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U.S. stocks surge on merger flurry:
Dow up triple digits, S&P 500 at 6-yr. high; BoNY, Mellon to merge:
By Nick Godt, MarketWatch
Last Update: 2:15 PM ET Dec 4, 2006
NEW YORK (MarketWatch) -- U.S. stocks powered higher Monday, with the Dow Jones Industrials Average advancing triple digits, as positive momentum from a flurry of mergers, including a megadeal in the banking sector, offset bad news from blue-chip drug maker Pfizer Inc.
The Dow industrials ($INDU) were last up 104 points at 12,298, with 27 of 30 components contributing to gains.
Within the Dow, Pfizer (PFE) fell 11% on news that it halted development of a once-promising cholesterol drug due to safety concerns.
But the impact on the blue-chip average was offset by a spate of mergers, especially news that Bank of New York Co. (BK) agreed to buy Mellon Financial Corp. (MEL) to create a $43 billion giant ranked as the world's largest custodian of financial assets.
That helped provide a lift to the financial sector, with shares of Dow members American Express Co. (AXP) , Citigroup Inc. (C) and J.P. Morgan Chase & Co. (JPM) all advancing more than 1%.
The S&P 500 Index ($SPX) rose 13 points to a six-year high of 1,409, and the Nasdaq Composite Index (COMP) gained 39 points to 2,452.
The technology sector also received a boost from merger news after news that LSI Logic Corp. (LSI) said that it will buy Agere for $4 billion.
"You have a lot of different sectors seeing consolidation, but you also have some negative news from Pfizer," said Art Hogan, chief market strategist at Jefferies & Co. "On the whole, I would say that there is more good news than bad news. As we stare down the week, we may be able to get some up days."
Trading volume was 860 million shares on the New York Stock Exchange and 1.29 billion on the Nasdaq.
Advancers beat decliners 25 to 8 on the Big Board and 7 to 3 on the Nasdaq.
By sector, banks ($BKX) , semiconductors ($SOX) and airlines (XX:$XAL: news, chart, profile) were strong, while oil ($OIX) , precious-metals miners ($XAU) and pharmaceuticals ($DRG) were weak.
Also providing a lift was Chicago Federal Reserve President Michael Moskow, who helped soothe fears that the economy was headed for a hard landing.
Speaking to reporters after a speech early Monday, Moskow said weaker-than-expected data released last week did not cause him to change his view that the economy was still on solid ground.
On Friday, stocks fell on the day and for the week after the Institute of Supply Management's manufacturing index fell to 49.5% in November, which indicated that the manufacturing sector contracted for the first time in more than three years.
News that the pending home-sales index dropped in October had little immediate impact on the stock market.
Hugh Johnson, chairman of Johnson Illington Advisors, tells MarketWatch that stocks should continue to move even higher in what remains a "liquidity-driven market."
"It's a liquidity-driven market and that's very, very positive and probably implies that stock prices will move even higher," he said, even if he believes that the market is now about 6% overvalued.
Monday's flurry of mergers, Johnson commented, is an example of the strength of corporate profits and cash flow, adding that companies have a "strong need to do something with that cash."
I just took my profits at 49.70 a few minutes ago...
This is the time of day AKAM usually starts to retrace...
I sold because the CCI on the five minute chart dropped below the upper horizontal line:
AKAM is UP $1.25 Today!...
UP 2.60% ;^))
COVERAGE INITIATED: Akamai Technologies (AKAM)
Initiated by Cowen & Co.
Initial rating: Outperform.
Briefing.com
07:33 a.m. 12/04/2006
Composite Technology Announces ACCC Cable Sale to Mohave Electric:
Last Update: 8:05 AM ET Dec 4, 2006
http://tinyurl.com/y54m2m
IRVINE, Calif., Dec 04, 2006 /PRNewswire-FirstCall via COMTEX/ -- Composite Technology Corporation (CTC) (CPTC) is pleased to announce the sale of 25 miles of ACCC conductor to Mohave Electric Cooperative based in Bullhead City, Arizona. The contract value including hardware components is approximately $1 million.
Benton Wilcoxon, CEO, stated, "We expect significant increase is sales to municipalities and local electric cooperatives as increasing numbers of engineering firms become more familiar with the compelling value proposition offered by our ACCC conductor."
About CTC:
Composite Technology Corporation, based in Irvine, California, USA develops, manufactures and sells high performance electrical transmission and renewable energy generation products through its subsidiaries:
* CTC Cable Corporation produces composite rod for use in its proprietary
ACCC aluminum conductor composite core. ACCC conductors virtually
eliminate the sag in power lines caused by high current and high line
temperatures. ACCC conductors also reduce electricity line losses, and
have demonstrated significant savings in capital and operating expenses
when substituted for other conductors. ACCC conductors enable grid
operators to eliminate blackouts and brownouts, providing a 'reserve
electrical capacity' by operating at higher temperatures. ACCC
conductors are an innovative solution for reconductoring power lines,
constructing new lines and crossing large spans. ACCC composite rod is
delivered to qualified conductor manufacturers worldwide for local ACCC
conductor production and resale into local markets.
* DeWind, Inc., and EU Energy Ltd., produce, sell, and license the DeWind
series of wind energy turbines including the 50Hz D6 rated at 1.25
megawatts (MW) and the 50Hz D8 rated at 2MW, both noted for their
reliability. In 2007, the first new 2MW D8.2 turbines are planned to be
delivered to North American customers from assembly operations in
Germany and the US. The D8.2 utilizes the advanced WinDrive(R)
hydrodynamic torque converter developed by Voith AG with a synchronous
AC generator that is able to connect directly to the grid without the
use of power conversion electronics. The DeWind D8.2 will be available
in both a 60Hz and 50Hz version.
For further information visit our websites:
www.compositetechcorp.com & www.eunrg.com
The Carphone Warehouse Selects Redback to Help Deliver Free Broadband Services in the U.K.
http://biz.yahoo.com/bw/061204/20061204005457.html?.v=1
Monday December 4, 3:00 am ET
Fourth Largest Voice Carrier in U.K. Using SmartEdge Routers to Deliver Broadband for Two Million Customers
SAN JOSE, Calif.--(BUSINESS WIRE)--Redback Networks Inc. (NASDAQ:RBAK - News), a leading provider of multi-service edge routers for next generation IP networks, today announced that Opal Telecom, a subsidiary of The Carphone Warehouse (CPW), has chosen the SmartEdge® family of multi-service edge routers to help deliver the TalkTalk free broadband service for up to two million customers in the United Kingdom (U.K.).
TalkTalk is a communications company from The Carphone Warehouse and provides a combination of free broadband (up to 8 Mbps) and unlimited fixed-line phone calls. In October 2006, The Carphone Warehouse announced plans to acquire AOL UK's broadband operations, and the deal is expected to close in early 2007. The acquisition will make The Carphone Warehouse the third largest broadband provider in the U.K., with almost two million customers.
"Offering triple-play services is a compelling value for Internet users and has transformed the broadband market," said Magnus Almquist, vice president of sales & operations for Redback in Europe, Middle East and Africa. "It powerfully demonstrates that all communications can be delivered over a single broadband infrastructure and that over time carriers can use the power of Internet technology to converge communications and entertainment services. We are very pleased to be working with The Carphone Warehouse on this opportunity."
Clive Dorsman, chief technical officer of Opal Telecom, said: "Our strategy is to move quickly when we see new market opportunities. Being able to offer free broadband as part of a calling package provides The Carphone Warehouse with an opportunity to attract new customers, provide even better value to existing ones, whilst using the very profitable integrated service with a flexible IP infrastructure from Redback."
Redback's SmartEdge multi-service edge routers give network operators a graceful migration path to triple-play services, advanced business services such as unified communications and mobility services such as WiFi, WiMAX and mobile broadband networks. Redback uses a single system to manage data, voice and video services over next generation broadband networks. The platform is attractive to carriers because Redback uses a modular operating system and programmable processors that were specifically designed to manage different kinds of broadband IP services simultaneously. This flexible platform for multi-service networks give carriers higher levels of service consolidation, system availability, service scalability, and network mobility.
Twelve of the top 20 telephone carriers worldwide use SmartEdge routers for broadband, phone and TV services. Top carriers using SmartEdge include Belgacom, BellSouth, China Telecom, China Netcom, Chungwha Telecom (Taiwan), eAccess (Japan) France Telecom, Korea Telecom and Turk Telecom.
About Redback Networks
Redback Networks Inc. manages 50 million broadband connections for 15 of the top 20 DSL carriers worldwide. Redback's multi-service routing platform delivers next generation broadband services such as VoIP, IPTV, On-Demand Video, and on-line gaming. Redback Networks has more than 500 carrier customers worldwide and is based in San Jose, CA. In 2006, Redback marks its 10 year anniversary, celebrating ten years of broadband innovation. For more information, visit Redback Networks at www.redback.com.
About Carphone Warehouse
The Carphone Warehouse was set up in 1989 by Charles Dunstone. Today it is Europe's leading mobile communications retailer, generating annual turnover of 2,355m pounds (y/e March 05), offering customers impartial and expert advice, the widest choice of the latest product and unbeatable service. The company operates across 10 markets and employs over 12,000 people working across the stores, the support centres, the call centres, the online teams and the direct sales teams (telesales).
About TalkTalk
TalkTalk is the communications company from The Carphone Warehouse. Since its UK launch in February 2003, TalkTalk has become the number one alternative to BT, with over 2.6 million customers and continued strong growth.
In April 2006, TalkTalk launched the UK's first ever FREE broadband service, offering high speed broadband of up to 8Mb, plus unlimited free calls to 28 mainland countries for just 8.99 pounds per month (plus line rental of 11 pounds). As of 30 September, 625,000 applications have been made, of which 421,000 have been signed up. The broadband 'go-live' rate has halved from 10 weeks (June 2006) to five (September 2006).
On 11 October 2006, The Carphone Warehouse announced the acquisition of AOL's Internet access business in the UK, immediately becoming the third largest broadband provider in the UK.
TalkTalk is proud to support TreeHouse, the national charity for autism education. Together TreeHouse and TalkTalk are working to transform the lives of all children with autism, raising funds and driving awareness of autism through a variety of fresh, interactive initiatives. TreeHouse is a registered charity, number 1063184. In September 2006, TalkTalk launched a new directory enquiry service, 118111 from which 1p per call is donated to TreeHouse.
REDBACK and SmartEdge are trademarks registered at the U.S. Patent and Trademark Office and in other countries. NetOp is a trademark of Redback Networks Inc. All other products or services mentioned are the trademark, service marks, registered trademarks or registered service marks of their respective owners.
Note Regarding Forward Looking Statements -- Redback Networks, Inc.
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. These statements include but are not limited to statements regarding the ability of Redback's products to help carriers deliver communications services over a single broadband infrastructure and the expected deployment of broadband upgrades in the U.K.. All forward-looking statements included in this document are based upon information available to us as of the date hereof, and we assume no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected, including without limitation the risks and uncertainties relating to our business as set forth in the documents filed by Redback Networks with the Securities and Exchange Commission (SEC), specifically the most recent report on Form 10-K for the fiscal year ended December 31, 2005, Form 10-Q for the quarter ended September 30, 2006, Forms 8-K, and amendments thereto, and the other reports filed from time to time with the SEC.
Contact:
Redback Networks
Doug Wills, 408-750-5038 (Media)
dwills@redback.com
Investor Relations, 408-750-5505
investor_relations@redback.com
AKAM set a "Second Low" on a closing basis...
On it's daily chart on last Friday...Which could signal another move to the upside and present us with a good Swing Trade Entry to go Long...
The hourly chart shows the PPS is at the lower Bollinger Band with a SAR and upper BBand price target of about $49.00
The daily chart shows that Friday's close was just above Monday's close of $47.62 but most of the Technical Indicators are downticking, and the average daily Volume is decreasing...
Maybe today's "Outperform" rating that was initiated by Cowen & Co. will be the catalyst for a good entry on a Swing Trade using my "Second Low" theory...
Good Luck To ALL ;^))
News for 'RBAK' - (Redback Networks Executive to Present at the NASDAQ 18th Investor Program)
SAN JOSE, Calif., Dec 01, 2006 (BUSINESS WIRE) -- Redback Networks Inc.
(NASDAQ:RBAK), a leading provider of multi-service edge routers for
next-generation broadband networking systems, announced that Thomas L. Cronan
III, senior vice president of finance and administration and chief financial
officer, will be presenting at the NASDAQ 18th Investor Program, Tuesday,
December 5th, 3:45 - 4:30 pm UK at The Chancery Court Hotel, London, U.K.
The audio only portion of the presentation will be webcast simultaneously during
the conference and archived for 30 days. To access the webcast of this
presentation, go to:
http://investor.shareholder.com/nasdaq/london.cfm
About Redback Networks
Redback Networks Inc. manages 50 million broadband connections (SMS+SmartEdge
products) for 15 of the top 20 carriers worldwide. Redback's multi-service
routing platform delivers next generation broadband services such as VoIP, IPTV,
Video-on-Demand and on-line gaming. Redback Networks has more than 500 carrier
customers worldwide and is based in San Jose, CA. In 2006, Redback marks its 10
year anniversary, celebrating ten years of broadband innovation. For more
information, visit Redback Networks at www.redback.com.
REDBACK and SmartEdge are trademarks registered at the U.S. Patent and Trademark
Office and in other countries. SMS and NetOp are trademarks of Redback Networks
Inc. All other products or services mentioned are the trademarks, service marks,
registered trademarks or registered service marks of their respective owners.
SOURCE: Redback Networks Inc.
CONTACT: Redback NetworksDoug Wills, 408-750-5038 (Media Relations)dwills@redback.comInvestor Relations, 408-750-5505investor_relations@redback.com
Copyright Business Wire 2006
News for 'AKAM' - (Akamai to Participate in Lehman Brothers 2006 Global Technology Conference)
CAMBRIDGE, Mass., Dec 01, 2006 (BUSINESS WIRE) -- Akamai Technologies, Inc.
(NASDAQ: AKAM) the leading global service provider for accelerating content and
business processes online, announced today that it will participate in the
Lehman Brothers 2006 Global Technology Conference. Chief Financial Officer J.D.
Sherman, will present an update on Akamai's service offerings in San Francisco, California.
When: Tuesday, December 5, 2006
2:30PM (Pacific Time)
Where: The Fairmont Hotel
950 Mason Street San Francisco, California
What: Presentation: Review of company service offerings
A live audio webcast of the panel discussion and a replay will be available on
Akamai's website at http://www.akamai.com/en/html/investors/overview.html.
Please go to the "Events Calendar" section of the Akamai Investor Relations Web
page to access the presentation.
About Akamai
Akamai(R) is the leading global service provider for accelerating content and
business processes online. Thousands of organizations have formed trusted
relationships with Akamai, improving their revenue and reducing costs by
maximizing the performance of their online businesses. Leveraging the Akamai
EdgePlatform, these organizations gain business advantage today, and have the
foundation for the emerging Web solutions of tomorrow. Akamai is "The Trusted
Choice for Online Business." For more information, visit www.akamai.com.
SOURCE: Akamai Technologies, Inc.
CONTACT: Akamai Technologies, Inc.Jeff Young, 617-444-3913Media Relationsjyoung@akamai.comorSandy Smith, 617-444-2804Investor Relationsssmith@akamai.com
Copyright Business Wire 2006
U.S. Oct. construction spending falls 1.0%
By Robert Schroeder
Last Update: 10:00 AM ET Dec 1, 2006
WASHINGTON (MarketWatch) -- Spending on U.S. construction projects dropped by 1.0% in October, as outlays on private residential construction matched a low hit in July 2006, the Commerce Department said Friday.
Private residential construction spending fell by 1.9% in October, the latest evidence the U.S. housing market has pulled back sharply.
Private construction spending dropped by a sharp 1.5% in October. Spending on private nonresidential construction projects fell by 0.7%.
The decline in overall construction spending beat the 0.3% drop expected by economists surveyed by MarketWatch.
IBCX News Out tonight!...
This one could really take off tomorrow...
Rosswood Country Club Board Unanimously Agrees to Sell the Historic Property to New York Based IBAC Corporation
Thursday November 30, 11:00 pm ET
http://finance.yahoo.com/q?s=IBCX.PK
(and look at the two previous PR's while you're at it)
NEW YORK--(BUSINESS WIRE)--IBAC Corporation (PINK SHEETS: IBCX - News) a Hospitality/Resort Holding Company reported that tonight the Board of Rosswood Country Club in Pine Bluff, Arkansas unanimously agreed to sell the historic property to IBAC Corporation. The Property will be a 100% owned subsidiary of IBAC Corporation
The country club & golf course a 72 par/6,908 yards was commissioned by International Paper and built and designed by the world renowned golf course designer Alfred H. Tull and opened in 1961, and includes tennis courts, pool, banquet space, restaurant, bar, pro shop with a resident pro. The property encompasses approximately 200 prime acres. For further information visit:
http://www.southcentralgolf.com/Pages/Templates/ArkPrivDetail.php?recordID=Rosswood%20Country%20Club
(or if that link doesn't work, try this one:)
http://tinyurl.com/ykcf6z
(Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
The company intents to utilize the country club as an added amenity to the hotel it owns The Royal Arkansas Hotel & Suites in Pine Bluff, Arkansas, The company also intends to incorporate/build a number of tasteful high end single family homes and/or condos on the property abutting the golf course while not compromising the courses history or design, thus creating additional profits from the acquisition while defraying the acquisition cost.
The company also intends to maintain the current members of the board on an advisory basis; it is the intent of the company to increase membership back to the level that this property has once enjoyed, with the prestige and level of service equal to or beyond its history.
"We are very excited with the Rosswood Country Club Boards approval of this acquisition as it opens a whole new stream of revenue and adds another significant real estate owned property to our portfolio, the number of profit centers involved with this property are extremely exciting, membership fees, wedding receptions, liquor and food sales, catering etc.
The company will never compromise the integrity of this world class property, it is only our intent to restore and enhance its position in history. We expect to close and take possession of the property by year's end." said Wayne Burmaster, President IBAC Corporation.
"We are totally committed to the city of Pine Bluff and the community and we will continue to invest in quality properties in Arkansas" added Wayne Burmaster President IBAC Corporation
IBAC Corporation is a New York-based holding company operating through its subsidiaries within the Resort, Hotel, Food Service & Restaurant industries. IBAC now has operations in Florida, Tennessee & Arkansas. For more information, please visit: www.ibaccorp.com.
Forward-Looking Statements:
Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of our products and services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management or increased government regulation.
Contact:
IBAC Corporation
Investor Relations, 718-891-8188
Fax: 775-320-5437
Investorrelations@ibaccorp.com
www.ibaccorp.com
Source: IBAC Corporation
Good Luck To ALL ;^))
PP...don't you mean against the mighty GOOGLE! ;)
Form 8-K for COMPOSITE TECHNOLOGY CORP
30-Nov-2006
Entry into a Material Definitive Agreement, Unregistered Sale of Equity:
http://biz.yahoo.com/e/061130/cptc.ob8-k.html
Item 1.01. Entry into a Material Definitive Agreement
The Registrant executed a Strategic Alliance Agreement with TECO-Westinghouse Motor Company ("TWMC") on November 27, 2006. Under this Agreement, the parties agreed to (1) enter into a sub-contract production arrangement for TWMC to produce for the Registrant's subsidiary, DeWind, Inc. ("DWI"), parts necessary for its turbine products, (2) enter into a joint research and development effort to develop new technology and (3) establish joint wind turbine service and repair business in North America. Each party will be responsible for its own costs incurred pursuant to this Agreement.
Item 3.02 Unregistered Sales of Equity Securities.
On November 8, 2006, we granted a warrant to purchase 220,000 shares of our common stock at an exercise price of $1.10 to an individual in consideration of consulting services rendered. We also issued 50,000 shares of our common stock to another entity for services previously rendered. We issued 177,523 shares of our common stock to a French utility in connection with certain services in the commercialization of the Registrant's conductor technology at $1.09 per share.
We relied upon the exemption from registration as set forth in Section 4 (2) of the Securities Act for the issuance of these securities. The recipient took its securities for investment purposes without a view to distribution and had access to information concerning us and our business prospects, as required by the Securities Act. In addition, there was no general solicitation or advertising for the acquisition of these securities.
Item 7.01. Regulation FD Disclosure.
On November 28, 2006, the Registrant issued a press release announcing the Strategic Alliance. A copy of the press release is attached as Exhibit 99.1.
The information in this Item 7.01 and the exhibit attached hereto shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The furnishing of the information in this Item 7.01 is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the information this report contains is material investor information that is not otherwise publicly available.
Item 9.01. Financial Statement and Exhibits.
(a) Financial Statements of businesses acquired. Not applicable.
(b) Pro forma financial information. Not applicable
(c) Shell company transactions. Not applicable.
(d) Exhibits
Exhibit
Number Description
10.1 Strategic Alliance Agreement by and between the
Registrant and TECO-Westinghouse Motor Company
dated as of November 27, 2006
99.1 Press Release dated as of November 28, 2006
Alcatel-Lucent: Last megadeal in networking?
Smaller buyouts could multiply amid competition in telecom-gear market...
By Jeffry Bartash, MarketWatch
Last Update: 6:30 PM ET Nov 30, 2006
http://tinyurl.com/wavvw
WASHINGTON (MarketWatch) -- The $11.6 billion marriage of Alcatel SA and Lucent Technologies Inc., which was completed on Thursday, may be the last mega-merger among communications-equipment firms for a while.
But that doesn't mean this industry will be bereft of deal-making.
More likely, investors will see second-tier networking vendors snapped up as gear makers -- and the phone companies they sell to -- continue down a path of consolidation.
Among the companies that have been mentioned as both potential acquirers and targets include Tellabs Inc. (TLAB) , Juniper Networks Inc. (JNPR) , Ciena Corp. (CIEN) and Redback Networks Inc. (RBAK)
As with most large mergers, Lucent and Alcatel (ALA) also hope to reap big savings by combining duplicate operations and pooling research. They plan to cut 9,000 employees from their combined work force of 79,000 over the next three years to generate annual savings of $1.85 billion.
Patricia Russo, chief executive of Lucent, will retain that role for the combined company and move to Paris to run it.
Serge Tchuruk, CEO of Alcatel, will become non-executive chairman. Integrating the far-flung operations of the French and American companies will take up to several years, the companies say.
In the wake of that combination, the largest long-established phone-equipment vendor still without a partner is Canada's Nortel Networks Inc. (NT)
Keeping distance:
Suitors have looked over the company repeatedly but kept their distance as Nortel recovers from an accounting scandal a few years ago.
While most analysts expect Canada-based Nortel to eventually get bought out -- intact or piecemeal, the "who and the when" are far from clear, said Norm Bogen, an analyst with In-Stat, a market-research firm in Scottsdale, Ariz.
Perhaps the most likely suitor, analysts say, is Huawei, the largest vendor in China.
"Huawei desperately wants entry into North America," Bogen said.
Yet such a move could trigger resistance from the Canadian government, which historically has been protective of Nortel.
The company has already shed tens of thousands of jobs and the government isn't eager to see more of them leave the country.
But Nortel isn't the only firm that may find itself the target of takeover interest.
The Alcatel-Lucent merger will put further pressure on smaller vendors to look for a partner -- a trend already long underway.
Although demand for the latest networking gear is on the upswing, phone companies have slashed spending on older equipment and are monitoring their spending carefully.
What's more, telecom providers around the world have consolidated at a rapid pace to create a few dozen huge communications carriers.
The pending merger between AT&T Inc. (T) and BellSouth Corp. (BLS) is just the latest in a long procession of deals, including the combination of Sprint Nextel Corp. (S) and Verizon Communications Inc.'s (VZ) acquisition of long-distance provider MCI.
Fewer suppliers:
Those massive carriers prefer to deal with fewer suppliers who can manage most of their needs.
"You need giant vendors to serve these giant companies," said Stephane Teral, a communications analyst at Infonetics Research.
The consolidation wave has made it tough for second-tier equipment makers to raise prices, increasing the likelihood they will link up with a larger suitor with deeper pockets and more marketing muscle.
The industry as a whole is likely to see annual percentage sales growth in the mid-single digits in the short term, analysts say. As a result, companies have to look to acquisitions to boost growth.
To be sure, the Lucent-Alcatel deal could provide an opening for smaller vendors to create deeper relationships with big phone companies.
"They could say: 'Here's what we do better than the big guys,' " said Nick Maynard, senior analyst at The Yankee Group.
But while "there is always room for niche players, getting much bigger is going to be extremely difficult" unless they either agree to be acquired or pursue their own acquisitions, Maynard said.
Jeffry Bartash is a reporter for MarketWatch in Washington.
Nasdaq closes November with 2.7% gain; Dow and S&P rise 1.2% and 1.6%
http://tinyurl.com/yfc5ep
NEW YORK (MarketWatch) -- U.S. stocks closed little changed on the day but sharply higher on the month Thursday, after a session featuring early weakness caused by soft economic data and disappointing retail sales as well as a late-session spurt of buying.
Throughout most of the day stocks were lower after a Chicago-region manufacturing survey showed contraction in November. A weak outlook from Wal-Mart Stores Inc. (WMT) , crude oil prices close to $63, and a continued slide in the dollar also weighed.
The Dow Jones Industrial Average ($INDU) closed down just 4.80 points at 12,221.93, after rebounding from an intraday low of 12,162. For November, the Dow rose 1.2%
Pfizer Inc. (PFE) provided support for the Dow, gaining 1.6% after raising its earnings outlook for 2006.
It helped offset the impact of Wal-Mart (WMT) , which dropped 1.7% after forecasting that December same-store sales will be flat to up 0.1% in December.
General Motors Corp. (GM) , another Dow component, dropped 0.9% on news that billionaire investor Kirk Kerkorian's Tracinda investment vehicle will sell another 14 million shares of the company's stock.
The S&P 500 ($SPX) rose 1.17 point to 1,400.65, while the Nasdaq Composite (COMP) lost just 0.46 point to end at 2,431.77. For the month, the S&P rose 1.6% and the Nasdaq added 2.7%
There was no real news to prompt the late session improvement in the major averages, according to Jim Awad, president of Awad Asset Management.
"It's just that there's still a lot of people still underinvested relative to how well this market has done so far this year," he said.
A strong flow of fund money, Awad said, "is seizing on the dips to put money to work in this market as it tries to catch up before the end of the year. This market has a lot of momentum and it's going to take more than a piece of bad news to derail it," he said.
After a mixed opening, stocks had turned lower after the release of the Chicago purchasing managers index showed a reading of 49.9% in November from 53.5% in October.
The reading is the lowest since April 2003 and surprised economists who were expecting a rise to 54.4%
Readings below 50 indicate contraction in the region, raising concern that a national survey on manufacturing this Friday might also show contraction.
"This was just another piece of bad news for the market today," said Art Hogan, chief market strategist at Jefferies & Co.
Retail picture:
Besides Wal-Mart, retailers posted disappointing same-store sales results for November on Thursday.
Investors have been closely monitoring consumption to see whether reduced wealth from a fast-falling housing market is pinching consumers' wallets.
"The big question is whether the consumer is still spending, and how much the consumer is spending," Hogan said.
"So far, it's not outstanding," he said, adding that "same store sales were lighter than we'd like to see."
JC Penney Co. Inc. (JCP) , forecast to be a big winner, disappointed hugely with a 1.4% increase compared with the 3.7% average estimate. The stock dropped 2.8%
The Gap Inc. (GPS) fell 1.8% after the retailer said same-store sales dropped 8% in November, prompting broker Lazard Capital to downgrade the stock to hold from buy.
Costco Wholesale Corp. (COST) lost 2% after saying sales were 5% higher, missing the 5.8% average increase expected by analysts surveyed by Thomson First Call.
Trading volume was 1.971 billion shares on the New York Stock Exchange and 2.107 billion on the Nasdaq.
By sector, precious metals miners ($XAU) , semiconductor issues ($SOX) and technology stocks ($TXX) were strong, while transportation ($TRAN) and banks ($BKX) were weak.
Earlier economic data had pointed both to higher-than-expected inflation pressures and slowing growth.
The market is hoping that the Federal Reserve will cut interest rates early next year to stave off a housing-led economic slowdown. But that scenario might be delayed if the Fed perceives inflation remains too much of a risk.
Core inflation, as measured by the core personal consumption expenditure index, rose at a faster than expected 0.2%, keeping the year-over-year rate at 2.4%, above the Fed's implied cap of 2%
However, weekly unemployment figures rose more than expected, which should temper wage pressures on inflation.
The number of U.S. workers applying for jobless benefits climbed 34,000, the highest amount in more than a year last week, to 357,000, the Labor Department said.
"We'll probably continue to have a lot of volatility" until the market figures out how consumers are faring, said Jefferies' Hogan.
"Given the strong [market] gains we've seen this year, it's going to be difficult not to have strong reactions to incoming data," he said.
Meanwhile, Sam Stovall, chief investment strategist at Standard and Poor's, tells MarketWatch that concern over manufacturing growth might lead to more concern for stocks. Listen to Stovall.
"The Chicago PMI did fall to below 50," he says, "and what's important about being sub-50 is that implies the economy is contracting.
"We could be setting ourselves up for a pullback or even a possible correction," in the market, he added.
Other markets:
The dollar continued to fall sharply against major rivals, touching a 14-year low against the British pound and a fresh 20-month low against the euro.
The dollar was last down 0.7% against the yen, down 0.6% against the euro and down 1% against the British pound.
Gold rallied on the weaker dollar. Gold futures rose $11.40 to close at $646.90 an ounce.
Oil futures continued higher after bullish supply data released Wednesday. Oil for January delivery closed up 67 cents at $63.13 a barrel.
Treasuries rallied on the Chicago PMI. The 10-year note rose 15/32 to 101 9/32, yielding 4.458%, an 11-month low. See full story.
"Low bonds yields are also making stocks more attractive," said Awad, of Awad Asset Management.
Stocks in focus:
Microsoft Corp. (MSFT) , which begins shipping its next-generation Vista operating system to corporate customers on Thursday, dropped 0.7%
Heinz Co. (HNZ) rose 1% after the company posted second-quarter earnings that were below analyst forecasts.
Hot Topic Inc. (HOTT) rose 3.1% after the clothing retailer said November same-store sales dropped 4.3%, less than the 6.8% fall predicted by analysts.
TiVo Inc. (TIVO) dropped 9.2% after the digital video-recording firm predicted fourth-quarter sales below Wall Street's consensus.
Nick Godt is a MarketWatch reporter based in New York.
I just now saw MSFT's closing price.
...sigh
Here we go again, eh? ;)
Thank you so much, PP...I really appreciate your going to the trouble to pull up the chart and most of all I appreciate your analysis of the situation!
Amazing!...YHOO wins a round...
Against the monsterous Micr$loth...lol
I'm sorry to say that MicroSloth...
Closed at 29.37 which only three cents above it's intraday low today, and is two cents lower than Tuesday's close of 29.39
That means 'technically' that it has broken down through the signal line of a Double-Top chart pattern on the daily chart...
How this stock move depends a lot on how the overall Market does in the next few sessions, but on it's daily chart it really looks quite Bearish for a number of reasons...
Who knows?...Maybe Vista can pull this stock up by it's bootstraps again...
And this sounds promising for Yahoo...
Google's getting out of the research business
SAN FRANCISCO -- Google Inc. doesn't have all the answers. It is abandoning a four-year-old service that hired researchers to field questions on everything from school homework to sports trivia.
The retreat, announced in a notice posted on Google's Web site last Tuesday night, represents a rare victory for rival Yahoo Inc.
It also may signal Google's intention to refocus on its core search engine, a moneymaking machine that generates virtually all its profit. Google executives recently expressed worries about having too many disjointed products scattered across its Web site.
Thanks, PP...I should have told you I was in no hurry for the info. Did you finish your day trading?
I'm not surprised at the analysis on MSFT to be truthful. They just can't seem to get to that $30. level.
Do I have another YHOO on my hands? Seems so... I have to remember... PATIENCE!
BTW, this sounds a little promising for MSFT...
Microsoft Expects Big Numbers from Vista and Office; Zune Debuts at Number Two
Thursday November 30, 3:01 pm ET
By the BullMarket.com Staff
Today brought one of the most long-awaited and talked about product launches in recent memory, but don't expect to see customers camping out for it as they have for other high-profile product debuts this month. After years of planning and several delays, Microsoft finally released Windows Vista and Office 2007 to corporate customers. The launch was splashy, but corporate uptake will rely more on the idiosyncrasies of company budgets and strategic planning than anything else.
As a result, analysts expect the adoption of this new software by corporate clients to occur slowly over the course of a year or more, as firms weigh the risks and benefits of an upgrade. The consumer release, set for January 30th, is expected to see swifter adoption as people use the Vista launch as an excuse to buy new PCs. In spite of the measured tone of analysts, Microsoft CEO Steve Ballmer is suggesting that the impact of this software launch should not be underestimated.
In a company release today, he said the company expects that by the end of 2007, more than 200 million people will be using Vista, Office 2007, or any of the 30 new offerings for business customers to be released tomorrow. Ballmer added that over the course of the next decade, these new products will be used by "well beyond 1 billion people." Ballmer also told Bloomberg that estimates from computer distributor CDW Corp that 20% of customers will upgrade to Vista over the next year is too low. Ballmer sees "significantly more" adoption than that. As noted early in October, it looks to us that Microsoft has assembled the tools to make Vista significantly better adopted by business after one year than Windows XP was. So the start of the next phase in the company's major product update has not only begun, but it could unfold better than analysts are predicting.
Separately, initial numbers are coming in on Microsoft's other big product launch, the Zune portable media player. According to market research firm NPD group, Zune snagged 9% of the domestic digital music player market right out of the gate, making it the #2 player after its first week in stores. Number one, of course, is Apple Computer's iPod, whose market position appears unassailable in the face of Microsoft's new effort. Reviews of the Zune have been tepid at best, but considering this is a first-generation product, that's to be expected. Microsoft has a long way to go before it can threaten the iPod, but the Zune has already shown that it can displace second-tier players like SanDisk (Nasdaq: SNDK - News), whose Sansa relinquished its #2 spot to the Zune.
In terms of financial results, Zune doesn't even register compared to Vista or Office, but we noted earlier this month that this first iteration is similar to the first Xbox. As long as version 1.0 generates worthwhile feedback for future improvements, Zune should play an important role in the evolution of the company toward the handling and integration of digital media. Early sales aren't anything to boast about, but we expect Microsoft considers the performance so far a success.
OK Pegs...Here's M$FT for you...
It's NOT looking good right now...The chart pattern is a Double-Top and today's closing price is critical...Two sessions ago it closed at 29.39 and if it closes below that today, it will have closed below the neckline of the Double-Top and officially be in the Bear...The last two Candlesticks are Shooting Stars, a bear signal...The 5DMA is about to cross down through the 15DMA and the PPS may close below the 15DMA for the first time in one month...ALL of the Technical Indictors are downticking, and it's not even totally Oversold yet...The Volume is weak so far today...It looks like this one may have a little breakdown here soon unless the overall Market can start another rally soon...Overall, there's way more of the Bear showing on this chart than the Bull...
Good Luck To ALL ;^))
Chicago PMI slows to lowest level since April 2003
By Greg Robb
Last Update: 10:18 AM ET Nov 30, 2006
http://tinyurl.com/yxbh65
WASHINGTON (MarketWatch) - Business activity in the Chicago region slowed to its lowest level in more than three years in November, according to Chicago purchasing managers index released Thursday.
The Chicago purchasing managers index fell to 49.9% in November from 53.5% in October. This is the lowest level since April 2003.
The drop surprised economists, who were expecting the Chicago PMI index to rebound slightly to 54.4%.
Readings below 50 indicate contraction in the region.
The employment index dropped to 49.4% from 57.0%.
The prices paid index fell to 60.2% from 62.5% in October.
The new orders index fell to 52.0% from 54.1%.
Inventories fell to 57.7% from 67.2% in the previous month.
The deliveries-diffusion index fell to 43.0% from 54.1%. This is the lowest since March 2001.
OK...I'll get to it real soon...
I'm kind of busy with a day trade right now ;^))
It's working for me now, PP.
MSFT, please.
Good Morning! Peggy Sue...
I'm not having any trouble with my Yahoo Finance portfolio's this morning...The problem must be on your end...
Now, what was your question?...What am I looking for in my "crystal ball"?...YHOO or Micro$loth, or both?...TIA
U.S. initial weekly jobless claims highest in more than year:
By Robert Schroeder
Last Update: 8:30 AM ET Nov 30, 2006
http://tinyurl.com/ycx4h6
WASHINGTON (MarketWatch) -- The number of U.S. workers applying for jobless benefits climbed by the highest amount in more than a year last week, to 357,000, the Labor Department said Thursday.
First-time claims for state unemployment benefits rose by 34,000 to 357,000 for the week ending Nov. 25.
The rise in claims is up from a revised 323,000 the prior week, the Labor Department said.
The number of workers continuing to collect unemployment benefits jumped by 45,000 during the week ending Nov. 18, to 2.48 million.
The four-week average of continuing claims also rose, by 18,750 to 2.45 million.
Consumer spending perks up in October:
Core inflation rises 0.2%, a tenth higher than expected...
By Rex Nutting, MarketWatch
Last Update: 8:51 AM ET Nov 30, 2006
http://tinyurl.com/yh6zeg
WASHINGTON (MarketWatch) -- Real consumer spending in the U.S. rose 0.4% in October following two lukewarm months, the Commerce Department reported Thursday.
Core inflation rose slightly faster than expected at 0.2%, keeping the year-over-year gain in the core personal consumption expenditure price index at 2.4%, well above the Federal Reserve's implied cap of 2%.
Economists had been expecting core prices to rise just 0.1%, according to a survey conducted by MarketWatch.
With gasoline prices falling in September and October, overall consumer prices are up 1.5% in the past year, the lowest inflation rate in four years.
Nominal incomes rose 0.4%, the weakest growth since June, and a tenth lower than expected. However, with prices falling 0.2%, real (inflation-adjusted) after-tax incomes rose 0.6%, the second-best growth in more than a year.
Nominal spending increased 0.2 in October, a tick higher than the 0.1% expected. Nominal spending in September was revised lower to negative 0.2% from 0.1%.
The acceleration in real spending in October comes after sluggish spending at the end of the third quarter. Economists are looking for growth of about 2.3% in the current quarter after a 2.2% gain in the third.
Real spending in October was boosted by a 0.7% gain in purchases of nondurable goods. Spending on durable goods increased 0.2% and spending on services increased 0.3%.
With real disposable incomes rising faster than real spending, the personal savings rate improved to negative 0.6%, the highest since March. The savings rate has been negative for 19 consecutive months. The savings rate can be negative if consumers borrow or sell assets to support consumption.
On the income side, nominal employee compensation increased 0.6% for the second straight month. Wages rose 0.6%, while supplements such as benefits rose 0.5%.
Proprietors' income increased 0.1% after no growth in September. Income from assets, such as dividends and interest, increased 0.7%.
Personal taxes increased 1.2%.
Rex Nutting is Washington bureau chief of MarketWatch.
G'morning PP, I can't get my usual info (have my 'folios set up on Yahoo)... for whatever reason. This is the message I get:
Hey, where's my page? Sorry, we have run into a temporary problem retrieving your page.
The page you're seeing now is a guest page. Please try again later for your page.
I don't know what's up with Yahoo. Even their message boards suck. They shoulda paid more attention to the old adage..."if it ain't broke, don't fix it."
Anyway, this post re MSFT is interesting to me (one of my holdings)...ever since the announcement Vista has been delayed until January the stock has languished.
What do you see for them in your crystal ball?
U.S. stock futures up before inflation, retail data:
Core PCE measure expected to slow; Microsoft rolls out upgrade
By Steve Goldstein, MarketWatch
Last Update: 8:00 AM ET Nov 30, 2006
http://tinyurl.com/y2zh8q
LONDON (MarketWatch) -- U.S. stock market futures advanced on Thursday as Microsoft rolls out an upgrade to its key operating system and before data likely to show declining inflation and a slower rate of retail sales growth.
S&P 500 futures rose 2.9 points at 1,405.10 and Nasdaq 100 futures advanced 3.25 points at 1,799.00. Dow industrial futures rose 24 points.
U.S. stocks closed sharply higher on Wednesday, with investors snapping up stocks after an upward revision to third-quarter economic data and as a rise in oil prices prompted buying of oil producers. The Dow industrials rose 90.3 points, the Nasdaq Composite rose 19.6 points and the S&P 500 rose 12.8 points.
Crude-oil futures continued to rise in electronic trade, up 14 cents at $62.60 a barrel.
The dollar declined against major rivals, notably the British pound, falling to a 14-month low. Sterling rose as high as $1.9578
Thursday's U.S. economic calendar includes the core personal consumption expenditure price index for October, a gauge of inflation that probably fell to 0.2% from 0.1% in September.
Also on the docket: October's personal income and consumer spending, weekly jobless claims and Chicago-area purchasing managers index.
Companies meanwhile will be releasing same-store sales figures for November.
According to Thomson Financial, same-store sales in November probably rose 2.7%, below the 3.7% growth last year. Excluding Wal-Mart Stores (WMT), however, same-store sales probably rose 4.8%, compared to 3.3% last year.
December same-store sales are seen being flat to up 1%, the world's largest retailer said.
Limited Brands (LTD) topped forecasts with a 12% rise in November same-store sales, while Costco Wholesale (COST) missed estimates with only a 5% same-store sales advance.
Hot Topic (HOTT) may climb after the clothing retailer said November same-store sales dropped 4.3%, less than the 6.8% fall predicted by analysts.
Microsoft (MSFT) begins shipping its next-generation Vista operating system to corporate customers on Thursday. Sell-side analysts haven't been too enthusiastic about its launch.
"We believe that, all else being equal, Vista's contributions will affect earnings growth by less than 5%," wrote Bear Stearns analyst John DiFucci, who rates Microsoft shares peer perform.
Elsewhere, Merrill Lynch cut Internet company IAC InterActiveCorp (IACI) to neutral from buy, citing the recent strong rally in the shares, which it said was fueled in part by its addition to the S&P 500 index. The broker told clients it doesn't expect near-term results to drive meaningful multiple expansion from current levels.
The same broker upped Lazard (LAZ) to buy from hold, citing meaningful improvement at its asset management unit.
The U.K. Ministry of Defense has given a 6 billion-pound ($11.7 billion), 25-year contract to privatize the military's entire flight-training operations to a consortium led by British support services company VT Group and U.S. defense giant Lockheed Martin (LMT).
TiVo (TIVO) may decline after the digital video-recording firm predicted fourth-quarter sales below Wall Street's consensus.
Overseas, the Nikkei 225 climbed 1.2% in Tokyo, while the FTSE 100 edged 0.2% higher in London.
Steve Goldstein is MarketWatch's London bureau chief.
Thanks PP for the chart analysis and message.
Also,watching RBAK for an entry point and s/t trade.
Thanks,
GJD
You're Welcome! ;^))
October's new-homes sales off 3.2%
Median sales prices up 2% in the past year...
By Rex Nutting, MarketWatch
Last Update: 10:16 AM ET Nov 29, 2006
http://tinyurl.com/ygug63
WASHINGTON (MarketWatch) -- Sales of new homes fell 3.2% in October to a seasonally adjusted annual rate of 1.004 million, the Commerce Department estimated Wednesday.
New-home sales are now down 25.4% in the past year. Measured out over the first 10 months of 2006 compared with the same period in 2005, sales are down 17.9%
The sales pace in July, August and September was revised lower by a total of 64,000 units. Read the full government report.
Economists had been expecting a decline to an annualized rate of about 1.04 million new homes sold for October.
Median sales prices were up 2% in the past 12 months to $248,500, reversing a trend toward falling prices year over year. Sales of houses priced less than $200,000 decreased by 16%
Meanwhile, the volume of new homes on the market dropped 0.7% to 558,000, marking the third straight decline. The inventory represents a seven-month supply at the current sales pace, up from 6.7 months in September; it peaked at 7.2 months in July.
Home builders have piled on incentives, including offering free vacations and new cars, to sell homes and work off inventories. Such incentives are not subtracted from the sales price reported to the government.
Sales are reported when a contract is signed, not at the closing of the sale. Home builders have reported a large increase in cancellations in recent months. Cancellations are not reflected in the government data, so the reported sales are likely overstated.
Regionally, October's new-home sales fell by 39% in the Northeast, by 5.6% in the Midwest and by 1.7% in the South. Sales rose 3.2% in the West.
The government cautions that its housing data are subject to large sampling and other statistical errors. Large revisions are common, and it can take up to six months for a trend in sales to emerge.
The standard error of 11.2% is so high, in fact, that the government cannot be sure sales decreased at all in October. The 3.2% decline is statistically meaningless.
Over the past six months, new-home sales have averaged 1.05 million per month, as opposed to 1.10 million for the comparable period running through September. The six-month sales average is now down 19% from December.
In a separate report Wednesday, the Commerce Department said the U.S. economy grew at a 2.2% annual rate in the third quarter, an upward revision from the 1.6% initially reported.
Rex Nutting is Washington bureau chief of MarketWatch
Well now, PP...it looks like Nokia has teamed up with YHOO instead of Micro$loth but it doesn't seem to have helped much.
Nokia, Yahoo Team on Mobile Web Services
Wednesday November 29, 10:07 am ET
Nokia, Yahoo Extend Partnership to Provide Web Services on New Nokia Phones
NEW YORK (AP) -- Mobile phone maker Nokia Corp. said Wednesday it expanded its partnership with Web portal Yahoo Inc. to include providing Yahoo services on certain Nokia phones.
Under the agreement, Yahoo services, such as Yahoo Mail, Yahoo Messenger and Yahoo! Contacts, will be made available on a number of Nokia phones, including the 6300, the Nokia 5300 XpressMusic, and the Nokia 5200, as well as Nokia's software user interface, Nokia's Series 40.
Nokia and Yahoo first began working together in April 2005.
(Speaking of moonshine, I have a tale to tell you someday about what that potent drink did to me the one and only time I ever "sampled" it. ;)
SLJB -- Synergy Between Former CEO and New Team Is Formidable Against Criticisms:
Last Update: 9:15 AM ET Nov 29, 2006
http://tinyurl.com/yjunbk
WINDSOR, ON, Nov 29, 2006 (MARKET WIRE via COMTEX) -- Sulja Bros. Building Supplies Ltd. (PINKSHEETS: SLJB) today is responding to recent events and shareholder concerns. What follows is a statement from the CEO of SLJB, Mr. Steve Sulja and the current management team now set in place to carry on with the vision of the corporation:
As previously set forth for public scrutiny, this company is currently forwarding all relevant documents and authorizations for streamlined distribution of pertinent public information to our accountants and attorneys, who will serve as the sole source of information deemed necessary and completely accurate for the public.
The Officers and Directors of SLJB want to express their steadfast alliance with the vision and goals of its former CEO and vow to continue in the same light to achieve these objectives in the near future and in the long-run of our operations.
Basically, SLJB is aimed still toward new levels of shareholder value and a presence on broader, more prominent exchanges, goals directly relayed from former CEO Petar Vucicevich and taken on as both solid business objectives and as support for the former company leader.
SLJB Management also re-stated that the current onslaught of negative press and its deleterious effects on every aspect of our day-to-day business and, we believe, the injurious downturn on our current share-price is nothing more than pointed sensationalism and an unprovoked tirade serving none but the names of those who would set them forth.
As ever, Petar Vucicevich has ensured the Company that he stands behind SLJB to lend support and guidance for the new team and the Company. His purpose is to promote a smooth transition for the newly inundated management team and to ensure the continued success of the Company, both publicly and internally.
The Company believes that in five short months, an operation has been built that anyone would be proud of, something for our children to know that our team helped to build, and no one here feels at all different, despite the poorly organized drivel of envious onlookers. These onlookers will become even more diffused as the public observes how stringently the Company adheres to upcoming stricter guidelines and compliance issues set forth on the Pink Sheets and larger exchanges in the near future. We will exceed the minimum requirements of these regulations.
In conclusion, the Company announced that it has secured a position at a globally renowned exposition, and to date they are in fact the only North American delegate attending: Project Lebanon 2007 will be held 2/27-3/3 2007 at the Beirut International Exhibition and Leisure Center.
This expo represents a market that expects to exceed $3 billion over the next three years. SLJB has positioned itself to garner as much of that market share as is possible. The expo coincides with the Company's completion of all of the service requirements and licensing procedures to open an office in the country operating as SLJB and subsequent offices in the region that will also conduct business under the SLJB title, a move that will make transparent the true ownership and management of the Company's operations overseas.
This may contain forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Forward-looking statements may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions: "may," "could," "should" or "might occur." Such forward-looking statements involve certain risks and uncertainties. The actual result may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized.
SOURCE: Sulja Bros. Building Supplies Ltd.
Copyright 2006 Market Wire, All rights reserved.
Good Luck To ALL ;^))
Third-quarter GDP revised higher, to 2.2%
Profits up 4.2%, but growth in wages revised much lower:
By Rex Nutting, MarketWatch
Last Update: 8:58 AM ET Nov 29, 2006
http://tinyurl.com/yjhyx2
WASHINGTON (MarketWatch) -- The U.S. economy grew at a 2.2% annual pace in the third quarter, a bit faster than the 1.6% initially estimated, the Commerce Department reported Wednesday in its first revision to the gross domestic product report.
Revisions stemmed largely from greater building of inventories and lower imports than originally assumed. Business investment also grew more than first thought, while consumer spending was slightly slower.
Final sales of domestic product increased 2.1%, up from the 1.7% originally reported.
Meanwhile, a key measure of core inflation was revised a tenth of a percentage point lower, to 2.2%. Year-over-year growth in the core personal consumption expenditure price index was unrevised at 2.4%, thus remaining well above the Federal Reserve's implied target of 1% to 2%
The nation's GDP growth ran at a 2.6% rate in the second quarter.
The economy has grown 3% in the past year in real terms, just about the rate economists say is the long-term potential. In nominal terms, GDP was at an annual rate of $13.33 trillion in the third quarter.
Economists had expected GDP to be revised up to 1.8%, according to a survey conducted by MarketWatch.
The report had little immediate impact in financial markets.
The small revisions to GDP probably won't alter the views of the Federal Reserve or private economists about the near-term path of economic growth or inflation. However, a revision to second-quarter wage growth implies much less inflationary pressures are building than policymakers have assumed.
On Tuesday, Fed chief Ben Bernanke said he believed growth and inflation were moderating just as the Fed had projected. He expressed no urgency to lower interest rates to keep the economy growing, saying an outbreak of inflation, though not likely, remained the greatest risk.
As in the first GDP estimate, consumer spending accounted for most of the economic growth, with business investment also contributing.
A third of the growth came from the output of motor vehicles. Conversely, residential investment and net imports were a drag on growth.
Excluding motor vehicle output, GDP grew 0.9%, according to the government's revised data.
Profits higher, wages lower:
Corporate profits increased 4.2% at a quarterly rate, or $66.2 billion, in the third quarter, compared with a 1.4% gain in the second quarter. Profits were up 30.9% on a year-on-year basis, the fastest growth in 22 years, but the comparison came against the devastating impact that Hurricane Katrina had on profits last year.
The report also showed that wages and salary growth was much lower than expected in the second quarter. The revised estimates show real disposable incomes falling 1.5% in the second quarter, compared with a 1.7% gain previously reported. Real disposable incomes rose 3.7% in the third quarter.
The revision to wages and salaries is significant to the Fed, because it implies that unit labor costs have not risen as fast as assumed. Slower growth in unit labor costs would turn down the heat on inflation -- although, of course, it would also mean that workers had less money to spend.
As a result, the personal savings rate was even lower than assumed: a negative 1.4% in the second quarter and a negative 1.3% in the third quarter.
Details:
Consumer spending increased 2.9% in the third quarter, up from 2.6% in the second quarter, and contributed two percentage points to growth. Spending on durable goods rose 6%, which spending on nondurables grew 1.1% and spending on services increased 3.1%
Business investments increased 10%, up from 4.4% in the second quarter, and contributed one percentage point to growth. Investments in structures rose 16.7%, while investments in equipment and software increased 7.2%
Inventory building added 0.2 of a percentage point to growth.
On the flip side, residential investment fell 18%, marking the largest decline in 15 years. Home building cut 1.2 percentage points from growth.
Net imports cut 0.2 percentage point from growth, with imports increasing 5.3% while exports were rising by 6.3%.
Government spending rose 2.2%, adding 0.4 percentage point to growth.
Rex Nutting is Washington bureau chief of MarketWatch.
Good Morning! 'gjd'...re: SCON...
The hourly chart shows it's at the upper Bollinger Band so any upside will be difficult...Most of the Indicators are strong, but look to be beginning to turn back, and it's very Overbought...The increase in Volume yesterday is a very good sign...
The daily chart is a consolidation in any uptrend, and the chart pattern is a Double-Bottom but the upper BBand is running flat at $3.00 so that's the potential upside before resistance is met...ALL of the Indicators are very Bullish and with the increase in Volume yesterday, it might be getting ready to punch up above the upper BBand like it did in mid-October, but it's going to need a LOT more Volume coming in to accomplish that...
Overall, these charts are much more to the Bull side than the Bear...The problem is, I don't see a whole lot of upside unless it's going to start breaking above the upper BBand and pushing the upper BBand up dramatically...
Good Luck To ALL ;^))
Hi renshen1...I see this is your first post...
On my board, so I'd like to say:
...To the Board!!!...
re: MCZ...
The hourly chart shows it consolidating in an uptrend, but the Bollinger Bands are fairly tight so it doesn't have much up or down side...Money Flow is weak, but OBV and Accumulation are looking real strong...The rest of the the Indicators are fairly neutral except the MACD which is looking weak...The big drop off in Volume is the red flag here...It either gets some big Volume to push it up out of this range, or it will fall to attract more Volume...
The daily chart shows that it was outside the upper BBand for a few days, then moved sideways to get back inside it...The Moving Averages look strong, and so do the top three Money Indicators-CMF, OBC, and A/D...The CCI is in trouble though, and if it crosses down through the +100 line it's bad...RSI is strong but downticking...ADX looks OK...But it's been Overbought for the last five sessions...The MACD looks real healthy...But again, the dramatic decrease in Volume is a red flag to me...
Overall, it's a very strong looking set of charts...It may be done with this run and want to take some of it back...If I was in this one, I wouldn't let it break below the support levels of .063 and .065 becuase if it does, the charts turn from the bull to the bear...
If you're not in yet, wait for a big increase in volume and for it to breakout above the resistance levels of .07 and .071 to jump in with both feet...
Good Luck To All ;^))
Yes Peggy Sue, patience is a virtue...
And it helps if you like doing the Yahoo! Two Step...
Three steps forward, two steps back...
I see it's pulled back about a buck and a half off it's recent highs...
We need to give this one a few shots of Moonshine or something!...lol
Maybe if Micro$loth takes over, that'll be the match that gets this one fired up again...Just dont get it too close to the Moonshine...lol
You're Welcome! armyseal...Good Luck!...
Good Morning PP!
I've been in SCON on its first leg. Your take on its current status. Does this appear to be a consolidation in an up trend? Thanks,
GJD
Would you be so kind as to take a look at MCZ ? TIA.
Hey PP... YHOO needs something, that's for sure.
We must be patient, We must be patient, We must be patient...
...sigh
;)
(I still like the idea of a MSFT takeover.)
thanks will take a look ..eom
armyseal...re: SDRG and ACTC...
SDRG:
This one sure still looks Good!!!...It's amazing it's been outside the upper Bollinger Band for three days now on a closing basis...It's had two Shooting Star candlesticks in the last two sessions...ALL of the Technical Indicators are really bullish, and only the CCI is turning down, and to me that's usually a Sell Signal on a daily chart after such a huge move...The Volume diminished a bit today, and that's another reason for concern...If I were still in this one, I'd be thinking of taking half of my profits and see what it'll do next...If that CCI line crosses down through the +100 line, that a definite Sell Signal...
****************************************************************
ACTC:
This one bounced down from the upper BBand which is normal most of the time...CMF Money Flow is way down and so is the Accumulation/Distribution line...The CCI already crossed down through the +100 line which is a Sell Signal to me...Actually, I would have sold when the CCI first started to downtick...RSI is downticking, DMI's are converging, Stochastics fast line has broken down through the 50 line so it will probably head to zero next...The MACD doesn't look too bad, but the huge decrease in Volume is a big red flag...My guess is it will head down to the lower BBand and the SAR price target of .72
I hope this helps...
Good Luck To ALL ;^))
Hi Powerpole, SDRG,ACTC still looking good to me. See anything that says bear bear bear?
IBAC Corporation Prepares To File Form 10 in Anticipation of Move to the OTCBB...
http://tinyurl.com/y4bpyu
NEW YORK, Nov 28, 2006 (BUSINESS WIRE) -- IBAC Corporation (Pinksheets:IBCX) a
Hospitality Holding Company today after the bell announced, that it is in the
process of preparing the required form 10, that is necessary for the company's
request to trade on the OTCBB.
The company is working on a fast track basis, and expects to file the form 10
very soon, thus giving the company the ability to trade on the OTCBB.
This press release does not constitute an offer of any securities for sale. This
press release contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ, including, without
limitation, the company's limited operating history and history of losses, the
inability to successfully obtain further funding, the inability to raise capital
on terms acceptable to the company, the inability to compete effectively in the
marketplace, the inability to complete the proposed acquisition and such other
risks that could cause the actual results to differ materially from those
contained in the company's projections or forward-looking statements. All
forward-looking statements in this press release are based on information
available to the company as of the date hereof, and the company undertakes no
obligation to update forward-looking statements to reflect events or
circumstances occurring after the date of this press release.
SOURCE: IBAC Corporation
CONTACT: IBAC CorporationInvestor Relations, 718-891-8188Fax: 775-320-5437ir@ibaccorp.comwww.ibaccorp.com
Copyright Business Wire 2006
Existing-home sales rise first time since Feb.
By Rex Nutting
Last Update: 10:00 AM ET Nov 28, 2006
http://tinyurl.com/swb2v
WASHINGTON (MarketWatch) - Sales of existing U.S. homes rose 0.5% to a seasonally adjusted annual rate of 6.24 million in October, the first increase since February, the National Association of Realtors reported Tuesday. Economists were expecting sales to fall to 6.15 million annualized. September's sales were revised higher to 6.21 million from 6.18 million initially reported. Sales are down 11.5% in the past year. Median sales prices fell a record 3.5% year-over-year, the third decline in a row. Inventories of unsold homes increased 1.9% to 3.854 million, representing a 7.4-month supply at the October sales rate. It's the largest months' supply since April 1993.
ECONOMIC REPORT: Confidence falls for 2nd straight month in November...
First back-to-back decline since Hurricane Katrina...
By Greg Robb, MarketWatch
Last Update: 10:01 AM ET Nov 28, 2006
http://tinyurl.com/y6pd7k
WASHINGTON (MarketWatch) - Uncertainty about the strength of the economy caused the second straight monthly decline in U.S. consumer confidence in November, the Conference Board said Tuesday.
The consumer confidence index fell to 102.9 in November from a revised 105.1 in October, the private economic research group said. The index peaked at 105.9 in September.
This is the first back-to-back decline in the index since last September and October, when hurricanes ravaged the Gulf Coast region.
The decline in confidence surprised economists, who were expecting the index to increase to 106.4 from the initial October reading of 105.4, according to a survey conducted by MarketWatch.
Economists thought lower energy prices and an end to negative campaigning from the midterm election would boost confidence.
But concern about the job market and a more-guarded short-term outlook led to the drop in confidence, the Conference Board said.
Despite the weakness, Lynn Franco, director of the Conference Board's research center, said that confidence remains at a relatively high level, "suggesting the economy will continue to expand throughout the first half of next year."
In November, the present situation index fell to 123.6 from 125.1. This is the lowest level since last December. The index is seen as a good barometer of near-term spending plans.
The number of consumers saying conditions are "good" dropped to 26.5% in November from 27.9% in October. Those claiming conditions are "bad" remained steady at 16.8%
The assessment of the labor market was less favorable than last month. Those saying jobs are "hard to get" rose to 22.4% from 21.8% in October.
The expectations index slipped to 89.2 in November from 91.9 in October.
Inflation expectations fell in November. The outlook for inflation in 12 months declined to 4.7 in November from 4.9% in October. This is the lowest level this year.
In a separate report, the Commerce Department said durable-good orders declined 8.3% in October, the biggest drop since July 2000. Orders for core capital goods fell 5.1%. See full story.
Greg Robb is a senior reporter for MarketWatch in Washington
News for 'CYTR' - (CytRx Phase IIa Arimoclomol Data to Be Presented at the 17th International Symposium on ALS/MND)
LOS ANGELES, Nov 28, 2006 (BUSINESS WIRE) -- CytRx Corporation (Nasdaq:CYTR), a
biopharmaceutical company engaged in the development and commercialization of
human therapeutics, today announced that Merit Cudkowicz, M.D. and Jeremy
Shefner, M.D. will be presenting previously-released data from the Company's
Phase IIa trial with its lead small molecule product candidate arimoclomol for
the treatment for amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease) at
the 17th International Symposium on ALS/MND being held November 30 through
December 2, 2006 in Yokohama, Japan. Drs. Cudkowicz and Shefner are co-principal
study investigators of the trial.
A poster presentation titled "A Multicenter, Dose Ranging Safety and
Pharmacokinetics Study of Arimoclomol in ALS" will be available on Thursday,
November 30, and on Saturday, December 2. Dr. Cudkowicz will deliver a 15-minute
closing slide presentation on the same topic beginning at 2:15 p.m. local time.
In September 2006, CytRx announced that primary endpoints were met in its Phase
IIa double-blind, placebo-controlled, clinical trial of the safety and
tolerability of arimoclomol compared with placebo over 12 weeks of treatment in
patients with ALS. Initial Phase IIa data suggests the achievement of a
secondary endpoint that includes drug absorption, distribution and elimination.
Subject to U.S. Food and Drug Administration (FDA) approval, CytRx plans to
initiate a Phase IIb clinical trial with arimoclomol for the treatment of ALS in
the 3rd quarter of 2007.
About Arimoclomol
Arimoclomol is one of CytRx's three orally-administered, small molecule
compounds. This small molecule drug candidate is believed to function by
stimulating a normal cellular protein repair pathway through the activation of
"molecular chaperones." Since damaged proteins called aggregates are thought to
play a role in many diseases, CytRx believes that activation of molecular
chaperones could have therapeutic efficacy for a broad range of diseases.
The FDA has granted Fast Track designation and Orphan Drug status to arimoclomol
for the treatment of ALS. Fast Track is designed to facilitate the development
and expedite the regulatory review of a new drug that demonstrates the potential
to address a significant unmet medical need for the treatment of a serious or a
life-threatening condition. Orphan Drug status holds numerous potential
benefits, including opportunities for grant funding towards clinical trial
costs, tax advantages, FDA user-fee benefits, seven years of U.S. market
exclusivity should the FDA grant marketing approval for the drug and an added
mechanism for more frequent communication with the FDA.
Arimoclomol has also been granted orphan medicinal product status for the
treatment of ALS by the European Commission. This orphan medicinal product
status grants CytRx market exclusivity in the European Union for 10 years in the
event that arimoclomol receives marketing approval, and provides for incentives
such as reduced fees for protocol assistance and scientific advice.
About CytRx Corporation
CytRx Corporation is a biopharmaceutical research and development company
engaged in the development of high-value human therapeutics. The Company owns
three clinical-stage compounds based on its small molecule "molecular chaperone"
co-induction technology. In September 2006, CytRx announced receipt of $24.5
million in a non-dilutive agreement with the privately-funded ALS Charitable
Remainder Trust to fund continued arimoclomol development for the treatment for
ALS in return for a one percent royalty from potential worldwide sales of
arimoclomol for the treatment of ALS. The Greater Los Angeles Chapter of The ALS
Association is the charitable beneficiary of the ALS Charitable Remainder Trust.
CytRx has a broad-based strategic alliance with the University of Massachusetts
Medical School to develop novel compounds in the areas of ALS, obesity, type 2
diabetes and cytomegalovirus (CMV) using RNAi technology. The Company has a
research program with Massachusetts General Hospital, Harvard University's
teaching hospital, to use RNAi technology to develop a drug for the treatment of
ALS. CytRx's Drug Discovery division, located in Worcester, Massachusetts,
focuses on the use of RNAi technologies to develop small molecule and RNAi
therapeutics to treat obesity and type 2 diabetes. For more information, visit
CytRx's Web site at www.cytrx.com.
Forward-Looking Statements
This press release contains forward-looking statements, including those related
to the results and achievements of CytRx's clinical Phase IIa trial for
arimoclomol, which involve known and unknown risks and uncertainties that may
cause actual future results and achievements of CytRx to be materially different
from those expressed or implied by these forward-looking statements. In
particular, the results and achievements described may not be supported by
further analysis of the Phase IIa trial data or by the results of any subsequent
clinical trials. These risks and uncertainties also include risks and
uncertainties regarding CytRx's ability to obtain regulatory approvals for
further clinical testing of arimoclomol, the scope of clinical testing that may
be required by regulatory authorities and the timing and outcome of further
clinical trials. Additional uncertainties and risks regarding regulatory
approval of CytRx's drug candidates, financing needs, reliance upon strategic
relationships, intellectual property protections and other relevant matters are
described in CytRx's reports filed with the Securities and Exchange Commission,
including 10-K, 10-Q and 8-K reports. All forward-looking statements in this
press release are based upon information available to CytRx as of the date of
this press release. CytRx undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
SOURCE: CytRx Corporation
CONTACT: CEOcast, Inc.Dan Schustack, 212-732-4300dschustack@ceocast.com
Copyright Business Wire 2006
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