Thursday, December 15, 2011

DailyMarkets.com - Brazil Takes On Chevron, Transocean

DailyMarkets.com - Brazil Takes On Chevron, Transocean

Brazil Takes On Chevron, Transocean

Posted: 15 Dec 2011 10:35 AM PST

U.S. energy behemoth Chevron Corp. (CVX) and offshore drilling giant Transocean Ltd. (RIG) have been sued by a Brazilian federal prosecutor for R$20 billion ($10.6 billion) in damages following an oil leak 74 miles off the coast of Rio de Janeiro. The civil suit also seeks a court injunction to stop the companies' operations in the country. Both Chevron and Transocean claimed that they have not received any notice of the action.   
The ruling has come after Chevron accepted full … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Aimco Obtains New Credit Facility

Posted: 15 Dec 2011 10:20 AM PST

Apartment Investment and Management Company (NYSE:AIV), or Aimco as the real estate investment trust (REIT) is popularly known, has recently obtained a new three-year revolving credit facility worth $500 million in its concerted effort to strengthen liquidity and reduce refinancing risk. The new credit facility replaces the existing $300 million credit facility that was scheduled to mature in May 2013.
The renewed credit facility is scheduled to mature in December 2014 and has an accordion feature … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

FedEx Beats EPS, Keeps Guidance

Posted: 15 Dec 2011 10:10 AM PST

Before the opening bell, FedEx Corporation (NYSE:FDX), the world’s second-largest package delivery company, reported second quarter fiscal 2012 adjusted earnings of $1.57 per share. The quarter's earnings outpaced the Zacks Consensus Estimate of $1.52 and were 35% above $1.16 earned in the year-ago quarter.
Total revenue climbed 10% year over year to $10.59 billion and missed the Zacks Consensus Estimate of $10.605 billion. The year-over-year improvement was attributable to continued improvement … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Statoil Stays Neutral

Posted: 15 Dec 2011 10:10 AM PST

We are maintaining a long-term Neutral recommendation on Statoil ASA (NYSE:STO), following its lukewarm third quarter results.
Statoil's earnings lagged the Zacks Consensus Estimate in the third quarter but improved year over year on the back of higher liquids prices. Total revenue increased on higher liquids and gas prices, partially offset by a lower USD/NOK exchange rate and higher depreciation, depletion and amortization and impairments.
Going forward, Statoil targets to hit an equity … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Lam Reaches Out For Novellus

Posted: 15 Dec 2011 09:50 AM PST

Lam Research Corp (NASDAQ:LRCX) will be buying Novellus Systems Inc (NASDAQ:NVLS) for $3.3 billion in exchange for its shares. Specifically, Novellus shareholders will get 1.125 shares of Lam stock for each Novellus share, or roughly a 28.0% premium based on Lam's closing prices yesterday.
The agreement gives Lam shareholders a 59% share of the combined entity, which will continue to be called Lam Research Corp. The remaining 41% will go to Novellus shareholders.
Lam will also spend around $1.6 billion … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Zynga Makes Its Entrance Today

Posted: 15 Dec 2011 09:50 AM PST

The upcoming initial public offering (IPO) of Zynga (ZNGA) has been one of the most debated topics of 2011. Founded in 2007 and headquartered in San Francisco, California Zynga is a leading social game developer with average monthly users of approximately 232 million across 166 countries. Currently valued at $6.5 billion, Zynga is expected to garner approximately $925.0 million through the IPO.
In their filing notice to the SEC, Zynga said that they intend to use the money for building working … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Greatbatch Buys Micro Power

Posted: 15 Dec 2011 09:50 AM PST

Greatbatch's (NYSE:GB) Electrochem division, which offers high performance commercial batteries, has inked a definitive pact to take over Oregon-based battery supplier Micro Power Electronics for roughly $60 million in cash. The deal also calls for assumption of debt and specific acquisition-related payments and expenses.
The transaction is expected to close by end-2011. Greatbatch plans to fund the acquisition with available cash and its existing revolving credit facility.
Micro Power supplies … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

European Stocks Higher On Bullish Data ; DAX Up 0.98%

Posted: 15 Dec 2011 09:48 AM PST

Forexpros – European shares closed higher on Thursday as U.S. and euro zone economic data topped estimates.

After the close of European trade, the EURO STOXX 50 was higher by 0.86% France’s CAC 40 advanced 0.76%, while Germany’s DAX 30 climbed by 0.98%. Meanwhile, in the U.K. the FTSE 100 advanced 0.63%.

A German report indicating that the countries manufacturing industry contracted less than expected combined with France’s climbing Purchasing and Services Managing index, provided much … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Still Neutral On Arris Group

Posted: 15 Dec 2011 09:35 AM PST

We reaffirm our long-term Neutral recommendation on Arris Group Inc. (NASDAQ:ARRS). Arris is a major provider of infrastructure solutions for broadband networks. Its success is mostly depend on the cable MSOs decision to install new networks or upgrade the existing networks. If the cable operators fail to compete effectively with other pay-TV service providers, then it will significantly affect Arris' future growth.
Although third-quarter results fell below the Zacks Consensus Estimates, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Updating The Triangle Breakdown In Gold Dec 15

Posted: 15 Dec 2011 09:33 AM PST

Gold prices ejected downward from their Symmetrical Triangle bigger price pattern this week, resulting in a continuation breakdown move towards expected lower targets.
Let's take a look at the original "Symmetrical Triangle" prior update (ahead of the break) and now update what's happened and where we are now, starting with the "Pure Price" pattern itself:

Reviewing last week's Symmetrical Triangle Pattern description, we observed the "Midpoint Value" area at $1,735 with … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Discover Beats, Hikes Dividend

Posted: 15 Dec 2011 09:20 AM PST

Discover Financial Services (NYSE:DFS) reported fourth-quarter earnings per share of 95 cents, modestly ahead of the Zacks Consensus Estimate of 91 cents but way higher than 64 cents recorded in the year-ago quarter. Net income spiked 46.4% year over year to $508 million from $347 million.
Net income allocated to common shareholders also surged to $513 million from $350 million in the year-ago quarter.
The surge in profits was driven by sales volume growth, complemented by higher interest income, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Progressive Outperforms In November

Posted: 15 Dec 2011 09:20 AM PST

Progressive Corp.'s (NYSE:PGR) earnings per share for November 2011 were 20 cents, increasing 18% year over year while surging 122% sequentially. Net income for the month was $124.7 million, up 13% year over year and 122% sequentially.

The company recorded net premiums of $1.07 billion during November 2011, up 6% from $1.01 billion in November 2010 but declined 26% from $1.45 billion during October 2011. Net premiums earned were $1.16 billion, up 4% from $1.12 billion in the year-ago period but … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

In-Line Numbers From VeriFone

Posted: 15 Dec 2011 09:20 AM PST

VeriFone Systems Inc (NYSE:PAY) reported revenues of $410.7 million in the fourth quarter of fiscal 2011, up 48.8% year over year and up 29.6% sequentially.
Based in San Jose, California, VeriFone designs, markets and services a transaction automation system that facilitates electronic payments between consumers, merchants and financial institutions.
Excluding amortization of step-down in deferred revenue on acquisition, revenues came in at $415.6 million, up 50.6% y/y and up 31.1% … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Aetna Guides Higher

Posted: 15 Dec 2011 09:05 AM PST

Based on solid performances in October and November, health insurer Aetna Inc. (NYSE:AET) raised the 2011 and 2012 expectations.
Aetna raised the 2011 earnings expectation to $5.15 per share from $5.00 per share guided earlier. The Zacks Consensus Estimate for 2011 is $5.04 per share, on the conservative side. For 2012, Aetna now expects to deliver earnings of $5.00 per share, in tune with the Zacks Consensus Estimate. The expectation was raised from $4.80 per share.
Though the company has raised … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Denmarks Nationalbank Cuts Rate Further 10bps To 0.7%

Posted: 15 Dec 2011 09:03 AM PST

The Danmarks Nationalbank cut its key lending rate by 10 basis points to 0.70% from 0.80% and reduced the current account rate 5bps to 0.25%, effective from 16 December.  The Bank also cut rates on the 8th of December following the ECB rate cut, at that time it cut the lending rate 40bps to 0.8%, and reduced its other interest rates by 25 basis points.  The Bank said in its press release: “The interest rate reduction follows Danmarks Nationalbank’s purchase of foreign … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

PartnerRe Guides $88M In 4Q CAT Loss

Posted: 15 Dec 2011 08:50 AM PST

Yesterday, property-casualty and life reinsurer – PartnerRe Ltd. (NYSE:PRE) – projected about $88 million in pre-tax catastrophe (CAT) losses for the fourth quarter of 2011. This is primarily related to the earthquakes that hit Japan in March this year.
The company has incurred a total charge of about $730 million against the earthquake and tsunami in Japan. The additional $88 million charge has been taken after completing an intensive on-the-ground audit of the Japanese exposure and claim … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex Trading: EURCHF Breaks Below The 1.2250 Midpoint

Posted: 15 Dec 2011 08:37 AM PST

The SNB said they would not raise the EURCHF peg to 1.2500 level today – keeping it at the 1.2000 level. The midpoint between the 1.2500 and 1.2000 is 1.2250 and the price found support at this level in the London and early NY session. The price has now dipped below the level and the move ignited stops.  Look for sellers against the 1.2250 level now.  The 100 bar MA on the 5 minute chart above will also be eyed. A move above would not be welcomed by the sellers and would likely … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex Trading: EURUSD Moving Back And Forth In Narrow Range

Posted: 15 Dec 2011 08:37 AM PST

The EURUSD remains in a narrow trading range  (92 pips) with the last move to the downside. The move lower has gone down to test the close from yesterday at the 1.2982 level (additional floor support at the 1.2978 level). This area is the next target to get through for the intraday traders who seem to be dominating – at the moment that is.  A move below opens the door for the possibility of extending the range to the downside that would take the price below the 1.2956 level.  … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Milestone For St. Jude’s Portico

Posted: 15 Dec 2011 08:35 AM PST

Medical devices major St. Jude Medical (NYSE:STJ) has reached another important clinical landmark by registering the first implant of its next-generation Portico transcatheter aortic heart valve implant ("TAVI") in a European clinical study.
The European trial has been designed to evaluate the safety and efficacy of the Portico valve in patients with severe aortic stenosis (abnormal narrowing of the aortic valve opening). Results from this pivotal study will support the device's European CE … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CNO Financial Stays ‘Neutral’

Posted: 15 Dec 2011 08:25 AM PST

We have reiterated our Neutral recommendation on CNO Financial Group Inc. (NYSE:CNO) based on the lack of significant earnings growth momentum.
CNO Financial reported its third-quarter 2011 operating earnings of 17 cents per share, at par with the Zacks Consensus Estimate but beating the year-ago earnings by a penny.
The company's strategies of cost reduction and divestiture of non-core business units to focus on the core business have translated into consistent profitability and capital growth, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – Dollar Lower As U.S. Data, Spain Auction Boost Risk Appetite

Posted: 15 Dec 2011 08:18 AM PST

Forexpros – The U.S. dollar was lower against its major counterparts on Thursday, after strong U.S. data and a well received Spanish government bond auction supported demand for riskier assets.

During U.S. morning trade, the dollar was lower against the euro, with EUR/USD rising 0.14% to hit 1.3001.

Earlier in the day, Spain's Treasury sold EUR6 billion of medium-and-long-term bonds, far surpassing a target of EUR3.5 billion.

The country sold EUR2.5 billion of five-year bonds at an … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

US Stocks Breathe Sigh Of Relief

Posted: 15 Dec 2011 08:10 AM PST

12/15/11 Wall Street opened higher on better-than-expected global economic data and a successful Spanish bond auction. Weekly jobless claims, Empire state manufacturing and Philly Fed survey topped … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Natural Gas Off 27-month Low After U.S. Storage Withdrawal

Posted: 15 Dec 2011 07:55 AM PST

Forexpros – Natural gas futures eased off a 27-month low on Thursday, after the U.S. Energy Information Administration said that natural gas inventories declined more-than-expected last week, however concerns over warmer-than-normal winter weather limited gains.

On the New York Mercantile Exchange, natural gas futures for delivery in January traded at USD3.189 per million British thermal units during U.S. morning trade, jumping 1.7%.

It earlier rose by as much as 1.95% to trade at a daily … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – GBP/USD Holds Gains On Strong U.S. Data

Posted: 15 Dec 2011 07:23 AM PST

Forexpros – The pound remained higher against the U.S. dollar on Thursday, as upbeat U.S. jobless claims and manufacturing data supported demand for riskier assets.

GBP/USD hit 1.5530 during U.S. morning trade, the daily high; the pair subsequently consolidated at 1.5506, adding 0.24%.

Cable was likely to find support at 1.5393, the low of October 3 and resistance at 1.5594, the high of November 28.

In a report, the U.S. Department of Labor said the number of individuals filing for initial … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – EUR/USD Holds Above 11-month Low, Still Vulnerable

Posted: 15 Dec 2011 07:21 AM PST

Forexpros – The euro held above an 11-month low against the U.S. dollar on Thursday, but the outlook remained dim as fears over the debt crisis in the single currency bloc continued to dampen market sentiment.

EUR/USD pulled back from 1.2956, the daily low, to hit 1.3008 during U.S. morning trade, rising 0.20%.

The pair was likely to find support at 1.2945, Wednesday's low and an 11-month low and resistance at 1.3064, Wednesday's high.

The euro found support after an auction of Spanish … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Gold Futures Ease Off 11-week Low But Risks Remain

Posted: 15 Dec 2011 07:19 AM PST

Forexpros – Gold futures eased off the lowest level since late September on Thursday, as weakness in the U.S. dollar underlined prices however gains were limited as investors remained jittery about the euro zone's debt crisis and amid the year-end rush to liquidate profitable positions.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,589.65 a troy ounce during U.S. morning trade, edging 0.25% higher.

It earlier rose by as much … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

U.S. Stocks Rise On Upbeat Data; Dow Jones Up 0.67%

Posted: 15 Dec 2011 07:15 AM PST

Forexpros – U.S. stocks were higher on Thursday, boosted by gains in the financial sector as positive U.S. jobless claims and manufacturing data lifted market sentiment.

During early U.S. trade, the Dow Jones Industrial Average jumped 0.67%, the S&P 500 index climbed 0.63%, while the Nasdaq Composite index gained 0.08%.

The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits last week fell to a three-year low of 366,000, while a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Philly Fed Manufacturing Index Rises To 8-month High

Posted: 15 Dec 2011 07:06 AM PST

Forexpros – Manufacturing activity in the Philadelphia-region expanded at a faster rate than expected in December, rising to the highest level since April, official data showed on Thursday.

In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 6.7 points to 10.3 in December from October's reading of 3.6.

Analysts had expected the index to improve by 1.4 points to 5.0 in December.

On the index, a reading above 0.0 indicates improving … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Euro Looking For Direction On Global Data

Posted: 15 Dec 2011 02:00 AM PST

12/15/11 The euro currency remained mostly flat this morning, trading near $1.30 agian, following an array of mixed global economic … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Data-filled Day Sees Stocks Trade Higher

Posted: 15 Dec 2011 01:15 AM PST

12/15/11 European and US equities were pointing higher this morning following the release of numerous economic reports, taking a breather from recent eurozone debt … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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