Thursday, November 10, 2011

DailyMarkets.com - FDA OKs Edwards Trial Enrollment

DailyMarkets.com - FDA OKs Edwards Trial Enrollment

FDA OKs Edwards Trial Enrollment

Posted: 10 Nov 2011 12:00 PM PST

Recently, Edwards Lifesciences Corporation (NYSE:EW) received conditional approval from the US Food and Drug Administration for enrollment of a certain group of patients in the PARTNER II trial. The trial is studying the company's next-generation Sapien XT transcatheter heart valve (THV).
Under the new cohort (PARTNER II Cohort A) of the trial, patients (up to 2,000) with severe, symptomatic aortic valve stenosis, who are at higher risk of traditional open heart surgery, will be enrolled. They … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Northrop Seals Retrofit Deal

Posted: 10 Nov 2011 11:50 AM PST

Northrop Grumman Corporation (NYSE:NOC) has received a $109 million contract from the U.S. Air Force to produce a redesigned aft deck for the B-2 stealth bomber that will bolster the world’s most survivable aircraft.
The B-2 Spirit stealth bomber is the only long-range, large-payload aircraft that can penetrate deeply into protected airspace. The warfighter is capable of flying more than 6,000 nautical miles un-refueled and more than 10,000 nautical miles with just one aerial refueling, granting … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Earnings Scorecard: Tesoro Corp.

Posted: 10 Nov 2011 11:35 AM PST

Earlier this month, independent refiner Tesoro Corporation (TSO) announced its financial results for the third quarter 2011.
Now that the analysts have had some time to ponder over the quarterly performance of Tesoro, they are weighing their estimate revisions. Below we cover the results of the recent earnings announcement, subsequent analyst estimate revisions and the Zacks ratings for the outlook.
Earnings Review
On November 2, 2011, Tesoro reported stellar third-quarter 2011 results, driven … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Hot Option Plays: Market Holding Modest Gains

Posted: 10 Nov 2011 11:34 AM PST

Cusick’s Corner
The market is choppy and grinding which after the yesterday’s move is not surprising. At this stage the market is hovering on support, 1235 on the S&Ps. The leadership to the upside today is in some defensive stocks, IYT, XLI. I want to see if the shorts come in at key levels, 1250 on the S&Ps. See you After Hours.
Stock market averages are holding modest gains following steep losses suffered the day before. On the economic front, data released early Thursday showed … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Anadarko Strikes Oil Offshore Brazil

Posted: 10 Nov 2011 11:20 AM PST

The Woodlands, Texas- based Anadarko Petroleum Corporation (NYSE:APC), yesterday, announced that it struck oil at its appraisal well in the Campos Basin offshore Brazil. Located in block BM-C-32, offshore Brazil, the Itaipu-2 appraisal well discovered a gross petroleum column of nearly 58 net feet in a pre-salt carbonate reservoir.
The well drilled to a total depth of 16,000 feet in 4,660 feet of water is an aggressive step-out from the first Itaipu discovery well, located 4 miles northwest.
The … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Trigger Happy: Why Deficit Cuts Should Be Triggered Only When Unemployment Reaches 5 Percent

Posted: 10 Nov 2011 11:18 AM PST

On planet Washington, where reducing the federal budget deficit continues to be more important than creating jobs, everyone is talking about "triggers" that automatically go into effect if certain other things don't happen.
Yet no one is talking about the most obvious trigger of all — no budget cuts until the official level of unemployment falls to 5 percent, its level before the Great Recession. 
The biggest trigger on the minds of Washington insiders is $1.2 trillion … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

TAM Reports Weak 3Q

Posted: 10 Nov 2011 11:05 AM PST

On November 10, 2011, TAM S.A. (NYSE:TAM) reported its financial results for the third quarter of fiscal year 2011. TAM reported a net loss of R$619.7million (US$380.2 million) in the quarter, down drastically from the net income of R$733.5 million (US$421.6 million) in the year-ago quarter.
Earnings per share entered the negative territory and recorded a loss of R$4.0 per share (US$2.45 per ADR) compared with the positive EPS of R$4.7 per share (US$2.7 per ADR) reported in the year-ago … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

HSBC 3Q Profit Steps Up

Posted: 10 Nov 2011 11:05 AM PST

HSBC Holdings Plc's (NYSE:HBC) third-quarter 2011 net profit came in at $5.2 billion, up 66% from $3.2 billion in the year-ago quarter. Results for the reported quarter included favorable credit spread movements of $4.1 billion on the fair value of the company's recognized debt.
The year-over-year improvement was primarily led by continued strong performance by the Commercial Banking segment and a significant improvement in profit of the Other segment. Performance of all other businesses … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CBS Corp Continues To Outperform

Posted: 10 Nov 2011 11:05 AM PST

CBS Corporation (NYSE:CBS), a diversified conglomerate, has marked its presence virtually in every sphere of media and entertainment through its divisions, and remains focused in creating a business environment that nurtures diversity.
Born out of parent company Viacom in 2005, CBS Corporation's operating divisions comprise CBS Television Network, CBS Interactive, The CW Network, Showtime, CBS College Sports Networks, Local Television and Radio Stations, CBS Outdoor and Simon & Schuster … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CACI Beats, Raises Guidance

Posted: 10 Nov 2011 10:50 AM PST

CACI International Inc. (CACI) reported revenues of $924.4 million in the first quarter of fiscal 2012, up 10.8% from a year-ago and up 1.2% sequentially.

Organic revenues came in at $902.8 million, up 8.3% from a year-ago. Contract funding orders in the quarter were $1.6 billion, up 9.5% from the year-ago quarter. As of September 30, 2011, total funded backlog was $2.52 billion, up 8.0% from the year-ago quarter. Total backlog at September 30, 2011 was $7.95 billion, up 6.4% from a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Macy’s Outpaces, Lifts Outlook

Posted: 10 Nov 2011 10:50 AM PST

Macy's Inc. (NYSE:M), one of the leading department store retailers in the United States, recently posted third-quarter 2011 results that outpaced the Zacks' expectations on the heels of healthy sales, improved operating margin and effective cost management. Consequently, the company raised its full year earnings outlook.
Let's Unveil the Picture
The quarterly earnings of 32 cents a share outperformed the Zacks Consensus Estimate of 16 cents, and portrayed a fourfold increase from 8 cents … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

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

Posted: 10 Nov 2011 10:45 AM PST

Forexpros – The New Zealand Dollar was lower against the U.S. Dollar on Thursday after the release of U.S. data on Initial Jobless Claims.

NZD/USD was trading at 0.7776, down 0.51% at time of writing.

The pair was likely to find support at 0.7733, today's low, and resistance at 0.7998, Monday's high.

Earlier in the day, official data showed that U.S. Initial Jobless Claims fell unexpectedly to a seasonally adjusted 390K last week from 400K in the preceding week whose figure was revised … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Solid October Comps At McDonald’s

Posted: 10 Nov 2011 10:35 AM PST

McDonald’s Corp. (NYSE:MCD) has posted global comparable sales (comps) growth of 5.5% in October on the back of strong beverage as well as core menu sales. However, the fast-food chain operator witnessed a relatively downward movement on a year-over-year basis across all regions but for the Asia/Pacific, Middle East and Africa (APMEA). Overall comps were down from 6.5% in October 2010.
In the United States, comps growth of 5.2% was less than 5.6% recorded in October 2010. The growth in October … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Trade Deficit Falls In September

Posted: 10 Nov 2011 10:35 AM PST

The Trade Deficit fell in September to $43.11 billion from $44.92 billion (revised down from $45.61 billion) in August. That is a 4.02% decline for the month (and a 5.48% decline from the pre-revision level). That was much better than the expected deficit of $45.9 billion.

That, combined with the revision to the August numbers, would indicate that when we get the next look at the third quarter GDP numbers, growth will be revised up from the 2.5% growth rate reported in the first look.

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

Forex Trading: USDCAD Leans Toward Support Targets

Posted: 10 Nov 2011 10:34 AM PST

The USDCAD, like other currency pairs today, has had an up and down trading day. The pair in the NY sessiion initially moved lower to test the 100 hour MA (blue line in the chart above).  A sharp correction higher took the price 80 pips to the upside . Now the price is back down testing 50% correction of the weeks range, trendline support and the 100 hour … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Divergences, Fibonacci, And Structure In Gold Nov 10

Posted: 10 Nov 2011 10:33 AM PST

Gold fell sharply from the $1,800 resistance level, so let's take a look at what led up to the fall and what the current structural levels to watch are for gold, including a Fibonacci Cluster near $1,730.
First, the Hourly Structure:

First, Gold's Hourly (intraday) structure is in a confirmed UP-Trend as evidenced by the sequence of higher swing highs and lows – that's the first place you start when analyzing price structure.
Second – of immediate interest – Gold has a tiny … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

“Positive Data…buoyed Market”

Posted: 10 Nov 2011 10:30 AM PST

11/10/11 Meridian Equity Partners’ Stephen Guilfoyle weighs in on the latest EU developments and US economic data releases. Expectations for the super committee deadline are also … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Yahoo-Microsoft-AOL Online Ad Deal

Posted: 10 Nov 2011 10:20 AM PST

Microsoft Corp. (NASDAQ:MSFT), Yahoo Inc. (NASDAQ:YHOO) and AOL Inc. (AOL) have come together to sell each other's extra online ad space in an attempt to compete with Google (NASDAQ:GOOG) and the social networking ace Facebook.
Google has been the leading search engine for a number of years. However, market dynamics appear to be changing now, with companies scrambling to build their brands in the fast-growing ecommerce market. Independent research firms are therefore predicting that display ads will … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Kohl’s Exceeds, Ups Guidance

Posted: 10 Nov 2011 10:20 AM PST

Kohl's Corporation (NYSE:KSS) reported its operating earnings of 80 cents per share in the third-quarter 2011, beating the Zacks Consensus Estimate by a penny. The earnings, however, surpassed the prior-year quarter earnings by 40%.

Profits were largely driven by prudent expense management across many of Kohl's stores. Besides, the improved access of the company's brands and disciplined inventory management strengthen the quarter's results. The launch of the Jennifer Lopez and Marc … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Two Added To Jec’s Contract List

Posted: 10 Nov 2011 10:05 AM PST

Jacobs Engineering Group Inc. (NYSE:JEC) recently announced winning of two strategic contracts – one from Sadara Chemical Company and another from Shell Downstream Distribution.
Sadara Chemical Company, a joint venture under formation between affiliates of The Dow Chemical Company (NYSE:DOW) and Saudi Arabian Oil Company (Saudi Aramco) awarded engineering, procurement and construction management (EPCM) contract to Jacobs for the Chemicals 1 Envelope of Sadara. The operations will take place at … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Initial Jobless Claims Fall Again

Posted: 10 Nov 2011 10:05 AM PST

Initial Claims for Unemployment Insurance fell again this week. This week they fell by 10,000 but only after the previous week was revised up by 3,000. So regardless if you count it as a drop of 10,000 or 7,000, we are still at 390,000. That was better than the expected level of 400,000.

We are now clearly below the 400,000 level, and this is the second week in a row (well, sort of, given the revision) that we have been so. We have been here before in the last few months, only to see then … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

European Markets Mixed At Close; Dax Up 0.66%

Posted: 10 Nov 2011 10:05 AM PST

Forexpros – European stocks were mixed after the closing bell on Thursday.

At the close of European trade, Germany's DAX rose 0.66%, London's FTSE 100 shed 0.28%, France's CAC 40 declined 0.34% and the EURO STOXX 50 was up 0.25%.

Meanwhile, on Wall Street, equity markets were up after the open. The Dow Jones Industrial Average was up 1.07%; the S&P 500 index gained 1.00%, while the Nasdaq 100 index climbed … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Tetra Tech Excels In FY11

Posted: 10 Nov 2011 09:50 AM PST

Tetra Tech Inc. (NASDAQ:TTEK) reported fourth-quarter and full year fiscal 2011 financial results, with earnings per share of 42 cents, above the Zacks Consensus Estimate of 40 cents and the prior-year earnings of 35 cents per share.
For fiscal 2011, earnings per share were $1.43, above the Zacks Consensus Estimate of $1.41 cents and $1.21 in fiscal 2010. The company achieved record results this year, exceeding its 15% long-term growth goals for revenue and income. Tetra Tech benefited from strong … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Progress In Greece Boosts Euro

Posted: 10 Nov 2011 04:45 AM PST

11/10/11 Greece’s election of former ECB VP Lucas Papademos has helped ease concerns over the EU debt crisis, which in turn has help the euro rebound from its recent … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Rating Action On Assurant

Posted: 10 Nov 2011 09:35 AM PST

A.M. Best Co. has conferred 'bbb' on senior debt, 'bbb-' on subordinated debt and 'bb+' on preferred stock of Assurant, Inc. (NYSE:AIZ). The outlook is stable.
They ratings came on the back of Assurant's diversified business mix, strong presence in niche markets, solid operating results and superior capitalization.
Presently, Assurant's property/casualty companies have a financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of 'a' from A.M. Best. The … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

ELP Posts Impressive 3Q

Posted: 10 Nov 2011 09:20 AM PST

Companhia Paranaense de Energia (NYSE:ELP), also known as COPEL, reported its financial results for the third quarter of 2011 on November 9. Net income in the quarter increased 22.1% year over year to R$341.2 million (US$209.3 million), or R$1.25 per share (US$0.76 per … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

PDLI Beats By A Penny On Lower Costs

Posted: 10 Nov 2011 09:05 AM PST

PDL BioPharma Inc. (NASDAQ:PDLI) posted third quarter earnings of 28 cents per share, 3 cents above the year-ago figure of 25 cents and a penny above the Zacks Consensus Estimate of 27 cents. Lower general and administrative expenses offset the decline in revenue to drive earnings in the quarter.
PDL BioPharma currently derives a significant portion of its revenue from licenses granted to other companies under the Queen et al patents, covering the humanization of antibodies. The patents are set to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Crude Rallies As EU Fears Ease

Posted: 10 Nov 2011 04:00 AM PST

11/10/11 Front month crude prices rallied above $97 a barrel after Greece’s election of an interim prime minister helped ease eurozone debt … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Accuray Beats, But Loss Swells

Posted: 10 Nov 2011 08:50 AM PST

Leading radiosurgery systems maker Accuray Incorporated's (NASDAQ:ARAY) first-quarter fiscal 2012 adjusted (excluding one-time items such as acquisition-related charges and employee severance and retention costs) loss per share of 16 cents was lower than the Zacks Consensus Estimate of a loss of 28 cents.
However, on a reported basis, losses widened nearly six-fold year over year. The California-based company posted a net loss of $26.5 million or 38 cents a share in the quarter versus a net loss … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Advance Auto Beats, Opens 20 Stores

Posted: 10 Nov 2011 08:40 AM PST

Advance Auto Parts Inc. (NYSE:AAP) posted a 21% rise in profit to $105.6 million, equivalent to $1.41 per share, in the third quarter ended October 8, 2011 from $87.6 million, implying $1.03 per share in the same quarter of 2010. The profit was higher than the Zacks Consensus Estimate of $1.19.
The increase in profit was attributable to the company's aggressive store expansion strategy. The company has opened 105 stores (net) in the last 12 months.
Revenues in the quarter went up 4.2% to $1.46 … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex Trading: GBPUSD Takes Out The Days Low.

Posted: 10 Nov 2011 08:35 AM PST

 
The GBPUSD corrected up 38.2% of the move down from the November 2nds low, and has now fallen to new lows for the day   Admittedly, the quick move back down is unusual. Action typically is not so quick. But the range was narrow, even with the extension higher in the early NY sesssion. Now the days range is extended with the new lows being printed (up to 107 pips for the day).  Even at 107 pips it still may extend. Over the last 3 or so months of trading the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex Trading: EURUSD Choppy Trade Takes Price Up And Down

Posted: 10 Nov 2011 08:35 AM PST

There is a lot of choppy action in the EURUSD.  The corrective move to the upside earlier in the NY session peaked nicely at the 1.3652 area (see chart above). This was a key target for the pair outlined earlier today in my posts.
The subsequent move lower took the price to the 61.8% of the days range at 1.3549. This Fibo level is not my favorite (it is the last hope for a corrective move) but the market seemed to need a breather. So profit takers came in. 

For the day going … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CZZ’s 2Q Net Dips, Topline Up

Posted: 10 Nov 2011 08:20 AM PST

Cosan Limited (NYSE:CZZ) reported its financial results for the second quarter of 2012 on November 9, 2011. The company's net income in the quarter plummeted drastically year over year to R$63.2 million (US$38.8 million) versus R$251.5 million (US$142.9 million) in the year-ago quarter.
Revenue
Considering the top line, net operating revenue in the quarter was R$6,804.3 million (US$4,174.4 million), up 44.3% year over year.
Business units after Raizen comprise Raizen Energia (including Sugar, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – Dollar Pares Losses As Italy Concerns Weigh On Risk Appetite

Posted: 10 Nov 2011 08:14 AM PST

Forexpros – The U.S. dollar pared losses against its major counterparts on Thursday, as risk appetite was dented by ongoing concerns over the political deadlock and financial crisis in Italy.

During U.S. morning trade, the dollar was lower against the euro, with EUR/USD rising 0.31% to hit 1.3586.

The euro found support after Italy's Treasury auctioned EUR5 billion of one-year government bonds at an average yield of 6.08%, the highest since September 1997, but still well below analyst … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

US Stocks Open Higher, After Bloody Slide

Posted: 10 Nov 2011 08:10 AM PST

11/10/11 Wall Street advanced at the open, as risk appetite improved. US equity averages slid over -3% on Wednesday. Progress in the Euro-zone and better-than-expected US data helped lift … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Natural Gas Futures Fall To 2-week Low After U.S. Supply Data

Posted: 10 Nov 2011 07:59 AM PST

Forexpros – Natural gas futures added to losses on Thursday, falling to a two-week low after the U.S. Energy Information Administration said that natural gas inventories rose more-than-expected last week.

On the New York Mercantile Exchange, natural gas futures for delivery in December traded at USD3.623 per million British thermal units during U.S. morning trade, shedding 0.79%.

It earlier fell by as much as 1.05% to trade at USD3.619 per million British thermal units, the lowest price … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Typical Example Of Media Mis-Reporting Trade Data

Posted: 10 Nov 2011 07:29 AM PST

WASHINGTON POST — “The U.S. trade deficit fell in September to the lowest point this year as foreign sales of American-made autos, airplanes and heavy machinery pushed exports to an all-time high. The deficit narrowed 4 percent to $43.1 billion, the third straight decline and the smallest imbalance since last December, the Commerce Department reported Thursday.

Through September, the deficit is running at an annual rate of $558.2 billion, up 11.6 percent from the imbalance for all of last … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – GBP/USD Erases Gains Amid Italy Uncertainty

Posted: 10 Nov 2011 07:24 AM PST

Forexpros – The pound erased gains against the U.S. dollar on Thursday, pulling back from a session high as ongoing concerns over Italy’s financial woes and the debt crisis in the euro zone weighed on demand for riskier assets.

GBP/USD pulled back from 1.5985, the daily high to hit 1.5902 during U.S. morning trade, inching down 0.07%.

The pair was likely to find support at 1.5843, the low of September 9 and resistance at 1.6007, the high of October 24.

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

Gold Futures Tumble To 4-day Low As Italy Fears Ease

Posted: 10 Nov 2011 07:11 AM PST

Forexpros – Gold futures tumbled to a four-day low on Thursday, as risk appetite recovered amid signs of political progress in Italy and Greece and after data showed that U.S. jobless claims fell to the lowest level in seven months last week.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,757.35 a troy ounce during U.S. morning trade, tumbling 1.9%.

It earlier fell by as much as 2.01% to trade at USD1,753.85 a troy ounce, the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – EUR/USD Trims Gains As Italy Concerns Weigh

Posted: 10 Nov 2011 07:03 AM PST

Forexpros – The euro pared gains against the U.S. dollar on Thursday, pulling back from the session high as ongoing uncertainty over Italy's political deadlock and financial crisis weighed on sentiment towards the single currency.

EUR/USD pulled away from 1.3653, the session high, to hit 1.3581 during U.S. morning trade, still up 0.29% on the day.

The pair was likely to find support at 1.3483, the days low and resistance at 1.3858, Wednesday's high.

The euro rose to a session high … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Equities Rise As Greece Names New PM

Posted: 10 Nov 2011 06:15 AM PST

11/10/11 NYFP’s Morning Market Report: European markets were rallying this morning after Greece named its new PM, the former ECB vice-president Lucas … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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