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Mad Dash for Potash
http://www.ipohome.com/default.asp
Intrepid Potash is the only dedicated producer of potash in North America, offering investors a pure play in a commodity currently trading at record prices. Over the next 5 years, global potash demand growth is projected to outstrip announced supply additions given the limited availability of commercial deposits and the extensive capital requirements for greenfield projects. As the largest US-based supplier, the company plans to capture share in its diversified domestic markets while Canadian competitors suffer from rising freight costs and a declining dollar. On Thursday, the company amended the terms of its offering; it now plans to sell 30 million shares (25% more than originally expected) at a range of $27-$29 (12% higher at the midpoint). Goldman Sachs, Merrill Lynch and Morgan Stanley are the lead underwriters on the deal.
No substitute
Potash is one of three essential nutrients required for crop cultivation, protecting plants from drought, disease, parasites and cold weather. Recoverable potash deposits occur rarely in nature, and as a result, the industry is economically and geographically concentrated. Intrepid Potash currently produces from two conventional mines in Carlsbad, NM, and two solution mining facilities in Utah. In addition, the company plans to convert an idled Carlsbad potash mine into a solution facility, with production expected to commence in 2009. Intrepid’s potash revenues are more diversified than the industry norm; 64% of its potash is used as fertilizer, while 30% is sold as an input in oil & gas drilling fluid and the remaining 6% is used as a nutrient in animal feed.
Made in the USA
Because of its proximity to end users in the western US, Intrepid can capture additional margin through lower freight costs to end users. Although Intrepid’s larger competitors to the north can recover their potash more efficiently, the cost of shipping it to buyers in the western US far outweighs any scale advantages. The company estimates that in 2007, buyers in its target domestic market consumed 5x more potash than the company was able to produce. With plans in place to add low-cost capacity through upgrades to existing operations and renovations of idled facilities, the company should be well-positioned to benefit from the favorable trends in potash demand.
Making hay while the sun shines?
Insiders are set to receive a considerable sum on the IPO, including $156 million in cash for each of the two founders even before the deal size was increased in Thursday’s filing. Investors should note the historical cyclicality of the potash market and the growing price incentive for competitors to accelerate capacity expansion plans. A strengthening US dollar or falling freight costs could erode the company’s margin advantage over Canadian competitors. Furthermore, unforeseen changes to US biofuel policy might derail the trend in agricultural commodity prices and filter through to fertilizer markets.
Will investors dig it?
While trends in agricultural commodities markets will likely give this stock legs in the near term, we believe the company’s proximity advantage in the US market, diversified revenue sources and low-cost expansion opportunities provide fundamental reasons to stick around for the long haul. With inflation-wary investors looking to commodities for protection, we believe Intrepid Potash has cultivated significant interest in an otherwise infertile IPO market.
====================
4/17/08 Potassium chloride producer Intrepid Potash revises IPO terms
4/7/08 Potassium chloride producer Intrepid Potash announces terms
12/20/07 Potassium chloride producer Intrepid Potash files for an IPO
Billionaire Texas oil man makes big bets on wind
By Chris Baltimore
Fri Apr 18, 9:00 AM ET
WASHINGTON (Reuters) - Legendary Texas oil man T. Boone Pickens has gone green with a plan to spend $10 billion to build the world's biggest wind farm. But he's not doing it out of generosity - he expects to turn a buck.
The Southern octogenarian's plans are as big as the Texas prairie, where he lives on a ranch with his horses, and entail fundamentally reworking how Americans use energy.
Next month, Pickens' company, Mesa Power, will begin buying land and ordering 2,700 wind turbines that will eventually generate 4,000 megawatts of electricity - the equivalent of building two commercial scale nuclear power plants - enough power for about 1 million homes.
"These are substantial," said Pickens, speaking to students at Georgetown University on Thursday. "They're big."
Pickens knows a thing or two about big. He heads the BP Capital hedge fund with over $4 billion under management, and earned about $1 billion in 2006 making big bets on commodity and equity markets.
Though a long-time oil man, Pickens said he has embraced the call for cleaner energy sources that don't emit heat-trapping greenhouse gases.
"I'm an environmentalist - I can pass the saliva test," he said.
But Pickens is not out to save the planet. He intends to make money.
Though Pickens admits that wind power won't be as lucrative as oil deals, he still expects the Texas project to turn at least a 25 percent return.
"When I go into these markets, I expect to make money on them," Pickens said. "I don't expect to lose."
America is facing a looming power crunch, with electricity demand expected to grow 15 percent in a decade. And while many states have rejected big coal-fired power projects on environmental concerns, they are offering a bounty of incentives to build renewable sources.
U.S. crude futures at new records above $115 a barrel means a bright future for renewable sources like wind and solar.
Pickens' wind farm is part of his wider vision for replacing natural gas with wind and solar for power generation, and using the natural gas instead to power vehicles.
To picture Pickens' energy strategy, imagine a compass.
Stretching from north to south from Saskatchewan to Texas would be thousands of wind turbines, which could take advantage of some of the best U.S. wind production conditions.
On the east-west axis from Texas to California would be large arrays of solar generation, which could send electricity into growing Southern California cities like Los Angeles.
The end result would be to free up more clean-burning natural gas - primarily a power-generation fuel now - to power automobiles.
Major oil companies have embraced so-called natural gas liquids because they have spent billions of dollars building refineries and pipelines to turn crude oil into gasoline, Pickens said.
But shifting natural gas used in power generation to transportation needs could cut U.S. crude oil imports by nearly 40 percent, he said.
Earnings Calendar for the Week
#msg-28637323
Courtesy....Bullwinkle
Myself °¿°, thanks for your reply it's
important to Chichi2 & me....but l have to wait for the data some of which they hide like the spike.
Bull&BearWise may supply real time for a fee but we both know they are wrong sometimes...
Chichi2 McClellan based bets are as good as we can get to battle the Crooks [bankers]
MCO's made strong moves above ZeroLines into Positive Territory today, this
upward action should continue tomorrow.
My note to Ray Thur
http://investorshub.advfn.com/boards/read_msg.asp?message_id=28589280
Thank you Farooq./e
Thanks Ray & frenchee...bet it to win
my new mantra.
Fed. Ops: 31.00B Matures this week.**
Mon: 11.00B 3day
Thu:
5.00B 14day
15.00B 7day
=============================-==
Float: 36.00B
================================================
Temp Ops:
Perm Ops:
=================================================
Public Debt:
Limit ~ $9,815 T
4/17 ~~ $9,368 T
=========================================================
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
http://www.ny.frb.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE
=========================================================
** Anyone paying attention to this data ??? cuz l may only post it @ Abet Chichi2 in order to save posts.
Fed. Ops: 31.00B Matures this week.**
Mon: 11.00B 3day
Thu:
5.00B 14day
15.00B 7day
=============================-==
Float: 36.00B
================================================
Temp Ops:
Perm Ops:
=================================================
Public Debt:
Limit ~ $9,815 T
4/17 ~~ $9,368 T
=========================================================
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
http://www.ny.frb.org/markets/omo/dmm/temp.cfm?SHOWMORE=TRUE
=========================================================
** Anyone paying attention to this data ??? cuz l may only post it @ Abet Chichi2 in order to save posts.
Don Coxe: Fridays weekly audio program.
http://events.startcast.com/events/199/B0003/#
Oil & Wheat charts
Rough Rice
Food & Fuel Inflation
Nat Gas
Ag Stocks [ POT,CF,AGU,MON.]
40Min run time
IPOVIEW-Intrepid Potash offering likely to yield rich rewards
Fri Apr 18, 2008 11:30am EDT
http://www.reuters.com/article/marketsNews/idCAN1817356420080418?rpc=44&sp=true
By Euan Rocha and Paritosh Bansal
NEW YORK, April 18 (Reuters) - Crop nutrient producer Intrepid Potash (IPI.N: Quote, Profile, Research), which is expected to price next week, presents a big opportunity for investors looking for exposure to a sector whose valuations have soared in recent months.
Booming demand for grain across the globe, driven largely by the growing needs of developing economies and the increasing use of biofuels, have led to soaring food grain prices.
Farmers trying to boost yields are using more fertilizers, leading to tight global supply conditions for crop nutrients and bumper profits for fertilizer producers.
Intrepid Potash accounts for about 1.5 percent of global potash production and is well-placed to take advantage of the growing demand, which may make it attractive to investors even in a bleak market for initial public offerings.
On Thursday, the company increased the size of its planned offering and raised the range it expects the stock to price in, indicating strong demand among investors.
"This is an early indication that there is something very solid going on with this stock," said David Menlow, president of IPOfinancial.com. "This is a good sign in an (IPO) market struggling to find its footing."
The crop nutrient producer was initially offering 24 million shares at an estimated $24 to $26 per share but has raised the offering to 30 million shares at an estimated price of $27 to $29 per share.
At the mid-point of this range, the offering would raise $840 million, giving the company a market capitalization of nearly $2.1 billion, with 74.85 million shares outstanding.
Morningstar analyst Ben Johnson said the offering still looks attractive even given the higher-than-expected price range.
"On a price to earnings basis, I think it is going to price probably at a bit of a discount to its peers," said Johnson, adding that the stock is likely to eventually trade roughly in-line with its peers.
Shares of North American fertilizer producers have risen dramatically in the last 12 months, in some cases tripling. In contrast, the Standard & Poor's 500 Index .SPX has declined about 6.6 percent, and Dow Jones Industrial Average .DJI has fallen about 2 percent.
Companies with sizable potash assets have been among the biggest winners in the sector. Shares of Potash Corp (POT.TO: Quote, Profile, Research) have risen about 225 percent in the last 12 months, while those of Mosaic Co (MOS.N: Quote, Profile, Research) are up a whopping 350 percent.
Earlier this week, Chinese importers agreed to pay North American and Russian potash exporters more than triple the price they paid a year ago for the crop nutrient.
In 2007, Intrepid sold 893,000 tons of potash and 158,300 tons of langbeinite -- a mineral with lower potassium content -- generating sales of $192.4 million, with a net income of $29.7 million. Almost all of its sales were within the United States.
The barriers to entry in the sector are high. Environmental approvals, geographical obstacles, infrastructure issues, labor shortages and capital constraints in the current credit environment all pose significant hurdles to new mine developments.
"To put a mining plan together, raise the money, build the mine and bring it into production is usually a five to seven-year process," said Evan Smith, an analyst with U.S. Global Investors.
So an IPO by a company that is already producing potash, Smith said, offers investors a rare chance to get in on the action.
Still, Intrepid has chosen to go public at a bad time for the IPO market. In the first quarter, just 25 deals priced, the lowest number since the third quarter of 2003, according to Dealogic.
As many as 36 U.S.-listed IPOs were withdrawn or postponed in the first quarter, Dealogic said.
"Investors have fears of their core investments and IPOs are a luxury item," Menlow said. "The question is, 'is the rest of the market ready to start looking at other investments?'"
But in the booming agricultural market, chances are that Intrepid may buck the trend.
"It is conceivable that the stock will in fact do well," Menlow said. (Reporting by Euan Rocha and Paritosh Bansal; Editing by Steve Orlofsky)
Chichi2, l have been getting unrelable data
from Yahoo past few weeks as have others....time for a takeover me thinks.
4:25 pm : Friday's trading concluded with hefty gains for investors. The stock market finished the session 1.8% higher, which positioned it to end the week 4.3% higher.
The positive tone to Friday's trading was apparent from the start. A positive earnings surprise from Google (GOOG 539.41, +89.87) helped set the tone. The company announced after yesterday's close that earnings for its most recent quarter totaled $4.84 per share, which was better than the $4.52 per share that analysts expected. Google's strong performance helped the tech sector (+3.4%) outperform the other major economic sectors.
Citigroup (C 25.11, +1.08) announced this morning a $5 billion loss, or $1.02 per share, for its most recent quarter, amid $12 billion in write-downs and asset adjustments. Though the quarter's loss was worse than Wall Street expected, investors viewed the news as better than feared. In turn, Citi traded noticeably higher, providing leadership to the financial sector (+1.8%).
Investment banks and brokerages (+3.4%) also lent support to the financial sector, helping it for the second consecutive session. Goldman Sachs (GS 179.93, +7.83) and Lehman Brothers (LEH 45.50, +1.86) were leaders in the group.
The session's broad-based buying interest was helped by industrial players Honeywell (HON 60.99, +3.59) and Caterpillar (CAT 85.28, +6.69). Both companies announced better than expected quarterly profits this morning.
Crude oil hit $117 per barrel in electronic trading, which is a new all-time high. The commodity closed up $1.68 at $116.54 per barrel on the Nymex, which is a new closing high.
Oil driller Schlumberger (SLB 101.85, +6.55) made sizeable gains Friday. The company actually reported earnings for its most recent quarter that missed expectations. But investors considered the miss and the rise in oil as a buying opportunity. The energy sector finished 1.9% higher.
With the buying interest strongly focused on stocks, the 10-year Treasury note was largely out of favor Friday. The yield on the 10-year note climbed to more than 3.8%, its highest level in more than a month. However, buying interest returned to the 10-year Treasury late in the day; it finished one tick higher, yielding 3.72%.DJ30 +228.87 NASDAQ +61.14 NQ100 +3.2% R2K +1.8% SP400 +1.5% SP500 +24.77 NASDAQ Dec/Adv/Vol 810/2132/2.21 bln NYSE Dec/Adv/Vol 692/2434/1.48 bln
Fed. 3day RP + 11.00B
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
Futures (2) + World Indices
http://www.cme.com/dta/del/globex.html
http://money.cnn.com/data/premarket/
World Indices (2) Mini Charts
Updates every 60sec ~ Watch the dates!!
http://www.wwfn.com/commentary/oscharts.html
http://www.allstocks.com/markets/World_Charts/Asian_Stock_Markets/asian_stock_markets.html
can l double my bet ??
L did buy May 44s QQQER
Ben put 32.25B in today, give
it a chance to find it's way.
Fed.(2)3) 7day RP + 15.00B [net Giveth 2.75B
Fed.(3) 1day RP + 12.25B
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
Fed. 14day RP + 5.00B [sofar
The Slosh Report:
http://www.gmtfo.com/RepoReader/OMOps.aspx
Hecla Completes Acquisition of 100% of Greens Creek Joint Venture
Wed Apr 16, 3:41 PM
http://ca.news.finance.yahoo.com/s/16042008/34/biz-finance-news-hecla-completes-acquisition-100-gree...
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE: HL) today announced it has completed the transaction to acquire the Rio Tinto subsidiaries that held a 70.27% interest in the Greens Creek silver mine and joint venture located near Juneau, Alaska. As a result of the transaction, Hecla subsidiaries now hold 100% of the Greens Creek joint venture, which is believed to be the fifth largest silver mine in the world in terms of annual production. Hecla has held a 29.73% interest in Greens Creek for the past two decades. On an annualized basis, by 2009 the integration of the rest of the Greens Creek mine into Hecla is expected to:
--nearly double Hecla’s silver production to about 11 million ounces annually
--increase silver reserves by more than 150%
--increase gold reserves by 140%
--significantly increase Hecla’s cash flow from operations
--decrease Hecla's already-low average cash costs per ounce of silver
Hecla’s President and Chief Executive Officer Phillips S. Baker, Jr., said, “We think the Greens Creek mine and its 12-square-mile land package is an exceptional asset, with great low-cost, long-lived production, as well as tremendous upside exploration potential. This asset transforms our company and provides us a solid base for additional growth well into the future.” The acquisition is accretive to Hecla on important major operating and financial metrics, including production, cash costs per ounce, cash flow and silver, gold, zinc and lead reserves. As a result, Hecla has increased its production guidance for 2008 to approximately 9 million ounces of silver. Hecla’s cash costs remain among the lowest of the North American primary silver producing companies, and in 2007 the average total cash cost was negative $2.81 per ounce of silver.
The $750 million purchase price consisted of $700 million in cash and $50 million in Hecla common stock. Hecla funded the cash portion of the payment with approximately $340 million from its existing cash and the remainder was funded through a $380 million debt facility provided by Scotia Capital. The debt facility includes a $140 million three-year amortizing term facility and a $240 million bridge facility (of which Hecla drew $220 million at closing), which matures in six months. Baker said, “Our Greens Creek and Lucky Friday silver mines generate a great deal of cash flow at current metals prices, which is expected to enable us to pay off the debt in less than three years. We have organized this financing to include a bridge facility that allowed us to eliminate a bank requirement to hedge a portion of our future zinc and lead production, and therefore avoid the earnings volatility associated with mark-to-market accounting. Over the course of the next several months, we will be evaluating various opportunities to retire the bridge loan.”
Baker concluded, “As a participant in the Greens Creek joint venture for 20 years, Hecla has first-hand knowledge of its great value. Frankly, we have been trying to acquire Rio Tinto’s interest for many years. I could not be more pleased with this transaction and am excited about what it means for our shareholders and for our company’s future.”
Hecla Mining Company, headquartered in Coeur d'Alene, Idaho, mines, processes and explores for silver and gold in the United States, Venezuela and Mexico. A 117-year-old company, Hecla has long been well known in the mining world and financial markets as a quality producer of silver and gold. Hecla's common shares are traded on the New York Stock Exchange under the symbol HL.
Statements made which are not historical facts, such as anticipated payments or purchases are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to, metals price volatility, volatility of metals production and costs, exploration risks and results, political risks, project development risks, labor issues and ability to raise financing. Refer to the company's Form 10-Q and 10-K reports for a more detailed discussion of factors that may impact expected future results. The company undertakes no obligation and has no intention of updating forward-looking statements.
Hecla's Home Page can be accessed on the Internet at www.hecla-mining.com.
Hecla Mining Company
Vicki Veltkamp, vice president - investor and public
relations, 208/769-4128
Venezuela's Congress Approves New Oil Tax On Windfall Gains
by Raul Gallegos Dow Jones Newswires Wednesday, April 16, 2008
CARACAS, April 16, 2008 (Dow Jones Newswires)
Venezuelan lawmakers gave the final approval April 15 to a new tax on oil companies meant to grab a share of the windfall oil revenue they obtain in times of high prices.
National Assembly members passed the "special oil contribution of extraordinary prices," previously known as "sudden gains tax" meant for companies that export crude from Venezuela. The new tax is expected to become
effective this week, as soon as the approval is published in the country's official gazette.
The approval came two days after President Hugo Chavez publicly demanded that congress move quickly and pass the new law so his administration could gain access to additional funds.
Oil Minister Rafael Ramirez said the new tax should generate roughly $760 million a month, or more than $9 billion a year. The funds will go directly into the Fonden development fund, Chavez's favorite spending fund.
The new levy is expected to become active when the price of Brent crude sits above $70 a barrel. When Brent exceeds that average price threshold for one month, the state will take 50% of the difference between this average and the final sale price of every barrel.
When Brent crude exceeds the $100-a-barrel average, the rate will rise to 60%.
The levy will apply to the gains obtained by state-oil company Petroleos de Venezuela, PdVSA, and its foreign partners such as Total SA, StatoilHydro ASA, BP Plc, and Chevron Corp.
During his time in office, Chavez has demanded higher taxes and royalties from foreign oil companies, particularly after oil prices began to escalate in late 2003.
http://www.rigzone.com/news/article.asp?hpf=1&a_id=60344
WTG Ray !!!
Beige Book full text:
April 16, 2008
SUMMARY
Prepared at the Federal Reserve Bank of New York and based on information collected on or before April 7, 2008. This document summarizes comments received from businesses and other contacts outside the Federal Reserve and is not a commentary on the views of Federal Reserve officials.
Reports from the twelve Federal Reserve Districts indicate that economic conditions have weakened since the last report. Nine Districts noted slowing in the pace of economic activity, while the remaining three--Boston, Cleveland, and Richmond--described activity as mixed or steady.
Consumer spending was characterized as softening across most of the country, with some Districts reporting year-over-year declines in retail and/or auto sales. In contrast, tourism was generally described as strong, with a number of Districts noting particular strength in foreign visitors. Reports on nonfinancial services varied by District: demand for transportation services was generally characterized as weak, while business and health services continued to expand; other service industries were said to be mixed. Trends in manufacturing also varied across Districts. Reports on real estate and construction were generally anemic for the residential sector; activity in the commercial sector has slowed. Financial institutions in many Districts indicated some deceleration in consumer loan demand, tightening in lending standards, and deterioration in asset quality. Most Districts reported improved conditions in the agricultural sector and robust activity in the energy industry.
Labor markets were mostly described as weakening since the last report, though a few Districts reported ongoing shortages of skilled workers and some Districts noted wage pressures. Increases in input costs were widespread, accompanied by somewhat smaller rises in selling prices.
Consumer Spending and Tourism
Consumer spending weakened in most, but not all, Districts since the last report. In particular, automobile sales were generally reported to be flat or declining. Vehicle sales were described as unchanged or falling in the Philadelphia, Cleveland, Atlanta, and Dallas Districts and were characterized as weak in the Richmond, Atlanta, Chicago, and San Francisco Districts. However, Kansas City reported that auto sales rebounded in March, though they remained lower than a year earlier. Non-auto retailers reported that sales were sluggish or declining in ten Districts. Elsewhere, Boston noted mixed sales trends, and New York reported a modest pickup since the last report. Chicago, San Francisco, and, to a lesser extent, Philadelphia noted relative strength in demand for luxury goods.
Retail inventories were generally reported to be steady or rising. Automobile inventories were said to be accumulating in the Philadelphia and Atlanta Districts. Among non-auto retailers, despite weakness in sales, only a few reported any notable inventory accumulation; Atlanta cited some increase in inventories, while the Richmond and San Francisco Districts noted that some inventory accumulation has prompted retailers to cancel orders.
Despite the general weakness in consumer spending, tourism was generally described as robust, with that strength, in a number of instances, attributed to international visitors. The Boston, New York, Atlanta, Minneapolis, and Kansas City Districts reported strong tourism activity, while the Richmond and Chicago Districts described that sector as mixed, with pockets of strength. San Francisco indicated mixed but generally weak tourism activity. Reports from Boston, Atlanta, Chicago, and Minneapolis specifically cited foreign visitors as a source of strength.
Nonfinancial Services
Activity in the service sector was mixed across Districts and across industries since the last report. Looking at the service sector in broad terms, Boston, Richmond, and Minneapolis reported some revenue growth; New York and St. Louis noted some softening; and San Francisco saw some deceleration. A number of Districts reported weakness in transportation services: New York, Philadelphia, Cleveland, Atlanta, and Dallas described shipping and freight activity as sluggish or weakening, with New York attributing the softening to declining import volume at the port. Richmond ports also noted weakening in imports but robust export activity. There were scattered reports of continued expansion in some other service industries, such as business services (Boston, Philadelphia, St. Louis, Minneapolis) and health care (Chicago, San Francisco).
Manufacturing
Manufacturing activity was varied, with some Districts reporting a slight increase in activity, some indicating weaker activity, and several noting that activity was mixed or had held steady. Chicago, Boston, and Richmond reported that activity was rising, but not substantially, while New York, Kansas City, Philadelphia and Dallas all reported that activity had weakened. St. Louis and Cleveland said that activity had held steady, while Atlanta, Minneapolis and San Francisco saw activity as mixed.
Demand was reported as strong for aerospace, aircraft, and defense goods, as well as for steel and food. Automakers increased production modestly in the Cleveland and Chicago Districts, but vehicle production declined in the Atlanta district. The Philadelphia District found that that demand for metals and machinery had increased. Many Districts cited strong exports generally. Most Districts saw a continued slide in the demand for goods related to residential construction. Excess capacity led to production declines in the high-tech industry in the Dallas District, and Chicago reported weak demand for heavy equipment. Uncertainty about economic conditions is leading to a varied, but generally subdued, outlook for manufacturers.
Real Estate and Construction
Housing markets and home construction remained sluggish throughout most of the nation, though there were few signs of any quickening in the pace of deterioration. Ongoing weakness in housing markets, in general, was reported in almost all Districts. Sales activity was generally reported to be declining in the Boston, New York, Philadelphia, Atlanta, St. Louis, Minneapolis, Dallas and San Francisco Districts, while Kansas City and Chicago noted slack demand and excess inventories. On the other hand, the Cleveland District saw some pickup in activity, while Richmond and Atlanta reported some pockets of improvement; Boston, Atlanta, and Chicago cited some recent pickup in traffic or buyer inquiries. New residential construction was reported to have remained at depressed levels, and none of the Districts reported any pickup since the last report.
Declines or downward pressures in selling prices were specifically reported in the Boston, New York, Philadelphia, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and San Francisco Districts. In particular, New York and San Francisco noted some incipient price declines in areas that had previously shown resilience--respectively, New York City and the Pacific Northwest, as well as Utah. On the other hand, the Cleveland District noted some stabilization in home prices.
Commercial real estate markets were generally reported to be steady or softening in most areas. Weaker conditions in the rental market were reported in eight Districts: New York, Philadelphia, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, and San Francisco. On the other hand, the leasing market was found to be steady in Boston, Kansas City and Dallas. Reports on commercial development were mixed with activity having weakened in the Philadelphia, Atlanta, and San Francisco Districts, but having increased in the Cleveland, Chicago, and Kansas City Districts. St. Louis characterized commercial construction as strong. However, sales of commercial properties were generally indicated to be sluggish, while prices were said to be under downward pressure. The Boston, Philadelphia, Minneapolis, Kansas City, Dallas, and San Francisco Districts all reported weakness in commercial real estate sales and prices.
Banking and Finance
Banks reported mixed trends in lending activity, with fairly widespread slowing in the consumer segment but some stabilization, at low levels, in residential mortgage activity. Overall lending activity was reported to have increased in the Philadelphia, Richmond and St. Louis Districts, but to have declined in the New York, Chicago, Kansas City and San Francisco Districts. Dallas described lending activity as steady but soft. Lending activity for new home mortgages, though generally characterized as sluggish, was reported to have stabilized in the New York, Cleveland, Chicago, and San Francisco Districts. Consumer loan demand, however, weakened in a number of Districts: New York, Atlanta, Chicago, and Kansas City.
Credit quality was reported to have deteriorated, on balance, since the last report. Increased delinquency rates were noted by New York, Philadelphia, and Cleveland, while Kansas City reported that loan quality remained lower than a year ago. Widespread tightening in credit standards was reported, especially on residential and commercial real estate loans. In general, banks were reported to be tightening credit standards in the New York, Cleveland, Atlanta, Chicago, Kansas City, Dallas and San Francisco Districts. In addition, Boston noted that standards remain tight on commercial mortgages, while Philadelphia indicated that banks are limiting lending in this category. Richmond indicated tighter standards on residential mortgages.
Agriculture and Natural Resources
Agricultural reports were generally upbeat, with most respondents citing improved growing conditions and favorable pricing. Although drought conditions continued to persist in some areas of the Atlanta and Richmond Districts, soil moisture was adequate for spring planting, in part, due to increases in precipitation in March and early April. Reports from the Chicago, Kansas City, and St. Louis Districts indicated that cool temperatures, dry conditions, or flooding toward the end of March damaged some winter crops and delayed field preparations for spring plantings. Farmers in the Chicago, Kansas City, Minneapolis, and St. Louis Districts all reported plans to shift production away from corn toward soybeans in 2008, in part, because of favorable soybean prices and elevated corn production costs. Some farms in the San Francisco District expressed concern over prolonged drought conditions and pending cuts in water deliveries. Dairy and livestock producers in the Chicago, Dallas, Kansas City, and San Francisco Districts expressed concern that increased feed costs had reduced margins.
Districts reporting on energy continued to see robust levels of activity and steady to increasing prices. In the Dallas District, drilling remained strong and natural gas production has continued to increase. In the Minneapolis District, expansion of the mining industry was underway, while oil and gas exploration remained robust. In general, contacts contended that increased demand for energy was expected to continue to boost activity and prices.
Labor Markets
Despite some variation across Districts, employment levels appeared to be little changed, on balance, from recent months. Some weakening in the job market was reported in the New York, Atlanta, Chicago, St. Louis, and Minneapolis Districts. Cleveland reported flat employment levels, while Richmond indicated mixed trends. Boston and Kansas City indicated modest increases in employment, with some deceleration indicated in the latter. Firms in the Philadelphia, Atlanta, and Minneapolis Districts reported layoffs, reductions in work hours, or hiring freezes in response to current or expected slowing in economic activity.
Despite the general softening in their markets overall, Atlanta and Chicago noted scattered shortages of skilled workers in various service industries. Dallas reported relatively tight labor market conditions overall and cited shortages of managers and engineers, as well as farm workers. Staffing and temp agencies reported mixed trends in labor demand: New York, Richmond, and Chicago reported some softening, whereas Cleveland and Dallas note some pickup. In the financial services industry, some weakening in employment trends was reported in the New York, Chicago and St. Louis Districts, and San Francisco noted job losses in firms servicing the real estate industry.
Prices
Business contacts across all Districts continued to report increases in input costs and output prices. In particular, price increases were consistently reported for food products, fuel and energy products, and many raw materials. More specifically, increases in the price of chemicals, metals, plastics and other petroleum-based products were commonly cited. Most manufacturers have or are planning to increase prices in response to rising input costs, while the response of service firms has been more mixed, in part due to differences in competitive pressures. On balance, input costs have risen more rapidly than output prices, putting pressure on margins for many firms. Most Districts reported little change in retail price inflation, though Richmond and San Francisco noted some moderation. Most business contacts reported that wages were unchanged or were increasing moderately in all Districts. Business contacts in the Atlanta, Chicago, Cleveland, Dallas, Philadelphia, and San Francisco Districts indicated that there has been some upward wage pressure for skilled labor in some sectors that continue to experience shortages.
http://www.federalreserve.gov/fomc/beigebook/2008/20080416/default.htm
Fed. 1day RP + 7.25B [Drain sofar
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W@G2 QQQQ 04/16/08 for a 04/18/08 close
45.75 bob3
45.55 rayrohn
43.70 frenchee
Yesterday's top story: Silver conductive inks market will triple over next 8 years
A new group of applications is emerging for silver inks, which is capturing the attention of businesses, that have ignored silver for years.
Author: Dorothy Kosich
Posted: Tuesday , 15 Apr 2008
RENO, NV -
The market for silver conductive inks will almost triple over the next eight years to reach $2.4 billion by 2015, industry analysts NanoMarkets predicts.
In their report, "Silver Inks and Pastes for Printable Electronics: 2008-2015," NanoMarkets said businesses "are suddenly sitting up and taking notice of opportunities in the silver ink business, when they haven't paid made attention to this kind of material in years."
The report covers the future of both conventional inks and pastes and new nanosilver inks.
Printed electronics are attracting attention as an opportunity for conductive silver inks, according to the study. "Since silver is the best conductor known to man (especially since its oxide is also conductive), silver conductive inks immediately assume a pre-eminence in the pursuit of PE."
During the past year, the report found there may be immediate ways ahead for silver ink makers in the printable materials market. "One of these is to focus on aligning their inks with the move to flexo and gravure, which is beginning to occur as the printed electronics industry ramps up to a full production model. The other is to focus their marketing on selling inks for RFID antennas and (to a lesser extent), solar panels since these are markets that claim both that they have considerable growth potential and that they are already a real business (unlike many applications in the new PE).
The biggest opportunity in the demand for silver inks "will be found in the RFID space where revenues from silver inks for RFID antennas alone will exceed $880 million by 2015. Based on the current excitement surrounding alternative energy, NanoMarkets expect the use of silver inks for solar panel contacts to grow to almost $250 million by 2015."
However, the report also warns that the "biggest challenge to the future of silver's use in electronics is undoubtedly its high cost. This is one reason that the traditional semiconductor industry has never seriously considered using silver for interconnects. Silver ink sales in the printable electronics business are also hurt by high prices. And with the price of silver almost doubling over the past year, this has really become an issue."
Nevertheless, NanoMarkets also noted that silver prices seem to be on their way down, "so perhaps price issues will not matter as much in the next year or so."
The report forecasts that nanosilver inks will comprise almost 21% of total ink sales by 2012, "driven by their high conductivity and ability to be cured at low temperatures. The latter will be especially important given the growing role of thermally sensitive flexible substrates."
http://www.mineweb.com/mineweb/view/mineweb/en/page32?oid=50689&sn=Detail
Yesterday's top story: Silver conductive inks market will triple over next 8 years
A new group of applications is emerging for silver inks, which is capturing the attention of businesses, that have ignored silver for years.
Author: Dorothy Kosich
Posted: Tuesday , 15 Apr 2008
RENO, NV -
The market for silver conductive inks will almost triple over the next eight years to reach $2.4 billion by 2015, industry analysts NanoMarkets predicts.
In their report, "Silver Inks and Pastes for Printable Electronics: 2008-2015," NanoMarkets said businesses "are suddenly sitting up and taking notice of opportunities in the silver ink business, when they haven't paid made attention to this kind of material in years."
The report covers the future of both conventional inks and pastes and new nanosilver inks.
Printed electronics are attracting attention as an opportunity for conductive silver inks, according to the study. "Since silver is the best conductor known to man (especially since its oxide is also conductive), silver conductive inks immediately assume a pre-eminence in the pursuit of PE."
During the past year, the report found there may be immediate ways ahead for silver ink makers in the printable materials market. "One of these is to focus on aligning their inks with the move to flexo and gravure, which is beginning to occur as the printed electronics industry ramps up to a full production model. The other is to focus their marketing on selling inks for RFID antennas and (to a lesser extent), solar panels since these are markets that claim both that they have considerable growth potential and that they are already a real business (unlike many applications in the new PE).
The biggest opportunity in the demand for silver inks "will be found in the RFID space where revenues from silver inks for RFID antennas alone will exceed $880 million by 2015. Based on the current excitement surrounding alternative energy, NanoMarkets expect the use of silver inks for solar panel contacts to grow to almost $250 million by 2015."
However, the report also warns that the "biggest challenge to the future of silver's use in electronics is undoubtedly its high cost. This is one reason that the traditional semiconductor industry has never seriously considered using silver for interconnects. Silver ink sales in the printable electronics business are also hurt by high prices. And with the price of silver almost doubling over the past year, this has really become an issue."
Nevertheless, NanoMarkets also noted that silver prices seem to be on their way down, "so perhaps price issues will not matter as much in the next year or so."
The report forecasts that nanosilver inks will comprise almost 21% of total ink sales by 2012, "driven by their high conductivity and ability to be cured at low temperatures. The latter will be especially important given the growing role of thermally sensitive flexible substrates."
http://www.mineweb.com/mineweb/view/mineweb/en/page32?oid=50689&sn=Detail
Drbob *** TA Update **3:09am
The market was dull in the morning and a rally in the last couple of hours resulted in modestly positive internals, with the NYSE u/d vol and TRIN figures becoming fairly positive.
The McOsi remains undecided to slightly negative but has indicated breadth momentum has slightly improved of late.
It appears selling pressure has dissipated once again as choppy action continues with no clear trend for the short and intermediate term having been established.
That may change in the next few days as there is a possibility of a choppy rally as bad news has not caused severe selling lately, perhaps a positive divergent sign.
Certain sectors such as ag/fert, solar and oil/natgas have performed very well along with selected techs.
High relative strength stocks and sectors are the place to be and any sustained rally needs to have better breadth and volume, otherwise, we shall continue to see choppy action.
Crude oil's strength may portend a stock market decline or it is a sign that demand is all right and that global economies are healthy enough.
In any event, there are avenues to procuring capital gains.
regards,
drbob
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Chichi2 consider adding GG to list
of senior miners.
Ray Congratulations Grandpa !
not able to post on Big board
Capstone Announces New Distributor Agreement for Central and East Texas
Tuesday April 15, 4:05 pm ET
CHATSWORTH, Calif.--(BUSINESS WIRE)--Capstone Turbine Corporation (www.microturbine.com) (NASDAQ:CPST - News), the world’s leading clean technology manufacturer of microturbine energy systems, today announced the signing of a new Distributor agreement with Five Star Electric (www.fivestarelectric.com) for all applications and market segments in Central and East Texas.
http://biz.yahoo.com/bw/080415/20080415006463.html?.v=1
Fed.(2) 1 Day Forward 28day + 20.00B
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Fed. 1day RP + 18.50B [Giveth + 7.50B sofar
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Ascent Solar and Icopal SAS Sign Cooperation Agreement
Tuesday April 15, 6:00 am ET
LITTLETON, Colo.--(BUSINESS WIRE)--Ascent Solar Technologies, Inc. (NASDAQ:ASTI - News), a developer of thin-film photovoltaic (PV) modules, announced today the entering into of a definitive cooperation agreement with Icopal SAS of France. The agreement focuses on the development of new building integrated photovoltaic (BIPV) roofing products intended to be distributed by Icopal into the European marketplace.
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Initially, Ascent Solar intends to supply Icopal with product from its existing 1.5 MW production line for the development, testing and certification of the BIPV products. The parties also envision demonstration scale projects to validate performance and develop market demand for the BIPV roofing products.
“As an innovative company in flexible PV modules, Ascent Solar is a natural partner for Icopal for integration of Ascent’s products into Icopal’s flexible roofing membranes,” said Bruno Fabvier of Icopal SAS.
“As a leader in roofing systems, Icopal is well positioned to harness the capabilities of our PV modules,” said Joseph McCabe, Vice President of Business Development at Ascent Solar. “We believe that by working with European-based building material companies there is an opportunity to develop higher value BIPV markets in Europe.”
http://biz.yahoo.com/bw/080415/20080415005366.html?.v=1
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