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Investors to Buy Harrah's for $27.8 Billion
Ericsson to buy Redback Networks for $2.1 billion; Palm posts weaker earnings; plus more stocks in the news Wednesday
From Standard & Poor's Equity Research
Trading in Harrah's Entertainment (HET) stock was halted late in the Dec. 19 session. After the close, Harrah's agreed to be acquired by affiliates of Texas Pacific Group and Apollo Mgmt L.P. in an all-cash deal valued at about $27.8 billion, including debt, or $90 per share.
Redback Networks (RBAK) agreed to be acquired by Ericsson (ERIC) in a deal valued at $2.1 billion, or $25 per Redback share.
Palm(PALM) posted 12 cents vs. $2.51 (including the partial reversal of a deferred tax-asset valuation allowance of $226.3 million) second quarter GAAP earnings per share (EPS) on a 12% revenue decline. Sees third quarter revenue of $400 million to $410 million and $0.08 to $0.10 GAAP EPS.
Alliant Energy (LNT) affirms 2006 EPS guidance for its utility business of $2.10 to $2.20; withdraws 2006 guidance for its non-regulated business. Sees $2.38 to $2.58 2007 EPS from continuing operations. Raises its annual dividend by 10%.
Pepsi Bottling Group (PBG) affirms forecast for $1.90 to $1.93 2006 reported EPS. Sees $1.92 to $2.00 2007 EPS.
John H. Harland (JH) Agrees to be acquired by M&F Worldwide (MFH) in a deal valued at about $1.7 billion, at $52.75 per John H. Harland share.
Tupperware Brands (TUP) announces, effective January 1, 2007, that Simon C. Hemus will become president and COO.
Forrester Research (FORR) CFO and treasurer Warren Hadley resigns as a result of the initial findings of an internal investigation that uncovered irregularities with respect to an option grant made to Hadley in 1999.
Digitas Inc (DTAS) Agrees to be acquired by the French advertising group Publicis for $1.3 billion, or $13.50 per share.
Foxhollow Technogies (FOXH) Cuts fourth quarter revenue estimates to $44 million to $46 million. Says a slowdown in SilverHawk sales prompted it to conduct extensive analysis of internal programs and the market environment
SulphCo(R) Begins Commissioning Its Sonocracking(TM) Facility in the UAE
08:00 EST Wednesday, December 20, 2006
SPARKS, Nev., Dec. 20 /PRNewswire-FirstCall/ -- SulphCo(R), Inc. (Amex: SUF) announced today that it has begun commissioning its 180,000 barrel per day Sonocracking facility in Fujairah, UAE.
Under the direction of the joint venture between SulphCo(R) Inc. and Fujairah government owned Trans Gulf Petroleum, all the components of the installed Sonocracking equipment including cooling towers, water separators, valves, pumps and electrical equipment are beginning a rigorous testing procedure that could be completed and fully operational by the end of January or the beginning of February, 2007. Piping to be installed inside the facility that will feed the Sonocracking equipment has been delivered to the site and will be connected to the main 18 inch feeder lines that are now installed to the property line of the Fujairah facility. This final connection will take approximately two weeks to complete.
Additionally, the government has agreed to extend the existing land lease agreement between itself and the FOT joint venture to include not only the land for the existing facility but also the land for future FOT owned oil storage tanks. Currently the joint venture has access to storage tanks that will accommodate the output of the facility.
"SulphCo(R) Management has been working vigorously to advance to this point and we are excited about this monumental step in the growth cycle of this facility said Rudy Gunnerman, Chairman and CEO of SulphCo(R). While the coordination of all the components, when fully operational, will be controlled via our proprietary computerized technology, each component during the commissioning process must undergo careful scrutiny and monitoring by our highly trained technical staff."
SulphCo(R), Inc. will continue to provide updates on the Fujairah project through further reports and pictures posted on its web site http://www.sulphco.com.
About SulphCo(R), Inc.
SulphCo(R) has developed a patented safe and economic process employing ultrasound technology to desulfurize and hydrogenate crude oil and other oil related products. The company's technology upgrades sour heavy crude oils into sweeter, lighter crudes, producing more gallons of usable oil per barrel.
From time to time, the company may issue forward-looking statements, which involve risks and uncertainties. This statement may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as actual results could differ and any forward-looking statements should be considered accordingly.
SOURCE SulphCo(R), Inc.
For further information: Peter Gunnerman of SulphCo, Inc., +1-775-829-1310, pgunnerman@sulphco.com; or Adam Mazur of Rubenstein PR, +1-212-843-8073, amazur@rubensteinpr.com, or Tim Clemensen of Rubenstein IR, +1-212-843-9337, tclemensen@rubensteinir.com
MARKET SNAPSHOT: U.S. Stocks Turn Mixed Amid Natural Gas Sell-off
15:27 EST Wednesday, December 20, 2006
U.S. stocks pared earlier gains to trade mixed Wednesday afternoon, as a sell-off in natural gas weighed on the energy sector and reversed the early positive momentum from a flurry of merger news.
In recent action, natural gas dropped 4.4% ahead of a government supply update. The drop brought down the entire energy sector, weighing on the broader market and leaving the averages mostly unchanged on the day.
The Dow industrials (DJI) were last up 2 point at 12,473, with 10 of 30 components contributing to losses.
The Dow had been up as much as 27.15 points at an all-time high of 12,498.47 earlier in the session, stopping just short of the psychologically-significant level of 12,500.
Exxon Mobil Corp. (XOM) fell 1% and was one of several issues weighing down the blue-chip average.
The S&P 500 index (SPX) slipped 1 point to 1,424 and the Nasdaq Composite ( RIXF) inched slightly higher to 2,431, with both indexes paring earlier gains.
The market opened on a positive note as Asian markets staged a recovery overnight, helping soothe investor nerves in the U.S. The rebound followed the decision by the Thai government to reverse a plan by the country's central bank to impose capital controls on foreign investors.
The market also received an early boost from merger news, starting with Harrah's Entertainment Inc. (HET) , which announced late Tuesday that it agreed to be acquired by private equity firms.
Swedish telecommunications equipment provider Ericsson (ERICY) rose 1% after news it agreed to buy Redback Networks for $2.1 billion.
Steel giant Arcelor Mittal (MT) gained 1% after news it is buying Mexico's Sicartsa from Grupo Villacero for $1.44 billion.
And shareholders of the NYSE Group (NYX) approved the exchange's merger with Euronext. Shares of the NYSE were down 0.4%.
Fedex (FDX) fell 2% afer it reported an 8% gain in second quarter income. But investors were more focused on the fact that the shipper cut its third-quarter outlook.
Likewise, Palm (PALM) fell 0.6% after posting a sharp drop in earnings, which was expected, but disappointed with its forecast for the current quarter.
Technology shares, which were already battered Tuesday after disappointing results from Oracle Corp. (ORCL) , were in favor early Wednesday, before paring gains later in the session.
The tech sector has "taken the brunt of the selling over the past couple of days after charging forward since September," said Chris Johnson, chief investment officer at Johnson Research Group, adding that tech leadership seems to have ended.
"Today, I wouldn't call it a dead cat bounce but some consolidation as you'll still find people willing to buy at the dips," he said.
Overall, however, Johnson has adopted a cautious stance about the market, pointing out that it's now at its highs after an uninterrupted run over the past six months, while optimism is rampant among investors. Both factors often precede downturns in the market, according to the strategist.
On the broad market for equities, trading volume was 1.1 billion on the New York Stock Exchange and 1.5 billion on the Nasdaq.
Gaining issues outpaced declining ones 18 to 13 on the Big Board and 4 to 3 on the Nasdaq.
By sector, multimedia networking (GIP) , semiconductors (SOXX) and broker/ dealers (XBD) led the gains, while precious metals miners (XAUX) , natural gas ( XNG) and airlines (XAL) were on the downside.
Still, some investors remain hopeful that the market can deliver the traditional "Santa Claus" rally, whereby money managers try to squeeze in more gains until after the new year. Declaring those gains after January 1 means clients won't have to pay taxes on them until April 2008.
"The gains became more narrow last week, but there is still some seasonal flavor to the market," said Steve Goldman, chief market strategist at Weeden & Co.
Even if the market's advance has been fairly muted so far this week, " hopefully, stocks can repeat a seasonal trend of trading higher as we head toward Christmas," he said.
Meanwhile, David Sowerby, chief strategist at Loomis Sayles, tells MarketWatch that while stocks are heading "for a comfortable victory for this year", he thinks "we are going to see a little hiccup in the market in the near term." Listen to Sowerby.
Other markets
Crude futures were higher after news of a drop in weekly supplies.Crude for February delivery gained 26 cents to close at $63.72 a barrel.
The dollar rose 0.3% against both the euro and the yen. European Central Bank chief Jean-Claude Trichet said the conditions remain for European growth to continue in 2007 and 2008.
Gold futures turned lower as the dollar rose, with the front month contract losing $1.10 to $624.30 an ounce following gains on Tuesday.
Treasurys were little changed amid technical adjustments, following overnight gains for Japanese bonds. The 10-year benchmark Treasury note finished up 1/32 at 100-7/32, while its yield (TNX) fell to 4.596%.
Stocks of note
In other merger news, M&F WorldWide Corp. (MFW) agreed to buy John H. Harland (JH) for $1.7 billion, or $52.75 a share in cash, a premium of $8.28, or 19%, over its Tuesday closing price of $44.47 a share. M&F rose 5.1% and John H. Harland gained 13%.
Ford Motor Co. (F) gained 2% after KeyBanc upgraded the stock to hold from sell, the automaker's second analyst upgrade in as many days.
Morgan Stanley (MS) was down 3 cents at $81.67, after Goldman Sachs raised its 12-months price target on the stock to $94 from $83.
Dell Inc. (DELL) fell 1.3% after the company said it selected Donald Carty, the head of its audit committee and a close friend of founder Michael Dell, to be its new chief financial officer and straighten out the firm's accounting mess.
(END) Dow Jones Newswires
12-20-06 1527ET
Copyright (c) 2006 Dow Jones & Company, Inc.
Anheuser-Busch Offers Beer For Those With Wheat Allergies
11:29 EST Wednesday, December 20, 2006
ST. LOUIS (AP)--People with wheat allergies who have stayed away from beer now have a new option.
Anheuser-Busch Cos. Inc. (BUD) on Wednesday introduced Redbridge, which the company called the first nationally available sorghum beer. Starting Wednesday, Redbridge is available in restaurants and stores carrying organic products.
Sorghum is the primary ingredient in the beer from the makers of the nation's top-selling full-calorie and light beers, Budweiser and Bud Light. Sorghum is a safe grain for those with wheat allergies. Anheuser-Busch is also marketing the beer as an alternative for those who choose wheat-free or gluten-free diets.
Brewmaster Kristin Zantop said that in addition to sorghum, the beer is made with imported hallertau and domestic cascade hops.
Anheuser-Busch said it worked closely with the National Foundation for Celiac Awareness in developing Redbridge. Celiac disease is a disorder that can cause damage to the intestines when anything is consumed containing gluten, a protein found in wheat, barley and oats.
An estimated three million Americans have been diagnosed with celiac disease, prompting an increased demand for gluten-free products.
At least three smaller brewers make gluten-free beer in the U.S. Lakefront Brewery Inc. of Milwaukee, Wis., makes New Grist out of sorghum and rice. Ramapo Valley Brewing in Hillburn, N.Y., makes Passover Honey Beer by adding hops to honey and molasses. Bard's Tale Beer Co. in Kansas City makes Dragon's Gold.
Anheuser-Busch shares recently fell 26 cents to $47.64.
(END) Dow Jones Newswires
12-20-06 1128ET
Copyright (c) 2006 Dow Jones & Company, Inc.
Bush: US Needs To Increase Size Of Army, Marines -2-
11:03 EST Wednesday, December 20, 2006
Bush declined to comment on how the strategy in Iraq will shift going forward.
"We'll accomplish our objective, we got to constantly /adjust our tactics to do so," adding that Iraqi leaders need to assume more responsibility.
Following November's electoral rebuke of the GOP, pressure is mounting on Bush to change course. An NBC News-Wall Street Journal poll earlier this month found Americans are more pessimistic about the situation in Iraq: seven in 10 want the new Democrat-led Congress to pressure the White House to begin bringing troops home within six months.
"I will tell you we're looking at all options," Bush said. "One of those options is increasing more troops. But in order to do so, there must be a specific mission that can be accomplished with more troops."
Bush is still in the midst of reviewing war policy in Iraq, and will update the nation on his plans sometime next month. Among the ideas under consideration is a temporary surge of 15,000 to 30,000 troops to Iraq, an option that the Joint Chiefs of Staff reportedly oppose.
Bush, however, has said he will wait for Gates to return from his trip to the region before finalizing any strategy shifts.
Asked about his statement to the Post that U.S. is neither winning nor losing in Iraq, Bush said his comments "reflected the fact that we're not succeeding nearly as fast as I wanted when I said at the time, and that the conditions are tough in Iraq, particularly in Baghdad."
Bush said in October that "absolutely, we're winning" in Iraq.
WASHINGTON (Dow Jones)--President George W. Bush said Wednesday that he's decided the U.S. needs to boost the size of its military to sustain its effort in the war on terror.
"I'm inclined to believe we need an increase in the permanent size of both the United States Army and the United States Marines," Bush said at a press conference.
The president said he's asked new Defense Secretary Robert Gates, who arrived in Baghdad earlier Wednesday, to report back as quickly as possible on how to implement such an increase. He also said he would listen to input from members of Congress.
"As we develop the specifics of the proposals over the coming weeks, I will not only listen to their views, we will work with them to see that this becomes a reality," Bush said.
Bush first detailed his plans to enlarge the military in an interview Tuesday with the Washington Post. The president, who charged new Defense Secretary Robert Gates with crafting an enlargement plan, acknowledged to the newspaper that the wars in Afghanistan and Iraq have stressed the nation's armed forces.
But amid warnings from top military commanders that current demands could ultimately "break" the active-duty army, he didn't say how large he would like the military to become. The army currently has around 507,000 active-duty soldiers, up from 482,000 in 2001.
Bush said he understood that the message of the November elections, which ousted the Republicans from control of both houses of Congress, is that Americans are tired of partisanship. He pledged to work with Pelosi and new Senate Majority Leader Harry Reid, D-Nev., and urged Americans to help maintain the economy's current vigor by shopping more.
He also renewed his call for a reform in the appropriations process, saying the government needs to curb wasteful spending and shine more light on earmarks.
"The American people expect us to be good stewards of their tax dollars here in Washington, so we must work together to reduce the number of earmarks inserted into large spending bills, and reform the earmark process to make it more transparent and more accountable," he said.
He repeated his desire to wean the U.S. off foreign oil and boost investment in alternative energy sources. However, he didn't outline any new energy proposals.
"We need to put aside our partisan differences and work constructively to address the vital issues confronting our nation," Bush said. "As the new Congress takes office, I don't expect Democratic leaders to compromise on their principles, and they don't expect me to compromise on mine. But the American people do expect us to compromise on legislation that will benefit the country."
-By Henry J. Pulizzi, Dow Jones Newswires; 202-862-9256; henry.pulizzi@ dowjones.com
(END) Dow Jones Newswires
12-20-06 1055ET
Copyright (c) 2006 Dow Jones & Company, Inc.
China to create second global commodity market
By: Tessa Kruger
Posted: '20-DEC-06 08:00' GMT © Mineweb 1997-2006
JOHANNESBURG (Mineweb.com) --China might create a second global commodity market in the next 15 to 20 years in order to exercise more control over commodity prices that are currently being determined in Paris, New York and London.
Sanu Sha Naidu, research fellow at the Chinese Centre of the University of Stellenbosch, says that Chinese concern over prices determined in markets that they have no control over, may give rise to a second market joined by emerging players and Asian drivers of commodity demand.
Naidu said the Chinese were asking themselves why they would pay a steep price for commodities such as iron ore if they could bilaterally negotiate a more competitive price.
“They feel that commodities are unfairly priced and that they are paying too much. The view is that countries that are sourcing the resources, or those that supply it, do not determine the price.
“This creates a problem and raises the question of do we disengage and create our own, second commodities market.”
The move towards a second commodity market comes across in the manner China has demonstrated interest in resources in Africa and the recent establishment of the Shanghai Diamond Exchange.
“It will be interesting to watch whether there will be dual listings and whether major diamond mining countries such as South Africa and Bostwana will de-list in Antwerp and join the Shanghai exchange.”
A second commodities market will offer emerging countries that feel the prices they pay are too high an alternative.
“Some players will play it safe and remain in traditional markets, while others will take the gamble. But I think emerging economies, particularly Asian drivers of demand will follow the second stream.”
Naidu said the argument made is similar to the argument around the pricing of coffee beans that was raised in the 1980s.
“The coffee beans were produced on the African continent, while prices were determined and depressed by markets elsewhere.
“These are the kinds of concerns that are very important as well as the issue of what is happening to the money that is coming from Africa.”
Looks like I won 10 bucks on the super.
I remember when you said that about CHX.....
They don't impress me.
Doubt if I bought $300.00 worth of stuff from them in my life.
A few opened out here 24.
Do you like Walmart?
All the best to you!
30 + years ago.......
You must have had that written down somewhere eh?
Iraq Constitution Reform Vital To Oil Cos,Despite Oil Law
16:17 EST Tuesday, December 19, 2006
WASHINGTON -(Dow Jones)- Major international oil companies are unlikely to begin investing in Iraq for at least another year even if a new hydrocarbon law is passed in January, politicians and analysts warn.
In addition to improved security and a new hydrocarbon law, what's needed is a reformed constitution, Iraqi politicians, analysts and insiders say. Only an amended or new national constitution, they say, would create the necessary legal framework for international majors to start making deals to develop the country's vast oil reserves.
The escalating sectarian violence in Iraq continues to represent a bloody barrier to investment. In a report released Monday, the Pentagon concluded that an average of almost 960 attacks a week were waged against Americans and Iraqis this past summer and autumn, the largest number recorded since the Pentagon began issuing the quarterly reports in 2005, the New York Times reported.
But if a unified legal structure could be created, companies could sign deals and begin to work on project plans. They could wait out the violent spasms in the hopes of stability ahead, or even mitigate the risk with private security. Western oil companies have a history of working in battle zones such as Nigeria and Sudan.
Companies such as ExxonMobil Corp. (XOM), Royal Dutch Shell (RDSB.LN), Chevron Corp. (CVX) and CononcoPhillips (COP) have say currently, the country is too much of a security and legal quagmire for them to invest.
ExxonMobil would be interested in participating in Iraq, said spokesman Len D'Eramo. But only "after the establishment of a constitutional rule of law, a certain tax and regulatory regime, and a stable and safe working environment, and if the Iraqi people decide that they want international oil companies to partner with them in developing their resources."
Iraqi Oil Minister Hussein al-Sharistani said late last week the government expected to pass a new hydrocarbon law in January, which has been widely seen as a necessary step to enable the first national oil deals since Saddam Hussein was overthrown in 2003.
Legal Contradictions
But currently, Iraq's constitution is almost completely at odds with the draft hydrocarbon law on one fundamental issue: who has the authority to award exploration and development contracts.
"No reliable, well-known oil company has the courage according to the constitution to come to Iraq for investment," Iraqi Vice President Tariq Al- Hashemi said last week during a presidential visit here.
"There are major loopholes in the constitution...and there is a clear-cut contradiction in the authorities between the regions and the central government, " Hashemi said. The vice president said he urged President George W. Bush to support his drive for a new constitution.
Because of the contradiction, some say a new hydrocarbon law will be essentially futile unless the constitution is changed to support it.
Even if an oil company did sign a contract with the central government, the deal would be on shaky legal footing, said Mishkat Al-Moumin, ex-Iraqi Environment Minister and former law professor at Baghdad University.
"If anyone wanted to legally object, they would win the case, because (the hydrocarbon law) will be based on the old constitution," Al-Moumin said.
Saad Rahim, a top energy analyst and Country Strategies Manager at PFC Energy, said the constitution's loopholes "certainly make it possible for companies to interpret it in a manner that they can go ahead and invest."
Many smaller companies, such as Norway's Det Norske Oljeselskap (DNO.OS) and Houston-based Calibre Energy (CBRE), have signed potentially lucrative deals with the Kurdish Regional Government on massive prospects in northern Iraq because of its relative safety. The central oil ministry says it view the contracts as invalid, but that it has little authority to enforce its position, and it's constitutionally debatable.
"One of the big reasons majors are holding off right now is precisely this worry that if they were to go ahead and invest under what they see as a legitimate opening, that could later then be challenged on the grounds of the constitution," Rahim said.
Investment Prospects
Iraq's oil sector needs up to $20 billion to raise crude oil production to 3 million barrels a day from below 2 million barrels a day at present. The country has huge reserves, third only after Saudi Arabia and Iran.
"Many companies feel that they can at least mitigate security concerns to a large extent," said Rahim, whose consultancy regularly provides risk assessment to international oil majors. "A lot of the hesitation is really about what is the lack of clear legal structure behind any investment."
"They wouldn't feel comfortable even with a hydrocarbon law," Rahim said.
Unlike the smaller independents, most of the large internationals are eyeing the bigger oil prospects further south in Iraq. Signing on with a regional government, they fear, would jeopardize their chances of getting into a bigger deal if they offended the central government.
The formation of a new political alliance block of both Sunni and Shia " moderates" might calm the sectarian violence and pave the way for a new constitution, said Louay Bahry, an adjunct scholar at the Washington-based Middle East Institute and a former political science professor at Baghdad University.
The Sunni Iraq Islamic Party is trying to form an alliance with the Shi'ite Supreme Council of Islamic Revolution in Iraq, Arab nationalists, Baathists and small Kurdish parties. The alliance is in an effort to centralize power, unify Iraq and sideline the radical Shi'ite leader Moqtada al-Sadr, whose Mahdi Army has been responsible for much of Iraq's sectarian violence.
The move toward a coalition is an attempt by Iraqis "to get together those like-minded people who want to move the process forward and deal with some of the tough issues that they have before them," said Scott McCormack, the U.S. State Department's top spokesman.
Centralization Versus Regionalism
Earlier this month, the Iraq Study Group recommended that the U.S. support centralization of power in Iraq and warned against regionalism.
Both Bahry and Rahim believe a new constitution that reduces regional authority might initially promote provincial separation, although it would be essential to longer-term stability in Iraq. But Al-Moumin believes increased international and domestic political will for a stable, unified Iraq has weakened the regionalists' position. Like the Kurds in the north who want to form their own autonomous state, al-Sadr wants to create a southern, Shi'ite province.
Rahim noted that Turkey's shared border in northern Iraq gives it the ability to block exports of oil from Kurdish Iraq, which would undermine any Kurdish stance toward separation. If the Kurds wanted to develop nearby oil reserves, their likely export route would be through Turkey. Turkey opposes Kurdish separation from Iraq because it fears that its own Kurdish population may join a national movement.
The U.S. State Department has suggested support for a revised Iraq constitution. Secretary of State Condeleezza Rice said the constitution "may in time need to be revised," she said in a recent interview. A department spokeswoman on the Iraq desk who declined to be named said oil companies had expressed concern that, "there needs to be one hydrocarbon law, rather than competing central and provincial government laws."
"In terms of specific issues, oil companies have indicated they're seeking a single, commercial legal environment with clear, enforceable rules," the spokeswoman said.
If the Bush Administration supports the drive for a new constitution, it would take at least six months to a year for the process, including ratification, to be accomplished, Rahim, Bahry and al-Moumin said.
"What we need is a comprehensive, brand-new strategy for everything," starting with a new constitution, Iraq Vice President Al-Hashemi said.
-By Ian Talley, Dow Jones Newswires; (202) 862 9285; ian.talley@dowjones.com;
(END) Dow Jones Newswires
12-19-06 1617ET
Copyright (c) 2006 Dow Jones & Company, Inc.
Canadian Wheat Board president fired
Tuesday, December 19, 2006
WINNIPEG — The federal government has fired Adrian Measner as president of the Canadian Wheat Board.
Board officials in Winnipeg say Mr. Measner was issued his termination notice today.
Mr. Measner has been critical of the Conservative government's plan to allow western farmers to choose whether to sell their wheat and barley through the board or independently.
Critics say scrapping the board's monopoly would effectively kill the farmer-run organization and result in lower prices.
Opponents of the board say producers should have the right to choose how they sell what they gro
More to come.
Toronto, Canada. December 19, 2006. Tiomin Resources Inc. ("Tiomin" orthe "Company") (TSX: TIO) reports from the court hearing today thatJustice Joseph Nyamu ruled in favor of Tiomin Kenya Limited ("TKL") andthe Government of Kenya ("GoK") and dismissed all petitions from theseven farmers who are opposed to the GoK approved compensationagreement for the acquisition of their land. The seven farmers controleight plots of land located within the area of the Special Mining Leasefor the Kwale mineral sands project (the "Project"). Justice Nyamu also indicated that the GoK can immediately proceed withcompulsory acquisition of the farmers' land. Tiomin has been informedby the GoK that it will invoke the urgency provision in S.19(2) of theLand Acquisition Act, which allows the GoK to acquire the land from thefarmers at any time. The next step for the GoK is to deliverexpropriation notices to the seven farmers giving them a short periodof time to vacate the land. Government officials indicated that work towards satisfying theremaining conditions required by the contractual arrangements betweenTKL and the GoK, and the lenders to the Project is proceeding rapidly.The main outstanding issues include gazettement of the Fiscal Agreement(signed in February 2005) for the Project, negotiation of acceptableport tariffs, exemption from certain stamp duty and withholding taxesfor the Project, and modification of the existing mining lease toencompass all land required for the Project. Tiomin is encouraged by the progress and efforts from the GoK toresolve all outstanding issues to the satisfaction of the Projectlenders. The Company is currently reviewing the development frameworkfor the Project in light of the delays caused by land issues andconditions set by the Project lenders. For further information, please contact Tiomin at (416) 350-3779 JeanCharles Potvin, CEO, ext. 227; Robert Jackson, President, ext. 230; orLaurie Gaborit, Investor Relations, ext. 222 (lgaborit@tiomin.com).Visit the Company's website at www.tiomin.com. Certain of the information contained in this news release constitute"forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. Such forward-lookingstatements, including but not limited to those respect to the prices ofrutile, zircon, ilmenite, estimated future production, estimated costsof future production and the Company's sales policy, involve known andunknown risks, uncertainties and other factors which may cause theactual results, performance or achievements of the Company to bematerially different from any forecast results, performance orachievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of rutile, zirconand ilmenite, the actual results of current exploration, developmentand mining activities, changes in project parameters as plans continueto be evaluated, as well as those factors disclosed in the Company'sdocuments filed from time to time with the Ontario SecuritiesCommission.
Oh. That must have been years ago.
Went for supper at a White Spot last night. Was pretty good.
Is there any White Spots out there?
That is a good way to have it.
Something strange.. But sure feels good.
And how are things there?
Been catchin' up on my sleep so far. They are going good.
Mornin' John
Last Trading Dates For 2006
18-Dec-2006
The last trading dates for 2006 taxation purposes are as follows:
Canadian Markets: Friday, December 22
US Markets: Tuesday, December 26
*Trades filled on the dates listed above will settle on Friday, December 29, 2006.
11:18 EST Monday, December 18, 2006
(Updates an item timed at 1525 GMT with recast lead paragraph, updated MEND comments, and oil price reaction.)
LONDON -(Dow Jones)- Coordinated blasts tore through two oil-company facilities in Nigeria's oil capital Port Harcourt, officials at Royal Dutch Shell and a source close to Agip said Monday, but oil production was unlikely to have been hit by the blasts.
The region's main militant group, the Movement for the Emancipation of the Niger Delta, claimed responsibility for the attacks after the group had warned earlier Monday that it would detonate three car bombs in the Niger Delta, where most of Nigeria's oil is produced.
A London-based spokeswoman for Royal Dutch Shell confirmed that an explosion " suspected to be a car bomb" had occurred Monday at one of its facilities run by its Nigeria unit but said no additional details were available.
"At this stage, we don't have any further information on damages or injuries," the Shell spokeswoman said.
Oil markets, focused on mild U.S. weather, shrugged off the blasts as the front-month January crude contract on the New York Mercantile Exchange traded down 87 cents a barrel at $62.62 at 1530 GMT.
A Nigeria-based source close to Eni's Nigeria subsidiary Agip said there was an explosion outside a fence at the company's office in Port Harcourt.
"There has been an explosion outside the fence of the Port Harcourt office," the source said, adding there were no further details on injuries or damage.
MEND, speaking via e-mail to the media, said it chose not to detonate the third bomb to prevent hurting and killing people directly in the area but said it would no longer provide warnings about future bomb attacks.
MEND has been behind many of the kidnappings of foreign oil workers and attacks on oil facilities the past year in the Niger Delta, where oil majors Royal Dutch Shell PLC (RDSB.LN), Eni SpA (E) and Chevron Corp. (CVX) operate.
The group warned Monday that it would soon abduct more foreign oil workers in its quest to seize control of oil resources in the delta. It also said a group of Agip workers kidnapped several days ago would be held "indefinitely" until its demands are met by the Nigerian government and international oil companies.
MEND said the two car bombs were detonated by cell phone and involved a cocktail of military and commercial explosives.
To date around a quarter of Nigeria's output of 2.3 million-2.4 million barrels a day of output is shut-in due to militant attacks on oil facilities.
MEND's self-described public representative known as Jomo Gbomo sent the e- mails warning about the blasts to the media. In the past year, Gbomo has sent out detailed reports to reporters after MEND launched attacks and abducted foreign oil workers.
The accounts, along with threats of future attacks that later occurred and Gbomo's knowledge of the movement of abducted oil workers, have supported Gbomo's claim to be close to MEND's leadership.
-By Selina Williams and Spencer Swartz +44 207 842 9262, Dow Jones Newswires; +44 207 842 9262. (Vincent Nwanma in Lagos contributed to this story.)
(END) Dow Jones Newswires
12-18-06 1117ET
Copyright (c) 2006 Dow Jones & Company, Inc.
Weekly Update Microcap.com December 17, 2006
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Bioniche (BNC/TSX $0.80)
www.bioniche.com
We featured Bioniche last week and the stock ran a bit ahead of itself after trading at $1.10 by mid week. Part of the problem with biotechs is that abnormal trading activity is perceived by others as breaking news and it tends to make the situation worse. However, it also demonstrates just how quickly these can move when positive news develops. Our intention is to follow this company into 2007 until we see regulatory announcements (either positive or negative) on both the bladder cancer trials and the E.Coli. Late in the week the company issued an E.Coli update and you can see why Federal regulators should be hard pressed to turn this vaccine down - especially when there seems to be nothing else out there even similar. Its a risk none- the-less.
"Clinical trials have been conducted with the company's vaccine over the past four years involving more than 30,000 cattle. Studies have consistently shown a decrease in the number of cattle shedding these deadly bacteria in their manure. In a controlled experiment conducted at the Vaccine and Infectious Diseases Organization (VIDO) at the University of Saskatchewan, vaccinated cattle were challenged with a very large dose of bacteria, and there was a reduction in the magnitude of shedding by 99.47 per cent. In clinical trials conducted by the University of Nebraska-Lincoln in commercial feedlot settings (where vaccinates and non-vaccinates were mixed), there was a 75-per-cent-lower prevalence of E. coli O157:H7 in cattle vaccinated with two doses of the Bioniche vaccine. Another three-dose vaccination study was performed by the university which showed that vaccinated cattle were 98.3 per cent less likely to colonize the bacteria in their intestine."
Sabina Silver (SBB/TSX $1.88) & GGN $0.80 (new)
www.sabinasilver.com
Sabina was first presented to our free subscribers and Stockhouse readers on October 16th at $1.19 The stock has been moving up nicely for the past six weeks but took a large jump on Friday after an important announcement was made. We are now up approx. 50% in two months but are hoping to break $2 in early January (or sooner). The price of silver took a hard correction on Friday but as I discussed already, there is a lot more to Sabina than just silver.
Silver - 205 million oz.
Zinc - 4.3 Billion lbs
Copper - 305 million lbs
Lead - 644 million lbs
Gold - 470,000 oz.
Silver Wheaton (SLW/TSX $12.28) announced Friday they are putting $12.8 million into a private placement at $1.65 and increasing their holdings to 14%. SLW is a multibillion dollar resource company and this placement is a strong endorsement for Sabina, and in particular, the economic viability of their Hackett River project.
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Gryphon Gold (TSX: GGN $0.80)
www.gryphongold.com
Shares Outstanding: 41 million
52 week high $2.35 Low $0.72
Cash Approx. $6 million
Gryphon is a new gold play this week that recently announced it would have to revise a feasability study on its Nevada-based Borealis gold project due to an over-estimation of the resource (the study was done by Samuel Engineering, an independent consulting firm). The result was a lower annual gold production and higher per-ounce production costs. It affected their decision to proceed with a financing and ultimately a delay in putting their property into production.
At the time the stock was trading comfortably near $1.40 but quickly collapsed to $1.00 and has trended lower for 3 weeks now. I feel bad for existing shareholders but for new speculators, there may be a real opportunity here. The hard selloff occurred because shareholders were frustrated that the company was close to putting this property into production but now (for the time being) is back to an exploration stage company. This situation was unfortunate but the properties were good enough (and there was enough gold) to get it to that pre- production stage in the first place.
The company has proven approx. 1.5 million oz. of gold on the property and there is plenty of exploration potential. The current trading range appears to have formed a nice support level and we'll follow them during Q1/07 as we wait to see what further drilling turns up. There are six known similar geological targets on the property for additional deposits. Drilling continues on the Graben deposit and has commenced on two of the six prospective district targets. Results of these programs will be reported once all the assays have been completed and analyzed (most likely January and February).
The stock has been trading plenty of volume in the $0.70's and we should still see tax loss selling throughout this week.
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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
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Danny Deadlock
Microcap.com
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VOLUME 268
Companies featured in the current edition of the newsletter: ADSX, ARGA, CLRI, ENZ, FSN, GNBT, GSHF, HYTM, LANW, MLTC, OXMI, POIG, RTK, SFP, USAT
With the year winding to a close, the Bulls remained firmly in charge last week, helped by benign news on inflation and favorable seasonal factors. The Dow closed the week up 138 points and increased its year to date gain to 16.1%. The Nasdaq rose 19 points increasing its year to date gain to 11.4%. The S&P 500 finished the week up 17 points and increased its year to date gain to 14.3%, while the Russell 2000 edged up less than a point, maintaining its year-to-date gains of 17.7%.
Continued merger activity, led by aggressive bids by private equity firms, solid earnings from brokerage firms and a bullish outlook from General Electric, a Federal Reserve that remained on hold and a tame inflation report all contributed to the strong gains for the markets. With the final two weeks of the year historically delivering favorable results, the path of least resistance appears to be higher, as the “January effect,” in which stocks, particularly small-cap ones, tend to outperform, could support further gains in the Russell 2000 and broader markets.
What should investors look for in the upcoming week? Earnings reports are still fairly tame, but the activity level picks up this week with more big name companies reporting results. Leading software provider Oracle (Nasdaq: ORCL) and nationally recognized homebuilder Hovnanian Enterprises (NYSE: HOV) will announce earnings after the bell on Monday. Some major names report earnings Tuesday starting with Morgan Stanley (NYSE: MS) and Circuit City (NYSE: CC) announcing their numbers before the market opens. Darden Restaurants (NYSE: DRI) will announce company earnings following the close of the market on Tuesday. Expect to see earnings reports for FedEx (NYSE: FDX), CarMax (NYSE: KMX), and Family Dollar (NYSE: FDO) before the market opens on Wednesday. Bed Bath & Beyond (Nasdaq: BBBY), Accenture (NYSE: ACN), and Nike (NYSE: NKE) will report earnings after the bell Wednesday. Thursday is the final day for announcements and it will be busy. Rite Aid (NYSE: RAD), ConAgra (NYSE: CAG), General Mills (NYSE: GIS), Commercial Metals (NYSE: CMC), and Carnival will all announce company earnings before the market opens. After the bell announcements for Thursday include Solectron (NYSE: SLR), Research and Motion (NASDAQ: RIMM) and Micron (NYSE: MU). Target (NYSE: TGT) provides a mid-month update on sales Monday. InteractiveCorp. (NASDAQ: IACI) holds an investor call on Tuesday.
Next week’s economic news and data will not have a specific focus, but investors can expect to see news involving housing, personal income and spending. The Third Quarter Current Account will be announced Monday morning and will definitely draw some attention. The November Core Producer Price Index, as well as November Housing Starts and Building Permits will be announced before the market opens Tuesday. The weekly Crude Inventories will be the lone announcement for Wednesday. Expect this announcement mid-morning. Thursday morning investors can look for the Third Quarter Final GDP and Chain Deflator announcement, as well as the weekly Initial Unemployment Numbers. The November Leading Indicators will be announced mid-morning and the Philadelphia Fed Index will be announced at noon. November Personal Spending and Personal Income will be announced before the bell on Friday and the preliminary Michigan Sentiment Index will be announced shortly after.
Hythiam, Inc. (NASDAQ: HYTM), a healthcare services management company that licenses the PROMETA™ physiological protocols designed to treat substance dependence, said last week that the United States Patent and Trademark Office granted U.S. Patent Application No. 10/622,068 which contains claims using a composition of matter for the treatment of cocaine dependency. The patent will serve to enhance protection of the intellectual property underlying the company's PROMETA Protocols and removes one of the key risks that the company faced in marketing PROMETA. One of the uncertainties cited by analysts was whether the company could protect its IP since it uses a combination of generic drugs off-label. The company also said that it entered into definitive agreements with funds affiliated with existing investors and accredited institutional investors to sell approximately 3.6 million shares of its common stock in a private placement at $7.30 per share. Hythiam expects resulting gross proceeds of approximately $26 million, which should be sufficient to allow it to reach profitability. Editors of CEOcast increased their ownership position in the company by purchasing 150,000 shares of stock in the offering, increasing their ownership stake to more than 1.4 million shares. The stock ended the week up 60 cents, closing at $9.02.
Enzo Biochem, Inc. (NYSE: ENZ), a developer of innovative health care products based on molecular biology and genetic engineering techniques, said last week that it entered into definitive purchase agreements with investors to purchase $46million of its common stock in a registered direct offering at a price of $14 per share. The will be used for general corporate purposes including funding for future acquisitions, clinical research and development programs, the clinical development of product candidates, capital expenditures and working capital needs. In particular, the funding could support an acquisition as the company has, in recent months, been bolstering its management team possibly to support such an event. ENZ also reported last week improved financial results for the first quarter of fiscal 2007 which ended October 31, 2006. The company reported net revenue of $10.4 million, up 3% from the 2005 first quarter. Gross profit, including royalty income, amounted to $6.4 million, compared with $6.1 million a year ago. The company’s net loss declined to $1.2 million, or $0.04 per fully diluted share, compared with a net loss of $3.3 million, or $0.10 per fully diluted share, in the fiscal first quarter of 2005. Results included a $2 million gain on a patent litigation settlement. Shares ended the week down 77 cents at $14.20.
Fusion Telecommunications International, Inc. (AMEX: FSN), a provider of advanced VoIP services, recently announced the launch of the revolutionary Mobilink service. This new service provides subscribers with the ability to access the company’s retail Efonica VoIP services from their mobile phones without Internet access or special software. Subscribers can enjoy the low cost and excellent quality of VoIP from their mobile phones and by simply dialing an access number that automatically authenticates their Efonica member status, subscribers have the ability to call virtually any number in the world at savings of up to 80% compared to their mobile carrier. This service will also be available from landline telephones. Another important Mobilink feature allows users to call any in-network Efonica subscriber worldwide for free by simply dialing '10,' the Worldwide Internet Area Code(TM), prior to the registered phone number of the called party. Subscribers to Mobilink also have access to Efonica's full suite of Internet based VoIP solutions. The company also said that it had completed a $3.875 million private placement of a newly designated class of convertible preferred stock. Every member of the company’s senior management team, including all of the Board member, participated in the financing. The stock ended the week up 39 cents at $1.50.
Generex Biotechnology Corporation (NASDAQ: GNBT), a leader in the area of buccal drug delivery, reported the results of clinical studies on a novel cancer vaccine in development by its wholly owned immunotherapeutics subsidiary, Antigen Express. Trials have shown that the immunotherapeutic vaccine being developed at Antigen Express, AE37, is safe, well-tolerated, and produces a significant immune response in breast cancer patients. While AE37 is similar to Genentech Inc.'s marketed cancer drug Herceptin, the advantage over that drug is that activation of the immune system by AE37 provides the capability of detecting even lower levels of the cancer. Shares ended the week at $1.82, down $0.02.
VeriChip Corporation, a subsidiary of Applied Digital (NASDAQ: ADSX), a leading provider of identification and security technology, said it received a letter recently from the National Stroke Association that recognized that implantable RFID microchip technology offers the ability to improve stroke treatment by providing medical professionals with immediate access to vital health information of stroke-afflicted patients. An excerpt from the letter, signed by James Baranski, CEO of the National Stroke Association, stated, "Personal Health Records, including implantable RFID microchips such as VeriMed, could play a critical role in assisting medical professionals in delivering appropriate stroke treatment promptly, leading to better patient outcomes." The VeriMed Patient Identification System consists of a handheld radio frequency identification scanner, an implantable RFID microchip and a secure patient database, and is currently being used to help rapidly identify and provide access to important health information on participating patients who arrive at an emergency department unconscious, delirious or unable to communicate. This implantable RFID system is the only system of its type cleared by the United States Food and Drug Administration for use in people. Verichip also recently passed an important milestone in the sale and use of the company’s infant protection systems. One-out-of-three hospitals and birthing centers in the United States is now using systems manufactured by VeriChip. This includes systems sold under both the Hugs and HALO brand names. The company believes that it has the largest installed base of infant protection systems of any company in the industry. Revenues from sales of VeriChip's infant protection systems increased by 28% during the first three- quarters of 2006 as compared to pro forma revenue from such systems during the comparable period in 2005. Finally, ADSX’s majority-owned subsidiary, Digital Angel Corporation, announced that Signature Industries, its London-based subsidiary, has entered into an agreement to acquire certain assets and customer contracts of McMurdo Ltd., the U.K.'s premier manufacturer of emergency location beacons, from Chemring Group PLC. Digital Angel will purchase McMurdo for approximately $6.2 million, with additional deferred payments ranging from $0 - $3 million, dependent upon performance of the business following the sale. VeriChip is expected to complete an IPO in the first quarter of next year. The stock ended the week down $0.08 at $2.14.
Rentech Inc. (AMEX: RTK), a developer of alternative energy sources, announced the company’s results for its 2006 fiscal fourth quarter and the twelve months ended September 30, 2006. For the fourth fiscal quarter ended September 30, 2006, Rentech had revenue of $26.8 million compared to $0.05 million for the equivalent period in 2005. The strong growth in revenue was driven by the acquisition of Rentech's nitrogen fertilizer plant, which it acquired in April of 2006. The company reported a net loss applicable to common stockholders of $8.5 million or $0.06 per share, compared to a loss of $5.8 million or $0.06 per share in the same period in fiscal 2005. For the twelve months ended September 30, 2006, Rentech had revenue of $44.5 million compared to $0.6 million for the corresponding period in 2005. The company reported a net loss applicable to common stockholders of $38.7 million or $0.30 per share, compared to a net loss applicable to common stockholders of $23.7 million, or $0.26 per share for the same period in fiscal 2005. The company ended fiscal 2006 with cash and cash equivalents and marketable securities of $56.8 million and working capital of $65.5 million. Shares ended the week down 17 cents at $3.63.
Small appliance maker Salton, Inc. (NYSE: SFP), announced that the company has extended its previously announced exclusivity agreement with Harbinger Capital Partners Master Fund I, Ltd. The extended agreement states that Salton will not on or prior to January 2, 2007 solicit or, subject to certain exceptions, otherwise negotiate any acquisition proposal involving Salton with any person other than Harbinger. Salton and Harbinger are currently in discussions with respect to a possible combination of Salton and Applica, which is party to a definitive agreement to be acquired by certain affiliates of Harbinger. The delay in Salton reaching a deal with Harbinger could be as a result of NACCO Industries entering into a bid this week to buy Applica that was higher than Harbinger’s, although the investment firm subsequently matched the sweetened offer. Shares of Salton could become volatile depending upon how events play out with Applica. The stock ended the week at $2.48 down 26 cents.
Clearant, Inc. (OTCBB: CLRI), the developer of the patent-protected CLEARANT PROCESS® for pathogen inactivation, reported last week that the company signed an agreement with OR Specialties, a leading distributor of orthopedic surgical supplies, to represent and distribute Clearant Process® Sterile Implants for allograft sport medicine surgeries. Under the terms of the agreement, OR Specialties will deploy its 13-member sales team to market the implants to the sports medicine specialists targeting hospitals and surgery centers throughout New York, Northern New Jersey, Connecticut, Rhode Island and Western Massachusetts. Last week the company also said that it had inked a supply agreement to distribute sterile sports medicine implants across the United States and over the past two years, Clearant Process® Sterile Implants have achieved recognition and support in the sports medicine field due to a high level of efficient performance and superior protection against infection. The Clearant Process is the first technology capable of eliminating all types of pathogens in tissue implant sterilized in its final packaging, while maintaining the integrity of the essential underlying protein in the tissue. More than 9,000 patients have received a Clearant Process® Sterile Implant with success. Clearant also announced last week that the company signed an agreement with orthopedic surgical supplier, JPS Surgical, Inc., to represent and distribute Clearant Process® Sterile Implants for allograft sport medicine surgeries. Under the terms of the agreement, JPS Surgical, Inc. will deploy its team of 20 sales representatives to market the implants to the sports medicine specialists throughout the states of Oklahoma and Arkansas. Shares ended the week up 5 cents at $0.37.
Language Access Network (OTC: LANW), a leader in video interpretation services, announced that it was selected by OhioHealth Hospital, Marion General, to provide interpretation services. Under the new services agreement, Language Access Network will provide video interpretation service in 150 languages, including American Sign Language. The company’s state of the art Martti™ service will be available at no cost to patients in Marion General's emergency department 24 hours a day, 365 days a year. The average interpretation for Martti(TM) lasts ten minutes. Marion General Hospital draws patients from a seven county area. In the previous fiscal year, the hospital served 49,068 patients in the emergency department and an additional 10,000 inpatient admissions. Shares ended the week down 10 cents at $3.40.
Melt, Inc. (OTCBB: MLTC), owner, operator and franchisor of quick service restaurants operating under the name "Melt Gelato & Crepe Cafe," announced that it has opened its first franchisee owned and operated store in Coconut Point, near Naples, Florida. Coconut Point is a major new development by Simon Property Group and the mall is part of a 500 acre upscale master planned community that will include 1.4 million square feet of open air retail space, 90,000 square feet of office space and 200 - 400 residential units. The location is the company's first in Florida. Melt's expansion program is initially focused on California, Arizona, Nevada, Florida, Massachusetts, Missouri, New Jersey, Pennsylvania, New York, Connecticut, Illinois and Washington States. The stock ended the week up 5 cents at $0.80.
Oxford Media, Inc. (OTCBB: OXMI), a leading developer of scalable, turnkey hybrid digital VOD and PPV entertainment systems, said last week that the company expects to become the second largest provider of Video On Demand (VOD) solutions to the hospitality industry upon the completion of the recently announced merger of the two largest providers of VOD solutions in the U.S. Early last week, LodgeNet Entertainment announced the $380 million acquisition of OnCommand from Liberty Media Corp. The transaction values each hotel room that OnCommand services at $455 per room. Oxford Media's recently acquired customers of SVI Hotel Corporation at a comparative valuation of just $90 per room, which included 60,000 rooms of High Speed Internet access. OxfordSVI properties have a different demographic profile, but the properties produce similar market driven cash flows and OxfordSVI also has a robust and highly regarded 24/7 customer service and nationwide field service network, currently serving its 2,400 client hotels. Shares ended the week at $0.45 up cents.
USA Technologies, Inc.(OTCBB: USAT), a developer of cashless vending and energy management products, announced that it received and accepted orders from institutional investors for a private placement of 1.4 million shares of common stock at a price of $6 per share resulting in gross proceeds of $8.4 million. As part of the private placement offering, USA Technologies will issue to the investors warrants exercisable into 700,000 additional shares of common stock, at a price of $6.40 per share through December 31, 2011. William Blair & Company, LLC acted as the exclusive placement agent. The company believes that its recent strong performance and the potential future revenue growth enabled it to raise the funds from a quality group of institutional investors. Shares ended the week down 5 cents at $6.45.
GS AgriFuels, majority owned by environmental business development company GreenShift Corporation (OTCBB: GSHF), announced last week that Fishers, Indiana-based e-biofuels LLC has entered into an agreement with NextGen Fuel for a five million gallon per year biodiesel system. The NextGen system is expected to be completed in February 2007 for testing and launched at e-biofuels' Middletown, IN facility immediately after. Fabrication of e-biofuels' first system will begin immediately. The system, which is being manufactured by Warnecke Design in Van Wert, Ohio, is expected to initially operate using soybean oil. The e-biofuels' Middletown, Indiana facility is being built for capacity of 25 million gallons per year, and is expected to begin operations in March 2007. The plant will potentially employ up to 15 people by peak production. This recent order by e-biofuels LLC represents NextGen's fourth customer order for shipment of equipment in the past 90 days. NextGen's biodiesel process technology uses innovative process intensification techniques to accelerate and enhance traditional biodiesel reaction for decreased process times, energy reduction and need for raw materials, and increased product quality. Shares ended the week unchanged at $0.10.
On the Wires: Auriga Laboratories, Inc. (OTCBB: ARGA), a specialty pharmaceutical company, recently announced that it had expanded its sales force to 56 representatives from just 9 less than six months ago. The sales force distributes the company's rapidly-growing innovative line of pharmaceutical products. Junior energy company Petrol Oil and Gas, Inc. (OTCBB: POIG), recently announced the addition of two experienced oil and gas executives to the company’s Board of Directors. Robert H. Kite earned a B.S. Degree in Psychology and Political Science with a minor in Business from Southern Methodist University and has over 20 years of experience in public company board governance. Mr. Kite has served as a director of several publicly traded companies. Duane D. Fadness is a Certified Professional Landman and earned his Master of Business Administration Degree from the University of Denver. Mr. Fadness has more than 25 years of experience in the oil and gas industry in the United States, Canada and Europe. His board-level experience includes virtually all aspects of the financing and management of oil and gas properties. Rentech Inc. (AMEX: RTK), a developer of alternative energy sources, announced that it has appointed Edward M. Stern to its Board of Directors effective December 12, 2006. Mr. Stern has an extensive background in the public and private markets, the power sector and the renewable energy industry, as well as the financial services industry where he specialized in energy project finance and asset management. The appointment brings the total number of members for Rentech's board to eight
SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Monday's session are FuelCell Energy Inc., Dell Inc. and Andersons Inc.
Applied Signal Technology (APSG : Applied Signal Technology
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Last: 15.94+0.09+0.57%
4:00pm 12/15/2006
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APSG15.94, +0.09, +0.6%) is expected to report earnings per share for the fourth quarter of 22 cents, according to analysts polled by Thomson First Call.
FuelCell. (FCEL : fuelcell energy inc com
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Last: 6.47+0.20+3.19%
4:00pm 12/15/2006
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FCEL6.47, +0.20, +3.2%) is expected to post a per-share loss of 35 cents for the fourth quarter.
Joy Global Inc. (JOYG : joy global inc com
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Last: 44.23-0.33-0.74%
4:00pm 12/15/2006
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JOYG44.23, -0.33, -0.7%) is expected to report per-share income for the fourth quarter of 66 cents.
Oracle Corp. (ORCL : Oracle Corporation
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Last: 17.68-0.34-1.89%
4:00pm 12/15/2006
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ORCL17.68, -0.34, -1.9%) is expected to post second-quarter per-share income of 22 cents.
Piedmont Natural Gas Co. (PNY : Piedmont Natural Gas Company, Inc. (North Carolina)
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Last: 27.86-0.34-1.21%
4:02pm 12/15/2006
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PNY27.86, -0.34, -1.2%) is expected to report first-quarter per-share income of 97 cents.
Steelcase Inc. (SCS : steelcase inc cl a
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Last: 18.10+0.01+0.06%
4:02pm 12/15/2006
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SCS18.10, +0.01, +0.1%) is expected to report earnings of 19 cents per share for the third quarter.
After Friday's closing bell, Dell (DELL : dell inc com
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Last: 26.53-0.34-1.27%
4:00pm 12/15/2006
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DELL26.53, -0.34, -1.3%) said it received a Nasdaq letter on Dec. 15 indicating that the company is not in compliance with continued listing requirements. The computer giant said the letter relates to the company's delayed third-quarter filing. See After Hours column.
Also, three top executives at Time Warner Inc.'s (TWX : time warner inc com
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Last: 21.66+0.01+0.05%
4:32pm 12/15/2006
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TWX21.66, +0.01, +0.0%) AOL unit plan to quit as part of a reorganization expected to be made public this week, according to several media reports. The execs include: Jim Bankoff, AOL's executive vice president of programming, Joe Redling, chief marketing officer, and John Buckley, a chief public-relations officer.
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Andersons (ANDE : Andersons Inc (The)
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Last: 39.93+0.03+0.08%
4:00pm 12/15/2006
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ANDE39.93, +0.03, +0.1%) said it has raised the quarterly cash dividend 5.6% to 4.75 cents per share. The dividend is payable Jan. 22 to shareholders as of Jan. 2.
Boston Scientific Corp. (BSX : Boston Scientific Corporation
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Last: 16.29-0.18-1.09%
4:32pm 12/15/2006
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BSX16.29, -0.18, -1.1%) said it is voluntarily recalling certain lots of the Mach 1 guide catheter in the United States. The medical devices maker said some units of the catheter may contain excess resin that could obstruct a blood vessel if detached during a procedure.
Comverse Technology Inc. (CMVT : Comverse Technology Inc
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Last: 20.93+0.60+2.95%
4:00pm 12/15/2006
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CMVT20.93, +0.60, +3.0%) Chairman Ron Hiram has resigned from the board. Hiram's resignation was tendered in view of the recent appointment of an additional five new independent directors. Also, the company has received an additional Nasdaq delisting notice over the company's delayed Form 10-Q filing for the quarter ended Oct. 31.
Guitar Center Inc. (GTRC : Guitar Center Inc
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Last: 45.68-1.16-2.48%
4:00pm 12/15/2006
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GTRC45.68, -1.16, -2.5%) said its Nov. 22 agreement to buy the assets of Dennis Bamber Inc. has been terminated upon bankruptcy court approval of an alternative bidder for the business.
Imax Corp. (IMAX : imax corp com
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Last: 4.07-0.13-3.10%
4:00pm 12/15/2006
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IMAX4.07, -0.13, -3.1%) said it has determined that a sale or merger of the company will not enhance shareholder value. The Toronto-based entertainment company said it will instead focus on the growth of its network and on strategic business initiatives.
King Pharmaceuticals Inc. (KG : king pharmaceuticals inc com
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Last: 16.28-0.24-1.45%
4:06pm 12/15/2006
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KG16.28, -0.24, -1.5%) said an arbitration panel has decided in favor of Elan Corp. (ELN : Elan Corporation, plc
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Last: 14.15+0.04+0.28%
4:06pm 12/15/2006
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ELN14.15, +0.04, +0.3%) in a dispute related to King's Sonata insomnia drug. The panel ordered King to pay Elan about $49.8 million, plus interest, in milestone payments and other research and development expenses.
Nasdaq Stock Market Inc. (NDAQ : nasdaq stock market inc com
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NDAQ35.55, +0.25, +0.7%) said it has approved a new employment contract for President and Chief Executive Robert Greifeld, extending his deal through Dec. 31, 2010.
PetSmart Inc. (PETM : PETsMART Inc
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PETM29.93, +0.03, +0.1%) said it has amended its bylaws to adopt a majority voting standard for the election of directors in uncontested elections. The Phoenix-based retailer of pet products and services said that under the new standard a director in an uncontested election must receive more than 50% of the votes cast.
Power Integrations Inc. (POWI : power integrations inc com
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POWI25.00, +0.04, +0.2%) said it has informed the Nasdaq that it will not meet the Listing and Hearing Review Council's Dec. 18 deadline to become current in its filings. The company expects its shares to be delisted from the Nasdaq Global Market as of the start of trading on Dec. 19.
Refco Inc. (RFXCQ : refco inc com
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8:11pm 12/15/2006
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RFXCQ0.35, -0.07, -16.7%) , the derivatives broker that collapsed in scandal last year, said its Chapter 11 plan was confirmed by a New York bankruptcy court, clearing the way for its businesses to be finally shut down and creditors repaid a portion of what they were owed. See full story.
Private-equity firms Clayton Dubilier & Rice Inc. and Kohlberg Kravis Roberts & Co. are in talks to acquire Royal Ahold NV (NL:33181: news, chart, profile) U.S. foodservice unit in a leveraged buyout, according to a media report.
Standard & Poor's said it's changing the makeup of the S&P 500 and SmallCap 600 indexes after the close of trading Tuesday. Terex Corp. (TEX : Terex Corporation
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TEX58.13, -0.61, -1.0%) will replace Navistar International Corp. (NAV : Navistar International Corporation
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NAV33.01, -1.14, -3.3%) in the S&P 500. Mannatech Inc. (MTEX : mannatech inc com
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MTEX14.17, +0.18, +1.3%) will replace American Italian Pasta Co. (PLB : american italian pasta co cl a
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PLB10.10, -1.15, -10.2%) in the S&P SmallCap 600. See full story.
I don't know how old this is.
The rise in the value of the dinar
.The high price of the new currency has revived hopes prosperous economic future.
دWritten by : * Aqil Jabbar Baghdad
.Despite the emergence of the pictures of car bombs and shootings and angry demonstrators in Iraq through Arab television screens every night, remains businessmen in the region, betting on the future economic prosperity of the country, which has been ravaged by war.
.That at least, is the word one of the Iraqis, who stated that the rush to buy the new Iraqi dinar, lies in the high value from 1,650 to the highest value of one thousand per dollar within two days only.
."He hailed Abbas, the director of the Gulf banking company in Baghdad, "The Jordanian businessmen were selling large amounts of dollars to buy new Iraqi money."
.And the same thing is happening in Basra, except that the Kuwaitis are buying. As the morning assurances of the banking company in the southern port.
.As stated in the report issued by the Egyptian government newspaper Al-Ahram had the businessmen to buy dinars, with the exception that Iraq's oil wealth in the end is the reason for the high value of the currency.
.The rocket rise of the value of the Iraqi currency impact of the new expiry of the circulation of the old dinars, which bore the face of Saddam Hussein in the 15 / January, which paved the way for the new securities issued last October.
."He said Mohaned Rahim, Director of Auto Fair opened, "we used to use the dollar to buy cars from Jordan and the UAE, and now after printing the new currency, and the companies agreed to export cars to Iraq for the Iraqi money."
.The rise also came with the beginning of the pilgrimage season, which is traditionally a very bleak time for the Arab currencies, as pilgrims heading saying goodbye for the last time to change the dollar to be spent in Saudi Arabia.
.But this year, the new Iraqi dinar currency of choice for the pilgrims.
"Mustafa said Abdul Razak Mihdawi, director of a company specialized in Mecca pilgrimage trips, "I have agreed to do the Saudi government trade exchange with the Iraqis in Iraqi currency. "
.Currently used by the dinar and the dollar in the stores Iraq, and this change from the recent past, where the American currency typically used to buy expensive imported goods such as electronics.
."He said Ali Osman Alvtlaoui, an employee in the company grains in the public sector "that the decline in the dollar benefit each citizen receives his salary in Iraqi currency, as this will allow him to buy anything sold the largest dollar value." The Alvtlaoui "was a video CDs sold at a price previously (60) thousand Iraqi dinars, while today is not equivalent to more than (46) thousand dinars."
."However, Seif Motaz who works as an interpreter with the American army, complained that the interview of (450) net worth had declined to slightly more than half of the previous value. He said, "if the dollar continued to fall I will have to look for other work dinars."
.However, the last time people looked at things Bqiasathm, Vitzkron last days before inflation in the Penal Code, when the dinar is equal to more than three dollars.
."He said Rasul Al-Hammadi of age (65) years, "I hope that the value of the dinar itself, which was in the 1960s and 1970s. Each time high dinar, good things happen to Iraq and the Iraqi economy. "
* Aqil Jabbar trainee journalist at the press of war and peace Baghdad
http://translate.google.com/translate?hl=en&sl=ar&u=http://iwpr.net/%3Fapc_state%3Dheniicr20....
Blood and Money
In what might be called the mother of all surprises, Iraq's economy is growing strong, even booming in places.
By Silvia Spring
Newsweek International
Dec. 25, 2006 - Jan. 1, 2007 issue - It may sound unreal, given the daily images of carnage and chaos. But for a certain plucky breed of businessmen, there's good money to be made in Iraq. Consider Iraqna, the leading mobile-phone company. For sure, its quarterly reports seldom make for dull reading. Despite employees kidnapped, cell-phone towers bombed, storefronts shot up and a huge security budget—up to four guards for each employee—the company posted revenues of $333 million in 2005. This year, it's on track to take in $520 million. The U.S. State Department reports that there are now 7.1 million mobile-phone subscribers in Iraq, up from just 1.4 million two years ago. Says Wael Ziada, an analyst in Cairo who tracks Iraqna: "There will always be pockets of money and wealth, no matter how bad the situation gets."
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Civil war or not, Iraq has an economy, and—mother of all surprises—it's doing remarkably well. Real estate is booming. Construction, retail and wholesale trade sectors are healthy, too, according to a report by Global Insight in London. The U.S. Chamber of Commerce reports 34,000 registered companies in Iraq, up from 8,000 three years ago. Sales of secondhand cars, televisions and mobile phones have all risen sharply. Estimates vary, but one from Global Insight puts GDP growth at 17 percent last year and projects 13 percent for 2006. The World Bank has it lower: at 4 percent this year. But, given all the attention paid to deteriorating security, the startling fact is that Iraq is growing at all.
How? Iraq is a crippled nation growing on the financial equivalent of steroids, with money pouring in from abroad. National oil revenues and foreign grants look set to total $41 billion this year, according to the IMF. With security improving in one key spot—the southern oilfields—that figure could go up.
Not too shabby, all things considered. Yes, Iraq's problems are daunting, to say the least. Unemployment runs between 30 and 50 percent. Many former state industries have all but ceased to function. As for all that money flowing in, much of it has gone to things that do little to advance the country's future. Security, for instance, gobbles up as much as a third of most companies' operating budgets, whereas what Iraq really needs are hospitals, highways and power-generating plants.
Even so, there's a vibrancy at the grass roots that is invisible in most international coverage of Iraq. Partly it's the trickle-down effect. However it's spent, whether on security or something else, money circulates. Nor are ordinary Iraqis themselves short on cash. After so many years of living under sanctions, with little to consume, many built up considerable nest eggs—which they are now spending. That's boosted economic activity, particularly in retail. Imported goods have grown increasingly affordable, thanks to the elimination of tariffs and trade barriers. Salaries have gone up more than 100 percent since the fall of Saddam, and income-tax cuts (from 45 percent to just 15 percent) have put more cash in Iraqi pockets. "The U.S. wanted to create the conditions in which small-scale private enterprise could blossom," says Jan Randolph, head of sovereign risk at Global Insight. "In a sense, they've succeeded."
Consider some less formal indicators. Perhaps the most pervasive is the horrendous Iraqi traffic jams. Roadside bombs account for fewer backups than the sheer number of secondhand cars that have crowded onto the nation's roads—five times as many in Baghdad as before the war. Cheap Chinese goods overflow from shop shelves, and store owners report quick turnover. Real-estate prices have risen several hundred percent, suggesting that Iraqis are more optimistic about the future than most Americans are.
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There's even a positive spin to be put on corruption. Money stolen from government coffers or siphoned from U.S. aid projects does not just disappear. Again, says Farid Abolfathi, a Global Insight analyst, it's the "trickledown" effect. Such "underground activity" is the most dynamic part of Iraq's economy, he says. "It might not be viewed as respectable. But in reality, that's what puts money in the hands of the little people."
Meanwhile, Iraq's official economic institutions are making progress, improbable as that might sound in the context of savage sectarian violence and a seemingly complete breakdown of leadership and law. Yet it's a fact. A government often accused of being no government at all has somehow managed to take its first steps to liberalize the highly centralized economy of the Saddam era. Iraq has a debt-relief deal with the IMF that requires Baghdad to end subsidies and open up its gas-import market. Earlier this year the government made the first hesitant steps, axing fuel subsidies—and sending prices from a few cents a liter to around 14. "This has become one important way of institutionally engaging with Iraq," says economist Colin Rowat at the University of Birmingham. "If you lose that engagement, then that means a lot more people have given up on Iraq."
It goes without saying: real progress won't be seen until the security situation clears up. Iraq still lacks a functioning banking system. Though there's an increasing awareness of Iraq as a potential emerging market, foreign investors won't make serious commitments until they are assured a measure of stability. Local moneymen are scarcely more bullish on the long term. In Iraq's nascent bond market, buyers have so far been willing to invest in local-currency Treasury bills with terms up to six months, max.
Iraqna isn't the only success story. There is also Nipal, a money-transfer service that is the backbone of Iraq's cash economy, as well as a slew of successful construction firms in Kurdistan. Such companies are not waiting for Iraq's political crisis to resolve itself. Yet imagine how they would prosper if it did, and how quickly they would be joined by others. As things stand, Iraqna faces extraordinary difficulties. It builds towers but lives in constant fear that they will be blown up. It has to be careful about whom it hires, or where it assigns people to work. Whether Sunni or Shia, it doesn't matter; criminal gangs and militias regularly try to kidnap employees to hold them hostage for ransom, regardless of ethnicity. As for long-range planning? Forget it, says Ziada, the Cairo analyst. "It's a terrible situation for any company."
But again, that's the remarkable thing. In a business climate that is inhospitable, to say the least, companies like Iraqna are thriving. The withdrawal of a certain great power could drastically reduce the foreign money flow, and knock the crippled economy flat.
With Michael Hastings in Baghdad
© 2006 Newsweek, Inc.
http://www.msnbc.msn.com/id/16241340/site/newsweek/
Mornin' guys.
Did you guys see the new line up of stamps due out this summer???
I hear that they have flavored glue.
Sorry that was all I could do.
I'm working on something major. So be prepared!
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