Thursday, November 17, 2011

DailyMarkets.com - Plains Exploration Prices Notes

DailyMarkets.com - Plains Exploration Prices Notes

Plains Exploration Prices Notes

Posted: 17 Nov 2011 12:05 PM PST

Oil and gas company, Plains Exploration & Production Co. (NYSE:PXP) announced that it has priced the underwritten public offering of its $1 billion 6.75% Senior Notes due in 2022. The company has decided to offer the notes to public at 100% of the principal amount.
The company intends to utilize the net proceeds of the issue to replenish the sum due under the senior revolving credit facility and for general corporate purposes. Plains Exploration already has cash and cash equivalents, as of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Harley Recalls

Posted: 17 Nov 2011 11:55 AM PST

Harley-Davidson Inc. (NYSE:HOG) has recalled 8,723 motorcycles in Japan in order to fix a problem with the brake-light switches that could possibly result in the failure of the rear brakes.
At the end of last month, Harley revealed that it would recall a total of 308,000 motorcycles due to the same problem. Among them, the company will recall 251,000 motorcycles in the U.S. and the rest in other countries.
In its filing with the National Highway Traffic Safety Administration, the company stated … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Visa Rolls Out Mobile Prepaid In Africa

Posted: 17 Nov 2011 11:50 AM PST

Yesterday, Visa Inc. (NYSE:V) announced the launch of prepaid accounts on consumers' mobile phones, taking the electronic payment processing to a new scale in Africa. This is an effort to  tap the unbanked or under-banked markets in Africa.

This offering comes after the acquisition of Fundamo in Africa that Visa initiated in June this year for $110 million. Fundamo is a South Africa-based leading software maker for mobile banking services in more than 40 countries, most of which are … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Cooper Expands Avaira Recall

Posted: 17 Nov 2011 11:50 AM PST

CooperVision, a unit of The Cooper Companies (NYSE:COO), recently reported that it was widening the scope of its global recall of the Avaira brand of contact lenses to include select lots of Avaira Sphere contact lenses. In coordination with the Food and Drug Administration ("FDA"), CooperVision expanded the recall as the company noted that some lots of Avaira Sphere lenses did not adhere to its latest quality specifications on account of the level of a silicone oil residue.
Nearly 5 million … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

First Solar Reaches Landmark

Posted: 17 Nov 2011 11:35 AM PST

Solar panel producer First Solar Inc. (NASDAQ:FSLR) surges ahead with its production of solar panels that aid customers and partners generate more clean energy from renewable source. The company, which began operations in 2002, touched the milestone of manufacturing 5 gigawatts ("GW") of solar panels.
A First Solar competitor in the same photovoltaic cell market, operational since 2001, Suntech Power Holdings Co. Ltd.(NYSE:STP) reached the 5 GW landmark recently in October 2011. However, to First … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Progressive’s October Earnings Drop

Posted: 17 Nov 2011 11:30 AM PST

Progressive Corp.'s (NYSE:PGR) earnings per share for October 2011 were 9 cents, plummeting 50% both year over year and sequentially. Net income for the month was $55.7 million, down 27% year over year and 28% sequentially.

The company recorded net premiums of $1.45 billion during October 2011, up 9% from $1.34 billion in October 2010 and up 24% from $1.17 billion during September 2011. Net premiums earned were $1.45 billion, up 4% from $1.39 billion in the year-ago period and up 26% from $1.15 … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Sanofi’s MS Candidate Advances

Posted: 17 Nov 2011 11:20 AM PST

Sanofi's (NYSE:SNY) subsidiary Genzyme (acquired in April 2011) recently announced encouraging data on its phase III candidate, Lemtrada (alemtuzumab). Results were presented from the phase III CARE-MS II trial, which was conducted in 840 patients with relapsing remitting multiple sclerosis (RRMS).
Lemtrada met both the co-primary endpoints of the randomized phase III study. Results showed that treatment with Lemtrada resulted in a 49% reduction in relapse rate compared to Pfizer/Merck KGaA's … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

O’Reilly Raises Repurchase Authorization

Posted: 17 Nov 2011 11:10 AM PST

O’Reilly Automotive, Inc. (NASDAQ:ORLY) recently announced that its board of directors authorized an additional $500 million for further repurchase of the company’s common stock under its ongoing share repurchase program.
This new share repurchases sanction, effective November 16, 2011, has a time period of three years and brings the company's total share repurchase authorization to $1.5 billion. Another similar announcement was made on August 5, 2011, when the Board raised the cumulative … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

BP Legal War Gets Negative Ruling

Posted: 17 Nov 2011 11:05 AM PST

BP Plc (NYSE:BP) lost two major rulings in its legal defense to pay billions of dollars for damages related to the Deepwater Horizon rig disaster. But it was protected from some of its future exposure.
As a reminder, on April 20, 2010, offshore driller Transocean Ltd.'s (NYSE:RIG) ultra-deepwater Horizon drilling platform, contracted to BP, sank following an explosion while operating in the U.S. Gulf of Mexico (GoM) off the coast of Louisiana.
The incident killed 11 workers and spewed more than 200 … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Conoco In Twin Sale Deal

Posted: 17 Nov 2011 10:59 AM PST

Globally integrated oil company ConocoPhillips (NYSE:COP) has signed two asset sale agreements with Canadian pension fund manager Caisse de depot et placement du Québec and Enbridge Inc. (NYSE:ENB).
Together, the dispositions will fetch ConocoPhillips $2 billion and form part of its ongoing $15–$20 billion divestiture program.
The subsidiary of Caisse de dépôt et placement du Québec will acquire a 16.55% interest in Colonial Pipeline Company and Colonial Ventures LLC from ConocoPhillips. The … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Smucker Lags, Revises FY12 Outlook

Posted: 17 Nov 2011 10:50 AM PST

The J.M. Smucker Company (NYSE:SJM) delivered second-quarter 2012 adjusted earnings of $1.29 per share, lagging behind the Zacks Consensus Estimate of $1.39 and the prior-year quarter’s earnings of $1.38 per share.

Adjusted earnings, excluding restructuring and merger and integration costs ('project costs'), came in at 17 cents and 13 cents per share in the second quarter of 2012 and 2011, respectively.

However, the results in the quarter continues to include the operations of Rowland Coffee … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Chesapeake Service Biz To Go Public

Posted: 17 Nov 2011 10:50 AM PST

Chesapeake Energy Corporation (NYSE:CHK) is contemplating to squeeze value from its oil-field service business – Chesapeake Oilfield Services LLC – by spinning it off in a public stock offering. The company aims to create value for investors and enhance the share price of the parent company.
Chesapeake plans to hold on to a majority stake of about 80% in the separated entity once it goes public. Chesapeake will try to have a hold over the service company's board and simultaneously retain as … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

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

Posted: 17 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 0.7570, down 1.14% at time of writing.

The pair was likely to find support at 0.7566, today's low, and resistance at 0.7922, Monday's high.

Earlier in the day, official data showed that U.S. Initial Jobless Claims fell unexpectedly to a seasonally adjusted 388K last week from 393K in the preceding week whose figure was revised … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Buffalo To Buy Franchised Units

Posted: 17 Nov 2011 10:40 AM PST

Buffalo Wild Wings Inc. (NASDAQ:BWLD) recently announced plans to buy 15 franchised units in Ohio and South Carolina and include these in the company-owned operations. The deal is expected to be sealed before the end of this year. Though financial terms were not disclosed, management seeks to fund the acquisition through cash.
The faster-moving growth witnessed in these franchised units makes them a lucrative target for acquisition. Hence, we view the deal as strategically positive in an industry … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Valdes: “Europe Has A Tough Road Ahead”

Posted: 17 Nov 2011 10:40 AM PST

11/17/11 DME Securities’ Alan Valdes discusses the latest economic data releases, bond auctions in France and Spain, and prospects for a Santa Claus … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Big Farm Raked In Record Profits This Yr. As Farm Land Soars, But They Harvested $10B In Handouts

Posted: 17 Nov 2011 10:31 AM PST

According to the USDA, net income from U.S. farms is expected to set a new record this year of $103.6 billion on record cash receipts of $370.4 billion.  The record farm income this year is 31% above last year’s income, and marks the first time in history that the combined income of U.S. farms has exceeded $100 billion.       

The USDA also estimates that total farm real estate will approach $2 trillion this year, an increase of 7.12% from last year.  … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Euro Maintains Its Ground

Posted: 17 Nov 2011 10:20 AM PST

11/17/11 Due mostly to mixed global economic data, the recent slide in the euro has appeared to have ceased, maintaining its slight gain over the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

AT&T To Sell Nokia Smartphones

Posted: 17 Nov 2011 10:15 AM PST

AT&T Inc. (NYSE:T) plans to sell Nokia Corporation (NYSE:NOK) Windows Phone smartphones starting next year. The two companies are still negotiating the final terms and conditions.
The second-largest U.S. mobile service provider might offer Mango-powered Lumia 710 or Lumia 800. Both smartphones was launched by Nokia last month.  This is the first pair to support the Microsoft Corporation (NASDAQ:MSFT) Windows Phone 7 platform.
The deal would be a boon to Nokia, which is loosing its market share to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Mechel Secures Credit Facility

Posted: 17 Nov 2011 10:05 AM PST

Russian metallurgical company Mechel OAO (NYSE:MTL) announced that one of its units Mechel Trading AG has secured a credit facility from a syndicate of lenders.
The banks have granted a credit facility totaling $180 million. The facility may be increased to $350 million with assistance from other banks as well. Mechel Trading AG’s facility will be used to re-finance short term loans and carries a three-year tenor with an 18-month grace period.
Mechel OAO and Chelyabinsk Metallurgical Plant OAO act … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

LAWA Awards Unisys Contract

Posted: 17 Nov 2011 09:51 AM PST

Unisys Corporation (NYSE:UIS) was recently awarded a contract modification by The Los Angeles World Airports (LAWA) to upgrade its access control and alarm monitoring system which is used to identify the 45,000 airport employees, contractors, police and others who work at the organization’s three airports.
LAWA oversees airport operations for the city of Los Angeles. Earlier, LAWA awarded a contract to Unisys to operate and maintain the access control and alarm monitoring system in 2009.
LAWA … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Bean Woes Continue

Posted: 17 Nov 2011 09:41 AM PST

Thursday, November 17, 2011
Soybean fundamentals remain extremely bearish at the present. The large US Soybean crop, a good start to the South American growing season, and concerns over European debt may be obstacles too large for the Bean market to overcome. Technically, the January Soybean chart shows prices lingering above critical support near the 1150 level. Some traders may look to enter into a bearish option strategy, such as a bear put spread, buying the January Soybean 1150 puts and … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Building Permits Surge

Posted: 17 Nov 2011 09:30 AM PST

While Housing starts slipped a little in October, they were better than expected. It looks like we are finally getting a bit of positive momentum in the housing market. The best leading indicator of housing starts are Building Permits, and there was very nice news in this regard.
For the month, total permits rose 10.9% to an annual rate of 653,000 and were up 17.7% year over year. That was far above the consensus expectations for a 603,000 rate. However, September was revised down slightly from … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

ZOLL Medical Outperforms

Posted: 17 Nov 2011 09:30 AM PST

Resuscitation devices maker ZOLL Medical (NASDAQ:ZOLL) posted solid fourth-quarter fiscal 2011 (ended October 2) results, powered by strong revenues from its flagship LifeVest wearable defibrillator.
Fourth quarter earnings per share of 52 cents outstripped the Zacks Consensus Estimate of 49 cents and the year-ago earnings of 33 cents. Profit soared 65% year over year to $11.9 million as the Massachusetts-based company saw solid growth across the board.
For the fiscal, earnings of $1.39 a share beat … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

E*TRADE’s October DARTs Perks Up

Posted: 17 Nov 2011 09:25 AM PST

Online broker E*TRADE Financial Corporation (NASDAQ:ETFC) released its Monthly Activity Report for October 2011 on Wednesday, recording a sequential as well as year-over-year rise in average U.S. trades driven by volatile markets.
For the reported month, Daily Average Revenue Trades (DARTs) were 157,713, up 3% sequentially and 9% year over year. Broker performance is generally measured through DARTs. DARTs represent a number of trades from which brokers can expect commissions or fees.
At the end of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Central Bank Of Chile Keeps Rate At 5.25%

Posted: 17 Nov 2011 09:12 AM PST

The Banco Central de Chile held its monetary policy interest rate unchanged at 5.25%.  The Bank noted: “Domestically, output figures are evolving close to projections in the last Monetary Policy Report’s baseline scenario, while domestic demand is somewhat stronger. Labor market conditions remain tight. Headline inflation has been somewhat higher than expected because of the incidence of fuels and foodstuffs. Core inflation figures remain contained. Inflation expectations are … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Equity One Acquires Shopping Center

Posted: 17 Nov 2011 09:05 AM PST

Equity One Inc. (NYSE:EQY), a real estate investment trust (REIT), recently announced that it has acquired a shopping center, namely Culver Center for $115 million.
Culver Center is a 216,578 square foot community shopping center encompassing 9.7 acres of area and is leased and anchored by some of the best-known tenants. The center is currently 99.0% occupied. The property is located in western Los Angeles County at the intersection of Venice Boulevard, Washington Boulevard and Overland … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

European Markets Close Lower; Dax Down 1.13%

Posted: 17 Nov 2011 09:05 AM PST

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

At the close of European trade, Germany's DAX fell 1.13%, London's FTSE 100 shed 1.69%, France's CAC 40 declined 1.80% and the EURO STOXX 50 was down 1.14%.

Earlier in the day, official data showed that U.S. Initial Jobless Claims fell unexpectedly to a seasonally adjusted 388K last week from 393K in the preceding week whose figure was revised up from 390K.

Analysts had expected Initial Jobless Claims to rise … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Bank Of Japan Keeps Monetary Policy Settings Unchanged

Posted: 17 Nov 2011 08:53 AM PST

The Bank of Japan held its interest rate steady at 0-0.10% and made no changes to its 55 trillion yen quantitative easing program.  The Bank said: “Japan’s economic activity has continued picking up, but at a more moderate pace mainly due to effects of a slowdown in overseas economies.  As for domestic demand, business fixed investment has been increasing moderately and private consumption has remained firm.  On the other hand, exports and production have continued to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Housing Starts Slip Less Than Expected

Posted: 17 Nov 2011 08:50 AM PST

We got some fairly good news on the housing front this morning. Housing Starts fell in September to a seasonally-adjusted annual rate of 628,000 from 630,000 in August, a drop of 0.3%. But the number was much better than the expected level of 603,000. However, the September numbers were revised sharply lower from 658,000. Thus it looks like a lot of the starts we thought happened got pushed into October. So call the beat of expectations and the downward revisions a wash.
Relative to a year ago, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Incyte Drug Cleared In The US

Posted: 17 Nov 2011 08:50 AM PST

Incyte Corporation (NASDAQ:INCY) recently received a huge boost when the US Food and Drug Administration (FDA) approved its cancer drug Jakafi (ruxolitinib), an oral janus-associated kinase (JAK) 1 and JAK2 inhibitor. Jakafi was cleared to treat patients suffering from intermediate or high-risk myelofibrosis (MF), a rare bone marrow disorder. Incyte is the first company to get a drug approved for the rare disease. Jakafi will cost $7,000 per month.
We remind investors that Incyte submitted a new … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – Dollar Turns Lower On U.S. Data, Italy Hopes

Posted: 17 Nov 2011 08:38 AM PST

Forexpros – The U.S. dollar turned lower against its major counterparts on Thursday, as risk appetite improved after better-than-expected U.S. data on jobless claims but investors remained jittery as concerns over the euro zone debt crisis persisted.

During U.S. morning trade, the dollar was up against the euro, with EUR/USD rising 0.40% to hit 1.3516.

The euro found support after Italian Prime Minister Mario Monti outlined a broad raft of policy measures aimed at restoring investor … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Statoil & Allies Win Bid In Canada

Posted: 17 Nov 2011 08:35 AM PST

A consortium of international oil companies comprising Norwegian firm Statoil ASA (NYSE:STO), U.S.-based Chevron Corporation (NYSE:CVX) and Spain's Repsol YPF SA have won exploration bids for Canada's East Coast.
The acreage sale was issued by Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) and included two land parcels in the Flemish Pass Basin, offshore Newfoundland and Labrador, Canada.
With a 50% stake in both licenses, Statoil will act as the operator. The Canadian unit … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Accuray Remains ‘Neutral’

Posted: 17 Nov 2011 08:20 AM PST

We maintain our Neutral recommendation on Accuray Incorporated (NASDAQ:ARAY) following its first-quarter fiscal 2012 results. The company's losses widened in the quarter as higher revenues were more than masked by hefty charges including costs associated with its acquisition of rival TomoTherapy in June 2011.
However, the California-based company registered strong growth in the top-line, boosted by contributions of the newly acquired TomoTherapy business as well as the growing adoption of its … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

US Data Takes Another Step In Right Direction

Posted: 17 Nov 2011 08:10 AM PST

11/17/11 The major US stock averages turned mixed, paring earlier session weakness. Housing starts and weekly jobless claims data came in above … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Natural Gas Futures Bounce Off 13-month Low After U.S. Supply Data

Posted: 17 Nov 2011 08:08 AM PST

Forexpros – Natural gas futures rallied on Thursday, rebounding from the lowest level since October of last year after the U.S. Energy Information Administration said that natural gas inventories rose less-than-expected last week.

On the New York Mercantile Exchange, natural gas futures for delivery in December traded at USD3.434 per million British thermal units during U.S. morning trade, surging 2.69%.

It earlier rose by as much as 3.1% to trade at USD3.475 per million British thermal … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Crude Dips But Not By Much

Posted: 17 Nov 2011 08:00 AM PST

11/17/11 Front month crude prices saw a slight price drop this morning. However, prices still remain above $101 a barrel on mixed economic … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – GBP/USD Extends Gains After U.S. Manufacturing Data

Posted: 17 Nov 2011 07:27 AM PST

Forexpros – The pound extended gains against the U.S. dollar on Thursday, after weak U.S. manufacturing data but investors remained concerned over the euro zone's financial woes.

GBP/USD hit 1.5802 during U.S. morning trade, the daily high; the pair subsequently consolidated at 1.5786, rising 0.35%.

The pair was likely to find support at 1.5631, the low of October 18 and resistance at 1.5846, the high of October 19.

Sterling found support after a report showed that manufacturing activity … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Gold Futures Drop To 2-week Low On EZ Debt Contagion Fears

Posted: 17 Nov 2011 07:25 AM PST

Forexpros – Gold futures fell sharply on Thursday, dropping to a two-week low as concerns that the euro zone's ongoing debt crisis was worsening prompted investors to liquidate profitable gold positions to cover losses in other asset classes.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,743.55 a troy ounce during U.S. morning trade, tumbling 1.73%.

It earlier fell by as much as 2.15% to trade at USD1,734.45 a troy ounce, the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – EUR/USD Extends Gains After Disappointing Philly Fed

Posted: 17 Nov 2011 07:22 AM PST

Forexpros – The euro extended gains against the U.S. dollar on Thursday, climbing to a fresh session high after weak U.S. manufacturing data but the single currency remained vulnerable amid concerns over sovereign debt contagion to core euro zone economies.

EUR/USD hit 1.3540 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.3522, gaining 0.44%.

The pair was likely to find support at 1.3360, the low of October 10 and resistance at 1.3640, Tuesday's … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Spain Maintains EU Equity Slide

Posted: 17 Nov 2011 01:15 AM PST

11/17/11 NYFP’s Morning Market Report: A weak showing at Spain’s latest debt auction and mixed economic reports have paved the way for another slide in global equities this … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Magic Formula Investing: Five Stocks That Joel Greenblatt Would Love?

Posted: 17 Nov 2011 03:16 AM PST

Buy cheap, sell high – when Joel Greenblatt first developed his technique for selecting good, cheap companies to invest in, he kept the process simple. For the founder of successful New York hedge fund Gotham Capital, the Magic Formula Investing screen remains a key tool in his armoury, even forming the basis of his latest Formula Investing US Value mutual funds, and its apparent simplicity has won it many followers in the investment community.

At its heart, the Magic Formula involves … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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