Archive for June, 2011
(AFAM) Company News for June 21, 2011 – Corporate Summary
• Manufacturer and distributors of stainless steel and titanium products, Carpenter Technology (NYSE:CRS) has concluded a merger agreement with Latrobe Specialty Metals as per which the former will acquire the latter in a deal worth around $558 million • Shares...
21Jun2011 | vitalstocks | 0 comments | Continued(BMC) BMC Software Eyes NEON Enterprise Software Assets
BMC Software Inc. (BMC) announced that it had entered into an agreement with NEON Enterprise Software, the leading mainframe management software company, to purchase its Information Management System (IMS) database products. The acquisition is expected to further enhance BMC’s...
21Jun2011 | vitalstocks | 0 comments | Continued(BWA) BorgWarner Unveils New Two-Stage Turbocharging System in North America
BorgWarner Inc. (BWA) recently unveiled a powerful and efficient regulated two-stage (R2S) turbocharging system in North America that meets the Fiat Powertrain Technologies’ (FPT) specific requirements while achieving the engine’s optimum power output of 120 kW and 400...
21Jun2011 | vitalstocks | 0 comments | Continued(ADBE) Stock Market News for June 21, 2011 – Market News
In a thin trading session on Monday, markets were on track for a finish in the positive zone as fears around the Greece debt crisis subsided. The technology, consumer and energy sectors chalked up gains after the benchmarks ended their six week losing streak. The Dow Jones Industrial...
21Jun2011 | vitalstocks | 0 comments | Continued(SRDX) SurModics Incorporated – Bull of the Day
In June 2011, SurModics, Inc. (SRDX) received a blow when Johnson & Johnson announced that it will stop manufacturing Cypher stents by year end, as SurModics receives royalties on sales of the product. However, we believe the impact of the blow will not be very severe, and...
21Jun2011 | vitalstocks | 0 comments | Continued(AMSF) Amerisafe Incorporated – Bear of the Day
We are downgrading our recommendation on Amerisafe, Inc. (AMSF) to Underperform based on its first quarter earnings that modestly lagged the Zacks Consensus Estimate, owing to low underwriting profits coupled with higher expenses. These significantly deteriorated both the combined...
21Jun2011 | vitalstocks | 0 comments | Continued(STJ) St. Jude Medical Unit Sues Occlutech
Medical devices major St. Jude Medical (STJ) reported that its subsidiary AGA Medical Holdings has filed new patent infringement lawsuits against Europe-based cardiac occlusion (closure) devices and vascular implants maker Occlutech. The suits, which were filed at the District...
20Jun2011 | vitalstocks | 0 comments | Continued(JPM) U.S. Bank Failures Tally Hits 47 in 2011
After a week’s pause, U.S. regulators were back in action, shuttering two more banks in Georgia and Florida. These pushed the number of failed U.S. banks to 47 so far in 2011. Looking back, there were 157 bank failures in 2010, 140 in 2009 and 25 in 2008. While the financials...
20Jun2011 | vitalstocks | 0 comments | Continued(SHLD) Sears Holdings Lays Off – Focuses on Sales
Reuters reports that Sears Holdings Corporation (SHLD) has slashed 700 jobs in the appliances section of its Kmart discount stores. The company seeks to re-engineer the process of selling its appliances to combat flagging sales. The company has now set up point of sale systems...
20Jun2011 | vitalstocks | 0 comments | Continued(APC) Anadarko Petroleum Corporation Remains Neutral
We maintain our Neutral outlook on Anadarko Petroleum Corporation (APC) as the stock’s upside potential is presently limited by the slowed drilling permits in the Gulf of Mexico and the uncertainty over Anadarko’s liability in the clean-up of the Macondo oil spill. The...
20Jun2011 | vitalstocks | 0 comments | Continued(JPM) Housing Foreclosures Continue to Slow Down
Last week, data released by RealtyTrac, the leading online marketplace of foreclosure properties, revealed that foreclosure filings in May dropped to the lowest level since 2006. A total of 214,927 properties were issued notices of default, auction or repossession during the...
20Jun2011 | vitalstocks | 0 comments | Continued(REG) Regency Centers Corporation Leases in Florida
Regency Centers Corporation (REG) recently leased 2650 square feet of restaurant space in Brandon, Florida at Bloomingdale Square to Chipotle Mexican Grill, Inc (CMG). The tenant is expected to start business in the fall of 2011. Chipotle Mexican operates quick-casual, fresh...
20Jun2011 | vitalstocks | 0 comments | Continued(PNC) PNC Financial Services Group Acquiring Royal Bank of Canada Unit
PNC Financial Services Group Inc. (PNC) is purchasing RBC Bank (USA), the U.S. retail banking subsidiary of Royal Bank of Canada (RY) and have signed a definitive agreement in this context. The acquisition of this RBC banking business for $3.45 billion would help PNC to expand...
20Jun2011 | vitalstocks | 0 comments | Continued(BHI) U.S. Oil Drilling Rig Count Goes Up
In its weekly release, Houston-based oilfield services company Baker Hughes Inc. (BHI) reported a rise in the U.S. rig count (number of rigs searching for oil and gas in the country). This can be primarily attributed to an increase in the tally of oil rigs, somewhat offset by...
20Jun2011 | vitalstocks | 0 comments | Continued(GRMN) Garmin Acquires Navigon
Garmin Ltd (GRMN), one of the leading providers of navigation devices into the outdoor/fitness, aviation, marine and automotive markets recently beefed up its business in Europe. Garmin announced the acquisition of European navigation device provider Navigon AG, 90% of which...
20Jun2011 | vitalstocks | 0 comments | Continued(BBBY) Bed Bath & Beyond First Quarter 2011 Earnings Preview
Bed Bath & Beyond Inc. (BBBY) is scheduled to release its first-quarter 2011 results on Wednesday, June 22, 2011. The Zacks Consensus Estimate is pegged at 62 cents a share for the first quarter of fiscal 2011. This portends a year-over-year estimated decline of a stinging...
20Jun2011 | vitalstocks | 0 comments | Continued(AMMD) American Medical Systems Starts Implant Registry
Leading pelvic-health devices maker American Medical Systems (AMMD) recently initiated a large-scale global registry of penile prosthetic outcomes. The new registry, dubbed PROPPER (Prospective Registry of Outcomes with Penile Prosthesis for Erectile Restoration), is managed...
20Jun2011 | vitalstocks | 0 comments | Continued(PBR) Petrobras Acquires Stake in Gabon
Brazilian oil giant Petróleo Brasileiro S.A. or Petrobras (PBR) has acquired 50% stake in two exploration blocks offshore Gabon. The company did not disclose the financial details of the deal, which was executed through the wholly owned subsidiary Petrobras Participaciones S.L. The...
20Jun2011 | vitalstocks | 0 comments | Continued(S) Sprint-Nextel and LightSquared in 4G Deal
Sprint Nextel Corp. (S) has finally struck the much talked about deal with LightSquared Inc., as reported by Bloomberg. The 15-year deal, worth $20 billion, will be a big help in Sprint’s deployment of high-speed 4G Long-Term Evolution (LTE) wireless networks. Currently,...
20Jun2011 | vitalstocks | 0 comments | Continued(FISV) Fiserv & Dollar Bank Expand Relationship
Fiserv Inc. (FISV) recently announced that it has expanded its partnership with Dollar Bank, an independent mutual savings bank in the US, by combining all of Dollar Bank’s consumer loans onto the LoanServ platform. The financial terms of the deal were not disclosed. LoanServ...
20Jun2011 | vitalstocks | 0 comments | Continued(BAC) Fannie Mae Spurs Foreclosure Sales
Observing a downswing in foreclosed property sales, Fannie Mae (FNMA) is trying to lure buyers with attractive incentives. Fannie Mae started providing incentives to foreclosed home buyers in 2010, but it will now enhance its offers to increase sales of foreclosed homes it owns. Though...
20Jun2011 | vitalstocks | 0 comments | Continued(GR) Goodrich Provides Terrain-Referenced Navigation for Airbus
Goodrich Corporation (GR) has been selected by Cassidian to provide the TERPROM terrain referenced navigation (“TRN”) system for the Airbus Military A400M versatile airlifter. Cassidian is part of The European Aeronautic Defence and Space Company N.V. (“EADS”). EADS,...
20Jun2011 | vitalstocks | 0 comments | Continued(APA) Apache Strikes Oil in Egypt
U.S.energy firm Apache Corp. (APA) announced five new oil discoveries in Egypt’s Western Desert, building on the integrated energy company’s leading position in this hydrocarbon-rich area. The latest finds in the Faghur basin play – West Kalabsha-I-4, Faghur North-1X, Faghur...
20Jun2011 | vitalstocks | 0 comments | Continued(PLD) Prologis Analyst Downgrades to Underperform
We have recently lowered our long-term recommendation on Prologis Inc. (PLD) – the erstwhile AMB Property Corp., from Neutral to Underperform primarily driven by macroeconomic issues that have contributed to a slower pace of recovery of the industrial real estate sector. Prologis,...
20Jun2011 | vitalstocks | 0 comments | Continued(VAR) Varian Medical Systems Wins Shonin in Japan
Leading integrated radiotherapy systems maker Varian Medical Systems (VAR) recently disclosed that it has won Shonin approval from the Ministry of Health, Labor and Welfare (“MHLW”) in Japan to sell its TrueBeam system for image-guided radiotherapy as well as radiosurgery. TrueBeam...
20Jun2011 | vitalstocks | 0 comments | Continued(MXWL) Maxwell Modules Aid Truck Owners
Maxwell Technologies (MXWL) has developed a 12 volt ultracapacitor module based on its patented ultracapacitor technology. This new engine start module will help in starting commercial trucks and other heavy vehicles in adverse conditions, thereby lowering the cost of operations. Maxwell...
20Jun2011 | vitalstocks | 0 comments | Continued(MAN) Manpower Analyst Upgrades Shares to Outperform
We recently upgraded our recommendation on ManpowerGroup (MAN) to Outperform with a price target of $61.00. Moreover, the company also holds a Zacks #1 Rank, which translates into a short-term ‘Strong Buy’ rating and correlates with our long-term outlook. Earlier, we had...
20Jun2011 | vitalstocks | 0 comments | Continued(KMP) Kinder Morgan Energy Partners Buys Petcoke Terminal
Kinder Morgan Energy Partners (KMP) has bought a newly constructed petroleum coke (petcoke) terminal in Port Arthur, Texas from TGS Development Group. The terminal cost the company approximately $67 million. The facility handles petcoke from Total Petrochemicals USA Inc.’s...
20Jun2011 | vitalstocks | 0 comments | Continued(APD) Air Products & Chemicals Acquires Poly-Flow Engineering
The industrial gas company Air Products & Chemicals Inc. (APD) announced that it has acquired Poly-Flow Engineering (PFE), an Albuquerque, N.M., company that makes equipment for the semiconductor industry for an undisclosed amount. Poly-Flow makes chemical delivery and precision...
20Jun2011 | vitalstocks | 0 comments | Continued(AMP) Ameriprise Financial Authorizes Share Buyback
Ameriprise Financial Inc. (AMP) announced that its board of directors has authorized a new share repurchase program, under which the company will be able to buyback its common shares worth $2 billion through June 28, 2013. Ameriprise stated that this new share repurchase authorization...
20Jun2011 | vitalstocks | 0 comments | Continued