Wednesday, November 16, 2011

DailyMarkets.com - CNOOC-OPTI Deal Crosses Govt Hurdle

DailyMarkets.com - CNOOC-OPTI Deal Crosses Govt Hurdle

CNOOC-OPTI Deal Crosses Govt Hurdle

Posted: 16 Nov 2011 10:40 AM PST

CNOOC Ltd. (NYSE:CEO) has received the consent of the Minister of Industry, under the Investment Canada Act, for the proposed acquisition of OPTI Canada Inc. in a deal valued at around $2.1 billion.
The transaction comprises a consideration of $1.2 billion payable to holders of OPTI's second lien notes, $37.5 million to be paid to backstop parties, $34 million allocated to shareholders and the assumption of $825 million first lien notes. The closure is expected by the end of November 2011.
The … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Agilent Beats, Outlook Disappoints

Posted: 16 Nov 2011 10:25 AM PST

Agilent Technologies' (NYSE:A) fiscal fourth quarter earnings beat the Zacks Consensus by a couple of cents. However, revenue fell short of street expectations, missing by 1.3%. Shares dipped 3.14% after-hours Tuesday, an initial reaction to the revenue miss, as well as earnings guidance for the next quarter that was a penny shy of the Zacks Consensus.
Revenue
Agilent's revenue was up 2.2% sequentially and 9.6% year over year, not reaching management's expectations of a 3-4% sequential … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CBRE Global: Huge Outlay In China?

Posted: 16 Nov 2011 10:25 AM PST

CBRE Global Investors, the real estate investment management business of CBRE Group Inc. (NYSE:CBG), the world's largest commercial real estate services company (on the basis of 2010 revenues), has recently unveiled its plans to invest heavily in the housing sector in China in the second half of 2012 in anticipation of the gradual easing of the government restrictions based on price corrections in the property market.
Earlier this year, the government had imposed strict housing purchase … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Dell Beats On EPS, Revs Flat

Posted: 16 Nov 2011 10:10 AM PST

Dell Inc. (NASDAQ:DELL) delivered third quarter 2012 EPS of 54 cents, handily beating the Zacks Consensus Estimate of 47 cents. Following the earnings release, the company's share price dipped 0.51% to $15.55 in the after hour trade.
Revenues
The third largest personal computer maker in the world reported total revenue of $15.36 billion in the reported quarter, almost flat compared with the year-ago quarter level. We believe that lower demand for the company's products negatively impacted … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Target Tops Consensus

Posted: 16 Nov 2011 10:05 AM PST

Target Corporation (NYSE:TGT), the operator of general merchandise and food discount stores in the United States, recently posted better-than-expected third-quarter 2011 results on the heels of higher sales and improved profitability across credit card business.
The quarterly earnings of 87 cents a share topped the Zacks Consensus Estimate of 74 cents and surged 28% from 68 cents earned in the prior-year quarter. On a reported basis, including special items, earnings came in at 82 cents, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Thai Floods Affect PPG

Posted: 16 Nov 2011 10:05 AM PST

PPG Industries Inc. (NYSE:PPG) announced that its optical products manufacturing and distribution operations in Thailand have been severely disrupted by the worst floods that hit the nation in more than half a century.
The company declared a 'force majeure' for certain products as a result of the flooding. The term is a provision that frees companies from liability when an extraordinary event occurs that could significantly disrupt business. The decision was based on production suspension at … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Inflation Low (and Will Stay That Way)

Posted: 16 Nov 2011 09:50 AM PST

Consumer prices fell by 0.1% in October. The Consumer Price Index (CPI) rose by 0.3% in September, and by 0.4% in August. The trend is thus very much in the right direction. On a year-over-year basis it is running a bit hot at 3.5%, but that is down from being up 3.9% year over year last month. The consensus expectation was that headline inflation would be unchanged for the month.

Energy Prices

Looking a little bit deeper, the decrease in headline inflation is mostly with energy. Energy … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Wright Medical Reiterated Neutral

Posted: 16 Nov 2011 09:35 AM PST

We maintain our Neutral recommendation on international orthopedic devices company Wright Medical (NASDAQ:WMGI). Its third-quarter fiscal 2011 adjusted earnings per share (excluding one-time items other than stock-based compensation expense) of 16 cents met the Zacks Consensus Estimate.
The company incurred a loss in the quarter, hit by hefty charges including costs associated with restructuring. Revenues fell 3% year over year to $118.2 million, missing the Zacks Consensus Estimate. Declines across … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Heating Oil Heats Up!

Posted: 16 Nov 2011 09:21 AM PST

Wednesday, November 16, 2011
The term structure of Heating Oil futures has moved to a backwardation through September of 2012, which is likely a sign that the market is willing to pay a premium to obtain supplies in the near-term. Some traders looking for Heating Oil supplies to remain tight may wish to explore buying bull spreads in Heating Oil futures. A bull spread involves buying near-term Heating Oil futures and at the same time selling more deferred trading months. For example, January … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex Trading: Eurogroup Juncker Says German Debt Level Is A “cause For Concern”

Posted: 16 Nov 2011 09:20 AM PST

Juncker adds that:

Germany debt is higher debt than Spain but no one wants to know about that.
It would be a distastrous scenario if Greece were to exit the Eurozone

The EURUSD has moved down from 1.3530 to the 1.3505 … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Pepco Lands Maryland Contract

Posted: 16 Nov 2011 09:20 AM PST

Pepco Holdings Inc. (NYSE:POM), through its business unit Pepco Energy Services Inc., received a $27.6 million comprehensive energy performance and maintenance contract from the Maryland Port Administration. The contract extends over a 13.5 year term.
The contract will cover a total of 14 buildings spanning more than 570,000 square feet including the World Trade Center in Inner Harbor, the Maryland Cruise Passenger Building, and Maryland Port Administration facilities in the Dundalk Marine … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Allstate To Hire Sales Professionals

Posted: 16 Nov 2011 09:05 AM PST

Yesterday, Allstate Corporation (NYSE:ALL) announced that the company's insurance agency owners in Missouri and Nebraska are planning to hire 35 and 25 licensed sales professionals, respectively, by the end of this year.
Licensed sales professionals help the agencies by educating customers about the available insurance policies and assisting them in selecting the appropriate one. Thus, they play an important role in the growth of the agencies' business.
However, the professionals will be … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Industrial Production Rises

Posted: 16 Nov 2011 09:05 AM PST

Total Industrial Production rose by 0.7% in October, much better than the 0.4% rise that was expected. However, September was revised down to a decline of 0.1% from being up 0.2%.

The Industrial production numbers are often distorted by Utility Output, which is often affected by the weather as much as it is by economic activity. To get a sense of what is happening in the economy, it is worth looking at just manufacturing output.

Factory output rose by 0.5%, up from 0.3% in September (revised … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Market Share Gains Insulate Against Industry Weakness

Posted: 16 Nov 2011 08:50 AM PST

Market Share Gains Insulate Against Industry Weakness
Ken Nagy, CFA

On November 15, 2011, Tower Semiconductor Ltd. (TSEM), a global specialty foundry leader, reported financial results for its fiscal 2011 third quarter and nine months, ended September 30, 2011.

A solid third quarter by the Company resulted in quarterly revenues increasing by over 26 percent or $36.405 million sequentially to $176.112 million, which compares to revenues of $139.707 million for the three months ended June 30, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

BRE Properties Sheds Assets

Posted: 16 Nov 2011 08:50 AM PST

BRE Properties, Inc. (NYSE:BRE), a real estate investment trust (REIT), recently announced the sale of two Inland Empire apartment communities named Galleria at Towngate, a 268 apartment home community located in Moreno Valley, and Windrush Village, a 366 apartment home community located in Colton, California for $65.2 million.
The proceeds from the asset sale will be  utilized to repay amounts outstanding under the company's revolving credit facility.
The asset sale is a strategic move on … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Insider Trading, Congress Style

Posted: 16 Nov 2011 08:50 AM PST

On CNBC this morning Author Peter Schweizer discussed his forthcoming book "Throw Them All Out: How Politicians and Their Friends Get Rich off Insider Stock Tips, Land Deals, and Cronyism That Would Send the Rest of Us to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

AUXILIO Top-Line Grows From Six New Client Accounts

Posted: 16 Nov 2011 08:35 AM PST

AUXILIO Top-Line Grows from Six New Client Accounts
Ken Nagy, CFA
On November 15, 2011, Auxilio, Inc. (AUXO), a Managed Print Services (MPS) company for health care industry, reported financial results for its fiscal 2011 third quarter and nine months, ended September 30, 2011.

A solid quarter resulted in an over 68 percent year over year increase in sales, with revenue expanding $2.703 million to $6.674 million from $3.970 million for the three months ended September 30, 2010.

Auxilio's … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Duke Energy Boosting Assets

Posted: 16 Nov 2011 08:35 AM PST

Duke Energy Renewables, a subsidiary of Duke Energy Corporation (NYSE:DUK), has purchased a portfolio of photovoltaic ("PV") projects from ESA Renewables, LLC that brings the company's ownership of solar farms in North Carolina to seven.
The three 1-megawatt commercial solar projects acquired by the company are located in or near the town of Murphy, N.C. at the southwestern corner of the state. ESA Renewables will be responsible for handling operations, monitoring and maintenance at each of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

SL Green Closes Credit Facility

Posted: 16 Nov 2011 08:20 AM PST

SL Green Realty Corp. (SLG) recently announced that it has closed on a new $1.5 billion unsecured revolving credit facility, replacing the company's previous $1.5 billion unsecured revolving credit facility, maturing in June 2012.
The new investment facility currently bears interest at 150 basis points over LIBOR, and matures in November 2016, including an extension option, and features a more flexible structure.
The new credit facility is expected to enable the company to pursue future … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Dow Breaks Below 12K, Oil Rallies

Posted: 16 Nov 2011 08:10 AM PST

11/16/11 US stocks tracked global equity markets lower, as EU recession fears weighed on sentiment. Domestic economic data reflected gradual economic growth. Crude oil topped … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Updating The SP500 Symmetrical Triangle Pattern

Posted: 16 Nov 2011 08:08 AM PST

So far, the Symmetrical Triangle Pattern has held firm, containing this week's moves into the upper and lower compressing trendlines.
Let's update the original "SPY/S&P 500 Symmetrical Triangle" post from earlier in the week with a mid-week perspective:

The dominant trendlines have compressed to the 1,260 and 1,240 area (plus or minus a few index points) which also happens to be the compression zone between the very important 200 day Simple Moving Average (a firm reference) and the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Crude Oil Futures Surge To 5-month High After U.S. Inventory Data

Posted: 16 Nov 2011 07:55 AM PST

Forexpros – Crude oil futures rallied to the highest level since June on Wednesday, after a government report showed that U.S. crude supplies fell broadly in line with expectations last week.

On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD102.08 a barrel during U.S. morning trade, soaring 2.65%.

It earlier rose by as much as 2.85% to trade at USD102.24 a barrel, the highest since June 9.

Crude prices traded at USD101.66 prior to the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – Dollar Trims Gains But Euro Zone Fears Weigh

Posted: 16 Nov 2011 07:50 AM PST

Forexpros – The U.S. dollar trimmed gains against its major counterparts in volatile trade on Wednesday, but investors remained jittery as fears that the debt crisis in the euro zone is deepening pressured regional bond yields higher.

During U.S. morning trade trade, the dollar was up against the euro, with EUR/USD slipping 0.09% to hit 1.3533.

Concerns over the ability of European leaders to stem the region's debt crisis pressured the yields of core euro zone economies, with the yield on … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – GBP/USD At One-month Low After BoE Cuts Outlook

Posted: 16 Nov 2011 07:38 AM PST

Forexpros – The pound was trading close to a one-month low against the U.S. dollar on Wednesday, after the Bank of England cut growth and inflation forecasts and indicated that further monetary stimulus may be necessary as the economic outlook deteriorates.

GBP/USD hit 1.5740 during U.S. morning trade, the pair's lowest since October 20; the pair subsequently consolidated at 1.5743, shedding 0.49%.

Cable was likely to find support at 1.5680, the low of October 20 and resistance at 1.5826, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Natural Gas Drops To 13-month Low With Inventory Data In Focus

Posted: 16 Nov 2011 07:37 AM PST

Forexpros – Natural gas futures declined for a sixth day on Wednesday, falling to a fresh 13-month low as warm temperatures and concerns about growing U.S. inventory levels continued to drive prices lower.

On the New York Mercantile Exchange, natural gas futures for December delivery traded at USD3.401 per million British thermal units during U.S. morning trade, shedding 0.33%.

It earlier fell by as much as 0.6% to trade at USD3.389 per million British thermal units, the lowest price since … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex- Euro Trims Losses Against Dollar In Choppy Trading

Posted: 16 Nov 2011 07:27 AM PST

Forexpros – The euro trimmed losses against the U.S. dollar in choppy trade on Wednesday, but euro zone bond yields remained under pressure despite bond purchases by the European Central Bank.

EUR/USD pulled back from 1.3430, the pair's lowest since October 10, to hit 1.3503 during U.S. morning trade, still down 0.27%.

The pair was likely to find support at 1.3360, the low of October 7 and resistance at 1.3538, the day's high.

Concerns over the ability of European leaders to stem the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

IJ Goes Up Against The Connecticut Dental Cartel

Posted: 16 Nov 2011 07:22 AM PST

Institute for Justice — “Teeth-whitening services are popular and increasingly available at spas, salons and shopping malls. This has been a boon for consumers because these businesses offer whitening services at a much lower cost than dentists do, often charging less than 25 percent of what a dentist would charge for similar results.

There is one group that is not smiling about these new, low-cost teeth-whitening services: the Connecticut Dental Commission. In June, the Commission ruled … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

U.S. Stocks Fall As EU Debt Fears Weigh; Dow Drops 1%

Posted: 16 Nov 2011 07:15 AM PST

Forexpros – U.S. stock markets were sharply lower after the open on Wednesday, as investors shunned riskier assets amid concerns the euro zone's sovereign debt crisis was worsening.

During early U.S. trade, the Dow Jones Industrial Average tumbled 1%, the S&P 500 index slumped 0.85%, while the Nasdaq Composite index declined 0.75%.

Concerns over Italy's debt woes lingered as the yield on the country's 10-year bond hovered close to the 7% threshold widely seen as unsustainable, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – USD/CAD Trims Gains After U.S. Data

Posted: 16 Nov 2011 07:12 AM PST

Forexpros – The U.S. dollar trimmed gains against its Canadian counterpart on Wednesday, as market sentiment improved slightly after data showed U.S. industrial output rose more than expected in October.

USD/CAD pulled back from 1.0288, the pair's highest since October 12, to hit 1.0255 during U.S. morning trade, still up 0.41%.

The pair was likely to find support at 1.0157, Tuesday's low and resistance at 1.0327, the high of October 12.

The U.S. Federal Reserve said industrial … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Gold Remains Lower Amid Lingering Euro Zone Debt Woes

Posted: 16 Nov 2011 06:44 AM PST

Forexpros – Gold futures remained lower on Wednesday, as a broadly stronger U.S. dollar pressured prices, while investors continued to eye developments surrounding the debt crisis in the euro zone.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,764.95 a troy ounce during U.S. morning trade, dropping 0.97%.

It earlier fell by as much as 1.15% to trade at a daily low of USD1,761.65 a troy ounce.

Gold's losses came as the dollar … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CPI Factoid Of The Day: Natural Gas Prices -2.2%

Posted: 16 Nov 2011 06:39 AM PST

Interesting factoid from Table A above (click to enlarge) in today’s CPI report:

Compared to one year ago, every category of goods and services has increased except for one deflationary item: “Utility (piped) gas service,” which has decreased by 2.2% from October 2011.  As I reported recently, natural gas futures prices for the month of November are the lowest in ten years, so the decline in natural gas prices for consumers is likely to continue through the winter.   

Welcome … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

U.S. Industrial Production Rises More-than-expected

Posted: 16 Nov 2011 06:22 AM PST

Forexpros – Industrial production in the U.S. rose more-than-expected in October, official data showed on Wednesday.

In a report, the U.S. Federal Reserve said that industrial production rose by a seasonally adjusted 0.7% in October, beating expectations for a 0.4% gain.

Industrial production in September was revised down to a decline of 0.1% from a previously reported 0.2% increase.

Year-over-year, industrial production rose at an annualized rate of 3.9% in October, after increasing at a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

BOE Extends European Stock Drop

Posted: 16 Nov 2011 01:15 AM PST

11/16/11  NYFP’s Morning Market Report: European stocks and global equities continued to dive this morning following poor UK data and a gloomy forecast from the Bank of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – EUR/USD Almost Unchanged After U.S. Inflation Data

Posted: 16 Nov 2011 06:07 AM PST

Forexpros – The euro was almost unchanged against the U.S. dollar on Wednesday, remaining broadly lower after government data showed that U.S. consumer prices were lower for the first time in four months, as concerns over the euro zone debt crisis weighed.

EUR/USD hit 1.3430 during European afternoon trade, the pair's lowest since October 10; the pair subsequently consolidated at 1.3475, shedding 0.47%.

The pair was likely to find support at 1.3360, the low of October 7 and resistance at … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

U.S. TIC Long Term Purchases Rise More-than-expected

Posted: 16 Nov 2011 06:06 AM PST

Forexpros – U.S. Treasury International Capital purchases rose more-than-expected in September, official data showed on Wednesday.

In a report, the U.S. Department of the Treasury said that net foreign purchases of long-term securities totaled USD68.6 billion in September, above expectations of USD63.4 billion.

The previous month's figure was revised up to USD58.0 billion from a previously reported USD57.9 billion.

Net purchases of Treasuries by private foreign investors were USD84.5 … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Euro Falls As Monti To Lead Italian Government, Serve As Finance Minister

Posted: 16 Nov 2011 05:56 AM PST

Fundamental Headlines
• Fed Officials Divided on Need for More Easing – Bloomberg
• King Says U.K. Growth Stalling, Mulls Stimulus – Bloomberg
• European Central Bank Steps in to Counter Bond Rout – Reuters
• Bundesbank Slams Crisis Proposals – WSJ
• Greek Deficit Could Exceed 9% – WSJ
European Session Summary
Trade in the overnight was exceptionally choppy, with Asian markets selling off almost immediately, sending higher yielding currencies and risk-correlated assets … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

U.S. Core CPI Rises In Line With Expectations In October

Posted: 16 Nov 2011 05:38 AM PST

Forexpros – Core consumer price inflation in the U.S. rose in line with expectations in October, official data showed on Wednesday.

In a report, the Bureau of Labor Statistics said that core consumer prices rose by a seasonally adjusted 0.1% in October, broadly in line with expectations, after rising by 0.1% in September.

Year-over-year, core consumer prices rose at an annualized rate of 2.1% in October, matching forecasts, after accelerating at a rate of 2.0% in September.

Core prices are … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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