Mar 30, 2010

Daily Markets - Financial News And Opinions

Daily Markets - Financial News And Opinions

Chalco Swings To Losses

Posted: 30 Mar 2010 11:46 AM PDT

The world’s biggest aluminum company, Aluminum Corporation of China Ltd. (NYSE:ACH) (Chalco), recorded net losses of $1.11 per ADR (RMB0.3433 per share) for the full year 2009 in contrast to net earnings of $0.004 per ADR (RMB0.0014 per share) in 2008. Lower selling prices and weak demand coupled with high costs drove losses for Chalco. 

Management and financial costs climbed 19% and 25%, respectively, in 2009, as the company restructured its retirement plan and increased its borrowings. … [visit site to read more]


Treasury To Sell Citi Stake

Posted: 30 Mar 2010 11:31 AM PDT

Yesterday, the U.S. Treasury said that it plans to begin selling its stake in Citigroup Inc. (NYSE:C). The sale of 7.7 billion shares or 27% of Citi's common stock that the Treasury holds, would take place throughout 2010 and would be based on a pre-arranged trading plan. 

The Treasury would, however, continue to hold warrants for future purchases of Citi's shares following the stake sale. Morgan Stanley (NYSE:MS) will help the government on this issue. 

The Treasury had initially … [visit site to read more]

AIG Sells PineBridge Investments

Posted: 30 Mar 2010 11:16 AM PDT

Yesterday, American International Group Inc. (NYSE:AIG) announced that it has completed the sale of a part of its asset management business, PineBridge Investments, to Asia-based private investment firm, Pacific Century Group, for $277 million. 

PineBridge Investments operates in 31 countries and manages assets of about $87.3 billion for both institutional and individual investors. 

In addition to the $277 million received in cash at closing, AIG expects to receive a performance note … [visit site to read more]

The Inconvenient Realities Facing Every Stock Seller

Posted: 30 Mar 2010 11:08 AM PDT

The Dow Jones Industrial Average bounced 45 points yesterday – lifting the index to a new 18-month high of 10,895. This achievement punctuates a dazzling one-year rally that has lifted the Dow more than 70% from its lows.
During the early days of this epic rally, bullish investors had both low valuations and an improving economic trend on their side. The price-to-earnings ratio of the S&P 500 index was about 40% below its five-year average. While at the same time, the worst of the credit … [visit site to read more]

Suncor Divests More Assets

Posted: 30 Mar 2010 11:01 AM PDT

Canada's Suncor Energy Inc. (NYSE:SU) has entered into an agreement to sell certain natural gas-heavy assets in west-central Alberta for C$235 million ($230 million) in cash. The name of the buyer was not disclosed. 

Located at Rosevear and Pine Creek in the Edson/Whitecourt area, about 200 kilometers west of Edmonton, the properties have a current daily production rate of approximately 20.5 million cubic feet of natural gas and 540 barrels of liquids. The transaction is expected to close … [visit site to read more]

Make Money In “Non-Negotiable” Technology

Posted: 30 Mar 2010 11:01 AM PDT

Technology-driven products like MP3 players, flat-screen TVs and laptop computers are becoming staples of society and essential items for the global consumer. Safe Haven Investor Editor Kent Lucas takes a look what this means for the investor.

The past few weeks have been busier than usual for me because I just moved into a new apartment in San Francisco and had some furnishing to do. The most important item I needed - in time for the NCAA basketball tournament, aka “March Madness” - was a … [visit site to read more]

Dell’s New Contract Win

Posted: 30 Mar 2010 10:46 AM PDT

The world's third largest computer maker Dell Inc. (NASDAQ:DELL) announced that it has won a contract from U.S. Department of Transportation, spanning over a period of 10 years, and bearing a deal value of $65.0 million. The company has won the contract, through the Dell Perot Systems Government Services Unit. 

As per the terms of the agreement, Dell's unit will be providing IT support services to the Department Of Transportation, which includes IT infrastructure services, hosting … [visit site to read more]

Alcoa Ramps Up Capacity

Posted: 30 Mar 2010 10:31 AM PDT

The US aluminum giant Alcoa Inc. (NYSE:AA) has recently announced that it has expanded its aluminum can recycling capacity at its Tennessee operations by investing $24 million. This expansion would ramp up Alcoa's recycling capacity by about 50% from the current capacity of 54%. The expansion is in line with the company's aim to expand its aluminum can recycling capacity to 75% by 2015 in North America. 

Aluminum cans are most widely used in the packaging industry, as these can be … [visit site to read more]

US Spending Spree Continues As White House Again Takes On Housing

Posted: 30 Mar 2010 10:30 AM PDT

This past Friday the Obama administration announced greatly expanded government assistance — this time it's to again to provide for lowered mortgages and refinancing — for homeowners who probably never should have owned homes in the first place.
Multiple rebate and other tax-break programs for first-time home buyers have run dry, yet home prices have begun to plummet again, and are now back at levels from the late 70s. Despite the facts, it looks like the White House … [visit site to read more]

Shaw Communications To Trial FTTH

Posted: 30 Mar 2010 10:15 AM PDT

Canadian cable giant Shaw Communications Inc. (NYSE:SJR) decided to test its super fast network that will support Internet access speed of 1 Gbps. For this, the company is all set to give trial run of its own Fiber-to-the-home (FTTH) network in Vancouver and Calgary. Shaw Communications will test its next-generation FTTH network for multiple-dwelling units, single-family homes, as well as lucrative small & midsized businesses.
 
Shaw Communications has already deployed high-speed DOCSIS … [visit site to read more]

Video: Market Movers: VZ, AAPL, BBI, LDK, APOL, RTI

Posted: 30 Mar 2010 10:10 AM PDT

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

Video: Volatile Session In The Money Markets

Posted: 30 Mar 2010 10:06 AM PDT

Money markets are volatile this session following a mix of foreign economic data. … [visit site to read more]

Financial “Family” Price Fixing Likely To Increase

Posted: 30 Mar 2010 10:01 AM PDT

What will be the next explosion in financial chicanery if not outright fraud? Collusion, that is price fixing. Why? A number of reasons, including:

1. The financial industry has become an oligopoly, (some may say cartel) thus setting the table for increased collusion to propagate.

2. Lower volumes across exchanges, which pressure revenues and incentivize market participants to collude to generate greater profits.

3. Increased regulation and oversight of products (such as the … [visit site to read more]

Tax Refunds: The Gifts That Keep The US Spending

Posted: 30 Mar 2010 10:00 AM PDT

Strange creatures…strange events…strange thoughts… Zombieland is getting weird.
We are expected to believe six impossible things before breakfast, and another half dozen before lunch.
"…the current rebound in the economy is a statistical mirage," writes David Rosenberg. It is "orchestrated by record amounts of monetary and fiscal stimulus that are simply unsustainable and actually risk precipitating a very unstable financial and economic backdrop in coming years."
But investors … [visit site to read more]

Pacific Gas Refinances Debt

Posted: 30 Mar 2010 10:00 AM PDT

Pacific Gas & Electric Corporation (NYSE:PCG) announced an offering of $250 million of senior notes due March 2037, with a coupon rate of 5.8%. Pacific Gas will use the proceeds to refinance a portion of its outstanding commercial paper. The transaction is scheduled to close on Apr 1, 2010. The bonds are rated “A3″ by Moody’s Corporation (NYSE:MCO) and “BBB+” by Standard & Poor’s, a division of McGraw-Hill Companies Inc. (NYSE:MHP).
 
Pacific Gas' strong balance sheet and cash flows … [visit site to read more]

LTE Smartphone In 2010

Posted: 30 Mar 2010 09:45 AM PDT

Long Term Evolution (LTE) technology is ahead in the race as the most sought after next-generation (4G) wireless network standard in the market. 4G wireless networks are aiming to cope with substantial demand for high-speed wireless data services and mobile video. The growing acceptance of LTE technology has prompted the mobile handset manufacturers to develop phones that will be compatible with this network. Theoretically, LTE is expected to achieve download transmission speeds of 300Mbps and … [visit site to read more]

Lockheed Joining Smart Grid

Posted: 30 Mar 2010 09:30 AM PDT

Lockheed Martin Corporation (NYSE:LMT) and Itron Inc. (ITRI) announced an agreement to integrate Lockheed Martin’s proprietary SEEload Demand Response Management Solution with Itron’s smart grid platform. SEEload is one of Lockheed Martin’s SEEsuite Smart Grid Command and Control applications. The application enables utilities and independent system operators to precisely and easily manage demand response events across an entire distribution network, including substations and individual … [visit site to read more]

Sinopec Strengthens E&P Exposure

Posted: 30 Mar 2010 09:15 AM PDT

To boost its exploration and production (E&P) exposure, China's largest refiner and marketer of refined petroleum products, China Petroleum and Chemical Corporation (NYSE:SNP), or Sinopec, is acquiring deepwater oil assets in Angola. 

Sinopec is buying these assets by purchasing a 55% stake in Sonangol Sinopec International Ltd ("SSI”) from its parent – China Petrochemical Corporation – for $2.46 billion. Sinopec said that the acquisition is subject to shareholders' approval … [visit site to read more]

The Greek Crisis And The Euro’s Decline

Posted: 30 Mar 2010 09:11 AM PDT

In line with last week’s emerging data, the most likely scenario for the next few years divides the Euro Zone into two, with the major northern European countries growing at a healthy pace and the peripheral southern European countries, including Ireland, remaining in a quandary for several years.

On the one hand, the German IFO and French INSEE business confidence indices showed positive gains in March, indicating that the two largest economies in the Euro Zone could accelerate in … [visit site to read more]

Odd One Out

Posted: 30 Mar 2010 08:59 AM PDT

OK, class, time for another Financial Armageddon brain teaser. Can you tell which of the following recent reports is the odd one out?
Federal Deposit Insurance Corporation

“Bair: CRE Will Drive Regional Bank Failures To A Higher Level Than Last Year” (CNBC via Business Insider)
FDIC Chairman Sheila Bair spoke to CNBC’s Maria Bartiromo about the ongoing series of bank failures in the United States.
0:45 Bank failures will be higher this year than last
1:52 Regional banks have significant … [visit site to read more]

BRXX Surges On Infrastructure Plan

Posted: 30 Mar 2010 08:59 AM PDT

Brazil has been one of the big winners of the rally in global equity markets over the last year, as the BRIC economic bloc established its position as the leader in the economic recovery. Strong demand for raw materials in other developing economies fueled an impressive rebound, and the selection of Rio de Janeiro as the host of the 2016 Olympics gave an autumn boost to South America's largest economy.
Brazil has grand ambitions of hosting those Olympic Games as a top-five world economy, and … [visit site to read more]

Fortune Brands Wins Patent Dispute

Posted: 30 Mar 2010 08:52 AM PDT

Fortune Brands Inc. (NYSE:FO), a leading consumer brands company, has recently received a favorable verdict against Callaway Golf Co. (NYSE:ELY) relating to a patent dispute involving Titleist Pro V1 golf balls, bringing to an end a long-standing legal battle spanning over four years.
 
In its legal suit, Callaway had alleged that Titleist Pro V1 golf balls infringed on four patent rights that were originally owned by Spalding, a sporting goods company, and subsequently bought by Callaway. … [visit site to read more]

Morning Stock Market Movers: Verizon, Intrepid Potash, 3M Company

Posted: 30 Mar 2010 08:48 AM PDT

Verizon Communications, Inc. (NYSE:VZ) - Shares of the self-titled 'Big Red’ wireless communications services provider spiked in early trading on news Apple is devising an iPhone that will work with Verizon’s network. The largest U.S. wireless carrier’s shares increased 2.95% to $31.34 as of 10:30 am (ET). Bullish options traders gobbled up calls in the near-term April and May contracts to position for continued upward movement in the price of the underlying shares. Investors picked up 1,500 … [visit site to read more]

Revenue Weighted ETFs Continue Impressive Run

Posted: 30 Mar 2010 08:47 AM PDT

The rise of the ETF industry has changed a lot about the business of investing. It has altered the way investors look at expenses, making it difficult to justify handing over 200 basis points (or more) each year to an active manager who can't regularly beat a benchmark. It has also expanded the universe of investable securities; asset classes that were once available only to the biggest and richest investors (such as hedge fund strategies and commodities) are now readily available to anyone … [visit site to read more]

Toyota Suspends European Production

Posted: 30 Mar 2010 08:33 AM PDT

Toyota Motor (NYSE:TM) has decided to halt production at its facilities in France and the U.K. for at least 12 days in order to cope with the weakening demand for its vehicles. Production at its U.K. facility has been already suspended since yesterday until Thursday and will be arrested again from April 6 to 9. Meanwhile, production at its facility in France will be halted during April 6–9 and in late April.
 
The latest string of recalls has besmirched the reputation of the automaker, … [visit site to read more]

CNOOC Starts Offshore China Fields

Posted: 30 Mar 2010 08:19 AM PDT

CNOOC Ltd (NYSE:CEO) has successfully started production at two of its independent oil fields. The two oil fields are WeiZhou11-1 east (WZ11-1E) and BoZhong (BZ) 3-2. The first is located in western South China Sea, while the other is in Bohai Bay. The company has 100% interest in both the oil fields and is working as the operator.
 
Currently, three and seven wells are operating in the WZ11-1E and BZ 3-2 oil fields, respectively. The company is expecting a peak production rate of … [visit site to read more]

Australian Dollar: The Downside Prevails

Posted: 30 Mar 2010 08:17 AM PDT

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

Canadian Dollar: The Downside Prevails

Posted: 30 Mar 2010 08:17 AM PDT

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

Sugar Sell-off Cools

Posted: 30 Mar 2010 08:17 AM PDT

Fundamentals
Sugar prices have remained relatively steady over the past week, spurred by an uptick in demand on sagging prices. The drop in prices suggests that India may force beverage and confection makers to import the sweetener to increase domestic stocks. While Brazil and India are both expected to sharply increase their supplies in the next crop year, demand from much of the world has remained stout. China may import more Sugar than previously expected due to inclement weather conditions … [visit site to read more]

US Consumer Spending Helps The Peso

Posted: 30 Mar 2010 07:53 AM PDT

The dollar bears returned to the markets yesterday, as most every currency moved higher versus the dollar.
Confident investors kept the dollar on the run yesterday as they went shopping for yield. The commodity currencies ruled the day again, with Australia, Norway, and Brazil's currencies all posting gains nearing 1.5% versus the US dollar. Greece successfully sold 5 billion euros worth of bonds in the first sale since the EU reached agreement on a stability plan. The sale emboldened … [visit site to read more]

Video: Apple To Release IPhone For Verizon?

Posted: 30 Mar 2010 07:48 AM PDT

Apple Incorporated (AAPL) has been rumored by the Wall Street Journal to be in the process of creating a new iPhone this summer that would be compatible for other wireless carriers, specifically Verizon. … [visit site to read more]

Video: NYSE Opening Bell Market Monitor: LDK, VZ, AAPL

Posted: 30 Mar 2010 07:47 AM PDT

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

Video: Sensex Slides On Weak Bankng Sector Performance

Posted: 30 Mar 2010 07:21 AM PDT

India’s BSE Sensex index posted a significant drop this session following weak performance for its banking sector stocks. … [visit site to read more]

Singapore Stock Market Update For Tuesday 30 March

Posted: 29 Mar 2010 07:35 PM PDT

Morning Highlights
STI opened flat at 2929.14. Investors are focusing on Friday’s crucial nonfarm payrolls for March, which is expected to produce a strong result.

Osim broke high of 0.92

KS Energy broke high of 1.35

United Engineer broke high of  2.25

Lookout for Mencast (Small Cap), it is trading high volume with good price range.

 Singapore News Updates:

A new index set up to track residential property prices shows that prices of non-landed private homes held steady in … [visit site to read more]

Singapore Stock Market Update For Monday 29 March

Posted: 29 Mar 2010 03:08 AM PDT

Market Updates
Singapore market started almost unchanged from last Friday after a tepid performance on Wall Street, with the STI opened up 2.12 points at 2908.4. Index is trending up steady since market opened…
South Korean stocks moving lower amid caution after an unexplained explosion sank a naval ship late on Friday.
 News Updates:

Thailand’s Finance Ministry will support a fund-raising plan by national carrier Thai Airways, Finance Minister Korn Chatikavanij said on Monday.

Japan … [visit site to read more]
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