Wednesday, March 21, 2012

DailyMarkets.com - Penske Forays Into Italy

DailyMarkets.com - Penske Forays Into Italy

Penske Forays Into Italy

Posted: 21 Mar 2012 09:50 AM PDT

Penske Automotive Group Inc. (NYSE:PAG) extended its international presence by forming a joint venture with a BMW MINI dealer group, operated by Andrea Mantellini and family in Bologna, Italy.
The joint venture aims to acquire and operate dealerships in northern Italy. It has already acquired the Mariani BMW/MINI dealership in Monza, Italy, located in a suburb of Milan. Milan is considered as the world's top 20 and Europe's top 10 business and financial centers with the highest average income … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Vertex’ HCV-HIV Treatment Impresses

Posted: 21 Mar 2012 09:50 AM PDT

Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) recently reported positive interim data from a mid-stage study on Incivek (telaprevir) when dosed in combination with pegylated-interferon and ribavirin in people co-infected with genotype 1 hepatitis C virus (HCV) and human immuno deficiency virus (HIV). The results were presented at the Conference on Retroviruses and Opportunistic Infections.
The data demonstrated that after 12 weeks of treatment with the Incivek combination therapy, 74% of the patients … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

AIG Raises $2B From Notes

Posted: 21 Mar 2012 09:36 AM PDT

On Monday, American International Group Inc. (NYSE:AIG) issued long-term notes worth $2 billion in a two-part offering, according to Thomson Reuters.
Accordingly, one fraction of senior unsecured notes is valued at $1.25 billion. These notes were issued at a price of $99.797 and dated to mature on March 20, 2017.  These callable five-year fixed rate notes are projected to have a spread of 265 basis points (bps) over the US Treasuries, while bearing a coupon rate of 3.8% and yield rate of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Earnings Preview: KB Home

Posted: 21 Mar 2012 09:17 AM PDT

Housing company KB Home (NYSE:KBH) is all set to unveil its first quarter 2012 results on March 23, 2012, before the start of trading. The Zacks Consensus Estimate for the first quarter is a loss of 23 cents (year-over-year improvement of 113%) on revenues of $324 million (year-over-year increase of 64.5%).
Fourth Quarter Recap
KB Home reported earnings of 18 cents per share in the fourth quarter of fiscal 2011 as opposed to 23 cents per share in the year-ago quarter.
However, excluding inventory … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Market Expected To Lack Conviction

Posted: 21 Mar 2012 09:06 AM PDT

Today's trading action will likely lack conviction, though the downward bias may not be as pronounced as was the case on Tuesday. China-related worries were cited as the reason for the modest Tuesday pullback. But the reality is that stocks do pause after making steady gains, as has been the case lately.
On the docket for release a little later today is the February Existing Home Sales report, which is expected to show a modest improvement from the previous month's level. But the housing … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Cintas Reports Sound 3Q

Posted: 21 Mar 2012 09:06 AM PDT

Cintas Corporation (CTAS) reported third-quarter fiscal 2012 (ending February 29, 2012) earnings of 58 cents per share, 41.5% higher than 41 cents earned in the year-ago quarter. The results surpassed the Zacks Consensus Estimate of 52 cents.
Operational Update
Total revenues in the reported quarter increased 7.9% year over year to $1.012 billion, beating the Zacks Consensus Estimate of $1.008 billion. Organic growth in the quarter was 5.9%.
Cost of rental uniforms and ancillary products … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Stock Market News Briefs: Bank Of America, EMC, Lions Gate Entertainment, Tiffany & Co.

Posted: 21 Mar 2012 09:06 AM PDT

    EMC Corporation (NYSE:EMC) announced the acquisition of privately-held Pivotal Labs through an all cash transaction

    Shares of Lions Gate Entertainment (NYSE:LGF) soared 7.2% to $15.30, an all-time high, before the release of its movie, The Hunger Games

    Shares of Bank of America Corporation (NYSE:BAC) gained 2.9% after it announced that it will not be issuing any further equity in a second offering

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

Embraer 4Q Hurt By AMR Bankruptcy

Posted: 21 Mar 2012 09:06 AM PDT

Yesterday after market close, Embraer S.A. (NYSE:ERJ) reported financial results for the fourth quarter and fiscal year 2011. Loss per ADS in the quarter was 51 cents per share, down drastically from earnings per ADS of 68 cents per share in the year-ago quarter. Results missed the Zacks Consensus Estimate of earnings of 71 cents.
The reported loss may be attributable to the provision of $360.7 million due to the Chapter 11 bankruptcy of Embraer's key client American Airlines ("AMR"), which … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Jabil Reports Mixed 2Q

Posted: 21 Mar 2012 09:06 AM PDT

Jabil Circuit Inc. (NYSE:JBL) reported second quarter 2012 earnings of 48 cents per share, missing the Zacks Consensus Estimate by a penny. Earnings per share (EPS) increased 8.1% year over year from 45 cents (including stock-based compensation but excluding amortization), primarily driven by solid top-line growth.
Revenue
Revenue increased 7.8% year over year to $4.24 billion and was in line with the high end of management's guided range of $4.0 billion to $4.2 billion. Quarterly revenue … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Integra Launches New Vet Products

Posted: 21 Mar 2012 09:06 AM PDT

Medical products company Integra LifeSciences Holdings Corporation (NASDAQ:IART) recently launched its new Integra Miltex Veterinary Orthopedic Implant line. The step marks an attempt to consolidate its position in the surgical instruments market, which has witnessed disappointing sales performance in the recent past. Presently, the company offers a full line of surgical instruments to the animal health market.
While veterinarians largely adopt dental and surgical instruments under the existing … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Watson’s Generic Boniva Approved

Posted: 21 Mar 2012 09:06 AM PDT

Watson Pharmaceuticals Inc. (NYSE:WPI) recently announced that the US Food and Drug Administration (FDA) has approved the company's abbreviated new drug application (ANDA) for a generic version of Roche Holding Ltd.'s (RHHBY) drug, Boniva. Boniva is currently approved for the treatment of postmenopausal osteoporosis.
Watson Pharma plans to begin shipping its generic version (150 mg) in the second quarter of 2012. Roche and Watson Pharma are currently fighting a patent infringement lawsuit … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Brightpoint Downgraded To Neutral

Posted: 21 Mar 2012 09:06 AM PDT

We downgraded our recommendation on Brightpoint Inc. (NASDAQ:CELL) to Neutral based-on two reasons, which include (1) loss of a major client of the company's high-margin Logistics segment in the U.S. (2) an anticipated stronger than normal weak seasonality by management. The fourth quarter of 2011 financial results easily surpassed the Zacks Consensus Estimates. However, management was forced to downward revise twice its financial outlook for fiscal 2012 in the last 50 days due to the two above … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

EMC’s Pivotal Buy To Boost Big Data

Posted: 21 Mar 2012 09:06 AM PDT

EMC Corp.'s (EMC) acquisition of privately-held Pivotal Labs, a provider of agile software development services and tools, is set to boost the company's offerings in the big data segment. The acquisition is being made through an all cash deal, but the amount of cash paid was not disclosed. Moreover, EMC stated that the acquisition will not impact fiscal 2012 GAAP or non-GAAP EPS.
San-Francisco based Pivotal Labs' agile project management tool, Pivotal tracker, which allows software … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Good News For Mylan From Canada

Posted: 21 Mar 2012 09:06 AM PDT

Generic player Mylan Inc. (NYSE:MYL) received some encouraging news recently when the Canadian regulatory body (Health Canada) cleared Mylan's generic version of AstraZeneca's (NYSE:AZN) Crestor (rosuvastatin calcium) for cholesterol management (primary hypercholesterolaemia, mixed dyslipidaemia and familial hypercholesterolaemia).
Mylan's generic version of Crestor will be available in Canada in strengths of 5mg, 10mg, 20mg and 40mg. The approval of the generic version of Crestor would be easy … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

UDR Hikes Dividend Payout

Posted: 21 Mar 2012 09:06 AM PDT

 
UDR Inc. (NYSE:UDR), a leading multifamily real estate investment trust (REIT), has recently increased its quarterly dividend from 21.5 cents per share to 22 cents for the first quarter of 2012, payable in cash on April 30, 2012 to shareholders of record as on April 9, 2012. The recent dividend payout will be the 158th consecutive quarterly dividend paid by the company.
UDR had earlier increased its dividend in the fourth quarter of 2011 from 20 cents to 21.5 cents and from 18.5 cents … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

MICROS Wins TMS Contract

Posted: 21 Mar 2012 09:06 AM PDT

Recently announced, MICROS Systems, Inc. (NASDAQ:MCRS) earned a contract to install its Table Management System (TMS) at around 750 locations of Ruby Tuesday, Inc. This venture would help Ruby Tuesday to solicitously monitor its guests' dining services.
With the implementation of this advanced TMS, Ruby Tuesday shall avail technological advancement in aspects such as reservation management, seating arrangements, managing waiting lists, emergency alert notifications etc. The primary intent of the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Jacobs Bags Another Contract

Posted: 21 Mar 2012 09:06 AM PDT

 
Jacobs Engineering Group Inc. (NYSE:JEC) won a series of contracts of late which depicts the company's growing popularity. Of these, the most recent one is a $50 million contract from Teck Metals Ltd.
Jacobs, under the terms of the contract, will design and supply a new sulphuric acid plant at Teck Metals' Trail operation in Canada. The plant will substitute two existing plants and will enable better operating facilities at the site. Jacobs has been in relationship with Teck Metals … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Posted: 21 Mar 2012 08:32 AM PDT

The Conference Board reports that its Leading Economic Indexes increased in January for the U.K. (0.9%), Japan (0.3%),  Spain (0.5%), Australia (1.1%), Germany (0.3%), and remain unchanged in January for Korea  and France.  The U.S. Leading Economic Index for February will be released … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Housing Data Drags On Stock Averages

Posted: 21 Mar 2012 08:20 AM PDT

03/21/12 The major US equity averages started midweek trade on a mixed note, but turned lower on housing data. US existing home sales fell 0.9% in February, but January’s reading was upwardly … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Asian-Oceanic Currencies Continue Slide Against U.S. Dollar

Posted: 21 Mar 2012 07:01 AM PDT

Fundamental Headlines
- Bernanke says Europe Must Aid Banks Even as Strains Ease – Bloomberg
- Record China Bank Profits to be overshadowed by Bad Loans – Bloomberg
- UK Government sees Economy Picking Up – Reuters
- Banks Seek Delay on 'Volcker Rule' – WSJ
- Bernanke Goes Back to School – WSJ
European Session Summary
After the commodity currency complex has its worst day since the start of the year, trading in Asia appeared to offer some reprieve to Tuesday's price action, with … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

World Trade And Output Set New Records In Jan.

Posted: 21 Mar 2012 06:44 AM PDT

The CPB Netherlands Bureau for Economic Policy Analysis released its monthly report this week on world trade and world industrial production for the month of January 2012.  Here are some of the highlights:

1. World trade volume increased in January by 0.9% on a monthly basis and by 2.8% on an annual basis, bringing the global trade index to a new all-time record high of 167.5 (see blue line in chart).  World trade is now 4.6% above the previous April 2008 peak of 160.2 in the early … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Financial Repression Kicks The Can And Our Butt

Posted: 21 Mar 2012 06:36 AM PDT

More and more we see central bankers around the world — but especially here at home and within the EU — engaged in financial repression as THE means to solve our economic woes.
What is financial repression?

A term that describes measures by which governments channel funds to themselves as a form of debt reduction. This concept was introduced in 1973 by Stanford economists Edward S. Shaw and Ronald I. McKinnon. Financial repression can include such measures as directed lending to the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

US Futures Mixed Ahead Of Housing Data

Posted: 21 Mar 2012 01:00 AM PDT

03/21/12 US stocks were modestly higher Wednesday, as investors pushed aside worries of a cooling Chinese economy and await more US housing market … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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