Archive for August, 2009
($TM) Toyota Motor Corporation Cutting Capacity
Japan’s biggest automaker, Toyota Motor Corporation (TM), is reportedly slashing production capacity at one of its factories in Japan, with domestic sales falling to their lowest point in over 30 years. The company will suspend production at one of the two production lines...
26Aug2009 | vitalstocks | 0 comments | Continued(SNPS) Synopsys Beats on Earnings – Outlook Disappoints
Synopsys Inc. (SNPS) reported third-quarter pro forma EPS of 47 cents that beat the consensus estimate of 41 cents. Quarterly revenue of $345.2 million was in line with consensus expectations and management’s guidance of $342 million to $350 million. However, pro forma EPS...
26Aug2009 | vitalstocks | 0 comments | Continued(WINN) Winn-Dixie Swings to Profit – Turnaround Continues
Winn-Dixie Stores Inc. (WINN) reported fiscal fourth-quarter results earlier this week. The company swung to a net profit of $9.4 million from a net loss of $5.5 million in the year-ago quarter. Earnings per share came in at 17 cents, which missed the Zacks Consensus Estimate...
26Aug2009 | vitalstocks | 0 comments | Continued(FLR) Fluor Awarded Engineering Contract for Power Plants
Yesterday, Fluor Corporation (FLR) announced that it has been awarded an engineering services contract to design a concentrating solar power plant for eSolar, Inc. Fluor will provide design optimization to rapidly scale eSolar’s 46 megawatt power plants. The company did not...
26Aug2009 | vitalstocks | 0 comments | Continued(RIG) Transocean Scores a New Deepwater Contract
The world’s largest offshore driller, Transocean Ltd. (RIG), bagged a 455-day contract for its ultra-deepwater semisubmersible rig Sedco Express from a subsidiary of Noble Energy Inc. (NBL). The contract is expected to commence in the third quarter of 2010 after the expiry...
26Aug2009 | vitalstocks | 0 comments | Continued(GENZ) Another Blow for Genzyme
Yesterday, Protalix BioTherapeutics Inc., a potential competitor for Genzyme Corp.’s (GENZ) lead product Cerezyme, announced that the US Food and Drug Administration (FDA) had granted its pipeline candidate prGCD a fast-track status. prGCD is an enzyme replacement therapy...
26Aug2009 | vitalstocks | 0 comments | Continued(BAC) Judge Questions BofA Settlement
U.S. District Judge Jed Rakoff in Manhattan ordered federal regulators to explain why they didn’t investigate whether executives at Bank of America Corp. (BAC) misled shareholders about bonuses paid by Merrill Lynch. Rakoff delayed the approval of Bank of America’s...
26Aug2009 | vitalstocks | 0 comments | Continued(NOC) Northrop Grumman Corp Earns Security Contract
On Monday, Northrop Grumman Corp.’s (NOC) cyber security team bagged a follow-on $430 million indefinite delivery/indefinite quantity (ID/IQ) contract from the US Army. In lieu of the deal, the company will continue providing a wide array of information operations (IO) and...
26Aug2009 | vitalstocks | 0 comments | Continued(CEO) CNOOC Maintains its Outperform Rating
Earlier today, CNOOC Ltd. (CEO) reported results for the six months ended June 30. Net income for the period was 12.4 billion yuan ($1.82 billion), down 55% from 27.54 billion yuan ($3.9 billion) a year earlier. The steep fall in net income was primarily due to significantly...
26Aug2009 | vitalstocks | 0 comments | Continued(BBT) Colonial BancGroup Officially Files Bankruptcy
Less than two weeks after Federal Deposit Insurance Corporation (FDIC) seized Colonial BancGroup’s (CBCG) banking operations, the holding company filed for Chapter 11 bankruptcy protection yesterday. Most of Colonial’s banking assets were sold to BB&T Corp. (BBT). The...
26Aug2009 | vitalstocks | 0 comments | Continued(BA) A Strong Durable Goods Recovery?
New orders for durable goods rose 4.9% in July, well above consensus expectations for a 3.2% increase. In addition, the June numbers were revised to a drop of just 1.3% instead of a 2.5% decline. This was the biggest increase in two years. Since aircraft count as durable goods...
26Aug2009 | vitalstocks | 0 comments | Continued(ENB) Enbridge Secures Tar Sands Crude Oil Pipeline Permit
Last week, the Department of State issued a permit for Enbridge Inc. (ENB) to build the US portion of a cross-border pipeline. This project, called Alberta Clipper, will transfer crude oil from the tar sands area of Alberta, Canada to Midwestern US refineries. However, four environmental...
26Aug2009 | vitalstocks | 0 comments | Continued(FRE) Freddie Mac’s Mortgage Volume Metrics for July
Freddie Mac (FRE) reported its monthly volume metrics for July 2009. Highlights for the month are as follows: The total mortgage portfolio decreased at an annualized rate of 3.3% in July to $2.2 billion. Refinance-loan purchase volume was $34.1 billion in July, down 33.0% from...
26Aug2009 | vitalstocks | 0 comments | Continued(MEND) Micrus Finds Neurovascular Partner
Micrus Endovascular (MEND) recently inked a partnership deal with New Jersey-based Flexible Stenting Solutions for developing a new technology to treat some neurovascular indications. Flow diversion targets large and giant aneurysms, which represent nearly 20%-25% of treated...
26Aug2009 | vitalstocks | 0 comments | Continued(UTX) United Technologies Trys to Reduce F-35 Engine Costs
United Technologies Corp.‘s (UTX) Pratt & Whitney unit recently announced that it was investing substantially to lower costs for the F-35 engine in the longer term. Of late, the company has been working extensively with the government in this respect. The measures undertaken...
26Aug2009 | vitalstocks | 0 comments | Continued(DHI) New Home Sales: Some Good News
Raise High the Roofbeam, Carpenter! More good news on the housing front: new home sales jumped 9.6% in July to a seasonally adjusted annual rate of 433,000. In addition, June sales were revised up from 384,000 to 395,000. The jump in sales brought down inventories to 271,000...
26Aug2009 | vitalstocks | 0 comments | Continued(HAL) Halliburton Has a Strong International Oilfield Presence
Halliburton (HAL) enjoys a strong competitive position in the global oilfield services market. We like the company’s broad and technologically complex product and service offerings, along with its robust financial profile. Halliburton is among the top three players in each...
26Aug2009 | vitalstocks | 0 comments | Continued(TRMB) Trimble Navigation Launches New Products
Trimble Navigation Ltd. (TRMB) recently launched a number of products for engineering and construction contractors. The company’s AllTrak Asset Management System helps in tracking and management of both owned and rented resources. It can be used to track the location and condition...
26Aug2009 | vitalstocks | 0 comments | Continued(MOT) Motorola Smartphones Due in September?
In all probability, Motorola Inc. (MOT) will officially introduce its much-waited 3G smart-phones on Sept 10. Once a global leader in the wireless handset market, Motorola has been struggling for a foothold in the next-generation feature-rich smart-phone market for the last couple...
26Aug2009 | vitalstocks | 0 comments | Continued(GE) General Electric Wins Contract for Kuwaiti Power Plant
The Ministry of Electricity and Water in Kuwait recently selected General Electric Co. (GE) for building a 2,000 megawatt power plant. The company had submitted a bid for 770 million dinars ($2.7 billion) for the Subbiya plant. In April, Kuwait floated a new tender for building...
26Aug2009 | vitalstocks | 0 comments | Continued(CTIC) Cell Therapeutics’ Drug Accepted For Review at FDA
We are pleased to hear that the US Food and Drug Administration (FDA) accepted and filed for review Cell Therapeutics’ (CTIC) New Drug Application (NDA). The company is seeking FDA approval (NDA filed in June 2009) for pixantrone for the treatment of relapsed and refractory...
26Aug2009 | vitalstocks | 0 comments | Continued(NKE) Nike Sales Continue to Plummet
Nike Inc. (NKE), a leading global sportswear and equipment supplier company, has witnessed an unrelenting decline in sales due to the continued economic downturn plaguing the retail industry. The company reported a decrease in future orders for the past several quarters. Future...
26Aug2009 | vitalstocks | 0 comments | Continued(ARAY) Accuray Misses Forecast, Lowers Outlook
Accuray Incorporated (ARAY) reported fourth quarter and full fiscal year 2009 results. Earnings per share in the fourth quarter were 2 cents, compared to the Zacks Consensus Estimate of 3 cents and the year-ago earnings that were break-even. Quarterly results Sales Total revenues...
26Aug2009 | vitalstocks | 0 comments | Continued(AOC) Expect Health Care Costs to Rise
Cost to employers for health care plans is expected to rise 10.5% within the next 12 months primarily as a result of rising costs Incorporatedreasing demand for services and an aging population. Aon Consulting, the global human capital consulting organization of Aon Corporation...
26Aug2009 | vitalstocks | 0 comments | Continued(MYGN) Myriad Reports Strong Earnings of 37 Cents vs. 23 Cents Estimate
Yesterday, Myriad Genetics Inc. (MYGN) reported fourth quarter earnings of 37 cents per share from continuing operations. This was well above the Zacks Consensus Estimate of 23 cents. For fiscal year 2009, the company earned $1.38 per share from continuing operations. Molecular...
26Aug2009 | vitalstocks | 0 comments | Continued(ACH) Top Income Equity Funds – Mutual Fund Commentary
Today we are featuring top-performing “Income” equity mutual funds, which primarily invest in equity securities of companies. Investors can find such funds by checking out the entire list of the Zacks #1 Rank Income Equity Funds. 3 Strong Samples Azzad Ethical Income...
26Aug2009 | vitalstocks | 0 comments | ContinuedEconomic Highlights – 26 Aug – Durable Orders are Up
Durable Orders for July advanced by 4.9% ($7.8 billion), better than the expected 3.1% gain, to $168.4 billion, which is the largest increase since June of 2007. This was the third increase in the past 4 months following a 1.3% drop in June, up 1.3% in May, and up 1.8% in April. ...
26Aug2009 | vitalstocks | 0 comments | Continued(ACH) Aluminum Corporation of China Hurt by Metal Prices
Aluminum Corp. of China Ltd., a.k.a. Chalco (ACH), witnessed a loss in the first half of the year, driven by a fall in metal prices. Net loss in the period amounted to RMB 3.52 billion ($515 million). This reflected a 47% decline from the profit of RMB 2.39 billion ($349 million)...
26Aug2009 | vitalstocks | 0 comments | Continued(FLS) Flowserve Ups Estimates on New Orders
Since the beginning of July 2009, Flowserve Corporation (FLS) announced orders worth approximately $88 million. This includes the Westinghouse Electric Co. order, worth more than $45 million, awarded in the third quarter. Flowserve will provide critical safety-related valves,...
26Aug2009 | vitalstocks | 0 comments | Continued(KBH) Housing Numbers: The Truth Behind It All
Ryan Cole, The Investment U Research Team Continuing our series looking at the truth behind current economic data, today we turn to housing numbers. Housing has been in the news lately, with a few “green shoots” of news. Most recently, home prices ticked upward last month,...
26Aug2009 | InvestmentU | 0 comments | Continued