its upcoming Windows Phone 7 software-based smartphones. Microsoft Corp. (NASDAQ:MSFT) has developed Windows Phone operating system. However, we remain skeptical about these products as the success … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Vale Carriers Up For Sale

Posted: 06 Sep 2011 06:05 AM PDT

Brazilian Miner Vale S.A (VALE) has planned to sell or lease its planned fleet of giant bulk carriers and is in talks with the Chinese and other ship owners on the issue.
Initially, the company planned to own a fleet of 19 dry bulk freighters in order to reduce shipping costs of freight operators for carrying iron ore from Brazil to the company's major iron ore importer, China. The move was anticipated to drive down freight rates globally and hurt smaller maritime companies … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

ABC Takes Over Premier Source

Posted: 06 Sep 2011 06:05 AM PDT

AmerisourceBergen Corporation (NYSE:ABC) recently announced the completion of the acquisition of privately-held Premier Source. The financial terms of the transaction were not disclosed. Premier Source provides consulting and reimbursement services to medical device, pharmaceutical, molecular diagnostic, and biotechnology manufacturers, as well as other health services companies.
Following the acquisition, Premier Source has been merged with AmerisourceBergen's AmerisourceBergen Consulting … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Let Business Pioneers Do What They Do Best: Create New Wealth, Not Redistribute Wealth

Posted: 06 Sep 2011 05:53 AM PDT

From Thomas Sowell’s latest column:  

“A recent New York Times article criticized of Apple CEO Steve Jobs for not contributing to charity as much as the New York Times writer thought he should. The media in general are full of praise for business people and their companies for giving away substantial amounts of their wealth. Indeed, that is one of the few things for which many in the media praise businesses and the wealthy.  

Judging businesses or their owners by how much … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

U.S. Futures Point To Sharply Lower Open; Dow Drops 2.2%

Posted: 06 Sep 2011 05:48 AM PDT

Forexpros – U.S. stock futures pointed to a sharply lower open on Tuesday, amid mounting concerns over the global economic outlook as trading on Wall Street resumed following the U.S. Labor Day holiday.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a loss of 2.2%, the S&P 500 futures indicated a steep drop of 2.65%, while the Nasdaq 100 futures signaled a 2% decline.

With trading on Wall Street shut on Monday, investors got their first chance to react to … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

EUR/USD Respects Resistance At 1.4260 And Slides Sharply

Posted: 06 Sep 2011 05:36 AM PDT

Prev: EUR/USD Nearing Support Pivots; ECB Ahead Should Flatten it Out (9/5)
EUR/USD

EUR/USD found support at 1.4050, and surged in the European session towards 1.4260. The previous update noted this as an important pivot, and the market respected it as resistance.
The decline was just as sharp as the correction rally and reflects the dominance of bears in the current EUR/USD market.
The 1.40 level to 1.4260 level can now be established as a range ahead of the ECB decision this … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Foster Wheeler Wins Contract

Posted: 06 Sep 2011 05:25 AM PDT

Foster Wheeler AG's (NASDAQ:FWLT) Global Engineering and Construction Group received a contract for making the basic engineering design of a new hydrogen production unit, which will be constructed at the Atyrau Refinery (Atyrau, Kazakhstan Republic). The refinery is a part of Kazakhstan's leading national oil and gas company, JS National Company "KazMunayGas" group. The hydrogen unit will deploy Foster Wheeler Terrace-Wall™ steam reforming technology. 
The project involves restoration … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Liberty Global Bags Aster

Posted: 06 Sep 2011 05:25 AM PDT

Liberty Global Inc. (NASDAQ:LBTYA), a leading global cable TV and diversified broadband services provider, recently received the regulatory approval to acquire 100% stake of Aster Sp. Z.o.o from the London-based private equity firm Mid Europa Partners LLP. Aster is the fourth largest cable TV operator in Poland. Liberty Global already has a very strong foothold in the Polish broadband market. The company owns Poland's largest cable TV and broadband service provider UPC Polska.
The Polish … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Dollar Mixed As Swiss Franc Tumbles On SNB Intervention

Posted: 06 Sep 2011 05:20 AM PDT

Forexpros – The U.S. dollar was mixed its major rivals on Tuesday, after the Swiss National Bank intervened in currency markets to weaken the franc, sending it sharply lower against both the dollar and the euro.

During European afternoon trade, the greenback was sharply higher against the Swiss franc, with USD/CHF leaping 8.41% to hit 0.8533.

The SNB set a minimum exchange rate target of 1.20 per euro for the Swiss franc and said it was prepared to defend this level by purchasing foreign … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Swiss Franc Plunges As SNB Announces Peg To Euro At 1.20

Posted: 06 Sep 2011 05:09 AM PDT

The Swiss Franc has been strong due to its safe haven status. However, that strength has now forced the hands of the SNB to effectively peg the exchange rate at 1.20 Swiss Franc per Euro and defend that level with determination. This shot the EUR/CHF from 1.1040 levels to 1.2190 levels before stalling around 1.2040 heading into the Tuesday US session. This is an incredible 1000+ pips in the span of 3 hours.

 
The USD/CHF jumped almost 700 pips in the forex market's reaction to weaken … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Swissy Falls 1,000 Pips Vs Euro As SNB Pulls Out “Ceiling” Bazooka

Posted: 06 Sep 2011 05:07 AM PDT

The Swiss National Bank unveiled their bazooka today, pledging to keep the EUR/CHF above the 1.20 level with unlimited intervention.
From Bloomberg: "The Swiss central bank imposed a ceiling on the franc's exchange rate for the first time in more than three decades and pledged to defend the target with the "utmost determination."
The Swiss National Bank is "aiming for a substantial and sustained weakening of the franc," the Zurich-based bank said in an … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Swissy Climbs 1,000 Pips Vs Euro As SNB Pulls Out “Ceiling” Bazooka

Posted: 06 Sep 2011 05:07 AM PDT

The Swiss National Bank unveiled their bazooka today, pledging to keep the EUR/CHF above the 1.20 level with unlimited intervention.
From Bloomberg: "The Swiss central bank imposed a ceiling on the franc's exchange rate for the first time in more than three decades and pledged to defend the target with the "utmost determination."
The Swiss National Bank is "aiming for a substantial and sustained weakening of the franc," the Zurich-based bank said in an … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – GBP/USD Erases Gains After Rising On SNB Action

Posted: 06 Sep 2011 04:45 AM PDT

Forexpros – The pound erased gains against the U.S. dollar on Tuesday, pulling back from a daily high hit after the Swiss National Bank’s intervention in currency markets boosted the euro broadly, which in turn pulled the pound higher.

GBP/USD retreated from 1.6202, the daily high, to hit 1.6091 during European afternoon trade, sliding 0.15%.

Cable was likely to find support at 1.6004, the low of July 18 and resistance at 1.6185, Monday's high.

The euro posted sharp gains against its … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Crude Oil May Rebound With S&P 500, Gold Stalls Near $1900 Again

Posted: 06 Sep 2011 04:43 AM PDT

Talking Points

Crude Oil May Rebound as S&P 500 Corrects Higher After Selloff
Gold Stalls on Waning Safe Haven Flows, Weakness Unlikely to Last

WTI Crude Oil (NY Close): $83.60 // -2.70 // -3.13%
Crude prices are retracing higher along with a bounce in S&P 500 stock index futures ahead of the opening bell on Wall Street, hinting that bargain-hunting may force a correction to relieve short-term oversold conditions. The US ISM Non-manufacturing Composite gauge headlines the calendar, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/USD Gives Up Gains, Pulls Back From 2-day High

Posted: 06 Sep 2011 04:16 AM PDT

Forexpros – The euro trimmed gains against the U.S. dollar on Tuesday, giving up some of the gains made after the Swiss National Bank pegged the franc to the euro earlier, sending the single currency sharply higher across the board.

EUR/USD pulled back from 1.4245, the pair's highest since Friday, to hit 1.4171 during European early afternoon trade, still up 0.52% over the day.

The pair was likely to find support at 1.4037, the days low and resistance at 1.4245, the days high.

The euro … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Euro Jumps To 8-week High Vs. Franc After SNB Action

Posted: 06 Sep 2011 03:51 AM PDT

Forexpros – The euro jumped to an eight-week high against the Swiss franc on Tuesday, after the Swiss National Bank intervened in currency markets, setting an exchange rate target at 1.20 francs per euro.

EUR/CHF pulled away from 1.1017, the daily low, to hit 1.2029 during European morning trade, leaping 8.40%.

The pair was likely to find short-term support at 1.1908, the low of July 8 and short-term resistance at 1.2168, the high of the same day.

The SNB announced earlier that it had set … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Soybean Futures Fall To 1-week Low On Demand Concerns

Posted: 06 Sep 2011 03:41 AM PDT

Forexpros – Soybean futures dropped to one-week low on Tuesday, as mounting concerns over the global economy dampened the outlook for demand as trading resumed following the U.S. Labor Day holiday.

On the Chicago Mercantile Exchange, soybean futures for November delivery traded at USD14.2988 a bushel during European morning trade, tumbling 1.05%.

It earlier fell as much as 1.75% to trade at USD14.2288 a bushel, the lowest price since August 29.

With trading on the CME shut on Monday, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards
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