full-time investing; total portfolio up over 130% in 2009; but 2010 sucks!
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Interesting article on self-employment and entrepreneurship:
http://www.fool.com/investing/general/2011/04/29/forget-what-youve-been-told-who-really-creates-job.aspx
SHOM has increased revenues but slight loss due to audit support from Scott & Company; also suspends merger discussions for now (previously had mentioned merger talks with Wash DC clinics):
Southern Home Medical Achieves Strong Third Quarter ResultsNet Income Up 65% on Revenue Growth of 27% Year-over-Year--
LYMAN, S.C., Oct. 13, 2011 /PRNewswire via COMTEX/ --
Southern Home Medical Equipment, Inc. (PinkSheets: SHOM), a holding company providing healthcare services, staffing and durable medical equipment to medical institutions, announced today that it has achieved stronger third quarter revenue results than anticipated indicating a continued healthy outlook for the Company.
For the third quarter ending September 30th, 2011, corporate revenues were $289,869, a 27.5% increase over $227,151 reported revenues in third quarter of 2010. Net income was a loss of $542.00 with consideration of $74,312.00 in professional fees to Scott & Company for the PCAOB audit thus far. Without these fees, our net income results would have reported a positive $73,770 for the quarter, a 65.0% increase compared to the net income of $44,600 for the same quarter in 2010.
"We are pleased with our progress into the last half of 2011, but we have made the decision to suspend the potential acquisition/merger. It simply is not in the best interest of SHOM at this time. We will continue to evaluate this position through the remainder of 2011," said President and CEO of Southern Home Medical, Jeff Sarvis.
"Our share structure remains unchanged from last quarter as reflected with OTC Market quarterly updates .We anticipate progressing towards a monthly shareholder update that will be posted to our SHOM website on or prior to the 15th of each month.
Scott and Company, our auditors, continues toward completion of the PCAOB audit. Scott & Company is a great company, and they have our complete respect," added Sarvis.
About Southern Home Medical Equipment, Inc.
Southern Home Medical Equipment, Inc. is a holding company with a focus on servicing the needs of the U.S. healthcare industry. The Company has quality health care professionals to address national shortages in hospitals, rehab centers, nursing homes and other medical facilities. Personnel are available 24/7/365 and include: RN's, LPN's, CNA's, RT's, billing specialists, customer service specialists, delivery techs and marketing reps. The Company has contractual agreements with partner businesses located in Charleston, Columbia, Greenville, Florence and Lake Hartwell, of South Carolina; Nashville, Tennessee; Baltimore, Maryland; Atlanta, Georgia; and Philadelphia, Pennsylvania. Southern Home Medical is leveraging the success of these business models to expand sales opportunities in these areas of health, medical, staffing and durable medical equipment needs. For more information, visit www.southernhomemedical.com www.encoremedicalstaffing.com www.apnearx.net.
Contact:Henry HarrisonIR Pro 2.0407-682-2001
SOURCE Southern Home Medical Equipment, Inc.
SHOM has increased revenues but slight loss due to audit support from Scott & Company; also suspends merger discussions for now (previously had mentioned merger talks with Wash DC clinics):
Southern Home Medical Achieves Strong Third Quarter ResultsNet Income Up 65% on Revenue Growth of 27% Year-over-Year--
LYMAN, S.C., Oct. 13, 2011 /PRNewswire via COMTEX/ --
Southern Home Medical Equipment, Inc. (PinkSheets: SHOM), a holding company providing healthcare services, staffing and durable medical equipment to medical institutions, announced today that it has achieved stronger third quarter revenue results than anticipated indicating a continued healthy outlook for the Company.
For the third quarter ending September 30th, 2011, corporate revenues were $289,869, a 27.5% increase over $227,151 reported revenues in third quarter of 2010. Net income was a loss of $542.00 with consideration of $74,312.00 in professional fees to Scott & Company for the PCAOB audit thus far. Without these fees, our net income results would have reported a positive $73,770 for the quarter, a 65.0% increase compared to the net income of $44,600 for the same quarter in 2010.
"We are pleased with our progress into the last half of 2011, but we have made the decision to suspend the potential acquisition/merger. It simply is not in the best interest of SHOM at this time. We will continue to evaluate this position through the remainder of 2011," said President and CEO of Southern Home Medical, Jeff Sarvis.
"Our share structure remains unchanged from last quarter as reflected with OTC Market quarterly updates .We anticipate progressing towards a monthly shareholder update that will be posted to our SHOM website on or prior to the 15th of each month. Scott and Company, our auditors, continues toward completion of the PCAOB audit. Scott & Company is a great company, and they have our complete respect," added Sarvis.
About Southern Home Medical Equipment, Inc.
Southern Home Medical Equipment, Inc. is a holding company with a focus on servicing the needs of the U.S. healthcare industry. The Company has quality health care professionals to address national shortages in hospitals, rehab centers, nursing homes and other medical facilities. Personnel are available 24/7/365 and include: RN's, LPN's, CNA's, RT's, billing specialists, customer service specialists, delivery techs and marketing reps. The Company has contractual agreements with partner businesses located in Charleston, Columbia, Greenville, Florence and Lake Hartwell, of South Carolina; Nashville, Tennessee; Baltimore, Maryland; Atlanta, Georgia; and Philadelphia, Pennsylvania. Southern Home Medical is leveraging the success of these business models to expand sales opportunities in these areas of health, medical, staffing and durable medical equipment needs. For more information, visit www.southernhomemedical.com www.encoremedicalstaffing.com www.apnearx.net.
Contact:Henry HarrisonIR Pro 2.0407-682-2001
SOURCE Southern Home Medical Equipment, Inc.
BriefingTrader is expanding its list of Contacts & Trade Idea Contributors
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14:17 Economic Summary: FOMC Minutes show that members saw 'large-scale asset purchases as potentially a more potent tool'; Fed dissenter Kocherlakota to speak tomorrow at 14:30
Economic Data Summary:
Weekly MBA Mortgage Index +1.3% (Last Week was -4.3%)
Fed/Treasury Events Summary:
Philadelphia Fed President Charles Plosser (recent FOMC dissenter) spoke today. He made the following comments
"Although the downside risks around this forecast are apparent, I do not believe we are on the verge of a double-dip recession."
"Given that inflation was notably higher and unemployment lower than it was last fall when we embarked on our second round of asset purchases, it wasn't clear that further accommodation was called for. In addition, I believe these actions will do little to improve the near-term prospects for economic growth or employment, but they do pose some real risks. Policy actions are not free and should be evaluated based on the costs and benefits."
Key points from FOMC minutes
"A number of participants saw large-scale asset purchases as potentially a more potent tool that should be retained as an option in the event that further policy action to support a stronger economic recovery was warranted. Some judged that large-scale asset purchases and the resulting expansion of the Federal Reserve's balance sheet would be more likely to raise inflation and inflation expectations than to stimulate economic activity and argued that such tools should be reserved for circumstances in which the risk of deflation was elevated."
Regarding the IOR rate "A number of participants judged that a reduction would result in at least marginally lower money market rates and could help stimulate bank lending."
Treasury auctioned off $21 bln in 10 year notes today. The results of the auction were as follows:
$21 bln 10-yr Note Reopening Results: 2.271%; Bid/Cover 2.86x (Prior 3.03x, 12-auction avg 3.11x); Indirect Bidders 35.0% (Prior 48.5%, 12-auction avg 48.9%)
The U.S. Senate passed the bill targeting China's currency valuation and voted down the American Jobs Act; SEC votes 4-0 to propose Volcker Rule
The Fed sold $8.87 bln worth of 2013 maturities as dealers looked to buy $69.62 bln worth
Upcoming Economic Data:
Weekly Initial Claims due out Thursday at 8:30 (Briefing.com consensus of 406K; Last Week was 401K)
Weekly Continuing Claims due out Thursday at 8:30 (Briefing.com consensus of 3.7 M ; Last Week was 3.7 M)
August Trace Balance due out Thursday at 8:30 (Briefing.com consensus of -$46.1 bln; July was $44.8 bln)
Upcoming Fed/Treasury Events:
Treasury will auction off $13 bln in 30 year notes tomorrow. Results will be announced at 13:00
Minneapolis Fed President Narayana Kocherlakota (recent FOMC dissenter) to speak tomorrow at 14:30
Other International Events of Interest
The Slovakia vote on EFSF expansion failed, which was also tied to a confidence vote of leadership. The govt will now be under new leadership and the expansion is now expected to pass.
BTN is too thinly traded. Why buy a bunch of this undervalued stock and risk being unable to unload quickly if market melts? Market continues to be referred to as Sucker Rally or Santa Clause Rally depending on pessimism or optimism of the talker.
Good Luck! AGM is safer (in a down market) as it is more liquid than BTN.
Bearish??? Have you looked at these three bear (x3) ETFs?
They were mentioned in a Seeking Alpha article.
BGZ -- The Direxion Large Cap Bear 3X Shares (Russell 1000) -- 300% of the RIY
MWN -- The Direxion Mid Cap Bear 3X Shares (Russell MidCap Index) -- 300% of the RMC.
TZA -- The Direxion Small Cap Bear 3 X Shares (Russell 2000) -- 300% of the RTY.
OT: Wade is poised to whine!
Although the "issued share count" may not have changed, I haven't been able to find the "total diluted share count" anywhere. Can anyone point me to a filing that contains that figure?
Looks like a great price to be adding shares if the "total diluted share count" is not out of this world. Total authorized is 1 billion shares, so the question is how many shares the CEO decides to use as capital for whimsy. I like to think he is capable of looking out for shareholders, but it's a natural trait to look out for oneself more than shareholders when you have the freedom to do so.
Any info on "total diluted share count" will be much appreciated!
'peeker
OT: Nicely done Steve Jobs commencement speech at Stanford University.
My two favorite quotes from his speech:
1. Stay hungry; stay foolish!
(originally from the back page of the last edition of the Whole Earth Catalog)
2. Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life.
No, the Lundin field in Norway is in about 1100meters of water.
HWEB, nice way to curb one's enthusiasm.
"STOP!!!!"
10:12 Dexia trade being halted overseas at the request of regulators
News likely pending as Belgium and French governmnets hammer out details of rescue plan.
Ithaca Energy Inc. Third Quarter 2011 Production
TIDMIAE
Third Quarter 2011 Production
FOR: ITHACA ENERGY INC.
AIM, TSX VENTURE SYMBOL: IAE
October 6, 2011
Ithaca Energy Inc.: Third Quarter 2011 Production
LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - Oct. 6, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE) reports 2011 third quarter production, as well as changes to
production reporting following the acquisition of the Cook field and in anticipation of first production from
the Athena field.
The Company will present the Athena project in London on October 11 2011; after which the presentation will be
available on the Company's website (www.ithacaenergy.com).
Export Production Q3 2011
Combined export production for the third quarter 2011 totalled 331,383 barrels of oil equivalent ("boe") and
averaged 3,602 barrels of oil equivalent per day ("boepd") net to Ithaca. The Company's export production
volumes in Q3 2011 comprise production from the Beatrice and Jacky oil fields, the Anglia and Topaz gas fields
and oil and gas from the recently acquired Cook field. Export production is summarised as follows:
=--------------------------------------------------------------------------
Q3 2011 Net to Ithaca (boe) Net to Ithaca (boepd)
=--------------------------------------------------------------------------
=--------------------------------------------------------------------------
July 75,477 2,435
=--------------------------------------------------------------------------
August 114,339 3,688
=--------------------------------------------------------------------------
September 141,567 4,719
=--------------------------------------------------------------------------
TOTAL 331,383 3,602 (Average)
=--------------------------------------------------------------------------
During the third quarter of 2011 certain events and activities had an impact on the export production levels of
the Company.
=- In July, strong production was restored in the Jacky, J01 well. The
production figures for Jacky do not represent a full quarter; Electrical
Submersible Pump ("ESP") support for the well was fully restored at the
end of the first week in July
=- In early August, the replacement of an ESP was successfully completed on
well A21 at the Beatrice Alpha platform
=- From September 23, Beatrice production was shut in for 7 days to allow
maintenance of the produced water treatment system. Production is now
re-instated and Jacky production was not restricted.
=- The Company reports production from midday August 25 onwards for the
Cook field following completion of the transaction with Hess Limited to
acquire a 28.46% interest in the field. The Cook field produces
approximately 1,900 boepd net to Ithaca on a daily basis. Production
levels have been steady since reporting commenced although 4 days shut
down were incurred due to repairs on board the Anasuria Floating
Production Storage and Offtake ("FPSO") vessel; this is reflected in the
quarterly figure
=- Currently, the Company's daily export production rate is around 4,800
boepd net
Export Production Method of Reporting
Due to the addition of Cook production into the Company's portfolio and the anticipated addition of Athena
production in Q4 2011, the Company has revised its method of reporting hydrocarbon production volumes.
The Company has previously reported sales volumes of oil and gas as historically the sales volumes and export
production volumes were effectively equivalent due to all Company oil and gas being transported to shore by
pipe and sold on a monthly basis. However, this method of reporting now requires revision to correctly reflect
the Company's net production.
Oil produced by the Cook field is sold through liftings from the Anasuria Floating Production Storage and
Offtake ("FPSO") vessel via shuttle tanker. The Company is entitled to record sales when liftings are made, on
a regular but not monthly basis. In addition, future oil production from the Athena field will be transported
via regular shuttle tankers to Ithaca's operated Nigg oil terminal. Sales will only be recorded when the oil is
transferred into the storage tank at the Nigg terminal.
The Company will now report "export production", being volumes produced, adjusted for shrinkage, fuel and flare
contribution and any normal oil and gas losses.
The Company is adopting a standard method of reporting, utilised by many oil and gas producers, for all future
quarterly production updates. Sales volumes and valuations of inventory will continue to be disclosed in the
Company's quarterly accounts.
Q3 2011 Financial Results
The Company will announce Q3 2011 Financial Results on November 14 2011.
Notes to oil and gas disclosure:
In accordance with AIM Guidelines, Hugh Morel, BSc Physics and Geology (Durham), PhD Hydrogeology (London) and
senior petroleum engineer at Ithaca is the qualified person that has reviewed the technical information
contained in this press release. Dr Morel has 30 years operating experience in the upstream oil industry.
MMT.v poor action due to slow progress and poor communication by the company on delayed UMU-9 spud, UMU-8 flow tests, pipeline negotiation, and AGIP pipeline vandalism.
Lack of speed on AGIP negotiations can be blamed on complex negotiations with mustiple partners and gov't involvement. UMU-8 test results and UMU-9 schedule need to be communicated to shareholders.
Rumor is that AGIP negotiations should complete by end of October, UMU-8 flows are excellent, and UMU-9 is almost ready to spud. Stockhouse has a number of good posts about Mart, but it's all conjecture without the company announcing what is going on. I'm disappointed that they haven't been very forthcoming during the last 3 months.
'peeker
Lundin field reserve upgrades could add supply to Norway.
(may help Lundin and StatOil stocks???)
http://www.upstreamonline.com/live/article282006.ece
Aldous-Avaldsnes 'worth $13bn'
The giant Aldous-Avaldsnes discovery off Norway has a potential value of $13 billion and could make a substantial contribution to the country’s oil supply from 2020, according to UK-based analysts Wood Mackenzie.
Steve Marshall 05 October 2011 08:28 GMT
The field could rank as the third largest Norwegian oil discovery, and the seventh largest in the history of the North Sea, after the recoverable reserves estimate for the combined find was raised to between 1.2 billion and 2.6 billion barrels of oil equivalent.
“At the upper end of current expectations and based on currently commercial fields, the field could account for 20% of Norwegian oil supply from 2020, rising to over half by 2027, making a vital contribution to Norway’s long term oil production,” said WoodMac’s North-West Europe lead analyst Geoff Gillies.
He said that, based on the revised reserves estimate range, the field could be worth between $6.7 billion and $13 billion”.
The revision follows last week’s announcement by Lundin Petroleum, operator at Avaldsnes, of a significant reserves upgrade for the find after recent appraisal work.
“Crucially, the recent appraisal not only proves the continuous geological structure across licences PL265 and PL501, operated by Statoil and Lundin respectively, it also indicates higher porosity, higher oil saturation and a net to gross ratio of close to 100%,” Gillies said.
WoodMac said a unitization agreement still needs to be worked out between the respective operators, as the field straddles two licences, before development can take place. The pair have established a joint team to carry out conceptual development studies.
However, Gillies added: “The companies with interests in either licence will benefit hugely from the growing success of this new find, which in some cases will be transformational.”
Published: 05 October 2011 08:28 GMT | Last updated: 05 October 2011 13:32 GMT
Chairman Ben S. Bernanke
Economic Outlook and Recent Monetary Policy Actions
Before the Joint Economic Committee, U.S. Congress.
October 4, 2011
Chairman Casey, Vice Chairman Brady, and other members of the Committee, I appreciate this opportunity to discuss the economic outlook and recent monetary policy actions.
It has been three years since the beginning of the most intense phase of the financial crisis in the late summer and fall of 2008, and more than two years since the economic recovery began in June 2009. There have been some positive developments: The functioning of financial markets and the banking system in the United States has improved significantly. Manufacturing production in the United States has risen nearly 15 percent since its trough, driven substantially by growth in exports; indeed, the U.S. trade deficit has been notably lower recently than it was before the crisis, reflecting in part the improved competitiveness of U.S. goods and services. Business investment in equipment and software has continued to expand, and productivity gains in some industries have been impressive. Nevertheless, it is clear that, overall, the recovery from the crisis has been much less robust than we had hoped. Recent revisions of government economic data show the recession as having been even deeper, and the recovery weaker, than previously estimated; indeed, by the second quarter of this year--the latest quarter for which official estimates are available--aggregate output in the United States still had not returned to the level that it had attained before the crisis. Slow economic growth has in turn led to slow rates of increase in jobs and household incomes.
The pattern of sluggish growth was particularly evident in the first half of this year, with real gross domestic product (GDP) estimated to have increased at an average annual rate of less than 1 percent. Some of this weakness can be attributed to temporary factors. Notably, earlier this year, political unrest in the Middle East and North Africa, strong growth in emerging market economies, and other developments contributed to significant increases in the prices of oil and other commodities, which damped consumer purchasing power and spending; and the disaster in Japan disrupted global supply chains and production, particularly in the automobile industry. With commodity prices having come off their highs and manufacturers' problems with supply chains well along toward resolution, growth in the second half of the year seems likely to be more rapid than in the first half.
However, the incoming data suggest that other, more persistent factors also continue to restrain the pace of recovery. Consequently, the Federal Open Market Committee (FOMC) now expects a somewhat slower pace of economic growth over coming quarters than it did at the time of the June meeting, when Committee participants most recently submitted economic forecasts.
Consumer behavior has both reflected and contributed to the slow pace of recovery. Households have been very cautious in their spending decisions, as declines in house prices and in the values of financial assets have reduced household wealth, and many families continue to struggle with high debt burdens or reduced access to credit. Probably the most significant factor depressing consumer confidence, however, has been the poor performance of the job market. Over the summer, private payrolls rose by only about 100,000 jobs per month on average--half of the rate posted earlier in the year.1 Meanwhile, state and local governments have continued to shed jobs, as they have been doing for more than two years. With these weak gains in employment, the unemployment rate has held close to 9 percent since early this year. Moreover, recent indicators, including new claims for unemployment insurance and surveys of hiring plans, point to the likelihood of more sluggish job growth in the period ahead.
Other sectors of the economy are also contributing to the slower-than-expected rate of expansion. The housing sector has been a significant driver of recovery from most recessions in the United States since World War II. This time, however, a number of factors--including the overhang of distressed and foreclosed properties, tight credit conditions for builders and potential homebuyers, and the large number of "underwater" mortgages (on which homeowners owe more than their homes are worth)--have left the rate of new home construction at only about one-third of its average level in recent decades.
In the financial sphere, as I noted, banking and financial conditions in the United States have improved significantly since the depths of the crisis. Nonetheless, financial stresses persist. Credit remains tight for many households, small businesses, and residential and commercial builders, in part because weaker balance sheets and income prospects have increased the perceived credit risk of many potential borrowers. We have also recently seen bouts of elevated volatility and risk aversion in financial markets, partly in reaction to fiscal concerns both here and abroad. Domestically, the controversy during the summer regarding the raising of the federal debt ceiling and the downgrade of the U.S. long-term credit rating by one of the major rating agencies contributed to the financial turbulence that occurred around that time. Outside the United States, concerns about sovereign debt in Greece and other euro-zone countries, as well as about the sovereign debt exposures of the European banking system, have been a significant source of stress in global financial markets. European leaders are strongly committed to addressing these issues, but the need to obtain agreement among a large number of countries to put in place necessary backstops and to address the sources of the fiscal problems has slowed the process of finding solutions. It is difficult to judge how much these financial strains have affected U.S. economic activity thus far, but there seems little doubt that they have hurt household and business confidence, and that they pose ongoing risks to growth.
Another factor likely to weigh on the U.S. recovery is the increasing drag being exerted by the government sector. Notably, state and local governments continue to tighten their belts by cutting spending and employment in the face of ongoing budgetary pressures, while the future course of federal fiscal policies remains quite uncertain.
To be sure, fiscal policymakers face a complex situation. I would submit that, in setting tax and spending policies for now and the future, policymakers should consider at least four key objectives. One crucial objective is to achieve long-run fiscal sustainability. The federal budget is clearly not on a sustainable path at present. The Joint Select Committee on Deficit Reduction, formed as part of the Budget Control Act, is charged with achieving $1.5 trillion in additional deficit reduction over the next 10 years on top of the spending caps enacted this summer. Accomplishing that goal would be a substantial step; however, more will be needed to achieve fiscal sustainability.
A second important objective is to avoid fiscal actions that could impede the ongoing economic recovery. These first two objectives are certainly not incompatible, as putting in place a credible plan for reducing future deficits over the longer term does not preclude attending to the implications of fiscal choices for the recovery in the near term. Third, fiscal policy should aim to promote long-term growth and economic opportunity. As a nation, we need to think carefully about how federal spending priorities and the design of the tax code affect the productivity and vitality of our economy in the longer term. Fourth, there is evident need to improve the process for making long-term budget decisions, to create greater predictability and clarity, while avoiding disruptions to the financial markets and the economy. In sum, the nation faces difficult and fundamental fiscal choices, which cannot be safely or responsibly postponed.
Returning to the discussion of the economic outlook, let me turn now to the prospects for inflation. Prices of many commodities, notably oil, increased sharply earlier this year, as I noted, leading to higher retail gasoline and food prices. In addition, producers of other goods and services were able to pass through some of their higher input costs to their customers. Separately, the global supply disruptions associated with the disaster in Japan put upward pressure on prices of motor vehicles. As a result of these influences, inflation picked up during the first half of this year; over that period, the price index for personal consumption expenditures rose at an annual rate of about 3-1/2 percent, compared with an average of less than 1-1/2 percent over the preceding two years.
As the FOMC anticipated, however, inflation has begun to moderate as these transitory influences wane. In particular, the prices of oil and many other commodities have either leveled off or have come down from their highs, and the step-up in automobile production has started to reduce pressures on the prices of cars and light trucks. Importantly, the higher rate of inflation experienced so far this year does not appear to have become ingrained in the economy. Longer-term inflation expectations have remained stable according to surveys of households and economic forecasters, and the five-year-forward measure of inflation compensation derived from yields on nominal and inflation-protected Treasury securities suggests that inflation expectations among investors may have moved lower recently. In addition to the stability of longer-term inflation expectations, the substantial amount of resource slack in U.S. labor and product markets should continue to restrain inflationary pressures.
In view of the deterioration in the economic outlook over the summer and the subdued inflation picture over the medium run, the FOMC has taken several steps recently to provide additional policy accommodation. At the August meeting, the Committee provided greater clarity about its outlook for the level of short-term interest rates by noting that economic conditions were likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013. And at our meeting in September, the Committee announced that it intends to increase the average maturity of the securities in the Federal Reserve's portfolio. Specifically, it intends to purchase, by the end of June 2012, $400 billion of Treasury securities with remaining maturities of 6 years to 30 years and to sell an equal amount of Treasury securities with remaining maturities of 3 years or less, leaving the size of our balance sheet approximately unchanged. This maturity extension program should put downward pressure on longer-term interest rates and help make broader financial conditions more supportive of economic growth than they would otherwise have been.
The Committee also announced in September that it will begin reinvesting principal payments on its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities rather than in longer-term Treasury securities. By helping to support mortgage markets, this action too should contribute to a stronger economic recovery. The Committee will continue to closely monitor economic developments and is prepared to take further action as appropriate to promote a stronger economic recovery in a context of price stability.
Monetary policy can be a powerful tool, but it is not a panacea for the problems currently faced by the U.S. economy. Fostering healthy growth and job creation is a shared responsibility of all economic policymakers, in close cooperation with the private sector. Fiscal policy is of critical importance, as I have noted today, but a wide range of other policies--pertaining to labor markets, housing, trade, taxation, and regulation, for example--also have important roles to play. For our part, we at the Federal Reserve will continue to work to help create an environment that provides the greatest possible economic opportunity for all Americans.
footnotes:
1. The figure of 100,000 private jobs per month adjusts for the effects of the two-week strike by communications workers at Verizon, which held down measured payrolls in August. Return to text
ILNS ... just another overblown promise that turned into a whipsaw!
ILNS popped and dropped. Debt issues remain.
Be careful. It went to over .18 and dropped back to .10 today, so somebody realizes there's a longer term debt issue with ILNS, and it will be a long time before ILNS really gets substantial income due to the long time to run trials.
Still if it proves up over time, ILNS will do well.
Well ILNS may now be called a pop-n-drop play. Long term debt may be the problem even though the news today was great.
ILNS ... dtgrow gets the credit; I sold mine yesterday.
08:00 ILNS and VPHM (big deal for ILNS, but ... still a long development cycle to get thru Phase 2 trials and reach the market)
ViroPharma (VPHM) licenses rights from intellect neurosciences (ILNS) for product candidate for Friedreich's Ataxia (18.39 )
Co announces the license of worldwide rights from Intellect Neurosciences to its clinical stage drug candidate, OX1, being developed for the treatment of Friedreich's Ataxia. Co has exclusive worldwide rights to develop and commercialize OX1 for the treatment, management or prevention of any disease or condition covered by Intellect's patents. Co paid Intellect Neurosciences a $6.5 mln up-front licensing fee and will pay additional milestones based upon defined events. The maximum of these milestone payments assuming successful advancement to market could amount to $120 mln. The co will also pay a tiered royalty of up to a maximum percentage of low teens, based on annual net sales.
RE: ILNS deal/rumor
dtgrow, your prediction of a move came true today; do you know of a particular deal in the works?
Thanks,
Steve
ILNS (microcap, working on Alzheimer's Beta Amyloid Vaccine) is having big volume (x10 daily avg) and good 40% price pop today. There have been a couple of people hitting IHUB with rumors but haven't seen anything specific yet.
Anyone have any insights on ILNS?
ILNS (microcap, working on Alzheimer's Beta Amyloid Vaccine) is having big volume (x10 daily avg) and good 40% price pop today. There have been a couple of people hitting IHUB with rumors but haven't seen anything specific yet.
Anyone have any insights on ILNS?
OOPS!!! I guess it's not profitable ... will post on ZCC board
'peeker
You guys are almost as refreshing as the thought of:
"yellow matted custard, dripping from a dead dog's eye"
Might as well suggest that they stop peeing on each others' shoes and claiming that it's raining.
PBN.to mentioned in article summarizing Shell CEO comments on why oil prices will remain high over the long term.
Excerpt:
"Last week I wrote about the Peak Oil warning that Hess Company (HES) CEO John Hess has been delivering publicly. This week Shell (RDS.A) CEO Peter Voser made similar comments warning that over time oil supply and demand fundamentals are going to tighten significantly.
I would like to emphasize one specific comment that Voser made because I think it is incredibly simple, yet completely ignored by the mainstream media:
“Oil output from fields in production declines by 5 per cent a year as reserves are depleted, so the world needed to add the equivalent of four Saudi Arabias or 10 North Seas over the next 10 years just to keep supply level, even before much of an increase in demand.”
This is simple mathematics folks. The sheer scale of what has to be done is overwhelming."
http://seekingalpha.com/article/296265-shell-ceo-tells-us-where-oil-prices-are-going-and-it-isn-t-lower?source=email_authors_alerts
Sold most of my RG to buy NKL after RG underwhelmed me with the latest assay results.
Prophecy Appoints Dr. L. Hulbert as Geological Advisor
Vancouver, British Columbia, September 28, 2011: Prophecy Platinum Corp. ("Prophecy Platinum" or the “Company”) (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces the following senior appointments:
Dr. Larry Hulbert, D.Sc., P.Geo: Chief Geological Advisor
Dr. Hulbert's impressive professional background includes 23 years with the Geological Survey of Canada (GSC), most recently in the role of Senior Research Scientist where Dr. Hulbert’s focus was in the Metallogeny of Mafic-Ultramafic Rocks and associated Ni-Cu-PGM mineralization. His analysis and research included numerous Ni-Cu-PGM deposits throughout Canada and the world, including Prophecy's Wellgreen property.
The author of several comprehensive reports defining the geology of the Wellgreen deposit and the broader Kluane Mafic-Ultramafic Belt as a whole, Dr. Hulbert has an intricate understanding of all aspects of both the region and the project. Prominent among Dr. Hulbert’s academic works on the subject is the 265 page report written in 1997, titled "Geology and Metallogeny of the Kluane Mafic-Ultramafic Belt, Yukon Territory, Canada: Eastern Wrangellia – A New Ni-Cu-PGE Metallogenic Terrane". All of Dr. Hulbert’s reports are available under the Wellgreen project section at Prophecy Platinum’s website http://www.prophecyplat.com.
Dr. Hulbert is tasked with helping Prophecy locate additional massive sulphide mineralization within the Company's expansive Quill creek land package encompassing a strike length of 17.5 km with extensive soil anomalies throughout.
Dr. Hulbert has been registered as a Professional Geoscientist since 2003 and as a Qualified Person for the purpose of National Instrument 43-101. He holds a B.Sc. (Hons) and M.Sc. from the University of Regina, as well as a D.Sc. from the University of Pretoria in South Africa.
Mr. Patrick Langlois, B.Com, MBA, CFA: Vice President, Corporate Development
Mr. Langlois has extensive investment banking and venture capital experience, with past roles that have included Director of Investment Banking at Stonecap Securities and Managing Director of Investment Banking at Laurentian Bank Securities. Patrick has provided corporate finance expertise across a broad spectrum of industries, advising numerous corporations regarding public offerings, private placements, as well as mergers and acquisitions. Mr. Langlois, based in Toronto, joins Prophecy on a full time basis and holds an M.B.A. from Université de Sherbrooke, as well as a CFA designation and membership in the CFA Institute.
Mr. Joseph Li, B.Com, CGA: General Manager and Corporate Secretary
Mr. Li is a Certified General Accountant (B.C.) and has a B.Com (Hons) from Laurentian University. For 13 years, Joseph was a Senior Auditor with the B.C. Ministry of Finance, a position which allowed him to gain valuable insight into how diverse businesses and organizations of all sizes are operated. Mr. Li has been the General Manager and Corporate Secretary of Prophecy Coal Corp. since January, 2011, and oversaw the spinoff of Prophecy Platinum Corp.
Mr. John Lee, CFA, Chairman of Prophecy comments: "Prophecy Platinum has made great strides in the last 3 months in advancing its flagship Wellgreen project. The Company expects to announce additional senior management appointments to match the calibre of Wellgreen."
PetroBakken Energy Ltd (PBN.to) was downgraded to
"Underperform" from "Market Perform" at BMO Capital Markets by equity analyst Jim Byrne. The 12-month target price is C$7.00 per share
With a dividend policy that is looking increasingly unsustainable, PetroBakken continues to increase debt to levels that may be difficult to recover from. Ina backdrop of extreme volatility in commodity markets and concerns over credit contagion in the financial markets, potential funding sources for the company may not be as readily available as in the past. In our view, the risks for the share price are to the downside, considering the growing bank debt levels and potential put option in February 2013 on the company's US$750 million
convertible debt offering.
Valuation
We believe PetroBakken's current share price does not adequately reflect the risks associated with the company's debt situation and are vulnerable in the event of further operating shortfalls or external shocks. In the event that convertible bond holders exercise their put option in early 2013, PetroBakken will be forced to either raise an additional $750 million to refinance that payment or issue enough shares to cover the principal. At today's share price that would represent roughly 43% dilution. Our revised $7 target is roughly midway between our 1P and 2P NAV estimates.
PetroBakken Energy Ltd (PBN CN) was downgraded to "Underperform" from "Market Perform" at BMO Capital Markets by equity analyst Jim Byrne. The 12-month target price is C$7.00 per share
With a dividend policy that is looking increasingly unsustainable, PetroBakken continues to increase debt to levels that may be difficult to recover from. Ina backdrop of extreme volatility in commodity markets and concerns over credit contagion in the financial markets, potential funding sources for the company may not be as readily available as in the past. In our view, the risks for the share price are to the downside, considering the growing bank debt levels and potential put option in February 2013 on the company's US$750 million
convertible debt offering.
Valuation
We believe PetroBakken's current share price does not adequately reflect the risks associated with the company's debt situation and are vulnerable in the event of further operating shortfalls or external shocks. In the event that
convertible bond holders exercise their put option in early 2013, PetroBakken will be forced to either raise an additional $750 million to refinance that payment or issue enough shares to cover the principal. At today's share price that would represent roughly 43% dilution. Our revised $7 target is roughly midway between our 1P and 2P NAV estimates.
PMGLF is down about 20% in last 2 wks; perhaps that was a catalyst for the PBKEF downgrade.
PBN.to/PBKEF.pk down due to a downgrade from BMO today.
JBII continues to fall like sh+t over a cliff.
Regards,
'peeker
RG.v (Romios) getting slammed today (down over 40% now) after publishing underwhelming assay results before the open.
Anybody know a good reason to hold on to this one any longer?
Regards,
'peeker
08:59 Moody's changed the outlook to stable for integrated oil & gas sector; considers fundamental credit conditions for the industry to be stable rather than positive
aaa.V DROPPING BELOW $1 TODAY
FlatEarthSoc, maybe it wasn't naive to think 1yr was too long to do the feasibility study.
'peeker
ps> I remain long AAA.v but forget why I didn't set a stop much higher.
I agree with ksuave; too much political opinion here. Are we going to be blessed with this kind of political opinion thru November of 2012?
You know the rules about political commentary. Do it elsewhere, not here. Stick to what you do best here, stock picking.
Best Regards
'peeker
ps> Deleting a few of these latest political posts would be a good thing.
I wasn't particularly impressed by GORO's response to the short attack. They severely attacked the publisher of the short attack and actively supported the Jason Reid and Mr. Conrad (who heads the compensation committee).
However, it seems to me they did not address most of the details called out in the article. The CFO is an issue that MUST be addressed. GORO's attitude seems to be it's best for the insiders if they have a friendly (well-compensated) head of compensation committee and a non-confrontational CFO and auditor.
The many insider sales over the last few years have been an issue, and the lack of a full-time CFO is very problematic.
Still, of most importance to share price is the calculation (by yearend unless delayed by mgt) of resource estimates based on drill results collected (paid for using cashflow from operations rather than diluting the stock).
GLTA longs,
'peeker