Monday, March 26, 2012

DailyMarkets.com - Avis Completes $750M ABS Offering

DailyMarkets.com - Avis Completes $750M ABS Offering

Avis Completes $750M ABS Offering

Posted: 26 Mar 2012 08:00 AM PDT

Avis Budget Group Inc. (NYSE:CAR), the leading general-use vehicle rental company, announced that Avis Budget Car Rental Funding, its wholly-owned subsidiary, has closed its offering of $750 million asset-backed bonds carrying an annual interest rate of 2.6%.
According to Avis Budget, the interest rate on the new ABS debt is the lowest since 2003. The new ABS debt offerings consists of a 3-year $325 million and a 5-year $425 million series. The proceeds from the offering will be used to refinance … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

BHP Upgrades On Industrial Optimism

Posted: 26 Mar 2012 08:00 AM PDT

We have upgraded our recommendation on BHP Billiton Limited (NYSE:BHP) from Underperform to Neutral.
We believe that thelong-term structural drivers of industrialization and urbanization in the developing world will remain intact. Hence, optimism for general commodities demand based on worldwide industrial and infrastructural progress will continue to post financial gains for the company, going forward. In this likely scenario, BHP,a uniquely diversified resources company, is well positioned to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Earnings Preview: Red Hat Inc.

Posted: 26 Mar 2012 07:35 AM PDT

Red Hat Inc. (NYSE:RHT) is set to release its fourth quarter 2012 results on Wednesday, March 28, 2012. In the run up to the earnings results, we do not notice any substantial movement in analysts' estimates for the quarter.
Highlights from the Prior Quarter
Both top line and bottom line of Red Hat surpassed the Zacks Consensus Estimates in the third quarter, driven by higher demand for cloud computing technologies, as customers increasingly upgraded their datacenters to facilitate the adoption … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Incyte Upped To Neutral

Posted: 26 Mar 2012 07:10 AM PDT

We have upgraded Incyte Corporation (NASDAQ:INCY) to Neutral from Underperform with a target price of $21.00.
Last month, Incyte announced its fourth quarter 2011 and full year results. Incyte's fourth quarter 2011 loss of $0.44 per share was wider than the Zacks Consensus Loss Estimate of $0.40. The company earned $0.24 per share in the year-ago quarter. Results in the final quarter of 2011 were hurt primarily by higher costs. Incyte's efforts to develop its pipeline and market its first FDA … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

American Airlines’ Rejection Plea

Posted: 26 Mar 2012 06:59 AM PDT

American Airlines, subsidiary of AMR Corporation (AAMRQ) plans toask the U.S. Bankruptcy Court in New York to reject the current collective bargaining agreement to pursue the new labor contract. Under Section 1113 of the federal bankruptcy code, the carrier is allowed to seek rejection of existing collective bargaining agreements after fulfilling certain criteria.
Last Thursday, union workers were informed about the carrier's decision citing labor cost issues as the primary reason for … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Oil Patch Airports Are Booming In ND And Texas

Posted: 26 Mar 2012 06:43 AM PDT

Traffic is booming at some North Dakota and Texas airports near their booming oil and gas regions (Bakken in North Dakota and Eagle Ford Shale in Texas):

1. “Minot has one of the fastest growing airports in the U.S. and needs a terminal three times the size of the existing one, says Andy Solsvig, director of the Minot International Airport.  Minot’s air travel numbers have been on the rise since 2009, much of it attributed to the oil boom. Air travel out of Minot increased 63 percent and … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

This Week’s Market Movers

Posted: 26 Mar 2012 06:40 AM PDT

The market appeared to lose its momentum last week for the first time this year as global growth worries overtook optimism about the U.S. economic scene. Even so, the pullback is modest relative to the gains thus far this year, and could easily get reversed given this week's potentially market-moving releases. The more likely course for the market is a period of consolidation over the coming days ahead of the coming earnings season that is now only a couple weeks away.
This week's releases … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

“The People V Jon Corzine Et Al”

Posted: 26 Mar 2012 06:40 AM PDT

If you were away over the weekend, as I was, or somehow missed the news late Friday afternoon, you may awake this morning unaware that the smoking gun in the fiasco known as MF Global may have been unearthed and now points directly back at one Mr. Jon Corzine.
How is it that neither The Wall Street Journal nor the Financial Times are prominently highlighting ongoing developments in this story in their morning newspapers? You don't think our news flow is 'managed'? What a joke but that is … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Stock Market News Briefs: KB Home, Micron Technology, Wet Seal

Posted: 26 Mar 2012 06:40 AM PDT

    Shares of KB Home (NYSE:KBH) fell 8.5% after it announced that home orders plunged 8% as cancellation of new home contracts had increased for the period between December and February

    Micron Technology, Inc. (NYSE:MU) lost 3.6% after reporting dismal quarterly results late on Thursday. The company's adjusted second quarter fiscal 2012 loss per share came in at $0.23, wider than the Zacks Consensus Estimate of loss per share of $0.18

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

Roche Extends Illumina Bid Again

Posted: 26 Mar 2012 06:40 AM PDT

Not even a month and Roche Holdings Ltd. (RHHBY) announced the extension of its Illumina, Inc. (NASDAQ:ILMN) bid for the second time. Roche recently announced that it has extended the time period for acquiring all outstanding shares of Illumina to April 20, 2012, from the previously-announced date (March 23, 2012). Roche also said that apart from the extension of the tender offer expiration date, all other terms and conditions remain unchanged.
On the 27th of last month, Roche had extended the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

SBS’ Net Falls In 4Q And FY11

Posted: 26 Mar 2012 06:25 AM PDT

Sao Paulo, Brazil-based Companhia de Saneamento Basico do Estado de Sao Paulo, or SABESP's (NYSE:SBS) net income in the fourth quarter of 2011 plummeted 14.2% year over year to R$493.0 million (US$273.9 million) or R$2.16 per share (US$2.40 per ADR). 
In the fiscal year 2011 also, net income fell by roughly 25.0% year over year to R$1,223.4 million (US$732.6 million) while earnings per share were at R$5.37 per share (US$6.43 per ADR). Earnings per ADR were in line with the Zacks Consensus … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

DryShips Flourishing Via Ocean Rig

Posted: 26 Mar 2012 06:16 AM PDT

DryShips Inc. (NASDAQ:DRYS) is gradually converting itself into an ultra-deep water drilling company rather than continuing as a simple drybulk cargo operator. The acquisition of Ocean Rig UDW Inc. (ORIG) turned out to be a major positive. Though DryShips' legacy drybulk shipping cargo division and newly formed oil tanker division continued their pathetic performances, the company's majority owned deepwater oil drilling unit Ocean Rig continued to support DryShips' overall … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Leading Indexes Improve: China, Euro Area, Mexico

Posted: 26 Mar 2012 06:09 AM PDT

The Conference Board’s leading economics indexes increased in February for China (by 0.8% following increases of 1.5% in January and 0.8% in December) and the Euro Area (by 0.8% following increases of 1.1% in January and 0.5% in December), and in January for Mexico by … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Sinopec Beats EPS Estimate

Posted: 26 Mar 2012 05:51 AM PDT

China Petroleum and Chemical Corporation (NYSE:SNP), aka Sinopec, recorded earnings per share of 0.845 yuan ($13.05 per ADS) in 2011, up 2.1% year over year. Sinopec also beat the Zacks Consensus Estimate of $12.53 per ADS.
The company reported fiscal 2011 net income of 71.7 billion yuan (US$11.08 billion), up 1.4% year over year. The increase can be attributable to domestic economic growth, and most importantly higher prices for petroleum and related products.
Operational Performance
During the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

G-III Apparel Misses 4Q Estimate

Posted: 26 Mar 2012 05:35 AM PDT

New York-based G-III Apparel Group, Ltd (GIII) posted earnings per share of 25 cents in the fourth quarter of fiscal 2012, missing the Zacks Consensus Estimate of 29 cents and the year-ago quarter earnings of 62 cents per share. In full-fiscal 2012, earnings were $2.46 per share versus $2.88 in the prior year.
G-III Apparel's net sales surged 9.0% year over year in the quarter to $294.3 million. In full-fiscal 2012, revenue jumped 15.8% year over year to $1.23 billion.
Quarter … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Perry Ellis Beats By A Penny

Posted: 26 Mar 2012 05:25 AM PDT

Perry Ellis International Inc. (NASDAQ:PERY) posted adjusted earnings per share of 38 cents in the fourth quarter of fiscal 2012, beating the Zacks Consensus Estimate by a penny but deteriorating from the year-ago earnings of 69 cents.
The late request of retail partners for the delivery of goods, promotional activity and sales allowances in the holiday season hurt the company's fourth quarter results. Additionally, a higher effective tax rate for the year due to an increased mix of domestic … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Markets In Everything: Professional Line-Standing

Posted: 26 Mar 2012 05:07 AM PDT

Washington Express — “Do you need to attend a congressional or judicial hearing but don’t have the time to stand in line? Washington Express, a leader in DC area courier services, provides professional, competitively priced line-standing and seat holding services for congressional and judicial hearings.

Our rate for line standing is $40.00 per hour and Supreme Court line standing is $50 per hour. Washington Express has provided line-standing and seat-holding services for over 20 years, and in … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Majors Trade In Narrow Range Versus U.S. Dollar; Kiwi Leads

Posted: 23 Mar 2012 06:33 AM PDT

Fundamental Headlines
- Canada February Core Inflation Rate Fastest in Three Years – Bloomberg
- Fed's Bullard Sees Price Threat from G-7 Delaying Tighter Policy – Bloomberg
- Intel Shows Iran Nuclear Threat Not Imminent – Reuters
- Fed Official Nods to 'Volcker' Route – WSJ
- SEC Probes Rapid Trading – WSJ
European Session Summary
Higher yielding currencies and risk-correlated assets were little changed in the overnight as little data on the economic front offered no direction … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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