The following is a list of companies whose shares may have unusual price changes in Canadian markets. Symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index rose 263.03, or 2 percent, to 13,632.15.
Canadian Pacific Railway Ltd. (CP CN): Debt for the country's second-largest railroad was cut to the lowest investment-grade rating by Moody's Investors Service, which cited the carrier's pending purchase of the Dakota, Minnesota & Eastern Railroad Corp. Canadian Pacific added $1.50 to $64.75.
Quebecor Inc. (QBR/B CN): Canada's government will block the country's largest phone companies from buying some airwaves in a planned auction next year, setting them aside for new wireless carriers to foster competition. The government will permit Quebecor Inc. and companies that have less than 10 percent of the national wireless market to bid on an exclusive 40-megahertz block of airwaves. Quebecor added 12 cents to C$37.06.
microcapinvest.com
четверг, 29 ноября 2007 г.
Braskem, Cicsa, Endesa, Geo, Masisa, Tam: Latin Equity Preview
The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.
The Morgan Stanley Capital International index of Latin American shares rose 5.9 percent to 4,243.88 yesterday.
In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
Banestes SA Banco do Estado do Espirito Santo (BEES3 BS): The bank controlled by the state government of Espirito Santo plans to sell non-voting shares in an additional offering. The bank will sell new shares and the state government will sell a minority stake of existing shares, according to a filing posted yesterday on Brazil's securities regulator Web site. Banestes didn't disclose the amount or price of preferred shares that it plans to sell. The Vitoria, Brazil-based bank fell 16 centavos, or 10 percent, to 1.42 reais.
Braskem SA (BRKM5 BS): Latin America's biggest petrochemical company was given a new Ba1 rating by Moody's Investors Services, one level below investment grade. Sao Paulo- based Braskem has ``moderate pricing power'' for its products and ``above industry average'' margins, the ratings company wrote in a statement distributed yesterday. Braskem rose 68 centavos, or 4.8 percent, to 14.79 reais.
TAM SA (TAMM4 BS): Chief Executive Marco Bologna stepped down yesterday and will be replaced by David Barioni Neto as head of Brazil's biggest airline by market share. Barioni, who was hired away from rival Gol Linhas Aereas Inteligentes SA this year, was formerly the vice president of operations of TAM, the company said in a statement distributed yesterday by PR Newswire. TAM rose 2.04 reais, or 4.3 percent, to 49.53 reais.
microcapinvest.com
The Morgan Stanley Capital International index of Latin American shares rose 5.9 percent to 4,243.88 yesterday.
In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
Banestes SA Banco do Estado do Espirito Santo (BEES3 BS): The bank controlled by the state government of Espirito Santo plans to sell non-voting shares in an additional offering. The bank will sell new shares and the state government will sell a minority stake of existing shares, according to a filing posted yesterday on Brazil's securities regulator Web site. Banestes didn't disclose the amount or price of preferred shares that it plans to sell. The Vitoria, Brazil-based bank fell 16 centavos, or 10 percent, to 1.42 reais.
Braskem SA (BRKM5 BS): Latin America's biggest petrochemical company was given a new Ba1 rating by Moody's Investors Services, one level below investment grade. Sao Paulo- based Braskem has ``moderate pricing power'' for its products and ``above industry average'' margins, the ratings company wrote in a statement distributed yesterday. Braskem rose 68 centavos, or 4.8 percent, to 14.79 reais.
TAM SA (TAMM4 BS): Chief Executive Marco Bologna stepped down yesterday and will be replaced by David Barioni Neto as head of Brazil's biggest airline by market share. Barioni, who was hired away from rival Gol Linhas Aereas Inteligentes SA this year, was formerly the vice president of operations of TAM, the company said in a statement distributed yesterday by PR Newswire. TAM rose 2.04 reais, or 4.3 percent, to 49.53 reais.
microcapinvest.com
пятница, 23 ноября 2007 г.
Gryphon, Medoro, StrataGold, TransCanada: Canada Equity Preview
The following is a list of companies whose shares may have unusual price changes in Canada. Stock symbols are in parentheses after company names and prices are from the last close in Toronto.
The Standard & Poor's/TSX Composite Index climbed 100.42, or 0.8 percent, to 13,381.
Gryphon Gold Corp. (GGN CN): The explorer for gold in the U.S. said it raised C$2.6 million through the sale of 3.25 million units, consisting of one share and a purchase warrant for another share, at a price of 80 cents apiece. The company expects to sell another 3.5 million units by Dec. 15. In its statement, carried on Market Wire, Gryphon did not name the buyers in the private sale. The shares fell 1 cent to 74 cents.
Medoro Resources Ltd. (MRS CN): The company, which explores for gold on the Italian island of Sardinia, said it raised C$2.25 million by selling equity to investors whom it did not identify. The company sold 3.3 million units, consisting of one share and one share purchase warrant, at a price of 68 cents apiece, Gryphon said in a statement on Canada NewsWire. The shares fell 8 cents, or 12 percent, to 60 cents.
StrataGold Corp. (SGV CN): The bullion explorer said in a statement carried on Canada NewsWire that it has identified two new ``gold zones'' in drilling near its Tassawini deposit in Guyana. The shares added 1 cent to 41 cents.
TransCanada Corp. (TRP CN): The owner of Canada's biggest pipeline system may be among bidders for the natural-gas storage assets of U.S. oil company Chevron Corp. (CVX US) in British Columbia, Mergermarket reported on its Web site, citing a source it did not name.
Mergermarket said that Chevron plans to sell the assets, which could fetch more than $1 billion, to focus on oil-sands and arctic natural-gas projects. Chevron spokesman David Palmer confirmed the decision to sell. Goldman Sachs Group Inc. and other U.S. buyout firms may also bid, Mergermarket said. TransCanada shares added 4 cents to C$38.90.
pennystockbusiness.net
The Standard & Poor's/TSX Composite Index climbed 100.42, or 0.8 percent, to 13,381.
Gryphon Gold Corp. (GGN CN): The explorer for gold in the U.S. said it raised C$2.6 million through the sale of 3.25 million units, consisting of one share and a purchase warrant for another share, at a price of 80 cents apiece. The company expects to sell another 3.5 million units by Dec. 15. In its statement, carried on Market Wire, Gryphon did not name the buyers in the private sale. The shares fell 1 cent to 74 cents.
Medoro Resources Ltd. (MRS CN): The company, which explores for gold on the Italian island of Sardinia, said it raised C$2.25 million by selling equity to investors whom it did not identify. The company sold 3.3 million units, consisting of one share and one share purchase warrant, at a price of 68 cents apiece, Gryphon said in a statement on Canada NewsWire. The shares fell 8 cents, or 12 percent, to 60 cents.
StrataGold Corp. (SGV CN): The bullion explorer said in a statement carried on Canada NewsWire that it has identified two new ``gold zones'' in drilling near its Tassawini deposit in Guyana. The shares added 1 cent to 41 cents.
TransCanada Corp. (TRP CN): The owner of Canada's biggest pipeline system may be among bidders for the natural-gas storage assets of U.S. oil company Chevron Corp. (CVX US) in British Columbia, Mergermarket reported on its Web site, citing a source it did not name.
Mergermarket said that Chevron plans to sell the assets, which could fetch more than $1 billion, to focus on oil-sands and arctic natural-gas projects. Chevron spokesman David Palmer confirmed the decision to sell. Goldman Sachs Group Inc. and other U.S. buyout firms may also bid, Mergermarket said. TransCanada shares added 4 cents to C$38.90.
pennystockbusiness.net
Alfa, Banorte, Cosan Industria, Vale: Latin Equity Preview
The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.
The MSCI index of Latin American shares rose 1 percent to 4,177.09 yesterday. In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
Cia. Vale do Rio Doce (VALE5 BS): The world's largest iron- ore producer will postpone about 20 iron-ore shipments in December. The number of ships waiting to load ore at Vale's Ponta da Madeira port near Sao Luis, Brazil, doubled to 14 today from seven a month earlier, Vale said on its Web site yesterday. Seasonal rains reduced output, and protests that blocked a railroad disrupted shipments from Carajas, the world's biggest iron-ore mine, spokesman Fernando Thompson said yesterday in a phone interview. Vale shares rose 40 centavos, or 0.8 percent, to 49 reais.
Cosan SA Industria e Comercio (CSAN3 BS): The world's biggest sugar-cane processor may lose revenue as sugar prices drop on speculation supply is expanding. The supply surplus, mostly caused by higher production in India, may reach 14 million metric tons this season, equal to about 10 percent of global demand, according to ED&F Man Holdings Ltd., the largest sugar trader. Cosan shares rose 33 centavos, or 1.6 percent, to 20.98 reais.
Mexico
Alfa SAB (ALFAA MM): Fitch Ratings gave an AA rating to 2.5 billion pesos ($227.7 million) of domestic debt issued by the Nemak unit of Mexico's largest maker of engine heads, Fitch said in a statement e-mailed yesterday. The rating is the third- highest for domestic debt. The 7-year notes are partially guaranteed by a government investment agency, Fitch said. Alfa shares were unchanged at 70.17 pesos.
Grupo Financiero Banorte SA (GFNORTEO MM): Mexico's largest publicly traded bank said it sold 5.34 billion pesos ($487 million) of bonds backed by municipal and state government loans. The bank did not disclose additional details about the debt in a statement e-mailed yesterday. Banorte shares rose 45 centavos, or 1 percent, to 46.31.
pennystockbusiness.net
The MSCI index of Latin American shares rose 1 percent to 4,177.09 yesterday. In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
Cia. Vale do Rio Doce (VALE5 BS): The world's largest iron- ore producer will postpone about 20 iron-ore shipments in December. The number of ships waiting to load ore at Vale's Ponta da Madeira port near Sao Luis, Brazil, doubled to 14 today from seven a month earlier, Vale said on its Web site yesterday. Seasonal rains reduced output, and protests that blocked a railroad disrupted shipments from Carajas, the world's biggest iron-ore mine, spokesman Fernando Thompson said yesterday in a phone interview. Vale shares rose 40 centavos, or 0.8 percent, to 49 reais.
Cosan SA Industria e Comercio (CSAN3 BS): The world's biggest sugar-cane processor may lose revenue as sugar prices drop on speculation supply is expanding. The supply surplus, mostly caused by higher production in India, may reach 14 million metric tons this season, equal to about 10 percent of global demand, according to ED&F Man Holdings Ltd., the largest sugar trader. Cosan shares rose 33 centavos, or 1.6 percent, to 20.98 reais.
Mexico
Alfa SAB (ALFAA MM): Fitch Ratings gave an AA rating to 2.5 billion pesos ($227.7 million) of domestic debt issued by the Nemak unit of Mexico's largest maker of engine heads, Fitch said in a statement e-mailed yesterday. The rating is the third- highest for domestic debt. The 7-year notes are partially guaranteed by a government investment agency, Fitch said. Alfa shares were unchanged at 70.17 pesos.
Grupo Financiero Banorte SA (GFNORTEO MM): Mexico's largest publicly traded bank said it sold 5.34 billion pesos ($487 million) of bonds backed by municipal and state government loans. The bank did not disclose additional details about the debt in a statement e-mailed yesterday. Banorte shares rose 45 centavos, or 1 percent, to 46.31.
pennystockbusiness.net
вторник, 20 ноября 2007 г.
Agnico-Eagle, Bombardier, Metro: Canadian Equity Mover Preview
The following is a list of companies whose shares may have unusual price changes in Canada. Stock symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index rose 111.53, or 0.8 percent, to 13,459.77.
Agnico-Eagle Mines Ltd. (AEM CN): The owner of Canada's biggest gold deposit said that investors exercised 6.88 million share warrants before they expired Nov. 14. The company received $130.6 million after issuing almost 6.88 million shares, Agnico- Eagle said in a statement distributed on PRNewswire. The shares rose C$3, or 6.3 percent, to C$50.80.
Bombardier Inc. (BBD/B CN): The world's third-largest maker of commercial aircraft won an order from Australia's Qantas Airways Ltd. (QAN AU) for 12 Q400 turboprop planes. The order is worth $339 million, Bombardier said in a release distributed by Market Wire.
Bombardier said in a separate statement on Market Wire that it sold four CRJ700 regional jets to closely held GoJet Airlines of St. Louis. That order is worth about $137.5 million, Bombardier said. The shares slipped 1 cent, or 0.2 percent, to C$5.35.
Metro Inc. (MRU/A CN): Canada's third-biggest supermarket chain named Eric Richer La Fleche chief executive officer to replace Pierre Lessard, who will retire next year. La Fleche, 45, will take the new position on April 1, when Lessard retires, the Montreal-based company said in a statement sent by Canada NewsWire. The shares, down 23 percent this year, gained 20 cents, or 0.7 percent, to C$29.20.
fastgrowthstock.com
The Standard & Poor's/TSX Composite Index rose 111.53, or 0.8 percent, to 13,459.77.
Agnico-Eagle Mines Ltd. (AEM CN): The owner of Canada's biggest gold deposit said that investors exercised 6.88 million share warrants before they expired Nov. 14. The company received $130.6 million after issuing almost 6.88 million shares, Agnico- Eagle said in a statement distributed on PRNewswire. The shares rose C$3, or 6.3 percent, to C$50.80.
Bombardier Inc. (BBD/B CN): The world's third-largest maker of commercial aircraft won an order from Australia's Qantas Airways Ltd. (QAN AU) for 12 Q400 turboprop planes. The order is worth $339 million, Bombardier said in a release distributed by Market Wire.
Bombardier said in a separate statement on Market Wire that it sold four CRJ700 regional jets to closely held GoJet Airlines of St. Louis. That order is worth about $137.5 million, Bombardier said. The shares slipped 1 cent, or 0.2 percent, to C$5.35.
Metro Inc. (MRU/A CN): Canada's third-biggest supermarket chain named Eric Richer La Fleche chief executive officer to replace Pierre Lessard, who will retire next year. La Fleche, 45, will take the new position on April 1, when Lessard retires, the Montreal-based company said in a statement sent by Canada NewsWire. The shares, down 23 percent this year, gained 20 cents, or 0.7 percent, to C$29.20.
fastgrowthstock.com
Ekco, Grupo Mexico, Petrobras, Telmex: Latin Equity Preview
The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.
The MSCI index of Latin American shares fell 0.6 percent to 4,292.56 yesterday. Brazilian markets were closed for a holiday yesterday.
In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
Redecard SA (RDCD3 BS): Bear Stearns & Co. reiterated its ``outperform'' rating on the processor of credit card and debit card transactions, analyst Paulo Ribeiro wrote in a research note yesterday after spending time ``on the road'' with the company's management. Redecard fell 1.41 real, or 4 percent, to 33.50 reais on Nov. 19.
Petroleo Brasileiro SA (PETR4 BS): Brazil's state- controlled oil company may rise after its Argentine listing (APBR AF) gained 2.2 percent and crude oil rose to a record yesterday when Sao Paulo trading was closed. Also, operations started at the company's FPSO Cidade de Vitoria platform in Espirito Santo Sea, the company said in a Nov. 19 statement. In Sao Paulo, shares fell 1.5 real, or 1.9 percent, to 77.30 reais.
Chile
Embotelladora Andina SA (ANDINAB CC): David Riedel of Riedel Research upgraded Chile's Coca-Cola distributor to ``buy,'' he wrote in an e-mailed research note yesterday, citing positive prospects at its Brazilian operations and the company's ``solid'' financial profile. Andina fell 19 pesos, or 1.2 percent, to 1,560 pesos in Santiago yesterday.
Mexico
Ekco SAB (EKCO* MM): The Mexican producer of steel and aluminum cookware said shareholders will have 15 days starting Nov. 26 to buy stock in a rights offering of as many as 31 million new shares. The price for shareholders is 9.27 centavos each, Ekco said in an e-mail statement to the Mexican stock exchange yesterday. Ekco shares fell 24 centavos, or 3.7 percent, to 6.20 pesos.
Grupo Mexico SAB (GMEXICOB MM): A railroad unit of Mexico's largest copper miner said it repaid 697.8 million pesos ($63 million) in debt to Banco Inbursa SA. Ferrocarril Mexicano SA also loaned 604 million pesos to parent Grupo Ferroviario Mexicano, the subsidiary said in a statement e-mailed by the Mexican stock exchange yesterday. Grupo Mexico shares fell 2.60 pesos, or 3.3 percent, to 75.43 pesos.
Telefonos de Mexico SAB (TELMEXL MM): Mexico's largest fixed-line phone company said it is ``ready'' to sign a deal to connect calls with Grupo Televisa SAB's cable unit. Telmex, as the fixed-line company is known, invited the cable unit to sign the interconnection agreement ``as soon as possible,'' it said in a statement e-mailed to the Mexican stock exchange yesterday. Telmex was ordered to connect calls with Televisa by Mexican regulators last week. Telmex shares fell 54 centavos, or 2.7 percent, to 19.51 pesos.
fastgrowthstock.com
The MSCI index of Latin American shares fell 0.6 percent to 4,292.56 yesterday. Brazilian markets were closed for a holiday yesterday.
In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
Redecard SA (RDCD3 BS): Bear Stearns & Co. reiterated its ``outperform'' rating on the processor of credit card and debit card transactions, analyst Paulo Ribeiro wrote in a research note yesterday after spending time ``on the road'' with the company's management. Redecard fell 1.41 real, or 4 percent, to 33.50 reais on Nov. 19.
Petroleo Brasileiro SA (PETR4 BS): Brazil's state- controlled oil company may rise after its Argentine listing (APBR AF) gained 2.2 percent and crude oil rose to a record yesterday when Sao Paulo trading was closed. Also, operations started at the company's FPSO Cidade de Vitoria platform in Espirito Santo Sea, the company said in a Nov. 19 statement. In Sao Paulo, shares fell 1.5 real, or 1.9 percent, to 77.30 reais.
Chile
Embotelladora Andina SA (ANDINAB CC): David Riedel of Riedel Research upgraded Chile's Coca-Cola distributor to ``buy,'' he wrote in an e-mailed research note yesterday, citing positive prospects at its Brazilian operations and the company's ``solid'' financial profile. Andina fell 19 pesos, or 1.2 percent, to 1,560 pesos in Santiago yesterday.
Mexico
Ekco SAB (EKCO* MM): The Mexican producer of steel and aluminum cookware said shareholders will have 15 days starting Nov. 26 to buy stock in a rights offering of as many as 31 million new shares. The price for shareholders is 9.27 centavos each, Ekco said in an e-mail statement to the Mexican stock exchange yesterday. Ekco shares fell 24 centavos, or 3.7 percent, to 6.20 pesos.
Grupo Mexico SAB (GMEXICOB MM): A railroad unit of Mexico's largest copper miner said it repaid 697.8 million pesos ($63 million) in debt to Banco Inbursa SA. Ferrocarril Mexicano SA also loaned 604 million pesos to parent Grupo Ferroviario Mexicano, the subsidiary said in a statement e-mailed by the Mexican stock exchange yesterday. Grupo Mexico shares fell 2.60 pesos, or 3.3 percent, to 75.43 pesos.
Telefonos de Mexico SAB (TELMEXL MM): Mexico's largest fixed-line phone company said it is ``ready'' to sign a deal to connect calls with Grupo Televisa SAB's cable unit. Telmex, as the fixed-line company is known, invited the cable unit to sign the interconnection agreement ``as soon as possible,'' it said in a statement e-mailed to the Mexican stock exchange yesterday. Telmex was ordered to connect calls with Televisa by Mexican regulators last week. Telmex shares fell 54 centavos, or 2.7 percent, to 19.51 pesos.
fastgrowthstock.com
понедельник, 19 ноября 2007 г.
Wall Street Plans $38 Billion of Bonuses as Shareholders Lose
Shareholders in the securities industry are having their worst year since 2002, losing $74 billion of their equity. That won't prevent Wall Street from paying record bonuses, totaling almost $38 billion.
That money, split among about 186,000 workers at Goldman Sachs Group Inc., Morgan Stanley, Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Bear Stearns Cos., equates to an average of $201,500 per person, according to data compiled by Bloomberg. The five biggest U.S. securities firms paid $36 billion to employees last year.
The bigger bonus pool derives from a record $9 billion of fees for arranging acquisitions and $5 billion for underwriting initial public offerings and sales of junk bonds, the most lucrative securities, Bloomberg data show. Bankers' record fees help explain why 2007 will prove to be the industry's second- most profitable after the subprime mortgage market collapse led to losses at Merrill and Bear Stearns. The last time bonuses declined was 2002 when the Standard & Poor's 500 Index fell 23 percent, and Enron Corp. and WorldCom Inc. went bankrupt.
Goldman's record earnings and gains at Morgan Stanley and Lehman mean all the New York-based firms will be forced to pay more in a year when all but Goldman lost more than 20 percent of their market value, said Charles Geisst, finance professor at Manhattan College in Riverdale, New York.
``They're all going to have to fall into line,'' said Geisst, author of ``100 Years of Wall Street.'' ``If Bear and Merrill plead poverty, they're going to lose all of their good people.''
lookthroughtmarket.com
That money, split among about 186,000 workers at Goldman Sachs Group Inc., Morgan Stanley, Merrill Lynch & Co., Lehman Brothers Holdings Inc. and Bear Stearns Cos., equates to an average of $201,500 per person, according to data compiled by Bloomberg. The five biggest U.S. securities firms paid $36 billion to employees last year.
The bigger bonus pool derives from a record $9 billion of fees for arranging acquisitions and $5 billion for underwriting initial public offerings and sales of junk bonds, the most lucrative securities, Bloomberg data show. Bankers' record fees help explain why 2007 will prove to be the industry's second- most profitable after the subprime mortgage market collapse led to losses at Merrill and Bear Stearns. The last time bonuses declined was 2002 when the Standard & Poor's 500 Index fell 23 percent, and Enron Corp. and WorldCom Inc. went bankrupt.
Goldman's record earnings and gains at Morgan Stanley and Lehman mean all the New York-based firms will be forced to pay more in a year when all but Goldman lost more than 20 percent of their market value, said Charles Geisst, finance professor at Manhattan College in Riverdale, New York.
``They're all going to have to fall into line,'' said Geisst, author of ``100 Years of Wall Street.'' ``If Bear and Merrill plead poverty, they're going to lose all of their good people.''
lookthroughtmarket.com
Couche-Tard, Norbord Shares May Move: Canadian Equity Preview
The following is a list of companies whose shares may have unusual price changes in Canada. Stock symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index added 5.93, or less than 0.1 percent, to 13,530.36.
Alimentation Couche-Tard Inc. (ATD/B CN): North America's second-biggest convenience-store operator may buy some of the more than 700 stores being sold by BP Plc in the next two years, Canadian Press reported, citing Chief Financial Officer Richard Fortin. Fortin didn't immediately return a telephone call from Bloomberg News seeking comment. The shares fell 15 cents, or 0.8 percent, to C$18.51.
Norbord Inc. (NBD CN): The company said it will temporarily suspend operations at two wood-panel mills in Quebec as the U.S. housing slump curbs demand. The shares gained 7 cents, or 0.9 percent, to C$7.73.
lookthroughtmarket.com
The Standard & Poor's/TSX Composite Index added 5.93, or less than 0.1 percent, to 13,530.36.
Alimentation Couche-Tard Inc. (ATD/B CN): North America's second-biggest convenience-store operator may buy some of the more than 700 stores being sold by BP Plc in the next two years, Canadian Press reported, citing Chief Financial Officer Richard Fortin. Fortin didn't immediately return a telephone call from Bloomberg News seeking comment. The shares fell 15 cents, or 0.8 percent, to C$18.51.
Norbord Inc. (NBD CN): The company said it will temporarily suspend operations at two wood-panel mills in Quebec as the U.S. housing slump curbs demand. The shares gained 7 cents, or 0.9 percent, to C$7.73.
lookthroughtmarket.com
пятница, 16 ноября 2007 г.
Canadian Stocks Retreat, Led by Royal Bank, on Credit Concerns
Canadian stocks fell for the first time in three days, led by Royal Bank of Canada, after credit union Desjardins Group's writedown stoked concern that lenders may face more losses on the value of asset-backed securities.
``There's concern about anything financial,'' said Laura Wallace, who helps oversee about $308 million as managing director at Coleford Investment Management Ltd. in Toronto. ``There's more pain to come. The market's been too optimistic.''
The Standard & Poor's/TSX Composite Index dropped 250.11, or 1.8 percent, to 13,524.43 in Toronto. The benchmark had rallied for two days as some investors judged a five percent selloff earlier in the month may have been overdone.
Royal Bank, Bank of Nova Scotia, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce have announced writedowns in the past month, leaving analysts to speculate that National Bank of Canada and Bank of Montreal may follow suit before or during fourth-quarter earnings reports later this month.
Royal Bank, the nation's largest lender by assets, dropped C$1.30 to C$51.09. Smaller rival Bank of Nova Scotia, declined C$1.50 to C$50.09. CIBC retreated C$3.73, or 4 percent, to C$88.57, the most since August 2003, when it agreed to pay $2.4 billion to resolve claims by Enron Corp. shareholders.
National Bank fell 91 cents to C$51.32, while bank of Montreal dropped 41 cents to C$57.12.
Manulife Financial Corp. declined 46 cents to C$40.11. Canada's biggest insurer is not anticipating any ``significant losses'' related to its portfolio of sub-prime mortgages, which had diminished in size from about C$840 million at the end of the second quarter, Donald Guloien, chief investment officer, said on the company's third-quarter results conference call last week.
microcappics.com
``There's concern about anything financial,'' said Laura Wallace, who helps oversee about $308 million as managing director at Coleford Investment Management Ltd. in Toronto. ``There's more pain to come. The market's been too optimistic.''
The Standard & Poor's/TSX Composite Index dropped 250.11, or 1.8 percent, to 13,524.43 in Toronto. The benchmark had rallied for two days as some investors judged a five percent selloff earlier in the month may have been overdone.
Royal Bank, Bank of Nova Scotia, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce have announced writedowns in the past month, leaving analysts to speculate that National Bank of Canada and Bank of Montreal may follow suit before or during fourth-quarter earnings reports later this month.
Royal Bank, the nation's largest lender by assets, dropped C$1.30 to C$51.09. Smaller rival Bank of Nova Scotia, declined C$1.50 to C$50.09. CIBC retreated C$3.73, or 4 percent, to C$88.57, the most since August 2003, when it agreed to pay $2.4 billion to resolve claims by Enron Corp. shareholders.
National Bank fell 91 cents to C$51.32, while bank of Montreal dropped 41 cents to C$57.12.
Manulife Financial Corp. declined 46 cents to C$40.11. Canada's biggest insurer is not anticipating any ``significant losses'' related to its portfolio of sub-prime mortgages, which had diminished in size from about C$840 million at the end of the second quarter, Donald Guloien, chief investment officer, said on the company's third-quarter results conference call last week.
microcappics.com
Latin American Shares Fall, Led by Southern Copper, on Metals
Latin stocks fell for the first time in three days, as mining companies including Peru's Southern Copper Corp. declined along with global metal prices.
The Morgan Stanley Capital International index of Latin American shares slid 1.1 percent to 4,450.03. Indexes in Argentina, Mexico and Peru fell more than 1.6 percent each. Brazilian markets were closed for a holiday.
Southern Copper, the world's fifth-largest copper producer, lost 5.4 percent to $107.80 as copper futures fell 6.4 percent, the most in three months, in New York. Mines in Chile, the world's biggest producer of the metal, resumed production today, reversing the surge in metals prices that came after an earthquake yesterday.
``The market here is following commodity prices and what's going on overseas,'' Manuel Aldave, who helps manage $200 million in equities for BBVA Fondos Continental in Lima, said by phone today. ``People are reacting short term. No-one wants to take a longer term view because of everything that's happening internationally.''
U.S. stocks fell for a second day after Wells Fargo & Co., the second-largest U.S. mortgage lender, said the housing market is the worst since the Great Depression and oil prices slumped on an unexpected rise in inventories.
The Bolsa in Mexico, which sells about 80 percent of its exports in the U.S., retreated for the first time in three days, losing 1.6 percent to 29,170.90. Grupo Mexico SAB, Mexico's largest copper miner and the parent of Southern Copper, dropped 5.5 percent to 74.69 pesos. Industrias Penoles SAB, the country's largest silver miner, fell 5.8 percent.
In other Latin American markets, the main indexes in Argentina, Chile and Peru fell, while those in Colombia and Venezuela rose.
microcappics.com
The Morgan Stanley Capital International index of Latin American shares slid 1.1 percent to 4,450.03. Indexes in Argentina, Mexico and Peru fell more than 1.6 percent each. Brazilian markets were closed for a holiday.
Southern Copper, the world's fifth-largest copper producer, lost 5.4 percent to $107.80 as copper futures fell 6.4 percent, the most in three months, in New York. Mines in Chile, the world's biggest producer of the metal, resumed production today, reversing the surge in metals prices that came after an earthquake yesterday.
``The market here is following commodity prices and what's going on overseas,'' Manuel Aldave, who helps manage $200 million in equities for BBVA Fondos Continental in Lima, said by phone today. ``People are reacting short term. No-one wants to take a longer term view because of everything that's happening internationally.''
U.S. stocks fell for a second day after Wells Fargo & Co., the second-largest U.S. mortgage lender, said the housing market is the worst since the Great Depression and oil prices slumped on an unexpected rise in inventories.
The Bolsa in Mexico, which sells about 80 percent of its exports in the U.S., retreated for the first time in three days, losing 1.6 percent to 29,170.90. Grupo Mexico SAB, Mexico's largest copper miner and the parent of Southern Copper, dropped 5.5 percent to 74.69 pesos. Industrias Penoles SAB, the country's largest silver miner, fell 5.8 percent.
In other Latin American markets, the main indexes in Argentina, Chile and Peru fell, while those in Colombia and Venezuela rose.
microcappics.com
четверг, 15 ноября 2007 г.
Applied Materials Drops on Forecast: U.S. After-Hours
Applied Materials Inc. shares fell in extended U.S. trading after the largest maker of semiconductor-production machines forecast profit this quarter that trailed analysts' estimates.
Applied Materials lost 93 cents, or 4.9 percent, to $17.88 as of 6:50 p.m. in New York.
The company predicted earnings in the current quarter will fall to between 16 cents and 20 cents, compared with an average analyst estimate of 27 cents in a Bloomberg survey. Fiscal fourth-quarter profit at Applied Materials fell 6.1 percent after it filled fewer orders from makers of computer-memory chips.
CarMax Inc. rose $1.26, or 5.9 percent, to $22.73 after Berkshire Hathaway Inc., the investment firm run by billionaire Warren Buffett, disclosed a 6.4 percent stake in the biggest U.S. used-car dealer. Berkshire, which held 14 million shares as of Sept. 30, is now the fourth-biggest shareholder in CarMax, according to Bloomberg data. Berkshire disclosed the holding in a regulatory filing.
December futures on the Standard & Poor's 500 Index lost 0.10 to 1478, while Nasdaq-100 Index futures fell 11.5 to 2,046.
In regular trading, the U.S. stock market resumed its weeklong descent, led by department stores and computer makers, after Macy's Inc. cut its sales forecast and the government said consumer spending slowed last month.
The Dow Jones Industrial Average lost 76.08, or 0.6 percent, to 13,231.01. The Nasdaq Composite Index fell 29.33, or 1.1 percent, to 2,644.32. The S&P 500 decreased 10.47, or 0.7 percent, to 1,470.58.
pennystockuniversity.net
Applied Materials lost 93 cents, or 4.9 percent, to $17.88 as of 6:50 p.m. in New York.
The company predicted earnings in the current quarter will fall to between 16 cents and 20 cents, compared with an average analyst estimate of 27 cents in a Bloomberg survey. Fiscal fourth-quarter profit at Applied Materials fell 6.1 percent after it filled fewer orders from makers of computer-memory chips.
CarMax Inc. rose $1.26, or 5.9 percent, to $22.73 after Berkshire Hathaway Inc., the investment firm run by billionaire Warren Buffett, disclosed a 6.4 percent stake in the biggest U.S. used-car dealer. Berkshire, which held 14 million shares as of Sept. 30, is now the fourth-biggest shareholder in CarMax, according to Bloomberg data. Berkshire disclosed the holding in a regulatory filing.
December futures on the Standard & Poor's 500 Index lost 0.10 to 1478, while Nasdaq-100 Index futures fell 11.5 to 2,046.
In regular trading, the U.S. stock market resumed its weeklong descent, led by department stores and computer makers, after Macy's Inc. cut its sales forecast and the government said consumer spending slowed last month.
The Dow Jones Industrial Average lost 76.08, or 0.6 percent, to 13,231.01. The Nasdaq Composite Index fell 29.33, or 1.1 percent, to 2,644.32. The S&P 500 decreased 10.47, or 0.7 percent, to 1,470.58.
pennystockuniversity.net
Loblaw, National Bank, Uranium One: Canadian Equity Preview
The following is a list of companies whose shares may have unusual price changes in Canada. Stock symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index rose 69.40, or 0.5 percent, to 13,774.54.
Loblaw Cos. (L CN): Canada's biggest supermarket chain may say third-quarter profit was 76 cents a share on sales of C$9.32 billion ($9.67 billion), according to the average estimates in a Bloomberg survey. Loblaw shares added 8 cents to C$40.59.
National Bank of Canada (NA CN): The country's worst- performing bank stock this year is shifting employees away from fixed income and investment banking and may cut jobs amid a slump in credit markets, spokesman Denis Dube said. National Bank shares rose 15 cents to C$52.23.
Uranium One Inc. (UUU CN): The developer of South Africa's largest uranium deposit had a third-quarter loss swelled by $15.5 million in costs tied to stock options and restricted shares. Uranium One shares rose 4 cents to C$8.27.
pennystockuniversity.net
The Standard & Poor's/TSX Composite Index rose 69.40, or 0.5 percent, to 13,774.54.
Loblaw Cos. (L CN): Canada's biggest supermarket chain may say third-quarter profit was 76 cents a share on sales of C$9.32 billion ($9.67 billion), according to the average estimates in a Bloomberg survey. Loblaw shares added 8 cents to C$40.59.
National Bank of Canada (NA CN): The country's worst- performing bank stock this year is shifting employees away from fixed income and investment banking and may cut jobs amid a slump in credit markets, spokesman Denis Dube said. National Bank shares rose 15 cents to C$52.23.
Uranium One Inc. (UUU CN): The developer of South Africa's largest uranium deposit had a third-quarter loss swelled by $15.5 million in costs tied to stock options and restricted shares. Uranium One shares rose 4 cents to C$8.27.
pennystockuniversity.net
вторник, 13 ноября 2007 г.
Ballard, Clearwater, Lundin, Tim Hortons: Canada Equity Preview
The following is a list of companies whose shares may have unusual price changes in Canada. Stock symbols are in parentheses after company names and prices are from the last close in Toronto.
The Standard & Poor's/TSX Composite Index rose 100.18, or 0.7 percent, to 13,705.14.
Ballard Power Systems Inc. (BLD CN): The fuel cell maker said that Transport for London, the U.K. capital's public transport agency, chose Ballard fuel cells to power five buses starting in 2009. Shares of Ballard, which last week agreed to sell its automotive fuel-cell business to stakeholders Daimler AG and Ford Motor Co., gained 6 cents, or 1.2 percent, to C$4.90.
Clearwater Seafoods Income Fund (CLR-U CN): The seafood producer said cash distributable to shareholders tumbled 44 percent to C$5.8 million as the soaring Canadian dollar reduced earnings from abroad. Trustees of the income fund began a search for ``strategic alternatives available to maximize unitholder value.'' The shares gained 1 cent to C$4.36.
Lundin Mining Corp. (LUN CN): The company, which bought more than C$2 billion ($2.09 billion) in base-metal assets this year, was rated ``outperform,'' with a 12-month share-price forecast of C$14, in new coverage by Credit Suisse's Ralph Profiti. The Toronto-based analyst wrote in a research note that Lundin has ``one of the better mixes'' of assets among mid-sized global base metals producers. The shares fell 34 cents, or 3.3 percent, to C$10.09.
Martinrea International Inc. (MRE CN): The car-parts maker said fourth-quarter profit will be 18 cents to 21 cents share. Analysts expect 28 cents, the average estimate in a Bloomberg survey. The shares fell 6 cents, or 0.4 percent, to C$13.77.
Peyto Energy Trust (PEY-U CN): The Calgary-based natural gas producer announced a special meeting for Dec. 14 at which shareholders can vote on a proposed reorganization of the income fund. Under the plan, Peyto and its subsidiaries would convert into a limited partnership indirectly controlled by the trust and cash distributions would remain unchanged, according to a statement carried on Canada NewsWire. Peyto shares rose 47 cents, or 2.8 percent, to C$17.12.
Tim Hortons Inc. (THI CN): Billionaire Nelson Peltz's Trian hedge funds sold its stake in doughnut chain Tim Hortons. The shares added 1 cent to C$37.31
Urbana Corp. (URB CN): The investor in securities and commodities exchanges bought another Chicago Board Options Exchange membership for $2.9 million. The shares fell 24 cents, or 5.3 percent, to C$4.30.
microcapknowlege.com
The Standard & Poor's/TSX Composite Index rose 100.18, or 0.7 percent, to 13,705.14.
Ballard Power Systems Inc. (BLD CN): The fuel cell maker said that Transport for London, the U.K. capital's public transport agency, chose Ballard fuel cells to power five buses starting in 2009. Shares of Ballard, which last week agreed to sell its automotive fuel-cell business to stakeholders Daimler AG and Ford Motor Co., gained 6 cents, or 1.2 percent, to C$4.90.
Clearwater Seafoods Income Fund (CLR-U CN): The seafood producer said cash distributable to shareholders tumbled 44 percent to C$5.8 million as the soaring Canadian dollar reduced earnings from abroad. Trustees of the income fund began a search for ``strategic alternatives available to maximize unitholder value.'' The shares gained 1 cent to C$4.36.
Lundin Mining Corp. (LUN CN): The company, which bought more than C$2 billion ($2.09 billion) in base-metal assets this year, was rated ``outperform,'' with a 12-month share-price forecast of C$14, in new coverage by Credit Suisse's Ralph Profiti. The Toronto-based analyst wrote in a research note that Lundin has ``one of the better mixes'' of assets among mid-sized global base metals producers. The shares fell 34 cents, or 3.3 percent, to C$10.09.
Martinrea International Inc. (MRE CN): The car-parts maker said fourth-quarter profit will be 18 cents to 21 cents share. Analysts expect 28 cents, the average estimate in a Bloomberg survey. The shares fell 6 cents, or 0.4 percent, to C$13.77.
Peyto Energy Trust (PEY-U CN): The Calgary-based natural gas producer announced a special meeting for Dec. 14 at which shareholders can vote on a proposed reorganization of the income fund. Under the plan, Peyto and its subsidiaries would convert into a limited partnership indirectly controlled by the trust and cash distributions would remain unchanged, according to a statement carried on Canada NewsWire. Peyto shares rose 47 cents, or 2.8 percent, to C$17.12.
Tim Hortons Inc. (THI CN): Billionaire Nelson Peltz's Trian hedge funds sold its stake in doughnut chain Tim Hortons. The shares added 1 cent to C$37.31
Urbana Corp. (URB CN): The investor in securities and commodities exchanges bought another Chicago Board Options Exchange membership for $2.9 million. The shares fell 24 cents, or 5.3 percent, to C$4.30.
microcapknowlege.com
Cemex, Iochpe Maxion, Minera Cerro Verde: Latin Equity Preview
The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.
The Morgan Stanley Capital International index of Latin American shares rose 3.1 percent to 4,348.78 yesterday.
In Brazil, preferred shares are the most commonly traded class of stock. Markets were closed yesterday in Colombia for a holiday.
Brazil
Iochpe Maxion SA (MYPK4 BS): Brazil's biggest maker of rail freight cars said it received an order for 412 freight cars, valued at an undisclosed amount, from MRV Logistica SA. The cars, to be delivered between March and June, bring Iochpe Maxion's orders for next year up to 1,940 and revenue may reach 320 million reais ($183 million), the company said yesterday in a regulatory filing. The Sao Paulo-based company rose 10 centavos, or 0.3 percent, to 34 reais.
Fertilizantes Heringer SA (FHER3 BS): Brazil's second- biggest publicly traded fertilizer company will likely be able to pass higher raw materials costs on to customers because of increasing agricultural commodity demand, pushing up profits as Brazilian fertilizer companies head to another record year of sales, Banco do Brasil Investimentos analyst Anna Lucia Queiroz wrote in a note e-mailed yesterday. Viana, Brazil- based Heringer fell 1.25 real, or 5.8 percent, to 20.25 reais.
Mexico
Cemex SAB (CEMEXCP MM): North America's largest cement maker will contribute assets valued at $150 million and sell businesses worth $227 million to a joint venture with Ready Mix USA. Ready Mix will contribute $150 million in cash to the venture, Cemex said in a statement distributed by Business Wire yesterday. Cemex shares rose 1.67 pesos, or 5.9 percent, to 29.77 pesos.
Peru
Sociedad Minera Cerro Verde (SMCV PE): Freeport McMoran Inc., parent of Peru's third-largest copper producer, tripled output at its mines in the country in September following an $850 million expansion, the Energy and Mines Ministry said in a statement sent by e-mail yesterday. Cerro Verde shares rose 11 cents, or 0.4 percent, to $27.50.
microcapknowlege.com
The Morgan Stanley Capital International index of Latin American shares rose 3.1 percent to 4,348.78 yesterday.
In Brazil, preferred shares are the most commonly traded class of stock. Markets were closed yesterday in Colombia for a holiday.
Brazil
Iochpe Maxion SA (MYPK4 BS): Brazil's biggest maker of rail freight cars said it received an order for 412 freight cars, valued at an undisclosed amount, from MRV Logistica SA. The cars, to be delivered between March and June, bring Iochpe Maxion's orders for next year up to 1,940 and revenue may reach 320 million reais ($183 million), the company said yesterday in a regulatory filing. The Sao Paulo-based company rose 10 centavos, or 0.3 percent, to 34 reais.
Fertilizantes Heringer SA (FHER3 BS): Brazil's second- biggest publicly traded fertilizer company will likely be able to pass higher raw materials costs on to customers because of increasing agricultural commodity demand, pushing up profits as Brazilian fertilizer companies head to another record year of sales, Banco do Brasil Investimentos analyst Anna Lucia Queiroz wrote in a note e-mailed yesterday. Viana, Brazil- based Heringer fell 1.25 real, or 5.8 percent, to 20.25 reais.
Mexico
Cemex SAB (CEMEXCP MM): North America's largest cement maker will contribute assets valued at $150 million and sell businesses worth $227 million to a joint venture with Ready Mix USA. Ready Mix will contribute $150 million in cash to the venture, Cemex said in a statement distributed by Business Wire yesterday. Cemex shares rose 1.67 pesos, or 5.9 percent, to 29.77 pesos.
Peru
Sociedad Minera Cerro Verde (SMCV PE): Freeport McMoran Inc., parent of Peru's third-largest copper producer, tripled output at its mines in the country in September following an $850 million expansion, the Energy and Mines Ministry said in a statement sent by e-mail yesterday. Cerro Verde shares rose 11 cents, or 0.4 percent, to $27.50.
microcapknowlege.com
Canada Stocks Slide on Gold, Copper, Oil; Barrick, Potash Drop
Canadian stocks fell, sending the main equity index to its biggest two-day drop in 17 months, led by commodity producers on concern that slower global growth will reduce demand for Canadian resource exports.
Barrick Gold Corp. and Potash Corp. Of Saskatchewan Inc. paced the retreat as gold had its biggest drop in 13 months, copper declined to the lowest since March, and crude oil fell more than $1 a barrel, dimming the companies' profit outlook.
The Standard & Poor's/TSX Composite Index fell 264.86, or 1.9 percent, to 13,604.96 in Toronto. The benchmark has fallen 3.7 percent in two days, the most since June 13, 2006. Losses were limited as Cognos Inc. gained on a takeover offer from International Business Machines Corp. and finance shares rose.
``People are taking any old excuse to sell,'' said Peter Hodson, who helps manage $6.44 billion (C$6.23 billion) as senior portfolio manager at Sprott Asset Management Inc. in Toronto. ``I'm buying nothing except my favorites on the way down.''
A measure of raw-materials stocks dropped 6.4 percent, the most in 10 years. Together with energy shares, the industry accounts for more than two-fifths of the S&P/TSX's value.
Gold slid 3.2 percent in New York after rallying 11 of the past 12 weeks to a 27-year high on Nov. 7. Copper fell to a seven-month low in New York after imports declined in China, the world's largest user of the metal. Crude oil dropped more than $1 a barrel on forecasts for reduced U.S. consumer spending and slowing growth of Chinese oil imports.
microcapmarket.net
Barrick Gold Corp. and Potash Corp. Of Saskatchewan Inc. paced the retreat as gold had its biggest drop in 13 months, copper declined to the lowest since March, and crude oil fell more than $1 a barrel, dimming the companies' profit outlook.
The Standard & Poor's/TSX Composite Index fell 264.86, or 1.9 percent, to 13,604.96 in Toronto. The benchmark has fallen 3.7 percent in two days, the most since June 13, 2006. Losses were limited as Cognos Inc. gained on a takeover offer from International Business Machines Corp. and finance shares rose.
``People are taking any old excuse to sell,'' said Peter Hodson, who helps manage $6.44 billion (C$6.23 billion) as senior portfolio manager at Sprott Asset Management Inc. in Toronto. ``I'm buying nothing except my favorites on the way down.''
A measure of raw-materials stocks dropped 6.4 percent, the most in 10 years. Together with energy shares, the industry accounts for more than two-fifths of the S&P/TSX's value.
Gold slid 3.2 percent in New York after rallying 11 of the past 12 weeks to a 27-year high on Nov. 7. Copper fell to a seven-month low in New York after imports declined in China, the world's largest user of the metal. Crude oil dropped more than $1 a barrel on forecasts for reduced U.S. consumer spending and slowing growth of Chinese oil imports.
microcapmarket.net
Brazil Stocks Fall on Growth Concern: World's Biggest Mover
Brazil's main stock index fell the most in almost nine months, led by oil company Petroleo Brasileiro SA, on concern slowing global growth will crimp demand for raw materials.
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange fell 2,793.69, or 4.3 percent, to 61,526.87. The drop was the biggest move among global stock benchmarks and Brazil's worst tumble since Feb. 27. The Morgan Stanley Capital International index of Latin American shares fell 5.3 percent, the most since Aug. 16, while in Mexico the Bolsa fell 3.3 percent.
``We're seeing a delicate and painful process of adjustment in the size of the global economy,'' said Andre Caminada, who helps manage the equivalent of about $225 million at Victoire Finance Capital in Sao Paulo. ``Any index that has a big proportion of commodities is going to be incredibly sensitive to that.''
Brazilian stocks, which rose to a record Oct. 31, have little room for further gains, as a rally commodities and the currency that drove stocks higher is likely to slow, analysts including Damian Fraser at UBS said, as they downgraded Brazil from a ``top regional pick.'' Oil today fell 1.8 percent in New York. In London, copper fell along with other metals, hitting the lowest price in seven months as rising inventories signaled slumping demand.
Rising fuel costs may have slowed retail spending growth in the U.S., the world's largest oil user, to a four-month low in October, according to a Bloomberg survey.
microcapmarket.net
The Bovespa Index of the most-traded stocks on the Sao Paulo exchange fell 2,793.69, or 4.3 percent, to 61,526.87. The drop was the biggest move among global stock benchmarks and Brazil's worst tumble since Feb. 27. The Morgan Stanley Capital International index of Latin American shares fell 5.3 percent, the most since Aug. 16, while in Mexico the Bolsa fell 3.3 percent.
``We're seeing a delicate and painful process of adjustment in the size of the global economy,'' said Andre Caminada, who helps manage the equivalent of about $225 million at Victoire Finance Capital in Sao Paulo. ``Any index that has a big proportion of commodities is going to be incredibly sensitive to that.''
Brazilian stocks, which rose to a record Oct. 31, have little room for further gains, as a rally commodities and the currency that drove stocks higher is likely to slow, analysts including Damian Fraser at UBS said, as they downgraded Brazil from a ``top regional pick.'' Oil today fell 1.8 percent in New York. In London, copper fell along with other metals, hitting the lowest price in seven months as rising inventories signaled slumping demand.
Rising fuel costs may have slowed retail spending growth in the U.S., the world's largest oil user, to a four-month low in October, according to a Bloomberg survey.
microcapmarket.net
понедельник, 12 ноября 2007 г.
Canadian Stocks Decline, Led by Barrick, Suncor; Cognos Gains
Canadian stocks fell for a third time in four days as lower prices for gold, copper and crude oil dimmed raw-materials and energy producers' profit outlook.
Barrick Gold Corp. and Suncor Energy Inc. paced declines among commodity shares. Losses in the broader market were limited as Cognos Inc. gained on a $4.9 billion takeover offer from International Business Machines Corp.
The Standard & Poor's/TSX Composite Index fell 84.91, or 0.6 percent, to 13,784.91 as of 9:38 a.m. in Toronto. The benchmark had its biggest weekly loss in three months last week as technology stocks snapped a rally led by Research In Motion Ltd., and as concern that credit losses will widen drove down financial shares.
Gold fell in London as investors judged a five-week rally that took bullion to within 0.5 percent of a record was overdone. Copper fell to a two-month low and zinc dropped to the lowest in 19 months, in London.
Crude oil fell as signs of slowing growth in the U.S. economy dented confidence that prices will reach $100 a barrel.
Suncor Energy, the world's second-largest oil-sands miner, may decline C$1.47 to C$100.75. EnCana Corp., Canada's biggest natural- gas producer, fell C$1.22 to C$66.21.
Barrick Gold, the largest bullion miner, retreated C$1.06 to C$41.85. Smaller rival Goldcorp Inc. fell C$1.60 to C$31.22.
Teck Cominco Ltd., the second-largest zinc miner, retreated C$1.11 to C$43.53.
Cognos advanced C$4.58, or 9.2 percent, to C$54.61. IBM, the world's biggest computer-services company, agreed to buy Cognos, Canada's largest publicly traded software firm, for $58 a share, equivalent to C$55.54, according to a statement from Armonk, New York-based IBM.
Some Canadian financial shares advanced after the three biggest U.S. banks agreed on the structure of a fund to help revive the market for short-term debt.
Bank of Montreal, Canada's fourth-largest lender, gained 49 cents to C$57.01. Bank of Nova Scotia, the nation's third-biggest bank, rose 26 cents to C$50.32.
financial-markets-a.com
Barrick Gold Corp. and Suncor Energy Inc. paced declines among commodity shares. Losses in the broader market were limited as Cognos Inc. gained on a $4.9 billion takeover offer from International Business Machines Corp.
The Standard & Poor's/TSX Composite Index fell 84.91, or 0.6 percent, to 13,784.91 as of 9:38 a.m. in Toronto. The benchmark had its biggest weekly loss in three months last week as technology stocks snapped a rally led by Research In Motion Ltd., and as concern that credit losses will widen drove down financial shares.
Gold fell in London as investors judged a five-week rally that took bullion to within 0.5 percent of a record was overdone. Copper fell to a two-month low and zinc dropped to the lowest in 19 months, in London.
Crude oil fell as signs of slowing growth in the U.S. economy dented confidence that prices will reach $100 a barrel.
Suncor Energy, the world's second-largest oil-sands miner, may decline C$1.47 to C$100.75. EnCana Corp., Canada's biggest natural- gas producer, fell C$1.22 to C$66.21.
Barrick Gold, the largest bullion miner, retreated C$1.06 to C$41.85. Smaller rival Goldcorp Inc. fell C$1.60 to C$31.22.
Teck Cominco Ltd., the second-largest zinc miner, retreated C$1.11 to C$43.53.
Cognos advanced C$4.58, or 9.2 percent, to C$54.61. IBM, the world's biggest computer-services company, agreed to buy Cognos, Canada's largest publicly traded software firm, for $58 a share, equivalent to C$55.54, according to a statement from Armonk, New York-based IBM.
Some Canadian financial shares advanced after the three biggest U.S. banks agreed on the structure of a fund to help revive the market for short-term debt.
Bank of Montreal, Canada's fourth-largest lender, gained 49 cents to C$57.01. Bank of Nova Scotia, the nation's third-biggest bank, rose 26 cents to C$50.32.
financial-markets-a.com
CCR, Petrobras, TAM, Usiminas and Vale: Brazil Equity Movers
Brazil's main stock index fell for the first time in three days, led by state-controlled oil company Petroleo Brasileiro SA.
The Bovespa Index of the most-traded shares on the Sao Paulo exchange dropped 1117.26, or 1.7 percent, to 63,203.30 as of 9:41 a.m. New York time.
The following are among the most active stocks in the Brazilian market today. In Brazil, the preferred share is usually the company's most-traded class of stock.
Cia. de Transmissao de Energia Eletrica Paulista (TRPL4 BS) rose for the first time in four days, adding 1.12 real, or 2.8 percent, to 41.32 reais. Third-quarter earnings before interest, taxes, depreciation and amortization were ``well above our estimate'' due to lower costs and increased revenue, Bear Stearns & Co. analysts Rowe Michels and Stewart Ragar wrote in an e-mailed report.
Cia. Vale do Rio Doce (VALE5 BS), the world's second-biggest nickel producer, fell 1.25 real, or 2.4 percent, to 52.05 reais. Metals including copper and nickel fell in London on concern demand is slowing.
Empresa Brasileira de Aeronautica SA (EMBR3 BS) rose for the first time in three days, gaining 28 centavos, or 1.4 percent, to 20.78 reais. The Brazilian maker of mid-size jetliners for regional carriers won an order from Virgin Nigeria for 10 Embraer E-jets and 14 options for planes, an order valued at $811 million. Embraer announced the order in a Nov. 11 statement distributed at the Dubai Air Show. The company also won a $300 million order from Al Jaber Group of the United Arab Emirates, Al Jaber said today in an e- mailed statement.
Obrascon Huarte Lain Brasil (OHLB3 BS), Brazil's second- biggest toll-road operator, rose 65 centavos, or 2.7 percent, to 24.65 reais. Third-quarter profit rose 20 percent to 27.1 million reais ($15.4 million). That beat the 23.6 million reais estimated by Bear Stearns & Co. analyst Sara Delfim in a report e-mailed before earnings were released this morning on Brazil's securities regulator Web site.
Cia. de Concessoes Rodoviarias (CCRO3 BS), Brazil's biggest toll-road operator, gained 40 centavos, or 1.4 percent, to 30.10 reais. Third-quarter earnings per shares at Brazil's biggest toll- road operator climbed more than expected because of lower financial expenses, Delfim wrote in an e-mailed report.
financial-markets-a.com
The Bovespa Index of the most-traded shares on the Sao Paulo exchange dropped 1117.26, or 1.7 percent, to 63,203.30 as of 9:41 a.m. New York time.
The following are among the most active stocks in the Brazilian market today. In Brazil, the preferred share is usually the company's most-traded class of stock.
Cia. de Transmissao de Energia Eletrica Paulista (TRPL4 BS) rose for the first time in four days, adding 1.12 real, or 2.8 percent, to 41.32 reais. Third-quarter earnings before interest, taxes, depreciation and amortization were ``well above our estimate'' due to lower costs and increased revenue, Bear Stearns & Co. analysts Rowe Michels and Stewart Ragar wrote in an e-mailed report.
Cia. Vale do Rio Doce (VALE5 BS), the world's second-biggest nickel producer, fell 1.25 real, or 2.4 percent, to 52.05 reais. Metals including copper and nickel fell in London on concern demand is slowing.
Empresa Brasileira de Aeronautica SA (EMBR3 BS) rose for the first time in three days, gaining 28 centavos, or 1.4 percent, to 20.78 reais. The Brazilian maker of mid-size jetliners for regional carriers won an order from Virgin Nigeria for 10 Embraer E-jets and 14 options for planes, an order valued at $811 million. Embraer announced the order in a Nov. 11 statement distributed at the Dubai Air Show. The company also won a $300 million order from Al Jaber Group of the United Arab Emirates, Al Jaber said today in an e- mailed statement.
Obrascon Huarte Lain Brasil (OHLB3 BS), Brazil's second- biggest toll-road operator, rose 65 centavos, or 2.7 percent, to 24.65 reais. Third-quarter profit rose 20 percent to 27.1 million reais ($15.4 million). That beat the 23.6 million reais estimated by Bear Stearns & Co. analyst Sara Delfim in a report e-mailed before earnings were released this morning on Brazil's securities regulator Web site.
Cia. de Concessoes Rodoviarias (CCRO3 BS), Brazil's biggest toll-road operator, gained 40 centavos, or 1.4 percent, to 30.10 reais. Third-quarter earnings per shares at Brazil's biggest toll- road operator climbed more than expected because of lower financial expenses, Delfim wrote in an e-mailed report.
financial-markets-a.com
суббота, 10 ноября 2007 г.
U.S. Stocks Decline to Two-Month Low; Qualcomm, Target Retreat
U.S. stocks fell to the lowest levels in two months after Qualcomm Inc. trimmed its profit forecast and analysts said earnings at 3M Co. and Target Corp. will be reduced by a slowdown in consumer spending.
Qualcomm, the second-biggest maker of mobile-phone chips, helped send technology shares to the steepest weekly drop in five years. 3M, the maker of 50,000 products, tumbled to a six-month low and Target led retailers to the eighth decline in nine days. Fannie Mae slid after saying mortgage-related losses increased. The fall in stocks triggered a rally in Treasuries, sending three-month yields to the lowest in almost three months.
The Standard & Poor's 500 Index lost 21.07, or 1.4 percent, to 1,453.7, trimming its gain to 3 percent since the Federal Reserve cut its discount rate on Aug. 17. The Dow Jones Industrial Average slumped 223.55, or 1.7 percent, to 13,042.74. The Nasdaq Composite Index declined 68.06, or 2.5 percent, to 2,627.94. About three stocks fell for every one that rose on the New York Stock Exchange.
``It's going to take some time for these problems to work their way through the financial system,'' said Matt DiFilippo, a Pittsburgh-based senior portfolio manager at Stewart Capital Advisors LLC, which has about $1 billion under management. ``They might provide a cap on the market, particularly when you start to see an overflow into what most would believe are non-related sectors.''
microcapcompanies.com
Qualcomm, the second-biggest maker of mobile-phone chips, helped send technology shares to the steepest weekly drop in five years. 3M, the maker of 50,000 products, tumbled to a six-month low and Target led retailers to the eighth decline in nine days. Fannie Mae slid after saying mortgage-related losses increased. The fall in stocks triggered a rally in Treasuries, sending three-month yields to the lowest in almost three months.
The Standard & Poor's 500 Index lost 21.07, or 1.4 percent, to 1,453.7, trimming its gain to 3 percent since the Federal Reserve cut its discount rate on Aug. 17. The Dow Jones Industrial Average slumped 223.55, or 1.7 percent, to 13,042.74. The Nasdaq Composite Index declined 68.06, or 2.5 percent, to 2,627.94. About three stocks fell for every one that rose on the New York Stock Exchange.
``It's going to take some time for these problems to work their way through the financial system,'' said Matt DiFilippo, a Pittsburgh-based senior portfolio manager at Stewart Capital Advisors LLC, which has about $1 billion under management. ``They might provide a cap on the market, particularly when you start to see an overflow into what most would believe are non-related sectors.''
microcapcompanies.com
Citadel Broadcasting, E*Trade, Lions Gate: U.S. Equity Preview
The following is a list of companies whose shares may have unusual price changes in U.S. exchanges Nov. 12. Stock symbols are in parentheses after company names and share prices are as of 8:45 p.m. New York time today.
Citadel Broadcasting Corp. (CDL:US): The radio company putting Don Imus back on the air, rose 24 cents, or 10 percent to $2.64 after the close of markets. The shares had dropped $1.46, or 38 percent, to $2.40 during regular hours after it reported a third-quarter loss to write down the value of its stations.
E*Trade Corp. (ETFC:US): The online brokerage dropped $1.24, or 14 percent, to $7.35 in after hours trading. The company said earnings will fall short of the company's forecast because of a drop in the value of some asset-backed securities.
Halozyme Therapeutics Inc. (HALO:US): The maker of human enzymes for use in infertility and oncology cases rose 45 cents, or 5.8 percent, to $8.23 in after-hours trading. The company is being added to the Nasdaq Biotechnology Index, effective Nov. 19.
Lions Gate Entertainment Corp. (LGF:US): The largest independent U.S. film studio said second-quarter loss widened to 47 cents a share from 14 cents a year earlier on costs to market its movies. The stock rose 15 cents to $10.52 in regular trading.
National City Corp. (NCC:US): Ohio's largest bank said it reduced its third-quarter earnings by 18 cents a share, pushing the bank to a loss for the period. The stock fell 66 cents, 3.2 percent, in after-hours trading, to $20.20.
microcapcompanies.com
Citadel Broadcasting Corp. (CDL:US): The radio company putting Don Imus back on the air, rose 24 cents, or 10 percent to $2.64 after the close of markets. The shares had dropped $1.46, or 38 percent, to $2.40 during regular hours after it reported a third-quarter loss to write down the value of its stations.
E*Trade Corp. (ETFC:US): The online brokerage dropped $1.24, or 14 percent, to $7.35 in after hours trading. The company said earnings will fall short of the company's forecast because of a drop in the value of some asset-backed securities.
Halozyme Therapeutics Inc. (HALO:US): The maker of human enzymes for use in infertility and oncology cases rose 45 cents, or 5.8 percent, to $8.23 in after-hours trading. The company is being added to the Nasdaq Biotechnology Index, effective Nov. 19.
Lions Gate Entertainment Corp. (LGF:US): The largest independent U.S. film studio said second-quarter loss widened to 47 cents a share from 14 cents a year earlier on costs to market its movies. The stock rose 15 cents to $10.52 in regular trading.
National City Corp. (NCC:US): Ohio's largest bank said it reduced its third-quarter earnings by 18 cents a share, pushing the bank to a loss for the period. The stock fell 66 cents, 3.2 percent, in after-hours trading, to $20.20.
microcapcompanies.com
пятница, 9 ноября 2007 г.
Axia, Denison, Goldcorp, Kingsway: Canadian Equity Preview
The following is a list of companies whose shares may have unusual price changes in Canada. Stock symbols are in parentheses after company names. Share prices are from the last close.
The Standard & Poor's/TSX Composite Index added 10.41, or 0.1 percent, to 14,128.59.
Axia NetMedia Corp. (AXX CN): The Calgary-based seller of telecommunications services was raised to ``buy'' from ``hold'' by Canaccord Adams analyst David Lambert in Toronto. The shares added 20 cents, or 5.6 percent, to C$3.75.
Denison Mines Corp. (DML CN): The uranium producer reported a third-quarter loss of 6 cents a share. One analyst in a Bloomberg survey expected profit of 3 cents a share. Denison fell 28 cents, or 2.4 percent, to C$11.63.
Goldcorp Inc. (G CN): Canada's second-biggest gold producer may report third-quarter profit excluding some items of 15 cents a share, according to the average analyst estimate in a Bloomberg survey. Goldcorp shares rose 3 cents, or 0.1 percent, to C$33.68.
Kingsway Financial Services Inc. (KFS CN): The insurer reported third-quarter operating profit of 34 cents a share. Analysts expected 49 cents, the average estimate in a Bloomberg survey. Kingsway shares fell 57 cents, or 3.1 percent, to C$17.83.
microcapinvest.com
The Standard & Poor's/TSX Composite Index added 10.41, or 0.1 percent, to 14,128.59.
Axia NetMedia Corp. (AXX CN): The Calgary-based seller of telecommunications services was raised to ``buy'' from ``hold'' by Canaccord Adams analyst David Lambert in Toronto. The shares added 20 cents, or 5.6 percent, to C$3.75.
Denison Mines Corp. (DML CN): The uranium producer reported a third-quarter loss of 6 cents a share. One analyst in a Bloomberg survey expected profit of 3 cents a share. Denison fell 28 cents, or 2.4 percent, to C$11.63.
Goldcorp Inc. (G CN): Canada's second-biggest gold producer may report third-quarter profit excluding some items of 15 cents a share, according to the average analyst estimate in a Bloomberg survey. Goldcorp shares rose 3 cents, or 0.1 percent, to C$33.68.
Kingsway Financial Services Inc. (KFS CN): The insurer reported third-quarter operating profit of 34 cents a share. Analysts expected 49 cents, the average estimate in a Bloomberg survey. Kingsway shares fell 57 cents, or 3.1 percent, to C$17.83.
microcapinvest.com
Embratel, Femsa, Petrobras and Walmex: Latin Equity Preview
The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.
The Morgan Stanley Capital International index of Latin American shares rose 0.5 percent to 4,460.96 yesterday.
In Brazil, preferred shares are the most commonly traded class of stock.
Chile
Banco de Credito e Inversiones (BCI CC): Fitch Ratings assigned the Y series bonds of Chile's fourth biggest bank a AA- rating, BCI wrote in a regulatory filing after the market closed yesterday. The lender's shares fell 102 pesos, or 0.7 percent, to 15,299 pesos.
Colombia
BBVA Colombia SA (BBVACOL CB): Banco Bilbao Vizcaya Argentaria SA's Colombia unit sold 300 billion pesos ($147.6 million) in floating rate bonds, double the amount offered, as demand for the securities soars in the South American country. Bogota-based BBVA Colombia will pay interest of 2.09 percentage points more than the benchmark interbank offered rate, known as DTF, for the two-year debt, the bank said in an e-mail statement. BBVA Colombia rose 7 pesos, or 3.8 percent, to 192 pesos.
Brazil
Embratel Participacoes SA (EBTP4 BS): Empresa Brasileira de Telecomunicacoes SA, the Brazilian phone company controlled by Embratel Participacoes, had its debt rating raised by Moody's Investors Service to Baa3, the lowest investment grade. The company boosted revenue by adding data-transmission services, Moody's said in a statement e-mailed yesterday. Rio de Janeiro- based Embratel fell 2 centavos, or 0.3 percent, to 7.53 reais.
Petroleo Brasileiro SA (PETR4 BS): Brazil's state- controlled oil company said it could start production as soon as 2010 from its Tupi oil field, which it said yesterday may contain 8 billion barrels of oil. Output will likely start in five to six years, said Guilherme Estrella, head of exploration and production at Petrobras. The Rio de Janeiro-based company rose 9.95 reais, or 14 percent, to 80.20 reais.
Usinas Siderurgicas de Minas Gerais SA (USIM5 BS): Domestic steel demand from automakers that lifted third-quarter profit at Brazil's second-biggest steelmaker will remain ``positive,'' wrote Ativa Corretora analyst Monica Araujo, who has a ``buy'' rating on the company, in a note e-mailed yesterday. Usiminas fell 4.30 reais, or 3.2 percent, to 131.20 reais.
microcapinvest.com
The Morgan Stanley Capital International index of Latin American shares rose 0.5 percent to 4,460.96 yesterday.
In Brazil, preferred shares are the most commonly traded class of stock.
Chile
Banco de Credito e Inversiones (BCI CC): Fitch Ratings assigned the Y series bonds of Chile's fourth biggest bank a AA- rating, BCI wrote in a regulatory filing after the market closed yesterday. The lender's shares fell 102 pesos, or 0.7 percent, to 15,299 pesos.
Colombia
BBVA Colombia SA (BBVACOL CB): Banco Bilbao Vizcaya Argentaria SA's Colombia unit sold 300 billion pesos ($147.6 million) in floating rate bonds, double the amount offered, as demand for the securities soars in the South American country. Bogota-based BBVA Colombia will pay interest of 2.09 percentage points more than the benchmark interbank offered rate, known as DTF, for the two-year debt, the bank said in an e-mail statement. BBVA Colombia rose 7 pesos, or 3.8 percent, to 192 pesos.
Brazil
Embratel Participacoes SA (EBTP4 BS): Empresa Brasileira de Telecomunicacoes SA, the Brazilian phone company controlled by Embratel Participacoes, had its debt rating raised by Moody's Investors Service to Baa3, the lowest investment grade. The company boosted revenue by adding data-transmission services, Moody's said in a statement e-mailed yesterday. Rio de Janeiro- based Embratel fell 2 centavos, or 0.3 percent, to 7.53 reais.
Petroleo Brasileiro SA (PETR4 BS): Brazil's state- controlled oil company said it could start production as soon as 2010 from its Tupi oil field, which it said yesterday may contain 8 billion barrels of oil. Output will likely start in five to six years, said Guilherme Estrella, head of exploration and production at Petrobras. The Rio de Janeiro-based company rose 9.95 reais, or 14 percent, to 80.20 reais.
Usinas Siderurgicas de Minas Gerais SA (USIM5 BS): Domestic steel demand from automakers that lifted third-quarter profit at Brazil's second-biggest steelmaker will remain ``positive,'' wrote Ativa Corretora analyst Monica Araujo, who has a ``buy'' rating on the company, in a note e-mailed yesterday. Usiminas fell 4.30 reais, or 3.2 percent, to 131.20 reais.
microcapinvest.com
четверг, 8 ноября 2007 г.
Cinch Energy, Kinross Gold: Canadian Equity Market Preview
The following is a list of companies whose shares may have unusual price changes in Canadian markets. Symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index fell 252.38, or 1.8 percent, to 14,118.18.
Cinch Energy Corp. (CNH CN): The oil and gas company in western Canada reported a third-quarter loss of 27 cents a share, according to the firm's statement on Marketwire. Chief Financial Officer Denise Ramage resigned to pursue other interests, the statement said. The company named Sarah Tait as its new CFO. Cinch shares fell 5 cents to 87 Canadian cents.
Kinross Gold Corp. (K CN): Canada's third-biggest gold producer said third-quarter profit fell to $39.4 million, or 7 cents a share. A year earlier, net income was $50.3 million, or 14 cents a share, Toronto-based Kinross said today in a statement distributed by Marketwire. Kinross fell 67 cents to C$18.54.
pennystockbusiness.net
The Standard & Poor's/TSX Composite Index fell 252.38, or 1.8 percent, to 14,118.18.
Cinch Energy Corp. (CNH CN): The oil and gas company in western Canada reported a third-quarter loss of 27 cents a share, according to the firm's statement on Marketwire. Chief Financial Officer Denise Ramage resigned to pursue other interests, the statement said. The company named Sarah Tait as its new CFO. Cinch shares fell 5 cents to 87 Canadian cents.
Kinross Gold Corp. (K CN): Canada's third-biggest gold producer said third-quarter profit fell to $39.4 million, or 7 cents a share. A year earlier, net income was $50.3 million, or 14 cents a share, Toronto-based Kinross said today in a statement distributed by Marketwire. Kinross fell 67 cents to C$18.54.
pennystockbusiness.net
Gafisa, Petrobras, Unibanco, Usiminas: Brazil Equity Movers
Brazil's main stock index rose for the second time in three days, led by state-controlled oil company Petroleo Brasileiro SA.
The Bovespa Index of the most-traded shares on the Sao Paulo exchange gained 1,211.32, or 1.9 percent, to 64.711.94 as of 8:29 a.m. New York time.
The following are among the most active stocks in the Brazilian market today. In Brazil, the preferred share is usually the company's most-traded class of stock.
Cia. Vale do Rio Doce (VALE5 BS), the world's biggest iron-ore producer, rose 1.86 real, 3.5 percent, to 54.66 reais. BHP Billiton Ltd., the world's biggest mining company, said it offered to buy rival Rio Tinto Group, a proposal that was rejected.
Gafisa SA (GFSA3 BS) rose 2.73 reais, or 8.4 percent, the most in more than seven months, to 35.13 reais. Brazil's second-largest real estate company said earnings gained 12 percent in the third quarter to 30.9 million reais ($18 million) as lower borrowing costs spurred demand for homes.
Petroleo Brasileiro SA (PETR4 BS) gained the most in more than two years, adding 4.25 reais, or 6.1 percent, to a record 74.50 reais. Brazil's state-controlled oil company said today it estimates potential oil and gas reserves of 5 billion to 8 billion barrels in the offshore Tupi field in Brazil's Santos Basin.
Uniao de Bancos Brasileiros SA (UBBR11 BS) rose 33 centavos, or 1.3 percent, to 26.63 reais. Brazil's fourth-biggest non- government bank said in a regulatory filing third-quarter net income surged to 1.2 billion reais ($689 million) from 106 million reais a year earlier as record low interest rates encouraged consumers to spend more on credit.
Usinas Siderurgicas de Minas Gerais SA (USIM5 BS) rose 1.80 real, or 1.3 percent, to 137.30 reais. Third-quarter profit rose more than 6 percent form the year-ago period to 757.9 million reais ($437.8 million), Brazil's second-biggest steelmaker said today in a regulatory filing.
pennystockbusiness.net
The Bovespa Index of the most-traded shares on the Sao Paulo exchange gained 1,211.32, or 1.9 percent, to 64.711.94 as of 8:29 a.m. New York time.
The following are among the most active stocks in the Brazilian market today. In Brazil, the preferred share is usually the company's most-traded class of stock.
Cia. Vale do Rio Doce (VALE5 BS), the world's biggest iron-ore producer, rose 1.86 real, 3.5 percent, to 54.66 reais. BHP Billiton Ltd., the world's biggest mining company, said it offered to buy rival Rio Tinto Group, a proposal that was rejected.
Gafisa SA (GFSA3 BS) rose 2.73 reais, or 8.4 percent, the most in more than seven months, to 35.13 reais. Brazil's second-largest real estate company said earnings gained 12 percent in the third quarter to 30.9 million reais ($18 million) as lower borrowing costs spurred demand for homes.
Petroleo Brasileiro SA (PETR4 BS) gained the most in more than two years, adding 4.25 reais, or 6.1 percent, to a record 74.50 reais. Brazil's state-controlled oil company said today it estimates potential oil and gas reserves of 5 billion to 8 billion barrels in the offshore Tupi field in Brazil's Santos Basin.
Uniao de Bancos Brasileiros SA (UBBR11 BS) rose 33 centavos, or 1.3 percent, to 26.63 reais. Brazil's fourth-biggest non- government bank said in a regulatory filing third-quarter net income surged to 1.2 billion reais ($689 million) from 106 million reais a year earlier as record low interest rates encouraged consumers to spend more on credit.
Usinas Siderurgicas de Minas Gerais SA (USIM5 BS) rose 1.80 real, or 1.3 percent, to 137.30 reais. Third-quarter profit rose more than 6 percent form the year-ago period to 757.9 million reais ($437.8 million), Brazil's second-biggest steelmaker said today in a regulatory filing.
pennystockbusiness.net
среда, 7 ноября 2007 г.
Nasdaq Close to Buying Philadelphia Stock Exchange, People Say
Nasdaq Stock Market Inc., the all- electronic exchange that handles the most shares in the U.S., is close to buying the Philadelphia Stock Exchange for about $650 million, entering the fast-growing options business.
The transaction may be announced as soon as today, said two people familiar with the deal who declined to be identified because the negotiations aren't public.
Chief Executive Officer Robert Greifeld has struck four other acquisitions this year, spurring a 58 percent rise in Nasdaq shares to an all-time high yesterday. Gaining control of the Philadelphia market would make Nasdaq the third-biggest exchange in the $1 trillion U.S. options industry, where trading is growing at its quickest pace in seven years.
``They have arguably been the most acquisitive company in the exchange space,'' said Ed Ditmire, an analyst at Fox-Pitt, Kelton Cochran Caronia Waller, who has an ``in line'' rating on Nasdaq. ``The company is definitely hustling to grow. Expanding into fast-growing and more profitable options trading is going to be viewed positively by investors.''
Spokeswomen Barbara Sorid of the Philadelphia exchange and Silvia Davi of Nasdaq declined to comment.
Nasdaq yesterday rose $1.06, or 2.2 percent, to $48.81 in New York trading, the highest since the shares debuted in 2002. The FTSE/Mondo Visione Exchanges Index, which tracks 20 publicly traded exchanges from around the world, has risen 68 percent this year.
fastgrowthstock.com
The transaction may be announced as soon as today, said two people familiar with the deal who declined to be identified because the negotiations aren't public.
Chief Executive Officer Robert Greifeld has struck four other acquisitions this year, spurring a 58 percent rise in Nasdaq shares to an all-time high yesterday. Gaining control of the Philadelphia market would make Nasdaq the third-biggest exchange in the $1 trillion U.S. options industry, where trading is growing at its quickest pace in seven years.
``They have arguably been the most acquisitive company in the exchange space,'' said Ed Ditmire, an analyst at Fox-Pitt, Kelton Cochran Caronia Waller, who has an ``in line'' rating on Nasdaq. ``The company is definitely hustling to grow. Expanding into fast-growing and more profitable options trading is going to be viewed positively by investors.''
Spokeswomen Barbara Sorid of the Philadelphia exchange and Silvia Davi of Nasdaq declined to comment.
Nasdaq yesterday rose $1.06, or 2.2 percent, to $48.81 in New York trading, the highest since the shares debuted in 2002. The FTSE/Mondo Visione Exchanges Index, which tracks 20 publicly traded exchanges from around the world, has risen 68 percent this year.
fastgrowthstock.com
Axtel, Bematech, Cresud, Tenaris, Urbi: Latin Equity Preview
The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.
The Morgan Stanley Capital International index of Latin American shares fell 2.4 percent to 4,391.86 yesterday. Markets in Argentina were closed yesterday for a holiday.
In Brazil, preferred shares are the most commonly traded class of stock.
Argentina
Banco Hipotecario SA (BHIP AF): Argentina's largest mortgage bank reported a third-quarter loss of 102.1 million pesos ($32.6 million), its first loss in 16 quarters. The bank had losses on central bank notes, government and corporate bonds and equities, the Buenos Aires-based bank wrote in a Nov. 5 statement distributed by PR Newswire. Hipotecario fell 11 centavos, or 4.4 percent, to 2.42 pesos.
Cresud SA (CRES AF): The Buenos Aires-based agriculture company reported a fiscal first-quarter loss of 12.6 million pesos ($4.01 million) compared with profit of 1.9 million pesos a year earlier. The result stemmed mainly from losses from interest in related companies, Cresud said in a Nov. 6 regulatory filing. Shares fell 3 centavos, or 0.4 percent, to 7.81 pesos.
IRSA Inversiones y Representaciones SA (IRSA AF): Argentina's biggest real-estate developer reported a 30 million peso ($9.58 million) loss in its fiscal first quarter, compared with a 15.6 million peso profit a year earlier. The result for the three months ended Sept. 30 reflects higher financial expenses and securities losses by mortgage lender Banco Hipotecario, IRSA wrote in a Nov. 5 statement distributed by PR Newswire. IRSA owns 12 percent of Hipotecario. Shares dropped 20 pesos, or 3.5 percent, to 5.55 pesos.
Petrobras Energia SA (PESA AR): The Argentine unit of Brazil's state-owned oil company will probably report a 70 million peso ($22.3 million) profit this quarter from the sale of its 76 percent stake in the Bajada del Palo oil concession, the company wrote in a regulatory filing yesterday. Petrobras Energia shares were unchanged at 9.30 pesos when they last traded Nov. 1.
fastgrowthstock.com
The Morgan Stanley Capital International index of Latin American shares fell 2.4 percent to 4,391.86 yesterday. Markets in Argentina were closed yesterday for a holiday.
In Brazil, preferred shares are the most commonly traded class of stock.
Argentina
Banco Hipotecario SA (BHIP AF): Argentina's largest mortgage bank reported a third-quarter loss of 102.1 million pesos ($32.6 million), its first loss in 16 quarters. The bank had losses on central bank notes, government and corporate bonds and equities, the Buenos Aires-based bank wrote in a Nov. 5 statement distributed by PR Newswire. Hipotecario fell 11 centavos, or 4.4 percent, to 2.42 pesos.
Cresud SA (CRES AF): The Buenos Aires-based agriculture company reported a fiscal first-quarter loss of 12.6 million pesos ($4.01 million) compared with profit of 1.9 million pesos a year earlier. The result stemmed mainly from losses from interest in related companies, Cresud said in a Nov. 6 regulatory filing. Shares fell 3 centavos, or 0.4 percent, to 7.81 pesos.
IRSA Inversiones y Representaciones SA (IRSA AF): Argentina's biggest real-estate developer reported a 30 million peso ($9.58 million) loss in its fiscal first quarter, compared with a 15.6 million peso profit a year earlier. The result for the three months ended Sept. 30 reflects higher financial expenses and securities losses by mortgage lender Banco Hipotecario, IRSA wrote in a Nov. 5 statement distributed by PR Newswire. IRSA owns 12 percent of Hipotecario. Shares dropped 20 pesos, or 3.5 percent, to 5.55 pesos.
Petrobras Energia SA (PESA AR): The Argentine unit of Brazil's state-owned oil company will probably report a 70 million peso ($22.3 million) profit this quarter from the sale of its 76 percent stake in the Bajada del Palo oil concession, the company wrote in a regulatory filing yesterday. Petrobras Energia shares were unchanged at 9.30 pesos when they last traded Nov. 1.
fastgrowthstock.com
вторник, 6 ноября 2007 г.
Google, Momenta, Sanofi-Aventis, WMS: U.S. Equity Preview
The following is a list of companies whose shares may have unusual price changes in U.S. exchanges today. This preview includes news that broke after exchanges closed yesterday. Stock symbols are in parentheses after company names. Share prices are as of 8:30 a.m. in New York.
American Science and Engineering Inc. (ASEI US): The maker of security-inspection equipment said second-quarter net income was 48 cents a share. That's below the 63-cent average estimate of analysts surveyed by Bloomberg. American Science and Engineering shares lost $4.40, or 7.5 percent, to $54.57 yesterday.
Archer Daniels Midland Co. (ADM US) climbed $1.86, or 5.4 percent, to $36.38. The world's largest grain processor reported first-quarter profit that topped analysts' estimates as increased sales of wheat, corn and soybeans more than made up for declines in ethanol prices.
Cognizant Technology Solutions Corp. (CTSH US) fell $2.81, or 7.1 percent, to $36.80. The computer-services company expects fourth-quarter revenue to be between $590 million and $595 million, missing the average analyst estimate of $598.5 million in a Bloomberg survey.
Cutera Inc. (CUTR US): The maker of lasers to remove hair stopped providing earnings forecasts, citing a market slowdown. Cutera shares declined 29 cents, or 1.4 percent, to $20.46 yesterday.
DivX Inc. (DIVX US) jumped $2.02, or 17 percent, to $14. The software maker said that, excluding some items, it expects to earn 16 cents to 18 cents a share in the fourth quarter. The average estimate from analysts in a Bloomberg survey was for profit of 14 cents.
lookthroughtmarket.com
American Science and Engineering Inc. (ASEI US): The maker of security-inspection equipment said second-quarter net income was 48 cents a share. That's below the 63-cent average estimate of analysts surveyed by Bloomberg. American Science and Engineering shares lost $4.40, or 7.5 percent, to $54.57 yesterday.
Archer Daniels Midland Co. (ADM US) climbed $1.86, or 5.4 percent, to $36.38. The world's largest grain processor reported first-quarter profit that topped analysts' estimates as increased sales of wheat, corn and soybeans more than made up for declines in ethanol prices.
Cognizant Technology Solutions Corp. (CTSH US) fell $2.81, or 7.1 percent, to $36.80. The computer-services company expects fourth-quarter revenue to be between $590 million and $595 million, missing the average analyst estimate of $598.5 million in a Bloomberg survey.
Cutera Inc. (CUTR US): The maker of lasers to remove hair stopped providing earnings forecasts, citing a market slowdown. Cutera shares declined 29 cents, or 1.4 percent, to $20.46 yesterday.
DivX Inc. (DIVX US) jumped $2.02, or 17 percent, to $14. The software maker said that, excluding some items, it expects to earn 16 cents to 18 cents a share in the fourth quarter. The average estimate from analysts in a Bloomberg survey was for profit of 14 cents.
lookthroughtmarket.com
U.S. Stock-Index Futures Advance; Exxon, Google Shares Climb
U.S. stock-index futures rose on improved earnings prospects at energy and technology companies, this year's best performing industries.
Exxon Mobil Corp. and ConocoPhillips led a rally in fuel producers after oil prices advanced to a record. Google Inc., owner of the world's most popular Internet search engine, climbed to an all-time high after Sanford C. Bernstein & Co. said the shares may rise 17 percent on better-than-expected overseas sales.
Standard & Poor's 500 Index futures expiring in December added 7.1 to 1,512.5 as of 9:15 a.m. in New York. Dow Jones Industrial Average futures gained 50 to 13,605. Nasdaq-100 Index futures increased 11.5 to 2,224.25. Stocks in Asia and Europe also climbed.
``The earnings numbers will continue to move higher, certainly outside of financials,'' said Lincoln Anderson, who helps oversee about $165 billion as chief investment officer at LPL Financial Services in Boston. ``We still have a very solid base for earnings in the other sectors of the market.''
Energy and technology companies in the S&P 500 have each rallied more than 20 percent this year for the top gains among 10 industries. Excluding financial firms, whose shares have tumbled 16 percent this year amid credit-market losses, earnings increased 7.3 percent for S&P 500 members that reported through yesterday. Analysts had projected a 4.9 percent profit gain, according to estimates compiled by Bloomberg.
Stock futures also advanced on speculation investor demand for debt used to finance takeovers is reviving after people familiar with the situation said bankers for Chrysler LLC plan to start selling $10 billion of loans to investors this week.
lookthroughtmarket.com
Exxon Mobil Corp. and ConocoPhillips led a rally in fuel producers after oil prices advanced to a record. Google Inc., owner of the world's most popular Internet search engine, climbed to an all-time high after Sanford C. Bernstein & Co. said the shares may rise 17 percent on better-than-expected overseas sales.
Standard & Poor's 500 Index futures expiring in December added 7.1 to 1,512.5 as of 9:15 a.m. in New York. Dow Jones Industrial Average futures gained 50 to 13,605. Nasdaq-100 Index futures increased 11.5 to 2,224.25. Stocks in Asia and Europe also climbed.
``The earnings numbers will continue to move higher, certainly outside of financials,'' said Lincoln Anderson, who helps oversee about $165 billion as chief investment officer at LPL Financial Services in Boston. ``We still have a very solid base for earnings in the other sectors of the market.''
Energy and technology companies in the S&P 500 have each rallied more than 20 percent this year for the top gains among 10 industries. Excluding financial firms, whose shares have tumbled 16 percent this year amid credit-market losses, earnings increased 7.3 percent for S&P 500 members that reported through yesterday. Analysts had projected a 4.9 percent profit gain, according to estimates compiled by Bloomberg.
Stock futures also advanced on speculation investor demand for debt used to finance takeovers is reviving after people familiar with the situation said bankers for Chrysler LLC plan to start selling $10 billion of loans to investors this week.
lookthroughtmarket.com
понедельник, 5 ноября 2007 г.
Berkshire, DTE Energy, Lilly, Pfizer: U.S. Equity Preview
The following is a list of companies whose shares may have unusual price changes in U.S. exchanges tomorrow. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names.
Abbott Laboratories (ABT US): The drugmaker's experimental combination pill Simcor worked as well as the two drugs it seeks to replace in lowering the harmful form of cholesterol and increasing the beneficial type, a study showed. Abbott stock fell 7 cents to $54.05 on Nov. 2.
American International Group Inc. (AIG US): The company's former chief executive, Maurice ``Hank'' Greenberg, began a campaign to shake up the insurer's management and may seek the sale of some units, he said Nov. 2 in a filing. The shares of New York-based AIG, the world's largest insurer, rose $2.43, or 4.1 percent, in extended trading to $61.55.
Berkshire Hathaway Inc. (BRK/A US): The investment company controlled by billionaire investor Warren Buffett said third- quarter profit surged 64 percent after gains from its investment in PetroChina Co. The stock rose $1,250 to $132,500 in regular trading.
Citigroup Inc. (C US): The crisis of leadership at the largest U.S. bank may hit a climax this weekend amid speculation that Chief Executive Officer Charles O. ``Chuck'' Prince III will resign. The company has had widening losses from bad mortgage debts. The stock gained $1.31, or 3.5 percent, to $39.04 in extended trading.
Delta Petroleum Corp. (DPTR US): The U.S. oil and gas producer may fall at least 20 percent this year and possibly into the next without a gas discovery soon, Barron's said, without citing anyone. Delta Petroleum shares fell 61 cents, or 3.5 percent, to $16.94 on Nov. 2.
microcappics.com
Abbott Laboratories (ABT US): The drugmaker's experimental combination pill Simcor worked as well as the two drugs it seeks to replace in lowering the harmful form of cholesterol and increasing the beneficial type, a study showed. Abbott stock fell 7 cents to $54.05 on Nov. 2.
American International Group Inc. (AIG US): The company's former chief executive, Maurice ``Hank'' Greenberg, began a campaign to shake up the insurer's management and may seek the sale of some units, he said Nov. 2 in a filing. The shares of New York-based AIG, the world's largest insurer, rose $2.43, or 4.1 percent, in extended trading to $61.55.
Berkshire Hathaway Inc. (BRK/A US): The investment company controlled by billionaire investor Warren Buffett said third- quarter profit surged 64 percent after gains from its investment in PetroChina Co. The stock rose $1,250 to $132,500 in regular trading.
Citigroup Inc. (C US): The crisis of leadership at the largest U.S. bank may hit a climax this weekend amid speculation that Chief Executive Officer Charles O. ``Chuck'' Prince III will resign. The company has had widening losses from bad mortgage debts. The stock gained $1.31, or 3.5 percent, to $39.04 in extended trading.
Delta Petroleum Corp. (DPTR US): The U.S. oil and gas producer may fall at least 20 percent this year and possibly into the next without a gas discovery soon, Barron's said, without citing anyone. Delta Petroleum shares fell 61 cents, or 3.5 percent, to $16.94 on Nov. 2.
microcappics.com
U.S. Stock-Index Futures Decline; Bear Stearns Drops in Europe
U.S. stock-index futures tumbled after Citigroup Inc., the country's largest bank, said it may write down an additional $11 billion, rekindling concern that subprime- mortgages losses will grow.
``This adds a new doubt,'' said Salah Seddik, a fund manager at Richelieu Finance in Paris, which oversees $5 billion. ``Losses could be more than expected and the return to normal is taking longer than we thought. Uncertainty is weighing on financial shares.''
Bear Stearns Cos. declined after Lehman Brothers Holdings Inc. downgraded its recommendation the stock. JPMorgan Chase & Co., the third-largest U.S. bank, and American Express Co. fell in Europe. Citigroup advanced after saying Chief Executive Officer Charles Prince is stepping down.
Standard & Poor's 500 Index futures expiring in December sank 12.8 to 1,504.8 as of 8:51 a.m. in London. Dow Jones Industrial Average futures retreated 101 to 13,541 and Nasdaq 100 Index futures decreased 17 to 2,206.5.
Energy and computer companies rallied on Nov. 2 after a better-than-expected jobs report signaled the economy may avoid a recession. Merrill Lynch & Co. led financial shares to their steepest two-day loss since 2002.
Citigroup said yesterday that Prince is stepping down after subprime mortgages and related securities lost as much as $11 billion of their value in the past month, on top of more than $6 billion of charges reported for the third quarter, a decline that may wipe out half of the bank's profit so far this year.
microcappics.com
``This adds a new doubt,'' said Salah Seddik, a fund manager at Richelieu Finance in Paris, which oversees $5 billion. ``Losses could be more than expected and the return to normal is taking longer than we thought. Uncertainty is weighing on financial shares.''
Bear Stearns Cos. declined after Lehman Brothers Holdings Inc. downgraded its recommendation the stock. JPMorgan Chase & Co., the third-largest U.S. bank, and American Express Co. fell in Europe. Citigroup advanced after saying Chief Executive Officer Charles Prince is stepping down.
Standard & Poor's 500 Index futures expiring in December sank 12.8 to 1,504.8 as of 8:51 a.m. in London. Dow Jones Industrial Average futures retreated 101 to 13,541 and Nasdaq 100 Index futures decreased 17 to 2,206.5.
Energy and computer companies rallied on Nov. 2 after a better-than-expected jobs report signaled the economy may avoid a recession. Merrill Lynch & Co. led financial shares to their steepest two-day loss since 2002.
Citigroup said yesterday that Prince is stepping down after subprime mortgages and related securities lost as much as $11 billion of their value in the past month, on top of more than $6 billion of charges reported for the third quarter, a decline that may wipe out half of the bank's profit so far this year.
microcappics.com
суббота, 3 ноября 2007 г.
Berkshire, DTE Energy, Seaboard, WellCare: U.S. Equity Preview
The following is a list of companies whose shares may have unusual price changes in U.S. exchanges on Nov. 5. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names.
American International Group Inc. (AIG US): The company's former chief executive, Maurice ``Hank'' Greenberg, began a campaign to shake up the insurer's management and may seek the sale of some units, he said today in a filing. The shares of New York-based AIG, the world's largest insurer, rose $2.13, or 3.6 percent, in extended trading to $61.25.
Berkshire Hathaway Inc. (BRK/A US): The investment company controlled by billionaire investor Warren Buffett said third- quarter profit surged 64 percent after gains from its investment in PetroChina Co. The stock rose $1,250 to $132,500 in regular trading.
DTE Energy Co. (DTE US): The owner of Michigan's largest utility said operating earnings excluding synthetic fuel are expected to be $425 million to $450 million this year, down from a previous forecast of as much as $485 million. The stock rose 27 cents to $48.99 in regular trading.
Force Protection Inc. (FRPT US): The largest supplier of blast-resistant trucks to the U.S. Marine Corps said it extended its agreement to pay royalty fees to the Republic of South Africa's Council for Scientific and Industrial Research for the transfer of intellectual property rights, according to a regulatory filing. The stock lost 1 cent to $17.75 in regular trading.
KB Home (KBH US): The homebuilder said Ray Irani resigned from the company's board. No reason was given for the move. The stock fell 77 cents to $25.11 in regular trading.
U.S. Stocks Rise on Jobs Growth; Schlumberger, Apple Advance
Energy and computer companies rallied, carrying the Standard & Poor's 500 Index to its third advance this week, after a better-than-expected jobs report outweighed concern banks face mounting credit losses.
Schlumberger Ltd. and Halliburton Co., the biggest oilfield services companies, gained as oil rose to a record $95.93 a barrel. Apple Inc., Google Inc. and Intel Corp. climbed on prospects employment growth will increase consumer spending, helping the economy avoid a recession.
Merrill Lynch & Co. led financial shares to their steepest two-day loss since 2002 as the market completed its second weekly decline in two months. The S&P 500 rose 1.21, or 0.1 percent, to 1,509.65 today, while the Dow Jones Industrial Average increased 27.23, or 0.2 percent, to 13,595.1 and the Nasdaq Composite Index added 15.55, or 0.6 percent, to 2,810.38. About 18 stocks gained for every 17 that fell on the New York Stock Exchange.
``Energy, technology -- they have ties back to strong global growth,'' said Mark Bronzo, who helps manage $500 million at Nationwide Separate Accounts in Irvington, New York. ``Today's jobs number give you some comfort that the domestic economy is not getting worse, so that's good news.''
The gain of 166,000 jobs in October was almost double the forecast of economists in a Bloomberg survey. The Labor Department report helped the S&P 500 recover some of yesterday's 2.6 percent drop, its worst since August, spurred by speculation Citigroup Inc. will have to cut its dividend to retain capital.
пятница, 2 ноября 2007 г.
Fairfax, Manitoba Telecom, Open Text: Canadian Equity Preview
The following is a list of companies whose shares may have unusual price changes in Canadian markets. The preview includes news that broke after markets closed. Stock symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index fell 252.46, or 1.7 percent, to 14,372.54 in Toronto.
Canfor Corp. (CFP CN): Canada's largest producer of softwood lumber reported its third straight quarterly loss as a slump in homebuilding squeezed demand and the rising Canadian dollar reduced the value of U.S. sales. Canfor fell 18 cents, or 2.1 percent, to C$8.57.
Catalyst Paper Corp. (CTL CN): The newsprint maker reported a third-quarter loss of 8 cents a share excluding some items, more than the 17-cent average loss estimate from analysts in a Bloomberg survey. The shares were unchanged at C$1.42 after falling 60 percent this year.
Fairfax Financial Holdings Ltd. (FFH CN): The insurer had third-quarter earnings of C$13.47 a share before one-time gains and losses. That beat the C$8.26 average estimate of two analysts in a Bloomberg survey. The shares gained C$4.68, or 1.8 percent, to C$265.98.
Manitoba Telecom Services Inc. (MBT CN): Canada's third- largest phone-service provider said net income rose 12 percent after trimming expenses and adding mobile-phone and Internet subscribers. The shares fell 9 cents, or 0.2 percent, to C$46.91.
Open Text Corp. (OTC CN): The maker of networking software had fiscal first-quarter profit of 43 cents excluding some items. Analysts expected 37 cents, the average estimate in a Bloomberg survey. The shares gained 49 cents, or 1.7 percent, to C$30.
microcapknowlege.com
The Standard & Poor's/TSX Composite Index fell 252.46, or 1.7 percent, to 14,372.54 in Toronto.
Canfor Corp. (CFP CN): Canada's largest producer of softwood lumber reported its third straight quarterly loss as a slump in homebuilding squeezed demand and the rising Canadian dollar reduced the value of U.S. sales. Canfor fell 18 cents, or 2.1 percent, to C$8.57.
Catalyst Paper Corp. (CTL CN): The newsprint maker reported a third-quarter loss of 8 cents a share excluding some items, more than the 17-cent average loss estimate from analysts in a Bloomberg survey. The shares were unchanged at C$1.42 after falling 60 percent this year.
Fairfax Financial Holdings Ltd. (FFH CN): The insurer had third-quarter earnings of C$13.47 a share before one-time gains and losses. That beat the C$8.26 average estimate of two analysts in a Bloomberg survey. The shares gained C$4.68, or 1.8 percent, to C$265.98.
Manitoba Telecom Services Inc. (MBT CN): Canada's third- largest phone-service provider said net income rose 12 percent after trimming expenses and adding mobile-phone and Internet subscribers. The shares fell 9 cents, or 0.2 percent, to C$46.91.
Open Text Corp. (OTC CN): The maker of networking software had fiscal first-quarter profit of 43 cents excluding some items. Analysts expected 37 cents, the average estimate in a Bloomberg survey. The shares gained 49 cents, or 1.7 percent, to C$30.
microcapknowlege.com
Bancolombia, Distribucion y Servicio: Latin Equity Preview
The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.
The Morgan Stanley Capital International index of Latin American shares fell 2.2 percent to 4,515.35 yesterday. Markets in Chile and Peru were closed for holidays yesterday. Markets in Brazil and Mexico are closed today.
In Brazil, preferred shares are the most commonly traded class of stock.
Chile
Distribucion y Servicio D&S SA (DYS CC): The board of Chile's biggest supermarket chain agreed to pay an interim dividend of 2 pesos a share. The dividend will be paid on Nov. 26 to shareholders of record on Nov. 20, the Santiago-based retailer wrote in a regulatory filing after the close of trading Oct. 31. D&S fell 2.06 pesos, or 0.7 percent, to 300.27 pesos.
Parque Arauco SA (PARAUCO CC): The Santiago, Chile-based mall developer and operator confirmed it has held talks with IRSA Inversiones y Representaciones SA, Argentina's biggest real-estate developer, to sell its stake in Alto Palermo SA. The parties haven't reached an agreement over terms of the deal, or a timeframe for the negotiations, Parque Arauco said in an Oct. 31 regulatory filing. El Mercurio newspaper reported Parque Arauco will sell the stake to IRSA for $200 million to $230 million by year's end. Parque Arauco rose the most in four months, adding 35 pesos, or 5.8 percent, to 635 pesos on Oct.31, when trading was halted.
Colombia
Bancolombia SA (BCOLO CB): Plans by Colombia's biggest lender to charge a 1,500 peso fee on ATM transactions for high- use customers may generate ``negative publicity,'' though the bank says it expects a ``minimum loss'' of customers, Interbolsa SA analysts including Rupert Stebbings wrote in a note e-mailed yesterday. The Medellin-based bank fell 260 pesos, or 1.5 percent, to 17,120 pesos.
microcapknowlege.com
The Morgan Stanley Capital International index of Latin American shares fell 2.2 percent to 4,515.35 yesterday. Markets in Chile and Peru were closed for holidays yesterday. Markets in Brazil and Mexico are closed today.
In Brazil, preferred shares are the most commonly traded class of stock.
Chile
Distribucion y Servicio D&S SA (DYS CC): The board of Chile's biggest supermarket chain agreed to pay an interim dividend of 2 pesos a share. The dividend will be paid on Nov. 26 to shareholders of record on Nov. 20, the Santiago-based retailer wrote in a regulatory filing after the close of trading Oct. 31. D&S fell 2.06 pesos, or 0.7 percent, to 300.27 pesos.
Parque Arauco SA (PARAUCO CC): The Santiago, Chile-based mall developer and operator confirmed it has held talks with IRSA Inversiones y Representaciones SA, Argentina's biggest real-estate developer, to sell its stake in Alto Palermo SA. The parties haven't reached an agreement over terms of the deal, or a timeframe for the negotiations, Parque Arauco said in an Oct. 31 regulatory filing. El Mercurio newspaper reported Parque Arauco will sell the stake to IRSA for $200 million to $230 million by year's end. Parque Arauco rose the most in four months, adding 35 pesos, or 5.8 percent, to 635 pesos on Oct.31, when trading was halted.
Colombia
Bancolombia SA (BCOLO CB): Plans by Colombia's biggest lender to charge a 1,500 peso fee on ATM transactions for high- use customers may generate ``negative publicity,'' though the bank says it expects a ``minimum loss'' of customers, Interbolsa SA analysts including Rupert Stebbings wrote in a note e-mailed yesterday. The Medellin-based bank fell 260 pesos, or 1.5 percent, to 17,120 pesos.
microcapknowlege.com
четверг, 1 ноября 2007 г.
Jones Lang LaSalle, ManTech International: U.S. Equity Preview
The following is a list of companies whose shares may have unusual price changes in U.S. exchanges today. This preview includes news that broke after exchanges closed yesterday. Stock symbols are in parentheses after company names.
Crocs Inc. (CROX US) fell $17.45, or 23 percent, to $57.30 after the official close of U.S. exchanges yesterday. The maker of colorful casual footwear in a foam-like material reported third-quarter sales of $256.3 million. That trailed the average estimate of $258.3 million by eight analysts in a Bloomberg survey.
FMC Corp. (FMC US) fell $4.50, or 7.8 percent, to $53 in extended trading yesterday. The world's largest producer of natural soda ash reported third-quarter revenue of $626.6 million. Analysts estimated the company would post revenue of $640.6 million, the average in a Bloomberg survey.
Jones Lang LaSalle Inc. (JLL US) rose $11.67, or 12 percent, to $107 after the official close of U.S. exchanges yesterday. The world's second-largest commercial real estate broker said third-quarter profit jumped 88 percent on property and investment management fees.
ManTech International Corp. (MANT US) rose $1.64, or 4.1 percent, to $41.40 in extended trading yesterday. The provider of computer-related services to the U.S. government reported profit, excluding some items, of 51 cents a share, a 24 percent gain from a year ago. That beat analyst estimates of 48 cents, the average in a Bloomberg survey.
Plexus Corp. (PLXS US) rose $4.40, or 17 percent, to $30.20 in extended trading yesterday. The contract electronics manufacturer said that, excluding some items, it expects to earn 58 cents to 63 cents a share in the fiscal first quarter. The average estimate from analysts was 42 cents, according to a Bloomberg survey.
Fed Reduces Interest Rates
Energy Rally
Energy shares rose after crude oil advanced to a record $94.74 a barrel in New York following an Energy Department report that showed U.S. inventories fell to a two-year low. Oil advanced 16 percent this month.
Exxon climbed 85 cents to $91.99. Hess Corp. jumped $2.85 to $71.61. The fifth-largest U.S. oil company said third-quarter profit rose 33 percent as higher oil prices and production outweighed a narrowing of refining margins.
Microsoft rallied $1.24 to $36.81, its highest price since June 2001, after a Sanford C. Bernstein & Co. analyst said the shares were undervalued because of the company's growth potential. Technology shares increased 1.7 percent as a group.
Raw-materials producers gained the most among 10 industry groups in the S&P 500, climbing 2.5 percent. Newmont Mining, the world's second-largest gold producer, led gains, climbing $4.46 to $50.90. Third-quarter profit before one-time items rose to 57 cents a share, more than double the 25-cent average estimate of 13 analysts surveyed by Bloomberg.
Early Rally
Stocks rose before the Fed's decision after the government said higher exports, consumer spending and business investment boosted gross domestic product by the most since the first three months of 2006. Economists in a Bloomberg survey had forecast growth of 3.1 percent. The Fed's preferred gauge of inflation, which is tied to consumer spending and strips out food and energy costs, advanced at a 1.8 percent annual pace, above the 1.5 percent forecast by economists.
вторник, 30 октября 2007 г.
Petro-Canada, TimberWest, Uranium One: Canada Equity Preview
The following is a list of companies whose shares may have unusual price changes in Canadian markets. The preview includes news that broke after markets closed. Stock symbols are in parentheses after company names and prices are from the last close.
The Standard & Poor's/TSX Composite Index rose 115.27, or 0.8 percent, to 14,312.08 in Toronto.
Inmet Mining Corp. (IMN CN): The owner of the Cayeli copper and zinc mine in Turkey said third-quarter profit rose to C$2.37 a share, more than the C$2.32 average analyst estimate in a Bloomberg survey. Inmet fell C$4.80, or 4.6 percent, to C$99.25.
Petro-Canada (PCA CN): Neil Camarta, senior vice president for oil sands at Petro-Canada, said the Alberta government's decision to raise energy royalties will hurt the profitability of oil sands, forcing the company to trim other costs associated with developing such projects. Petro-Canada shares fell 99 cents, or 1.8 percent, to C$52.88.
TimberWest Forest Corp. (TWF-U CN): The lumber manufacturer and owner of timberland lost 36 cents a share in the third quarter. Three analysts on average expected profit of 23 cents in a Bloomberg survey. TimberWest said a 13-week strike among British Columbia logging and wood-product workers, reduced demand in the U.S. and Japan and the stronger Canadian dollar hurt results. TimberWest shares fell 3 cents, or 0.2 percent, to C$14.78.
Vale, Enersis, Sociedad Quimica y Minera: Latin Equity Preview
The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.
The Morgan Stanley Capital International index of Latin American shares fell 1.2 percent to 4,563.26 yesterday.
In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
Cia. Vale do Rio Doce (VALE5 BS): The world's biggest iron- ore producer said a judge granted pig-iron maker Ferro Gusa do Maranhao Ltda an injunction ordering Vale to keep supplying the mill. Vale, which had cut supply to Fergumar on concerns it doesn't comply with labor and environmental standards, said in an e-mailed statement it will resume the supply and appeal the decision. Vale fell 1.1 real, or 2 percent, to 53.9 pesos.
Chile
Enersis SA (ENERSIS CC): The owner of Chile's biggest power producer Empresa Nacional de Electricidad SA reported a 53 percent profit decline in the first nine months of the year. Net income fell to 119 billion pesos ($242 million) from 255 billion in the same period last year, the Santiago-based company reported on the regulator's Web site after the close of trading yesterday. Shares fell 2 pesos, or 1 percent, to 193.5 pesos.
BP, French Connection, GlaxoSmithKline: U.K. Equity Preview
The following stocks may rise or fall in U.K. markets today. Stock symbols are in parentheses and prices are from the last market close.
The benchmark FTSE 100 Index rose 44.7, or 0.7 percent, to close at 6706. The FTSE All-Share Index gained 21.32, or 0.6 percent, to 3442.63.
Ireland's ISEQ Index increased 5.28, or 0.1 percent, to close at 7867.43.
U.K. Companies:
BP Plc (BP/ LN): Europe's second-biggest oil company plans to pump crude from its Greater Plutonio field in Angola at about 50 percent of capacity until next year. BP's stock advanced 5 pence, or 0.8 percent, to 634.
French Connection Group (FCCN LN): The fashion retailer with stores in 33 countries was rated new ``outperform'' in new coverage by analyst Michael Dennis at Piper Jaffray & Co. French Connection's stock gained 0.5 pence, or 0.3 percent, to 151.25.
GlaxoSmithKline Plc (GSK LN): Personal-injury lawsuits against GlaxoSmithKline over its top-selling diabetes drug Avandia will be consolidated in a federal court in Philadelphia, a panel of judges concluded. Glaxo's stock added 16 pence, or 1.3 percent, to 1,248.
European Stock-Index Futures Drop; UBS, Dassault May Slip
European stock-index futures fell after UBS AG reported its first quarterly loss in almost five years as declines in the U.S. subprime-mortgage market forced it to write down the value of fixed-income securities.
Dassault Systemes SA, whose software is used by Toyota Motor Co. to design its cars, may drop after cutting its full-year earnings and sales forecasts. BHP Billiton Ltd. and Rio Tinto Group retreated in Australia as metals prices slipped.
``European markets will be a touch weaker today,'' said Simon Payne, a trader at Fortis Bank SA in Madrid. ``UBS earnings look worrying.''
Futures on the Dow Jones Euro Stoxx 50 Index, a benchmark for the euro region, lost 7, or 0.2 percent, to 4,480 at 7:26 a.m. in London. The U.K.'s FTSE 100 Index may decrease 16, according to Cantor Index, a betting firm.
Asian stocks fell, dragging a key regional index from a record, after Kookmin Bank reported earnings that missed analysts' estimates and Baoshan Iron & Steel Co.'s profit decreased for the first time in more than a year. U.S. stock- index futures dropped.
понедельник, 29 октября 2007 г.
Chevron Committed to Myanmar Project, O'Reilly Says
Chevron Corp., the second-largest U.S. energy company, will keep its stake in a natural gas project in Myanmar, defying calls to leave following a crackdown on protesters by the country's ruling junta.
The people around the Yadana gas project and pipeline have benefited from jobs and investments in health care and education, Chief Executive David O'Reilly said today in an interview in Bangkok. The company may lose any tax benefits from the project under a bill approved by a U.S. congressional committee Oct. 23.
``Our commitment is to try to stay to be a positive influence,'' O'Reilly said in an interview in Bangkok today. ``It isn't going to change anything if we leave. We are a minority investor in this project.''
Chevron faces renewed calls to divest its 28.3 percent stake in the Total SA-operated Yadana project after Myanmar's government last month crushed the biggest anti-government protests in almost 20 years. The company may be forced out of the country formerly known as Burma under legislation from Sen. John McCain introduced on Oct. 17 that prohibits investments by U.S. companies after sanctions passed in 1997.
The House Foreign Affairs Committee unanimously accepted legislation introduced by Rep. Tom Lantos, a Democrat from California. The bill to pressure Myanmar's military rulers states that no tax deductions will be allowed for the ``joint production agreement'' for Yadana and prohibits payments or property transfers to the government.
Rostowski Is Contender for Polish Finance Minister, People Say
Donald Tusk, who is working to form a coalition government after winning the Oct. 21 general election, probably will select economics professor Jacek Rostowski as finance minister, said people with knowledge of the selection process.
Rostowski, who favors fast euro adoption, would succeed Zyta Gilowska, said three officials close to the leadership of Tusk's Citizens' Platform party. The party's leaders met on Oct. 27 to discuss candidacies for ministers dealing with the economy and plan to offer the 57-year-old Rostowski the job, newspaper Gazeta Wyborcza also reported today, citing no one.
Waldemar Pawlak, head of the Polish Peasants' Party that is in coalition talks with Platform, would be economy minister while Zbigniew Chlebowski, who is in charge of economic issues in Tusk's party, would be treasury minister, Gazeta said.
Rostowski, a member of the supervisory council of the Warsaw-based Center for Social and Economic Research and an economics professor at the Central European University in Budapest, has spoken in favor of cutting the budget deficit and meeting terms for euro adoption ``the faster the better.''
Rostowski said he has not received ``any official proposal'' from the Citizens' Platform and declined to elaborate when contacted by telephone on Oct. 26.
China Passes U.S. in Top 10 List as China Life Surges
China Life Insurance Co. surpassed AT&T Inc. in market value, giving China more of the world's 10 largest companies than the U.S. for the first time.
Five of the 10 biggest companies by market capitalization are now Chinese, compared with three that are located in America, after China's benchmark stock index almost tripled this year. The rally has prompted securities regulators to say this month that the market holds ``great risks'' as the nation's households pour more of their $2.3 trillion savings into shares to beat inflation and profit from the fastest growth among major economies.
``China is one of the most exciting economies,'' said Jim Rogers, the chairman of New York-based Beeland Interests Inc. ``The market is willing to pay a lot more for future growth.''
China Life, the nation's largest insurer, gained 1.1 percent in Hong Kong and added 6.7 percent in Shanghai, valuing the company at 1.94 trillion yuan, or $259.1 billion. The Beijing- based firm after the close of trading today posted a third- quarter profit of 7.82 billion yuan ($1 billion), sparked by investments in China's stock market.
Citigroup Dividend, Falling Shares Make Bank Stocks Unbeatable
Bank shares are so cheap and their dividends so high that some of the world's biggest investors now say the combination is unbeatable.
After falling 12 percent this year, the 24 U.S. companies in the KBW Bank Index this month paid an average 3.96 percent of their share prices in dividends, the highest in the index's 16- year history. The last time Bank of America Corp. and Wells Fargo & Co. had such yields was in the early 1990s, just before a 44 percent advance in financial stocks.
Citigroup Inc., the second-largest U.S. bank by market value, is providing shareholders the biggest yield in two decades. The New York-based financial services company is trading at its lowest level to the Standard & Poor's 500 Index since 1999, relative to its net assets.
``The big banks are pretty cheap,'' said David Dreman, who oversees $22 billion at Dreman Value Management LLC in Jersey City, New Jersey. ``We are definitely looking at some of these high-yielding stocks.'' Dreman, ABN Amro Asset Management, First American Funds and Portfolio Management Consultants, who combined manage $433 billion, predict the shares are set to rebound.
Aguas Andinas, Femsa, Sadia, Televisa: Latin Equity Preview
The following stocks may make significant gains or losses in Latin American markets today. Symbols are in parentheses after company names, and stock prices are from the last session.
The Morgan Stanley Capital International index of Latin American shares rose 3.2 percent to 4,530.06 on Oct. 26.
In Brazil, preferred shares are the most commonly traded class of stock.
Brazil
Iochpe Maxion SA (MYPK4 BS): Brazil's biggest maker of railroad freight cars said one of its units received orders for 549 cargo cars to be delivered beginning in January. The company didn't disclose the value of the deals. Orders for 2008 delivery rose to approximately 254 million reais ($144 million), the company said in a regulatory filing Oct. 26. Sao Paulo-based Iochpe Maxion rose 10 centavos, or 0.3 percent, to 36 reais.
Sadia SA (SDIA4 BS): Third-quarter margins at Brazil's biggest food processor were below those of its main competitor, Perdigao SA, because a narrower range of products led to higher costs for Sadia, Ativa Corretora analyst Diana Liteski wrote in a report e-mailed Oct. 26. Concordia, Brazil-based Sadia rose 34 centavos, or 2.9 percent, to 11.90 reais.
Chile
Aguas Andinas SA (AGUAS/A CC): Chile's biggest water company said profit in the first nine months of the year rose 7.9 percent to 68.3 billion pesos ($137 million) from 63.3 billion in the same period last year, according to data published on the regulator's Web site after the close of trading on Oct. 26. Aguas Andinas rose 99 centavos, or 0.4 percent, to 233 pesos.
Mexico
Fomento Economico Mexicano SAB (FEMSAUBD MM): Latin America's largest beverage company said third-quarter profit rose 10 percent to 2.34 billion pesos ($218 million) on higher Coca-Cola sales in South America. Revenue increased 7.2 percent to 36.7 billion pesos, the company, known as Femsa, said in a statement posted on its Web site on Oct. 26. Femsa shares fell 10 centavos, or 0.2 percent, to 40.97 pesos.
Grupo Televisa SAB (TLEVICPO MM): Analyst Martin Lara of Vector Casa de Bolsa in Mexico City reduced the price at which he expects shares of the world's largest Spanish-language broadcaster to trade at the end of next year by 6.4 percent to 73 pesos. Lara reduced estimates for profits in 2008 and 2009 based on lower-than-expected revenue from gaming and narrower profit margin in the company's satellite business, he wrote in a report e-mailed Oct. 26. Shares fell 83 centavos, or 1.6 percent, to 52.88 pesos.
суббота, 27 октября 2007 г.
Vienna Divorce Fair Touts DNA Tests, Lawyers for Fed-Up Spouses
Hundreds of Austrians stuck in loveless marriages may lie about their whereabouts this weekend. Instead of pursuing trysts, they'll be attending a ``divorce fair'' to plan their return to single life.
At the two-day event in Vienna, fed-up spouses can contract private detectives to spy on philandering mates, hire real estate agents to find a new homes and book vacation packages designed for the newly separated. They can even hire a DNA sampling lab to see if it will really be necessary to pay child support.
``New Beginnings'' is the world's first divorce fair, according to Anton Barz, 37, a wedding organizer who came up with the idea after realizing that half of all unions were doomed.
``Austria's divorce statistics are shocking,'' Barz said in a café near Sigmund Freud's former home in the Austrian capital. ``People get a wedding certificate more easily than a driver's license and have no idea of the consequences when they crash.''
Around 500 people are expected to attend the fair at the Vienna Marriott Hotel, where 20 vendors -- including a local law firm hunting for new clients -- will ply them with advice about how to settle their partnership problems.
Austria's divorce rate rose to 49 percent in 2006 from 29 percent in 1987, according to government statistics released in June. In Vienna, newlyweds face the gloomy prospect that two- thirds of all marriages will end in divorce.
microcapinvest.com
At the two-day event in Vienna, fed-up spouses can contract private detectives to spy on philandering mates, hire real estate agents to find a new homes and book vacation packages designed for the newly separated. They can even hire a DNA sampling lab to see if it will really be necessary to pay child support.
``New Beginnings'' is the world's first divorce fair, according to Anton Barz, 37, a wedding organizer who came up with the idea after realizing that half of all unions were doomed.
``Austria's divorce statistics are shocking,'' Barz said in a café near Sigmund Freud's former home in the Austrian capital. ``People get a wedding certificate more easily than a driver's license and have no idea of the consequences when they crash.''
Around 500 people are expected to attend the fair at the Vienna Marriott Hotel, where 20 vendors -- including a local law firm hunting for new clients -- will ply them with advice about how to settle their partnership problems.
Austria's divorce rate rose to 49 percent in 2006 from 29 percent in 1987, according to government statistics released in June. In Vienna, newlyweds face the gloomy prospect that two- thirds of all marriages will end in divorce.
microcapinvest.com
Argentine Debt Devastated by Data Suspicion, Election
The widespread suspicion that the government of President Nestor Kirchner has manipulated inflation data and the likelihood that his wife Cristina Fernandez de Kirchner will succeed him are transforming the Argentine bond market into a financial bloodbath.
Argentina's benchmark inflation-linked bonds have tumbled 24 percent this year, making the country's debt market the worst performer in the world, according to data compiled by JPMorgan Chase & Co. and Bloomberg.
Polls show that Fernandez is the front-runner to replace Kirchner in next week's elections. She rebuts claims by government statisticians that Kirchner's administration forced them to tamper with consumer price data to hide the extent of inflation. Merrill Lynch & Co., the world's biggest brokerage, estimates prices may be rising at a 17 percent annual pace, double the official rate.
microcapcompanies.com
Argentina's benchmark inflation-linked bonds have tumbled 24 percent this year, making the country's debt market the worst performer in the world, according to data compiled by JPMorgan Chase & Co. and Bloomberg.
Polls show that Fernandez is the front-runner to replace Kirchner in next week's elections. She rebuts claims by government statisticians that Kirchner's administration forced them to tamper with consumer price data to hide the extent of inflation. Merrill Lynch & Co., the world's biggest brokerage, estimates prices may be rising at a 17 percent annual pace, double the official rate.
microcapcompanies.com
U.K. Budget Gap to Be Double Darling's Prediction
Britain's budget deficit will be almost twice as much as Chancellor of the Exchequer Alistair Darling predicts because of slower economic growth, the National Institute of Economic and Social Research said.
Lower tax receipts and rising spending will boost the Treasury deficit to 14.7 billion pounds ($30 billion), NIESR predicted, above Darling's estimate of 8.3 billion pounds. NIESR expects the economy to expand 2.2 percent, less than the 2.6 percent rate it expected in July.
``The Treasury is being far too optimistic,'' Martin Weale, director of the London-based academic research organization that advises the Bank of England and the Treasury, said at a briefing with reporters. ``Things are appreciably worse.''
financial-markets-a.com
Lower tax receipts and rising spending will boost the Treasury deficit to 14.7 billion pounds ($30 billion), NIESR predicted, above Darling's estimate of 8.3 billion pounds. NIESR expects the economy to expand 2.2 percent, less than the 2.6 percent rate it expected in July.
``The Treasury is being far too optimistic,'' Martin Weale, director of the London-based academic research organization that advises the Bank of England and the Treasury, said at a briefing with reporters. ``Things are appreciably worse.''
financial-markets-a.com
China Will Probably Raise Rates After 11.5% Expansion
China's central bank will probably increase borrowing costs for the sixth time this year to cool the stock market and inflation after the economy grew 11.5 percent in the third quarter.
The benchmark one-year lending rate will increase to 7.56 percent from 7.29 percent, according to 16 of 17 economists surveyed by Bloomberg News. The deposit rate will likely rise to 4.14 percent from 3.87 percent.
Inflation in September was 6.2 percent, more than double the bank's target, and the benchmark stock index has almost quadrupled in the past year. President Hu Jintao is trying to prevent a sudden slowdown that might throw millions out of work, drive up bad loans and undermine Communist Party rule.
microcapmarket.net
The benchmark one-year lending rate will increase to 7.56 percent from 7.29 percent, according to 16 of 17 economists surveyed by Bloomberg News. The deposit rate will likely rise to 4.14 percent from 3.87 percent.
Inflation in September was 6.2 percent, more than double the bank's target, and the benchmark stock index has almost quadrupled in the past year. President Hu Jintao is trying to prevent a sudden slowdown that might throw millions out of work, drive up bad loans and undermine Communist Party rule.
microcapmarket.net
Deutsche Bank Considers Participating in SIV Fund
Deutsche Bank AG, Germany's biggest bank, is considering whether to join an $80 billion plan backed by the U.S. Treasury to revive the commercial paper market, Chief Executive Officer Josef Ackermann said.
``We're currently studying it and we're in a constructive dialogue with the American banks as well as American authorities,'' Ackermann said in an interview last night in Frankfurt. ``Any kind of support for the market, particularly from the private side, is desirable, but details aren't yet clear enough to make a final judgment.''
Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., the three biggest U.S. banks, agreed on Oct. 15 to start a fund that would buy assets from distressed structured investment vehicles, or SIVs. Investors are refusing to buy commercial paper, loans due in 270 days or less, from the SIVs because they are concerned about the value of the mortgage securities, asset- backed debt and finance company bonds they own.
microcapknowlege.com
``We're currently studying it and we're in a constructive dialogue with the American banks as well as American authorities,'' Ackermann said in an interview last night in Frankfurt. ``Any kind of support for the market, particularly from the private side, is desirable, but details aren't yet clear enough to make a final judgment.''
Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., the three biggest U.S. banks, agreed on Oct. 15 to start a fund that would buy assets from distressed structured investment vehicles, or SIVs. Investors are refusing to buy commercial paper, loans due in 270 days or less, from the SIVs because they are concerned about the value of the mortgage securities, asset- backed debt and finance company bonds they own.
microcapknowlege.com
Jackson, Bernanke to Discuss Mortgage Assistance
Civil-rights activist Jesse Jackson will meet with Federal Reserve Chairman Ben S. Bernanke next week to discuss proposals to help homeowners struggling with mortgages they can't afford.
The meeting was arranged by John C. Taylor, president of the National Community Reinvestment Coalition in Washington. Taylor also sits on the board of Jackson's Chicago-based RainbowPush Coalition, described on its Web site as ``a progressive organization fighting for social change.''
``I am on his board, and I initiated the contact with both he and Bernanke,'' said Taylor, whose organization represents a group of more than 600 community advocates promoting affordable housing and banking services.
The Fed and other bank regulators are under fire from Congress and consumer advocates for not subjecting the mortgage market to tougher rules. Delinquencies on subprime mortgages to borrowers with weak or limited credit histories reached a five- year high in June. Fed figures show that high-cost loans are more common among blacks and Hispanics.
pennystockuniversity.net
The meeting was arranged by John C. Taylor, president of the National Community Reinvestment Coalition in Washington. Taylor also sits on the board of Jackson's Chicago-based RainbowPush Coalition, described on its Web site as ``a progressive organization fighting for social change.''
``I am on his board, and I initiated the contact with both he and Bernanke,'' said Taylor, whose organization represents a group of more than 600 community advocates promoting affordable housing and banking services.
The Fed and other bank regulators are under fire from Congress and consumer advocates for not subjecting the mortgage market to tougher rules. Delinquencies on subprime mortgages to borrowers with weak or limited credit histories reached a five- year high in June. Fed figures show that high-cost loans are more common among blacks and Hispanics.
pennystockuniversity.net
Mexico Central Bank Unexpectedly Raises Rate to 7.50%
Mexico's central bank unexpectedly raised interest rates and said inflation will take longer to retreat than policy makers previously estimated.
The five-member board, led by Governor Guillermo Ortiz, lifted the benchmark rate a quarter percentage point to 7.50 percent, surprising 22 of 29 economists surveyed by Bloomberg. The peso climbed to a three-month high.
Inflation hasn't slowed as quickly as the central bank predicted in May, when it said the rate would fall to 3 percent by the end of next year. Today, the bank revised its outlook to estimate the target won't be reached until the end of 2009 because of rising food prices and higher taxes approved by Congress last month. It also dropped its ``restrictive bias,'' hinting it doesn't intend to follow with more increases.
``They had to show commitment to the target,'' said Alonso Cervera, a Latin America economist at Credit Suisse Group in New York, who predicted the increase correctly. ``It would have been very odd for them to increase their inflation forecast and then not come through with a rate hike.''
The economists who predicted today's increase, such as Cervera, Dresdner Kleinwort's Omar Borla and RBS Greenwich Capital Markets' Benito Berber, said they don't expect the bank to raise interest rates again this year. In today's statement, said the threat to Mexico's economic expansion from a decelerating U.S. economy had increased.
microcappics.com
The five-member board, led by Governor Guillermo Ortiz, lifted the benchmark rate a quarter percentage point to 7.50 percent, surprising 22 of 29 economists surveyed by Bloomberg. The peso climbed to a three-month high.
Inflation hasn't slowed as quickly as the central bank predicted in May, when it said the rate would fall to 3 percent by the end of next year. Today, the bank revised its outlook to estimate the target won't be reached until the end of 2009 because of rising food prices and higher taxes approved by Congress last month. It also dropped its ``restrictive bias,'' hinting it doesn't intend to follow with more increases.
``They had to show commitment to the target,'' said Alonso Cervera, a Latin America economist at Credit Suisse Group in New York, who predicted the increase correctly. ``It would have been very odd for them to increase their inflation forecast and then not come through with a rate hike.''
The economists who predicted today's increase, such as Cervera, Dresdner Kleinwort's Omar Borla and RBS Greenwich Capital Markets' Benito Berber, said they don't expect the bank to raise interest rates again this year. In today's statement, said the threat to Mexico's economic expansion from a decelerating U.S. economy had increased.
microcappics.com
U.S. Homeownership Falls in Longest Slide Since 1981
Homeownership in the U.S. dropped for a fourth consecutive quarter, the longest decline since at least 1981, suggesting more Americans will miss their best chance of building wealth.
The proportion of households that own their residences fell to 68.1 percent in the July-September period from 68.3 percent in the prior three months, according to a report today from the Census Bureau in Washington, whose comparable records go back to 1981. The rate has been declining from a peak in 2004, which culminated a decade of gains fueled by easier lending standards and rising home purchases by immigrants and younger households.
``Owning a home in this country has been a principal source of wealth creation for low- and moderate-income people,'' said Nicolas Retsinas, director of Harvard University's Joint Center for Housing Studies in Cambridge, Massachusetts. ``In the absence of home equity, families will inevitably spend less.''
Homeowners accumulate wealth faster than renters, with median net wealth for owners at $184,400 in 2004, compared with only $4,000 for renters, according to Federal Reserve figures.
lookthroughtmarket.com
The proportion of households that own their residences fell to 68.1 percent in the July-September period from 68.3 percent in the prior three months, according to a report today from the Census Bureau in Washington, whose comparable records go back to 1981. The rate has been declining from a peak in 2004, which culminated a decade of gains fueled by easier lending standards and rising home purchases by immigrants and younger households.
``Owning a home in this country has been a principal source of wealth creation for low- and moderate-income people,'' said Nicolas Retsinas, director of Harvard University's Joint Center for Housing Studies in Cambridge, Massachusetts. ``In the absence of home equity, families will inevitably spend less.''
Homeowners accumulate wealth faster than renters, with median net wealth for owners at $184,400 in 2004, compared with only $4,000 for renters, according to Federal Reserve figures.
lookthroughtmarket.com
Canadian Stocks Advance on Oil, Led by Scotiabank and Goldcorp
Canadian stocks had the biggest gain in five weeks after crude oil rose to a record, lifting prices of gold and other commodities, and tempering the effect of higher energy royalties announced by Alberta, hub of the nation's oil industry.
Bank of Nova Scotia and Goldcorp Inc. led the advance as Canada's dollar surged to the highest since 1974 on improved prospects for the nation's commodity exports. Canadian Oil Sands Trust paced declines among the majority of energy shares.
``The market's up on gold and resources,'' said Andrew Martyn, who helps manage the equivalent of about $475 million at Toronto- based Davis-Rea Ltd. ``People are holding off on oil stocks as the news gets digested in the market place. They're redeploying cash in financials.''
The Standard & Poor's/TSX Composite Index gained 171.49, or 1.2 percent, to 14,296.43 in Toronto. The benchmark rose 2.1 percent this week after falling about the same amount the week before.
fastgrowthstock.com
Bank of Nova Scotia and Goldcorp Inc. led the advance as Canada's dollar surged to the highest since 1974 on improved prospects for the nation's commodity exports. Canadian Oil Sands Trust paced declines among the majority of energy shares.
``The market's up on gold and resources,'' said Andrew Martyn, who helps manage the equivalent of about $475 million at Toronto- based Davis-Rea Ltd. ``People are holding off on oil stocks as the news gets digested in the market place. They're redeploying cash in financials.''
The Standard & Poor's/TSX Composite Index gained 171.49, or 1.2 percent, to 14,296.43 in Toronto. The benchmark rose 2.1 percent this week after falling about the same amount the week before.
fastgrowthstock.com
U.S. Stocks Advance as Microsoft, Apple Allay Recession Concern
U.S. stocks advanced for the sixth time in seven weeks after earnings from Microsoft Corp. and Apple Inc. bolstered speculation that the economy is growing enough to sustain profits.
Microsoft shares soared to the highest since July 2001 after Windows Vista and the ``Halo 3'' video game helped the world's largest software maker report higher-than-expected sales. Apple gained after profit increased more than analysts estimated, propelled by record Macintosh computer sales and rising demand for iPods and iPhones.
``The earnings were very, very good,'' said Richard Sichel, who helps manage about $1.5 billion as chief investment officer at Philadelphia Trust Co. in Philadelphia. ``Technology earnings have offset, to some extent, the financial worries that continue.''
Computer-related companies in the Standard & Poor's 500 Index increased profit by 11 percent last quarter, according to a Bloomberg analysis of reported results. Analysts forecast 9 percent growth three weeks ago. S&P 500 members that have released results so far posted a 0.8 percent decline in profit.
pennystockbusiness.net
Microsoft shares soared to the highest since July 2001 after Windows Vista and the ``Halo 3'' video game helped the world's largest software maker report higher-than-expected sales. Apple gained after profit increased more than analysts estimated, propelled by record Macintosh computer sales and rising demand for iPods and iPhones.
``The earnings were very, very good,'' said Richard Sichel, who helps manage about $1.5 billion as chief investment officer at Philadelphia Trust Co. in Philadelphia. ``Technology earnings have offset, to some extent, the financial worries that continue.''
Computer-related companies in the Standard & Poor's 500 Index increased profit by 11 percent last quarter, according to a Bloomberg analysis of reported results. Analysts forecast 9 percent growth three weeks ago. S&P 500 members that have released results so far posted a 0.8 percent decline in profit.
pennystockbusiness.net
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