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Inspiration Mining Corp.
TSX.V:ISM / Frankfurt :018
Conclusion
Two deposits of mineralization (Langmuir No.1 and No.2) have been partially mined by previous operators, and several occurrences of similar mineralization remain to be explored and developed.
Investment Highlights
Exposure to rising nickel prices
Average nickel grades of 0.47% throughout 45 recent drill holes in Langmuir No.2
Langmuir No.1 has 6 holes drilled by ISM with further drilling underway
Langmuir No.1 holes averaged 0.85% from early drill results
Historical drilling hit up to 16% nickel
Langmuir property is a sulphide deposit with modest extraction costs
New 10,000 metre drill program announced recently will further delineate Langmuir No.1 - targeting more rich massive sulphides overall which could significantly increase nickel grades
Company recently completed a $2.6 million private placement to fund continued drilling program
Share price has upside potential based on expectations of higher nickel grades from Langmuir No.1, extensions of Langmuir No.2 and delineation of a third target
Relatively low risk nickel exploration play located in Canada with low capital costs due to prior infrastructure in place
Company Information
Inspiration Mining Corp.
Suite 1800 - 130 King Street West
The Exchange Tower
Toronto, Ontario M5X 1E3
Canada
At A Glance
12-month target price $5.30
Recent share price $0.90
IRR potential 489%
Shares outstanding (FD) $62.4 million
Market capitalization $56.1 million
Cash (June 30, 06) $2.2 million
Cash with recent PP $4.8 million
Total debt (June 30, 06) $0.15 million
Fiscal year-end Sept 30
Monthly burn rate $0.18 million
Ear on the Street
ARC Energy Trust (AET.UN : TSX : $22.15)
Upgrade on stock pullback
CIBC World Markets upgrades to "sector outperform", 12-month target price is $25.25
Bell Aliant (BA.UN : TSX : $28.03)
Bell Aliant lowers take-out offer for Bell Nordiq
TD Newcrest maintains "buy", 12-month target price is $31.00
Burmis Energy (BME : TSX : $2.53)
Steady Q3 results
Dundee Securities maintains "outperform", 12-month target price is $4.00
Bell Nordiq Income Fund (BNQ.UN : TSX : $15.20)
Bell Aliant lowers take-out offer for Bell Nordiq
BMO Capital Markets maintains "market perform", 12-month target price is cut to $15.50
Desjardins Securities maintains "hold", 12-month target price is cut to $15.50
TD Newcrest maintains "hold", 12-month target price is cut to $15.35
Bow Valley Energy (BVX : TSX : $5.92)
$17 million financing
Scotia Capital Markets maintains "sector outperform", 12-month target price is $9.00
Canfor Pulp Income Fund (CFX.UN : TSX : $10.85)
To increase supplemental distribution to $0.12 per unit
Raymond James maintains "strong buy", 6-12 month target price is $13.00
CanWest Global Communications (CGS : TSX : $10.15 | CWG : NYSE : US$8.80)
Seven Network and KKR form joint venture
RBC Capital Markets maintains "sector perform", 12-month target price is $11.00
Cineplex Galaxy Inc Fund (CGX.UN : TSX : $12.30)
The start of the busy holiday season
Scotia Capital Markets maintains "sector outperform", 12-month target price is $14.50
Cumberland Resources (CLG : TSX : $5.53)
Gold project gets green light from minister
Raymond James maintains "strong buy", 6-12 month target price is $7.75
DataMirror Corp. (DMC : TSX : $14.13)
Reported Q3 revenues of $11.9 million, up 13.6%
CIBC World Markets upgrades to "sector perform", target price raised to $14.50
Raymond James maintains "outperform", 6-12 month target price is raised to $16.00
TD Newcrest maintains "buy", 12-month target price is raised to $17.00
Medical Facilities Corp. (DR.UN : TSX : $9.09)
New Street coverage
BMO Capital Markets initiates coverage with a "outperform", 12-month target price is $10.00
Glencairn Gold (GGG : TSX : $0.50)
Cost inflation at Libertad
Dundee Securities maintains "outperform", 12-month target price is cut to $0.80
Goldcorp Inc. (G : TSX : $30.88 | GG : NYSE : US$26.90)
Solid fundamentals and growth
BMO Capital Markets upgrades to "outperform", 12-month target price is raised to $40.00
High River Gold Mines (HRG : TSX : $2.18)
Rising capital costs at the company's two development properties has become a common theme
CIBC World Markets maintains "sector outperform", target price lowered to $3.00
RBC Capital Markets maintains "sector perform", 12-month target price is $3.25
Lake Shore Gold (LSG : TSX : $1.81)
Doubles resource
Raymond James maintains "strong buy", 6-12 month target price is $3.75
Metallica Resources (MR : TSX : $4.71)
Resource update on the El Morro project
Blackmont Capital maintains "buy", 12-month target price is $5.00
Northstar Aerospace (NAS : TSX : $5.52)
Backlog inceases
Dundee Securities maintains "outperform", 12-month target price is raised to $6.50
Niko Resources (NKO : TSX : $76.77)
Long term estimates higher on expanded development
Canaccord Capital maintains "buy", 12-month target price is 90.00
Nevsun Resources (NSU : TSX : $2.95)
Problems at Tabakoto
TD Newcrest maintains "buy", 12-month target price is decreased to $4.50
Petro-Canada (PCA : TSX : $51.47)
Strong production and growth expected in 2007
Canaccord Capital maintains "buy", 12-month target price is $68.00
Richmont Mines (RIC : TSX : $3.18)
First gold pour achieved at the Island gold project, Wawa area
Blackmont Capital maintains "buy", target price is $5.40
Strathmore Minerals (STM : TSX-V : $2.97)
Purchases land for potential mill site
Raymond James downgrades to "market perform", 6-12 month target price is $3.00
sxr Uranium One (SXR : TSX : $13.83)
First sale contract agreed
Raymond James maintains "strong buy", 6-12 month target price is $16.00
Tembec Inc. (TBC : TSX : $1.55)
FQ4/06 results improve on strong pulp prices
RBC Capital Markets maintains "underperform", no target price is given
TD Bank (TD : TSX : $67.43)
TD Bank and its affiliate TD Banknorth announced a plan to merge
BMO Nesbitt Burns maintains "outperform", target price is $70.00
CIBC World Markets maintains "sector outperform", target price is $77.00
Desjardins Securities maintains "top pick", target price is $76.50
Scotia Capital Markets maintains "sector perform", target price is $81.00
Trilogy Energy Trust (TET.UN : TSX : $11.30)
Blue Mountain acquisition closed
BMO Nesbitt Burns maintains "outperform", target price lowered to $13.50
Yellow Pages Income Fund (YLO.UN : TSX : $12.95)
Verizon's Idearc Yellow Pages starts trading
Dundee Securities maintains "outperform", 12-month target price is $16.00
The "A" Team to the rescue!
Ear on the Street
ACE Aviation Holdings (ACE.B : TSX : $37.38)
Air Canada IPO aggressively priced
Scotia Capital Markets maintains "sector underperform", 12-month target price is $40.00
Alberta Clipper Energy (ACN : TSX : $6.00)
Q3 meets expectations
BMO Capital Markets maintains "outperform", 12-month target price is cut to $7.50
Angiotech Pharmaceuticals (ANP : TSX : $9.60 | ANPI : NASDAQ : US$8.40)
Vascular Wrap filed in Europe
Scotia Capital Markets maintains "sector outperform", 12-month target price is US$16.00
Alimentation Couche-Tard (ATD.B : TSX : $26.85)
To report Q2 on November 21
Blackmont Capital maintains "buy", 12-month target price is $33.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $25.00
Advantage Energy Income Fund (AVN.UN : TSX : $13.64)
Distributions cut
BMO Nesbitt Burns maintains "sector underperformer", 12-month target price is $11.75
Bear Ridge Resources (BER : TSX : $3.60)
Q3 in line
BMO Capital Markets maintains "outperform", 12-month target price is $6.00
Mahalo Energy (CBM : TSX : $2.35)
Production poised to double in 2007
GMP Securities maintains "buy", 12-month target price is $7.00
Canaccord Capital Inc. (CCI : TSX : $16.11)
New Street coverage
CIBC World Markets initiates coverage with a "sector outperform", 12-month target price is $22.00
Chariot Resources (CHD : TSX : $0.60)
An updated mineral resource for Mina Justa
Canaccord Adams maintains "buy", 12-month target price is $0.75
Certicom Corp. (CIC : TSX : $5.91)
ECC momentum continues
TD Newcrest maintains "buy", 12-month target price is $8.50
Canadian Pacific Railway (CP : TSX : $63.51 | NYSE : US$55.50)
Continues to benefit from strong industry environment
Blackmont Capital maintains "buy", 12-month target price is $68.75
RBC Capital Markets maintains "outperform", 12-month target price is not given
TD Newcrest maintains "hold", 12-month target price is raised to $68.00
Delphi Energy (DEE : TSX : $2.66)
Q3 production falls short
Dundee Securities maintains "outperform", 12-month target price is $3.75
Gabriel Resources (GBU : TSX : $4.86)
Rosia Montana project delayed to Q3/09
BMO Capital Markets maintains "market perform", 12-month target price is not given
Canaccord Adams downgrades to "hold", 12-month target price is raised to $5.20
Gateway Casinos Income Fund (GCI.UN : TSX : $16.40)
Increases distribution by 4.6%
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $16.00
GMP Capital Trust (GMP.UN : TSX : $18.89)
New Street coverage
CIBC World Markets initiates coverage with a "sector perform", 12-month target price is $22.00
Galleon Energy (GO.A : TSX : $18.40)
$40 million financing closed
Scotia Capital Markets maintains "sector perform", 12-month target price is $23.00
Goldcorp Inc. (G : TSX : $30.28 | GG : NYSE : US$26.45)
Production and costs going up for the remainder of 2006
TD Newcrest maintains "buy", 12-month target price is US$34.00
Gaz Metro LP (GZM.UN : TSX : $16.04)
Q4 slightly higher than expected
BMO Capital Markets maintains "market perform", 12-month target price is $16.50
Husky Energy (HSE : TSX : $75.99)
White Rose provides upside
Scotia Capital Markets maintains "sector perform", 12-month target price is $85.50
International Royalty (IRC : TSX : $5.21)
Royalty revenues jumped in Q3
Haywood Securities maintains "sector outperform", 12-month target price is $7.90
Isotechnika Inc (ISA : TSX : $1.63)
Positive interim clinical results from Phase IIb study of ISA247
Canaccord Adams maintains "buy", 12-month target price is raised to $3.30
Dundee Securities maintains "outperform", 12-month target price is $3.00
RBC Capital Markets maintains "outperform", 12-month target price is $4.50
La Senza (LSZ : TSX : $47.65)
Limited Brands offers $48.25 per share
BMO Capital Markets maintains "outperform", 12-month target price is raised to $48.25
Loblaw Companies (L : TSX : $46.76)
Q3 EPS above expectations but lowers Q4 guidance
CIBC World Markets maintains "underperform", target price lowered to $42.00
Desjardins Securities maintains "hold", 12-month target price is $50.00
National Bank Financial maintains "sector perform", 12-month target price is changed to $44.00
Scotia Capital Markets maintains "sector underperform", target price is $49.00
TD Newcrest maintains "reduce", 12-month target price is $48.00
MacDonald Dettwiler & Assoc. (MDA : TSX : $40.92)
Filling the void of the Home Information Pack market
Raymond James maintains "outperform", 6-12 month target price is $48.00
Metro Inc. (MRU.A : TSX : $35.84)
Continues to have great success in integrating A&P
BMO Nesbitt Burns maintains "outperform", target price is raised to $36.75
Petro-Canada (PCA : TSX : $50.44 | PCZ : NYSE : US$44.15)
To sell its interests in five in-situ properties
Desjardins Securities maintains "hold", 12-month target price is $53.00
Scotia Capital Markets maintains "sector outperform", target price is US68.00
Q9 Networks Inc. (Q : TSX : $10.75)
New anchor tenant signed before the doors open
Haywood Securities maintains "sector outperform", target price is 13.50
Shaw Communications (SJR.B : TSX : $34.90 | SJR : NYSE : US$30.54)
Lower-priced VOIP to capture different consumer segment
National Bank Financial maintains "sector perform", 12-month target price is $37.00
RBC Capital Markets maintains "underperform", target price is $34.00
Scotia Capital Markets maintains "sector underperform", target price is $36.00
SIR Royalty Income Fund (SRV.UN : TSX : $8.80)
Increasing cash distribution
BMO Nesbitt Burns maintains "market perform", 12-month target price is increased to $9.00
Stantec Inc. (STN : TSX : $24.72 | SXC : NYSE : US$21.63)
EBIT margin momentum is likely to continue in 2007 at a decelerating rate
Raymond James maintains "market perform", 6-12 month target price is $27.00
TransCanada Corp. (TRP : TSX : $38.75)
New power project
Canaccord Capital maintains "buy", 12-month target price is $42.00
RBC Capital Markets maintains "outperform", 12-month target price is $44.00
Tundra Semiconductor (TUN : TSX : $13.10)
New board member
Blackmont Capital maintains "hold", 12-month target price is $14.40
Whiterock REIT (WRK.UN : TSX : $12.01)
Strong acquisitions but leverage is too high
RBC Capital Markets maintains "outperform", 12-month target price is $14.00
Canadian Satellite Radio (XSR : TSX : $8.48)
Q4 in line
GMP Securities maintains "buy", 12-month target price is $9.50
RBC Capital Markets maintains "sector perform", 12-month target price is $8.50
TD Newcrest maintains "hold", 12-month target price is cut to $9.50
Zargon Energy Trust (ZAR.UN : TSX : $25.00)
Higher costs affect Q3
BMO Nesbitt Burns maintains "market perform", 12-month target price is decreased to $28.00
Well well.
No sooner is harvest party season wrapped up, We head into the Christmas party season.
Could be a rough month ahead
Well you know how it goes.
From Monday morning to Tuesday morning we expect : 15-25 mm of rain.
C'mon John.
You can take a dozen of these with you.
http://www.investorshub.com/boards/read_msg_ig.asp?message_id=14928458
T and I need you to go to Iraq on a fact finding mission.
Western Wind Energy Corp.
Symbol WND
Shares Issued 23,754,789
Close 2006-11-06 C$ 1.25
Recent Sedar Documents
Western Wind sued by former consultant
2006-11-07 16:58 ET - Street Wire
by Mike Caswell
Western Wind Energy Corp. is being sued in B.C. Supreme Court by Michael Wystrach, an Arizona investor relations consultant who could not trade his shares. In an eight-page lawsuit made public Monday, Mr. Wystrach complains the company issued him 163,670 shares with two-year restrictions in 2002 and 2003, but refused to make the shares free trading after the hold period expired.
Mr. Wystrach says he attended the company's promotion meetings, travelled extensively on Western Wind's behalf and negotiated private placements. When the hold periods expired on his restricted shares, Mr. Wystrach says his broker, then his lawyer, wrote letters to the company, but to no avail.
The lawsuit names Western Wind, its president Jeffrey Ciachurski and Pacific Corporate Trust Company as defendants.
"As a result of Ciachurski's and/or Western's failure to comply ... the Wystrachs have incurred damages, being the diminution of the value of the shares from a value of $1.73 per shares as at May 6, 2004, to a value of $1.28 as at the date of these proceedings," the lawsuit reads.
Mr. Wystrach is asking for an order making his shares free trading, plus damages and costs. His allegations have not been proven in court and the company has not filed a statement of defence.
Western Wind closed at $1.25 Monday, up two cents.
STRONG TECHNICALS?
Here's what a strong techincal picture looks like:
Record closes for each of the past 4 days. Steady volume. Increasing Money Flow values. Quick recovery from a recent downturn. Bullish MACD cross-over. This chart has it all!
Unless...
Maybe too many good signs is a bad sign. Maybe this baby is too "overbought" and is due for a correction. Things cannot possible get any better, right?
This is the classic problem that investors face during a bull market. Reversed, this is the same dilemma that they face in a bear market too. However, this is really NOT a problem for disciplined technical analysts. The charts are good and therefore you buy (or hold). Period. End of discussion. End of doubt.
Now sure, you watch carefully for changes in the charts and you move your stop loss levels accordingly. But until the chart changes - until your trendline is broken or your indicator turns down, you just enjoy the ride. Done correctly, Technical Analysis should remove fear and doubt from your investing, not add to it.
FALLING COMMODITIES HURT CANADA, EMERGING MARKETS LAG
FALLING COMMODITIES HURT CANADA ... When commodity prices started to slide several months ago, I suggested that certain global stocks markets might suffer from falling raw material prices. One of them was Canada. Chart 1 shows the Toronto 300 Index (TSE) in the process of challenging its spring high. That's not too bad unless we consider that most other global markets have moved well beyond that chart barrier. The more important line on the chart is ratio of the TSE to the Dow Jones World Stock Index (solid line). Notice that the line has been falling since May. The means that the Canadian stock market has gone from a global leader to a global laggard during 2006. The line below the chart is the CRB Index which peaked in May. You can see a close correlation between the falling CRB Index and the falling relative strength line for Canada. Canada benefited from the bull market in commodities for several years. It's now being restrained by falling commodity prices.
WILL THE NASDAQ RALLY FIZZLE?
Not very likely. We've seen a very strong earnings season. Economic report after economic report suggests the Fed is done with its interest rate hike campaign. There are too many non-believers in the market's advance, just take a look at the short-sellers. Lots of cash sits on the sidelines - on corporate balance sheets and in money markets. Applied Materials reported earnings this week and indicated they had reduced the outstanding number of shares in their float by 10% due to an aggressive share buyback plan. We are seeing increasing interest among private investors in taking public companies private. These are clear signs that equity valuations are cheap. As interest rates decrease, and we've witnessed this over the past few months on the ten year treasury bond yield, earnings become more valuable and multiples naturally expand. But this rally has added fuel. It's the supply and demand relationship. Applied M aterials is just one example of many companies who are aggressively buying back their own shares, thus reducing supply. Notice the attention recent IPO's have received. There is a thirst for equities. Short-sellers have all but guaranted there will be demand to fuel this rally. A few weeks back, I posted an article describing the "axis of normal returns", then showing visually where the NASDAQ might be headed in the next couple years. I was hugely bullish then and I remain so now. Yes, the NASDAQ has advanced over 20% off its recent bottom, but history suggests there could be much more to this current rally. Look at the chart below. I deliberately ignored the 1999-2000 melt up and focused on other time periods where we've seen an uptrending NASDAQ. Notice many of the other "straight up" moves have jumped by considerable percentages. The NASDAQ's current move pales in comparison.
STOCKS TO WATCH
Medtronic, Allergan, News Corp.
PrintE-mailDisable live quotesRSSDigg itDel.icio.usRelated Blog Posts & ArticlesBy MarketWatch
Last Update: 11:43 AM ET Nov 18, 2006
SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Monday's session are Medtronic Inc., Allergan Inc. and News Corp.
Blue Coat Systems Inc. (BCSI : blue coat systems inc com new
News , chart, profile, more
Last: 24.35-0.43-1.74%
4:00pm 11/17/2006
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BCSI24.35, -0.43, -1.7%) is expected to report breakeven earnings per share for the first quarter, according to analysts polled by Thomson First Call.
Campbell Soup Co. (CPB : Campbell Soup Company
News , chart, profile, more
Last: 37.55-0.17-0.45%
4:05pm 11/17/2006
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CPB37.55, -0.17, -0.5%) is expected to post first-quarter per-share income of 61 cents.
DryShips Inc. (DRYS : dryships inc shs
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Last: 13.73-0.02-0.15%
4:00pm 11/17/2006
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DRYS13.73, -0.02, -0.1%) is expected to report per-share earnings of 41 cents for the third quarter.
Dycom Industries Inc. (DY : Dycom Industries, Inc.
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Last: 24.39-0.34-1.37%
4:01pm 11/17/2006
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DY24.39, -0.34, -1.4%) is expected to post first-quarter income of 25 cents per share.
Lowe's Cos. (LOW : Lowe's Companies, Inc.
News , chart, profile, more
Last: 30.48-0.23-0.75%
4:01pm 11/17/2006
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LOW30.48, -0.23, -0.7%) is expected to post third-quarter income of 43 cents per share.
Medtronic Inc. (MDT : Medtronic, Inc.
News , chart, profile, more
Last: 48.71-0.10-0.20%
4:01pm 11/17/2006
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MDT48.71, -0.10, -0.2%) is expected to report earnings of 56 cents per share for the second quarter.
Nordstrom Inc. (JWN : Nordstrom Inc
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Last: 48.08+0.16+0.33%
4:01pm 11/17/2006
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JWN48.08, +0.16, +0.3%) is expected to post third-quarter per-share income of 51 cents.
Phillips-Van Heusen Corp. (PVH : Phillips-Van Heusen Corporation
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Last: 47.24-0.73-1.52%
4:03pm 11/17/2006
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PVH47.24, -0.73, -1.5%) is expected to report earnings per share for the third quarter of 84 cents.
After Friday's closing bell, the Food and Drug Administration late Friday approved silicone-gel breast implants made by Allergan Inc. (AGN : Allergan, Inc.
News , chart, profile, more
Last: 112.50+1.76+1.59%
4:00pm 11/17/2006
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AGN112.50, +1.76, +1.6%) and Mentor Corp. (MNT : Mentor Corporation
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Last: 47.58+1.47+3.19%
4:02pm 11/17/2006
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MNT47.58, +1.47, +3.2%) , making them widely available for the first time since 1992. See full story.
Watch list
A.G. Edwards Inc. (AGE : A.G. Edwards, Inc.
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Last: 58.25-0.38-0.65%
4:01pm 11/17/2006
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AGE58.25, -0.38, -0.6%) said it has approved the buyback of up to 10 million of its outstanding common shares. The authorization is effective Jan. 1, 2007, through Dec. 31, 2008.
Books-A-Million Inc. (BAMM : Books-A-Million Inc
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Last: 21.74+0.17+0.79%
4:00pm 11/17/2006
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BAMM21.74, +0.17, +0.8%) said the third-quarter net loss narrowed, as revenue gained, to $201,000, or a penny a share, from a net loss of $873,000, or 5 cents a share, during the same period in the prior year.
Benihana Inc. (BNHN : Benihana Inc
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Last: 31.200.000.00%
3:58pm 11/16/2006
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BNHN31.20, 0.00, 0.0%) (BNHNA : benihana inc cl a
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Last: 30.90-0.18-0.58%
3:57pm 11/17/2006
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BNHNA30.90, -0.18, -0.6%) said it has cut its second-quarter per-share earnings outlook to 22 cents to 23 cents from its prior view of 26 cents to 28 cents. The Miami-based restaurant operator said the cut is due to delays in the reopening of two restaurants and the inauguration of another, as well as the closing of another restaurant due to a kitchen fire.
CDC Corp. (CHINA : cdc corp shs a
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Last: 7.53-0.17-2.21%
4:00pm 11/17/2006
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CHINA7.53, -0.17, -2.2%) said an internal restructuring will move CDC Games to become a direct business unit of CDC Corp. from being within China.com Inc., which is a 77%-owned subsidiary of CDC Corp. CDC would acquire 100% of CDC Games from China.com for $110 million.
Chevron (CVX : chevron corp new com
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Last: 69.10+0.55+0.80%
4:04pm 11/17/2006
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CVX69.10, +0.55, +0.8%) U.S.A. Inc. said it has ended its agreement to buy 122 retail gasoline stations in California from USA Petroleum Corp.
Costco Wholesale Corp. (COST : costco whsl corp new com
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Last: 53.40-0.02-0.04%
4:00pm 11/17/2006
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COST53.40, -0.02, 0.0%) said it has received a grand jury subpoena from the United States Attorney's Office for the Central District of California seeking records related to the company's receipt and handling of hazardous merchandise returned by Costco members.
Empresa Brasileira de Aeronautica S.A. (ERJ : embraer-empresa brasileira d sp adr com shs
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Last: 42.46-0.25-0.59%
4:01pm 11/17/2006
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ERJ42.46, -0.25, -0.6%) said it expects global demand for 7,500 jets in the 30- to 120-seat capacity segment over the next 20 years.
Genworth Financial Inc. (GNW : genworth finl inc com cl a
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Last: 33.33-0.02-0.06%
4:00pm 11/17/2006
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GNW33.33, -0.02, -0.1%) said one of its business units has received subpoenas from the Securities and Exchange Commission and the Department of Justice related to "an investigation of bid-rigging involving guaranteed investment contracts sold to municipalities."
Gilead Sciences Inc. (GILD : Gilead Sciences Inc
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Last: 69.43+1.15+1.68%
4:00pm 11/17/2006
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GILD69.43, +1.15, +1.7%) said it has completed its $2.5 billion acquisition of Myogen Inc. (MYOG : myogen inc com
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Last: 52.470.000.00%
4:00pm 11/17/2006
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MYOG52.47, 0.00, 0.0%) . The deal was announced in early October.
HCC Insurance Holdings Inc. (HCC : HCC Insurance Holdings, Inc.
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Last: 31.74+0.02+0.06%
4:04pm 11/17/2006
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HCC31.74, +0.02, +0.1%) said the board investigation of the company's stock-option grants since 1995 has found incorrect measurement dates for certain grants covering a "significant" amount of employees. Also, Stephen Way has resigned as chief executive, and has agreed to terminate his employment agreement with the loss of any further compensation, including any 2006 bonus.
Isramco Inc. (ISRL : isramco inc com new
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Last: 20.50+1.05+5.40%
3:32pm 11/17/2006
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ISRL20.50, +1.05, +5.4%) said it has agreed to acquire certain oil and gas properties in Texas and New Mexico for $100 million from Five States Energy Co. The properties include 660 producing oil and gas wells, and had net income in the first seven months of this year of $11 million.
Reckson Associates Realty Corp. (RA : Reckson Associates Realty Corp.
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Last: 48.20+0.20+0.42%
4:01pm 11/17/2006
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RA48.20, +0.20, +0.4%) said it has postponed the date of its special meeting of shareholders until Nov. 28 in coordination with SL Green Realty Corp. and in light of recent developments.
Red Hat Inc. (RHAT : red hat inc com
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Last: 16.67-0.12-0.71%
4:00pm 11/17/2006
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RHAT16.67, -0.12, -0.7%) said it has filed an application to list its common shares on the New York Stock Exchange. The company said it expects its shares will begin trading on the NYSE on Dec. 12 under the symbol "RHT," pending approval of its application. See After Hours column.
Universal Music Group sued News Corp.'s (NWS : news corp cl b
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Last: 22.09-0.10-0.45%
4:04pm 11/17/2006
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NWS22.09, -0.10, -0.5%) MySpace unit, alleging the social networking site has allowed its users to post millions of Universal's songs and videos onto the Internet in violation of copyright law. See full story.
Valero GP Holdings LLC (VEH : valero gp hldgs llc unit llc ints
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Last: 21.39+0.07+0.33%
4:01pm 11/17/2006
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VEH21.39, +0.07, +0.3%) (VLI : valero l p com ut ltd prt
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Last: 55.80+0.21+0.38%
4:05pm 11/17/2006
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VLI55.80, +0.21, +0.4%) (VLO : valero energy corp new com
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Last: 52.86+0.37+0.70%
4:01pm 11/17/2006
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VLO52.86, +0.37, +0.7%) said it has filed a registration statement with the Securities and Exchange Commission for a secondary public offering of about 51.7%, or 22 million, of its units. All units will be sold by subsidiaries of Valero Energy Corp. which will retain a 7.7% interest.
Wal-Mart Stores Inc. (WMT : Wal-Mart Stores, Inc.
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Last: 47.50-0.41-0.86%
4:01pm 11/17/2006
WMT47.50, -0.41, -0.9%) said Roger Corbett has been appointed to its board. Corbett recently retired as chief executive of Woolworths Ltd. in Australia.
Yahoo Inc. (YHOO : Yahoo! Inc.
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Last: 26.91+0.27+1.01%
4:00pm 11/17/2006
YHOO26.91, +0.27, +1.0%) says a senior executive has penned a caustic memo, dubbed the "Peanut Butter Manifesto", which calls for radical changes within the company in order for it to remain competitive.
50% Interest Acquired in Gold Property Immediate SW of Rainy River Resources
Vancouver, BC - Bayfield Ventures Corp. (TSX.V: BYV) (FWB: B4N) announces that the Company has signed a letter of intent for the acquisition of a 50% interest in 8 units totaling 320 acres (the "A" claims block) located in Richardson Township, 80 kilometres south of Kenora, in northwestern Ontario. A definitive Option Agreement is currently being finalized.
The "A" claims block is located to the immediate southwest of the Rainy River Resources Ltd. (TSX.V: RR) property and is located approximately 3 km to the southwest of Rainy River Resources #17, #433, and newly announced ODM gold zones. Latest news releases by Rainy River Resources report new intercepts of 23.5 m of 10.6 g/t Au and 22.6 m of 17.0 g/t Au in the newly announced ODM zone.
Rainy River claims map: http://www.bayfieldventures.com/i/maps/BYVrainy11-17.jpg
The "A" claims block is well within known volcanic greenstone and sedimentary rocks and cover similar lithologies and structures to those hosting the gold zones on the adjoining Rainy River Resources claims.
Bayfield Ventures announced on November 10th that the Company had signed a letter of intent for the acquisition of a 100% interest in 4 other claim blocks ("C", "D1", "D2", and "E") consisting of approximately 2600 hectares located to the immediate west and southwest of the Rainy River Resources property. A definitive Option Agreement is currently being finalized on these 4 properties as well.
David J. Busch, B.A., B.Sc., PGeo., is the qualified person under the meaning of National Instrument 43-101, and has reviewed the data in this News Release.
Bayfield Ventures Corp. is actively involved in the exploration for gold in Northwestern Ontario, diamonds in Central Saskatchewan, Canada, and copper-gold and coal in the South Gobi region of Mongolia. Property partners include Goldcorp and BHP Billiton.
For further information on Bayfield Ventures Corp. (TSX.V: BYV), visit the Companys web site at www.bayfieldventures.com.
For further information on Rainy River Resources Ltd. (TSX.V: RR), visit their web site at www.rainyriverresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
TORRENT DRILLING UPDATE ON WESTPORT PROJECT AREA
Seattle, Washington – November 15, 2006 – Torrent Energy Corporation (the “Company”) (OTCBB: TREN) is pleased to announce the following developments from its wholly owned operating subsidiary, Methane Energy Corp. (“Methane”).
Methane is progressing with its Westport drilling program and to date has successfully drilled three wells, MEC 9-21-26-13, MEC 1-21-26-13 and MEC 15- 21-26-13. All wells were logged and cased and each has encountered numerous gassy coal seams consistent with the wells’ individual geological prognosis. On November 10, 2006, the fourth well in the Westport program, MEC 16-16-26-13, was spud and is to be directionally drilled to an estimated total depth of (TD) of 3,100 feet.
Methane is continuing with an injectivity testing program on the Radio Hill #1 and Beaver Hill #2, #3 and #5 wells. Individual coal seams perforated in each well are tested for permeability by injecting water into each coal seam, measuring the injection flow rate over 24 to 48 hours and finally measuring the extended fall-off shut-in formation pressures. Upon completion of this testing program and evaluation of the test results, permeability for each coal seam will be determined.
Torrent’s President & CEO, John Carlson, states “Results from the initial three Westport wells indicate excellent gas shows in numerous coals totaling approximately 70 feet in combined thickness in each well. Once injection operations are completed at Radio Hill and Beaver Hill we will move to completion operations at the Westport wells with the goal of developing production in the second quarter of 2007. Due to the close proximity to the Coos County pipeline, the Westport wells provide the most convenient connection options and gathering system design is now underway.“
About Torrent Energy Corporation
Torrent Energy Corporation is a growing exploration company focusing on developing non-conventional natural gas reserves in the Northwestern United States. The Company’s primary objective is to create value for stakeholders by applying strong technical expertise to projects. The current focus of the Company’s Oregon subsidiary, Methane Energy Corp., is on the exploration of the Coos Bay Basin project in southwestern Oregon where the Company currently has a land portfolio that includes over 116,000 acres of prospective land. The Company’s Washington subsidiary, Cascadia Energy, is focused on two projects in southwestern Washington State where it holds substantial lease and lease option commitments.
For more information please visit www.torrentenergy.com.
Growth Continues for Tranzeo Wireless in Q3
PITT MEADOWS, B.C. -- Nov. 14, 2006 -- The pattern of escalating revenues continues for B.C.'s Tranzeo Wireless Technologies Inc. (TSX: TZT), a leading producer of high-speed wireless broadband communication systems, according to results for the third quarter ended September 30, 2006.
Financial Highlights for the nine months:
Revenue increased 35% to 13.8 million, year over year;
Net income increased 126% to $1.3 million, year over year;
Earnings before tax increased 216% to $1.8 million, year over year; and
Gross profit improved 56% year over year to $4.8 million.
"We have continued the trend of significantly improving our sales volume, customer base, gross profit and net earnings from the previous year," said Jim Tocher, President and CEO of Tranzeo. "The results of this quarter again substantiate that the wireless market place recognizes Tranzeo as the premier provider of high quality, reliable cost-effective wireless solutions."
Revenues Increased
Revenue for the third quarter of 2006 increased to $4.5 million from $4.0 million from the same period in 2005, representing a 13% increase. Revenue for the first nine months of 2006 increased by 35% to $13.8 million from $10.2 million for the same period in 2005.
Tranzeo attributes the increase to ongoing growth in demand for its wireless products, competitive pricing and accelerating expansion of its dealer and distributor base.
"In the third quarter of 2006 we experienced our largest sales volume to date from our international market. The demand from our current dealer and distributor base is continually growing," Tocher said. "We currently have thirteen distributors versus seven distributors one year ago. Adding distributors in North America and internationally is one of our key strategies in reaching our global growth objectives."
Gross Profit Improved
Gross profit increased to $1.6 million from $1.2 million for the third quarter of 2006, representing a 37% increase from the same period in 2005. Gross margins were 36.4 % for the third quarter of 2006, compared to 30.0% for the same period in 2005. Gross profit for the first nine months of 2006 increased by 56% to $4.8 million from $3.1 million for the same period in 2005. The continual increase in gross margins is attributable to lower manufacturing costs, achieved by bringing additional manufacturing processes in house away from third party supplier manufacturing. Larger component purchases - fuelled by increased sales - have brought further cost savings. Management expects further cost saving improvements will be achieved.
Net Earnings Stronger
Earnings, now in a Fully Taxed position, for the third quarter of 2006 increased to $0.41 million from a non taxed $0.28 million for the same period in 2005. As a percentage of revenue, net earnings represented 9% in the third quarter of 2006, compared to 7% in the third quarter of 2005. Net earnings for the first nine months of 2006 increased by 126% to $1.3 million from $0.57 million for the same period in 2005.
EBITDA for the third quarter of 2006 increased to $0.76 million from EBITDA of $0.37 million for the same period in 2005, representing a 105% increase. As a percentage of revenue, EBITDA represented 17% in the third quarter of 2006, compared to 9% in the first quarter of 2005. EBITDA for the nine months of 2006 increase by 148% to $2.2 million from $0.89 million for the same period in 2005.
Click here to view the Third Quarter Financial Statements
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. We use words such as "anticipate", "plan", "expect", "believe", "intend" and similar expressions to identify forward-looking statements that relate to our business, management, operating results and financial condition. These statements are not historical facts, but reflect our current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risk Factors" and other sections of our prospectus which may be found on SEDAR at www.sedar.com.
About Tranzeo
At the forefront of the growing fixed wireless industry, Tranzeo Wireless Technologies Inc. (TSX:TZT) designs, builds and distributes a full range of high-bandwidth wireless data network products. Our innovative approach and in-house expertise ensures our products are reliable yet affordable, offer state-of-the-art features, and are easy to install, operate and deploy. We are continually adding products and features to provide our customers with the latest available innovations and end-to-end fixed wireless solutions, through a growing global network of distributors. For more information about our company and our products, visit www.tranzeo.com.
Download Full Videos with Promo Only MPE 3.0
~ Upgraded system features include improved speed, full video downloads, a quicker and more user-friendly interface and direct-to-web access ~
Vancouver, BC – November 16, 2006 – Destiny Media (DSNY OTC) and marketing partner Promo Only today officially launched the upgraded Promo Only MPE 3.0 for both Mac and PC users. The new version is faster and more user friendly and also enables customers to download and export complete video files through the system.
Following its launch two years ago, Promo Only MPE has become the industry standard in digital delivery. With version 3.0, the company has cemented itself as the secure central location for the music and radio broadcast industries to obtain audio, video and additional track information for new releases.
The latest upgrade allows users to download full video files, giving them the ability to watch artist videos in the highest quality formats. For added convenience, users can also export compatible video files onto video iPods or other portable media devices to watch at their leisure.
Other notable enhancements to the Promo Only MPE system include a revamp of the interface to provide users with quicker and more efficient navigation through the more than 30,000 tracks currently available. Plus, with accessibility in mind, customers will now be able to sign into their Promo Only MPE account securely through any web browser, previewing digitally watermarked streams of new releases and obtaining information on available tracks by logging on through the website, www.promoonlympe.com.
“Promo Only MPE 3.0 has been developed in direct response to our customers’ needs,” said Dean Ernst, Director of Promo Only MPE. “Video files can now be downloaded and exported. The user interface is faster and accounts can be accessed securely from any web browser. We are giving users a quicker and more flexible service, enabling them to get what they want from the Promo Only MPE System, when they want it.”
Promo Only MPE has distributed tracks for the biggest record labels in the US including Universal Music Group, Sony BMG, EMI Music Group and Warner Music Group. Promo Only MPE is the preferred system of choice for every major broadcaster including Clear Channel, Citadel, Cox, Cumulus, Salem Communications, Radio One, Emmis, Entercom, Sirius, XM, Journal, ABC / Radio Disney, DMX, CBS Radio, Jones Radio, Yahoo, AOL, Music Choice, Univision, Westwood One, Regent, Premiere Radio, Next Media, NCR Broadcasting, Backyard Broadcasting and many others. Promo Only MPE recently has achieved a significant number of company milestones registering more than 11,000 users and servicing over 30,000 tracks to radio stations. This represents more than 27,000,000 track deliveries through the Promo Only MPE System.
###
About Promo Only
With offices in Orlando, New York, Los Angeles, Calgary, Chicago and London, Promo Only (www.promoonly.com) is the world leader in subscription-based music and music video services. Promo Only offers a complete line of music on CD and music video on DVD designed to meet the needs of music professionals, business owners and retail operations. Jim Robinson and Pete Werner founded Promo Only in 1992.
About Destiny Media Technologies
Destiny Media Technologies, Inc. (www.dsny.com) (DSNY.OB) is a leader in developing easy-to-use tools for distributing digital media through the internet. The company's suite of streaming and downloadable products includes: Clipstream(tm), Destiny Media Player (tm), Radio Destiny (tm) and MPE (tm). Established in 1991, the company is headquartered in Vancouver, Canada.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Fri Nov 17, 2006
Patch Announces Alberta Oil Sands Work Program to Commence
--------------------------------------------------------------------------------
VANCOUVER, B.C., November 17, 2006 /PRNewswire-FirstCall, Patch International Inc. ("PTCH") (PTCH: OTCBB) announces that a work program is about to commence on one of its Alberta oil sands properties held in the Patch Oilsands Limited Partnership ("the Partnership") in which PTCH is a 75% majority partner. The initial program will consist of a seismic survey over the property to be followed by a test well drill program, to help determine the size and commercial viability of the indicated contingent oil sands resource on the property.
In a news release on August 9, 2006 the Company reported that the Partnership had received a reserve report that showed a contingent resource potential of 59 million barrels (high) to 23 million barrels (low) across all five sections in which the Partnership has an ownership interest. A contingent resource is defined as those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable. This initial program will cover one of the five sections included in the report.
During 2006 PTCH and the Partnership have added eight new oil sands leases (comprising 12 sections) in the Athabasca oil sands region of Alberta, to its original oil sands lease at Leismer. This includes the five new leases (comprising 8 sections) announced yesterday acquired directly by PTCH and which are contiguous or close to some of the existing oil sands holdings held in the Partnership.
PTCH's and the Partnership's oil sands properties include sections that are well located in a producing area in the Athabasca oil sands and that are in very close proximity to major oil sands projects by Petrobank, Encana, Conoco Philips, North American Oil Sands and Petrobank's Whitesands Oil Sands Project, an experimental in-situ "SAGD" (Steam Assisted Gravity Drainage) facility. Other sections lie southwest of the announced Royal Dutch Shell Plc Oil Sands leases.
According to the Alberta Department of Energy the oil sands of Canada hold recoverable reserves of 175 billion barrels with a proven reserve life of 480 years and another 130 billion barrels of potential reserves which is second only to Saudi Arabia's 262 billion barrels. Canada is in an optimal position to supply oil to the U.S. with its favourable political climate, close proximity and because Canada with its oil sands is one of the few non-OPEC countries which can grow its oil production
ABOUT PATCH INTERNATIONAL
PTCH is a "junior" oil and gas company that currently earns oil revenue from a participation interest in 22 oil wells in Saskatchewan and Alberta, Canada. These interests provide the company with some limited cash flow. PTCH is currently engaged in a number of oil and gas exploration projects at various stages in British Columbia and Alberta, Canada. In addition Patch has oil sands property interests in the heart of the Alberta oil sands, through a 75% majority ownership of Patch Oilsands Limited Partnership and through its own direct ownership.
For further information please visit our corporate website at www.patchinternational.com
If you are not currently on the PTCH updates list, please send in your email to info@patchinternational.com or call 888-864-7372 with the best way to keep you informed. We will send out regular updates and news releases to everyone who asks to be on the list.
Contact:
Investor Relations
Tel: 888-864-7372
Fax: 604-688-5390
Email: info@patchinternational.com
CEOcast
Tel: 212-732-4300
The foregoing communication contains forward-looking statements. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by Patch International Inc. may differ materially from these statements due to a number of factors. Patch International Inc. assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before you make investment decision.
Now we are talkin'
And sell it in Vegas.
Genuine Albertan Snow.
Ear on the Street
Arawak Energy Corporation (ABG : TSX : $2.59)
Q3 a bit light
Canaccord Adams maintains "buy", 12-month target price is $3.10
Andina Minerals (ADM : TSX-V : $2.38)
Chilean exploration focus on large epithermal potential
Haywood Securities maintains "sector outperform", target price is $3.30
Angiotech Pharmaceuticals (ANP : TSX : $9.74 | ANPI : NASDAQ : US$8.55)
NEJM study addresses marginal market
TD Newcrest maintains "hold", 12-month target price is US$10.50
Avenir Diversified Income Tr. (AVF.UN : TSX : $7.78)
Q3 results beats expectations
Canaccord Adams maintains "buy", 12-month target price is $9.00
BCE Inc. (BCE : TSX : $27.31 | NYSE : US$23.95)
Industry Canada announces decision to reverse CRTC VoIP decision
TD Newcrest maintains "buy", 12-month target price is $34.00
Bear Creek Mining (BCM : TSX-V : $10.05)
More positive results from Corani
Canaccord Adams maintains "buy", 12-month target price is $11.30
Bennett Environmental (BEV : TSX : $0.66)
Can the assets be sold?
Canaccord Adams upgrades to "hold", 12-month target price is $0.70
Mahalo Energy (CBM : TSX : $2.25)
Lower than expected results
Raymond James downgrades to "outperform", 12-month target price is decreased to $4.00
Calpine Power Income Fund (CF.UN : TSX : $10.00)
Court approves CEC tolling agreement
National Bank Financial maintains "underperform", 12-month target price is $9.00
Calfrac Well Services (CFW : TSX : $18.80)
Expects to become taxable in Q1/07 as a result of winding down the tax pools
RBC Capital Markets maintains "sector perform", target price is $26.00
Canadian Helicopters (CHL.UN : TSX : $8.20)
Strong Q3
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $9.00
Canadian Pacific Railway (CP : TSX : $63.91)
Management increases 2007 guidance
Blackmont Capital maintains "buy", 12-month target price is $68.75
Delphi Energy (DEE : TSX : $2.78)
Production volumes averaging only 5,090 boe/d
Scotia Capital Markets maintains "sector perform", 12-month target price is $3.60
Eastern Platinum (ELR : TSX : $1.20)
Strong Q1 production
Canaccord Adams maintains "buy", 12-month target price is $2.00
First Quantum Minerals (FM : TSX : $53.11)
Q3 affected by lower grades and production at Kansanshi
CIBC World Markets maintains "sector perform", 12-month target price is cut to $62.00
Haywood Securities maintains "sector outperform", target price is $70.00
FNX Mining Company (FNX : TSX : $14.81)
New Street coverage
Canaccord Adams initiates coverage with a "buy", 12-month target price is $17.50
Gammon Lake Resources (GAM : TSX : $15.11 | GRS : AMEX : US$13.21)
Ocampo ramp up continues
Canaccord Adams maintains "buy", 12-month target price is cut to $18.20
TD Newcrest maintains "buy", 12-month target price is $ 22.00
Glencairn Gold (GGG : TSX : $0.53 | GLE : AMEX : US$0.46)
The company reported a loss of US$3.2 million
Desjardins Securities places rating and target "under review"
GobiMin (GMN : TSX-V : $2.05)
Reported Q3/06 earnings of US$2.8 million
Desjardins Securities reiterates "buy", target price is $2.95
Goldcorp Inc. (G : TSX : $30.06 | GG : NYSE : US$26.30)
Production and costs going up for the remainder of 2006
Blackmont Capital maintains "buy", 12-month target price is $37.00
Raymond James maintains "outperform", 12-month target price is $31.58
TD Newcrest maintains "buy", 12-month target price is US$34.00
Gaz Metro LP (GZM.UN : TSX : $15.81)
F2006 in line
CIBC World Markets maintains "sector perform", 12-month target price is raised to $16.00
Desjardins Securities reiterates "hold", target price is $16.50
RBC Capital Markets maintains "sector perform", target price is $26.00
Scotia Capital Markets maintains "sector perform", 12-month target price lowered to $16.50
Huntingdon REIT (HNT.UN : TSX : $2.29)
Q3 FFO shy of estimates
Desjardins Securities maintains "buy", 12-month target price is $2.95
National Bank Financial maintains "sector perform", 12-month target price is cut to $2.50
Interrent Intl Properties (IIP : TSX-V : $0.49)
New Street coverage
Blackmont Capital initiates coverage with a "buy", 12-month target price is $0.80
InnVest REIT (INN.UN : TSX : $12.41)
Weak Quebec hotel demand
CIBC World Markets maintains "sector perform", 12-month target price is $13.35
International Royalty (IRC : TSX : $5.23)
Posts stronger than expected Q3
Raymond James maintains "strong buy", 6-12 month target price is $5.25
Isotechnika Inc (ISA : TSX : $1.71)
Q3 EPS as expected, net loss of $7 million.
RBC Capital Markets maintains "outperform", 12-month target price is $4.50
Intertape Polymer Group (ITP : TSX : $6.05 | NYSE : US$5.30)
Weak Q3
National Bank Financial maintains "sector perform", 12-month target price is $7.50
Ivanhoe Mines (IVN : TSX : $10.35)
Cautions confirmed
Raymond James maintains "sector underperform", 6-12 month target price is $6.50
Jaguar Mining Inc. (JAG : TSX : $5.98)
First gold pour
Blackmont Capital maintains "buy", 12-month target price is $7.50
Canadian Hydro Developers (KHD : TSX : $5.75)
Q3/06 EBITDA increased 89% YoY
Scotia Capital Markets maintains "sector outperform", 12-month target price is $7.00
Linear Gold Corp. (LRR : TSX : $6.36)
More good results from Cerro La Mina
Raymond James maintains "strong buy", 6-12 month target price is $9.00
Magellan Aerospace (MAL : TSX : $2.65)
Q3 disappoints
CIBC World Markets downgrades to "sector underperform", 12-month target price is cut to $2.60
Meridian Gold (MNG : TSX : $30.77)
Mine in transition from high to low grade
Desjardins Securities maintains "buy", 12-month target price is $39.00
Metro Inc. (MRU.A : TSX : $36.15)
Strong Q4 driven by integration synergies
CIBC World Markets downgrades to "sector perform", 12-month target price is $38.00
Desjardins Securities downgrades to "hold", 12-month target price is increased to $39.00
National Bank Financial maintains "sector perform", 12-month target price is raised to $38.00
RBC Capital Markets maintains "sector perform", 12-month target price is $38.00
MTI Global (MTI : TSX : $1.41)
Disappointing Q3 leads to lower estimates
TD Newcrest downgrades to "buy", 12-month target price is decreased to $2.25
Northern Orion Resources (NNO : TSX : $4.37 | NTO : AMEX : US$3.85)
Alumbrera mine past its best
Canaccord Adams maintains "hold", 12-month target price is $5.00
Nortel Networks Corp. (NT : TSX : $2.34)
Strong management team
RBC Capital Markets maintains "sector perform", 12-month target price is US$2.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $2.70
Priszm Canadian Income Fund (QSR.UN : TSX : $11.00)
Hikes distribution by 1.6%
RBC Capital Markets maintains "underperform", 12-month target price is $9.50
Red Back Mining Inc. (RBI : TSX : $3.55)
Q1 in line
Haywood Securities maintains "sector outperform", 12-month target price is $4.75
Retrocom Mid-Market REIT (RMM.UN : TSX : $5.35)
Termination of sale/merger process
Desjardins Securities downgrades to "sell", 12-month target price is cut to $5.25
Rogers Sugar Income Fund (RSI.UN : TSX : $3.54)
Q4 preview
Scotia Capital Markets maintains "sector perform", 12-month target price is $3.75
ShawCor Ltd. (SCL.A : TSX : $22.88)
Good Q3 operating results
RBC Capital Markets maintains "outperform", 12-month target price is $28.00
Storm Exploration Inc. (SEO : TSX : $6.95)
Drilling success at Peace River
Canaccord Adams maintains "buy", 12-month target price is raised to $9.25
Shaw Communications (SJR.B : TSX : $34.90)
Triple play performance continues to exceed expectation
Haywood Securities maintains "sector outperform", 12-month target price is $40.00
Softchoice Corp. (SO : TSX : $10.45)
Q3 in line
Raymond James maintains "outperform", 6-12 month target price is $12.00
SIR Royalty Income Fund (SRV.UN : TSX : $8.77)
Q3 beats expectations
Dundee Securities upgrades to "outperform", 6-12 month target price is raised to $9.00
Sierra Systems Group (SSG : TSX : $9.11)
Weak Q4 sales
CIBC World Markets maintains "sector perform", 12-month target price is $9.25
Raymond James maintains "market perform", 6-12 month target price is $9.25
Sunrise Senior Living REIT (SZR.UN : TSX : $10.20)
Q3 meets expectations
RBC Capital Markets maintains "outperform", 12-month target price is $11.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $11.10
TD Newcrest maintains "buy", 12-month target price is raised to $12.50
Trilogy Energy Trust (TET.UN : TSX : $10.86)
Cancels $175 million convertible debenture issue
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.00
Lakeport Brewing Income Fund (TFR.UN : TSX : $18.09)
Upgrade on relative returns
Scotia Capital Markets maintains "sector ouperformer", 12-month target price is $20.50
TORR Canada (TOR : TSX : $0.68)
Focus on Triton
Blackmont Capital maintains "buy", 12-month target price is $1.60
TransCanada Corp. (TRP : TSX : $38.82)
Diverse set of growth opportunities
CIBC World Markets maintains "sector outperform", 12-month target price is $41.00
West Energy Ltd. (WTL : TSX : $5.25)
Closes $30 million equity financing
Canaccord Adams maintains "buy", 12-month target price is $8.25
Western Canadian Coal (WTN : TSX : $1.81)
Q2 loss slightly better than expected
Canaccord Adams maintains "buy", 12-month target price is $2.70
Sleep Country Canada (Z.UN : TSX : $25.45)
In a good position to weather the trust tax
National Bank Financial maintains "sector perform", 12-month target price is raised to $25.00
Undervalued Stock #2 ========== --------------- Cenveo, Inc. (NYSE: CVO) --------------- Insider 1 Name: Leonard C. GreenInsider 1 Position: DirectorInsider 1 Action: 30,400 shrs on 11/9/2006 - 11/14/2006Insider 1 Total Holding: 550,240 shrs Insider 2 Name: Robert G. Burton, Sr.Insider 2 Position: Chairman and CEOInsider 2 Action: 12,745 shrs on 11/9/2006Insider 2 Total Holding: 730,446 shrs -------------------------------------------------------Undervaluation Merits... P/E Ratio = 20.9 (Industry Average 43.2)P/S Ratio = 0.68 (Industry Average 1.21)P/CF Ratio = 11.20 (Industry Average 16.20) Industry: Paper & Paper Products --------------- Cenveo, Inc. (NYSE: CVO)
Undervalued Stock #1 ========== ----------- Parker Hannifin Corp. (NYSE: PH) ---------- Insider Name: Candy M. ObournInsider Position: DirectorInsider Action: 1,000 shrs on 11/10/2006Insider Total Holding: 4,336 shrs -------------------------------------------------------Undervaluation Merits... P/E Ratio = 14.4 (Industry Average 19.2)P/S Ratio = 1.01 (Industry Average 1.18)P/B Ratio = 2.32 (Industry Average 2.38)P/CF Ratio = 9.60 (Industry Average 12.40) Industry: Industrial Equipment & Components -------------------------------------------------------Other Merits... Dividend Yield = 1.2%Exceeded Analysts' Earnings Estimates for the Past 4 Quarters ----------- Parker Hannifin Corp. (NYSE: PH)
Companies featured in the current edition of the newsletter: ARGA, CYTR, ENZ, FMTI, FSN, GNBT, GSHF, HSOA, IMMG, ISON, MBND, NTST, PTCH, RTK, SFP, SLSZ, SOG, TAGS, TEGR, USAT, VOII
The bulls continued to maintain their stranglehold on Wall Street last week, as many of the key indexes established multi-year highs. The Dow closed the week up 234 points, increasing its year to date gain to 15.2%. The Nasdaq finished up 56 points and increased its year to date gain to 10.9%. The S&P 500 finished up 20 points and is now up 12.3% for the year, while the Russell 2000 rose 19 points and in the process the small-cap benchmark established an all-time high. It is up 17.1%
A combination of data which suggested that inflation was under control, as well as falling energy prices helped support the bullish momentum that has seen stocks stage a strong rally for approximately four months. A surprising decline in Producer Prices, along with October core CPI, which rose just 0.1%, helped convince investors that inflation concerns have been overblown. In fact, the core rate for November would have been flat if not for a 0.4% gain in the imputed owner's equivalent rent measure of housing costs. This means that actual goods purchases showed no price increase and inflation pressures on the consumer level are subsiding. While the October 25 FOMC minutes revealed that the Fed is still concerned about the elevated levels of core inflation, positive data generated by last week’s reports should help quell those fears. A decline in oil prices this past week also helped boost optimism on the inflation front as the December contract for crude dropped all the way to $55.80 a barrel, down from over $60 at the end of the prior week.
With seasonal factors supporting further gains for the market (Thanksgiving Week usually higher), the path of least resistance should be higher. With most major earnings reports already in and the week shortened by the Thanksgiving holiday and half-day session of trading on Friday, announcements will be extremely slow. Monday is by far the most active day for announcements with Campbell Soup (NYSE: CPB) and Lowe’s (NYSE: LOW) reporting earnings before the market opens. Global medical technology leader Medtronic (NYSE: MDT) and Nordstrom will announce company earnings after the bell on Monday. John Deere manufacturer Deere & Company (NYSE: DE), Gamestop (NYSE: GME), and Tech Data (Nasdaq: TECD) announce earnings before the bell Tuesday. J. Crew (NYSE: JCG) and Payless shoes will report after the close. Wednesday marks the end of the week for announcements with Hormel Foods (NYSE: HRL) reporting company earnings before the bell.
The economic news and events for next week will also be lighter than usual. Look for the October Leading indicators mid-morning Monday. Investors will likely tune in to what Treasury Secretary Henry Paulson has to say in his discussion on capital markets in New York on Monday. Dallas’ Fed President Fisher will be speaking about the economy in Berlin on Monday as well and Richmond Fed President Lacker speaks to economists in Virginia on Tuesday. Wednesday will be the next, and final, day for announcements with the weekly Unemployment Claims announced before the market opens, the November Michigan Sentiment later in the morning and weekly Crude Inventories announced shortly before noon. No conferences are scheduled for the holiday week.
Enzo Biochem, Inc. (NYSE: ENZ), developer of innovative health care products based on molecular biology and genetic engineering techniques, said that the United States Patent and Trademark Office has declared a patent interference between an allowed patent application of its subsidiary, Enzo Life Sciences, Inc., and a patent held by California Institute of Technology and licensed exclusively to Applied Biosystems, Inc., a division of Applera Corporation. The technology involves gel sequencing, which is the primary technique for sequencing DNA. An interference is a proceeding brought before the U.S. Board of Patent Appeals and Interferences when a patent and an allowed patent application claim essentially the same invention. The purpose of the proceeding is to determine who “is” the first inventor and which party owns the patent rights to the invention. Enzo was declared the senior party in this interference because its original application predates by over a year Cal Tech's original application. Cal Tech's U.S. Patent No. 5,821,058 is named in the interference and was issued in 1998. This development is significant in that the results will determine the owner of the rights to DNA gel sequencing. Products that have already generated or are likely to generate substantial revenue are covered by this patent, so the stakes are high for both Applera and other genomics companies. The stock ended up $0.86 at $15.74.
New 52-week high: Shares of Netsmart Technologies, Inc. (NASDAQ: NTST), a leading provider of enterprise-wide software for health and human services organizations, soared 11.8% on heavy volume after it announced record results for the third quarter ended September 30, 2006. Revenue for the quarter was $15,392,000, an 81% increase from $8,517,000 for the quarter ended September 30, 2005. Net income for the third quarter was $1,026,000, an increase of 171% compared with net income of $379,000 for the same quarter in 2005. Net income per diluted share for the quarter was $0.15 compared with $0.07 for the same quarter last year. Backlog of orders at September 30, 2006 was a record $54.7 million, compared to $28.6 million at September 30, 2005. The stock ended the week at $14.70, up $1.56.
Isonics Corporation (NASDAQ: ISON), a developer of innovative solutions for the homeland security and semiconductor markets, announced that it has received the final $3.0 million tranche ($2.84 million in net proceeds) of a $16 million convertible debenture and warrant financing previously announced on May 31, 2006. The company continues to generate significant momentum in its Semiconductor Products and Services division and recently achieved operating profitability. This additional funding will allow Isonics to continue its expansion and to support the development and commercialization of the company’s homeland security products. The stock ended the week down 2 cents at $0.60.
CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical company focused on developing products primarily in the area of small molecules and ribonucleic acid interference (RNAi), last week announced third quarter results for the period ended September 30, 2006. Notably, the company had $33.7 million in cash and cash equivalents, which will allow it to complete a Phase IIb trial of arimoclomol. The company’s cash position rose as a result of the company selling a 1% royalty interest in the drug for $24.5 million from the privately-funded ALS Charitable Remainder Trust for a one-percent royalty interest in worldwide sales of arimoclomol for the treatment of ALS. Shares ended the week at $1.78, up $0.07.
Alternative energy company Rentech Inc. (AMEX: RTK), announced that the company has completed the sale of its wholly owned subsidiary Petroleum Mud Logging (PML) located in Oklahoma City, Oklahoma to privately held PML Exploration Services, LLC, a non-public entity, for approximately $5.4 million in cash. Rentech acquired the provider of well logging services to the oil and gas industry in 1999. The sale represents the completion of Rentech’s divestiture of its non-core subsidiaries as the company focuses its efforts and resources on a long-term business plan to commercialize Rentech's technology to produce clean synthetic fuels. Rentech intends to use the proceeds from the sale for general corporate purposes, including the advancement of its domestic clean fuels commercialization activities in East Dubuque, Illinois and Natchez, Mississippi, as well as its joint development efforts with Peabody Coal and other potential domestic projects under review. The stock ended the week up $0.16 at $3.85.
Life sciences company Forbes-Medi-Tech Inc. (NASDAQ: FMTI), announced its financial results for the third quarter ended September 30, 2006, although the results were likely overshadowed by the upcoming release of Phase II data from the company’s clinical trial of cholesterol-lowering drug Fm-VP4, which is scheduled for the first part of December. For the third quarter, FMTI had revenue of $1.8 million up from $1.39 million for the three months ended September 30, 2005. Results reflect the sale of FMTI’s interest in the Phyto-Source joint venture. Shares ended the week down $0.08 at $2.30.
Fusion Telecommunications International, Inc. (AMEX: FSN), a provider of advanced VoIP services, announced financial results for the third quarter ended September 30, 2006. Revenue was $11.7 million, up 11.2% compared to revenue of $10.5 million for the second quarter ended June 30, 2006, attributable to an increase in carrier services traffic. Compared to the third quarter of 2005, revenue jumped 28.5%. The company also made bullish comments with respect to the recent launch of the company's Efonica VoIP services. For the quarter ended September 30, 2006, the net loss was ($3.9) million or ($0.15) per share, compared to ($2.3) million or ($0.09) per share during the quarter ended September 30, 2005. The loss increased due to expenses surrounding the launch of Efonica. The stock ended week at $1.15, down $0.25.
Multiband Corporation (NASDAQ: MBND), a leading provider of video, data, and voice systems and services to multiple dwelling units, reported third quarter results for the period ended September 30, 2006.The company recorded third quarter revenue of $4.5 million, compared to $4.3 for the year-earlier period. Revenue from Multiband's Multiple Dwelling Unit (MDU) segment, which includes results as the master service operator for DirecTV, increased to $2.6 million compared to $2.1 millionin the year-earlier period as a result of an increase in agent fees and subscriptions. In the third quarter of fiscal 2006, the company lost $230,219, compared to $392,487 in the third quarter of fiscal 2005, excluding interest and depreciation expense. The increased loss was primarily due to an expense of $169,846 for stock-based compensation under SFAS 123R. The stock ended the week down $0.07, at $0.57.
Generex Biotechnology Corporation (NASDAQ: GNBT), a leader in the area of buccal drug delivery, announced that the company was granted the first patent for its medicinal gum platform titled "Compositions for Oral Transmucosal Delivery of Metformin." The patent covers claims to the composition, processes, and methodologies for the delivery of an oral transmucosal metformin composition via the oral mucosal membrane for absorption. This patent was issued by the Lebanese Ministry of National Economy Intellectual Property Protection Office and as a consequence of Lebanon's accession to the international Patent Co-operation Treaty, this patent will open the door to further filings in the other PCT signatory countries. Metformin is a generic drug used to regulate blood sugar levels by reducing the amount of glucose produced by the liver, and by making the insulin produced by the body work more effectively to reduce the amount of glucose already in the blood. Metformin has been in use around the world for more than 30 years. It remains the most prescribed drug for Type-2 diabetes, proof to its effectiveness and its prominent place in diabetes therapy. The patent relates to an oral transmucosal metformin composition making up a pharmaceutically acceptable with capabilities of delivering a pharmaceutically effective amount of metformin to the oral mucosal membrane for absorption. Generex currently holds an aggregate of 80 patents of which 20 are United States Patents. In addition, the company has an aggregate of 60 patent applications pending in various jurisdictions. The stock ended the week up $0.08 at $2.13.
Small appliance maker Salton, Inc. (NYSE: SFP), announced last week fiscal results for its first quarter ended September 30, 2006. The company reported net sales of $138.3 million and a loss of $10.0 million, or $(0.70) per share, versus net sales of $148.4 million in the first quarter of fiscal 2006 and net income of $29.7 million, or $1.83 per diluted share. The net income reported in fiscal 2006 included a pre-tax gain of $21.7 million resulting from the early settlement of debt associated with the company's private debt exchange offer and a $27.8 million gain associated with the sale of its 52.6% ownership interest in the South African subsidiary, AMAP. The decrease in sales in the first quarter of fiscal 2007 was mainly due to the sale of the tabletop business, other planned product discontinuation, and some inventory shortages that resulted from the company's liquidity constraints at the beginning of the quarter. The liquidity constraints that impacted the fiscal 2007 first quarter results were resolved during the quarter as a result of the company receiving an amendment from the lenders under its senior secured credit facility. Gross profit for the first quarter of fiscal 2007 increased from $29.5 million (19.9%) in 2006 to $34.4 million (24.9%) in 2007. This increase is primarily a result of a more favorable product mix including fewer closeouts and a higher percentage of core products in 2007. The company reported operating income of $0.1 million in the first quarter of fiscal 2007, compared to an operating loss of $11.0 million in the first quarter of fiscal 2006. Later in the week, Salton said that the company has entered into an exclusivity agreement with Harbinger Capital Partners Master Fund I, Ltd. (Harbinger), which states that the parties will negotiate exclusively on an acquisition through December 15, 2006. Salton and Harbinger are currently in discussions with respect to a possible combination of Salton and Applica, which is currently being acquired by Harbinger Shares ended at $2.78, up $0.11 from last week.
Tarrant Apparel Group (NASDAQ: TAGS), an innovative design and sourcing company for private label and private brand casual apparel, announced results for its third quarter ended September 30, 2006. Net sales for the third quarter of 2006 decreased 21.4% to $54.6 million from $69.6 million reported in the same period last year. Sales of Private Label brands were $46.1 million compared to $47.0 million in the same period of 2005. Sales of Private Brands in the third quarter of 2006 were $8.5 million compared to $22.6 million in the same period of 2005. Gross profit for the quarter decreased to $11.8 million from $14.5 million in the year-ago period while gross margin percentage increased from 20.9% in the 2005 third quarter to 21.6% in the 2006 third quarter. As a result, the company reported a loss from operations in the third quarter of 2006 of $24.7 million, compared to income from operations of $3.0 million in the comparable period of 2005. The net loss for the third quarter of 2006 was $25.4 million or $0.83 per diluted share, compared to net income of $1.7 million or $0.06 per diluted share in the same quarter of last year. Net loss during the third quarter of 2006 was impacted by a non-cash reserve of $27.1 million recorded relating to certain notes receivable. Shares finished the week up a penny at $1.30.
Home Solutions of America, Inc. (NASDAQ: HSOA), a provider of recovery, restoration and rebuilding/remodeling services, reported third quarter results for the period ended September 30, 2006 last week. While the results were weaker than Wall Street was expecting, the “miss” on EPS was related to a two-cent GAAP expense for taxes. Revenue from continuing operations for the third quarter grew to $49.1 million, up from $19.0 million a year ago. We estimate that approximately $13 million of that revenue came from the acquisition of Fireline. Third quarter 2006 net income increased to $8.1 million, or $0.18 per diluted share compared to $2.4 million, or $0.08 per diluted share, in the same quarter last year. Third quarter 2006 EBITDA increased 239% to $13.8 million compared to $4.1 million in the 2005 third quarter. Third quarter gross margin was 42.8% compared to 45.2% in the same quarter of 2005 and compared to 47.1% in the second quarter 2006. Receivables also increased substantially, reflecting the acquisition of Fireline. While we were somewhat disappointed by the Q3 results and the company lowering Q4 revenue, all of the “bad news” appears to be already priced into the stock. To put it into perspective, if the company does $145 million in full-year 2006 revenue, which included $30 million from Fireline and $5 million from Associated, it still would have generated $110 million in revenue excluding acquisitions. This would still represent top-line growth of more than 60% from fiscal 2005. The stock, which ended the week down $48 cents, trades for just 12 times trailing twelve month EPS, closing at $5.36.
Volume Alert: Shares of VoIP, Inc. (OTCBB: VOII), a leading provider of Voice over Internet Protocol (VoIP) communications solutions for service providers, resellers and consumers, surged last week as investors recognized the launch of its VoIP platform with Google Maps. VoIP will supply the click-to-call technology to the Internet giant that will allow customers to directly contact merchants, although the company did not make a public announcement on the launch. VOII will receive a fee for each phone call that is placed to connect a customer with a merchant. Shares surged more than 21% on Friday on six times average volume. The stock finished the week at $0.40, up a nickel.
USA Technologies, Inc. (OTCBB: USAT), a developer of cashless vending and energy management products, announced record revenue for its fiscal year 2007 first quarter ended September 30, 2006. USAT had revenue totaling $2.0 million, an increase of 47% over the prior fiscal year. Gross profit was $615,536, an increase of 95% over gross profit of $314,927 for the three months ended September 30, 2005. The 47% increase in revenue was largely due to accelerating sales of the company's e-Port® cashless payment product and strong sales of its EnergyMiser® energy management solutions. Perhaps more significantly, MasterCard® said 5,000 additional self service point-of-sale terminals, including vending machines, will be equipped with USAT’s e-Port® cashless transaction solution, which will begin accepting MasterCard® PayPass™. The deployment is the largest rollout to date of contactless technology in self service point of sale and vending machines and follows the recent successful deployment of the company’s e-Port by MasterCard and USA Technologies in vending machines in Philadelphia and the surrounding tri-state area. While the sale will generate approximately $2 million in revenue for USAT, it will also generate significant recurring revenue, which represents a key element in the company’s business model. Shares ended the week at $6.65, up $0.65.
GS AgriFuels, majority owned by environmental business development company GreenShift Corporation (OTCBB: GSHF), announced the company’s recent acquisition of nearly 10% of ZeroPoint Clean Tech, Inc. for $2.5 million. ZeroPoint is a development stage company commercializing patent-pending and proprietary biomass gasification, gas-to-liquids, gas processing and fuel reforming, and evaporation technologies. ZeroPoint's Biomass Gasifier is designed to standardize variable cellulosic and other biomass feedstocks and optimize high yields of high-quality syngas in real-time with greatly increased capital and operating cost efficiencies at much smaller scales as compared to traditional gasification technologies. ZeroPoint has successfully demonstrated the capabilities of its technologies in a small scale pilot processing plant and it is currently building a commercial scale pilot plant based on its technologies at Clarkson University in Potsdam, New York. Under the terms of GS AgriFuels' investment agreements with ZeroPoint, the company also received an option to purchase another 4% of ZeroPoint. Shares ended the week down a penny at $0.12
SLS International (OTC: SLSZ), a leading provider of premium quality sound systems for professional, cinema and home entertainment markets, reported third quarter results for the period ended September 30, 2006. The company generated revenue of $1.3 million, an increase of 4.2% compared to the year-earlier period which included a large, single shipment of introductory Q Line systems. SLS had gross profit of $392,854, an increase of 8.7% compared to $361,289 in the fiscal 2005 third quarter and had a loss from continuing operations of $1,717,158, compared to a loss from continuing operations of $2,952,023 in the 2005 third quarter. The company generated a 45% increase in revenue from its "core" Professional products during the third quarter, compared to the year-earlier period. During the quarter, the company entered into a distribution agreement with the Nationwide Marketing Group (NMG), under which NMG has begun to market the Q Line Silver System to a larger group of retailers. Shares ended the week up 3 cents at $0.20. Note that the company was delisted from the American Stock Exchange and is now trading on the Pink Sheets. The company plans to apply for a listing on the Bulletin Board.
CompuPrint, Inc., an energy technology company that combines satellite-based technology with traditional exploration services, which does business through Terra Insight Corporation, its wholly owned subsidiary, has reincorporated and changed its name to Terra Energy & Resource Technologies, Inc (OTCBB:TEGR). The move should generate broader interest from the investment community, as the company’s new name now reflects its business model and technology. The company's common stock now trades on the OTC Bulletin Board with the ticker symbol of "TEGR". The stock ended the week up 5 cents at $0.29.
Junior oil and gas producer Strategic Oil & Gas, Ltd. (TSX Venture: SOG), announced that, subject to regulatory approval, it will offer, on a non-brokered basis, up to 2 million units at $1.25 per unit, to be issued on a 100% flow-through basis. Each unit consists of one common share and one half of a warrant. Each whole warrant will entitle the holder to subscribe for an additional common share for $1.60 for 12 months from closing. Funds from this private placement will be used to meet anticipated drilling and completion costs in respect to the company's current 2006 and planned 2007 drill program. The stock ended the week at $0.98, down $0.24.
Junior oil and gas producer, Patch International Inc. (OTCBB: PTCH), announced last week that the company was forced to forego payment of its previously announced proposed dividend to shareholders. Patch had proposed the distribution of a cash dividend on a pro-rata basis of 50% of the net proceeds of the sale of its investment in Pharmaxis. The payment of the cash dividend was deferred until restrictions on the Pharmaxis shares were lifted and the sale of shares sold in the market nearly completed. As the company approached the preferred payment date, it sought approvals from all applicable regulatory authorities. Despite its efforts, the NASD and the Securities and Exchange Commission have not approved an "ex-dividend" or record date of July 30, 2004, more than two years prior to the company’s desired dividend payment date. Instead, cash will be used towards the company’s oil and gas work programs and for general working capital purposes. Patch also announced that it has acquired a further 8 sections (5,061 acres) of oil sands leases at the recent Alberta Crown sale. These leases are contiguous or close to some of its existing oil sands holdings held in Patch Oilsands Limited Partnership, in which the company is the 75% majority partner. These new leases are 100% owned by Patch and are part of Patch's strategy to grow a strategic mass of oil sands properties that would more readily allow for development to production at a future date if economic quantities of oil sands were found to exist on these properties after a work program. Shares ended the week up $0.05 at $0.85.
On the Wires: Auriga Laboratories, Inc. (OTCBB: ARGA), a specialty pharmaceutical company driving high-growth revenues through acquisition of valuable brand portfolios and innovative drug development programs, announced that the company has appointed Charles R. Bearchell, CPA, JD, as its new Chief Financial Officer. Mr. Bearchell has wide-ranging experience in directing finance and accounting operations for a variety of companies in the medical, aircraft, online service, furniture, consumer products and service industries.
We would like to wish all of our readers a Happy Thanksgiving.
I'm prepared for everything.
Big Birds days are numbered!
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Interesting Video.
http://www.gardesenergy.com/coalbed.htm
I'm outa here. Catch you all sometime on the weekend.
Ear on the Street
AGF Management (AGF.B : TSX : $24.90)
Acquires 80% of Highsteet Asset Management
CIBC World Markets maintains "sector perform", 12-month target price is $23.00
GMP Securities maintains "buy", 12-month target price is $30.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $30.00
TD Newcrest maintains "hold", 12-month target price is raised to $25.00
Alamos Gold Inc. (AGI : TSX : $9.71)
Q3 below expectations
Canaccord Adams maintains "hold", 12-month target price is raised to $10.30
CIBC World Markets maintains "sector perform", 12-month target price is $13.00
Dundee Securities downgrades to "neutral", 12-month target price is raised to $10.30
Haywood Securities maintains "sector outperform", 12-month target price is $12.00
ATS Automation Tooling Systems (ATA : TSX : $11.84)
Q2 misses
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $17.00
GMP Securities maintains "buy", 12-month target price is "under review"
Raymond James maintains "outperform", 6-12 month target price is $16.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $14.75
TD Newcrest maintains "action list buy", 12-month target price is cut to $15.50
Avenir Diversified Income Tr. (AVF.UN : TSX : $8.00)
Q3 impressive
Blackmont Capital maintains "buy", 12-month target price is $9.00
Advantage Energy Income Fund (AVN.UN : TSX : $12.74 | AAV : NYSE : US$11.06)
Q3 in line
CIBC World Markets maintains "sector underperform", 12-month target price is $11.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $11.50
A&W Revenue Royalties (AW.UN : TSX : $12.20)
Oversold
Canaccord Adams upgrades to "buy", 12-month target price is $13.20
Bear Ridge Resources (BER : TSX : $3.87)
Q3 in line
Canaccord Adams places both rating and target price "under review"
GMP Securities maintains "buy", 12-month target price is $8.00
Bema Gold (BGO : TSX : $6.00)
Q3 meets expectations
Blackmont Capital maintains "buy", 12-month target price is $7.75
Desjardins Securities maintains "hold", 12-month target price is $10.58
RBC Capital Markets maintains "outperform", 12-month target price is not given
Birch Mountain Resources (BMD : TSX-V : $4.25 | AMEX : US$3.69)
Weak Q3
TD Newcrest maintains "reduce", 12-month target price is cut to $3.25
Bonterra Energy Income Trust (BNE.UN : TSX : $28.12)
Q3 meets expectations
CIBC World Markets downgrades to "sector underperform", 12-month target price is cut to $30.00
Boston Pizza Royalties (BPF.UN : TSX : $14.00)
Upgrade on price weakness
Canaccord Adams upgrades to "buy", 12-month target price is $14.40
Connors Bros. Income Fund (CBF.UN : TSX : $9.48)
Q3 in line
Dundee Securities maintains "outperform", 12-month target price is raised to $1.43
Mahalo Energy (CBM : TSX : $2.34)
Solid Q3
GMP Securities maintains "buy", 12-month target price is $7.00
Crescent Point Energy Trust (CPG.UN : TSX : $16.60)
Q3 cash flow below estimates
Canaccord Adams maintains "buy", 12-month target price is $21.00
CIBC World Markets maintains "sector outperform", 12-month target price is $19.00
RBC Capital Markets maintains "outperform", 12-month target price is $16.00
TD Newcrest maintains "buy", 12-month target price is $17.00
Contrans Income Fund (CSS.UN : TSX : $10.90)
Q3 slightly beats expectations
Desjardins Securities maintains "hold", 12-month target price is $11.60
RBC Capital Markets maintains "sector perform", 12-month target price is $12.50
Canexus Income Fund (CUS.UN : TSX : $6.47)
Strong business fundamentals
Scotia Capital Markets maintains "sector outperform", 12-month target price is $7.50
Delphi Energy (DEE : TSX : $2.71)
Q3 impacted by shut-ins
GMP Securities maintains "buy", 12-month target price is $4.00
Haywood Securities maintains "sector outperform", 12-month target price is $5.50
Dundee Wealth Management (DW : TSX : $12.19)
Q3 EBITDA slightly misses
GMP Securities maintains "buy", 12-month target price is cut to $14.75
Frontera Copper (FCC : TSX : $4.40)
Q3 EPS slightly off the estimates
RBC Capital Markets maintains "outperform", 12-month target price is $7.00
First Capital Realty (FCR : TSX : $27.31)
Q3 FFO slightly below estimates
CIBC World Markets maintains "sector perform", 12-month target price is raised to $26.85
First Quantum Minerals (FM : TSX : $55.59)
Q3 slightly below expectations
Desjardins Securities maintains "hold", 12-month target price is $66.30
Finning International (FTT : TSX : $43.91)
Q3 well above consensus
Credit Suisse maintains "neutral", 12-month target price is $43.50
Desjardins Securities maintains "buy", 12-month target price is $50.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $49.50
TD Newcrest maintains "buy", 12-month target price is raised to $50.00
FUN Technologies (FUN : TSX : $4.50)
Q3 margins lower than expected
CIBC World Markets maintains "sector outperform", 12-month target price is cut to $7.00
Gabriel Resources (GBU : TSX : $4.99)
First gold pour delayed one quarter
RBC Capital Markets maintains "outperform", 12-month target price is $6.00
Grande Cache Coal (GCE : TSX : $0.91)
Q2 EPS lower than expected
Canaccord Adams maintains "sell", 12-month target price is cut to $0.65
CGI Group (GIB.A : TSX : $7.50 | GIB : NYSE : US$6.56)
Strong Q4 free cash flow
Raymond James maintains "market perform", 6-12 month target price is $8.50
Scotia Capital Markets maintains "sector outperform", 12-month target price is $10.00
Gentry Resources (GNY : TSX : $4.34)
Q3 production shortfall
Dundee Securities maintains "outperform", 12-month target price is cut to $6.50
Goldcorp Inc. (G : TSX : $31.58 | GG : NYSE : US$27.78)
Q3 results lower than expected
Blackmont Capital maintains "buy", 12-month target price is $37.00
Desjardins Securities maintains "buy", 12-month target price is $40.25
RBC Capital Markets maintains "outperform", 12-month target price is not given
TD Newcrest maintains "buy", 12-month target price is US$34.00
Accrete Energy Inc. (GZ : TSX : $6.60)
Solid Q3
GMP Securities maintains "buy", 12-month target price is $10.25
Haywood Securities maintains "sector outperform", 12-month target price is $11.00
Imaging Dynamics Company (IDL : TSX : $2.10)
A messy Q3
Canaccord Adams maintains "hold", 12-month target price is $2.50
Imperial Metals Corp. (III : TSX : $11.53)
A record Q3
Haywood Securities maintains "sector perform", 12-month target price is $14.50
Ivernia Inc. (IVW : TSX : $1.51)
Q3 shows improvement
Haywood Securities maintains "sector outperform", 12-month target price is $1.75
The Keg Royalties Income Fd (KEG.UN : TSX : $11.48)
Upgrade on price weakness
Canaccord Adams upgrades to "hold", 12-month target price is $11.45
Canadian Hydro Developers (KHD : TSX : $5.76)
Q3 below expectations
Canaccord Adams maintains "buy", 12-month target price is $6.34
GMP Securities maintains "buy", 12-month target price is $6.60
RBC Capital Markets maintains "outperform", 12-month target price is $6.50
Leon's Furniture (LNF : TSX : $48.75)
Strong Q3
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $52.00
Magellan Aerospace (MAL : TSX : $2.66)
Still struggling
RBC Capital Markets maintains "sector perform", 12-month target price is $3.40
Scotia Capital Markets maintains "underperform", 12-month target price is $2.50
Moto Goldmines (MGL : TSX : $6.75)
A simplified JV structure
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
Medisys Health Group (MHG.UN : TSX : $8.53)
Still a work in progress
Blackmont Capital maintains "hold", 12-month target price is cut to $8.00
180 Connect Inc. (NCT.U : TSX : US$1.30)
Q3 beats expectations
GMP Securities upgrades to "buy", 12-month target price is raised to US$1.65
Haywood Securities maintains "sector perform", 12-month target price is US$2.00
Niko Resources (NKO : TSX : $76.37)
MB-1 disappoints
Canaccord Adams maintains "buy", 12-month target price is $90.00
Northern Orion Resources (NNO : TSX : $4.59)
Q3 in line
GMP Securities maintains "buy", 12-month target price is $7.50
Northern Property REIT (NPR.UN : TSX : $24.49)
Solid Q3
Blackmont Capital maintains "buy", 12-month target price is raised to $26.50
Canaccord Adams maintains "buy", 12-month target price is raised to $28.00
CIBC World Markets maintains "sector perform", 12-month target price is raised to $26.10
Scotia Capital Markets maintains "sector outperform", 12-month target price is $25.10
Nevsun Resources (NSU : TSX : $3.09)
Q3 misses
Blackmont Capital maintains "buy", 12-month target price is cut to $4.00
Novelis (NVL : TSX : $28.35 | NYSE : US$24.94)
Q3 meets expectations
Desjardins Securities maintains "hold", 12-month target price is US$20.50
Open Text (OTC : TSX : $22.61 | OTEX : NASDAQ : US$19.87)
Three short-term factors create overhang
Canaccord Adams maintains "hold", 12-month target price is US$20.00
RBC Capital Markets maintains "outperform", 12-month target price is US$23.00
Petrobank Energy and Resources (PBG : TSX : $16.80)
Slight miss in Q3
TD Newcrest maintains "buy", 12-month target price is raised to $21.00
Penn West Energy Trust (PWT.UN : TSX : $33.64 | PWE : NYSE : US$29.53)
Q3 in line
RBC Capital Markets maintains "sector perform", 12-month target price is cut to $32.75
Scotia Capital Markets maintains "sector perform", 12-month target price is $35.00
TD Newcrest maintains "action list buy", 12-month target price is cut to $36.00
QuStream (QVC : TSX-V : $1.65)
Q3 as preannounced
Blackmont Capital maintains "buy", 12-month target price is $2.60
GMP Securities maintains "buy", 12-month target price is $3.00
Shore Gold Inc (SGF : TSX : $5.20)
Star project advances
RBC Capital Markets maintains "outperform", 12-month target price is $8.25
Semafo Inc. (SMF : TSX : $1.78)
Q3 disappoints
Blackmont Capital maintains "buy", 12-month target price is cut to $2.40
Sterling Shoes Income Fund (SSI.UN : TSX : $13.60)
Raises distribution by 14%
TD Newcrest maintains "buy", 12-month target price is raised to $15.00
Suncor Energy (SU : TSX : $88.60 | NYSE : US$77.85)
2007 capital spending outlook of $5.3 billion
Scotia Capital Markets maintains "sector outperform", 12-month target price is $119.00
Savanna Energy Services (SVY : TSX : $17.10)
Reduced industry activity expected for 2007
Dundee Securities maintains "outperform", 12-month target price is cut to $25.00
Sylogist Ltd. (SYZ : TSX-V : $1.70)
Significant delays in completing the Munishare template agreements
Canaccord Adams maintains "buy", 12-month target price is cut to $3.30
Trilogy Energy Trust (TET.UN : TSX : $11.48)
Lowers 2007 Capex
TD Newcrest maintains "hold", 12-month target price is cut to $12.50
Teranet Income Fund (TF.UN : TSX : $8.99)
Q3 beats expectations
CIBC World Markets upgrades to "sector outperform", 12-month target price is raised to $9.75
Desjardins Securities maintains "buy", 12-month target price is $11.00
RBC Capital Markets maintains "outperform", 12-month target price is not given
Scotia Capital Markets maintains "sector perform", 12-month target price is $9.50
Trafalgar Energy (TFL : TSX : $4.05)
Q3 reported: a non-event
Canaccord Adams maintains "buy", 12-month target price is not given
TerraVest Income Fund (TI.UN : TSX : $6.61)
Clarke Inc. took 1.9 million units
Scotia Capital Markets maintains "sector underperform", 12-month target price is $5.00
Tree Island Wire Income Fund (TIL.UN : TSX : $7.11)
Q3 in line
Scotia Capital Markets maintains "underperform", 12-month target price is $7.00
Talisman Energy (TLM : TSX : $18.31 | NYSE : US$16.06)
A rich array of upstream investment opportunities
Desjardins Securities maintains "top pick", 12-month target price is $25.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $26.00
TriStar Oil & Gas (TOG : TSX : $6.01)
Strong Q3
Haywood Securities maintains "sector outperform", 12-month target price is $9.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $8.25
TD Newcrest maintains "buy", 12-month target price is cut to $8.00
Canada Cartage Diversified (TRK.UN : TSX : $8.25)
In-line Q3
CIBC World Markets maintains "sector outperform", 12-month target price is $10.25
VCom Inc. (VCM : TSX : $9.80)
Weak Q1
CIBC World Markets maintains "sector outperform", 12-month target price is raised to $15.50
Raymond James maintains "outperform", 6-12 month target price is $12.50
Vault Energy Trust (VNG.UN : TSX : $5.37)
26% distribution cut
Canaccord Adams maintains "buy", 12-month target price is $7.00
CIBC World Markets maintains "sector perform", 12-month target price is $5.50
Scotia Capital Markets maintains "sector perform", 12-month target price is $5.00
VOXCOM Income Fund (VOX.UN : TSX : $9.00)
Another solid quarter
RBC Capital Markets maintains "outperform", 12-month target price is $9.50
Westfield REIT (WFD.UN : TSX : $15.00)
Q3 well above consensus
Canaccord Adams maintains "buy", 12-month target price is raised to $17.50
Desjardins Securities maintains "buy", 12-month target price is $16.85
Whiterock REIT (WRK.UN : TSX : $12.25)
Acquired about $60 million of properties in each quarter
Blackmont Capital maintains "buy", 12-month target price is raised to $15.50
Desjardins Securities maintains "buy", 12-month target price is $14.50
Zargon Energy Trust (ZAR.UN : TSX : $26.00)
Q3 disappoints
CIBC World Markets maintains "sector perform", 12-month target price is $32.00
TD Newcrest maintains "hold", 12-month target price is cut to $29.00
IPO REPORT
Nymex IPO prices above expected range
PrintE-mailDisable live quotesRSSDigg itDel.icio.usRelated Blog Posts & ArticlesBy Alistair Barr & Steve Gelsi, MarketWatch
Last Update: 7:27 PM ET Nov 16, 2006
NEW YORK (MarketWatch) -- Nymex Holdings Inc.'s initial public offering priced above the planned range late Thursday, suggesting strong demand for shares of the oil and metals exchange.
The IPO of 6.5 million shares priced at $59 each, raising more than $380 million. The pricing came in above the expected range of $54 to $57 a share. The stock is schedule to begin trading on Friday.
Nymex (NMX : nymex holdings inc com
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NMX0.00, 0.00, 0.0%) , the corporate name for the New York Mercantile Exchange, had already boosted its IPO price range from $48 to $52 a share earlier this week and increased the size of the offering from 6 million shares.
Going public after more than 130 years as seat holder-owned entity, the Nymex has drawn fans as the latest financial marketplace to tap into greater profit margins from electronic trading.
Its added appeal comes from roles in hot energy and metals businesses and its status as a possible takeover candidate.
If Nymex performs like other exchange IPOs, it'll add on about $20 after the open.
Six new issues in the exchange business have risen an average of 35% in their first day of trades:
The Chicago Mercantile Exchange (CME : chicago mercantile hldgs inc cl a
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Last: 540.05+7.54+1.42%
6:42pm 11/16/2006
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CME540.05, +7.54, +1.4%) rose 23% above its $35 offering price on Dec. 5, 2002. The stock trades at $541 now.
The IntercontinentalExchange (ICE : intercontinentalexchange inc com
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Last: 94.60-1.05-1.10%
6:45pm 11/16/2006
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ICE94.60, -1.05, -1.1%) rose 51% over its $26 price in its Nov. 16, 2005 IPO. The stock now trades at about $97 a share.
The NYSE Group (NYX : nyse group inc com
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Last: 93.78-1.92-2.01%
4:24pm 11/16/2006
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NYX93.78, -1.92, -2.0%) -- going public by margining with Archipelago -- rose 25% to $80 a share from its previous day close of $64.25 when it began trading on March 8. The stock now trades at about $95 a share.
The Nasdaq (NDAQ : nasdaq stock market inc com
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Last: 36.48-1.02-2.72%
6:47pm 11/16/2006
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NDAQ36.48, -1.02, -2.7%) rose 18% over its $9 price when it moved to the Nasdaq exchange from the bulletin board on Feb. 9, 2005. It now trades at $37 a share.
The International Securities Exchange (ISE : intl secs exchange hldgs inc cl a
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Last: 49.78-1.06-2.08%
6:45pm 11/16/2006
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ISE49.78, -1.06, -2.1%) rallied 69% over its $18 price in its IPO on March 8, 2005. The stock is now at $51 a share.
The Chicago Board of Trade (BOT : CBOT Holdings, Inc.
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Last: 159.07+1.07+0.68%
6:41pm 11/16/2006
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BOT159.07, +1.07, +0.7%) rose 49% over its IPO price of $54 a share on Oct. 18. 2005. It's now at about $160 a share.
Charting a rise in its trading fortunes, Nymex Holdings Inc. on Nov. 7 reported third-quarter net earnings of $40.7 million, up 82% from $22.4 million in the same period last year.
The results included one-time, pre-tax charges of $6 million resulting from the closure of Nymex's London facilities and from job cuts.
The owner of the New York Mercantile Exchange said revenue in three months ended Sept. 30 rose 46% to $142.4 million from $97.9 million.
Daily average contracts traded rose to 1.32 million, up 42% from last year.
First Solar IPO on deck
First Solar (FSLR : first solar inc com
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FSLR0.00, 0.00, 0.0%) plans to offer 17.5 million shares at $17-$19 a share in a bid to raise about $315 million in its initial public offering on Friday.
The company is going public amid an upswing in the solar energy business and just days after SunPower (SPWR : sunpower corp com cl a
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Last: 37.86-0.68-1.76%
6:11pm 11/16/2006
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SPWR37.86, -0.68, -1.8%) set plans to buy private PowerLight Corp. for $265 million.
SunPower shares have risen to $38 from $24 in the past five months.
The estate of Wal-Mart (WMT : Wal-Mart Stores, Inc.
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Last: 47.91+0.23+0.48%
6:52pm 11/16/2006
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WMT47.91, +0.23, +0.5%) heir John T. Walton owns about 82% of the company and will be selling about 3.8 million shares in the IPO.
Alistair Barr is a reporter for MarketWatch in San Francisco.
Steve Gelsi is a reporter for MarketWatch in New York.
Will have to look into that.
I wonder who makes the pumps?
If these CBM guys keep drilling now. They will be laughing in the next few years.
Winstar Resources Ltd.
WIX: TSX-V
November 15, 2006
Winstar Resources Ltd. Reports Record Cash Flow from Operations of $3.1 Million in Q3 2006 and Record $38 Million Capital Budget for 2007
CALGARY - Winstar Resources Ltd. today released its financial and operating results for the three and nine months ended September 30, 2006. Winstar significantly increased its production, cash flow from operations and sales revenue during the third quarter and first nine months of 2006 compared with the same periods of 2005.
Winstar's year-over-year growth, in the third quarter of 2006 compared with 2005, is primarily a result of the Company's merger with Athanor B.V. in August 2005 and Athanor's acquisition of Hungarian assets in June 2005. The positive impact of these transactions is illustrated by increases in all key parameters compared with the equivalent period of 2005.
Compared with the second quarter of 2006, Winstar maintained its production at 1,319 boepd, sales revenue at $6.7 million, working capital at $15.4 million and unused bank lines despite unexpected field repairs, corresponding high operating costs and one-time general and administrative expenses.
Winstar's drilling activity in Canada, Hungary and Tunisia puts the Company on track for an anticipated exit 2006 production rate of more than 2,500 barrels of oil equivalent per day (boepd).
On November 14, 2006, Winstar's Board of Directors approved a 2007 capital budget of $38 million. The budget, subject to quarterly adjustments, is designed to aggressively exploit Winstar's Tunisian assets, maintain and grow its Canadian production base and continue to explore for high-impact prospects in Hungary.
Highlights for the three months ended September 30, 2006
· Production sales up 217% to 1,319 boepd (416 boepd Q3 2005)
· Petroleum and natural gas sales up 231% to $6.7 million ($2.0 million Q3 2005)
· Cash flow from operations up 827% to $3.1 million, or $0.11 per share ($0.3 million or $0.02 per share Q3 2005)
· Cash flow netback per boe up 113% to $25.45 ($11.93 Q3 2005)
· Working capital maintained at $15.4 million ($15.6 million Q3 2005)
Highlights for the nine months ended September 30, 2006
· Production sales up 250% to 1,531 boepd (437 boepd first nine months 2005)
· Petroleum and natural gas sales up 241% to $22.2 million ($6.5 million first nine months 2005)
· Cash flow from operations up 535% to $12.1 million, or $0.43 per share ($1.9 million or $0.14 per share first nine months 2005)
· Cash flow netback per boe up 66% to $28.81 ($17.33 first nine months 2005)
-------------------------------------------------------------------------
Highlights Nine Months Ended Three months Ended
September 30 September 30
-------------------- % -------------------- %
2006 2005 Chg 2006 2005 Chg
-------------------------------------------------------------------------
Sales and Prices
-------------------------------------------------------------------------
Natural gas
sales (Mcf/d) 5,400 1,088 396 3,824 1,858 106
-------------------------------------------------------------------------
Oil and NGL
sales (boepd) 631 256 147 681 106 542
-------------------------------------------------------------------------
Average daily
sales 6:1
(boepd) 1,531 437 250 1,319 416 217
-------------------------------------------------------------------------
Average natural
gas price
($/Mcf) 6.99 7.21 (3) 6.67 8.59 (22)
-------------------------------------------------------------------------
Average oil
and NGL price
($/bbl) 69.23 62.66 10 69.45 56.90 22
-------------------------------------------------------------------------
Financial ($)
-------------------------------------------------------------------------
Oil and gas
revenue 22,228,436 6,513,408 241 6,700,218 2,022,037 231
-------------------------------------------------------------------------
Cash flow
from
operations 12,141,314 1,910,846 535 3,094,782 333,824 827
-------------------------------------------------------------------------
Per share,
basic and
diluted 0.43 0.14 210 0.11 0.02 527
-------------------------------------------------------------------------
Net income/
(loss) 1,858,921 (1,414,356) - (402,650) (1,845,776) -
-------------------------------------------------------------------------
Per share,
basic and
diluted 0.07 (0.10) - (0.01) (0.10) -
-------------------------------------------------------------------------
Working
capital at
period end 15,371,663 15,602,585 (1) 15,371,663 15,602,585 (1)
-------------------------------------------------------------------------
Long-term
debt at
period end - - - - - -
-------------------------------------------------------------------------
Common Shares
-------------------------------------------------------------------------
Weighted
average during
the period -
Basic and
diluted 28,563,606 14,053,828 103 28,563,606 19,313,334 48
-------------------------------------------------------------------------
Outstanding
at period
end 28,563,606 28,336,351 1 28,563,606 28,336,351 1
Mystique Energy Inc.
TSX-V: MYS
November 16, 2006
Mystique Energy Production Exceeds 550 Boepd
CALGARY - Mystique Energy, Inc. ("Mystique") today announced that its present production is over 550 barrels of oil equivalent per day ("boepd"), which is triple the average production rate of 187 boepd for the fourth quarter of 2005 and more than double the average rate of 232 boepd for the second quarter of 2006. The increased production is a result of Mystique's successful 2006 drilling program. The current production split is approximately 60% gas and 40% light oil and natural gas liquids (NGL's).
The most recent increase in production results from the tie-in of a well that was drilled in the Bottrel area during the third quarter of 2006. Two offsetting locations are being prepared to be drilled - one location has already been licensed; the second location is in the licensing stage.
Operations Update:
Two additional wells, one in the Lochend area and the other in Wildcat Hills, have been completed and tested and are slated to be placed on production. Corporate production rates will be updated after production from each of these wells comes on stream and stabilizes.
The flowline for the Lochend area well is presently being constructed and production is expected to begin before the end of November.
Permit applications are being filed for approval to construct a 3.5 kilometre flowline to connect the Wildcat Hills well to the gathering system. This well is expected to begin production in January 2007.
Another well that was drilled in 2006 in the Lochend area remains to be completed, tested and tied in for production. This work is being planned to be completed in early 2007.
About Mystique:
Based in Calgary, Mystique is involved in the exploration and exploitation of petroleum reserves in western Canada.
Forward-Looking Statements: Use of the term barrels of oil equivalent "boe" may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Except for statements of historical fact, all statements in this press release, without limitation, regarding new projects and future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information:
Vic Luhowy
President & Chief Executive Officer
Mystique Energy, Inc.
Tel: (403) 261-3634
Fax: (403) 265-3348
vic@mystiqueenergy.ca
www.mystiqueenergy.ca
Mahalo Energy Ltd.
TSX: CBM
November 14, 2006
Mahalo Energy Ltd. Announces Third Quarter 2006 Results
Mahalo Energy Ltd. is pleased to announce its financial and operating results for the three months ended September 30, 2006.
Nine Nine
Q3 Q2 Q1 Months Months
2006 2006 2006 2006 2005
---------------------------------------------------------------------------
Financial
Highlights
(dollars, except
shares)
---------------------------------------------------------------------------
Petroleum and
natural gas
revenue 11,578,425 8,713,886 8,391,677 28,683,988 5,232,219
Operating
netback (1) 5,612,467 4,532,436 4,838,881 14,983,784 3,383,130
Funds from
operations (1) 3,434,650 3,954,636 4,015,200 11,404,484 2,441,748
Per share -
basic &
diluted (1) 0.06 0.08 0.10 0.23 0.09
Net income
(loss) (796,744) (801,741) 544,306 (1,054,179) (1,741,204)
Per share -
basic &
diluted (0.01) (0.02) 0.01 (0.02) (0.07)
Capital
expenditures 20,780,749 13,644,985 20,894,689 55,320,423 13,935,418
Corporate and
property
acquisitions
(2) - 80,755,943 11,061,786 91,817,729 26,696,406
Proceeds from
sale of oil
and gas assets 17,003,908 - - 17,003,908 -
Long-term debt,
end of period 43,973,542 33,586,692 20,990,003 43,973,542 -
Common shares,
end of period 58,286,035 58,286,035 43,132,405 58,286,035 40,582,770
Weighted
average
- basic 58,286,035 48,128,107 42,941,423 49,841,396 26,390,828
Weighted
average
- diluted 58,286,035 48,128,107 44,013,115 49,841,396 26,390,828
---------------------------------------------------------------------------
Operating
Highlights
(dollars, except
volumes)
---------------------------------------------------------------------------
Average daily
sales volumes
Natural gas
(mcf/day) 14,861 12,799 10,125 12,612 2,229
Crude oil
& NGL's (bbl/day) 463 161 - 209 -
Barrels of oil
equivalent
(boe/day) 2,939 2,294 1,688 2,312 372
Average selling
price
Natural gas
($/mcf) 6.35 6.63 9.21 7.20 8.60
Crude oil
& NGL's (bbl/day) 68.18 67.68 - 68.05 -
Barrels of oil
equivalent ($/boe) 42.82 41.74 55.25 45.45 51.59
Operating
netback ($/boe) (1) 20.76 21.71 31.85 23.74 33.36
Well I tell you that trust ruling threw a monkey wrench into my plans.