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OPEC Hikes Oil Demand Projections
10 Mar 2010 at 4:02pm
The Organization of Petroleum Exporting Countries released a report today projecting that world oil demand would rise to nearly 900,000 barrels per day this year. Thats 100,000 barrels more in demand than it projected in February.
Daily Dividend Report: OLP, HNZ, VGR, BKCC, SPLS
10 Mar 2010 at 3:58pm
After the bell yesterday, One Liberty Properties (OLP) declared its quarterly dividend of of thirty cents per share, an increase of about 36% over its prior dividend. Notable about this dividend is the company's decision to pay shareholders in cash instead of a combination of shares and cash that was so common in 2009.
Wednesday Midday Sector Laggards: Machine Tools, Gold Stocks
10 Mar 2010 at 3:28pm
In midday trading Wednesday, Machine Tools shares were relative laggards, down on the day by about 1.3%. Helping drag down the group were shares of Flow International (FLOW), down about 9.8% and shares of Exco Tech Limited (XTC.
Wednesday's ETF Movers: FBT, GDX
10 Mar 2010 at 3:22pm
In midday trading Wednesday, the First Trust Biotech ETF (FBT) is outperforming other ETFs, up about 3.3% on the day. Components of that ETF showing particular strength include shares of Intermune (ITMN), up about 64.4% and shares of Amylin Pharmaceuticals (AMLN), up about 4.9% on the day.
Wednesday Midday Sector Leaders: Department Stores, Airlines
10 Mar 2010 at 3:18pm
In midday trading Wednesday, Department Stores shares were relative leaders, up on the day by about 2.6%. Leading the group were shares of Bon Ton Stores (BONT), up about 10.8% and shares of Cost Plus (CPWM) up about 7.9% on the day.
Downgrades: JCG, CVX, DOW
10 Mar 2010 at 2:52pm
This morning, Citigroup downgraded shares of J. Crew (JCG) from Buy to Hold as the stock has climbed more than twenty percent over the last month.
Today's Big Losers: ABVT, PSS, NAV, TRK
10 Mar 2010 at 2:28pm
AboveNet (ABVT) posted revenue in the fourth quarter of $94.3 million, an increase of $4.5 million, or 5%, compared to the fourth quarter of 2008. Operating income was $23.5 million compared to $25.3 million for the fourth quarter of 2008.
Congress to Extend Unemployment Benefits
10 Mar 2010 at 2:22pm
Despite soaring deficits, Congress is pushing through legislation to provide unemployment benefits for longer periods of time, despite protests from Conservatives. The proposed bill will increase the duration of unemployment benefits to 99 weeks in many states and this could add up to $130 billion to the deficit over the next 18 months.
Short-Selling Rumors Give Stocks a Boost
10 Mar 2010 at 2:18pm
Amid speculation that regulators could ban short-selling, shares of Citigroup (C), AIG (AIG), Fannie Mae (FNM) and Freddie Mac (FRE) all climbed higher this morning. With short interest high in these beaten down stocks, fear of a short-selling ban had investors trying to buy back shares to cover their positions.
Terra Prefers Bid From CF Industries
10 Mar 2010 at 2:12pm
Terra Industries (TRA) announced this morning that it would prefer to be acquired by CF Industries (CF) rather than Yara as their bid is considerably higher. Last month, Yara announced a $4.1 billion buyout offer, but this was trumped by CF Industries earlier in the week with a $4.7 billion offer.
Today's Big Gainers: AIG, ZNH, RF, ITMN
10 Mar 2010 at 1:58pm
American International Group (AIG) is seeing their shares up more than 10% today, gaining along with many other financials, including Citigroup (C) which is currently up more than 5.5%, and Regions Financial up nearly 9%. China Southern Airlines (ZNH) is gaining today after yesterday's announcement that they'd be doing an offering to repay debt.
Upgrades: GPN, BUCY, HOT
10 Mar 2010 at 12:28pm
This morning, Susquehanna upgraded shares of Global Payments (GPN) to Positive as the firm sees credit recovering with the economy. Furthermore, the firm expects margins to improve with the release of the new G2 platform.
FDA Approvals: Allergan, Abbott
10 Mar 2010 at 12:08pm
The Food and Drug Administration said late yesterday that it has approved the use of Allergans (AGN) Botox to treat spasticity in elbow, wrist and finger muscles. Allergan will now be allowed to market Botox typically use to relax facial wrinkles for use in treating spastic muscles.
Former Sun CEO Blogs About Apple's Past Threat to Sue
10 Mar 2010 at 11:58am
Heres some tech sector gossip for around the water cooler today Former Sun Microsystems CEO Jonathan Schwartz blogged late Tuesday that Apple (AAPL) CEO Steve Jobs had threatened to sue his company in 2003 over the graphics of an open source software project supposedly infringing on Apples intellectual property. Schwartz said he mentioned that some Mac technology violated Sun patents, and he never heard from Jobs on the matter again.
Bank of America to Cut Overdraft Protection Fees
10 Mar 2010 at 11:22am
In a move to comply with coming regulations on overdraft fees, Bank of America (BAC) said it will simply not allow customers to spend more than is in their checking account with debit purchases. As of July, the Federal Reserve has mandated that banks get customer permission for charging an overdraft fee.
Airlines Give Up Runway Time to Satisfy Regulators
10 Mar 2010 at 11:12am
British Airways, American Airlines (AMR) and Iberia members of the OneWorld Alliance have said they will give up takeoff and landing slots at Heathrow, Gatwick, and JFK airports to put to rest competition concerns raised by the European Commission. The Commission said it will check with other airlines on whether that move would do enough to inspire competition, and would drop potential antitrust fines if so.
Abbott Labs to Acquire Facet Biotech
10 Mar 2010 at 10:58am
Abbott Laboratories (ABT) announced late yesterday that it will buy Facet Biotech (FACT) for a total net value of $450 million. Abbott is paying $27 per share for Facet, a 67 percent premium over the stocks closing price yesterday.
Retail News: J. Crew, American Eagle, Children's Place
10 Mar 2010 at 10:32am
J. Crew (JCG) posted a fourth quarter profit after the bell Tuesday, of $40.4 million, or 61 cents per share.
Tuesday's ETF Movers: FAA, TAN
9 Mar 2010 at 3:32pm
In midday trading Tuesday, the Claymore Airline ETF (FAA) is outperforming other ETFs, up about 2.8% on the day. Components of that ETF showing particular strength include shares of AMR (AMR), up about 10.3% and shares of UAL (UAUA), up about 8.3% on the day.
Tuesday Midday Sector Leaders: Trucks & Other Vehicles, Airlines
9 Mar 2010 at 3:18pm
In midday trading Tuesday, Trucks & Other Vehicles shares were relative leaders, up on the day by about 4.1%. Leading the group were shares of Force Protection (FRPT), up about 16.6% and shares of Wabash National (WNC) up about 8.4% on the day.
Tuesday Midday Sector Laggards: Hospitals, Diversified Utilities
9 Mar 2010 at 2:58pm
In midday trading Tuesday, Hospital shares were relative laggards, down on the day by about 1%. Helping drag down the group were shares of Select Medical Holdings (SEM), off about 6.3% and shares of Community Health Systems (CYH) off about 2.4% on the day.
Daily Dividend Report: EMCI, MSFT, STLD, EJ, BNS
9 Mar 2010 at 2:44pm
This morning, EMC Insurance (EMCI) declared its quarterly dividend of 18 cents per share, maintaining the amount paid last quarter. Based on the current stock price, investors can expect a yield of about three percent going forward.
Today's Big Movers: GAIA, ZNH, FEED
9 Mar 2010 at 2:02pm
After the bell yesterday afternoon, Gaiam (GAIA) reported fourth quarter earnings of seventeen cents per share, beating Wall Street estimates by three cents. Also impressing investors was strong revenue of $87.6 million in the quarter.
Today's Big Losers: JSDA, ZIGO, MVIS
9 Mar 2010 at 1:42pm
This morning, investors are exiting shares of Jones Soda (JSDA) as quickly as possible following news that Reed's (REED) would be buying the company. Jones Soda investor will receive approximately 0.17 shares of Reed plus ten cents for every share of Jones Soda owned.
Downgrades: BBY, CI, TM
9 Mar 2010 at 12:28pm
This morning, Goldman Sachs lowered its estimates on shares of Best Buy (BBY). The firm sees margins coming in lower than expected which could weigh on earnings.
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