Daily Markets - Financial News And Opinions |
- Bad News For Bank Stocks
- Here’s A Dirty Little Secret About The Gold Market
- Forex Trading: Potential Bullish Breakout In USD/JPY
- Deep Sea Gold Rush
- Update On The NYC “Taxi Cartel”: Medallion Prices Reach Record Highs In 2010 Of $588k And $779k
- Consumer Spending: The Losers Guide To A Healthy Economy
- ACL Completes Product Deals
- Regulatory Setback For Cephalon
- SABESP Posts Solid 2009 Results
- The Death Of Oily Gas In Europe - Part II Interview With Dave Forest
- Neogen Edges Past Zacks Ests
- Faint Spells From Economic Indicators
- Malaysia ETF (EWM) In Focus As Overhaul Plans Swirl
- Daily ETF Roundup: FXI Rises, GDX Sinks
- Avnet Acquires Bell Microproducts
- Fraud On The Street
- CNX Progresses On Dominion Deal
- Initiating Fidelity At Neutral
- Video: NYSE Closing Bell Market Monitor: VZ, DHR, BBI
- Is It Time To Re-Evaluate Your Investment Portfolio?
- Haptic Technology: The Next Breakthrough Computing Tech
- Jabil Beats Zacks Consensus
- Video: Nissan Announces The Price For Its Latest Green Car, The LEAF
- Video: Crude Rises On Choppy Trade
- Major Setback For GenVec
- Transocean Stays At Neutral
- Why You Don’t Want To Bet On Europe’s Renewable Energy Attempts
- Morgan Stanley Reshuffles Advisors
- What You Need To Know About The CMHC New Mortgage Rules Effective April 19, 2010
- Encouraging Results From Novavax
- US Bancorp Charged In Patent Case
- The PIIGS Are Getting Sloppier… Here’s How To Clean Up
- CEMEX Prices $650M Notes
- Oil Stocks Are Heading Higher
- Jacobs Wins Infrastructure Contract
- Trade Of The Decade: Sell Everything, Part II
- The PIIGS Are Getting Sloppier… Here’s How To Clean Up
| Posted: 30 Mar 2010 06:07 PM PDT In my latest column for DailyFinance, “Banks: Time to Take Money Off the Table,” I talk about why now is not the time to invest in or own bank stocks. Aside from anything else, history suggests the sector tends to lag when interest rates are rising, which seems likely given rapidly deteriorating supply-and-demand fundamentals in the government bond market. The following chart illustrates the point: To read the rest of the article, click … [visit site to read more]
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| Here’s A Dirty Little Secret About The Gold Market Posted: 30 Mar 2010 05:40 PM PDT Gold has made some dramatic moves in the last 18 months and we expect it will undergo some equally dramatic moves in the future. But not right now. While I recognize that gold is one of the few “commodity” markets that people are really passionate about, the purpose of this article is not to take sides either with the gold bugs or those who reject the argument that gold is “forever.” Rather, I want to discuss my interpretation of the market’s cycle. After spot gold made an all-time … [visit site to read more]
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| Forex Trading: Potential Bullish Breakout In USD/JPY Posted: 30 Mar 2010 05:01 PM PDT Price action on USD/JPY, a daily chart of which is shown, has consolidated for the last several days after having made a strong bullish breakout move last week. This consolidation range occurs in the price zone between 92.00 and 93.00. A breakout to the upside above this range would lend additional strength to a potential bullish reversal of the long-term downtrend that had been in place until last week’s breakout above the longstanding downtrend resistance line (extending from the April … [visit site to read more]
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| Posted: 30 Mar 2010 05:00 PM PDT By the time you read this, I'll be at sea in the Gulf of Mexico. I will have taken off from an airport near New Orleans in a helicopter, and flown south for over two hours. The distance will be well over 200 miles, toward a spot in the open ocean where the water depth is over 7,000 feet…
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| Update On The NYC “Taxi Cartel”: Medallion Prices Reach Record Highs In 2010 Of $588k And $779k Posted: 30 Mar 2010 04:11 PM PDT The “priciest piece of aluminum in NYC” - a taxi medallion to operate a single cab in NYC - reached a new record-high of $588,000 in February for an individual medallion (see chart above, data here), more than double the average prices in 2004. The average price for a corporate-owned taxi medallion reached a new record high in January at $779,000, and fell slightly in February to $775,000. Membership in the “taxi cartel” certainly has its privileges: above-market returns of … [visit site to read more]
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| Consumer Spending: The Losers Guide To A Healthy Economy Posted: 30 Mar 2010 04:00 PM PDT Probably the strangest things of all are the conclusions and advice given by some of the smartest economists in the business. We mentioned it on Friday. But our mouth is still open and our eyes are still glazed. In the run-up to the crisis of '07-'09, almost everybody made mistakes. The spenders spent too much. The savers over-did it too. They built too much capacity.
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| Posted: 30 Mar 2010 03:45 PM PDT Alcon, Inc. (NYSE:ACL) recently announced that it has acquired rights to two topical eye care products, Durezol and Zyclorin, from Sirion Therapeutics, Inc. Alcon also said that it is evaluating options to acquire another product, Zirgan, which is approved for the treatment of acute herpetic keratitis or corneal ulcers. While Durezol is approved by the US Food and Drug Administration (FDA), Zyclorin is being developed for the treatment of dry eye and other ocular surface diseases. Alcon has … [visit site to read more]
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| Regulatory Setback For Cephalon Posted: 30 Mar 2010 03:30 PM PDT Cephalon, Inc. (NASDAQ:CEPH) suffered a regulatory setback recently with its failure to receive outright approval from the US Food and Drug Administration (FDA) for its supplemental new drug application (sNDA) for Nuvigil. Cephalon was seeking to get Nuvigil approved for the treatment of patients with excessive sleepiness associated with jet lag disorder resulting from eastbound travel. Cephalon had submitted data from a study that was conducted under the FDA's special protocol assessment … [visit site to read more]
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| SABESP Posts Solid 2009 Results Posted: 30 Mar 2010 03:15 PM PDT Companhia de Saneamento Basico do Estado de Sao Paulo, or SABESP (NYSE:SBS), reported encouraging results for the fourth quarter and full-year 2009. During the quarter, net income increased to R$457.3 million (US$104.1 million) from R$113.3 million in the same quarter of 2008. EPS was R$2.01 (US$2.30), up from R$0.50 (US$0.44) in the year-ago quarter. Reported EPADR was well above the Zacks Consensus Estimate of $1.39. During 2009, net income was R$1,373.9 million (US$785.1 million), up from … [visit site to read more]
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| The Death Of Oily Gas In Europe - Part II Interview With Dave Forest Posted: 30 Mar 2010 03:01 PM PDT I spoke with Dave Forest recently about where he sees the opportunities for oil and gas investors. Dave is a former editor at Casey Energy Report. I was particularly interested to hear his thoughts about Europe, as energy companies have rushed in there looking for shale gas and shale oil deposits, and is getting a lot of press in magazines like The Economist and Financial Times of London. (The FT wrote a great article on this a couple weeks ago - see here: … [visit site to read more]
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| Posted: 30 Mar 2010 03:00 PM PDT Neogen Corp. (NASDAQ:NEOG) posted fiscal 2010 third-quarter results on Monday. The company's net income recorded a strong growth of 37.5% to $3.9 million, or 17 cents per share from $2.8 million, or 12 cents per share in the year-ago period. The result also squeezed past the Zacks Consensus Estimate of 16 cents and was primarily driven by robust sales of food safety test kits. Neogen develops and markets products dedicated to food and animal safety. The company’s Food Safety division markets … [visit site to read more]
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| Faint Spells From Economic Indicators Posted: 30 Mar 2010 03:00 PM PDT I am always interested in the Conference Board's Leading, Coincident and Lagging Indicators, mostly because the work is already done and I don't have to do anything but look at the results, and then take the rest of the day off to think about what it all means.
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| Malaysia ETF (EWM) In Focus As Overhaul Plans Swirl Posted: 30 Mar 2010 02:57 PM PDT Malaysia's prime minister outlined a bold plan to modernize the Asian nation's economy on Tuesday, addressing a corrupt and flawed system that many economists blame for holding back the country's growth. In a speech in Kuala Lumpur to kick off the "New Economic Model," prime minister Majib Razak said the entrenched affirmative action policies, which have historically benefited primarily the majority ethnic Malay population, will be adjusted to help disadvantaged members of the … [visit site to read more]
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| Daily ETF Roundup: FXI Rises, GDX Sinks Posted: 30 Mar 2010 02:46 PM PDT Equity markets finished flat on Tuesday, with the Dow and Nasdaq finishing ahead while the S&P 500 trended slightly lower. Technology stocks led the surge higher as Apple hit a new all-time high of $235.84. This continued surge for Apple came after a report that the company was developing a new iPhone for Verizon, the long time rival of AT&T, the current sole carrier of the iPhone. The news also helped to boost Verizon, which soared 2.6% on the news. "If a deal does go through, it … [visit site to read more]
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| Avnet Acquires Bell Microproducts Posted: 30 Mar 2010 02:43 PM PDT Avnet, Inc. (NYSE:AVT) has entered a definitive agreement to acquire Bell Microproducts Inc. (BELM) for $7.00 per share, amounting to $252 million. The total transaction value was $594 million after assuming a net debt position for Bell of $342 million as of December 31, 2009. The transaction is expected to close in 60 to 120 days. The acquisition has been approved by the Boards of both companies and is subject to the approval of Bell’s shareholders as well as customary regulatory … [visit site to read more]
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| Posted: 30 Mar 2010 02:31 PM PDT The Securities and Exchange Commission announced Monday it had begun an inquiry into two dozen financial companies to determine whether they followed accounting practices similar to those recently disclosed in an investigation of Lehman Brothers.
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| CNX Progresses On Dominion Deal Posted: 30 Mar 2010 02:26 PM PDT Coal producer CONSOL Energy Inc. (NYSE:CNX) announced that the federal government has approved its previously announced acquisition of Dominion Resources Inc.’s (NYSE:D) Appalachian oil and gas exploration and production business, except for certain assets located in natural gas storage fields. The Federal Trade Commission and the Antitrust Division of the Department of Justice have granted early termination of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of … [visit site to read more]
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| Initiating Fidelity At Neutral Posted: 30 Mar 2010 02:09 PM PDT We are initiating coverage on Fidelity National Information Services, Inc. (NYSE:FIS) with a Neutral rating. Shares of FIS are trading at a multiple of 12.0x our fiscal 2010 EPS estimate of $1.96, a discount to the industry. The company's fourth-quarter 2009 earnings marginally beat the Zacks Consensus Estimate, benefiting from cost-cutting efforts and operating efficiency gains, as well as higher revenue in the international solutions segment. FIS reiterated its 2010 guidance. Fidelity has … [visit site to read more]
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| Video: NYSE Closing Bell Market Monitor: VZ, DHR, BBI Posted: 30 Mar 2010 02:02 PM PDT The latest in news, commentary, and information on what’s moving the US equities markets. Watch this broadcast LIVE at 4:00 pm EST daily @ “http://www.nyx.com/marketmonitor” … [visit site to read more]
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| Is It Time To Re-Evaluate Your Investment Portfolio? Posted: 30 Mar 2010 02:01 PM PDT As investors wait out this continuing consolidation in gold and in the natural resource shares we suggest taking the time to dress up your portfolio. All of us like to get a 'new dress’ from time to time. What we are talking about is putting a new face on your portfolio and making some tough decisions in preparation for the next move up. Women will no doubt warm to this idea faster than men as women are know to be shoppers and looking for that new dress, shoes or accessories to spice up … [visit site to read more]
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| Haptic Technology: The Next Breakthrough Computing Tech Posted: 30 Mar 2010 02:00 PM PDT Computer processing power, as you know, has been growing exponentially for decades. Our means of interacting with computers, however, have changed little since they first appeared. Computers still convey information to users almost exclusively through sight and sound, speakers and screens. We still give information to computers mostly through keyboards, track pads and mouse devices.
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| Posted: 30 Mar 2010 01:53 PM PDT Jabil Circuit, Inc. (NYSE:JBL) recently reported its preliminary results for the second quarter 2010, beating the Zacks Consensus Estimate. Jabil's second quarter is normally a sequentially down quarter due to the seasonal slowdown in consumer spending. Despite the unfavorable seasonality, Jabil posted a much higher profit for the quarter. Results benefited from significant year-over-year margin expansion on modest revenue growth. Management said that since fiscal 2004, the results for the … [visit site to read more]
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| Video: Nissan Announces The Price For Its Latest Green Car, The LEAF Posted: 30 Mar 2010 01:48 PM PDT The Nissan Motor Company announced the price for its new electric car, the LEAF, on Tuesday. … [visit site to read more]
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| Video: Crude Rises On Choppy Trade Posted: 30 Mar 2010 01:48 PM PDT Front month crude prices were a bit on the upside this session following choppy trade. … [visit site to read more]
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| Posted: 30 Mar 2010 01:38 PM PDT In a major setback, GenVec (NASDAQ:GNVC) had to discontinue its final stage trial of TNFerade in patients with pancreatic cancer following an interim analysis. The interim analysis was conducted to ensure if the study should be continued after the 184th death, which was two-thirds of total expected events.
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| Posted: 30 Mar 2010 01:20 PM PDT We are maintaining our Neutral recommendation on Transocean, Inc. (NYSE:RIG) with a target price of $85.
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| Why You Don’t Want To Bet On Europe’s Renewable Energy Attempts Posted: 30 Mar 2010 01:11 PM PDT Over the last several decades, the Western world has made reducing greenhouse gas emissions one of its top priorities. Slash greenhouse gas emissions by 20% compared to 1990 levels… by 2020.
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| Morgan Stanley Reshuffles Advisors Posted: 30 Mar 2010 01:04 PM PDT According to a Reuters report released on Monday, Morgan Stanley (NYSE:MS) has hired two new advisors, Robert Tholl and Jerry Pearson, from JPMorgan Private Wealth Management, a wing of JPMorgan Chase & Co. (NYSE:JPM). This was done in an attempt to increase the efficiency of its Morgan Stanley Smith Barney (MSSB) joint venture. Both managers will take lead of the company's Michigan office.
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| What You Need To Know About The CMHC New Mortgage Rules Effective April 19, 2010 Posted: 30 Mar 2010 01:01 PM PDT On April 19th, 2010, the Department of Finance will be introducing what they describe as “measured steps to support the long-term stability of Canada’s housing market.” These steps are a number of changes to mortgage underwriting guidelines for mortgages that will be insured by CMHC, the Canadian Mortgage and Housing Corporation. Genworth, a competitor of CMHC’s, has already said that they will adopt the majority of these new rules as well. Travis Ashclarke is a Certified Financial … [visit site to read more]
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| Encouraging Results From Novavax Posted: 30 Mar 2010 12:47 PM PDT Recently, Novavax (NASDAQ:NVAX) announced final results from a phase II trial of its trivalent seasonal influenza Virus-like particle (VLP) vaccine in adults 18-49 years of age. Initial results from the trial were reported in 2009.
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| US Bancorp Charged In Patent Case Posted: 30 Mar 2010 12:31 PM PDT On Monday, the jury of a federal district court in Texas has charged US Bancorp's (NYSE:USB) subsidiary, U.S. Bank, with $27 million for infringement on patents of DataTreasury Corp. DataTreasury alleged that the patents encroached by U.S. Bank were the ones that were originally invented by the company itself.
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| The PIIGS Are Getting Sloppier… Here’s How To Clean Up Posted: 30 Mar 2010 12:30 PM PDT The PIIGS Are Getting Sloppier…
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| Posted: 30 Mar 2010 12:16 PM PDT CEMEX SAB de CV (NYSE:CX) has priced its $650 million 4.875% convertible subordinated notes due in 2015. The early buyer of the notes was also allowed a 30-day over-allotment option for additional purchase up to $65 million of the principal amount of notes. The offer is expected to close by the end of March 2010. The notes will be converted into American Depositary Shares (ADS) at a conversion rate of 73.54 ADSs per $1,000 principal amount of notes, equivalent to approximately $13.60 per … [visit site to read more]
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| Posted: 30 Mar 2010 12:01 PM PDT Nobody wants to admit that oil’s current supply and demand relationship is temporary. Nobody wants to acknowledge that the world faces some tough decisions in the months and years to come regarding energy supplies. The era of cheap oil is over. Sure, we could maybe see oil in the $60’s again. But it’s pure folly to expect that oil prices might remain there for any length of time. Last week we saw huge spikes in energy stocks. Remember Houston American Energy (NASDAQ:HUSA)? We’ve been watching … [visit site to read more]
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| Jacobs Wins Infrastructure Contract Posted: 30 Mar 2010 12:01 PM PDT Jacobs Engineering Group Inc. (NYSE:JEC) received an infrastructure contract from Storengy UK Ltd. As per the agreement, Jacobs' will provide engineering, procurement and construction management (EPCM) services for above the ground infrastructure in connection to the installation of Storengy's new gas storage facility in Stublach, in the North West England. Jacobs will design and install new gas compression, gas treatment facilities, a control system and utilities for the … [visit site to read more]
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| Trade Of The Decade: Sell Everything, Part II Posted: 30 Mar 2010 12:00 PM PDT America's economic hegemony is fraying at the edges. The "Land of the Free" is shackling her citizens to multi-trillion dollar debts that neither they, nor their children, nor their children's children, can repay. This inconvenient reality may not cause a big problem anytime soon, but it will burden the American growth engine for decades to come.
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| The PIIGS Are Getting Sloppier… Here’s How To Clean Up Posted: 30 Mar 2010 11:45 AM PDT Tuesday, March 30, 2010: Issue #1227 Portugal's … [visit site to read more]
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