Wednesday, February 29, 2012

DailyMarkets.com - Statoil Makes High-Impact Find

DailyMarkets.com - Statoil Makes High-Impact Find

Statoil Makes High-Impact Find

Posted: 29 Feb 2012 04:15 PM PST

Norway-based Statoil ASA (NYSE:STO) has made a high-impact discovery in the Pão de Açúcar prospect, offshore Brazil.

The find is located at Repsol Sinopec operated block BM-C-33 in the Campos Basin, around 195 kilometers offshore Rio de Janeiro State, and is drilled in 2,800 meters of water.

With a hydrocarbon column of 480 meters, the Pão de Açúcar well is considered to be the thickest among the ones discovered in Brazil so far. In a choked drill stem test, the Pão de Açúcar well … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

EA’s SSX Makes A Comeback

Posted: 29 Feb 2012 04:10 PM PST

Electronic Arts Inc. (EA) recently announced the launch of snow-boarding game EA SPORTS SSX in North America. The game would be made available globally from March 2, 2012.
Gamers can grab a copy of the game from various retail outlets like Wal-Mart Stores Inc. (NYSE:WMT), Best Buy Co. Inc. (NYSE:BBY) and Gamestop Corp. (NYSE:GME). They can also download SSX from Origin for $59.99. The game can be played on Microsoft Corp.'s (NASDAQ:MSFT) Xbox 360 gaming system and Sony Corp's (NYSE:SNE) PlayStation … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Positive Data On VRTX Combo Therapy

Posted: 29 Feb 2012 04:00 PM PST

Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) recently reported positive interim data from two treatment arms (E and F) of a mid-stage study (ZENITH) of VX-222, when dosed in combination with Incivek (telaprevir) and ribavirin in treatment-naïve patients with genotype 1 (1a and 1b) hepatitis C virus (HCV).
Each arm (E and F) of the ZENITH study, which consisted of 23 patients, was conducted to determine whether a patient was eligible to stop all treatment at 12 weeks. The trial results demonstrated … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

GM, Peugeot Form Strategic Alliance

Posted: 29 Feb 2012 03:58 PM PST

02/29/12 General Motors Co. and PSA Peugeot Citroen are partnering, to increase purchasing power and slash costs in … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Onyx Pharma’s MM Candidate Advances

Posted: 29 Feb 2012 03:55 PM PST

Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) recently announced that it has completed enrollment in the late-stage ASPIRE study that is being conducted with carfilzomib. The study is evaluating carfilzomib in combination with Celgene Corp.'s (NASDAQ:CELG) Revlimid (lenalidomide) and low dose dexamethasone in patients with relapsed multiple myeloma (MM).
Onyx Pharma is conducting the trial under the US Food and Drug Administration's (FDA) special protocol assessment (SPA). The company has also received … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Andersons To Buy Ethanol Biz

Posted: 29 Feb 2012 03:55 PM PST

The Andersons, Inc. (NASDAQ:ANDE) has entered into an agreement with two companies, Amaizing Energy Dennison LLC and Amaizing Energy Holding Company, LLC, to buy a Dennison-based ethanol production business. The value of the deal is undisclosed as yet.
The new ethanol production plant, which will carry out its operation in the west of Mississippi, would be included in the Ethanol Group of The Andersons Dennison Ethanol, LLC, a subsidiary of Andersons. The Ethanol Group generated nearly about 12.7% … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

BUY TVIX @ $16.25

Posted: 29 Feb 2012 03:48 PM PST

I decided to take a new position in VelocityShares VIX 2X ETN (TVIX) at $16.25. By luck I managed to buy just 5 cents above the low for the day. The True Strength Index (TSI) indicator read -0.90 at the moment of my purchase. Usually these kind of extreme negative readings lead to a bounce in price. Anyway, this is the chart I made just after my purchase.

Click on any chart to ENLARGE

I made this second chart of TVIX a few minutes ago to show where price traveled after my purchase and … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Kinross May Sell Stake In Mines

Posted: 29 Feb 2012 03:35 PM PST

According to reports, gold miner Kinross Gold Corporation (NYSE:KGC) wants to sell its 50% stake in the Crixas gold mine in Brazil and 25% stake in the Cerro Casale gold-silver-copper project in Chile. The company stated that the sale is part of its ongoing portfolio review process and not aimed to fund growth per say.
The Crixas mine consists of two operating underground gold mines and is located in the State of Goias, approximately 161 miles (260 kilometers) northwest of the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Fed Okays RJF-Morgan Keegan Deal

Posted: 29 Feb 2012 03:35 PM PST

On Tuesday, the deal between Raymond James Financial Inc. (NYSE:RJF) and Morgan Keegan & Company Inc. received approval from the U.S. Department of Justice. The deal is anticipated to be closed on or around April 2, 2012.
In January 2012, RJF agreed to purchase Morgan Keegan, securities brokerage armof Regions Financial Corp. (NYSE:RF), for $930 million. Under the terms of the deal, Regions would also receive a dividend of $250 million from Morgan Keegan before closing, thereby projecting $1.18 … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Fitch Downgrades SunTrust Outlook

Posted: 29 Feb 2012 03:25 PM PST

On Monday, Fitch Ratings lowered the rating outlook on SunTrust Banks Inc. (NYSE:STI) and its subsidiaries, while affirming the long-term Issuer Default Ratings (IDRs). The agency downgraded the company's rating outlook to "Stable" from "Positive" and retained the IDRs at "BBB+".
This ratings downgrade by Fitch is based on SunTrust's still weak earnings compared with its other regional peers. Further, the ratings agency expects the company's elevated mortgage repurchase … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Hot Option Plays: Metals & Miners Lead The Downside

Posted: 29 Feb 2012 03:24 PM PST

Cusick’s Corner
The action into the After Hours is what many traders and technicians have been anticipating. Last week I picked up on this flag — the lagging nature in the Transports, IYT, and we saw the metals and miners, XME, SLV, GLD, all pullback in the morning which continued into the afternoon. Strength in the Buck, UUP, along with the continued pullback in Metals, GLD, created late day momentum to the downside. Now bonds did pull off early and held into the close, so the trend is … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Global PMI, US Jobs Data On Tap

Posted: 29 Feb 2012 03:20 PM PST

02/29/12 Global PMI manufacturing data will be closely watched, along with US jobless claims figures. The EU summit will kick off in … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Embraer Retains Neutral Rec

Posted: 29 Feb 2012 03:05 PM PST

We maintain our Neutral recommendation on Embraer S.A (NYSE:ERJ).
Improved worldwide commercial and defense aviation demand reflect a positive outlook for the future. In such a scenario, we believe Embraer will be able to sustain its strong position in the security solution business across Brazilian and other governments with a series of applications.
Embraer's worldwide customer orders servicing and on-time deliveries of corporate, defense jets and executive jet-support structures are worth … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Health Care REIT Completes Share Offer

Posted: 29 Feb 2012 03:00 PM PST

Health Care REIT Inc. (NYSE:HCN), a leading health care real estate investment trust (REIT) that operates senior housing and health care real estate, has recently completed its secondary offering of 20.7 million common shares at $53.50 each, including 2.7 million shares sold to the underwriters to cover the over-allotment options.
Health Care REIT raised approximately $1.1 billion of gross proceeds from the offer. The company intends to utilize the proceeds to repay debt under its unsecured line … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Meridian’s Legionella Test Cleared

Posted: 29 Feb 2012 02:50 PM PST

Diagnostic test kit maker Meridian Bioscience (NASDAQ:VIVO) has won the approval of the U.S. Food and Drug Administration (FDA) for its new test for detection of Legionnaire's disease (legionellosis), a potentially fatal form of pneumonia.
The test, dubbed TRU Legionella, is a rapid lateral flow device which offers optimized detection of Legionella pneumophila serogroup that is most commonly associated with Legionnaire's disease, which is caused by a type of bacteria called Legionella.
The … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Cosan To Acquire ALL Shares

Posted: 29 Feb 2012 02:50 PM PST

Brazilian sugar and ethanol producer, Cosan (NYSE:CZZ) recenty announced signing of a sale and purchase agreement with Riccardo Arduini, Julia Dora Koranyi Arduini and GMI – Global Market Investments L.P.
As per the terms of the agreement, Cosan will purchase roughly 38.98 million shares of ALL – América Latina Logística S.A. for a total consideration of R$896.5 million. Of the total shares, a sum of roughly 34 million is related to an agreement signed between Riccardo Arduini, Julia Dora … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

XL Group Approves Buyback

Posted: 29 Feb 2012 02:30 PM PST

In its concerted effort to boost shareholder value, the board of directors of XL Group Plc (NYSE:XL) approved a share repurchase program wherein the company is authorized to buy back up to $750 million worth of shares.
The current authorization will also replace $190 million remaining under the previous authorization.
The repurchase authorization is primarily supported by XL Group's strong balance sheet and its ability to generate healthy cash flow. XL Group exited 2011 with cash and equivalents … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Few Trade Ideas For The First Trading Day Of March

Posted: 29 Feb 2012 02:21 PM PST

( click to enlarge )

Elan Corporation, plc (NYSE:ELN) has a mixed technical profile at the present moment. Intermediate trend is down. The stock recently broke below its 20 and 50 day moving averages. Short term momentum indicators are now showing technical signs of recovery. The break of the resistance of $13.03 with heavy volume should be the next buy point on ELN.

( click to enlarge )

Shares of Sirius XM Radio Inc (NASDAQ:SIRI) surged 2% to $2.26 per share breaking out an important resistance … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Foster Wheeler’s Boiler Contract

Posted: 29 Feb 2012 02:20 PM PST

Foster Wheeler AG's (NASDAQ:FWLT) Global Engineering and Construction Group received a contract from JSC LUKOIL's subsidiary. As per the deal, the company will provide a waste heat boiler for LUKOIL Nizhegorodnefteorgsyntez Refinery in the Nizhny Novgorod region of Russia.
The contract value for Foster Wheeler is undisclosed. The fourth-quarter 2011 bookings of the company are inclusive of this contract.
Downstream of a fluid catalytic cracking unit will have the waste heat boiler from Foster … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Time For Another Pop Quiz…

Posted: 29 Feb 2012 02:10 PM PST

(Hopefully, you’ve been paying attention.)
In your opinion, which of the following choices best depicts where things stand in today’s America (choose “A,” “B,” or “C”):
A. “All Areas of the Country Show Growth, Fed Reports” (Associated Press)
The U.S. economy started the year off well with busier factories, higher retail sales, more jobs and growth in home sales.
The Federal Reserve said Wednesday that all 12 of its banking districts reported some level of growth in January and the first half … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CA’s Improved Security Solution

Posted: 29 Feb 2012 02:06 PM PST

CA Inc. (NASDAQ:CA) recently announced its intent of further enhancing its Content-Aware Identity and Access management (IAM) solution in order to deliver an upgraded security solution for Microsoft SharePoint to help improve information security, reduce risk and meet compliance requirements.
The technology major's Content-Aware IAM vision is unique in its own way as it helps control users, enhances their access and facilitates the information handling process. These enhanced solutions help … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

What Color Is You Stock Chart?

Posted: 29 Feb 2012 02:02 PM PST

When it comes to the stock market, you want certainty and equivocation just won't do.  Is the market going higher or lower?  Will a stock appreciate 20% and when?  However, the first thing you need to establish, whether from the … Continue reading … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

After Reaching Highs, Wall Street Fumbles

Posted: 29 Feb 2012 09:00 AM PST

02/29/12 Fed Chairman Ben Bernanke’s comments before Congress dampened hopes of further monetary stimulus and led the way for the Dow Jones Industrial Average to lose its … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

BP To Offload Gas Assets

Posted: 29 Feb 2012 01:50 PM PST

BP Plc (NYSE:BP) intends to offload its natural gas assets in Kansas to a subsidiary of LINN Energy, LLC (NASDAQ:LINE), in response to a weak natural gas price environment and in order to streamline its portfolio. The U.K. giant plans to sell its entire share in the natural gas producing fields in Kansas as well as a gas processing plant for a total consideration of $1.2 billion in cash.
The agreement, which is expected to close on March 30, 2012, is pending customary closing conditions as well as … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Restaurant Performance Index Suggests Ongoing Improvements As Does Fed’s Beige Book Report

Posted: 29 Feb 2012 01:41 PM PST

From today’s report from the National Restaurant Association:

“The outlook for the restaurant industry is positive for the coming months, as the National Restaurant Association's Restaurant Performance Index (RPI) remained well above 100 in January. The RPI – a monthly composite index that tracks the health of and outlook for the U.S. restaurant industry – stood at 101.3 in January, down from December's strong level of 102.2 (see red line in chart). Despite the decline, January … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

DuPont Expands Deal With ACPFG

Posted: 29 Feb 2012 01:35 PM PST

EI DuPont de Nemours & Co. (NYSE:DD) announced that it has expanded its collaboration agreement with the Australian Centre for Plant Functional Genomics ("ACPFG") to improve the productivity of cereal crops. The terms of the agreement have yet to be disclosed.
The expanded program will include the use of molecular markers to advance cereal breeding, as well as discovery research for agronomic traits and hybrid seed production in wheat. The company will continue developing agronomic traits … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

NYSE Begins Metals Mini-Options

Posted: 29 Feb 2012 01:21 PM PST

On Monday, NYSE Euronext Inc. (NYSE:NYX) announced that its futures exchange in the U.S. – NYSE Liffe – has successfully launched its mini-sized options on gold and silver futures contracts. NYSE Liffe is the former London International Financial Futures Exchange, which trades coffee, sugar, cocoa and wheat futures.
Moreover, the options on NYSE Liffe U.S. 33.2 ounce (oz.) mini gold and 1,000 oz. mini silver futures contracts provide traders flexibility by offering multiple trading strategies. … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Unisys Launches New Services

Posted: 29 Feb 2012 01:06 PM PST

Unisys Corporation (NYSE:UIS) recently announced that the company has launched a new set of services which will supposedly help organizations in executing tasks more efficiently.
These tasks help reduce the cost, complexity, risk and time involved in implementing a complex mission-critical application modernization initiative.
Unisys added that these new services are known as Application Modernization Platform as a Service (AMPS) COE (Center of Excellence) are designed to help clients … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Matt Ridley On How Expensive Green Energy Destroys Jobs, While Cheap Shale Gas Creates Jobs

Posted: 29 Feb 2012 12:54 PM PST

Matt Ridley masterfully applies Bastiat’s “broken-window fallacy” to green energy jobs, writing last December in City AM, a UK financial newspaper:

“When is a job not a job? Answer: when it is a green job. Jobs in an industry that raises the price of energy effectively destroy jobs elsewhere; jobs in an industry that cuts the cost of energy create extra jobs elsewhere.

The entire argument for green jobs is a version of Frederic Bastiat's broken-window fallacy. The great nineteenth century … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Bleak Outlook For Dendreon’s Provenge

Posted: 29 Feb 2012 12:50 PM PST

Dendreon Corporation (NASDAQ:DNDN) reported fourth-quarter 2011 earnings (including stock-based compensation expense but excluding other special items) of 37 cents per share, in contrast to the Zacks Consensus Estimate loss of 31 cents and year-ago loss of 60 cents per share.
Full-year loss of $1.68 per share (excluding special items but including stock-based compensation expense) were narrower than the Zacks Consensus Estimate of a loss of $2.83 and the year-ago loss of $3.07 per share.
Total … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

St. Jude Beefs Up Dividend

Posted: 29 Feb 2012 12:35 PM PST

Medical technology major St. Jude (NYSE:STJ) has bumped up its quarterly dividend to 23 cents a share from 21 cents, representing a 10% hike. This lifts the annual dividend to 92 cents per share from the current payout of 84 cents and equates to a dividend yield of roughly 2.2%. The revised quarterly dividend is payable on April 30, 2012, to shareholders of record as on March 30, 2012.
St. Jude's Board, in February 2011, approved the commencement of a regular quarterly cash dividend. The company … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Hologic To Exchange Notes

Posted: 29 Feb 2012 12:25 PM PST

Hologic (NASDAQ:HOLX) has decided to retire $500 million of its 2% convertible senior notes (due 2037) in exchange of $500 million of 2% convertible senior notes due 2042. Subsequent to this arrangement, $775 million in aggregate principal amount of the original notes will remain outstanding.
The new notes have been issued at a conversion rate of 32.07698 shares per $1,000 of principal amount (conversion price of approximately $31.175 per share), which represents a 45% premium over the closing price … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex Trading: AUDUSD Failed On Its Bid To Extend To The Upside Today

Posted: 29 Feb 2012 12:22 PM PST

The AUDUSD moved above the trendline resistance at the 1.0790 level and then the high for the month of February at 1.0842 (high reached 1.0854) . The moves should have solicited additional buying momentum, but it has not.
The price is currently trading near the low for the day.  If the price closes below the 1.0790 trendline level today and is able to stay below that level in the new trading day, I would expect further selling pressure going forward on the failure of the break. … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

U.S. Rig Count Falls 13 Units

Posted: 29 Feb 2012 12:05 PM PST

In its weekly release, Houston-based oilfield services company Baker Hughes Inc. (BHI) reported a dip in the U.S. rig count (number of rigs searching for oil and gas in the country). This can be primarily attributed to a decrease in the tally of both oil and natural gas-directed rigs.
The Baker Hughes rig count, issued since 1944, acts as an important yardstick for drilling contractors such as Transocean Inc. (RIG), Diamond Offshore (DO), Noble Corp. (NE), Nabors Industries (NBR), Patterson-UTI … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Polcari: “Markets Exhausted…nothing To Panic About”

Posted: 29 Feb 2012 11:50 AM PST

02/29/12 ICAP Equities’ Kenneth Polcari discusses the ECB LTRO, US economic data releases, Bernanke’s testimony and crude oil … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

ETF Update: CU, GASX

Posted: 29 Feb 2012 06:40 AM PST

Weekly update on the First Trust ISE Revere Natural Gas Index Fund and the First Trust ISE Global Copper Index … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Dollar Rebounds On GDP Expansion

Posted: 29 Feb 2012 04:30 AM PST

02/29/12 The release of stronger-than-expected Q4 GDP expansion by 3% has helped lift the dollar this afternoon against the euro and … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

The Trend Trader For ETF Trading On Thursday, March 1, 2012

Posted: 29 Feb 2012 04:35 AM PST

By ForexMansion.com

The Trend Trader for ETFs
For Trading On Thursday, March 1, 2012

The top 40 ETFs by net assets
In alphabetical order by symbol

Close
%
Change

3×1

7×5
Minor
Trend
Major
Trend
Trend Reading

AGG – iShares Lehman Aggregate Bd Fd
110.76
− 0.10
110.85
110.52

Neutral

BND – Vanguard Total Bond Market ETF
83.90
− 0.10
83.97
83.71

Neutral

DBC – DB Commodity Index Tracking Fd
29.32
− 0.37
29.43
29.46

Bearish

DIA – SPDR DJ Industrial Average … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

The Trend Trader For Stock Trading On Thursday, March 1, 2012

Posted: 29 Feb 2012 04:35 AM PST

By ForexMansion.com

The Trend Trader for the Dow 30 Stocks
For Trading On Thursday, March 1, 2012

In alphabetical order by symbol

Close
%
Change

3×1

7×5
Minor
Trend
Major
Trend
Trend Reading

AA – Alcoa Inc
10.17
− 1.93
10.32
10.40

Bearish

AXP – American Express Company
52.89
− 1.62
53.48
53.07

Bearish

BA – Boeing Co
74.95
− 0.28
75.20
75.93

Bearish

BAC – Bank of America Corporation
7.97
− 1.85
8.02
7.99

Bearish

CAT – Caterpillar Inc
114.21
− … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

The Trend Trader For Futures Trading On Thursday, March 1, 2012

Posted: 29 Feb 2012 04:35 AM PST

By ForexMansion.com

The Trend Trader for Futures
For Trading On Thursday, March 1, 2012

INDICES

Close
%
Change

3×1

7×5
Minor
Trend
Major
Trend
Trend Reading

S&P 500 – Mar ESH2
1364.50
− 0.51
1366.58
1361.00

Neutral

Dow Jones – Mar YMH2
12929
− 0.52
12964
12948

Bearish

Nasdaq – Mar NQH2
2623.00
− 0.34
2617.83
2593.42

Bullish

Russell – Mar TFH2
810.00
− 1.70
820.61
824.60

Bearish

INTEREST RATES

US T-Bond – Jun ZBM2
141-21
− … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

The Trend Trader For Forex Trading On Thursday, March 1, 2012

Posted: 29 Feb 2012 04:35 AM PST

By ForexMansion.com

The Trend Trader for Forex
For Trading On Thursday, March 1, 2012

THE BIG SIX

Close
%
Change

3×1

7×5
Minor
Trend
Major
Trend
Trend Reading

AUDUSD – Aust Dollar / US Dollar
1.0732
− 0.33
1.0753
1.0702

Neutral

EURUSD – Euro / US Dollar
1.3323
− 1.04
1.3410
1.3369

Bearish

GBPUSD – British Pound / US Dollar
1.5916
+ 0.10
1.5882
1.5807

Bullish

USDCAD – US Dollar / Canadian Dollar
0.9896
− 0.55
0.9955
0.9973

Bearish

USDCHF – US Dollar / … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Cures For The Apathetic Investor

Posted: 28 Feb 2012 10:00 PM PST

One of the most debilitating forms of emotion isn't anger, fear or sadness, it's apathy. An "I don't care" attitude or an indifference to events caused Helen Keller to once say: "We may have found a cure for most evils; but we have found no remedy for the worst of them all, the apathy of human beings."
Today, investor apathy has grown to epidemic proportions because of a lack of political leadership, excessive regulations and market volatility. Some analysts believe volatility … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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