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MS Took 1/2 off @ $53.35 for $1.34 eom.
Morgan Stanley to Take $2.5B Writedown
Wednesday November 7, 6:10 pm ET
By Joe Bel Bruno, AP Business Writer
Morgan Stanley Sees 4th-Quarter Profit Cut by $2.5 Billion in Subprime, Credit Losses
NEW YORK (AP) -- Morgan Stanley said Wednesday its fourth-quarter profit will be reduced by $2.5 billion in write-downs related to the ongoing credit crisis, becoming the latest Wall Street investment house to admit massive losses.
The investment bank, whose shares have sagged this week on speculation it might announce a sizable write-off, said it could lose up to $6 billion if all subprime mortgage-related investments were to go bad.
There has already been an estimated $55 billion of losses suffered by financial institutions so far this year.
Morgan Stanley said in a statement that the actual impact on the fourth quarter, which includes results for November, "will depend on future market developments and could differ from the amounts noted."
Shares fell $3.32, or 6 percent, to close the regular session at $51.19, then slid $1.41, or 2.8 percent, to $49.78 in after-hours trading.
Long a little MS @ $52.01 They write down $3.7 Bil ($2.5 Bil After Taxes) expectations were for up to $6 Bil holding overnight.
Thanks! Wow, still going $207 now.
Out FSLR @ $192.40 for $4.15 eom.
Just guided down 9.7 Bil vs 9.8 Bil for next Q bye bye!!!
FSLR - Why fight it. Long @ $188.25 eom.
CSCO did they guide yet? I didn't see any guidance in the release, I think they give it during the CC.
ZUMZ getting crushed! My short orders weren't even in the ballpark.
$27.00 down $10+
FSLR beat, on it's way to $200 lol.
ZUMZ halted...news...
16:03 ZUMZ Zumiez reports Oct same store sales of +5.1% vs +7.1% Briefing.com consensus; guides Q3 EPS to $0.27-$0.28 vs $0.33 consensus; sees fiscal 2007 EPS of $0.92-$0.94 (39.45 +1.99) -Update-
12:40 Cuomo says 'the problem is bigger than Wamu'- Bloomberg
Good timing, let's really crush the financial markets.
WM - Didn't think much of this at first but they could be in deep doo doo...
2:33 FNM Fannie Mae's Brian Faith says co concerned about the allegations; it is against our interest to purchase or guarantee mortgages with inflated appraisals (50.91 -4.48) -Update-
FNM's Managing Director, Communications, Brian Faith, states: "Yesterday, the New York State Attorney General, Andrew Cuomo, sent a letter to Fannie Mae (FNM) concerning a complaint against First American Corp. regarding that firm's mortgage appraisal practices. We are concerned about the allegations in the complaint. If true, the appraisal practices described in the complaint would violate Fannie Mae's requirements for loans we purchase from lenders or securitize. It is against our interest to purchase or guarantee mortgages with inflated appraisals, and so it is in Fannie Mae's interest that these appraisal practices be investigated. The Attorney General has indicated that he also plans to subpoena Fannie Mae for documents and testimony related to the appraisal process. We intend to cooperate fully with the Attorney General. We also will appoint, with the Attorney General's approval, an independent examiner to review the appraisal practices cited in the complaint. If the examiner determines we own or guarantee mortgages with inflated appraisals, our guide states that the lender must buy back the loans that do not meet our standards and requirements."
It doesn't say it here but Cuomo's letter requested they stop buying loans from WM.
I think PED would be up a lot more if the market wasn't down so much this morning. They have almost $2/share in cash, in addition to earnings being up over 100% y/y they are up 50% over last quarter which shows the recent acquisitions must be performing well.
Only 5 Mil O/S and insiders hold half. Should make another run at $9 IMHO.
I'm long a little above $6 on average.
Added PED below $6.00 eom.
Covered WFMI @ $46.71 for a small profit. Will look for a climb into earnings to short again higher.
PED - Long @ $6.49 Low Float Blow Out Earnings...
If it dives with the market I will be adding...
Made a number of acquisitions recently, looks like they are working out well...
SmartPros Reports Third Quarter 2007 Financial Results
Wednesday November 7, 8:00 am ET
Company Achieves 135 Percent Increase in Net Third-Quarter Income; for Nine Months, Company Achieves 180 Percent Increase in Net Income and 268 Percent Increase in Operating Income
Company Extends $750,000 Share Buy-back Program
HAWTHORNE, N.Y., Nov. 7, 2007 (PRIME NEWSWIRE) -- SmartPros Ltd. (AMEX:PED - News), a leader in the field of accredited professional education and corporate training, today announced its third quarter financial results for the three and nine months ended September 30, 2007. A conference call to discuss earnings is scheduled for Wednesday November 7, at 4:15 PM ET.
Highlights for the three months ended September 30, 2007, compared to the three months ended September 30, 2006:
* Net revenues increased 17% to $3.7 million, up from $3.2 million
* Gross profit margin improved, rising to 64% from 57%
* Operating income increased 122% to $447,000 from $201,000
* Net income rose 135% to $776,000, or $0.15 per diluted share, from
$330,000, or $0.07 per diluted share
* Online sales grew 12%
Highlights for the nine months ended September 30, 2007, compared to the nine months ended September 30, 2006:
* Net revenues increased 26% to $10.9 million from $8.6 million
* Gross profit margin improved, rising to 63% from 59%
* Operating income increased 268% to $1.1 million from $301,000
* Net income increased 180% to $1.9 million, or $0.37 per diluted
share, from $669,000, or $0.13 per diluted share
* Operations generated $1.9 million of cash
ADVERTISEMENT
SmartPros has achieved 14 consecutive profitable quarters, including all quarters since going public in 2004. As of September 30, 2007, the Company has $9.3 million in cash and cash equivalents; $5 million in deferred revenue; $2 million in accounts receivable; $5.7 million in working capital; $0 debt; and $10.5 million in total stockholders' equity.
``SmartPros remains focused on continued growth in our core areas and in maximizing opportunities presented to us through several recent acquisitions,'' stated Allen Greene, Chairman and CEO of SmartPros. ``Today's results are reflective of our employees' efforts to assimilate recent acquisitions, and are a continued statement that our strategies are on target.''
The Company's Board of Directors today also authorized the extension of the expiring $750,000 share buy-back program for an additional year.
``I'm very pleased to announce that our directors have determined that it is in the best interest of our Company and our stockholders to extend the $750,000 buy back of SmartPros common stock in the open market or through private purchases,'' concluded Greene.
The timing and exact number of shares purchased will be determined at the Company's discretion and will depend on market conditions. All repurchases will be in the open market or in private transactions and will be funded from existing cash. The share buy-back program will begin immediately and will be completed or cancelled within 12 months.
SmartPros will host a teleconference on Wednesday, November 7, 2007, beginning at 4:15 p.m. Eastern, and invites all interested parties to join management in a discussion regarding the Company's financial results, corporate progression and other meaningful developments. The conference call can be accessed via telephone by dialing toll free 1-800-218-0204. A replay of the call will be available on the Company's Web site approximately one hour after the live broadcast at http://ir.smartpros.com.
Consolidated Balance Sheet & Statement of Operations:
SMARTPROS LTD. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
September 30, December 31,
2007 2006
(Unaudited) (Audited)
------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 9,283,346 $ 7,393,789
Accounts receivable, net of allowance
for doubtful accounts of $39,800 2,006,399 1,960,939
Prepaid expenses and other current
assets 232,976 277,393
------------ ------------
Total Current Assets 11,522,721 9,632,121
------------ ------------
Property and equipment, net 529,597 438,260
Goodwill 145,684 130,684
Other intangibles, net 3,214,632 2,651,132
Other assets, including restricted cash of
$ 150,000 154,673 154,673
Deferred tax asset 853,000 378,000
------------ ------------
4,897,586 3,752,749
------------ ------------
Total Assets $ 16,420,307 $ 13,384,870
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 356,215 $ 552,630
Accrued expenses 487,013 380,464
Current portion of capital lease and
equipment financing obligations -- 25,991
Deferred revenue 4,996,611 4,007,074
------------ ------------
Total Current Liabilities 5,839,839 4,966,159
------------ ------------
Long-Term Liabilities:
Other liabilities 90,095 120,137
------------ ------------
Total Long-Term Liabilities 90,095 120,137
------------ ------------
COMMITMENTS AND CONTINGENCIES
Stockholders' Equity:
Convertible preferred stock, $.001 par
value, authorized 1,000,000
shares, 0 shares issued and outstanding -- --
Common stock, $.0001 par value,
authorized 30,000,000 shares, 5,322,759
issued and 5,012,018 outstanding at
September 30, 2007; and 5,186,505 issued
and 4,875,774 outstanding at December
31, 2006 532 519
Additional paid-in capital 17,031,151 16,572,944
Accumulated (deficit) (5,401,563) (7,274,824)
------------ ------------
11,630,120 9,298,639
Common stock in treasury, at cost -
310,731 shares (922,625) (922,625)
Deferred compensation (217,122) (77,440)
------------ ------------
Total Stockholders' Equity 10,490,373 8,298,574
------------ ------------
Total Liabilities and Stockholders'
Equity $ 16,420,307 $ 13,384,870
============ ============
SMARTPROS LTD. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
Nine Months Ended Three Months Ended
September 30, September 30,
------------------------ ------------------------
2007 2006 2007 2006
----------- ----------- ----------- -----------
Net Revenues $10,907,885 $ 8,630,243 $ 3,697,724 $ 3,174,771
Cost of Revenues 4,009,938 3,584,891 1,325,621 1,379,795
----------- ----------- ----------- -----------
Gross Profit 6,897,947 5,045,352 2,372,103 1,794,976
----------- ----------- ----------- -----------
Operating
Expenses:
Selling, general
and
administrative 5,287,878 4,263,962 1,747,238 1,429,570
Depreciation and
amortization 505,021 480,792 177,757 164,212
----------- ----------- ----------- -----------
5,792,899 4,744,754 1,924,995 1,593,782
----------- ----------- ----------- -----------
Operating Income 1,105,048 300,598 447,108 201,194
----------- ----------- ----------- -----------
Other Income
(Expense):
Interest income 303,414 239,290 112,828 84,623
Interest expense (992) (3,604) (173) (612)
----------- ----------- ----------- -----------
302,422 235,686 112,655 84,011
----------- ----------- ----------- -----------
Income before
benefit for
income taxes 1,407,470 536,284 559,763 285,205
Add: income tax
benefit 465,792 132,250 215,792 45,165
----------- ----------- ----------- -----------
Net Income $ 1,873,262 $ 668,534 $ 775,555 $ 330,370
=========== =========== =========== ===========
Net Income Per
Common Share:
Basic net income
per common share $ 0.38 $ 0.13 $ 0.16 $ 0.07
=========== =========== =========== ===========
Diluted net
income per
common share $ 0.37 $ 0.13 $ 0.15 $ 0.07
=========== =========== =========== ===========
Weighted Average
Number of Shares
Outstanding
Basic 4,916,823 5,039,462 4,954,854 5,017,470
=========== =========== =========== ===========
Diluted 5,009,132 5,054,587 5,114,285 5,028,578
=========== =========== =========== ===========
About SmartPros Ltd.
Founded in 1981, SmartPros Ltd. is an industry leader in the field of accredited professional education and corporate training. Its products and services are primarily focused in the accredited professional areas of corporate accounting, financial management, public accounting, governmental and not-for-profit accounting, financial services, banking, engineering, legal, ethics and compliance, and information technology. SmartPros is a leading provider of professional education products to Fortune 500 companies, as well as the major firms and associations in each of its professional markets. SmartPros provides education and content publishing and development services in a variety of media including Web, CD-ROM and video. Our subscription libraries feature hundreds of course titles and 2,300+ hours of accredited education. SmartPros' proprietary Professional Education Center (PEC) Learning Management System (LMS) offers enterprise distribution and administration of education content and information. In addition, SmartPros produces a popular news and information portal for accounting and finance professionals serving more than one million ads and distributing more than 200,000 subscriber email newsletters each month. SmartPros' network of sites averages more than 450,000 monthly visits, serving a user base of 350,000+ profiled members. Visit: http://www.smartpros.com
The SmartPros logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2586
Safe Harbor Statement
Statements in this press release that are not statements of historical or current fact constitute ``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 risks and uncertainties, including activities, events or developments, that the Company expects, believes or anticipates will or may occur in the future. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as ``believes,'' ``belief,'' ``expects,'' ``expect,'' ``intends,'' ``intend,'' ``anticipate,'' ``anticipates,'' ``plans,'' ``plan,'' to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with Securities and Exchange Commission. Specifically, results reported within this press release should not be considered an indication of future performance.
Contact:
SmartPros Ltd.
Shane Gillispie, VP Marketing Services & eCommerce
253-863-8280
shanegillispie@smartpros.com
--------------------------------------------------------------------------------
Source: SmartPros Ltd.
A big picture view of rate negotiations at the center of drybulk shipper volatility
The seemingly-unstoppable momentum in the drybulk shippers took a detour last week after news that the world's largest iron ore consumer, China, was planning to take a tough stance at the annual iron ore contract negotiations. This spooked the market and sent spot rates lower, and the headlines were enough to induce the sellers to take some off the table after monumental gains...While these negotiations happen every year, it is a fairly complicated subject, but there are three major points to understand here: 1. China needs iron ore (Steelmakers said they will need to import 11% more ore in 2008 than in 2007) 2. Low inventories at China's ports and supply shortages will essentially act as an artificial deadline on talks; 3. Talks will create a great deal of noise in spot pricing and hence drybulk shipping stocks. As we've stated before, barring a global recession, after the negations end, the uptrend in drybulk rates (Baltic Dry Index off 4% from 10/23 record high of 11,033) will commence as demand continues to outstrip supply....For some background, these contracts rate negotiations amongst the world's largest steel producers and iron ore suppliers take place every year. The fiscal year for contracts is from April to March with negotiations typically starting sometime in November lasting weeks...Unlike other metals, iron ore pricing is done on a contracted basis rather than spot market. Roughly 80-90% is sold on long-term contracts with only 10-20% spot transactions. Although, just recently BHP Billiton (BHP), risking upsetting its largest customer i.e. China, proposed a radical plan to replace iron ore annual benchmark pricing system with a mechanism based on an over-the-counter forward market. This proposal, however, will not influence 2008 negotiations...There is a lot of risk in the negotiations as iron ore prices have soared as consumption, driven by China, has outpaced supply growth. China will be the lead negotiator - a role it's taken from the Japanese. In years past, a fragmented Chinese industry has limited its bargaining power at a time when producers have been consolidating. The three iron ore producers, CVRD (RIO), Rio Tinto (RTP), and BHP, will likely represent a mostly united front. Brazil seems to be sitting in the strongest position with CVRD the world's largest iron ore producer. With AU suffering from ongoing logistical bottlenecks, China is increasing imports from Brazil. Other representatives include Arcelor S.A. for the European mills, Nippon Steel for the Japanese and Baosteel Group for China. The bottom line: the talks are likely to be the toughest in years. According to Goldman Sachs, demand will outstrip supply for years, resulting in iron ore price increases until 2010. Forecasts for those increases are anywhere for 30-50% in AU and BZ....DRYS, TBSI, DSX, EXM, EGLE, NM, ULTR, DAC, QMAR, PRGN, and GNK.
16:27 DRYS DryShips beats by $0.04, beats on revs; gives positive outlook (115.98 +10.06)
Reports Q3 (Sep) earnings of $2.38 per share, excluding non-recurring items, $0.04 better than the Reuters Estimates consensus of $2.34; voyage revenues rose 150.0% year/year to $150 mln vs the $140.2 mln consensus. Co says, "The outlook for 2008 remains positive. We will have ~16% more fleet operating days compared to 2007 and ~85% of the fleet operating days unfixed. With overall debt leverage of just below 25% adjusted for the market values of its vessels, DRYS is in a unique position to seek growth opportunities as they arise... By having the majority of the Co's vessels operating in the spot market we are able to take advantage of market opportunities as they arise. As of today, 36% of our fleet operating days for Q4 of 2007 remain unfixed."
WTW reports tonight. MED and NTRI recently got crushed on competition from new diet drug. Will be watching.
SAM missed and warned currently halted...
SAM Boston Beer Co misses by $0.21, beats on revs; guides FY07 EPS below consensus (52.35 +0.65)
Reports Q3 (Sep) earnings of $0.21 per share, $0.21 worse than the Reuters Estimates consensus of $0.42; revenues rose 15.9% year/year to $97.2 mln vs the $88.7 mln consensus. Co issues downside guidance for FY07, sees EPS of $1.40-1.65 vs. $1.71 consensus. The decrease in results was due to the provision for excise taxes, increases in cost of goods sold, selling and advertising expenses and general and administrative expenses, partially offset by increases in net revenue and a decrease in income taxes. Cost of goods sold increased by $8.6 million due primarily to volume increases, higher package material and ingredient costs and the costs of the temporary shutdown of the Cincinnati brewery for maintenance during the third quarter. Advertising, promotional and selling expenses increased by $3.0 million during the quarter as compared to the prior year, primarily due to increases in advertising and promotional costs and freight expenses to wholesalers. General and administrative costs increased by $1.2 million during the quarter as compared to the prior year, driven by salary and benefit costs... Stock is halted
Sorry, I'm a little tired this morning. lol.
So you think FSLR could be a $495 stock by the end of 2008?
I think FSLR has a big fall coming soon, just don't want to be early, another stock with a ridiculous valuation that the street loves.
Damn, might have missed my chance to short WFMI above $50...
07:56 WFMI Whole Foods: Hearing downgraded to Underweight from Equal Weight at Morgan Stanley (50.60 )
It seems negative after hours. I wasn't sure if they would look at it positively since the company is conserving cash and increased cash during the quarter.
Beazer Homes Provides Certain Preliminary Fourth Quarter Financial and Operating Data
Monday November 5, 4:37 pm ET
Company Estimates Non-Cash Pre-Tax Inventory-Related Charges of Approximately $230 Million and Outlines Further Cost Reductions that are Expected to Generate Annual Cost Savings of at Least $30 Million
Board of Directors Approves Suspending Quarterly Dividend
ATLANTA--(BUSINESS WIRE)--Beazer Homes USA, Inc. (NYSE: BZH - News) (www.beazer.com) today provided certain unaudited and preliminary fourth quarter financial and operating data and also announced further steps to reduce costs and improve operating efficiencies in response to continued deterioration in the housing market.
ADVERTISEMENT
As previously announced, the Company reported that its Audit Committee determined it will be necessary for the Company to restate its financial statements relating to fiscal years 2004 through 2006 and the interim periods of fiscal 2006 and fiscal 2007. As a result, the Company is not able to report its financial results for the fourth quarter and fiscal year 2007 at this time. Nonetheless, the Company is providing certain preliminary estimates of financial and operating data, although the information is unaudited and is subject to change. The Company is working expeditiously to complete the restatements and report audited financial results for the quarter and year ended September 30, 2007 as soon as possible.
Also as previously disclosed, the Company has received waivers of events of default under its revolving credit facility and two secured credit facilities arising from the Company’s decision to restate its financial statements. It has also received the necessary consents from the holders of its outstanding Senior Notes and Senior Convertible Notes to obtain a waiver of any and all defaults under the Indentures that may have occurred or may occur on or prior to May 15, 2008 due to Beazer’s failure to file or deliver reports or other information as required by the Securities and Exchange Commission.
Preliminary Fourth Quarter Financial and Operating Data
As previously disclosed, home closings for the quarter ended September 30, 2007, totaled 3,940, a 39% decline from the same period in the prior fiscal year. This resulted in a backlog conversion ratio of 66%, as the Company remained focused on converting its existing backlog for cash generation. Net new home orders totaled 973, a decline of 53% from the prior fiscal year, driven largely by an unusually high cancellation rate (68%), which the Company attributes in part to the pronounced tightening in the mortgage markets in August and September.
The Company significantly increased its cash position during its fiscal fourth quarter. At September 30, 2007, the Company had a cash balance of $459.5 million, up from $128.8 million at June 30, 2007. Subsequently, the Company has repaid approximately $75.0 million in secured debt, pledged $107.0 million to collateralize its outstanding letters of credit and paid a consent fee to holders of its Senior Notes and Senior Convertible Notes and related expenses totaling $21.0 million.
The Company continues to reduce its land holdings and home inventories. The Company controlled a total of 61,974 lots (59% owned and 41% optioned) at September 30, 2007, reflecting reductions of 14% compared to the level at June 30, 2007, 30% compared to the level at September 30, 2006, and 42% compared to a peak level at December 31, 2005. As of September 30, 2007, unsold finished homes and unsold homes under construction declined by 28% and 35%, respectively, from year-ago levels. The Company remains committed to aligning its land supply and inventory levels to current expectations for home closings, and continues to exercise caution and discipline with respect to investment in inventory. For FY 2007 total land and land development expenditures were approximately $835 million, representing a reduction of 42% from FY 2006. The Company currently expects land spending to be even further reduced in FY 2008, based on current market conditions.
The Company currently expects results for the fourth quarter of fiscal 2007 to include non-cash pre-tax charges to abandon land option contracts, to recognize inventory impairments and to record impairments and land option abandonments in joint ventures of approximately $230 million. In addition, the Company is currently in the process of evaluating the recoverability of its goodwill, which may result in impairment charges.
“The housing industry continues to face the most difficult business conditions in over a decade,” said Ian J. McCarthy, President and Chief Executive Officer. “We maintain the view that the long term fundamentals for housing remain compelling and that our strategic initiatives to differentiate Beazer Homes in the eyes of the consumer and to allocate capital and resources in order to enhance long term shareholder value will position us well for the future. At the same time, we must continue to adapt to the realities of the current market by remaining disciplined in our operating approach and continuing to focus on initiatives aimed at responding to what we believe will continue to be a challenging environment in the near term. These initiatives include reductions in direct costs, overhead expenses and land spending, and an intense focus on sales and marketing efforts to reduce unsold home inventories, all with the aim of generating cash.”
Steps to Reduce Costs and Improve Efficiencies
The Company has recently taken steps to further reduce its overall cost structure and improve operating efficiencies. In October 2007, the Company reduced overall headcount by approximately 650 positions, or 25%. Since reaching peak headcount levels in March 2006, overall headcount has declined by over 50% through reductions in force and attrition. The Company expects these most recent headcount reductions to result in annualized cost savings of at least $30 million. In addition, the Company has reorganized accounting and back-office functions and is centralizing a number of marketing initiatives to achieve additional efficiencies.
“With recent industry data suggesting that market conditions may deteriorate further before a recovery is underway, we need to adapt and further align our cost structure and investment levels to expected lower volumes. While these decisions are not taken lightly, they are necessary in order to maintain our sound financial position,” said McCarthy.
Suspension of Quarterly Dividend
The Company also announced today that its Board of Directors voted to suspend the Company’s quarterly dividend of $0.10 per share. The Board concluded that this action, which will allow the Company to conserve approximately $16 million of cash on an annual basis, is prudent in light of the continued deterioration in the housing market.
Beazer Homes USA, Inc., headquartered in Atlanta, is one of the country’s ten largest single-family homebuilders with operations in Arizona, California, Colorado, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia and also provides mortgage origination and title services to its homebuyers. Beazer Homes, a Fortune 500 Company, is listed on the New York Stock Exchange under the ticker symbol “BZH.”
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “goal,” “target” or other similar words or phrases. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, among other things, (i) the risk that additional information may arise from the final conclusions of the Audit Committee’s investigation, the preparation of the Company’s restated financial statements, including the audit by our independent auditors, or other subsequent events that would require us to make additional adjustments; (ii) the risk that additional issues or matters may arise from the pending United States Attorney and the SEC investigations, or that additional governmental proceedings may arise as a result of the matters subject to the Audit Committee’s investigation or additional issues or matters, and the timing, final outcome and consequences of these proceedings, including the risk that a settlement of these proceedings may not be achievable without the payment of significant fines or penalties or the incurrence of significant sanctions; (iii) the timing, final outcome and consequences of the putative class action lawsuits, derivative claims and similar proceedings, including the risk that additional lawsuits, claims or proceedings may arise as a result of the matters subject to the Audit Committee’s investigation and that the Company could be subject to significant legal judgments, fines, penalties, settlements or sanctions resulting therefrom; (iv) the risk that the Company may not be able to complete the restatement and commence timely filing its periodic reports with the SEC on or before May 15, 2008, which could result in a claim of default by the trustees under the indentures or the requisite bondholders and, if such default were not cured or waived within the applicable 60-day grace period, could result in an attempt by the trustee, the requisite bondholders or the Company’s other lenders to accelerate the repayment of our outstanding debt obligations; (v) any adverse effect on the Company’s business and the market price of its securities arising from the continuing negative publicity related to the restatement; (vi) any breach by the Company of the continued listing requirements of the New York Stock Exchange causing the New York Stock Exchange to initiate suspension or delisting procedures; (vii) the duration and severity of adverse market conditions nationally and in local markets, including prolonged credit tightening in the mortgage markets; (viii) volatility of mortgage interest rates and inflation; (ix) increased competition; (x) shortages of skilled labor or raw materials used in the production of houses; (xi) increased prices for labor, land and raw materials used in the production of houses; (xii) increased land development costs on projects under development; (xiii) the cost and availability of insurance, including the availability of insurance for the presence of mold; (xiv) the impact of construction defect and home warranty claims; (xv) potential delays or increased costs in obtaining necessary permits as a result of changes to, or complying with, laws, regulations or governmental policies; (xvi) the Company’s ability to maintain sufficient cash and other liquid resources to meet its liquidity requirements; and (xv) the risk that the Company’s credit ratings may be adversely affected due to the restatement of the Company’s financial statements or continuing adverse market conditions.
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time and it is not possible for management to predict all such factors.
Contact:
Beazer Homes USA, Inc.
Leslie H. Kratcoski, 770-829-3700
Vice President,
Investor Relations & Corporate Communications
lkratcos@beazer.com
--------------------------------------------------------------------------------
Source: Beazer Homes USA, Inc.
JADE News...
Grabbed a few at $4.10 they only filled me for 300 shares...
LJ International Announces New Auditor
Monday November 5, 4:15 pm ET
HONG KONG and LOS ANGELES, Nov. 5 /Xinhua-PRNewswire-FirstCall/ -- LJ International, Inc. (LJI) (Nasdaq: JADE - News) today announced that its Audit Committee has dismissed KPMG and has engaged Gruber & Company LLC as its independent registered accounting firm. The completion of the Company's 2006 audit and the filing of the Company's 20-F Annual Report will meet the requirement imposed by the Nasdaq Listing Qualifications Panel when it granted LJI's request for continued Nasdaq listing until the end of 2007.
ADVERTISEMENT
About LJ International Inc.
LJ International Inc. (LJI) (Nasdaq/GM: JADE), based in Hong Kong and the U.S., is engaged in the designing, branding, marketing and distribution of a full range of jewelry. It has built its global business, currently one of the fastest-growing in the jewelry industry, on a vertical integration strategy and an unwavering commitment to quality and service. LJI distributes to fine jewelers, department stores, national jewelry chains and electronic and specialty retailers throughout North America and Western Europe, with a growing retail presence in China through its ENZO stores. Its product lines incorporate all major categories sought by major retailers, including earrings, necklaces, pendants, rings and bracelets.
Forward looking statement: Except for the historical information, the matters discussed in this news release may contain forward-looking statements, including, but not limited to, factors relating to future revenues and earnings. These forward-looking statements may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors including, but not limited to, uncertainties in product demand, the impact of competitive products and pricing, changing economic conditions around the world and in China, introduction of new products and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission.
For more information, please contact:
Haris Tajyar
Investor Relations International
Tel: +1-818-382-9702
Email: htajyar@irintl.com
ROTFLMAO!!!! eom.
WFMI trading up on increased competition from overseas. I guess they figure the FTC will leave them alone now...
UK's Tesco opens long-awaited first U.S. store
Mon Nov 5, 2007 7:32am EST
LONDON, Nov 5 (Reuters) - Tesco (TSCO.L: Quote, Profile, Research), the world's third-largest retailer, has begun its long-awaited launch in the United States, opening its first store near Los Angeles.
Britain's most successful retailer opened its "Fresh & Easy Neighborhood Market" convenience chain in the small city of Hemet late last week prior to opening a further five stores in Los Angeles on Nov. 8, a Tesco spokeswoman said.
In the coming weeks Fresh & Easy, which is a new brand for Tesco, will roll out more than 120 stores offering fresh, local foods and ready meals across LA, Las Vegas, Phoenix and San Diego.
Tesco's U.S. launch has been widely trailed, with industry watchers predicting it could cause a shake-up of the world's largest and most competitive consumer market.
Entering the home territory of the most successful retailer, Wal-Mart Stores Inc. (WMT.N: Quote, Profile, Research), also presents a greater risk to Tesco than it has faced in the 12 countries where it already operates.
Tesco Chief Executive Terry Leahy, who has called cracking the United States "the opportunity of a lifetime", has said Fresh & Easy could one day rival Tesco's British business.
Citigroup retail analyst James Anstead believes the U.S. market theoretically provides Tesco with a $100 billion opportunity -- about $20 billion more than the group's turnover last year. Tesco has earmarked 250 million pounds ($521 million) per year for the U.S. business going forward.
Fresh & Easy's focus on healthy, organic foods is expected to put it in direct competition with Whole Foods Market Inc (WFMI.O: Quote, Profile, Research), Trader Joe's and convenience chain 7-Eleven. Continued...
http://www.reuters.com/article/marketsNews/idUKL053757220071105?rpc=44
At least we're finding out where some of the landmines are. Everyone thought BSC and LEH were going to be the companies with the huge right downs, they were nothing compared to MER and C.
Of course there could always be more to come.
I think WFMI will drop after earnings. They are a glorified supermarket. Yahoo has them growing at 16%/yr for the next 5 years. I find that hard to believe, but even if they do, they are trading at 32 times 2008 earnings. Most supermarkets have P/E's of 10 to 12. If the economy slows down are people going to spend money on overpriced groceries, plus I see them getting lots of competition from the big supermarkets putting organic sections in their stores. I couldn't believe that the FTC thought they would become a monopoly with Wild Oats.
I'm hoping it goes above $50 into earnings.
C Citigroup on Conference Call (37.73 ) -Update-
Reiterates expect to be in the range of targeted ratios by the end of Q2 in 2008... Asked if there is another shoe to drop: Co says that they can not give any insurance that there is not another shoe to drop; says right now they are making the best estimate that they can; looking at ABX, residential housing price deterioration; says no way anyone can give that insurance; says $43 bln current net exposure on the super senior side as of the end of Q3; will take appropriate actions on that throughout the quarter; have hedges against gross exposure... stock is trading at $36 in pre-market.
WCG WellCare Group Pre-Conf Call update (27.37 ) -Update-
The stock is set to gap up about $13 to $40 following the news coming out that the Co. is being investigated for fraud in the mental health area. Allegedly, they defrauded the government of over $35 mln over 5 years by charging too much for mental health services. At this point, the Co. hasn't been formally charged with any wrong doing but investigators are examining their relationship with a Cayman Islands subsidiary that could have helped the co misrepresent its outlays for care in a way that allowed WellCare to keep more of the mental-health payments it received. In the end, based on where shares were trading that is great news. $35 mln is a drop in the bucket of their $1 bln plus in cash and the general feeling is that they will be fined but not lose their government contracts. The danger is that we have not heard all of it, and that investigations in New York and Connecticut have different allegations and the problems are more widespread. We will most likely learn more on the call in 15 minutes but if the end result is that they are fined but lose little or no business the stock should move back well north of $50. Trading at $40.40 pre-mkt
07:35 YHOO Yahoo!: $7 per share in Asian Assets such as Alibaba support valuations of $35-$38 per share - Susquehanna (31.11 )
I'd like to see HANS get a little more expensive ($70's). They are still expected to grow at 35% to 40% a year for the next 5 years. The energy drink market is still expected to grow here in the U.S. and their distribution deal with Bud is just starting to kick in. Energy drinks are getting trendy in bars and with Bud backing them they might be able to steal market share from Red Bull which shouldn't be hard since they have almost no share right now. Also they are not in Europe yet, where energy drinks are even more popular than in the U.S.
They are trading at about 30 times 2008 earnings so not that extreme for a high growth company, but if growth slows lookout below.
If they announce expansion to Europe look for a short squeeze.
Gotta love the Bush administration looking down on what Musharaf did publicly when you know behind closed doors Bush is saying, "Musha Mush needs to hang on to those nukes, can't let those radicalized Muslims get their hands on them."
AD, thanks. That's another one that got the better of me earlier this year but I finally got some payback.
I'll have to look at HANS over the weekend, I'm still shaking my head over ERTS, yes they beat for the quarter, but they lowered guidance for the year, they have a forward PE of 60, Deutsche Bank downgraded them to sell and cut the price target to $45 and they still managed to close @ $60.51 up $1.77 on the day, near a 52wk high?
I made a little money, but any other company would have been down at least 10% if not more in this market.
Doug Cass predicted it last night on Fast Money. He said they would call an emergency meeting over the weekend and Prince would be out by Monday morning. I almost bought some but then CNBC said they might be discussing additional write downs and I cancelled my order.