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Iraq move may quash 'bipartisan' Congress
http://www.msnbc.msn.com/id/16455379/
German Prosecutors Probe Whether Siemens Paid Iraq Bribes
15:09 EST Wednesday, January 03, 2007
BERLIN (AP)--German prosecutors said Wednesday they are investigating whether the technology and engineering conglomerate Siemens AG (SI) paid bribes to win contracts in Iraq while the country was ruled by Saddam Hussein.
Wolfgang Traeg, a spokesman for prosecutors in Nuremberg, said the investigation followed a 2005 United Nations report that named 63 German companies said to have paid bribes to Saddam's Iraq.
Confirming a report that first appeared in the Financial Times newspaper, Traeg said the probe was focused on Siemens' medical and power supply sections but had not identified any individual suspects.
Siemens spokesman Constantin Birnstiel said the company had already investigated the information in the U.N. report. "Our lawyers came to the conclusion that there was no criminal offense," Birnstiel said.
The company cooperated with the U.N. in the matter and had also let prosecutors know it was ready to cooperate with them, he said.
The news follows that of other corruption probes focusing on the Munich- headquartered company. Six current or former employees were detained after Munich prosecutors ordered raids on company offices across Germany in November. They were later released, but the investigation continues.
Investigators accuse the six of committing breach of trust against the company, in cases stretching back to 2002, by setting up secret funds outside Germany. Siemens says it has identified suspicious payments involving about US$ 550 million.
Chief Executive Klaus Kleinfeld has hired an outside anti-corruption expert and a law firm to revise the company's anti-corruption safeguards.
(END) Dow Jones Newswires
01-03-07 1508ET
Copyright (c) 2007 Dow Jones & Company, Inc.
Home Depot chief Nardelli resigns, with $210 mln severance
Saskatoon, January 2, 2007 -- Further to Golden Band Resources Inc.'s("Golden Band") news release dated October 30, 2006, Golden Band ispleased to announce that it now holds a 49% interest in the Greywackegold deposit following the completion of its purchase of the 49%interest from JNR Resources Inc. and Shane Resources Ltd. (the"Greywacke Vendors") for $100,000 in cash and 250,000 common shares onclosing, 250,000 common shares and on the first anniversary of theclosing, and the receipt by the Greywacke Vendors of a 2% Net SmelterReturn Royalty which allows for the buy-down to a 1% royalty for $1million. Golden Band has also acquired, in a separate transaction, the 100%interests in three contiguous claims (the "Dickens Lake Property") fromUnited Carina Resources Corp. and Star Uranium Corp. (the "DickensVendors") for $40,000 in cash and 150,000 common shares on closing,150,000 common shares on the first anniversary of the closing, and thereceipt by the Dickens Vendors of a 2% Net Smelter Return Royalty whichallows for the buy-down to a 1% royalty for $500,000. The Greywacke deposit is located approximately 90 kilometres north ofLa Ronge and is accessible by a trail extending 11 km from Highway 102. This is situated between the Company's Bingo deposit and its100%-owned Jolu gold mill. Golden Band believes that there is a goodpotential that the Greywacke deposit could contribute higher-grade millfeed to the Jolu mill as part of its plans to start gold productionfrom a number of deposits in the Belt using the Jolu mill. About Golden Band Golden Band Resources is a well-financed Saskatchewan-based companywhose focus is the long-term, systematic exploration and development ofits La Ronge Gold Belt properties, the majority of which are100%-owned. Since 1994, Golden Band has assembled through staking andstrategic acquisition a land package of more than 70,000 hectares,including ten known gold deposits, four former producing mines, and alicensed gold mill. The development of these assets is the subject ofa scoping study which is examining the mining of higher-grademineralization and processing it at the Company's 100%-owned Jolu Mill. On behalf of the Board of Directors,"Ronald K. Netolitzky", President and CEO For further information, please contact: Golden Band Resources306-955-0787
Crisis at Cigar Lake: Time to Back Up the Truck on Uranium Stocks?
Source: Doug Casey - Casey Energy Speculator 10/31/2006
Ever since I got onto the uranium story back in 1998, I have remained a steadfast believer that yellow cake was headed north of $100. The rationale for that projection is as clear to me today as it was back then. Simply, nuclear power is the cleanest, safest, cheapest and most abundant source of mass energy on the planet. Yet, thanks to environmental alarmists, almost universally ignorant of science and technology, egged on by an arm-waving priest class, both new uranium mines and nuclear reactors can take upwards of 20 years to bring on line. As a result, uranium has been in a worsening supply deficit since 1989.
So far, so good on my original call, with prices now topping $60 a pound, up 700% from the low of $7.10 a pound in 2001. Those gains in the underlying commodity have translated, literally, into fortunes for some of our subscribers, those who bought into the uranium stocks we brought to their attention while they were still selling at bargain prices.
But just when I thought the picture for uranium couldn’t improve, the news broke that Cameco’s much anticipated Cigar Lake Mine had flooded.
For reasons explained by Dave Forest, editor of our Casey Energy Speculator, the uranium story just got a whole lot better. It’s a story you’ll want to pay attention to. - Doug Casey
The uranium industry is reeling. On October 23, Cameco, the world’s largest yellowcake producer, announced that its Cigar Lake mine had sprung a leak. Early attempts to seal the affected area failed, and the underground workings are now completely flooded.
This is a pivotal development. Cigar Lake is the world’s largest undeveloped uranium deposit, holding 232 million pounds U3O8 at a grade of 19%. Production from the mine was supposed to begin in early 2008; at peak, it was thought that the mine would have provided 17% of world uranium supply.
In short, this is one of the few projects that could make a significant difference for the uranium market… or, it was.
Cigar Lake’s future is now in doubt. Although Cameco’s management put on a brave face—saying they are “committed to develop plans to remediate the project”—we spoke with several uranium professionals in Saskatchewan who told us they now believe the mine may well be lost completely. At the very least, the flood will push back start-up for a minimum of one year, assuring that supply will be even tighter than anticipated over the next several years.
Considering that the market had little breathing room even with Cigar Lake’s supply, the situation verges on crisis. Especially in that a good deal of Cigar Lake’s output was already sold forward. Those buyers—who thought they had locked in supply—may well be forced to go to the spot market to buy. A further significant jump in the spot price over the coming weeks is a distinct possibility.
At the risk of hyperbole, the loss of Cigar could kick off a spectacular run for uranium stocks. Although share prices for uranium exploration companies have had stellar gains over the last three years (greater than 1,000% in a number of cases) a $5 or $10 jump in the uranium spot price over the coming months could touch off buying of even greater proportions. A frenzy reminiscent of tech stocks in the late 1990s is brewing.
Investors that haven’t already done so should be taking this chance to position themselves in quality uranium issues. While a uranium furor will lift all boats (at least at first), the truly spectacular gains will come from those companies that have the management expertise and prospective projects needed to produce a discovery during the bull run. . .There is much that needs to be said about the universe of junior uranium explorers, the vast majority of which are little more than promotional exercises, but for now we’ll just say that taking the time to understand the difference between a paper shuffle and a well-run company with scale and grade in the right geological setting is time well spent. As the importance of the crisis at Cigar Lake becomes apparent, these stocks are going to the moon.
To learn more about the Casey Energy Speculator—including how to sign up for a no-risk trial subscription—visit http://www.caseyresearch.com/
--------------------------------------------------------------------------------
I don't think that at all :)
Mexico is going to have to do something or they will loose all their labour to other countries.
That I cannot answer.. But there has been lots of talk of them trying to raise the value of the peso.
Silver.
nothing of value to promote the new currency
How long do you think that the Jan effect is going to last?
I think that the market is getting pretty toppy here.
Is that going to take the Pain Away?
LOL
Petrolifera Petroleum Limited
PDP - TSX
January 2, 2007
Petrolifera Exits 2006 on a High Note
Calgary, Alberta Petrolifera Petroleum Limited announces today it achieved a peak level of daily oil production from Puesto Morales in Argentina of 13,400 bbl/d of light gravity crude in late December 2006.
ARGENTINA
The achieved production level was primarily from twelve of the fourteen new wells drilled by Petrolifera since late 2005. Ten of the wells continue to be flowing oil wells with the remaining two (1019 and 1024) on pump. Additionally, wells 1018 and 1032 are either being tested or awaiting completion and the company also plans to conduct remedial activity at 1004, which remains a flowing oil well at this time. The best flowing wells in descending order are 1013, 1012, 1010, 1003 and 1015 with water cuts for these wells averaging a very modest 0.1 percent. The indicated water cut for all production, including the old stripper wells from Puesto Morales Sur, remains very low at approximately 2.5 percent. It should be noted daily production rates may fluctuate for a variety of reasons, including work over activity, testing and natural gas conservation initiatives. A fourth quarter operating update will be provided once more detailed information is available to the company.
Associated and non-associated natural gas sales volumes currently approximate 1.8 mmcf/d (300 boe/d, using a conversion rate of six mcf per barrel of crude oil.) Readers are cautioned that the conversion used in calculating barrels of oil equivalent is based on an energy equivalency conversion method primarily applicable to the burner tip and does not necessarily represent a value equivalency at the wellhead. Furthermore, boes may be misleading if used in isolation. This rate is anticipated to improve towards 3 mmcf/d in the near future.
Accordingly, total peak daily production and sales achieved during the month of December 2006 was 13,700 boe/d. A portion of total natural gas volumes was utilized for fuel gas. It is anticipated that surplus volumes not presently being sold will be utilized for pressure maintenance and additional sales once field facilities are completed. Production results in total were in line with the companys expectations and guidance.
Drilling is now anticipated to commence in late January 2007 or early February 2007 as the new rig to be utilized suffered minor damages during the offloading process. Repairs are underway in the contractors yard in Neuquin, as is the conversion to an 1100 meter drilling rig of the new service rig contracted to Petrolifera. It is now estimated that the third drilling rig will arrive in Argentina in late January 2007, after which it will be cleared through customs for use by a target date of mid-March 2007. Initial drilling is targeted to evaluate locations offsetting the companys more prolific or higher productivity wells. Drilling on the Rinconada Block will also be undertaken in 2007.
Petrolifera is investigating the introduction of pressure maintenance at Puesto Morales. A water injection study is in progress, including design of optimum injection patterns. Petrolifera also anticipates reinjection of some solution gas into wells 1003 and 1010 in the northern culmination, as they are in the structurally highest position on this accumulation. It is anticipated the combination of water injection and natural gas reinjection will assist Petrolifera in maintaining its optimum base production, which can then be supplemented by the impact of the numerous new wells planned for Argentina during 2007. The companys crude oil pipeline is operational and increased oil volumes will be shipped through the pipeline as soon as the expanded water pipeline and treatment facility are completed and available for on-site processing. In the interim, approximately 75 percent of produced volumes continue to be trucked to third party treatment facilities.
The 252 square kilometer 3D seismic program designed to secure 100 percent coverage over the Puesto Morales Block and the accessible portion of the Rinconada Block has been completed. Data is being processed and interpretation is proceeding as data comes available, with final mapping of potential new locations scheduled for completion by the end of March 2007.
The company continues to examine new opportunities in Argentina, including exploratory acreage and now producing properties with development potential which have recently been made available for sale.
PERU
Test flights for the Companys extensive aeromag/gravity survey over Block 107 in the Ucayali Basin, Peru have now been completed and the program is anticipated to commence in January 2007. Petroliferas Environmental Impact Assessment for Block 107 has been completed and submitted to the relevant government authorities for review and acceptance. Presently, the company is hopeful its seismic program will commence in the Spring 2007 upon receipt of timely authorization and approvals.
The companys geochemistry program over three project areas within Block 106 is now complete and the data is being analyzed and interpreted. Results are expected to impact on the location and orientation of seismic programs anticipated for the Fall 2007 over Block 106.
OTHER
Petrolifera is awaiting confirmation of its application to secure agreements over a number of exploratory areas in Colombia.
The company remains in a strong financial condition with growing production, cash flow, working capital and no debt.
Forward Looking Statements
This press release contains forward-looking statements, including but not limited to estimated reserves and future net revenues, future exploration and development plans, anticipated future production, future capital expenditures and anticipated completion of infrastructure and transportation systems. . These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with negotiating with foreign governments and risk associated with international activity. Additional risks and uncertainties are described in the company's Annual Information Form which is filed on SEDAR at www.sedar.com.
The company's ability to complete its capital program and potentially increase production volumes and reserves is dependent on access to services, drilling rigs and equipment. Similarly, the company's ability to increase sales of oil and natural gas is dependent on completion of certain infrastructure and transportation systems that are currently under construction. There can be no assurance that the company will be able to access the required services and equipment based on the company's planned timetable to ensure the completion of the company's capital program and the construction of required infrastructure and transportation systems. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the company's securities should not place undue reliance on these forward-looking statements. Forward looking statements contained in this press release are made as of the date hereof and are subject to change. The company assumes no obligation to revise or update forward looking statements to reflect new circumstances, except as required by law.
Thanks!
Sure would make things a lot easier.
Seems that 2002 was the last year for that report and the only reference that I can find to the exchange rate is
3: PARITY VALUE OF IRAQI DINAR BY DOLLAR (3.2169).
Although there is a lot of Arabic writing that I can't read.
Where did you get that from?
UK Must Remain Committed In Iraq, Afghanistan In 2007 -PM
08:26 EST Tuesday, January 02, 2007
LONDON (AP)--Tony Blair said Tuesday the U.K. must carry through its commitments in Iraq and Afghanistan in 2007 while he continues a personal quest to revive the peace process in the Middle East.
Most of Blair's New Year's message - likely his last as prime minister - however, was about domestic politics, clearly looking beyond his departure and urging his Labour Party to persist with his 'New Labour' agenda. Blair has said he will leave office by September, but hasn't been more specific.
"The threat of global terrorism menaces us as it does other nations," Blair said.
"That is one reason why it is so important that we see through the battles in Iraq and Afghanistan where the British forces show day after day why they are the finest in the world," he said.
"I will keep my commitment to work tirelessly for the restart of the peace process in the Middle East," he added.
Thousands of U.K. soldiers are expected to be withdrawn from Iraq this year as they transfer control of two southern provinces to Iraqi forces, Defense Secretary Des Browne said in November. Some troops are expected to remain longer to train and support Iraqi forces.
Britain has around 7,000 soldiers stationed in southern Iraq, mainly based around the city of Basra. There are around 6,000 troops based in Afghanistan, the majority in the volatile southern province of Helmand where more than 30 soldiers have been killed since June.
Blair embarked on a Middle East tour last month to try to encourage an Israeli-Palestinian peace settlement and cement a foreign-policy legacy for himself that goes beyond his role as the chief U.S. ally in Iraq.
Reeling off a list of domestic concerns, including the National Health Service, education, crime and economic stability, Blair said Labour faced "the most difficult time for any government - nine years into power, midterm in a third term."
After a year of persistently trailing the resurgent Conservative Party in opinion polls, the Labour Party faces the most serious challenge to its authority - a challenge expected to fall on Treasury chief Gordon Brown, who so far faces no strong opponent in his path to succeeding Blair.
In his own New Year message, opposition Conservative leader David Cameron signaled his intention to annex more of Labour's center-ground territory.
"We must show that, unlike Labour, we will be a party that is for working people, not rich and powerful vested interests," said Cameron.
"With Blair going and Brown coming, we need to prepare ourselves for an onslaught of negative campaigning and the politics of fear and division," Cameron added.
Blair, reflecting fears among some Labour activists that Brown will tilt the government to the left, urged the party not to lose sight of the middle ground.
"This isn't just about policy, though it is certainly about taking the tough decisions that prepare Britain for the future," Blair said.
"It is also about our instincts, our ability to keep the core coalition together: those who need our help to get on the first rungs of the ladder of opportunity; and those who are already there but aspire to do better still."
(END) Dow Jones Newswires
01-02-07 0825ET
Copyright (c) 2007 Dow Jones & Company, Inc.
Toronto Most Actives At 2:15 PM EST
14:20 EST Tuesday, January 02, 2007
Campbell Resources 5,478,179 0.12 up 0.01
Nuvo Research Inc. 5,083,456 0.65 up 0.03
Cline Mining 3,432,202 0.62 up 0.12
Railpower Technologies 2,393,962 1.74 up 0.23
Talisman Energy 2,026,588 20.01 up 0.21
Bombardier B 1,758,219 3.92 off 0.03
Paladin Resources 1,701,515 8.25 up 0.28
Queenstake Resources 1,586,765 0.23 up 0.01
Kinross Gold Corp. 1,303,739 14.08 up 0.26
Liponex Inc. 1,237,991 2.11 up 0.57
With only a tinge of yellow
ROTFLMAO!!!!!!!!!!!!!!!!!!!
I'm going to have to start building a dam....
As soon as it qiuts raining.
I don't have to work in it..
So it realy don't matter to me.
Just find it hard to believe that there is a water shortage anywhere. LOL
Liponex shares jump
Tuesday, January 02, 2007
TORONTO — Shares in Ottawa-based drug developer Liponex Inc. were jolted upward by more than half to a new high Tuesday on speculation about its treatment to raise levels of so-called good cholesterol.
Hopes rose for Liponex's CRD5, a drug derived from soybeans and intended to increase concentrations of high-density lipoproteins in the blood, after Pfizer Inc. terminated work in early December on its torcetrapib cardiovascular drug following an elevated death rate among patients receiving it.
Liponex shares traded Tuesday morning as high as $2.45, jumping 91 cents on the TSX session, after having risen steadily from 95 cents before the Pfizer announcement.
CRD5 is in a Phase 1-2 trial on 50 heart patients in Ottawa, after an initial test showed 20 per cent increases in HDL with “no significant adverse events.”
Results of the new trial are expected early this year.
Liponex shares jump
Tuesday, January 02, 2007
TORONTO — Shares in Ottawa-based drug developer Liponex Inc. were jolted upward by more than half to a new high Tuesday on speculation about its treatment to raise levels of so-called good cholesterol.
Hopes rose for Liponex's CRD5, a drug derived from soybeans and intended to increase concentrations of high-density lipoproteins in the blood, after Pfizer Inc. terminated work in early December on its torcetrapib cardiovascular drug following an elevated death rate among patients receiving it.
Liponex shares traded Tuesday morning as high as $2.45, jumping 91 cents on the TSX session, after having risen steadily from 95 cents before the Pfizer announcement.
CRD5 is in a Phase 1-2 trial on 50 heart patients in Ottawa, after an initial test showed 20 per cent increases in HDL with “no significant adverse events.”
Results of the new trial are expected early this year.
Toronto Most Actives At 1:15 PM EST
13:19 EST Tuesday, January 02, 2007
Nuvo Research Inc. 4,573,298 0.66 up 0.04
Cline Mining 2,629,602 0.66 up 0.17
Campbell Resources 2,508,492 0.12 up 0.01
Railpower Technologies 2,120,842 1.73 up 0.22
Talisman Energy 1,643,719 20.02 up 0.22
Bombardier B 1,615,146 3.92 off 0.03
Paladin Resources 1,357,871 8.28 up 0.31
Kinross Gold Corp. 1,157,431 14.12 up 0.30
Liponex Inc. 1,070,391 2.06 up 0.52
Eastern Platinum 1,021,240 1.31 up 0.04
Won 10 bucks on the...
Extra
free play and a reload.
03 07 10 12 17 43 47
02 03 12 13 15 25 35
01 01 11 24 31 35 41
01 14 16 17 19 27 32
07 16 22 25 38 40 44
14 25 38 42 43 45 47
16 55 68 88
05 12 23 37 39 44 47
02 12 14 24 30 45 46
06 07 14 18 25 33 47
03 04 05 11 20 22 40
01 03 10 13 24 27 47
02 08 11 20 24 29 30
17 69 86 98
08 18 26 30 35 41 47
02 04 17 19 24 32 41
02 05 16 19 20 29 37
19 80 89 95
03 05 08 16 26 40 47
07 11 15 18 22 26 41
09 16 18 19 29 40 47
08 12 16 26 33 36 45
02 05 09 15 22 26 36
02 05 08 11 15 26 43
02 06 55 83
Just freakin' pissin' out here.
From Tuesday afternoon to Wednesday afternoon we expect : 50+ mm of rain.
Iraq Government Orders Probe Into Conduct Of Saddam Hanging
12:26 EST Tuesday, January 02, 2007
BAGHDAD (AP)--The prime minister Tuesday ordered an investigation into the conduct of Saddam Hussein's execution in a bid to learn who in the group of witnesses taunted the former Iraqi leader in the last minutes of his life then leaked a cell phone video of his death to an Arab satellite television station and Internet site.
The video contained audio of some witnesses taunting Saddam with chants of " Muqtada" and of the former leader responding. It surfaced on Al-Jazeera television and the Internet late Saturday, the day Saddam was hanged shortly before dawn.
Al-Jazeera said when it broadcast the video that it was exclusive to them. The pictures appeared on the Web at about the same time.
The taunts hurled at Saddam referred to Muqtada al-Sadr, the radical Shiite cleric who is a main backer of Prime Minister Nouri al-Maliki, the Shiite leader who pushed for a quick execution of Saddam.
Sami al-Askar, a close al-Maliki political adviser, told The Associated Press Tuesday that the Iraqi leader had "ordered the formation of an investigative committee in the Interior Ministry to identify who chanted slogans inside the execution chamber and who filmed the execution and sent it to the media."
The videotape was particularly inflammatory not only because the disrespectful chanting was clearly audible, but also for showing Saddam's actual death as he dropped through the gallows floor and then swung by his neck, his eyes open and his neck twisted dramatically to his right.
The clandestine video portrayed a much different scene than the official tape of the execution which was muted. It did not show the former leader dropping to his death.
Munqith al-Faroon, an Iraqi prosecutor whose job was to convict Saddam Hussein of genocide, was one of the small group of witnesses at the hanging and defended Saddam's right to die in peace.
He said he knew that "two top officials...had their mobile phones with them ( at the execution). There were no mobile phones allowed at that time."
Saddam's execution and the way it was conducted have provoked anger among Sunni Muslims, who have taken to the streets in recent days in mainly peaceful demonstrations in Sunni enclaves across the country.
Sunnis were not only outraged by Saddam's hurried execution, just four days after an appeals court upheld his conviction and sentence. Many were also incensed by the unruly scene in the execution chamber.
Many Sunnis are also upset that Saddam was put to death the day that Sunni celebrations began for Eid al-Adha, a major Muslim festival. The judge who first presided over the case that resulted in Saddam's death sentence said the former dictator's execution at the start of Eid was illegal according to Iraqi law, and contradicted Islamic custom.
The law states that "no verdict should be implemented during the official holidays or religious festivals," said Judge Rizgar Mohammed Amin, a Kurd.
Rizgar presided over Saddam's trial on charges he killed 148 Shiite men and boys in Dujail, north of Baghdad, after a botched assassination attempt in 1982. The judge stepped down from the case after Shiite complaints that he was too lenient.
Corrected Jan. 2, 2007 12:25ET (18:25 GMT)
(END) Dow Jones Newswires
01-02-07 1204ET
Copyright (c) 2007 Dow Jones & Company, Inc.
EUROPE MARKETS: European Stocks Hit Six-year High On First 2007 Trading Day
12:00 EST Tuesday, January 02, 2007
(An earlier story was corrected to reflect that the Italian stock market was open.)
European shares rose to a six-year high on Tuesday, the first trading day of 2007, as investors continued to back stocks on the Continent on hopes for more mergers and rising valuations.
"We're off to a great start," said Mike Lenhoff, chief strategist and head of research at Brewin Dolphin Securities, adding that the overall tone for the market seems pretty positive at the moment.
"It's as if all the factors that have been driving equity markets recently -- such as deal making -- are still pretty much in play," he said.
The French CAC-40 indexrose 1.4% at 5,617.71, led by Mittal Steel, Lafargeand Alcatel-Lucent (ALU) .
The French market gains were broad based, with only three components of the CAC-40 trading in negative territory.
Elsewhere, the U.K. FTSE 100 indexrose 1.5% at 6,310.90 and the German DAX Xetra 30 indexincreased 1.3% at 6,681.13.
The pan-European Dow Jones Stoxx 600 indexadvanced 1.3% at 369.86, its top level since December 2000, helped by increases in metals companies including miner BHP Billiton (BHP) , up 2.9%, and banks including Allied Irish Banks, up 4.4%.
The gains came on below-average volumes, as U.S. markets were closed to observe a day of mourning for former President Gerald Ford, who died in the past week at age 93.
The stock market in Switzerland also remained closed on Tuesday.
Other strategists said that they also expect the positive market tone to continue throughout the year.
"In 2007, we expect the market to continue to rise. It's unlikely to be as strong as last year in Europe but close to 10% (gain) we think is quite likely," said Patrik Schowitz, a European equity strategist at HSBC.
Schowitz said that continued M&A in Europe has made taking big sector stances more of a risk because deals have occurred across a broad range of sectors.
"We might get a bit more cautious on taking big sector bets in the medium term because we don't see the M&A wave stopping any time soon," he said.
One sector in the spotlight at the start of 2007 was the utility sector, however.
Shares of utility companies were some of the best performers in 2006, rising 37%, according to equity strategists at Standard & Poor's, in part as investors became more interested in the M&A potential of these companies.
"Diversification and the acquisition of stable predictable returns were the two primary factors behind the increased interest in infrastructure assets. We expect this trend to continue in 2007," the strategists added.
Of Tuesday's utility movers, shares in Suez rose 1.7% after billionaire French entrepreneur Francois Pinault on Tuesday left himself room to launch a late $92 billion bid for Suez, the world's second largest water utility, as a planned merger between Suez and Gaz de France struggles to move forward.
However, Veolia Environnmentshares weren't doing so well in the sector, backing away from Friday's sharp M&A inspired gains to trade down 4.1%.
Staying with the merger and acquisition theme, shares in steelmaker Corus Group (CGA) rose 1.3% at 535.63 pence after a report that Indian bid suitor Tata Steel could lift its 500 pence a share offer for the company.
The online edition of India's Business Standard reported that could mean a bid of between 535 pence and 550 pence a share for Corus from Tata.
Corus recently received a 515 pence a share bid from Brazil's Cia. Siderurgica Nacional, or CSN.
Also, shares in budget airline easyJetrose 3.9% after a report that Richard Branson of Virgin Group, easyJet founder Stelios Haji-Ioannou, and Datuk Tony Fernandes of AirAsia are in talks to form a global low-cost airline.
According to the online edition of the Star of Malaysia, which cited industry sources, the planned carrier initially would connect Kuala Lumpur with the U.K., the United Arab Emirates and India.
(END) Dow Jones Newswires
01-02-07 1200ET
Copyright (c) 2007 Dow Jones & Company, Inc.
Lennar warns it's headed for a loss
Tuesday, January 02, 2007
MIAMI — Lennar Corp., one of the largest homebuilders in the U.S., said Tuesday it expected a fourth-quarter loss as the company reevaluates how much its inventory is worth as the industry has been slowing.
The Miami-based company expects a loss within a range of 88 cents (U.S.) per share to $1.28 for its quarter ended November 30 after a pretax charge of up to $500-million for the inventory evaluation. Official earnings for the quarter will be released before the market opens on Jan. 17.
Prior to the valuation adjustments and write-offs, the company expects its fourth-quarter earnings to be within a range of 70 cents to 75 cents a share.
“Market conditions continued to weaken throughout the fourth quarter and we have not yet seen tangible evidence of a market recovery,” Lennar President and CEO Stuart Miller said in a statement. “Given the steep decline in many of our markets, we are completing our asset-by-asset review and will adjust asset balances to reflect fair value in the current market environment.”
New home orders for the quarter were down 6 per cent compared to the same period last year.
Lennar also announced Tuesday it would sell a 62 per cent stake in its partnership with LNR Property Corp. in their LandSource Communities Development LLC venture. Both Lennar and LNR will receive about $660-million each in the sale.
MW Housing Partners will purchase the 62 per cent stake but will have just 50 per cent voting control of the venture, according to Lennar. Under the deal, Lennar and LNR will retain rights of first offer to purchase property owned by LandSource.
LandSource's primary investment was with The Newhall Land and Farming Company, which owns 15,000 acres in a rapidly growing region about 30 miles north of Los Angeles, prime development territory as urban sprawl pushes outward from downtown.
LONDON MARKETS: Miners Pace Broad London Market Rally
12:00 EST Tuesday, January 02, 2007
Shares of mining companies on Tuesday led a strong London market advance on the first trading day of 2007, though volumes were muted with U.S. trading shut for mourning over the death of President Gerald Ford.
The U.K.FTSE 100 indexrose 1.5%, or 90.1 points, at 6,310.90, its highest level in six years.
The market advance was broad based, with only four FTSE 100 components losing ground.
The mid-cap FTSE 250also put on a strong advance, rising 1.3% at 11,317.40 to hit a new record high. Other European shares also rose.
Miners Lonmin, BHP Billiton (BHP) and Anglo American (AAUK) led the advance. Lonmin share rose 2.9%, BHP Billiton gained 2.9% and Anglo American rose 2.1%.
Gold prices added $4.40 to trade at $642.50 an ounce in electronic trading, helping mining companies to gain ground.
Retailers such as catalog retailer Home Retailand clothing chain Nextalso helped the index to advance, amid reports that December 27 - the first day of the Christmas sales in England -- was a record day for trading.
Home Retail shares rose 1.8% and Next, which updates investors on Thursday, rose 2.3%.
Retailers have been under some pressure in the run-up to Christmas as reports of weaker trading were exacerbated by companies such as HMVwarning in December that profits wouldn't be as high as previously hoped.
Still, some were concerned that the post-Christmas sales pick-up may come at the cost of margins.
"The shift in shopper numbers into the post Christmas period, when there has been some heavy discounting leads to concern for margins as the sector prepares to report Christmas trading in the weeks ahead," said Joe Spooner, an analyst at ABN Amro.
London M&A-related movers on Tuesday included Corus Group (CGA) , shares of which climbed 1.3% to 535.63 pence after a report that Tata Steel is close to boosting its 500-pence-a-share bid for the Anglo-Dutch steelmaker by 7% to 10%.
The online edition of India's Business Standard reported that this would mean a 535 to 550 pence a share bid for Corus. Corus already has a bid of 515 pence a share from Brazil's Cia. Siderurgica Nacional, or CSN.
Also, Royal Bank of Scotlandshares rose 2.2%, which along with Barclaysand HBOSled the banking sector higher.
The Financial Times reported that RBS has sold 47 Marriott Hotels to Israeli property group Delek Real Estate for 1.1 billion pounds ($2.15 billion).
Several major property companies were in focus after they said that they intend to convert to real estate investment trust status, effectively alleviating their U.K. tax burden.
Shares of British Landand Land Securitieseach rose 0.4%.
British Land said that, to convert to REIT status, it will pay a one-off conversion charge of more than 300 million pounds, while Land Securities said that it expects to pay a similar amount to convert but will determine the exact amount by carrying out a valuation of its qualifying property assets.
The charge will be paid in full in July, Land Securities added.
Outside the top index, shares in budget airline EasyJetrose 3.9% after a report that three major airline executives -- Sir Richard Branson of Virgin Group, Stelios Haji-Ioannou of the parent of EasyJet, and Datuk Tony Fernandes of AirAsia -- are in talks to form a global low-cost airline.
The online edition of the Star of Malaysia, citing industry sources, said the planned carrier initially would connect Kuala Lumpur with the U.K., the United Arab Emirates and India.
Gambling software company Playtechincreased 5.8% after it said that it has signed a new software license deal with operator PartyGaming.
Shares in PartyGaming, which on Friday bought two smaller online gambling operators, rose 11.8%.
(END) Dow Jones Newswires
01-02-07 1200ET
Copyright (c) 2007 Dow Jones & Company, Inc.
Israel Shekel 9% Stronger Vs Dollar In December Vs Dec 2005
09:12 EST Tuesday, January 02, 2007
JERUSALEM -(Dow Jones)- The average exchange rate in December was 4.2016 Israeli shekels per U.S. dollar, 8.89% stronger than ILS4.6117 in December 2005, the Central Bureau of Statistics said Tuesday.
The shekel gained most of its value against the dollar and other foreign currencies between early October and the end of December.
Economists have attributed the shekel's increased value to increased foreign investment in Israel and the decline of Israeli bank accounts abroad.
The shekel's growth was only slightly influenced by the global decline of the dollar, economists have said.
The average rate for all of 2006 was ILS4.4559 per dollar, compared with ILS4.4878 in 2005.
At 1310 GMT Tuesday, the shekel was trading around ILS4.2051 per dollar.
-By Sara Toth, Dow Jones Newswires, saratoth@yahoo.com
(END) Dow Jones Newswires
01-02-07 0911ET
Copyright (c) 2007 Dow Jones & Company, Inc.
Undervalued Stock #2 ========== ----------- ConAgra Foods, Inc. (NYSE: CAG) ----------- Insider Name: David C. MyersInsider Position: Vice PresidentInsider Action: 8,000 shrs on 12/21/2006Insider Total Holding: 18,000 shrs -------------------------------------------------------Undervaluation Merits... P/S Ratio = 1.18 (Industry Average 1.38)P/B Ratio = 2.90 (Industry Average 4.63) Industry: Major Diversfied Foods -------------------------------------------------------Other Merits... Dividend Yield = 2.70% -------------------------------------------------------Other Merits... Exceeded Analyst Earnings Estimates for Past 4 Quarters ----------- ConAgra Foods, Inc. (NYSE: CAG)
Undervalued Stock #1 ========== -------------- Morgan Stanley (NYSE: MS) -------------- Insider Name: Roy J. BostockInsider Position: DirectorInsider Action: 6,250 shrs on 12/15/2006Insider Total Holding: 25,052 shrs -------------------------------------------------------Undervaluation Merits... P/E Ratio = 11.5 (Industry Average 13.5)P/S Ratio = 1.12 (Industry Average 3.63) Industry: National Investment Brokerage -------------------------------------------------------Other Merits... Dividend Yield = 1,30% -------------- Morgan Stanley (NYSE: MS)
Microcap.com December 31, 2006
--------------------------------------------------------------------------------
All the best to you and your families. May you have a healthy and prosperous 2007.
Triple Digit Gains to Close off 2006
We were fortunate to finish the year off with strong gains on two top picks that have been featured several times to our readers over the past few months, plus a 200% gain on our blog pick a couple weeks ago. We're also featuring Bioscrypt ($0.60) this week.
1) Sabina Silver (SBB/TSX $2.19)
www.sabinasilver.com
First featured October 19th near $1.20, the stock has now gained 80%. We will continue to follow them in Q1 as the underlying commodity value is worth a lot more than this and Silver Wheaton's decision to invest $12 million is a strong endorsement of the economic viability of their project in northern Canada. There is an obvious large iscount being applied to this property because of its remoteness, but its nice to see others recognizing the value we saw back in October. Just remember it is important to take money off the table in stages with microcaps.
2) Bioniche (BNC $1.50)
www.bioniche.com
Featured late September mid $0.60's and then again mid November while trading in that same price range, Bioniche has now gained over 100%. Over Christmas they received received authorization from the Canadian Food Inspection Agency to distribute its E. coli O157:H7 cattle vaccine to Canadian veterinarians under special permit - equates to what is referred to as a “conditional license” in the U.S.
This is the first vaccine technology for control of E. coli O157:H7 to be authorized for field use "globally". More data is required to get full blown approval which should hopefully come in early 2007, but regardless this was huge news for Bioniche and one of the key developments we have been speculating on. Although the stock has done exceptionally well for us, we're waiting to see if similar approval comes from the U.S. government in Q1. On top of this, their late stage bladder cancer trials could provide another big kick in 2007 if they are as successful as everyone hopes.
3) Railpower (P:TSX $1.51) - Blog Pick Gains 200% in 10 days
Just before Christmas I posted brief information on Railpower under the Microcap Collective section on our new Stockhouse Blog. The stock at the time was $0.60 and hit $1.88 last week on positive approval from the EPA in the states.
I'm mentioning it this week as a reminder to check our blog occasionally. Contributions from others has been slow so I threw in my own pick but the intention of this blog is to allow our readers to share their own research, rumours, etc. Monday to Thursday evening I post a summary of the most noteable Cdn microcap news for the day but in 2007 I'm hoping people see more benefit from other investors.
Bioscrypt (BYT/TSX $0.60)
www.bioscrypt.com
2006 Revenue Approx. $15 million
Losses of approx. $1 to $1.5 million per quarter
Approx. $6 million in the bank
Shares Outstanding: 60 million
I hope I am not wrong here but I still think 2007 is going to be a big year for biometrics and industry leaders like Bioscrypt. I've presented BYT already, but its worth featuring again this week.
Mid December Bioscrypt started an aggresive run to $0.60 with no news. I believe this was associated with news from one of their technology partners (Imageware) and I'll explain why this was an important development.
_____________________________________
ImageWare Systems, Inc. (AMEX: IW), today announced that Computer Sciences Corporation (NYSE: CSC) has selected the IWS Biometric Engine to be a part of CSC’s Border and Immigration Solutions (BIS) Center of Excellence. The IWS Biometric Engine will be among the platforms CSC deploys for developing biometric identity management systems and border security solutions that will enable government agencies to achieve safer borders and immigration goals. We are pleased to be working with CSC, a worldwide leader in deploying large-scale identity management projects,” said Jim Miller, ImageWare’s chairman and CEO.
“The goal of the BIS Center of Excellence is to help border and immigration management agencies create safer borders and facilitate efficient movement of people, while simultaneously enhancing measures to detect and prevent unauthorized or illegitimate activities,” said Timothy Ruggles, director of the CSC BIS Center of Excellence. “ImageWare’s Biometric Engine provides a strong foundation for developing comprehensive and integrated identity management solutions.”
_____________________________________
In September Imageware announced they would use Bioscrypt's ANSI 378 minutiae algorithm in their products and technology. Computer Sciences Corporation (a huge company with 78,000 employees) is in effect providing a significant 3rd party endorsement of Bioscrypt's technology and advanced security. This is particularly important because Computer Sciences Corp. are working on a major U.S. government project involving Customs and Immigration.
BYT already works with numerous well known corporations but this is the first significant endorsement since announcing this summer that their fingerprint algorithms have been qualified by the General Services Administration (GSA) for use in the United States government's personal identity verification (PIV) program (see BYT's August 31st news release).
Everyone has been ignoring investments in the biometric industry because it has been slow to make major announcements. However, I believe the first industry to use this on a large scale will be national (homeland) security in the United States. CSC's announcement "may" be a key indicator of what we'll see (or so I am hoping) in 2007. Bioscrypt technology is already in use at major banks and airports but licensing revenue has been relatively slow.
I noticed this same type of pattern with Certicom (CIC) years ago. Certicom during the tech boom of 99/2000 went from $8 to $220/share and currently trades near $5 Even today it's licensing revenue is only in the range of $20 million annually yet its market cap. is over $200 million. For reference sake, BYT 2006 revenue should be in the range of $18 million with a current market cap. of $40 million.
This doesn't mean to say BYT should currently be worth $200 million, but with techs like this, you often need to fight a downtrend and buy when others are selling if you truly believe the technology has potential.
For Bioscrypt, strong growth in 2007 could come from several catalysts including the Homeland Security Presidential Directive 12's Personal Identity Verification program, the Registered Traveller program and the Transportation Workers Identification Credential program.
About Bioscrypt
Bioscrypt Inc. is a leading provider of advanced finger scan technology, offering their customers a wide range of biometric options for secure access to facilities, equipment and information. Markets include Physical Access Control, Logical Access Control, Time and Attendance, Cash Handling and Loss Prevention. Industries include Transportation, Government, Airport and Airline, Banking and Finance, Healthcare.
Banks are eager to halt theft of personal information and airlines need to cut down security waiting time. Frost & Sullivan analyst Rob Allen predicts the market for this technology will top US$1.4-billion by 2008. In 2004, the market was only US$527-million. Biometric technology identifies people by physical traits, such as fingerprints or voice. The Canadian Air Transport Security Authority has already adopted fingerprint- based biometric identification. Banks are experimenting with biometric technology to cut down credit card fraud, which amounted to US$2-billion in 2005
Products:
www.bioscrypt.com/products/products.shtml
A Few Strategic partners and customers:
U.S. Army, American Express, BellSouth, NASA, NATO, Continental Airlines, Intel, Atmel, HID Corporation, Honeywell, Mexico City International Airport, Madrid International Airport, Cairo Airport, the Kuwait Stock Exchange the Bahrain Ministry of Interior, South African Police, California City Hall, Superior Tribunal of Justice of Mexico City (the largest courthouse system in Latin America).
Blog Link
The Microcap Blog is updated Monday to Thursday evening with a summary of noteable microcap news for the day. Also send me your stock tips, rumours, etc. and I will post them for others to read. Direct link is available from the home page of www.microcap.com or by clicking on the Link Above.
Danny Deadlock
Microcap.com
--------------------------------------------------------------------------------
email: microcap@telus.net
web: http://www.microcap.com
STOCKS TO WATCH
Fairchild Semi, Apple, AT&T
PrintE-mailDisable live quotesRSSDigg itDel.icio.usBy MarketWatch
Last Update: 7:08 PM ET Jan 1, 2007
SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Wednesday's session are AngioDynamics Inc., Apple Computer Inc. and AT&T Inc.
The markets will be closed Monday for the New Year's holiday. The Nasdaq Stock Market, the New York Stock Exchange, and most other U.S. financial markets will also close Tuesday in observance of a national day of mourning for former President Gerald Ford.
AngioDynamics (ANGO : angiodynamics inc com
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Last: 21.49-0.06-0.28%
4:00pm 12/29/2006
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ANGO21.49, -0.06, -0.3%) is expected to report second-quarter earnings of 13 cents a share, according to analysts polled by Thomson First Call.
Intervoice Inc. (INTV : InterVoice-Brite, Inc
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Last: 7.66+0.44+6.09%
4:00pm 12/29/2006
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INTV7.66, +0.44, +6.1%) is expected to post a third-quarter per-share loss of 5 cents.
Landec Corp. (LNDC : Landec Corporation
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Last: 10.76-0.35-3.15%
3:59pm 12/29/2006
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LNDC10.76, -0.35, -3.2%) is expected to report a second-quarter loss of 2 cents a share.
Merix Corp. (MERX : Merix Corp
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Last: 9.29+0.22+2.43%
4:00pm 12/29/2006
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MERX9.29, +0.22, +2.4%) is expected to post second-quarter per-share earnings of 14 cents.
Sonic Corp. (SONC : Sonic Corp
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Last: 23.95-0.39-1.60%
4:01pm 12/29/2006
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SONC23.95, -0.39, -1.6%) is expected to report first-quarter earnings of 20 cents a share.
UniFirst Corp. (UNF : Unifirst Corporation
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Last: 38.41-0.71-1.81%
4:01pm 12/29/2006
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UNF38.41, -0.71, -1.8%) is expected to post first-quarter per-share earnings of 65 cents.
After Friday's closing bell, the Federal Communications Commission finally approved AT&T's (T : AT&T Inc
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Last: 35.75+0.25+0.70%
4:00pm 12/29/2006
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T35.75, +0.25, +0.7%) $85 billion acquisition of BellSouth Corp. (BLS : BellSouth Corporation
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Last: 47.11+0.31+0.66%
4:00pm 12/29/2006
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BLS47.11, +0.31, +0.7%) , creating the largest phone company in the United States. See full story.
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Fairchild Semiconductor Inc. (FCS : fairchild semiconductor intl com
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Last: 16.81-0.05-0.30%
4:00pm 12/29/2006
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FCS16.81, -0.05, -0.3%) said Monday it expects to launch a tender offer for Taiwan-based System General (6280.TW). Shareholders owning 30.88% of the outstanding shares of System General common stock have agreed to tender their shares to Fairchild. The total purchase price is expected to be about $200 million, depending on exchange rates and the number of shares tendered.
Apple (AAPL : Apple Computer, Inc
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Last: 84.84+3.97+4.91%
4:01pm 12/29/2006
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AAPL84.84, +3.97, +4.9%) said in a regulatory filing on Friday that Chief Executive Steve Jobs "was aware [of] or recommended" some favorable stock-option grant dates, but cleared him and other current management of any wrongdoing. Apple also said it faked a special board meeting and will absorb $84 million in charges associated with the misdated stock options. See full story.
Arthur J. Gallagher & Co. (AJG : Arthur J. Gallagher & Co.
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Last: 29.55-0.46-1.53%
4:01pm 12/29/2006
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AJG29.55, -0.46, -1.5%) said it will pay $28 million to current and former clients to resolve all claims in a federal multi-district class action pending in the New Jersey Federal District Court related to contingent commissions. Gallagher will also pay $8.85 million in plaintiff's attorney fees. The Itasca, Ill.-based insurance broker admitted no wrongdoing, but said in a statement that "it chose to conclude its involvement, rather than prolong what could be a costly and burdensome lawsuit." The company said it will take a pretax charge of $5 million to $10 million in its fourth quarter to increase its reserve for the costs to be incurred to conclude the settlement and to "resolve other regulatory and civil litigation matters
Bradley Pharmaceuticals Inc. (BDY : Bradley Pharmaceuticals Cl A
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Last: 20.58-3.29-13.78%
2:48am 01/01/2007
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BDY20.58, -3.29, -13.8%) shares dropped 14% Friday after the company said its A. Aarons Inc. subsidiary has launched an authorized generic version of the company's Pamine tablets. Pamine, an adjunctive therapy for peptic ulcers, accounted for roughly 7% of Bradley net sales during the nine months ended Sept. 30. "We proactively planned for this introduction and are pleased to be in a position to successfully execute our strategy of extending the life cycles of our established brands," said Bradley Chairman and Chief Executive Daniel Glassman in a statement.
CKE Restaurants Inc. (CKR : CKE Restaurants, Inc. (Delaware Holding Co.)
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Last: 18.40-0.13-0.70%
4:01pm 12/29/2006
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CKR18.40, -0.13, -0.7%) said it has repurchased two million shares of its common stock from its largest shareholder, Pirate Capital LLC., for $37.1 million. The Carpinteria, Calif.-based restaurant operator said the purchase price of $18.53 per share reflects the company's closing stock price on Dec. 28. CKE said it used its revolving credit facility to fund the transaction. The buyback was completed under the company's previously announced stock repurchase program. Pirate Capital's ownership stake in the CKE is now about 7.2%.
Shares of Oscient Pharmaceuticals Corp. (OSCI : oscient pharmaceuticals corp com new
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Last: 5.06+0.86+20.48%
2:34am 01/01/2007
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OSCI5.06, +0.86, +20.5%) jumped 20% on news that it has amended its licensing deal in Europe for its antibiotic Factive. See full story.
McAfee Inc. (MFE : mcafee inc com
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Last: 28.38-0.37-1.29%
4:00pm 12/29/2006
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MFE28.38, -0.37, -1.3%) said it will amend certain stock options grants made to former executives and certain current directors. The Santa Clara, Calif.-based security software maker said the changes represent a small subset of the overall measurement date changes and strike price changes that it expects to make in the future as a result of its stock option review and pending restatement.
As part of its actions, McAfee said it is amending grants made to former Chief Executive George Samenuk and former President Kevin Weiss. Samenuk and Weiss were forced out of their posts in October after an internal probe found that the company improperly accounted for up to $150 million in stock-option costs. McAfee added that it is correcting "clerical errors" associated with stock options grants to directors Leslie Denend, Denis O'Leary and Liane Wilson. The company said none of the directors were aware of the errors.
Sirva Inc. (SIR : sirva inc com
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Last: 3.48+0.01+0.29%
4:01pm 12/29/2006
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SIR3.48, +0.01, +0.3%) posted a preliminary loss from continuing operations of $37.6 million, or 51 cents a share, for the six months ended June 30, as compared with a preliminary loss of $60.1 million, or 82 cents a share, for the same period a year ago. On a pro forma basis, the operating loss from continuing operations was $9.4 million vs. $17 million. The preliminary revenue was $1.78 billion compared with $1.68 billion a year ago.
The Chicago-based provider of relocation services said it was required to post the results under certain covenants of its credit facility.
Additionally, Sirva said the New York Stock Exchange has granted it a one-month additional trading period in connection with the delayed filing of its annual report on Form 10-K for the year ended Dec. 31, 2005. The extension will provide for trading through Jan. 31, subject to ongoing reassessment.
Right on! Going for a month?
I imagine that you're more excited about that than you were for christmas. :)
Same to You Novo!
Haven't checked mine yet.
Hey T Happy New Year.
How long before you leave?