Thursday, March 15, 2012

DailyMarkets.com - AutoZone Enhances Stock Buyback

DailyMarkets.com - AutoZone Enhances Stock Buyback

AutoZone Enhances Stock Buyback

Posted: 15 Mar 2012 11:50 AM PDT

AutoZone Inc. (NYSE:AZO) announced that its Board of Directors authorized the repurchase of $750 million of the company’s common stock in addition to its existing share repurchase program.
The company's Board last increased the share repurchase authorization by the same amount in September last year. Since the inception of the repurchase program in 1998, the company has authorized share repurchase worth $11.9 billion, including the above amount.
AutoZone, a Zacks #2 Rank (Buy) company, recorded … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Goodrich Shareholders OK UTX Merger

Posted: 15 Mar 2012 11:35 AM PDT

Goodrich Corporation (NYSE:GR) shareholders at the special meeting held on March 13, 2012 unanimously voted and approved the proposed merger with United Technologies Corp. (NYSE:UTX). However, as stated earlier the deal is expected to be completed by the first half of 2012.
On completion of the merger, Goodrich will become a wholly owned subsidiary of United Technologies and the former's shareholders will receive $127.50 in cash, for each share of Goodrich owned. This reflects a 47.4% premium to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Limited Brands’ Balancing Acts

Posted: 15 Mar 2012 11:20 AM PDT

Limited Brands Inc. (NYSE:LTD) is persistently trying every means to make its way in this sluggish economic environment by adopting optimum inventory strategy, better expense management, merchandise initiatives and prudent capital spending with an aim to generate healthy cash flows and augment its financial position. The endeavors undertaken helped the stock to gain a firm foothold in the market, well reflected by a 22% rise in the share price, so far in the year.
The Company Counts Upon
Limited … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

EOG Resources Stays Neutral

Posted: 15 Mar 2012 11:20 AM PDT

We maintain our Neutral recommendation on EOG Resources Inc. (NYSE:EOG). The company's better-than-expected fourth quarter 2011 results and attractive growth profile were partially tempered by its natural gas weighted production and reserves base.
EOG reported stellar fourth-quarter 2011 results on the back of an almost 54% growth in crude oil production, which was aided by significant contributions from the South Texas Eagle Ford play followed by the Fort Worth Barnett Shale Combo. EOG … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

U.S. Bancorp Ups Div, Clears Stress

Posted: 15 Mar 2012 11:05 AM PDT

Following the announcement of the stress test results, U.S. Bancorp (NYSE:USB) has announced a hike in its dividend and a new share repurchases authorization.
The Federal Reserve has evaluated U.S. Bancorp's capital position under a two-year financial catastrophe environment. Following the review, the Fed had no objection to the company's request to increase its dividend and other capital distributions.
As a result, U.S. Bancorp made a 56% hike in its dividend to $0.195 per share per quarter … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Limited Brands??? Balancing Acts

Posted: 15 Mar 2012 11:05 AM PDT

Limited Brands Inc. (NYSE:LTD) is persistently trying every means to make its way in this sluggish economic environment by adopting optimum inventory strategy, better expense management, merchandise initiatives and prudent capital spending with an aim to generate healthy cash flows and augment its financial position. The endeavors undertaken helped the stock to gain a firm foothold in the market, well reflected by a 22% rise in the share price, so far in the year.
The Company Counts Upon
Limited … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Schoenberger: “Not Buying Any Of This…skeptical In Short Term”

Posted: 15 Mar 2012 11:00 AM PDT

03/15/12 LandColt Trading’s Todd Schoenberger discusses global fundamentals and technicals, the Eurozone and volume in the equity … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Red Robin To Debut In Portland

Posted: 15 Mar 2012 10:50 AM PDT

Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB), a chain of casual dining restaurants, is set to debut its first unit in Portland area, Maine, shortly. The new restaurant will be at 800 Gallery Blvd. across from the new Walmart, and will offer gourmet burgers served with Bottomless Steak Fries, a variety of salads, entrees, soups and wraps made with the fresh ingredients.
Given customers' inclination toward organic and fresh food these days, we believe integrity in ingredients will be a crucial … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

BofA Clears Stress Test, Finally

Posted: 15 Mar 2012 10:35 AM PDT

The much awaited stress test results are out and Bank of America Corporation (NYSE:BAC) cleared it. In its capital plan submitted with the Federal Reserve, BofA had not requested for any permission for new capital deployment. Currently, the second-largest US bank pays 1 cent per share as quarterly dividend and does not have any share repurchase authorization.
Though BofA has not come out with any official statement regarding the stress test results, the data released by the Fed shows that the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Statoil Caesar Tonga Comes Online

Posted: 15 Mar 2012 10:35 AM PDT

Norwegian energy company Statoil ASA (NYSE:STO) announced the commencement of production from its Caesar Tonga deepwater project in the Gulf of Mexico (GoM).
Caesar Tonga field, located in the Green Canyon area of the deepwater GoM, is estimated to have a reserve potential of 200–400 million barrels of oil equivalent (MMBOE). The company, holding 23.55% working interest in the project, expects the field production to reach about approximately 45,000 BOE per day from the first three subsea wells. … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Louisiana-Pacific Names New CEO

Posted: 15 Mar 2012 10:25 AM PDT

Louisiana-Pacific Corporation (NYSE:LPX) has announced the promotion of Curt Stevens to the post of chief executive officer (CEO), effective from May 4, 2012. Stevens will succeed Rick Frost who is retiring on May 31, 2012. Until now, Stevens was serving as company's executive vice president and chief operating officer.
Stevens, who is also a board of director in Quanex Building Products Corp. (NYSE:NX), has been with Louisiana-Pacific since 1997 and has held senior management positions. Frost, who … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

ICE To Launch OTC FX Clearing In 2Q

Posted: 15 Mar 2012 10:05 AM PDT

Yesterday, IntercontinentalExchange Inc. (NYSE:ICE) announced the introduction of non-deliverable forward foreign exchange (FX) over-the-counter (OTC) contracts to its clearing services. An official launch is scheduled in the second quarter of 2012, subject to regulatory approvals.
Post the receipt of approval, the service will begin for both client and clearing member trades, whereby ICE plans to clear non-deliverable forward contracts for foreign exchange currencies including Brazilian Real, … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Foster Wins Contract

Posted: 15 Mar 2012 09:55 AM PDT

Foster Wheeler AG (NASDAQ:FWLT) through a subsidiary of its Global Engineering and Construction Group received a basic design and front-end engineering design contract from Complejo GNL del Este, a Consortium formed by Dominican and Colombian companies. The companies included in the Consortium work in energy sector of the countries. The project involves construction of a new LNG receiving terminal and jetty in San Pedro de Marcorís in the Dominican Republic.
Contract value is undisclosed but … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Swiss National Bank Keeps Monetary, Currency Policy Unchanged

Posted: 15 Mar 2012 09:38 AM PDT

The Swiss National Bank kept its target for the 3-month franc LIBOR steady at 0-0.25 percent, and reaffirmed its commitment to the EURCHF 1.20 floor set on the 6th of September.  The Bank said it “will continue to enforce the minimum exchange rate of CHF 1.20 per euro with the utmost determination. It is prepared to buy foreign currency in unlimited quantities for this purpose. The target range for the three-month Libor will remain unchanged at 0.00–0.25%. The SNB … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Baker Hughes’ Orca In North Sea

Posted: 15 Mar 2012 09:35 AM PDT

U.S. services giant Baker Hughes Incorporated (NYSE:BHI) – through its subsidiary – has contracted a new state-of-the-art pressure pumping vessel to provide offshore stimulation services to Danish player Maersk Oil in the North Sea.
Known as Blue Orca, the new stimulation vessel is expected to join Baker Hughes' fleet as the eighth unit upon its completion in late 2013. The company did not divulge details regarding the yard which was building the vessel but revealed the commencement of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Which Way Will Cocoa Swing?

Posted: 15 Mar 2012 09:23 AM PDT

Thursday, March 15, 2012
Cocoa has lost some of its momentum in recent sessions. Weather conditions in Western Africa, especially Ghana, have been steadily improving since the beginning of the year when there were drought-like conditions. The transition of government in the Ivory Coast appears to be smoother than usual, but the threat of supply disruptions is always present if things change. Technically, the July Cocoa contract has yet to choose a breakout direction. Some traders may wish to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Earnings Scorecard: Zumiez

Posted: 15 Mar 2012 09:20 AM PDT

Zumiez Inc. (NASDAQ:ZUMZ) reported robust fourth-quarter 2011 result on March 8, 2012. The Wall Street analysts had almost a week to ponder on the earnings results and eventually make their estimates revision. In the subsequent paragraphs, we will cover the results of the recent earnings announcement, estimate revisions by analysts as well as the Zacks Rank and long-term recommendation on the stock.
Earnings Report Review
Zumiez posted quarterly earnings of 60 cents per share, ahead of the Zacks … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Cartoon Of The Day

Posted: 15 Mar 2012 09:07 AM PDT

AIG???s ILFC Issues $1.5B Notes

Posted: 15 Mar 2012 09:05 AM PDT

Yesterday, American International Group Inc.'s (NYSE:AIG) aircraft leasing wing – International Lease Finance Corp. (ILFC) announced the pricing of unsecured senior notes worth $1.5 billion, equally allocated in two tranches.
Accordingly, one part of three-year senior notes is worth $750 million and is slated to mature on April 1, 2015 carrying a coupon rate of 4.875%. Meanwhile the remaining $750 million of notes are issued for five years, slated to mature on April 1, 2019, and carry a coupon … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CIG Redeems Notes, Issues Debentures

Posted: 15 Mar 2012 08:50 AM PDT

Brazil-based integrated electric utility, Companhia Energetica de Minas Gerais (NYSE:CIG), also known as CEMIG, recently announced an early redemption of all the one- year commercial promissory notes of its fourth issue.
The early redemption will take place on March 21, 2012, instead of December 22, 2012, as decided earlier. The company, in December 2011, had issued eight R$12.5 million worth of notes, amounting to R$100 million. The notes carried interest rates corresponding to 106% of the DI … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Wall Street Little Changed, Apple Tops $600

Posted: 15 Mar 2012 08:50 AM PDT

03/15/12 US equity averages traded nearly flat, following the deluge of economic data releases. Apple soared to new record highs, topping … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

LSI Corp. Escalates Outlook

Posted: 15 Mar 2012 08:40 AM PDT

Recently announced, LSI Corporation (NYSE:LSI) upgraded its guidance for its upcoming first quarter of 2012. Management stated that the company has been experiencing steady sales in its flash-based products and also witnessing a strong and fast convalescing hard disk drive business.
LSI Corp. now expects revenues to fall between $585 million and $615 million, from its previous guidance of $550 million and $590 million. The company reported revenues of $523 million in the last quarter, which was … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Avnet Extends EMC Agreement

Posted: 15 Mar 2012 08:25 AM PDT

Avnet, Inc. (NYSE:AVT) recently announced that its Technology Solutions division has extended its distribution agreement with EMC Corporation. Avnet delegated Avnet Embedded with the task of marketing the EMC solutions for its Electronic Marketing Americas segment.
According to the agreement, Avnet Embedded will offer a range of EMC products which encompass the EMC VNX and VNXe unified storage solutions, EMC Isilon scale-out NAS systems and the EMC Atmos Cloud Storage Platform as part of its … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Thursday Morning Links

Posted: 15 Mar 2012 08:13 AM PDT

1. World crude steel production rose to a new record high in 2011 of 1,527 megatonnes, a 6.8% increase from 2010.  China produced more than 45% of world steel output in 2011 (695.5 megatonnes), while the U.S. ranked No. 3 with 86.2 megatonnes.

2. Excellent 6-minute animation of hydraulic fracturing and horizontal drilling. HT: Mike Carlson

3. Website that helps you find out which licenses and permits your business needs. 

4. Natural gas is expected to take another 14% of coal’s … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Progressive Reports In Line

Posted: 15 Mar 2012 08:10 AM PDT

Progressive Corp.'s (NYSE:PGR) earnings per share for February 2012 were 17 cents, flat year over year but 5 cents higher than last month. Net income for the month was $106.3 million, down 7% year over year but up 42% over January 2012.

The company recorded net premiums of $1.38 billion during February 2012, up 6% from $1.30 billion in February 2011 but down 5.4% from $1.46 billion in January 2012. Net premiums earned were $1.19 billion, up 5% from $1.13 billion in the year-ago period but down … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Dollar Rally Loses Steam

Posted: 15 Mar 2012 08:00 AM PDT

03/15/12 The dollar was mixed Thursday morning in New York, easing from a yearly high versus the yen, following mostly strong economic … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Today’s Economic Reports

Posted: 15 Mar 2012 07:40 AM PDT

1. Seasonally-adjusted weekly initial claims for unemployment fell to 351,000 for the week ending March 10, which is the lowest level in four years, since 347,000 claims for the week ending March 8, 2008. 

2. Year-over-year Producer Price inflation for finished goods was 3.3% for the year ending in February, which was the lowest annual inflation rate since August 2010, and less than half of the 7% average inflation rate for finished goods from May through September last year.

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

Kiwi Leads Rebound Against Dollar; Pound Lags After Fitch

Posted: 15 Mar 2012 07:17 AM PDT

Fundamental Headlines
- Foreclosures Fall 8% in U.S. with Seizure Increase Coming – Bloomberg
- Jobless Claims in U.S. Decrease, Matching Four-Year Low – Bloomberg
- Obama, Cameron Discussed Tapping Oil Reserves – Reuters
- Karzai Calls for U.S. Troop Pullback – WSJ
- Yen's weakening likely to Gain Steam – WSJ
European Session Summary
Price action in the overnight could hardly be characterized as risk-on or risk-off, though the trend from the past few days – U.S. Dollar sells off … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Oil Near Below $106 As US Crude Supplies Grow

Posted: 15 Mar 2012 02:00 AM PDT

03/15/12 Oil prices traded near $106 a barrel Thursday amid concerns that growing US crude supplies reflect weak … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

US Stock Futures Higher On Labor, Manufacturing Data

Posted: 15 Mar 2012 01:10 AM PDT

03/15/12 US stock futures rose Thursday morning after firm readings on the labor market and manufacturing … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

The New Cheap – Why Your Stocks May Be More Expensive Than You Think…

Posted: 15 Mar 2012 02:54 AM PDT

Famously, people aren't too good with statistics. Every day in the newspaper you can read stories where journalists distort the nature of the numbers. But when it comes to the stock market it gets worse. It doesn't appear that anyone has even looked them up. So just to grind my axe early, I'll take an example that I read in a popular shares magazine very recently.

"If [so and so] hits earnings of 20p it will still only be on a PE multiple of 18x earnings."

Phrases like this are … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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