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FREE R/S vote 1-2/1-10. A/S upped
FreeSeas Inc. Announces Results of Annual Meeting of Shareholders
2 minutes ago
GlobeNewswire
Athens, Greece, Dec. 22, 2014 (GLOBE NEWSWIRE) -- December 22, 2014 - FreeSeas Inc. (FREE) ("FreeSeas" or the "Company" ), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels announced today that at the annual meeting of the Company's shareholders held on December 18, 2014, the shareholders: (i) elected Mr. Ion G. Varouxakis and Mr. Dimitrios Panagiotopoulos to serve until the 2017 Annual Meeting of Shareholders; (ii) ratified the appointment of RBSM LLP, as our independent registered public accounting firm for the fiscal year ending December 31, 2014; (iii) granted discretionary authority to the Company's board of directors to (A) amend the Amended and Restated Articles of Incorporation of the Company to effect one or more consolidations of the issued and outstanding shares of common stock, pursuant to which the shares of common stock would be combined and reclassified into one share of common stock at ratios within the range from 1-for-2 up to 1-for-10 (the "Reverse Stock Split") and (B) determine whether to arrange for the disposition of fractional interests by shareholder entitled thereto, to pay in cash the fair value of fractions of a share of common stock as of the time when those entitled to receive such fractions are determined, or to entitle shareholder to receive from the Company's transfer agent, in lieu of any fractional share, the number of shares of common stock rounded up to the next whole number, provided that, (X) that the Company shall not effect Reverse Stock Splits that, in the aggregate, exceeds 1-for-15, and (Y) any Reverse Stock Split is completed no later than the first anniversary of the date of the Annual Meeting; and (iv) approved an amendment to the Amended and Restated Articles of Incorporation of the Company to increase the Company's authorized shares of common stock from 250,000,000 to 750,000,000.
Mr. Ion G. Varouxakis, Chairman, President and CEO, commented: "Having taken note of today's Annual meeting results, we would like to reaffirm the Company's commitment to the public markets as a fully reporting entity. It is the intention of the Company, being eligible under Nasdaq rules to apply for the second 180-day compliance period of the minimum bid price requirement, to not effect a reverse split at this time. The Company is actively exploring financing structures to leverage its existing unencumbered assets in order to enlarge the fleet early next year. The increase of the fleet size will not only improve earnings potential, but is expected to improve investor confidence and restore shareholder value. This shall be our foremost priority for the new year."
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers. Currently, it has a fleet of Handysize and Handymax vessels. FreeSeas' common stock trades on the NASDAQ Capital Market under the symbol FREE. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the U.S. Securities and Exchange Commission, which can be obtained free of charge on the SEC's website at http://www.sec.gov. For more information about FreeSeas Inc., please visit the corporate website, www.freeseas.gr .
Takeover merger law issue C&J/Nabors deal
Here's a message from the Delaware Supreme Court : There's no one way to sell a company.
In a sharply worded opinion striking down a lower-court ruling, the chief justice of the Delaware Supreme Court said there's no duty for a corporate board selling a company to run a full-blown auction before signing a deal, or to find potential rival bidders afterward.
The ruling, written by Chief Justice Leo E. Strine Jr. and handed down Friday, allows a transaction between oil- services company C&J Energy Services Inc. and a unit of Nabors Industries Ltd. to go forward. A lower court last month had halted the deal, finding C&J's board's failure to seek out other buyers might have shortchanged its investors. He ordered C&J to run a 30-day sales auction.
That earlier decision, Mr. Strine wrote, "rested on the erroneous proposition that a company selling itself ... is required to shop itself to fulfill its duty to seek the highest immediate value."
The decision addresses an issue that has long dogged merger and acquisition deals and the shareholder lawsuits that challenge them: Is there more than one way to fairly sell a company? Mr. Strine, writing for the full five-member court, says yes.
Corporate law has long required boards to get the best price possible in scenarios where shareholders are giving up control. But it does "not set out a specific route that a board must follow," wrote Mr. Strine, who formerly was the top judge at Delaware's widely watched business court, the Delaware Court of Chancery .
Josh Comstock , C&J's chairman and chief executive officer, said in a statement his company was pleased with the ruling, which he said confirmed C&J's believe that the "board and management team complied with their duties."
The deal, announced in June, was unusual. C&J was the nominal buyer, agreeing to pay Nabors nearly $3 billion in cash and stock for the unit, and its board and managements would keep the reins. But Nabors would have voting control of the combined entity, with a 53% stake to C&J shareholders' 47%.
The judge at the Court of Chancery ruled Nov. 24 that because the C&J shareholders were essentially turning over control of their investment to Nabors, the deal was subject to a corporate law theory that required the board to get the best price it could.
The Supreme Court didn't disagree that the duty applied, despite the oddities of the deal. But Mr. Strine said the board appeared to have fulfilled it.
Even though the C&J Energy board didn't actively go looking for better offers, Mr. Strine said, interested bidders had plenty of time to come forward in the six months since the deal was announced, and faced few barriers if they chose to. He noted that the deal has a relatively small termination fee, C&J's board could withdraw its support for the deal if a better one emerged, and its chief executive was free to vote his 10% stake for a higher offer.
"When a board exercises its judgment in good faith, tests the transaction through a viable passive market check, and gives its stockholders a fully informed, uncoerced opportunity to vote to accept the deal, we cannot conclude that the board likely violated" its duties, Mr. Strine wrote.
The court-ordered auction produced one rival offer, according to a securities filing Friday that didn't disclose the bidder's identity or price. C&J Energy rejected the bid, finding it wasn't likely to be worth more to shareholders than the deal in hand, according to the filing.
Write to Liz Hoffman at liz.hoffman@wsj.com
(END) Dow Jones Newswires
12-19-14 1804ET
Copyright (c) 2014 Dow Jones & Company, Inc.
Takeover merger law issue C&J/Nabors deal
Here's a message from the Delaware Supreme Court : There's no one way to sell a company.
In a sharply worded opinion striking down a lower-court ruling, the chief justice of the Delaware Supreme Court said there's no duty for a corporate board selling a company to run a full-blown auction before signing a deal, or to find potential rival bidders afterward.
The ruling, written by Chief Justice Leo E. Strine Jr. and handed down Friday, allows a transaction between oil- services company C&J Energy Services Inc. and a unit of Nabors Industries Ltd. to go forward. A lower court last month had halted the deal, finding C&J's board's failure to seek out other buyers might have shortchanged its investors. He ordered C&J to run a 30-day sales auction.
That earlier decision, Mr. Strine wrote, "rested on the erroneous proposition that a company selling itself ... is required to shop itself to fulfill its duty to seek the highest immediate value."
The decision addresses an issue that has long dogged merger and acquisition deals and the shareholder lawsuits that challenge them: Is there more than one way to fairly sell a company? Mr. Strine, writing for the full five-member court, says yes.
Corporate law has long required boards to get the best price possible in scenarios where shareholders are giving up control. But it does "not set out a specific route that a board must follow," wrote Mr. Strine, who formerly was the top judge at Delaware's widely watched business court, the Delaware Court of Chancery .
Josh Comstock , C&J's chairman and chief executive officer, said in a statement his company was pleased with the ruling, which he said confirmed C&J's believe that the "board and management team complied with their duties."
The deal, announced in June, was unusual. C&J was the nominal buyer, agreeing to pay Nabors nearly $3 billion in cash and stock for the unit, and its board and managements would keep the reins. But Nabors would have voting control of the combined entity, with a 53% stake to C&J shareholders' 47%.
The judge at the Court of Chancery ruled Nov. 24 that because the C&J shareholders were essentially turning over control of their investment to Nabors, the deal was subject to a corporate law theory that required the board to get the best price it could.
The Supreme Court didn't disagree that the duty applied, despite the oddities of the deal. But Mr. Strine said the board appeared to have fulfilled it.
Even though the C&J Energy board didn't actively go looking for better offers, Mr. Strine said, interested bidders had plenty of time to come forward in the six months since the deal was announced, and faced few barriers if they chose to. He noted that the deal has a relatively small termination fee, C&J's board could withdraw its support for the deal if a better one emerged, and its chief executive was free to vote his 10% stake for a higher offer.
"When a board exercises its judgment in good faith, tests the transaction through a viable passive market check, and gives its stockholders a fully informed, uncoerced opportunity to vote to accept the deal, we cannot conclude that the board likely violated" its duties, Mr. Strine wrote.
The court-ordered auction produced one rival offer, according to a securities filing Friday that didn't disclose the bidder's identity or price. C&J Energy rejected the bid, finding it wasn't likely to be worth more to shareholders than the deal in hand, according to the filing.
Write to Liz Hoffman at liz.hoffman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
12-19-14 1804ET
Copyright (c) 2014 Dow Jones & Company, Inc.
WAG to go to Nas, leave NYSE, Chicago
Walgreen Co. (WAG), which is dually listed on the New York Stock Exchange and Nasdaq, will opt for Nasdaq following its $14.7 billion takeover of U.K. drugstore chain Alliance Boots (AB.YY).
In addition to leaving the NYSE , the company will withdraw its shares from the Chicago Stock Exchange .
The company said trading on a single exchange will reduce the "administrative costs and burdens" of maintaining listings on multiple national exchanges.
Earlier this year, Walgreen became one of six major NYSE -listed companies to opt for simultaneous Nasdaq listing. Others included Hewlett-Packard Co. and Charles Schwab Corp. Walgreen said in January that the one-year agreement would "bring more competition to the markets and provide investors with more choice in trading venues."
The Alliance Boots deal was announced in August. Walgreen shareholders are slated to vote on the transaction Dec. 29 .
Write to Josh Beckerman at josh.beckerman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
12-19-14 1718ET
Copyright (c) 2014 Dow Jones & Company, Inc.
WAG plans Boots Alliance Nasdaq
4:28pm et
*MW Walgreen plans to list Walgreens Boots Alliance stock on Nasdaq after reorg
AAII less bullish sentiment
9:53am ET
Bullish sentiment among investors fell during the week ended Wednesday, according to the most recent weekly online survey of members of the American Association of Individual Investors .
Bullish sentiment decreased to 38.74% from 45.02% a week earlier, while bearish sentiment rose to 26.88% from 22.34%.
The percentage of investors who described themselves as neutral on the stock market grew to 34.39% from 32.65%, according to the poll.
The Dow Jones Industrial Average rose 1.3% to 17,578 in recent trading and has risen 6.1% this year.
Write to Tess Stynes at tess.stynes@wsj.com
Some am movers
EIA inventories data expected to show a larger drawdown (-61bcf) than the previous week (-51bcf)
Baltic Dry Index falls 1.3% to 827 points
Auspex Pharmaceuticals (NASDAQ: ASPX) shares jumped 87.76% to $47.11 following positive SD-809 trial results.
Volcano (NASDAQ: VOLC) shares rose 55.44% to $17.86 in pre-market trading after Philips (NYSE: PHG) agreed to acquire Volcano for $18.00 per share.
Cerus (NASDAQ: CERS) shares surged 20.29% to $5.75 in pre-market trading after the company confirmed the FDA approval of INTERCEPT Blood System for plasma.
American Apparel (NYSE: APP) shares jumped 17.24% to $0.68 in pre-market trading after the company fired its controversial founder Dov Charney . The company named Paula Schneider CEO effective January 5 , replacing Scott Brubaker , who had served as interim CEO and who will continue as a consultant.
TASER International (NASDAQ: TASR) shares gained 4.60% to $23.90 in the pre-market trading session after the company announced the purchase of 860 AXON body-worn video cameras and a 5-year subscription to EVIDENCE.com by the Los Angeles Police Department .
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Hey. Some am movers
EIA inventories data expected to show a larger drawdown (-61bcf) than the previous week (-51bcf)
Baltic Dry Index falls 1.3% to 827 points
8:15am et
Auspex Pharmaceuticals (NASDAQ: ASPX) shares jumped 87.76% to $47.11 following positive SD-809 trial results.
Volcano (NASDAQ: VOLC) shares rose 55.44% to $17.86 in pre-market trading after Philips (NYSE: PHG) agreed to acquire Volcano for $18.00 per share.
Cerus (NASDAQ: CERS) shares surged 20.29% to $5.75 in pre-market trading after the company confirmed the FDA approval of INTERCEPT Blood System for plasma.
American Apparel (NYSE: APP) shares jumped 17.24% to $0.68 in pre-market trading after the company fired its controversial founder Dov Charney . The company named Paula Schneider CEO effective January 5 , replacing Scott Brubaker , who had served as interim CEO and who will continue as a consultant.
TASER International (NASDAQ: TASR) shares gained 4.60% to $23.90 in the pre-market trading session after the company announced the purchase of 860 AXON body-worn video cameras and a 5-year subscription to EVIDENCE.com by the Los Angeles Police Department .
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Oil after stock market close
US crude oil futures settle at USD 55.93/bbl, up USD 0.02 (0.04%), Brent crude futures settle at USD 59.86, down USD 1.20 (-1.97%)
API Crude Oil Inventories (Dec 12) W/W 1900k vs. Prev. 4400k
- Refinery capacity utilisation down -1.5% at 93.1%.
- API Cushing Crude Oil Inventories (Dec 12) W/W 2700k vs. Prev. 921k
- API Gasoline Inventories (Dec 12) W/W 2800k vs. Prev. 6700k
- API Distillate Inventories (Dec 12) W/W -1000k vs. Prev. 4300k
Late night active traders
Issues Traded 4,083 4,106 4,204 4,230 4,257
Advances 1,363 1,047 1,644 899 693
Declines 693 1,655 687 726 1,605
Unchanged 2,027 1,404 1,873 2,605 1,959
Advancing Volume 94,093,287 98,530,641 36,968,101 46,940,011 62,108,148
Declining Volume 31,388,594 28,551,709 63,681,056 83,361,860 59,480,009
Total Volume 188,321,415 172,022,584 136,331,838 169,574,085 180,430,630
LATE MOST ACTIVE ISSUES
ISSUE EXCH VOL(000s) LAST NET CHG % CHG
SPDR S&P 500 (NA) 26,493.0 198.18 +0.27 +0.1
MktVecRussia (NA) 5,881.4 14.42 +0.04 +0.3
MktVectorsGoldMin (NA) 5,395.8 17.10 unch ...
Civeo (N) 5,333.8 7.03 +0.05 +0.7
iSharesMSCIEAFEETF (NA) 4,816.5 60.40 unch ...
iShRussell2000ETF (NA) 3,867.8 113.24 --0.15 --0.1
BrcliPathVIX ShFut (NA) 3,728.4 35.12 +0.49 +1.4
iShMSCIEmgMarkets (NA) 3,659.3 37.73 unch ...
iSh7-10YTreasuryBd (NA) 2,718.6 107.15 --0.01 ...
ApldMatl (Nq) 2,115.3 23.72 --0.13 --0.5
TalismnEngy (N) 2,032.3 7.58 unch ...
PwrShrs QQQ (Nq) 1,963.4 100.09 +0.11 +0.1
WisdomTreeJapanHdg (NA) 1,958.6 52.29 unch ...
VSInverseVIXSTerm (Nq) 1,769.0 28.82 --0.50 --1.7
iShCoreS&PMdCp (NA) 1,698.5 140.01 +0.97 +0.7
BankAm (N) 1,694.5 16.76 +0.04 +0.2
iShCoreS&P500ETF (NA) 1,651.2 199.36 +0.10 +0.1
BosSci (N) 1,355.1 12.95 unch ...
VS2xVIXShortTerm (Nq) 1,232.3 3.51 +0.07 +2.0
MensWearhs (N) 1,134.7 42.65 +0.13 +0.3
MktVecJnrGold (NA) 1,082.6 21.47 unch ...
BPADS (N) 1,023.1 35.82 +0.06 +0.2
Target (N) 1,002.4 72.19 --0.09 --0.1
VangdTtlStock (NA) 985.3 101.97 +0.14 +0.1
ExxonMobil (N) 967.0 86.56 +0.15 +0.2
iShMSCIBrazilCap (NA) 957.2 33.70 --0.12 --0.4
WisdTreeUSDivGrwth (Nq) 955.0 30.36 +0.51 +1.7
iShChinaLarge-Cap (NA) 953.2 39.36 unch ...
MktVectorsSemi (NA) 925.5 54.15 +0.86 +1.6
AT&T (N) 909.0 32.18 +0.04 +0.1
LATE PRICE PERCENTAGE GAINERS
ISSUE EXCH VOL(000s) LAST NET CHG % CHG
AuspexPharma (Nq) 338.9 42.00 +16.91 +67.4
Cerus (Nq) 300.3 5.90 +1.12 +23.4
Pantry (Nq) 8.8 34.00 +5.14 +17.8
Dave&Buster'sEnt (Nq) 9.5 23.97 +2.34 +10.8
iShMSCIMalaysiaETF (NA) 316.2 14.25 +1.18 +9.0
TimeInc. (N) 32.6 24.18 +1.13 +4.9
EPAMSystems (N) 6.7 48.44 +2.20 +4.8
CreditSuisseS&PMLP (NA) 50.0 22.46 +0.89 +4.1
JinkoSolarHldgADS (N) 96.1 18.42 +0.68 +3.8
ProSharesUltVIXST (NA) 710.1 32.30 +0.95 +3.0
NaborInd (N) 31.2 10.82 +0.31 +3.0
PetrqstEngy (N) 8.3 3.34 +0.09 +2.9
Quiksilver (N) 7.1 2.06 +0.06 +2.9
AlamosGold (N) 56.0 6.66 +0.18 +2.8
ClnEngyFuels (Nq) 9.6 4.50 +0.12 +2.7
LATE PRICE PERCENTAGE LOSERS
ISSUE EXCH VOL(000s) LAST NET CHG % CHG
CliffsNtrlRes (N) 278.0 6.00 --0.80 --11.8
RubyTues (N) 6.4 7.71 --0.41 --5.0
CNHIndustrial (N) 16.1 7.70 --0.32 --4.0
LinnEnergy (Nq) 80.0 12.16 --0.38 --3.0
GoodrichPet (N) 32.1 4.02 --0.12 --2.9
Aeropostale (N) 22.3 2.20 --0.06 --2.7
VelocityShares3x (NA) 17.0 5.61 --0.14 --2.4
ChemoCentryx (Nq) 7.0 6.60 --0.16 --2.4
HiltonWorldwide (N) 65.9 24.20 --0.54 --2.2
InvescoMrtg (N) 22.2 15.01 --0.30 --2.0
Syngnta ADS (N) 93.6 61.47 --1.21 --1.9
VSInverseVIXSTerm (Nq) 1,769.0 28.82 --0.50 --1.7
ProSharesShtVIXST (NA) 192.2 56.59 --0.98 --1.7
Colfax (N) 31.4 47.00 --0.81 --1.7
SwiftEngy (N) 67.6 2.93 --0.05 --1.7
(END) Dow Jones Newswires
12-16-14 1853ET
Copyright (c) 2014 Dow Jones & Company, Inc.
CLF Cliffs cut $10 to $1 PT Credit S
Price plunge last 10 mins into close. High @7.26
C 6.80 +.14 on day but 6.85 to 6.10 near eod.
4:06 pm ET
Clifff Natural Resources (CLF) PT cut to USD 1.00 from USD 10.00 at Credit Suisse
CLF Cliffs cut $10 to $1 PT Credit S
Price plunge last 10 mins into close. High @7.26
C 6.80 +.14 on day but 6.85 to 6.10 near eod.
4:06 pm ET
Clifff Natural Resources (CLF) PT cut to USD 1.00 from USD 10.00 at Credit Suisse
WB Weibo slips 14.86 -.72 em
SEC low cap rule comment deadline 12/22
Lot of Nas stocks in this range lately.
13:56 pm ET By Eric Garcia, MarketWatch
WASHINGTON (MarketWatch) -- As the deadline for comment approaches for a program designed to improve market quality for stocks, many industry leaders are discussing the impact on the cost to investors.
Earlier this year, the Securities and Exchange Commission announced a pilot program that would widen minimum quoting and trading increments for stocks with market capitalization of $5 billion or less, have an average trading volume of one million or less and have a closing share price of at least $2 a share.
The goal stated by the SEC and the Financial Industry Regulatory Authority is to determine if the changes would improve market quality for smaller capitalization stocks. The deadline for comment is December 22nd.
Security Traders Association CEO and President Jim Toes said the association is currently writing its comment letter, which it hopes to have ready by a conference call Wednesday. Toes said it is possible to expect an increase in cost for some investors.
"From very early on we recognized that pilot programs would bring additional costs to private investors," he said. "The question is will investors be willing to accept these additional costs in exchange for opportunity to buy more companies that historically greater growth opportunity than larger-share companies."
Toes said the goal of the pilot program is to reduce the risk to investors while also offering them a benefit not previously available.
Joe Saluzzi , cofounder of Themis Trading, said contrary to some concern, the pilot program might make trading less expensive.
"If I can increase liquidity and have more stock available, it can decrease my transaction cost," he said. Saluzzi said this might drive liquidity makers back into the market.
Kevin McPartland , head of market structure and technology at Greenwich Associates , said in theory the pilot should improve liquidity.
"If the spreads are wider, there's more opportunity to make a profit," he said.
The pilot program has been criticized in the past. Robert Greifeld , CEO of the Nasdaq (NDAQ) , has said the pilot is not reflective of modern technology.
- Eric Garcia ; 415-439-6400; AskNewswires@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
12-16-14 1356ET
SEC small cap rule comment Dec. 22
13:56 pm ET By Eric Garcia, MarketWatch
WASHINGTON (MarketWatch) -- As the deadline for comment approaches for a program designed to improve market quality for stocks, many industry leaders are discussing the impact on the cost to investors.
Earlier this year, the Securities and Exchange Commission announced a pilot program that would widen minimum quoting and trading increments for stocks with market capitalization of $5 billion or less, have an average trading volume of one million or less and have a closing share price of at least $2 a share.
The goal stated by the SEC and the Financial Industry Regulatory Authority is to determine if the changes would improve market quality for smaller capitalization stocks. The deadline for comment is December 22nd.
Security Traders Association CEO and President Jim Toes said the association is currently writing its comment letter, which it hopes to have ready by a conference call Wednesday. Toes said it is possible to expect an increase in cost for some investors.
"From very early on we recognized that pilot programs would bring additional costs to private investors," he said. "The question is will investors be willing to accept these additional costs in exchange for opportunity to buy more companies that historically greater growth opportunity than larger-share companies."
Toes said the goal of the pilot program is to reduce the risk to investors while also offering them a benefit not previously available.
Joe Saluzzi , cofounder of Themis Trading, said contrary to some concern, the pilot program might make trading less expensive.
"If I can increase liquidity and have more stock available, it can decrease my transaction cost," he said. Saluzzi said this might drive liquidity makers back into the market.
Kevin McPartland , head of market structure and technology at Greenwich Associates , said in theory the pilot should improve liquidity.
"If the spreads are wider, there's more opportunity to make a profit," he said.
The pilot program has been criticized in the past. Robert Greifeld , CEO of the Nasdaq (NDAQ) , has said the pilot is not reflective of modern technology.
- Eric Garcia ; 415-439-6400; AskNewswires@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
12-16-14 1356ET
AA going bit soft 14.61 -.32
You think AA would have stayed up 15.15 hod what with cheaper input fuel cost. But overall market reversing taking it lower since noon. Slow leakage going on.
An ECB QE may not push Euro lower
13:04 pm ET
Quotes from Capital Economics: - An ECB quantitative easing (QE) programme appears unlikely to be big enough to push the euro down sharply. But the prospect of continued stagnation in the economy and impending monetary tightening overseas should nonetheless see the single currency weaken further. - But much of course depends on the scale of the QE programme and the extent to which it has already been priced into the value of the euro. This might suggest that the euro will not fall any further on the commencement of QE and could even rise if the programme disappoints expectations. - We forecast the currency to drift lower over the coming quarters, to around $1.15 by the end of 2016. But we expect this to reflect the continued weakness of the economy and persistent threat of deflation, rather than the impact of a decisive QE programme which will kick-start euro-zone's recovery.
Speaking of ETFs. GS nearly 12 more.
I posted this on another board the other day. They don't look to be as large as the popular ones but who knows, seems a lot at one time. Some of these small one commodity things (ETFs, funds) can really move sharply intraday like DUST, CRUD, and especially DGAZ last week when natty #s came out surprise day after crude #.
Goldman plans nearly 12 ETFs
December 15, 2014, 3:25 P.M. ET
Goldman Sachs Outlines Plans for Nearly a Dozen ETFs
By Chris Dieterich Barrons.com blog
Goldman Sachs Group (GS) filed with regulators on Friday for nearly a dozen exchange-traded funds, the latest step for the bank’s asset-management arm to enter the $2 trillion U.S. ETF market.
The filing outlines Goldman Sachs Asset Management‘s plans for six “ActiveBeta” stock ETFs. The filing shows that two of these will focus on U.S. stocks, while four others will be linked to international stocks.
Also revealed in the filing are plans for five hedge-fund ETFs that will track homemade indexes and provide exposure to hedge-fund styles including long/short, event-driven and global macro.
Friday’s update follows Goldman’s move in September to seek permission to launch a slew of ETF types.
Reuters’ Ashley Lau notes that Goldman’s most recent filing is the clearest picture yet for what form the company’s ETF strategy will take:
“The company in July shifted a key executive to help widen its ETF product strategy but otherwise has been largely quiet on its plans to expand in the ETF sector.”
News reports in October said Goldman was in the hunt to buy alternative ETF provider IndexIQ. But New York Life snapped up IndexIQ earlier this month.
A host of asset managers, including J.P. Morgan Asset Management and Fidelity Investments, have come to market recently with their own ETFs.
Goldman plans nearly 12 ETFs
December 15, 2014, 3:25 P.M. ET
Goldman Sachs Outlines Plans for Nearly a Dozen ETFs
By Chris Dieterich Barrons.com blog
Goldman Sachs Group (GS) filed with regulators on Friday for nearly a dozen exchange-traded funds, the latest step for the bank’s asset-management arm to enter the $2 trillion U.S. ETF market.
The filing outlines Goldman Sachs Asset Management‘s plans for six “ActiveBeta” stock ETFs. The filing shows that two of these will focus on U.S. stocks, while four others will be linked to international stocks.
Also revealed in the filing are plans for five hedge-fund ETFs that will track homemade indexes and provide exposure to hedge-fund styles including long/short, event-driven and global macro.
Friday’s update follows Goldman’s move in September to seek permission to launch a slew of ETF types.
Reuters’ Ashley Lau notes that Goldman’s most recent filing is the clearest picture yet for what form the company’s ETF strategy will take:
“The company in July shifted a key executive to help widen its ETF product strategy but otherwise has been largely quiet on its plans to expand in the ETF sector.”
News reports in October said Goldman was in the hunt to buy alternative ETF provider IndexIQ. But New York Life snapped up IndexIQ earlier this month.
A host of asset managers, including J.P. Morgan Asset Management and Fidelity Investments, have come to market recently with their own ETFs.
Australian trade decline largest since 1959
Australian Budget Gap Widens More Than Forecast on Iron Ore
By Michael Heath and Jason Scott Dec 14, 2014 10:57 PM ET 1
Australia’s government forecast a wider budget gap this year as plunging iron ore prices erode tax revenue and spending cuts are blocked by opposition lawmakers.
The underlying cash deficit will deteriorate to A$40.4 billion ($33.2 billion) in the fiscal year ending June 30, 2015 from a May estimate of A$29.8 billion, Treasurer Joe Hockey said in the mid-year economic and fiscal outlook today. The government forecast unemployment will climb to 6.5 percent by mid 2015, higher than its May projection of 6.25 percent.
“We are now witnessing the largest fall in the terms of trade since records began in 1959,” Hockey told reporters in Canberra, referring to export prices relative to import prices. “This has been faster and deeper than anyone expected.”
Tony Abbott’s Liberal-National coalition, which was elected 15 months ago promising to end the “debt and deficit disaster” of the former government, has faced Senate opposition to savings measures while falling prices of key exports have cut tax revenue. The fall in iron ore prices is forecast to reduce company tax payments by A$2.3 billion in 2014-2015 and A$14.4 billion over the forward estimates, today’s documents showed.
“The government’s in a very difficult position -- the current situation is unsustainable and spending has to come down,” said Tom Kennedy, a Sydney-based economist at JPMorgan Chase & Co. “Fiscal policy is going to be pretty restrictive over the next four or five years as the government looks to balance the books, so monetary policy is going to have to do most of the work, which means rates will remain at very low levels or potentially the RBA could cut.”
Currency Drops
The currency fell and traded at 82.23 U.S. cents at 2:46 p.m. in Sydney from 82.29 cents before the revised forecasts were issued. Traders are pricing in at least one rate reduction by the Reserve Bank of Australia in the next 12 months, according to a Credit Suisse Group AG index based on swaps.
The government kept its forecast for economic growth of 2.5 percent in 2014-15 after third-quarter data showed gross domestic product grew just 0.3 percent from the previous three months, the slowest pace in 18 months.
The economy is struggling to transition to non-mining drivers of growth as a resources investment boom wanes even as the RBA has held its benchmark cash rate at a record low 2.5 percent for 16 months.
Median Estimate
The revised deficit estimate for the current year is larger than a median estimate of A$37 billion from a survey of 13 economists by Bloomberg News. The papers project a return to budget surplus in 2019-2020.
The mid-year forecast sees a 2015-2016 deficit of A$31.2 billion compared with a May estimate of A$17.1 billion; a 2016-2017 shortfall of A$20.8 billion compared with a previous A$10.6 billion. For 2017-2018, the government sees a gap of A$11.5 billion compared with a May estimate of A$2.8 billion.
“Our nation’s export income has not been what we expected,” Hockey said. “For example iron ore, which is one fifth of our nation’s export dollars, has fallen from $120 a tonne at the beginning of this year to around $60 a ton today.”
The government said the value of Australian Commonwealth Government securities will climb to A$499 billion by 2023-2024, from the May budget estimate of A$389 billion, the mid-year forecasts showed.
In the face of opposition in the Senate, where the government lacks a majority, Abbott has abandoned or reworked some of the government’s budget savings measures including a plan to charge Australians A$7 to visit a doctor and has said he’ll alter a paid parental leave plan amid criticism it favored higher income earners.
Abbott has suffered the biggest fall in public approval for a new government in 30 years after reneging on promises not to cut planned spending on popular programs including schools, hospitals and the nation’s public broadcaster.
Japan Tankan biz sentiment weaker 4Q
7:33 pm ET
Asian stocks kicked off the week on the back foot, tracking sharp declines on Wall Street last Friday, as investors fretted about the relentless slide in energy prices and declining manufacturing sentiment in Japan. Japan's Nikkei fell 1.9 percent. http://www.cnbc.com/id/102267169
6:56 pm ET
Business sentiment in Japan worsened in the fourth quarter, data showed on Monday. The big manufacturers index slipped to +12 from +13 in the previous quarter, below expectations for a reading of +13 in a Reuters poll, the Bank of Japan's Tankan survey showed. http://www.cnbc.com/id/102258809
WAVX .87 -.05
Nuther weak sister. Spike low .85
NYA -140
should add DROP to list, 5th one ahead
OTC shows only 2M O/S after splits. This latest one is second of Year.
fwiw likely drop in oil may see some low fruit try for R/S if not Bk like IVAN warning today on going concern immediate liquidity.
Security Notes
•Capital Change=shs increased by 5 for 4 split. Ex-date=2-2-98. Rec-date=1-16-98. Pay-date=1-30-98.
•Par Changed=$0.012 from $0.001. Basis: 1 for 12 reverse split. Effective date=10-4-01
•Capital Change=shs decreased by 1 for 12 split. Effective date=10-4-01
•Capital Change=shs decreased by 1 for 11 split Pay date=04/02/2007.
•Capital Change=shs decreased by 1 for 200 split. Ex-date=08/27/2014.
Teamsters oppose Omnibus App Bill
WASHINGTON , Dec. 12, 2014 /PRNewswire-USNewswire/ -- The International Brotherhood of Teamsters issued the following statement from General President Jim Hoffa in response to the House of Representatives voting to pass the Omnibus Appropriations Bill last evening.
"In what can only be characterized as political cowardice, 219 members of the House ignored the potential harm represented by special interest provisions in the Omnibus Appropriations Bill, and narrowly passed it in the dead of night.
"I am sure that arms were twisted and promises and threats were made in equal measure to pass a spending bill that is rife with provisions that will only prove damaging to the constituents these officials pledged to represent.
"Sadly, this has become the stock and trade of Congress – bow down to corporate interests with their deep coffers while placing an ever-mounting financial burden on regular, middle class Americans.
"In one sweep of the pen, pension policies that have protected millions of workers for decades could be irrevocably changed resulting in an untold number of retirees losing a substantial percentage of their fixed income should reductions be required. And who benefits? UPS - a $100 billion , Fortune 50 company that is trying to squirm out of an obligation it agreed to when it withdrew from the Teamsters Central States Pension Fund .
"How did so many pension funds reach this critical stage? The government allowed banks to make risky investments with money from pension funds –the same type of financial gambles that a provision in this spending bill will allow to be made again.
"And while our pension funds are being put at risk by these provisions, trucking companies are pulling the strings of their puppets in Congress to roll back hours of service rules so they can force drivers to work 80 hours a week with insufficient rest.
"There has to be a line drawn. We cannot allow legislation that could never stand on its own merit to be tacked on to the omnibus spending bill. I urge the Senate to do the right thing and vote down this spending bill.
" The Teamsters Union and its 1.4 million members will remember those that stood by working families and those that turned their back on us when we needed them the most."
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States , Canada and Puerto Rico . Visit www.teamster.org for more information. Follow us on Twitter @ Teamsters and on Facebook at www.facebook.com/teamsters.
Contact: Galen Munroe (202) 439-7427 gmunroe@teamster.org
Logo - http://photos.prnewswire.com/prnh/20100127/IBTLOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/teamsters-call-on-senate-to-vote-down-omnibus-spending-bill-300009099.html
SOURCE International Brotherhood of Teamsters
old IVAN needs $$
Saw HAL layoff 1K overseas.
08:56 AM EST, 12/12/2014 (MT Newswires) -- Ivanhoe Energy (IVAN) said Friday that the company's board of directors is working with its financial advisors to address ongoing liquidity problems, including the possible sale of all or a portion of Ivanhoe's assets, and debt restructuring.
Ivanhoe's liquidity problems are immediate; the company said that it does not expect to make the cash interest payment (approximately USD$1.8 million) due on December 31, 2014 in respect of its outstanding 5.75% convertible unsecured subordinated debentures.
Strategic and financial alternatives under consideration are focused on relieving the financial burden of the company's current debt structure and obtaining additional financing necessary to fund ongoing operations, the oil exploration company said in a statement.
"Without timely access to additional financing, there is significant doubt as to the company's ability to continue as a going concern," Ivanhoe added in a statement.
IVAN shares closed at $0.85 on Thursday, in a 52-week range of $0.75 and $5.52.
Price: 0.85, Change: , Percent Change:
http://www.mtnewswires.com © 2014 MT Newswires, a Division of MidnightTrader, Inc. All rights reserved.
IVAN making liquidity warnings
08:56 AM EST, 12/12/2014 (MT Newswires) -- Ivanhoe Energy (IVAN) said Friday that the company's board of directors is working with its financial advisors to address ongoing liquidity problems, including the possible sale of all or a portion of Ivanhoe's assets, and debt restructuring.
Ivanhoe's liquidity problems are immediate; the company said that it does not expect to make the cash interest payment (approximately USD$1.8 million) due on December 31, 2014 in respect of its outstanding 5.75% convertible unsecured subordinated debentures.
Strategic and financial alternatives under consideration are focused on relieving the financial burden of the company's current debt structure and obtaining additional financing necessary to fund ongoing operations, the oil exploration company said in a statement.
"Without timely access to additional financing, there is significant doubt as to the company's ability to continue as a going concern," Ivanhoe added in a statement.
IVAN shares closed at $0.85 on Thursday, in a 52-week range of $0.75 and $5.52.
Price: 0.85, Change: , Percent Change:
http://www.mtnewswires.com © 2014 MT Newswires, a Division of MidnightTrader, Inc. All rights reserved.
old IVAN in trouble
Mark Mobius was saying sees crude mid 50s then back to 80s 90s.
Kuwait FM sees mid 40s.
08:56 AM EST, 12/12/2014 (MT Newswires) -- Ivanhoe Energy (IVAN) said Friday that the company's board of directors is working with its financial advisors to address ongoing liquidity problems, including the possible sale of all or a portion of Ivanhoe's assets, and debt restructuring.
Ivanhoe's liquidity problems are immediate; the company said that it does not expect to make the cash interest payment (approximately USD$1.8 million) due on December 31, 2014 in respect of its outstanding 5.75% convertible unsecured subordinated debentures.
Strategic and financial alternatives under consideration are focused on relieving the financial burden of the company's current debt structure and obtaining additional financing necessary to fund ongoing operations, the oil exploration company said in a statement.
"Without timely access to additional financing, there is significant doubt as to the company's ability to continue as a going concern," Ivanhoe added in a statement.
IVAN shares closed at $0.85 on Thursday, in a 52-week range of $0.75 and $5.52.
Price: 0.85, Change: , Percent Change:
http://www.mtnewswires.com © 2014 MT Newswires, a Division of MidnightTrader, Inc. All rights reserved.
missed AAII this am
Seems Mr. Market still has plenty of fatness to feed on as today showed. "Here little piggy piggy....."
9:30a ET
This week’s poll of its members by the American Association of Individual Investors (AAII), released last night, showed bullish sentiment, which had begun to cool off some, actually increased from 42.7% to 45.0%, while bearishness declined from 25.9% to 22.3%.
Thanks & RSH warn by Fitch
*MW RadioShack's cost cuts 'not sufficient' to forestall debt restructuring -- Fitch
CBAK $2 isn't this Buff's China bet? em
9:28am movers
Among the companies with shares expected to actively trade in Thursday's session are Staples Inc. (SPLS), Office Depot Inc. (ODP) and Ciena Corp. (CIEN).
Starboard Value LP has taken control of about 6% of Staples' shares and boosted its position in Office Depot's to about 10%, moves that could raise pressure for a combination of the office-supply retailers. Staples shares rose 9.6% to $16.23 . Office Depot increased 10% to $7.43 .
Ciena reported a surprise loss in the October quarter, as revenue growth in its biggest network segment was unable to offset expected hits from a supplier agreement with AT&T Inc. (T). Ciena shares rose 6.1% to $18 premarket.
Top investors at Burlington Stores Inc. (BURL), Nielsen NV (NLSN), Aramark Holdings Corp. (ARMK) and Mattress Firm Holding Corp. (MFRM) outlined plans late Wednesday to offer shares in the companies they helped take public. Burlington Stores shares edged down to $43.78 premarket. Nielsen fell 2.4% to $42.70 and Mattress Firm dropped 2.6% to $60.90 . Aramark dropped 1.8% to $29.02 .
KBR Inc. (KBR) plans to restructure its operations and divest or exit some noncore segments following a strategic review as it aims to reduce its operating costs. Shares rose 1.9% to $16 premarket.
Lululemon Athletica Inc. (LULU) posted earnings that beat expectations for it November quarter, though the retailer gave a disappointing outlook for the holiday quarter. Shares rose 7.1% to $50 premarket.
Men's Wearhouse Inc. (MW) said its third-quarter profit fell 82% on expenses related to its acquisition of rival Jos. A. Bank Clothiers Inc. The Houston company also said it had decided against selling its K&G chain, which accounts for 8% of sales, after reviewing a number of offers. Shares fell 1% to $41.78 premarket.
RadioShack Corp. (RSH) on Thursday outlined a $400 million cost-cutting plan it hopes will stanch a hemorrhage of cash, as the struggling electronics chain tries to get through the holiday season in good enough shape to trigger a rescue plan from its lenders. Shares fell 5.6% to 52 cents premarket.
Restoration Hardware Holdings Inc. (RH) reported its quarterly profit more than doubled as sales growth accelerated in the third quarter, topping Wall Street expectations. Shares rose 8.3% to $93.30 premarket.
Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) offered a weaker-than-expected outlook for next year, citing increased competition in its key generic-drug market. Shares rose 26 cents to $56.65 premarket.
Walgreen Co. (WAG) said Chief Executive Greg Wasson plans to retire after the drug-store chain's acquisition of the remaining 55% stake in Alliance Boots GmbH that it doesn't already own. Shares rose 2% to $69.52 premarket.
Wet Seal Inc. (WTSL) warned it may file for bankruptcy protection if the teen apparel retailer is unsuccessful in the very near term in addressing its liquidity needs. Shares fell 47% to 15 cents premarket.
Watch list:
Advisory Board Co. (ABCO) agreed to acquire higher-education marketing company Royall & Co. in a cash-and-stock deal valued at roughly $850 million , adding student engagement and enrollment capabilities to the company's offerings.
Armstrong World Industries Inc. (AWI) on Thursday said it will exit its European flooring business and stop funding its DLW unit after years of poor results and millions in operating losses, pushing the unit to file for insolvency.
Casey's General Stores Inc. (CASY) said its quarterly earnings rose 21% as lower gasoline prices contributed to increased sales of merchandise as well as fuel.
Danaher Corp. (DHR) projected stronger-than-expected earnings for the coming year. The health-care equipment makers also backed its profit guidance for the current quarter.
Oxford Industries Inc. (OXM) swung to a loss in the third quarter, and company officials offered a bleak forecast for the year that ends Jan. 31 , saying promotions and weak customer traffic are expected to hurt results.
Renasant Corp. (RNST) agreed to acquire Heritage Financial Group Inc. (HBOS) in all all-stock deal valued at $258 million , the community banks said Wednesday.
Write to Maria Armental at maria.armental@wsj.com and Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
12-11-14 0928ET
Copyright (c) 2014 Dow Jones & Company, Inc.
WTSL Wet Seal warns of BK $0.11
Share price says it all.
9:28am ET
Wet Seal Inc. (WTSL) warned it may file for bankruptcy protection if the teen apparel retailer is unsuccessful in the very near term in addressing its liquidity needs. Shares fell 47% to 15 cents premarket.
LULU +8% USO -$0.14
9:45am ET Bloomberg Consumer Comfort Index 41.3
12/11/2014 08:09 Majority of Americans Not Planning to Hike Holiday Budgets
Russia on lows.
Russian Central Bank Raises Rates to Address Sliding Ruble -- Update
Market News : 9:43am
FTSE 100 6452.20 -47.84 -0.74%
FTSE 250 15649.09 -88.43 -0.56%
FTSE AIM All-Share 696.60 -6.76 -0.96%
Top News :
G-20 Economic Growth Picked Up in Third Quarter
The global economy grew at a slight faster pace in the third quarter, aided by a modest pickup in the eurozone and a less deep contraction in Japan .
Bank of England Unveils Transparency Push
The Bank of England on Thursday proposed sweeping changes to how it explains its policy decisions, reflecting the increased scrutiny central banks face in the aftermath of the financial crisis.
Some Tesco Investors File Lawsuit After Accounting Errors
A group of Tesco PLC (TSCO.LN) investors has filed a lawsuit against the company over the accounting practices that led to an overstatement of 263 million pounds ( $414 million ) of the beleaguered grocer's earnings.
Shell Looks to Sell Stake in China Lubricant
Royal Dutch Shell PLC is , as the Anglo-Dutch oil giant sheds assets across the globe amid falling oil prices.
Companies News :
Sports Direct's Pretax Profit Rises 5% in First Half
Sports Direct International PLC (SPD.LN) Thursday posted a 5% rise in pretax profit for the first half of its financial year, and said it remains confident in achieving its full-year internal earnings target.
Whitbread 13 Week Comparable Sales +6%; Sees FY15 in Line With Expectations
Whitbread PLC (WTB.LN) said Thursday group comparable sales for the 13 weeks ended Nov. 27 rose 6% and that it remains confident it will deliver full-year results in line with expectations.
Ocado Sees Sales Growth Slightly Ahead of Online Grocery Market
Online food retailer Ocado Group PLC (OCDO.LN) expects to continue to grow sales slightly ahead of the online grocery market despite competition intensifying due to widespread price cutting in the supermarket sector.
Wood Group Eyes Earnings Growth Despite Oil Price Slump
John Wood Group PLC (WG.LN) said Thursday it is on track to deliver higher earnings this year due to a strong performance from its Wood Group PSN production services division, which will offset lower earnings from its engineering and turbine activities units, and despite a slump in oil prices.
Songbird Estates Appoints New Qatar Representative to Board
Songbird Estates PLC (SBD.LN), the majority owner of London's Canary Wharf finance district, has appointed a new representative of Qatar's sovereign-wealth fund, former Lazard banker Ken Costa , to its board.
GlaxoSmithKline Seeks Variation on Authorization for Ambrisentan
GlaxoSmithKline PLC (GSK.LN) said Thursday that it has submitted an application to the European Medicines Agency to widen the uses for which its pulmonary arterial hypertension treatment Ambrisentan can be marketed.
Go-Ahead Reiterates FY Expectations
U.K. public transport operator Go-Ahead Group PLC (GOG.LN) Thursday retained its full-year expectations and said that overall year-to-date trading has been robust, with a strong performance in bus and rail operations.
SuperGroup 1H Profit Drops, Margins to Take Hit
Clothing brand SuperGroup PLC (SGP.LN) on Thursday reported a lower profit in what it called a disappointing first half and said its gross margin will be hit by clearance activity in the second half.
Bunzl Sees FY Trading in Line With Expectations
Distribution and outsourcing group Bunzl PLC (BNZL.LN) Thursday reported that trading since October has continued in line with expectations, saying it will post revenue growth of 6% for 2014.
Moss Bros Encouraged By Current Trading Momentum; FY on Track
Formal menswear retailer Moss Bros Group PLC (MOSB.LN) on Thursday said it is encouraged by the trading momentum throughout the business as it enters the important Christmas trading period and remains confident in the outlook for the full year.
Polar Capital Holdings First Half Hit By Japan Outflows
Polar Capital Holdings PLC (PCFT.LN) Thursday said assets under management rose 1% in the six months to Sept. 30 to $ 13.4 billion , with outflows in Japan offsetting progress elsewhere.
Other News:
U.K.'s FCA Says Annuities Sales Competition Not Working for Consumers
The U.K. Financial Conduct Authority said Thursday its review into the annuities sales market finds competition isn't working for consumers, with many continuing to miss out on higher income by not shopping around.
Analysis:
BHP Turns to Fertilizers in Search for Growth
Global mining giant BHP Billiton Ltd. is likely to raise the profile of fertilizers among its suite of products as it hunts for resources to tap longer-term growth in China .
Market Talk:
UBS Raise Laird, Spirent To Buy From Neutral
1217 GMT UBS takes a look at the U.K. technology sector and subsequently raises Laird and Spirent Communications to buy from hold. In general sees another robust year for semis capital expenditure, softer telecom capex (but stable vendor revenue), ongoing strong growth in low-end smartphones, a medium-term inventory correction in analog semis and the continuing emergence of mobile payments. UBS raises Laird target price to 350p from 315p. Shares are up 1.2% at 307p. Spirent target price is raised to 79p from 75p and shares are currently up 2.1% at 68p.
UBS Raises Imagination Technologies Target
1201 GMT [Dow Jones]--Smartphone chip designer Imagination Technologies Group PLC (IMG.LN) has lost market share in its specialist area graphics but has opportunities in other areas, UBS analysts note as they lift their target to 310p from 300p. These include the Internet of Things, a term used to describe everyday objects being wirelessly connected, and Imagination's technology being used in devices' central processing units, not just graphics processing units. UBS also expects Imagination to win back some market share in graphics technology at the low end of the device market. Keeps its buy rating on the stock. Shares unchanged at 202p.
UBS Predicts Strong 2015 for ARM; Lifts Price Target
1128 GMT Semiconductor group ARM Holdings should next year benefit from more powerful processors being used in smartphones and other devices, say UBS analysts as they lift their target to 1070p from 980p. "We believe 2015 will mark the start of 64-bit [processors] being more meaningful financially for ARM," the analysts say. They also predict that ARM will benefit from more penetration into the computer server market and that its new CFO (still to be hired) will return more cash to shareholders. "We believe ARM could be significantly more generous," says UBS, which has a buy rating on the stock. Shares down 1.7% at 944p.
BP Upstream Reassures but Market Needs More Says JPM
1119 GMT Oil giant BP's upstream presentation Wednesday reassured but investors want more cash saving targets to ease the strain on the balance sheet and protect the dividend, say analysts at JPMorgan Cazenove. On a more macro view, says Big Oil is ill-prepared for this oil price rout and it will be the first quarter of 2015 before companies respond with more definitive near-term survival plans. "In the meantime and whilst OPEC remains a bystander, this sector and all its contents are best avoided" JPM rates BP neutral with a 400p target price. Shares are down 0.1% at 399p.
Contact: London NewsPlus, Dow Jones Newswires; +44-20-7842-9319
(END) Dow Jones Newswires
12-11-14 0943ET
Copyright (c) 2014 Dow Jones & Company, Inc
LAKE had warned though
They did broadcast that major part of Ebola gains wouldn't be seen until next Qtr. Still report wasn't all that bad. And with Time mag making Ebola suited worker Man of the Year LAKE will have some run power. There weren't any whisper numbers I could see so not like a guidance thing to worry over. Smallish O/S. Little IBIO wasn't great either and it gave some promising (non-Ebola related) news.
Samll caps not doing too wonderful in face of downside market pressure. Who knows, time of year, margin calls, tax loss selling. Let's see how market acts as Christmas gets closer.
Played couple small cap dry bulk stocks for dimes, DRYS, SHIP and DCIX. Bios were weak today anyway so hang in there.
Australia gains 42.7K jobs > expected
7:51pm ET
The Australian economy added 42,700 jobs in November, above the 15,000 forecast by Reuters, data from the Australian Bureau of Statistics (ABS) showed on Thursday. http://www.cnbc.com/id/102241982
Japan core machinery orders -6.4% big miss
*MW Japan's Nikkei Average opens down 1.3% at 17,180.49
7:01pm ET
6:55pm ET
Japan's core machinery orders, a leading indicator of capital spending, snapped a four-month rising streak in October. Core machinery orders fell 6.4 percent on month, worse than expectations for a 2.4 percent decline in a Reuters poll. http://www.cnbc.com/id/102241972
LULU runs in poor market, test high em
AAII bullish sentiment fell week
The Bloomberg Consumer Comfort Index is slightly off at 39.8 last week from 40.7
---------------------
Bullish sentiment among investors fell during the week ended Wednesday, according to the most recent weekly online survey of members of the American Association of Individual Investors .
Bullish sentiment decreased to 42.68% from 52.15% a week earlier, while bearish sentiment rose to 25.94% from 20.79%.
The percentage of investors who described themselves as neutral on the stock market grew to 31.38% from 27.06%, according to the poll.
The Dow Jones Industrial Average fell 25 points to 17887 in recent trading and has climbed 7.9% this year.
Write to Tess Stynes at tess.stynes@wsj.com
A few pre movers & BDI
BDI another drop -5.6% 1,019
Array BioPharma (NASDAQ: ARRY) shares jumped 23.27% to $4.82 in pre-market trading after the company reported that it has regained full worldwide rights to Binimetinib.
Hawaiian Electric Industries (NYSE: HE) shares gained 16.53% to $32.85 in the pre-market trading session after NextEra Energy (NYSE: NEE) announced its plans to buy Hawaiian Electric in a transaction valued at approximately $4.3 billion .
Abengoa SA (NASDAQ: ABGB) shares rose 8.82% to $12.96 in pre-market trading after gaining 2.40% on Wednesday.
Avago Technologies (NASDAQ: AVGO) shares surged 7.75% to $102.50 in pre-market trading after the company reported better-than-expected quarterly results. Credit Suisse raised the price target on the stock from $105.00 to $125.00 .
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
For me QT/Etrade still ok
Run 1 QT w/ Etrader streamer, & 2 QT TDA Streamer & Realtime.
Not sure whether MT will allow for multiple runnings of itself.
Does fetch news from several sources. Be looking forward to Etrade addition.