Thursday, April 5, 2012

DailyMarkets.com - JPMorgan Fined For Lehman Collapse

DailyMarkets.com - JPMorgan Fined For Lehman Collapse

JPMorgan Fined For Lehman Collapse

Posted: 05 Apr 2012 11:40 AM PDT

The ghost of the financial crisis, Lehman Brothers Inc., has yet again returned to haunt JPMorgan Chase & Co. (NYSE:JPM). JPMorgan has been penalized for over-extending credit to Lehman for almost two years (November 2006-September 2008). Consequently, JPMorgan will be paying a fine of $20 million to the U.S. Commodity Futures Trading Commission (CFTC).
As the main clearing bank of Lehman, JPMorgan had two accounts that contained the funds of Lehman's customers. CFTC accused JPMorgan of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

STZ’s EPS Up, Posts Record FCF

Posted: 05 Apr 2012 11:30 AM PDT

Leading wine and spirits distributor Constellation Brands Inc. (NYSE:STZ) delivered an adjusted EPS of 69 cents per share in the fourth quarter of fiscal 2012, surpassing the Zacks Consensus Estimate of 38 cents and surged nearly two-folds from the prior-year earnings of 35 cents. The year-over-year increase in the bottom line was primarily driven by benefits from negative tax rates and improved margins.
Sales in the quarter dropped 12.2% to $628.1 million from the year-ago quarter. The fall was … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

AEP Forms Transmission JV

Posted: 05 Apr 2012 11:20 AM PDT

American Electric PowerCompany Inc. (NYSE:AEP) announced that it has formed a new joint venture (JV) with Great Plains Energy Incorporated (NYSE:GXP) in order to develop and invest in transmission projects. The majority of the new company Transource Energy LLC would be owned by American Electric Power (86.5% stake) while the rest (13.5% stake) would be owned by Great Plains Energy.
Through Transource, American Electric Power and Great Plains Energy plan to pursue competitive transmission projects in … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Hot Option Plays: Financials Holding Up

Posted: 05 Apr 2012 11:18 AM PDT

Cusick’s Corner 04-05-2012
At this stage I am watching the Financials, XLF, which have been under pressure but held up well yesterday. There may be some players looking to potentially add to this sector, especially if Financials continue to hold up in spite of the EU debt issues. The trade in this sector may also be bolstered if there is a continuation of distribution in the long end of the yield curve. See you After Hours.
Stock market averages have battled back from morning losses and trading … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

More Jobs = No Easing?

Posted: 05 Apr 2012 11:18 AM PDT

Thursday, April 5, 2012
Gold futures have taken a hit recently, due to lower growth projections for much of the globe. The lower growth/inflation outlook for much of the world has hurt Gold’s appeal as both an inflation hedge and from a supply and demand standpoint. Technically, the June Gold contract is approaching several important support levels on the chart. Some traders may perhaps with to consider selling a call credit spread – for example, selling the May 1650/1675 call spread for a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Shell Signs Subsea Deal

Posted: 05 Apr 2012 11:05 AM PDT

A/S Norske Shell – a subsidiary of  Royal Dutch Shell plc (RDS.A) – signed a Letter of Intent for a contract, worth NOK 800-900 million, with Norway based subsea firm Ocean Installer.
Per the agreement, Ocean Installer will advance Engineering, Procurement, Construction, Installation (EPCI) services to Shell for the development of the Draugen field.
The scope of the contract also includes the development of subsea infrastructure of the Draugen field, where A/S Norske Shell intends to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Starwood Continues Brand Conversion

Posted: 05 Apr 2012 10:55 AM PDT

Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) recently announced the brand conversion of a former 150-room Four Points by Sheraton property to Aloft Tucson University. The property will undergo a complete makeover before being unveiled as an Aloft in the first half of 2013. This marks Starwood's second conversion project followed by the switch of an existing Clarion property at San Francisco Airport to Aloft in September last year. Aloft San Francisco Airport is slated to open this … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Willis: Good Numbers…doesn’t Mean Good Tape On Monday”

Posted: 05 Apr 2012 10:40 AM PDT

04/05/12 Sunrise Securities’ Ben Willis discusses the recent pullback in US equity markets, and talks about expectations for the March employment … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Rambus LED Solution For Fern Howard

Posted: 05 Apr 2012 10:35 AM PDT

Earlier this week, Rambus Inc. (NASDAQ:RMBS) signed a patent licensing agreement with Fern Howard for an undisclosed sum. Alton, Hampshire-based Fern Howard is a recognized producer of energy efficient lighting solutions.
Per the terms of the agreement, Fern Howard will obtain Rambus' patented technology for its advanced lighting products. Rambus will receive royalty payments based on the shipment of these devices during the contract period.
Rambus' patented innovations include LED edge-lit … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Kinder Morgan In CO2 Contracts

Posted: 05 Apr 2012 10:20 AM PDT

Kinder Morgan Energy Partners, L.P. (NYSE:KMP) has signed five new contracts for the sale of CO2 in the first quarter of 2012. The total sales volume adds up to over 2 trillion cubic feet while the aggregate contract quantities are over 440 million cubic feet per day (MMcfd) at their peak.
One of the contracts, expected to start in 2014, involves the transfer of CO2 through Kinder Morgan's 91-mile Eastern Shelf Pipeline to a project adjacent to the partnership's Katz Field. The contract … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

SNY Expands Animal Health Business

Posted: 05 Apr 2012 10:05 AM PDT

French pharmaceutical company, Sanofi's (NYSE:SNY) Animal Health division, Merial, recently announced that it has acquired a privately-held Minnesota-based company, Newport Laboratories.
Newport Laboratories specializes in diagnostic testing and production of veterinary biologics products including PINPOINT (autogenous) evidence-based biologics, to address animal health problems. The company is one of the leading producers of autogenous biologics. In the field of Swine Influenza Virus … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Liberty Interactive Neutral Again

Posted: 05 Apr 2012 09:55 AM PDT

We downgrade our recommendation on Liberty Interactive Inc. (NASDAQ:LINTA) to Neutral based on its current valuation, which soared nearly 53% last year and is currently trading at the high-end of its 52-week price range. The company reported robust financial results for the fourth quarter of 2011, easily beating the Zacks Consensus Estimates.
We believe the TV home shopping business will flourish in the near future as the global economy is expected to gradually stabilize compared with the massive … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Yahoo To Cut 14% Of Its Workforce

Posted: 05 Apr 2012 09:55 AM PDT

Web pioneer Yahoo Inc. (NASDAQ:YHOO) plans to eliminate 14% of its workforce or about 2,000 jobs in order to reduce operational costs. This layoff is an attempt to optimize the cost structure, concentrate on the core businesses, and thereby improve the company's competitiveness.
The workforce reduction will be conducted across all the divisions at Yahoo but the product division is expected to be hit the hardest. Along with other unspecified operational changes, the layoffs are expected to save … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Yahoo To Cut 14% Workforce

Posted: 05 Apr 2012 09:55 AM PDT

Web pioneer Yahoo Inc. (NASDAQ:YHOO) plans to eliminate 14% of its workforce or about 2,000 jobs in order to reduce operational costs. This layoff is an attempt to optimize the cost structure, concentrate on the core businesses, and thereby improve the company's competitiveness.
The workforce reduction will be conducted across all the divisions at Yahoo but the product division is expected to be hit the hardest. Along with other unspecified operational changes, the layoffs are expected to save … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CarMax Beats By A Penny

Posted: 05 Apr 2012 09:47 AM PDT

CarMax Inc. (NYSE:KMX) posted a profit of $95.0 million or 41 cents per share in the fourth quarter of fiscal 2012 ended February 29, 2012, barely exceeding the Zacks Consensus Estimate by a penny. The profit increased 7% from $88.8 million or 39 cents per share in the prior-year quarter.
For the full fiscal year, the company's profit grew 10% to $413.8 million or $1.79 per share from $377.5 million or $1.65 per share in fiscal 2011. The profit was in line with the Zacks Consensus Estimate.
Net … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Priority Review For Zaltrap

Posted: 05 Apr 2012 09:40 AM PDT

Recently, Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) and partner Sanofi (NYSE:SNY) announced that their oncology candidate Zaltrap (aflibercept) will be reviewed on a priority basis by the US Food and Drug Administration (FDA). A decision from the US regulatory body is expected in the third quarter of 2012 (target date: August 4, 2012).
We note that the US regulatory authority generally reviews those drugs on a priority basis, which offer major advances in treating diseases that do not have adequate … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Parkers In HALs Program

Posted: 05 Apr 2012 09:21 AM PDT

Parker Hannifin Corporation's (NYSE:PH) business segment, Parker Aerospace, has been chosen to be a part of Helicopter Autonomous Landing System (HALS) program of Sierra Nevada Corporation (SNC). Thermal management solutions from Parker Aerospace's thermal management systems (TMS) organization will help in the installation of HALS on UH-60 Black Hawk helicopters.
The US Army Aviation Networks Mission Planning Program Directorate has issued a degraded visual environments (DVE) operational needs … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Oil Prices Rebound Above $102

Posted: 05 Apr 2012 04:15 AM PDT

04/05/12 After two days of selling, front month crude prices rebounded Thursday on mixed economic … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Reliance Steel Buys NSA

Posted: 05 Apr 2012 09:07 AM PDT

Reliance Steel & Aluminum Co. (NYSE:RS) announced that it has bought National Specialty Alloys, LLC ("NSA"). Based in Houston, Texas, NSA is a global specialty alloy processor and distributor of premium stainless steel and nickel alloy bars and shapes. The terms of the transaction were undisclosed.
The acquisition of NSA will boost Reliance's portfolio while adding specialty stainless steel and nickel products.  Moreover, this will further increase Reliance's presence into the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Jobless Claims Stay Within Good Range

Posted: 05 Apr 2012 09:01 AM PDT

This morning, weekly Initial Jobless Claims numbers were released, and continue to point toward a U.S. economy which is solidifying on the labor market front. New jobless claims reached 357K, down 6000 from the previous month, which has been revised to 359K.

The 4-week moving average fell 4250 to 361,750. Clearly we’ve been in a favorable zone well below the 400K level for the longest period in 3+ years. But we’d spent so much time since the collapse in late 2008 above the 400K level that it … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

EA To Release Amalur’s Second DLC

Posted: 05 Apr 2012 09:01 AM PDT

Video game giant Electronic Arts Inc. (EA) and developer 38 Studios is set to release their second downloadable content (DLC) for Kingdoms of Amalur: Reckoning on April 17, 2012. The DLC, titled Teeth of Naros, will take gamers to the floating city of Idylla, where they will encounter a mysterious race of devoted giants, Kollossae.
Additionally, in Teeth of Naros, gamers will encounter new challenges and battle new enemies with nine new armor sets, six new shields and 18 new weapons with … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Stock Market News Briefs: American International Group, DDi Corp., Hovnanian Enterprises Inc, WebMD Health Corp

Posted: 05 Apr 2012 09:01 AM PDT

    Following media reports that American International Group, Inc. (NYSE:AIG) was considering an initial public offering of its airplane leasing unit, the company's shares gained 5.3%

    After Hovnanian Enterprises Inc (NYSE:HOV) announced it was selling 25 million shares, the company's shares plunged 8.5%

    Viasystems Group Inc. (VIAS) will be taking over DDI Corp. (NASDAQ:DDIC) for roughly $268 million

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

CUR: Q1 2012 Financial Results (revised)

Posted: 05 Apr 2012 09:01 AM PDT

CUR: Q1 2012 Financial Results
Brian Marckx, CFA
Q1 2012 Financial Results

On March 30th DiagnoCure Inc. (T.CUR, CUR.TO) reported results for the fiscal first quarter ending January 31, 2012. Revenue of $556k was slightly ahead of our $381k estimate as a result of higher than modeled ($269k A vs. $60k E) payments from Signal Genetics related to the R&D services agreement. As a reminder, the mid-2011 transaction in which Signal acquired CUR’s clinical lab and exclusive rights to Previstage … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Kraft Foods En Route To Split

Posted: 05 Apr 2012 09:01 AM PDT

Kraft Foods Inc.(NYSE:KFT) recently announced that it has filed a regulatory statement with the US Securities & Exchange Commission as part of the process to establish its North American grocery business as a new, stand-alone company. The company filed the initial Form 10 Registration Statement after the planned spin-off of the Global snacks business from the current consolidated entity.
Last August, Kraft Foods had announced that it will separate into two independent public companies: a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

UCB’s Neupro Reaches US

Posted: 05 Apr 2012 09:01 AM PDT

UCB (UCBJF) recently announced that the US Food and Drug Administration (FDA) has approved Neupro (rotigotine) to treat signs and symptoms of advanced stage idiopathic Parkinson's disease (PD) and moderate-to-severe primary restless legs syndrome (RLS).
We note that Neupro is currently approved in the US and the European Union (EU) for the treatment of the signs and symptoms of early-stage idiopathic PD. The drug is also approved in the EU for the symptomatic treatment of moderate to severe … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CME Bags GreenX

Posted: 05 Apr 2012 09:01 AM PDT

CME Group Inc. (NASDAQ:CME) recently announced the acquisition of US-based second-largest carbon exchange – GreenX Holdings LLC. This is a significant step toward achieving new scale in the energy market products. However, the terms and pricing of the deal remains undisclosed.
Formed in 2008, GreenX provides novel futures and options contracts for environmental markets in an attempt to reduce emissions of greenhouse gases. Previously, GreenX was held by a syndicate of institutions including CME … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

IBM Expands In Brazil

Posted: 05 Apr 2012 09:01 AM PDT

Consistent with its expansion policy in the growth markets, tech giant International Business Machines Corp. (IBM) recently announced its entry into a strategic agreement with Brazil-based EBX Group. EBX Group headed by Brazilian billionaire Eika Batista comprises eleven companies with operations in diversified fields such as logistics, energy, marine, entertainment, mining, oil & gas and technology.
As per the terms of the agreement, IBM will acquire 20% of SIX Automacao, a subsidiary of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

ADP Buys SHPS Subsidiary

Posted: 05 Apr 2012 09:01 AM PDT

Automatic Data Processing Inc. (ADP) recently announced that it has completed the acquisition of the human resource subsidiary of SHPS. However, the terms of the deal were not disclosed. The recent takeover marks ADP's third acquisition in the last four months of 2012.
Louisville, Kentucky-based SHPS offers employee benefit programs and benefit administration services. This is not the first acquisition of its kind, as even last year ADP acquired privately held Asparity Decision Solutions, a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

ESRX Loss Continues To Hurt Walgreen

Posted: 05 Apr 2012 09:01 AM PDT

The termination of the Express Scripts (NASDAQ:ESRX) contract continues to hurt Walgreen (NYSE:WAG) sales which led to a frail start for Walgreen's third quarter 2012. For the month of March 2012, the company recorded a 4.3% dip in year-over-year sales to $6.02 billion. Although total front-end sales witnessed a modest increase of 2.5% with 1.2% rise in comparable store front-end sales, customer traffic in comparable stores fell 1.0%. Simultaneously the number of prescriptions filled by patients … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Ruby Tuesday Beats By A Penny

Posted: 05 Apr 2012 09:01 AM PDT

Ruby Tuesday Inc.(NYSE:RT) reported adjusted earnings of 18 cents per share in third quarter 2012, beating the Zacks Consensus Estimate by a penny and also ahead of management's guided range of 12-16 cents per share. However, reported earnings compared unfavorably with the year-ago quarter earnings of 24 cents.
Total revenue in the quarter perked up 1.8% year over year to $324.8 million. The year-over-year upside in revenue was attributable to franchise partnership business acquisitions in … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Harsco Wins Rail Grinder Contracts

Posted: 05 Apr 2012 09:01 AM PDT

On Tuesday, Harsco Corporation (NYSE:HSC) declared that it has won railway track maintenance equipment orders from South Korea, China and the UK. Valued at over $20 million, these orders are expected to be ready for delivery by the beginning of 2014.
The South Korean order came from Sampyo Engineering & Construction, part of Sampyo Group. The rail grinder equipment desired by the company shall cater to the track maintenance of the Korea Train Express Line connecting Osong, Gwangju and Mokpo. … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

LIFE To Further Penetrate PGM Reach

Posted: 05 Apr 2012 09:01 AM PDT

Next-generation sequencing is a much sought after area in the life science tools space. Life Technologies (LIFE) is, therefore, keen on enhancing adoption of this technology through development of applications for its Ion Personal Genome Machine ("PGM") in HLA (human leukocyte antigen) through key partnerships.
 The company plans to enter into a Sponsored Research Agreement with the Histocompatibility, Immunogenetics, and Disease Profiling Laboratory at the Stanford Department of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

BP Extends Aker Contract

Posted: 05 Apr 2012 09:01 AM PDT

U.K. oil giant BP Plc (NYSE:BP) has stretched a maintenance and modifications contract with Norwegian contractor, Aker Solutions, to 2014. The contract covers five Norwegian fields –– Ula, Valhall, Skarv, Hod and Tambar. Aker will derive value between $140 million and $210 million from the contract.
The agreement which was initially signed in 2005 will continue till April 2014. Under the contract, the scope of work comprises maintenance support services and brownfield modification projects … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

US Stocks Turn Flat Ahead Of Holiday Weekend

Posted: 05 Apr 2012 08:20 AM PDT

04/05/12 The major equity averages started the session in negative territory but pared losses ahead of the long weekend. EU debt market concerns and better-than-expected US data were … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Jobless Claims Fall Close To A New Four-Year Low, ASA Staffing Index For Temporary Help Improves

Posted: 05 Apr 2012 07:55 AM PDT

Initial jobless claims (seasonally adjusted) fell to 357,000 for the week ending March 31, which was the lowest number since mid-April 2008, almost four years ago, according to today’s Labor Department report.   The four-week moving average of weekly claims, which smooths out weekly volatility, fell to 361,750 – also falling to the lowest level since April 2008.  The ongoing declines in jobless claims suggest that the labor market is gradually stabilizing and improving. If the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Philadelphia Fed Reports That State Economies Are Improving, With Future Gains Expected

Posted: 05 Apr 2012 07:38 AM PDT

According to reports this week from the Philadelphia Federal Reserve:

1. Over the past three months through February, the coincident economic indexes increased in all 50 states (see top map above).  The coincident indexes combine four state-level indicators to summarize current economic conditions in a single statistic: nonfarm payroll employment, average hours worked in manufacturing, the unemployment rate, and wage and salary disbursements deflated by the consumer price … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Euro Slides On Renewed Debt Concerns; EURCHF Tests 1.2000

Posted: 05 Apr 2012 07:31 AM PDT

Fundamental Headlines
- Jobless Claims in U.S. Fell to Lowest Level in Four Years – Bloomberg
- Spanish Economic Woes Rattle Investors as European Markets Slide – Bloomberg
- March Sales Brighten Retailers' Profit Prospects – Reuters
- Irish Central Bank Sees Signs of Stability – WSJ
- SNB Euro Floor Breached – WSJ
European Session Summary
Data was sparse in the overnight, with the most prominent event being the Bank of England rate decision. As expected the Monetary Policy … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Euro Falls Again As Spanish Debt Lifts EU Health Concerns

Posted: 05 Apr 2012 07:00 AM PDT

04/05/12 A lack of demand for Spanish debt at auction saw forex traders lose confidence in the euro Thursday … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

US Futures Lower On Euro Zone Worries; Jobless Claims In Focus

Posted: 05 Apr 2012 01:05 AM PDT

04/05/12 US stock futures pointed to a lower start for Wall Street amid renewed worries about Europe as bond yields continued to rise in … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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