Friday, January 13, 2012

DailyMarkets.com - INFY In Line, Lowers REV Guidance

DailyMarkets.com - INFY In Line, Lowers REV Guidance

INFY In Line, Lowers REV Guidance

Posted: 13 Jan 2012 11:55 AM PST

Infosys Technologies Limited (INFY) reported third quarter 2012 earnings per ADS from continuing operations of 80 cents, which was in line with the Zacks Consensus Estimate. Earnings grew 3.4% sequentially and grew 13.9% year over year, led by growth in all areas and across the customer base.
Business Details
Total revenue for the quarter was $1.8 billion, representing a year-over-year growth of 13.9%. The company saw growth in retail and manufacturing and also in banking, insurance and … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Zimmer Acquires Synvasive Tech.

Posted: 13 Jan 2012 11:50 AM PST

Zimmer Holdings (NYSE:ZMH) has acquired Nevada-based Synvasive Technology, bringing in devices like Stablecut surgical saw blades and eLibra Dynamic Knee Balancing System for soft tissue balancing to its product suite. The financial details of the deal were not divulged.  
For the past two decades, Synvasive has established itself as a provider of advanced surgical cutting technology. The Zimmer management is confident that the acquisition will strengthen its surgical resection and advanced … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Mindray Issues Guidance

Posted: 13 Jan 2012 11:35 AM PST

Mindray Medical International Limited (NYSE:MR), a leading Chinese medical device manufacturer, recently revealed certain unaudited early results for 2011. In addition, the company issued net sales guidance for 2012.
Mindray forecasts net revenues of about $878 million for the year ended December 31, 2011, up approximately 24.7%. The company anticipates adjusted net income to rise at least 10% year over year. Adjusted net income assumes a corporate income tax rate of 15% for the Shenzhen … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

JPMorgan Misses, Warning For Banks

Posted: 13 Jan 2012 11:30 AM PST

JPMorgan Chase & Company's (NYSE:JPM) fourth quarter earnings per share of 90 cents marginally missed the Zacks Consensus Estimate of 92 cents. Results were worse than $1.12 earned in the prior-year quarter.
Earnings per share for the reported quarter included certain significant nonrecurring items, such as a 9 cent loss from debit valuation adjustment (DVA) gains in the Investment Bank, expense for additional litigation reserves of 8 cents and a benefit from reduced loan loss reservesof 11 … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Trade Deficit Higher Than Expected

Posted: 13 Jan 2012 11:21 AM PST

The Trade Deficit rose in November to $47.75 billion from $43.27 billion. There was a small downward revision to the October deficit of $200 million. It was worse than the expected level of $44.0 billion.

This was a disappointing report. On a year-over-year basis, the total trade deficit was up by 24.5% from $38.84 billion. The trade balance has two major parts: trade in goods and trade in services. America's problem is always on the goods side; we actually routinely have a small surplus in … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Shell To Buy Chinese Asset

Posted: 13 Jan 2012 11:20 AM PST

The Chinese unit of Royal Dutch Shell plc (NASDAQ:IVAN) for approximately $160 million in cash.
Per the terms of the agreement, Shell will pay up to $85 million as reimbursement for past qualified and recoverable costs incurred to Ivanhoe. Following the closure of the transaction – expected on December 31, 2012 – Shell will make another payment of up to $75 million.
On the other hand, Shell will receive the $20 million bond that Ivanhoe would have presented to the China National Petroleum … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Hot Option Plays: Construction On The Yellow Brick Road

Posted: 13 Jan 2012 11:18 AM PST

Cusick’s Corner 01-13-2012
Ratings downgrades, earnings misses, and Bonds up, oh my! While this is not the Land of Oz, the data and headlines make you feel like you are in a Kansas twister. The markets have had a nice run in the last 3 weeks, SPY up over 7%, and after the initial gap up in the beginning of the week, there has been little move to the upside and the market has stayed in tight ranges. Some headlines today — Standard & Poor’s will be dropping down the ratings for not only good … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex Trading: EURUSD Has Moved Below The 1.2661-65 Level On Italy Rumored Two Notch Downgrade

Posted: 13 Jan 2012 11:18 AM PST

The EURUSD has moved back below the 1.2661-65 level (lows for the week before today).  The two notch downgrade of Italy which would put the nation at BBB+, has been the catlyst for the dip below. The market low for the day has come in at the 1.2623 level. There is a trendline on the daily chart which comes in at the 1.2638 level.  In the quiet afternoon trading, stay below 1.2665 and there could be another run at the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Terreno Realty Prices Equity Offer

Posted: 13 Jan 2012 11:15 AM PST

Terreno Realty Corporation (TRNO), a real estate investment trust (REIT), has recently announced an equity offer of 4 million shares at $14.25 each to raise cash to increase its liquidity. The company has also decided to grant a 30-day option to the underwriters to purchase an additional 0.6 million shares to cover any over-allotments.
The Goldman Sachs Group, Inc. (NYSE:GS) – a full-service global investment banking and securities firm, and KeyBanc Capital Markets Inc. – the investment … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Family Dollar’s Balancing Act

Posted: 13 Jan 2012 10:50 AM PST

The economy is still in doldrums, and bargain hunters are going from one shop to another to grab the best deal, with their primary focus being on consumable items. Family Dollar Stores Inc. (NYSE:FDO), with its low cost options, remains successful in luring cautious consumers amid the economic gloom. However, margins remain under pressure. 
Family Dollar offers general merchandise in four categories––consumables, home products, apparel and accessories, and seasonal and … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Iran Central Bank Reportedly Raises Interest Rates

Posted: 13 Jan 2012 10:50 AM PST

The Central Bank of the Islamic Republic of Iran is reported to have decided to raise interest rates to stabilize its gold and currency markets.  Bloomberg cited IRNA quote from Kazem Delkhosh (and central bank official) ”The council has decided to fix the rates for bank deposits at a rate higher than inflation”.  Meanwhile financial blog Zero Hedge reported that Iran’s central bank had raised rates to 20%, citing EA World View: “The effort is to reduce the flow of cash … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Nat Gas Supplies Well Above Normal

Posted: 13 Jan 2012 10:40 AM PST

The U.S. Energy Department’s weekly inventory release showed a larger-than-expected drop in natural gas supplies, as imports from Canada declined. However, gas stocks still remain at elevated levels – 17.0% above the 5-year average and 13.4% higher than the same period last year – reflecting warmer-than-normal temperatures across the country that have restricted the commodity's requirement for power burn amid robust onshore output.
The Weekly Natural Gas Storage Report – brought out by … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Crude Oil Drops On French Downgrade Shudders

Posted: 13 Jan 2012 10:34 AM PST

Forexpros – Crude oil futures fell on Friday as investors fled the commodity in search of the dollar for safety on reports that Standard & Poor’s is set to downgrade France.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at USD98.23 a barrel, down 0.87%.

The commodity hit an earlier session high of USD100.19 and a low of USD97.70 earlier Friday.

In Europe, media reports rolled in that Standard & Poor’s has decided it will strip … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Central Bank Of Armenia Holds Interest Rate At 8.00%

Posted: 13 Jan 2012 10:33 AM PST

The Central Bank of Armenia held its key refinancing rate unchanged at 8.00%.  The Central Bank Board said in its release: “The Board admitted that inflationary pressures coming in to the Armenian economy from external environment in short run are weak: international prices of raw materials and food products fell in December in view of the slowing of the world economy. Nevertheless, world economic developments and possible inflationary pressures therefrom are in the focus of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Coca-Cola Warns FDA Of Fungicide

Posted: 13 Jan 2012 10:20 AM PST

The Coca-Cola Company (NYSE:KO) has alerted the U.S. Food and Drug Administration (FDA) that it has found some traces of fungicide carbendazim in its orange juice, made by the company itself and its competitors.
The beverage giant Coca-Cola also revealed that it imports some of its juice from Brazil, where the use of the fungicide carbendazim is legal to fight a type of mold that grows on orange trees. However, a high doze of this fungicide can cause cancer. Carbendazim is not approved by … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Central Bank Of Peru Holds Interest Rate At 4.25%

Posted: 13 Jan 2012 10:20 AM PST

The Central Reserve Bank of Peru kept its monetary policy reference rate steady at 4.25%.  The Bank said: “This decision takes into account the lower growth being recorded by some components of expenditure, the current international financial risks, and the rise of inflation associated mainly with temporary supply factors. Future adjustments in the reference interest rate will depend on the evolution of inflation and its determinants.”

Peru’s central bank also held … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Bank Of Mozambique Holds Interest Rate At 15.00%

Posted: 13 Jan 2012 10:14 AM PST

The Bank of Mozambique held its standing facility lending interest rate unchanged at 15.00%.  The Bank also held the required reserve ratio unchanged at 8.5%.  The Bank said [translated]: “In what was the first regular session of 2012, the CPMO noted the main macroeconomic results achieved in 2011, with emphasis on the inflation and international reserves resulting from the contribution of the partner institutions of macroeconomic management, economic operators and the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Pool Upgraded To Outperform

Posted: 13 Jan 2012 10:05 AM PST

We have upgraded our recommendation on Pool Corp. (NASDAQ:POOL) to Outperform from Neutral based on the company's strong market position and earnings power. According to management, earnings per share will grow at a 20% rate per year for the next five years considering a reasonable macroeconomic recovery.
Based in Covington, Louisiana, Pool Corp. is the world’s largest wholesale distributor of swimming pool supplies, equipment and related products. It controls approximately one-third of the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Euro Falls To 17-month Low Vs. Dollar

Posted: 13 Jan 2012 10:00 AM PST

01/13/12 The euro currency has stumbled this afternoon, touching a 17-month low against the US dollar following reports of a breakdown in Greece talks and speculation of a downgrade to France’s AAA credit rating by Standard and … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

MT To Restart Cleveland Plant

Posted: 13 Jan 2012 09:55 AM PST

Steel giant ArcelorMittal (NYSE:MT) is all set to restart its west side steelmaking operations in Cleveland in the second quarter of 2012 driven by an increase in customer demand and anticipated market conditions.
The steel plant has been shutdown since October 2008 when the last financial crisis led to a global economic slump and took a huge bite out of steel demand. Current employees are performing maintenance projects and preparing equipment for the restart.
The Cleveland plant will add 480,000 … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Gold Falls On Downgrade-fueled Dollar Frenzy

Posted: 13 Jan 2012 09:51 AM PST

Forexpros – Gold prices dropped Friday as talk that the Standard & Poor’s ratings agency is planning on downgrading France sent investors rushing to the dollar, a traditional hedge to gold.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,635.85 a troy ounce, down 0.72%.

Gold futures were likely to test support at USD1,625.85 a troy ounce, an earlier Friday low, and resistance at USD1,662.85, Thursday’s high.

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

DaVita Unit Acquired ModernMed

Posted: 13 Jan 2012 09:35 AM PST

Yesterday, DaVita Inc.'s (NYSE:DVA) subsidiary – Paladina Health LLC – announced the acquisition of ModernMed, which operates business-based clinics and physician practices in 12 states across the US. However, the terms of the transaction remained undisclosed.
ModernMed's extraordinary network of providers coupled with a history of excellent care are expected to blend well with Paladina and DaVita's long-term strategy of growth through meaningful acquisitions. Moreover, now that the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – EUR/USD Plunges On French Downgrade Talk

Posted: 13 Jan 2012 09:28 AM PST

Forexpros – The euro tanked against the dollar Friday after reports surfaced that the Standard & Poor’s ratings agency plans to downgrade France while sluggish demand at an Italian bond auction also bruised the currency.

EUR/USD hit 1.2670 in early Friday trading, down 1.12%, up from a session low of 1.2624 and off from a high of 1.2878.

The pair was likely to find support at 1.2624, Friday’s earlier low, and resistance at 1.2790, Wednesday’s high.

In Europe, reports surfaced that … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Solta’s LIPOSONIX Reaches The U.S.

Posted: 13 Jan 2012 09:20 AM PST

Aesthetic laser treatments provider Solta Medical (SLTM) reported the arrival of its ground-breaking LIPOSONIX system in the U.S. The California-based company stated that the device is now also available in Canada. LIPOSONIX uses advanced non-invasive ultrasound energy to reduce abdominal fat.
Solta Medical obtained the rights to the LIPOSONIX system through its takeover of Medicis Technologies Corporation, a unit of specialty pharmaceutical company Medicis Pharmaceutical Corporation (NYSE:MRX), … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Euro Shares Down On Downgrade Fears; DAX Off 0.58%

Posted: 13 Jan 2012 09:14 AM PST

Forexpros – European shares closed lower on fears rating agency Standard & Poors may downgrade several euro zone nations and increased Greek debt fears

After the close of European trade, the EURO STOXX gained 0.27%, France’s CAC 40 dropped 0.15%, while Germany’s DAX 30 closed up 0.44%. Meanwhile, in the U.K. the FTSE 100 fell 0.15%.

S&P is slashing France of its AAA rating for the first time reported Agence France Presse, French President Sarkozy declined to comment on the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

KeyCorp To Acquire Branches In NY

Posted: 13 Jan 2012 09:05 AM PST

KeyCorp (NYSE:KEY) has announced that its wholly owned subsidiary, KeyBank National Association (KeyBank NA) is planning to buy 37 retail banking branches from First Niagara Financial Group (NASDAQ:FNFG). The company will be paying 4.6% or $110 million premium on deposits of nearly $2.4 billion. Additionally, the company will also assume loans of about $400 million.
The branches, which KeyCorp is purchasing, are among those 195 branches that First Niagara is buying from HSBC Holdings Plc.'s (NYSE:HBC) … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Linguist Service Contract For CACI

Posted: 13 Jan 2012 08:50 AM PST

CACI International Inc. (CACI) recently announced that it has won a prime position at the Defense Language Interpretation Translation Enterprise (DLITE).
The contracts awarded are worth approximately $9.7 billion to provide support solutions to the U.S. Army Intelligence and Security Command (INSCOM) for a performance period of five years.
CACI has been previously providing non-personal services such as equipment, supplies, transportation, materials etc. With this additional agreement, the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Crude Oil Futures Hit 3 Week Low On Embargo Delay

Posted: 13 Jan 2012 08:45 AM PST

Forexpros – bsp;- Crude oil futures hit a 3 week low after European Union officials stated that a pending Iranian oil embargo may be delayed for six months, and a surging U.S. dollar .

On the New York Mercantile Exchange, light sweet crude futures for February settlement traded at USD98.64 a barrel during early U.S. trade dropping 0.43%.

It earlier climbed to USD100.19 and hit a low of 97.70. Strength in the U.S. dollar increased downward pressure on oil prices.

The dollar index, which … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

LEG Acquires Western Pneumatic

Posted: 13 Jan 2012 08:35 AM PST

Missouri-based, Leggett and Platt Inc. (NYSE:LEG) recently announced the end of the acquisition procedure, initiated in December 2011, of Washington-based Western Pneumatic Tube Holding, LLC.
It is anticipated that the all-cash transaction, valued at $188 million, would be slightly accretive to Leggett and Platt's earnings in the first year of acquisition and will form a new business unit within the company's Industrial Materials segment.
Western Pneumatic Tube Holding is a leading provider to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Invesco’s December AUM Slightly Up

Posted: 13 Jan 2012 08:20 AM PST

On Wednesday, Invesco Ltd. (NYSE:IVZ) reported a rise in its preliminary month-end assets under management (AUM) for the month of December 2011. The company's AUM for the reported month grew slightly by 0.5% to $625.3 billion from $622.4 billion at the end of November 2011.
Positive market returns and long-term net inflows were chiefly responsible for the rise in Invesco's December AUM. However, foreign exchange drove a $1.3 billion drop in the AUM during the month under review.
Invesco's … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Dow Slides On EU Downgrade Fears

Posted: 13 Jan 2012 08:10 AM PST

01/13/12 Wall Street slid into a sea of red, with JP Morgan shares fell on its revenue miss. EUR/USD slid below the $1.27 level on reports that S&P’s downgrade of several EU nations was … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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