Feb 16, 2010

Daily Markets - Financial News And Opinions

Daily Markets - Financial News And Opinions

Teva Amends Agreement

Posted: 16 Feb 2010 11:05 AM PST

Teva Pharmaceutical Industries Ltd. (TEVA) recently amended its marketing and distribution agreement with Active Biotech for oral laquinimod, which is being developed for the treatment of relapsing-remitting multiple sclerosis (RRMS). 

Teva had initially acquired exclusive rights to develop, register, manufacture and commercialize laquinimod worldwide, except for the Nordic and Baltic countries. As per the terms of the amended agreement, Teva will now have marketing and distribution … [visit site to read more]

Genuine Parts Profit Improves

Posted: 16 Feb 2010 10:58 AM PST

Genuine Parts Company (GPC) reported a 13% rise in profit to $99 million or 62 cents per share in the fourth quarter of 2009 from $88 million or 55 cents in the prior year quarter. With this, the company has beaten the Zacks Consensus Estimate of 51 cents per share. However, sales in the quarter fell 2% to $2.47 billion.
Genuine Parts' Automotive Parts segment was the only segment to report an improvement in sales. The Industrial Parts and Electrical/Electronic Material segments were the … [visit site to read more]

H-P Wins Shell Deal Pre-Earnings

Posted: 16 Feb 2010 10:50 AM PST

The world's largest PC and printer manufacturer Hewlett-Packard Company (HPQ) is in the news for winning a mega deal with oil major Royal Dutch Shell Plc (RDS.A). As per this deal, the computing major will work with Shell on seismic sensors which will help in predicting the underground reservoirs of oil and gas companies.
 
This is one of the largest forays by H-P in the area of wireless computing, and this new system implemented by H-P is expected to improve the quality and accuracy … [visit site to read more]

Video: Risk Appetite Returns

Posted: 16 Feb 2010 10:43 AM PST

Growing speculation that the euro’s recent slide was overdone and an improvement in economic data helped keep investors hungry for higher-yielding currencies this session. … [visit site to read more]

Portfolio Recovery Beats Estimates

Posted: 16 Feb 2010 10:35 AM PST

Portfolio Recovery Associates, Inc.'s (PRAA) fourth quarter earnings per share of 80 cents came in way ahead of the Zacks Consensus Estimate of 72 cents and the year-ago quarter earnings of 69 cents. Net income increased 17% year-over-year to $12.4 million. During the reported quarter, the company recorded an ongoing non-cash equity-based compensation expense of $0.58 million, equivalent to approximately $0.36 million after tax or 2 cents per share. 

Overall, Portfolio Recovery's … [visit site to read more]

Greece To Make All Large Cash Transactions Illegal

Posted: 16 Feb 2010 10:29 AM PST

Talk about making a currency less attractive. Given all the concern about weaknesses in the structure of the euro under strong economic headwinds, and its foundation in the perhaps too loosely-aligned euro area, it seems like a bad time to make using large quantities of euro cash illegal. And yet, that is exactly what Greece is going.
Embroiled in its debt crisis and looking for any avenue to bolster tax receipts it has done the unthinkable – it has made its own "legal tender" illegal for … [visit site to read more]

Video: Market Movers: TRA, KCP, CML, IR, JCP, GPS, PG, NYT, BKS

Posted: 16 Feb 2010 10:24 AM PST

The latest news and information on U.S. stocks that are moving the market. … [visit site to read more]

JPM To Reveal RBS-Sempra Deal

Posted: 16 Feb 2010 10:20 AM PST

JPMorgan Chase & Co. (JPM) could announce a deal today to buy commodities trading firm RBS-Sempra Commodities for $1.7 billion, reports the Wall Street Journal.
In order to comply with European Union rules, the Royal Bank of Scotland (RBS) is selling its 51% stake in RBS-Sempra, which it jointly owns with Sempra Energy (SRE). This step is a part of RBS's restructuring efforts, which includes selling its non-core businesses in selected markets to shore up its financial standing.
The … [visit site to read more]

A Thought On Evan Bayh And Partisan America

Posted: 16 Feb 2010 10:09 AM PST

Not long ago I was debating someone on television. I thought the discussion was going well until the commercial break when a producer said into my earpiece "be angrier."
"Why should I be angrier?" I asked him, irritated that he hadn't appreciated the thoughtfulness of debate.
"That's how we get channel surfers to stop and watch the program," the producer explained. "Eyeballs are attracted to anger."
At this point I lost my temper.
The incident came back to me when I heard … [visit site to read more]

Japanese Stocks: Playing The Contrarian Edge

Posted: 16 Feb 2010 10:06 AM PST

Here's a handy way to know when to sell your investments: everyone is talking about them.
There is an obvious corollary to knowing what to sell. If you want to know what to buy, consider what no one is talking about.
And that brings me to investing in Japan…
From a high near 40,000 in 1989, the once-mighty Nikkei 225 – the equivalent of our S&P 500 – fell over 80% and hit a 27-year low early last year. It's still more than 70% below the highs of 21 years ago.
The main culprit – … [visit site to read more]

CME Getting 90% Of Dow Jones

Posted: 16 Feb 2010 10:05 AM PST

Recently, CME Group Inc. (CME) has announced that a definitive agreement has been reached to attain 90% of the stake in the Dow Jones & Company. This new joint venture will own the Dow Jones Indexes, which includes The Dow Jones Industrial Average (DJI) and approximately 130,000 index properties. The deal is expected to be sealed by the first quarter of 2010, post the regulatory approvals and other customary formalities. 

According to the terms of the agreement, Dow Jones will … [visit site to read more]

How You Can Play The Diamond Market With ETFs

Posted: 16 Feb 2010 10:01 AM PST

As the global economy recovers and the middle class widens in developing nations, the outlook for the diamond sector is likely to be promising.

The rough diamond market has already starting to rebound and prices are close to levels seen before the global financial meltdown which forced demand for diamonds and jewelry to dwindle dramatically down.  In fact, some analysts and diamond experts suggest that valuations of diamond stocks appear to be relatively cheap.

Another factor that is … [visit site to read more]

FLIR Matches Estimates

Posted: 16 Feb 2010 09:47 AM PST

FLIR Systems Inc. (FLIR) reported fourth-quarter earnings per share from continuing operations of 38 cents, matching the Zacks Consensus Estimate.
Revenue was $311.6 million, up 3% compared to fourth quarter 2008. Excluding the effects of currency translation, revenue for the quarter increased by 1%.
Revenue from the company’s Government Systems division decreased 1% from the fourth quarter of 2008, to $169.7 million. Revenue from the Commercial Vision Systems division increased 34% over the … [visit site to read more]

Merge Reports In-Line

Posted: 16 Feb 2010 09:32 AM PST

Merge Healthcare Inc. (MRGE) recently reported fourth quarter and full fiscal 2009 results. For the fourth quarter, earnings per share were 2 cents, in-line with the Zacks Consensus Estimate but considerably lower than the year-ago earnings of 6 cents. For fiscal 2009, earnings per share were 18 cents, substantially higher than the year-ago loss per share of 18 cents.
Quarterly results
Total sales in the fourth quarter increased roughly 28% year over year to $19.3 million. Growth was led by … [visit site to read more]

PNC Financial Exits TARP

Posted: 16 Feb 2010 09:27 AM PST

PNC Financial Services Group (PNC) has set itself free from the Troubled Asset Relief Program (TARP) by redeeming $7.6 billion of Series N preferred shares held by the United States Treasury.
In order to fund the transaction, PNC Financial had issued $3.0 billion in stock earlier during the month along with selling its fund servicing unit, PNC Global Investment Servicing Inc. (GIS) to BNY Mellon (BK) for $2.3 billion in cash. Apart from these, the bank also issued $2 billion of senior notes … [visit site to read more]

UPL Profit Up, Beats View

Posted: 16 Feb 2010 09:15 AM PST

Natural gas producer Ultra Petroleum Corp.'s (UPL) fourth quarter results came in better than expected, primarily due to increased production that was partly offset by lower realized natural gas prices. Earnings per share, excluding special items, came in at 51 cents, 4 cents above the Zacks Consensus Estimate and 8 cents above the prior-year period. Operating revenues increased 2.9% to $213.3 million.
 
Estimates Surprise Trend & Outlook
 
It was the company's fourth … [visit site to read more]

Agilent’s Solid Start To 2010

Posted: 16 Feb 2010 09:00 AM PST

Agilent Technologies' (A) first-quarter earnings of 38 cents per share beat the Zacks Consensus Estimate by 6 cents. Revenue of $1.21 billion increased 4% on a year-over-year basis. Shares rose 2.11%, outperforming the market, which grew just 0.28%. The company reported growth across all segments and significant expansion in gross, operating and net margins.
 
Revenue
 
Revenue grew 3.9% sequentially and 4% year over year. The year-over-year increase is very encouraging, as it … [visit site to read more]

Net Servicos Continues To Grow

Posted: 16 Feb 2010 08:43 AM PST

Net Servicos de Comunicacao S.A. (NETC), the largest cable MSO of Brazil, declared better-than-expected results for the fourth quarter of 2009. Quarterly gross revenue was $876 million, an improvement of 20.8% year over year. This was primarily due to impressive growth of the subscriber base in all of its services.
Net revenue (excluding connection cancellations and sales taxes), in the reported quarter, was $667.4 million, up 20.8% year over year. This was also better than the Zacks … [visit site to read more]

New Agreement For Allscripts

Posted: 16 Feb 2010 08:27 AM PST

Allscripts-Misys Healthcare Solutions, Inc. (MDRX) announced that it has entered into a new agreement with NuHealth whereby the latter will implement Allscripts clinical and practice management IT solutions across its network of hospitals and employed physicians. The agreement is valued in excess of $5 million. 

Under the agreement, NuHealth will install the Allscripts Electronic Health Record (EHR) and Practice Management solution to automate and connect its clinical and … [visit site to read more]

Australian Dollar: The Bias Remains Bullish

Posted: 16 Feb 2010 08:17 AM PST

Update on supports and resistances. … [visit site to read more]

Canadian Dollar: Bullish Bias Above 102

Posted: 16 Feb 2010 08:17 AM PST

Update on supports and resistances. … [visit site to read more]

Not Dead Yet

Posted: 16 Feb 2010 08:17 AM PST

Fundamentals
Just as Gold seemed to have lost its luster, traders began buying-up the precious metal when the futures traded down to the 1050 area. The bounce coincides with weakness in equities and a rebound in Crude Oil, indicating that traders still have faith in the metal as a safe haven investment. Over the same period of time, the Dollar Index has been trading sideways, unable to break out to new highs. The uncertainty over European debt given the Greece debacle and traders’ lack of … [visit site to read more]

ProLogis To Up Stake In Unit

Posted: 16 Feb 2010 08:12 AM PST

ProLogis (PLD), a leading global provider of distribution facilities, has recently announced plans to increase its stake in ProLogis European Properties (PEPR), the largest owner of modern distribution facilities in Europe. Operating as a real estate closed-ended investment fund, PEPR is externally managed by a subsidiary of ProLogis. 

ProLogis intends to purchase additional Ordinary Units carrying voting rights of PEPR. Management firmly believed that current PEPR unit prices were … [visit site to read more]

Video: NYSE Opening Bell Market Monitor: KFT, MRK, JCP

Posted: 16 Feb 2010 08:01 AM PST

The latest in news, commentary, and information on what’s moving the US equities markets. … [visit site to read more]

German Investor Confidence Declines

Posted: 16 Feb 2010 08:00 AM PST

Remember last week, when I told you about the 10-year Treasury auction results? I told you that the yield had to be driven higher by 7 BPS to attract investors… Well, that's cotton candy compared to the news from the 30-year Treasury auction!
Let me put this as simply as possible… "Indirect buyers" are the foreign central banks, and they normally take down 40% of a Treasury Issue… Well, last week, they only took down 28% of the issue… Uh-Oh! But then, there were the "direct … [visit site to read more]

Video: Abercrombie Fashions A 4Q Profit Loss

Posted: 16 Feb 2010 07:59 AM PST

Due to costs to close its Ruehl stores, Abercrombie & Fitch Co.’s (ANF) fiscal 4Q profit was reported to have been lower. … [visit site to read more]

American Tower To Explore India

Posted: 16 Feb 2010 07:57 AM PST

American Tower Corp. (AMT) is all set to purchase 4,200 mobile phone towers from Essar Telecom Infrastructure, industry sources predicted, for approximately $425 million. Essar Telecom Infrastructure is a small-sized wireless tower operator of India. 

The deal is expected to be announced later this month. The wireless tower sector in India is undergoing a wave of consolidation. Smaller players are looking at mergers or complete sell-out to large global tower operators since these … [visit site to read more]

Japan ETFs Get GDP Boost

Posted: 16 Feb 2010 07:43 AM PST

Despite the high profile struggles for two of Japan's largest and best-known companies–Toyota's massive recall and Japan Airlines' bankruptcy–signs of a long-awaited recovery are finally beginning to emerge in the world's second largest economy. Japan's economy unexpectedly grew at an annualized rate of 4.6% in the fourth quarter of 2009, crushing analyst estimates of a 3.5% expansion.
The upside surprise was largely due to increases in export activity, particularly from a surging … [visit site to read more]

Alexion Tops By A Penny

Posted: 16 Feb 2010 07:42 AM PST

Alexion Pharmaceuticals Inc. (ALXN) reported fourth quarter earnings per share (EPS) of 25 cents, a cent above the Zacks Consensus Estimate and well above 17 cents reported in the year-ago quarter. Reported quarter's results do not include an income tax benefit of $214.5 million. For the full year of 2009, Alexion's EPS came in at 92 cents compared to 39 cents reported in 2008. 

Alexion's revenues increased 43% to $110.6 million from $77.4 million in the corresponding period of … [visit site to read more]

Video: Sensex Soars While Others Bore

Posted: 16 Feb 2010 07:32 AM PST

India’s BSE Sensex index received quite a boost this session following a rise in its domestic banking sector while the rest of the Asian markets were quiet. … [visit site to read more]

Grainger Sees Growth

Posted: 16 Feb 2010 07:27 AM PST

W.W. Grainger Inc. (GWW) reported a 12% year-over-year increase in daily sales for January 2010. The current year period had one selling day less compared to January 2009. The company benefited from a 5% positive contribution from acquisitions, 2% benefit from the timing of the New Years' holiday and a 2% favorable impact of foreign currency translation. Excluding these factors, Grainger's daily sales were up 3% compared to January 2009. 

Daily sales in the U.S were up 6% as the … [visit site to read more]

Economic Velociraptors Pounce On Greece, Each Other

Posted: 16 Feb 2010 05:42 AM PST

With the same sense of destructive impunity shown against AIG the height of the US crisis, financial services firm may now be profiteering from the Greek debt turmoil that currently has the eurozone in a bind. Andrew Cockburn takes a look at how some of the usual suspects may be encircling the easiest prey around, a limping Greece:
"…Wall Street gamblers – banks, hedge funds and other players. Scenting blood in the water, they have been busily placing enormous bets on whether the Greeks … [visit site to read more]

Stock Buy: DeVry Inc.

Posted: 15 Feb 2010 09:00 PM PST

DeVry Inc. (DV) continues to see a higher Zacks Consensus Estimate after delivering a stellar fiscal second quarter. Earnings forecasts are at $3.52 per share for the year ending June 2010, an increase from last month’s $3.23.
For the following year, forecasts of $4.31 were increased from $3.93 over the past month.
Read the Jan 28 commentary on DV.
Last Week’s Growth and Income Zacks Rank Buy Stocks
Phillips-Van Heusen Corporation (PVH) continues to see bullish earnings forecasts after the … [visit site to read more]

Stock Buy: Dress Barn

Posted: 15 Feb 2010 09:00 PM PST

Dress Barn, Inc. (DBRN), a women’s specialty retailer with a Zacks #1 Rank (’strong buy’), announced better-than-expected fiscal second-quarter sales last week.
The company was last featured as a Value Stock of the Day in late September, shortly after its fiscal fourth quarter report. Presently, it is scheduled to report its fiscal second quarter performance early next month, and has put together 3 consecutive quarters with positive earnings surprises.
Earnings estimates for this fiscal year … [visit site to read more]
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