Archive for August, 2009
(WIT) Wipro Technologies Partners with BP
Wipro Technologies, the IT services business of Wipro Ltd. (WIT) announced that it has entered into a five year agreement with BP Plc. (BP) to provide IT Applications Development and Maintenance services for BP’s Fuels Value Chain and Corporate businesses across the globe. Wipro...
28Aug2009 | vitalstocks | 0 comments | Continued(INTC) Intel Guides Earnings Estimates Higher; Recovery in Chips
This morning, Intel (INTC) raised its third-quarter guidance. The company now anticipates revenues to be about $9 billion, versus its previous forecast of $8.5 billion. Gross margins are expected about 53%, with more upside than downside likely to the projection. This was the...
28Aug2009 | vitalstocks | 0 comments | Continued(MCRS) Micros Systems Reports Earnings That Beat
Micros Systems (MCRS) designs, manufactures, markets, and services enterprise information solutions for the hospitality and specialty retail industries. Yesterday, the company posted better-than-expected results for the fourth quarter of fiscal 2009. Revenue of $224.2 million...
28Aug2009 | vitalstocks | 0 comments | Continued(DLLR) Dollar Financial Corporation Tops Estimates
Dollar Financial Corporation’s (DLLR) fourth quarter earnings came in at 39 cents per share, ahead of the Zacks Consensus Estimate of 35 cents per share. However, total revenues declined to $124.4 million from $150.3 million in the same quarter last year. GAAP net loss was...
28Aug2009 | vitalstocks | 0 comments | Continued(TIVO) Earnings at TiVo Exceed Guidance
TiVo Inc. (TIVO), the creator of the digital video recorder, recently reported second quarter fiscal year 2010 results. The company delivered improved results compared to its guidance. TiVo reported a net loss of $2.9 million, better than its previous range of guidance of net...
28Aug2009 | vitalstocks | 0 comments | Continued(SHI) Shanghai Petrochemical Company Profits Return
China’s largest petroleum company, Shanghai Petrochemical Company Limited (SHI), posted net earnings of RMB 1 billion ($129 million) in the first six-months of 2009 helped by a lower cost of sales. Basic earnings were RMB 0.139 ($1.79) per share in contrast to a basic loss...
28Aug2009 | vitalstocks | 0 comments | Continued(GOOG) Google Investigated by Italian Competition Authority
The Italian Federation of Newspaper Publishers recently filed an anti-trust complaint against Google Inc. (GOOG). This prompted the Italian Competition Authority to search Google’s Milan offices on Thursday, pursuant to a probe that was initiated on Wednesday. The matter is...
28Aug2009 | vitalstocks | 0 comments | Continued(NOC) Northrop Scores Two Major Pentagon Contracts
Northrop Grumman Corp. (NOC) yesterday bagged two Pentagon contracts worth $5.87 billion. The first contract is worth $3.44 billion, from the Air Force for providing services for the stealth bomber B-2 bomber fleet. The second contract is of $2.43 billion from the Navy for providing...
28Aug2009 | vitalstocks | 0 comments | Continued(SI) Siemens Buys China Metal Companies
Siemens Energy, a division of Siemens AG (SI), acquired the majority holding in the Chinese metalworking company Yangtze Delta Manufacturing and the Chinese aluminum foundry GISAP (GIS Steel & Aluminium Products), both headquartered in Hangzhou. Siemens Energy is expanding...
28Aug2009 | vitalstocks | 0 comments | Continued(PAY) VeriFone Management Not Expecting Rebound
San Jose, California-based VeriFone Holdings Inc. (PAY) designs, markets and services transaction automation systems that facilitate electronic payments between consumers, merchants and financial institutions. The company is expected to report third-quarter results on Sept. 1. Management...
28Aug2009 | vitalstocks | 0 comments | Continued(SLM) Will Moody’s Downgrade Sallie Mae?
Moody’s Investors Service said on Thursday that is thinking about downgrading the long-term ratings of the nation’s biggest student lender, SLM Corp. or Sallie Mae (SLM). Previously, on May 13, Moody’s cut Sallie Mae’s ratings to junk, prompting the student...
28Aug2009 | vitalstocks | 0 comments | Continued(NOK) Nokia Introduces New Phone Operating on Linux
Yesterday, Nokia Corp. (NOK) introduced its first high-end 3G smart-phone N900 based on Linux open source software. This converged mobile device provides a personal computer-like experience to users and will run on the Linux-based Maeme 5 software. This 3G handset will have...
28Aug2009 | vitalstocks | 0 comments | Continued($JPM) JPMorgan Helps California Pay Some Outstanding IOUs
California State Treasurer, Bill Lockyer, said on Thursday that JPMorgan Chase & Co. (JPM) purchased $1.5 billion of California’s short-term, “interim” revenue anticipation notes according to a lending agreement with the state. The amount will provide the state...
28Aug2009 | vitalstocks | 0 comments | Continued($XTO) EIA-Reported Supply Glut Pressuring Natural Gas
In its weekly release yesterday, the Energy Information Administration (EIA) reported a bigger-than-expected 54 billion cubic feet (Bcf) weekly addition to natural gas stockpiles for the week ended August 21. This takes the current storage level to 3.26 trillion cubic feet (Tcf),...
28Aug2009 | vitalstocks | 0 comments | Continued(CRM) Salesforce Opens Up Force.com
In an effort to expand the reach of Force.com, Salesforce.com (CRM) recently announced the new Force.com value-added reseller (VAR) program. As per this new program, the value-added resellers of Force.com will help their clients to develop and run applications on Force.com. Force.com...
28Aug2009 | vitalstocks | 0 comments | Continued(PTR) PetroChina First Half Profit Sinks
Earlier today, PetroChina Company Ltd. (PTR) reported results for the six months ended June 30, 2009. Net income for the period was 50.5 billion yuan ($7.4 billion), down more than 7% from 54.4 billion yuan ($7.7 billion) a year earlier. The downward revision in net income was...
28Aug2009 | vitalstocks | 0 comments | ContinuedWhy Housing Prices Will Keep Dropping in Value
by Alexander Green, Advisory Panelist Good news has been swirling around the housing market lately. The Commerce Department reported on Wednesday that sales of new U.S. homes surged 9.6% in July. A week before, the National Association of Realtors reported that previously-owned...
28Aug2009 | InvestmentU | 0 comments | Continued(FRE) Freddie Mac Marks Rising Mortgage Rates
Freddie Mac (FRE) announced Thursday that U.S. mortgage rates for 30-year fixed home loans rose 0.02 basis points this week, as the year’s record low borrowing costs produced the biggest jump in new home purchases in four years. The average 30-year rate increased to 5.14% from...
28Aug2009 | vitalstocks | 0 comments | Continued(VOD) India Sets 3G Spectrum Auction Price
The Indian government opened the bid for the upcoming 3G spectrum (radio bandwidth) auction in the country. The floor price for the 3G auction is set at INR35 billion (US$716 million) per operator, which may yield more than INR 250 billion (US$5 billion) from the spectrum sale....
28Aug2009 | vitalstocks | 0 comments | Continued(GRMN) Garmin Nuvifone Finds U.S. Carrier
A Garmin Ltd. (GRMN) spokesperson announced that the company had selected a carrier for the nuvifone G6, its new smartphone. Although the name of the carrier was not announced, rumor has it that it could be AT&T (T), the second-largest player in the U.S. The product will...
28Aug2009 | vitalstocks | 0 comments | Continued(AEG) AEGON-Sony Life Insurance Gets License
Sony Life Insurance Co. and major Dutch insurer AEGON Group (AEG) stated their joint venture in Japan has got a life insurance business license from the Financial Services Agency (FSA). The collaboration will start business operations in December. The new company will be known...
28Aug2009 | vitalstocks | 0 comments | Continued(BMY) Bristol-Myers Squibb Buyout of Medarex Update
Yesterday, Bristol-Myers Squibb Co. (BMY) announced that its cash tender offer to purchase all outstanding shares of common stock of Medarex Inc. (MEDX) expired on Aug. 26. The tender offer was not extended, unlike the previous instance when the offer originally scheduled to...
28Aug2009 | vitalstocks | 0 comments | Continued(ARUN) Aruba Networks Q4 Loss Narrows
Aruba Networks Inc. (ARUN) reported fiscal fourth-quarter earnings after the closing bell yesterday. The company posted a GAAP net loss of $4.5 million, compared to a net loss of $6.8 million. Excluding certain items, loss per share came in at 4 cents, beating the Zacks Consensus...
28Aug2009 | vitalstocks | 0 comments | Continued(X) United States Steel Corp. Steelworkers Support Bid for Lakeside Steel
The workers of the largest steel producer in the U.S., United States Steel Corporation (X), are supporting a bid made by Lakeside Steel, a steel pipe and tubing manufacturer in Welland, Ontario to take over U.S. Steel’s Ontario production assets. U.S. Steel had acquired...
28Aug2009 | vitalstocks | 0 comments | Continued(CSII) Cardiovascular Systems’ Portfolio Gets Expanded in Marketing Agreement
Yesterday, Cardiovascular Systems Inc. (CSII) announced that it has agreed to market Japan-based Asahi Intecc Co. Ltd’s peripheral guide wire line in the United States. The peripheral guide wires address long, complex lesions above or below the knee, and complement the plaque...
28Aug2009 | vitalstocks | 0 comments | Continued(TSO) Tesoro Taps Reversed Panama Pipeline
Tesoro Corp. (TSO) shipped its first barrels of crude oil through a reversed Panama pipeline, which runs from the Atlantic to the Pacific Basin. Owned by Petroterminal de Panama (PTP), a cooperative venture between the Government of the Republic of Panama and private industry,...
28Aug2009 | vitalstocks | 0 comments | Continued(F) Ford Increases Number of Production Shifts
Ford Motor Company (F) has revealed that it will add shifts at its truck plants in Michigan and Missouri on the back of increased demand for its F-150 pickup trucks and Escape SUVs. Both of the company’s manufacturing units — the Dearborn, Michigan truck plant and the...
28Aug2009 | vitalstocks | 0 comments | Continued(PCE) Personal Savings Rate Dips in July
In July, personal income was essentially unchanged (up by $3.8 billion, or less than 0.1%). If one subtracts out taxes to get disposable personal income (DPI), it was also essentially unchanged — except it was a decline of $4.6 billion, but that is also less than 0.1%. On...
28Aug2009 | vitalstocks | 0 comments | Continued(ABT) Abbott Helps Pfizer Develop Test
Yesterday, Abbott Laboratories (ABT) signed a deal with Pfizer Inc. (PFE) for developing a test to identify patients who are likely to benefit from the latter’s lung-cancer drug. Pfizer’s PF-02341066 is a novel diagnostic agent that selectively targets certain genes implicated...
28Aug2009 | vitalstocks | 0 comments | Continued(XOM) Exxon Looking to Place IT Contract Offshore
The world’s largest publicly traded oil company, Exxon Mobil Corporation (XOM), is in discussions with top Indian technology firms for outsourcing several IT contracts worth up to $1 billion. This comes just a day after BP (BP) awarded over $1.5 billion worth of outsourcing...
28Aug2009 | vitalstocks | 0 comments | Continued