Friday, November 25, 2011

DailyMarkets.com - Crude, Distillate Stocks Tumble

DailyMarkets.com - Crude, Distillate Stocks Tumble

Crude, Distillate Stocks Tumble

Posted: 25 Nov 2011 12:10 PM PST

The U.S. Energy Department’s weekly inventory release showed an unexpected decrease in crude inventories, currently at their lowest level in almost two years, while gasoline supplies rose for the second straight week. The agency's report further revealed that distillate stockpiles declined for the eighth-straight week to a three-year low despite production rising to a record high. Meanwhile, refiners improved processing rates by 0.7%.
The Energy Information Administration (“EIA”) Petroleum … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Medivation Back To Neutral

Posted: 25 Nov 2011 12:10 PM PST

We recently downgraded biopharma company Medivation, Inc. (NASDAQ:MDVN) to Neutral. The stock carries a Zacks #3 Rank (short-term "Hold" rating). Medivation's shares received a major boost in early November with the company and its partner, Astellas, reporting impressive data on MDV3100 from a pre-specified interim analysis of a phase III study, AFFIRM. The Independent Data Monitoring Committee (IDMC) recommended that MDV3100's risk-to-benefit ratio was favorable enough to stop the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Superior Industries Remains Neutral

Posted: 25 Nov 2011 12:10 PM PST

We maintain our Neutral recommendation on Superior Industries International Inc. (NYSE:SUP). Headquartered in Van Nuys, California, Superior Industries is one of the world's largest designers and manufacturers of cast aluminum road wheels for the automotive industry.
Superior Industries' aluminum road wheels are sold to OEMs including Audi, BMW, Chrysler LLC, General Motors Company (NYSE:GM), Fiat, Ford Motor Co. (NYSE:F), Jaguar, Land Rover, Mazda, Mercedes Benz, Mitsubishi, Nissan Motor Co. Ltd … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

FDA Nod For Medtronic’s IPro2

Posted: 25 Nov 2011 11:50 AM PST

Leading medical devices player, Medtronic (NYSE:MDT) has received approval from the US Food and Drug Administration (FDA) for iPro2, a next generation Professional continuous glucose monitoring (CGM) system. This product would better equip healthcare providers to assess the status of glucose control for the patients they treat. They will also be able to judge how diet, medication, and daily activities affect their patients' glucose levels. 
Approval of iPro2 is significant as professional … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Xcel Energy Files For Rate Hike

Posted: 25 Nov 2011 11:35 AM PST

With an intention to recover costs, Xcel Energy (NYSE:XEL) filed an application to the Colorado Public Utilities Commission ("CPUC") to increase electricity rates. The rates if approved in toto will result in a hike amounting to $141.9 million and will cover all expenses incurred as well as incremental taxes.
The rate if approved will increase the monthly bill of a typical residential customer by $4.01 or 6% from the current level. However, in another filing, Xcel Energy had asked for a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

PartnerRe Inflates Stock Buy Back

Posted: 25 Nov 2011 11:30 AM PST

Earlier this week, the board of property-casualty and life reinsurer PartnerRe Ltd. (NYSE:PRE) approved and authorized the extension of its stock repurchase program up to 7 million shares, thereby keeping up the trend of returning wealth to its shareholders from time to time, depending on market conditions.
The company bought back shares worth about $180 million during the third and fourth quarters of 2010. For the first nine months of 2011, PartnerRe had repurchased 2.8 million shares of its … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Quest Diagnostics Retained At Neutral

Posted: 25 Nov 2011 11:20 AM PST

We reiterate our Neutral recommendation on Quest Diagnostics (NYSE:DGX), one of the largest providers of commercial laboratory services in North America,with a target price of $58.00. The company provides diagnostic laboratory services through its nationwide network of laboratories and patient service centers.
Recently, management has begun a CEO succession process to identify a successor to Surya N. Mohapatra, President, Chairman and CEO. Dr. Mohapatra will continue to serve as Chairman and CEO … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

H-P/Maersk Line Outsourcing Deal

Posted: 25 Nov 2011 11:20 AM PST

Hewlett-Packard Co. (NYSE:HPQ) has reportedly inked a five-year information technology (IT) infrastructure outsourcing service agreement with a renowned shipping company Maersk Line. The contract would bring in more than $150.0 million for H-P.
Maersk Line, the largest company in the A.P. Moller – Maersk Group, is the largest container shipping company in the world. Its fleet comprises more than 500 vessels and provides the most reliable ocean transportation services.
H-P said that it will … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Atmel Launches New Platform

Posted: 25 Nov 2011 11:04 AM PST

Atmel Corporation (NASDAQ:ATML) recently announced a complete Digital Audio Platform for consumer, automotive and industrial applications.
The Atmel Digital Audio Platform offers audio equipment and mobile accessory Original Equipment Manufacturers, a complete hardware and firmware solution that greatly simplifies the task of designing high-quality digital audio equipment.
Meanwhile, the Digital Audio Platform also integrates dedicated microcontrollers, evaluation kits and firmware IP. The firmware … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CUZ Maintains Neutral Recommendation

Posted: 25 Nov 2011 11:04 AM PST

We reiterate our “Neutral” rating on Cousins Properties Inc. (NYSE:CUZ), a Georgia-based real estate investment trust (REIT) engaged in the acquisition, financing, development, management, and leasing of office, retail and industrial properties throughout the U.S.
Cousins Properties has a diversified portfolio with a broad array of product types – office, retail, urban residential and single-family communities that mitigates operating risks associated with the economic down cycles. In 2008, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Broadcom Offers Notes

Posted: 25 Nov 2011 10:50 AM PST

Leading chipmaker Broadcom Corporation (NASDAQ:BRCM) recently announced that the company will offer $500 million of senior notes.
The company expects to use the net proceeds from the offering to fund a portion of its proposed acquisition of NetLogic Microsystems and other general corporate purposes.
In September, Broadcom Corporation announced that it will acquire NetLogic Microsystems for $3.7 billion or $50 per share.
Headquartered in Santa Clara, California, NetLogic develops … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Petrobras Finds Oil In Santos Basin

Posted: 25 Nov 2011 10:50 AM PST

Petroleo Brasileiro S.A. or Petrobras (NYSE:PBR) confirmed the discovery of superior quality oil in the south Santos Basin well 4-SPS-91 (4-BRSA-1002-SPS). As per the oil sampling tests, the find was in an approximately 2,160 meters deep sandstone reservoir in the post-salt area known as Tiro and Sidon.
Located about 200 km from the coast of Sao Paulo State and in a water depth of 299 meters, the well – informally known as Patola – is estimated to contain oil of around 36 degrees API that is … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Croatian National Bank Cuts Lombard Rate 275bps To 6.25%

Posted: 25 Nov 2011 10:47 AM PST

The Croatian National Bank decreased its Lombard lending rate by 275 basis points to 6.25% from 9.00% previously.  Meanwhile the bank held its other interest rates unchanged.  The Bank said: ”In addition, the central bank is allowing commercial banks to use their reserve funds under certain conditions,”… “The central bank has to approve the usage of reserves and will charge an interest rate of the Lombard rate plus 1 percent for periods up to 3 months, and Lombard … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

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

Posted: 25 Nov 2011 10:45 AM PST

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

NZD/USD was trading at 0.7382, down 0.45% at time of writing.

The pair was likely to find support at 0.7371, today's low, and resistance at 0.7572, Monday's high.

Meanwhile, the New Zealand Dollar was down against the Australian Dollar and up against the Euro, with AUD/NZD gaining 0.03% to hit 1.3131 and EUR/NZD falling 0.48% to hit … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex Trading: GBPUSD Remains In Channel Downtrend

Posted: 25 Nov 2011 10:37 AM PST

The GBPUSD remains in a downward trend channel that has defined the lows and highs this week. On the lower channel, I have outlined two parellel trendlines.  Each has been used during the week to define risk for traders.  The higher trendline has support at the 1.5416 currently. The lower comes in at the 1.5390 level.  On the topside, the move higher tested the upper trendline today but was not able to push above … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

JetBlue Wins Flight Auction

Posted: 25 Nov 2011 10:35 AM PST

JetBlue (NASDAQ:JBLU) has made its way through the flight auction at New York's LaGuardia and Washington's Reagan airports, edging out one of the largest discounted airlines –– Southwest (NYSE:LUV).  Through this auction, JetBlue received eight pairs of roundtrip slots at each of these airports.
Further, JetBlue's subsidiary, WestJet Airlines Ltd. (WJA) also received eight other flight slots auctioned at LaGuardia airport.
Despite the financial turmoil including higher fuel prices, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Euro At 7-week Low Vs. Dollar

Posted: 25 Nov 2011 10:30 AM PST

11/25/11 The euro currency continued to slide this session following more eurozone debt crisis … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Rosy Spring For Tobacco Giants?

Posted: 25 Nov 2011 10:25 AM PST

The tobacco industry hopes to turn around in the coming spring after poor crop last year owing to a drought-plagued season. The tobacco giants like Philip Morris International Inc. (NYSE:PM) and Reynolds American Inc. (NYSE:RAI) anticipate a higher price for their cigars on the back of a better yield by Burley farming, the key industry in Kentucky, powered by a favorable curing condition.
White Burley is a strain of tobacco that is known for its capacity to absorb sugar and flavoring. Burley was … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Symantec’s SMB Security Report

Posted: 25 Nov 2011 10:20 AM PST

Internet and IT security major Symantec Corp. (NASDAQ:SYMC) recently came out with the results of the 2011 SMB Threat Awareness Poll. The results were a bit surprising as it claimed that Small & Medium Businesses (SMBs) are not targets of cyber attacks. As a result, they are reluctant to enhance their IT security measures.
This poll was mainly conducted to examine the awareness levels of small and medium sized businesses (SMBs) regarding the threat of security breaches and to determine how well … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

BP, Indian Oil In Acetic Acid JV

Posted: 25 Nov 2011 10:20 AM PST

BP Plc (NYSE:BP) and state-owned Indian Oil Corporation have come together for a 50:50 joint venture (JV) to construct an acetic acid plant in western India.
The two firms signed a memorandum of understanding to invest in a one million ton per annum acetic plant together with allied gassification facilities for the production of synthesis gas. The unit will be set up in the state of Gujarat.
The Cativa XL technology of BP would be used in the proposed plant, while the gassification facilities … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

European Markets Close Higher; Dax Up 1.19%

Posted: 25 Nov 2011 10:05 AM PST

Forexpros – European stocks were up after the closing bell on Friday.

At the close of European trade, Germany's DAX rose 1.19%, London's FTSE 100 gained 0.72%, France's CAC 40 climbed 1.23% and the EURO STOXX 50 was up 1.01%.

Meanwhile, on Wall Street, equity markets were down after the open. The Dow Jones Industrial Average was down 0.14%; the S&P 500 index shed 0.18%, while the Nasdaq 100 index declined … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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