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Covered URBN @ $29.80 loss of .35 will be listening to cc @ 11 am may get a chance to short at a higher price.
Credit Suisse comments on some of today's financial headlines : Credit Suisse notes that Financials continue to be under pressure in today's global trading sessions. Disappointment spread to other markets when expectations of a large capital infusion/bailout for one of the major bond-insurers (ABK) became instead only a plan to offer $1 bln in common stock and $500 mln worth of equity units. Another firm published a note which alluded that UBS likely sold a $24 bln portfolio of Alt-A mortgage backed securities in a "fire sale," and this drove down the stock to lows not seen since 2003. Carlyle Capital, which failed to meet its margin calls, and Thornburg Mortgage (TMA) both received notices of default. Short term lending continues to be under intense strain. The WSJ noted that the rate banks charge each other for short term funding remains at exorbitant levels. It can been observed in the rising premiums to purchase insurance against a bank default, and this is translating into higher rates in other areas of credit, including muni's, mortgages, and corporate debt. Firm says the credit crunch is morphing into a liquidity crunch where even well regarded, stable firms/govt entities with solid credit ratings are having to pay higher rates to attract capital because the liquidity isn't there.
The banks felt it was such a good opportunity that they decided to be generous and use their customers money instead of their own.
Short URBN @ $29.45 they report before the open tomorrow, they pre announced revs so it's all about the earnings guidance and the PE is around 30 kind of high for a retailer in this market.
Thanks! eom.
UAM Sold 1/2 @ $13.20 for $1.02 holding the rest for a swing trade.
AMBAC Halted news pending, here we go!
UAM Swing Long @ $12.18 they got crushed on lowered guidance, stock was way down already for the year plus they authorized a buyback to start tomorrow...
Universal American Cuts Outlook
Wednesday March 5, 9:51 am ET
Universal American Slashes 2008 Profit Target on Expected Premium Shortfall
RYE BROOK, N.Y. (AP) -- Universal American Corp. cut its 2008 profit targets, saying expected income from a recent acquisition will miss forecasts.
In a press release Wednesday, the provider of health insurance said expected premium payments to MemberHealth, which it acquired last year, will be lower than anticipated because of a decline in Medicare Part D payments.
Universal now expects profit of $1.56 to $1.74 per share. In February, the company told Wall Street to expect profit of $1.73 to $1.85 per share. Analysts, on average, anticipate $1.83 per share, according to Thomson Financial.
The company also said MemberHealth made an error accounting for a reconciliation with the Centers for Medicare and Medicaid Services that will reduce reimbursements by about $34 million.
Universal American shares fell $3.79, or 22.2 percent, to $13.25 in early trading.
Universal American Corp. Estimates Lower Earnings from Its MemberHealth Part D Plans
Wednesday March 5, 8:45 am ET
Revises 2008 Guidance
RYE BROOK, N.Y.--(BUSINESS WIRE)--Universal American Corp. (NYSE: UAM - News) (the Company) today announced that it has determined that expected operating income for 2008 from its MemberHealth business, which it acquired in September 2007, will be less than previously forecast. Accordingly, the Company is revising its earnings guidance for 2008 to a range of $1.56 to $1.74 per share.
ADVERTISEMENT
The reason for the decline in expected income is that premium payments to MemberHealth will be lower than anticipated based upon the bids submitted by MemberHealth in June 2007 for its 2008 Part D plans. The premium payments are lower primarily as a result of a miscalculation of the risk scores in the MemberHealth bids.
The results of Universal American’s Prescription PathwaySM Part D plans, which it operates in a strategic alliance with CVS/Caremark for the 2008 plan year, are not affected by this bid issue since the revenues and costs associated with the Prescription PathwaySM plans are governed by bids unrelated to the MemberHealth bids.
Ongoing Profitability and Prospects of Part D Business
"Our management and Board of Directors, including members designated by shareholders representing two-thirds of the outstanding shares of the Company, continue to believe strongly in our business model and in the long term viability of our Part D business. We still expect to generate profits from MemberHealth’s Part D business and a substantial overall profit for Universal American for 2008. We remain well-capitalized and are positioned to pursue our plans and strategies. We believe there are meaningful steps we can take to improve MemberHealth’s profitability and minimize the impact of these issues on our company,” said Richard A. Barasch, Chairman and Chief Executive Officer.
Buyback Program
Universal American continues to have in place a $50 million share buyback program. Subject to limitations of the securities laws, the buyback program and the Company’s shareholders agreement, the Board has consented to allowing the Company, its directors and its affiliated investor groups, at their respective discretions, to purchase shares in the open market starting March 6, 2008. The revised guidance does not assume the effect of any potential share repurchase by the Company under this program.
Adjustment of MemberHealth Pre-Acquisition 2007 Pre-Tax Income
Universal American has also learned that MemberHealth incorrectly calculated its expected risk corridor receivable in its first quarter 2007 financial statements, resulting in an overstatement of pre-tax income for the first quarter of 2007 of approximately $26 million. As a result, for the full year of 2007, MemberHealth will receive approximately $34 million less than expected in the final risk corridor reconciliation with Centers for Medicare and Medicaid Services (CMS).
This issue does not affect any of Universal American’s historical financial statements for 2007, including its consolidated statement of operations for the year ended December 31, 2007, or its previously filed balance sheets, except to the extent that receivables decreased and goodwill increased by approximately $23 million, the after-tax amount of the overstatement.
Settlement Agreement
The Company has concluded an agreement under which the sellers of MemberHealth will deliver to the Company approximately $97 million of value, comprising $62.3 million in cash and 2,027,992 Universal American shares. The shares will be retired. Mr. Barasch added, “We believe that we have achieved a fair settlement of the issues surrounding MemberHealth’s results.”
SEC Filings
The incorrect figures for MemberHealth’s first quarter of 2007 resulting from the overstatement of its risk corridor receivable were included in the acquired company financial statements and the Universal American pro-forma financial information included in Amendment No. 2 to the Company’s joint proxy statement and registration statement on Form S-4 filed on July 19, 2007, and were incorporated by reference into Universal American’s current report on Form 8-K filed September 25, 2007. Consequently, Universal American will be filing two new current reports on Form 8-K correcting this information.
Conference Call
Universal American will host a conference call at 9:30 a.m. Eastern Time today, Wednesday, March 5, 2008, to discuss these corporate developments. Interested parties may participate in the call by dialing (706) 679-0770. Please dial in 10 minutes before the scheduled time and ask for the Universal American call. This conference call will also be available live over the Internet and can be accessed at Universal American's website at www.universalamerican.com. To listen to the live call on the website, please go to the website at least 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call will be archived and can be accessed from the Company's website for approximately 60 days.
About Universal American Corp.
Universal American offers a diverse range of healthcare products -- including health insurance, managed care, and prescription drug benefits -- through its subsidiaries. Its companies are collectively among the leading providers of Medicare Advantage and Medicare prescription drug plans in the U.S. With the acquisition of MemberHealth in September 2007, over 2 million seniors rely on Universal American's products for their health or prescription drug coverage. For more information on Universal American, please visit our website at www.universalamerican.com.
Matters discussed in this news release and oral statements made from time to time by representatives of Universal American may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Universal American believes that the expectations reflected in any forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Universal American's ability to control or predict. Important factors that may cause actual results to differ materially and could impact Universal American and the statements contained in this news release can be found in Universal American's filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K. For forward-looking statements in this news release, Universal American claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Universal American assumes no obligation to update or supplement any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
For Investor Inquiries:
Universal American Corp.
Robert A. Waegelein, EVP & CFO, 914-934-8820
or
For Media Inquiries:
Kekst and Company
Dawn Dover or Kimberly Kriger
212-521-4817 or 212-521-4862
--------------------------------------------------------------------------------
Source: Universal American Corp.
Long UAM @ $12.18 stop @ $11.40 sell off looks a little over done plus there is this from the company...
Universal American Corp. Estimates Lower Earnings from Its MemberHealth Part D Plans
Wednesday March 5, 8:45 am ET
Revises 2008 Guidance
RYE BROOK, N.Y.--(BUSINESS WIRE)--Universal American Corp. (NYSE: UAM - News) (the Company) today announced that it has determined that expected operating income for 2008 from its MemberHealth business, which it acquired in September 2007, will be less than previously forecast. Accordingly, the Company is revising its earnings guidance for 2008 to a range of $1.56 to $1.74 per share.
The reason for the decline in expected income is that premium payments to MemberHealth will be lower than anticipated based upon the bids submitted by MemberHealth in June 2007 for its 2008 Part D plans. The premium payments are lower primarily as a result of a miscalculation of the risk scores in the MemberHealth bids.
The results of Universal American’s Prescription PathwaySM Part D plans, which it operates in a strategic alliance with CVS/Caremark for the 2008 plan year, are not affected by this bid issue since the revenues and costs associated with the Prescription PathwaySM plans are governed by bids unrelated to the MemberHealth bids.
Ongoing Profitability and Prospects of Part D Business
"Our management and Board of Directors, including members designated by shareholders representing two-thirds of the outstanding shares of the Company, continue to believe strongly in our business model and in the long term viability of our Part D business. We still expect to generate profits from MemberHealth’s Part D business and a substantial overall profit for Universal American for 2008. We remain well-capitalized and are positioned to pursue our plans and strategies. We believe there are meaningful steps we can take to improve MemberHealth’s profitability and minimize the impact of these issues on our company,” said Richard A. Barasch, Chairman and Chief Executive Officer.
Buyback Program
Universal American continues to have in place a $50 million share buyback program. Subject to limitations of the securities laws, the buyback program and the Company’s shareholders agreement, the Board has consented to allowing the Company, its directors and its affiliated investor groups, at their respective discretions, to purchase shares in the open market starting March 6, 2008. The revised guidance does not assume the effect of any potential share repurchase by the Company under this program.
Adjustment of MemberHealth Pre-Acquisition 2007 Pre-Tax Income
Universal American has also learned that MemberHealth incorrectly calculated its expected risk corridor receivable in its first quarter 2007 financial statements, resulting in an overstatement of pre-tax income for the first quarter of 2007 of approximately $26 million. As a result, for the full year of 2007, MemberHealth will receive approximately $34 million less than expected in the final risk corridor reconciliation with Centers for Medicare and Medicaid Services (CMS).
This issue does not affect any of Universal American’s historical financial statements for 2007, including its consolidated statement of operations for the year ended December 31, 2007, or its previously filed balance sheets, except to the extent that receivables decreased and goodwill increased by approximately $23 million, the after-tax amount of the overstatement.
Settlement Agreement
The Company has concluded an agreement under which the sellers of MemberHealth will deliver to the Company approximately $97 million of value, comprising $62.3 million in cash and 2,027,992 Universal American shares. The shares will be retired. Mr. Barasch added, “We believe that we have achieved a fair settlement of the issues surrounding MemberHealth’s results.”
SEC Filings
The incorrect figures for MemberHealth’s first quarter of 2007 resulting from the overstatement of its risk corridor receivable were included in the acquired company financial statements and the Universal American pro-forma financial information included in Amendment No. 2 to the Company’s joint proxy statement and registration statement on Form S-4 filed on July 19, 2007, and were incorporated by reference into Universal American’s current report on Form 8-K filed September 25, 2007. Consequently, Universal American will be filing two new current reports on Form 8-K correcting this information.
Conference Call
Universal American will host a conference call at 9:30 a.m. Eastern Time today, Wednesday, March 5, 2008, to discuss these corporate developments. Interested parties may participate in the call by dialing (706) 679-0770. Please dial in 10 minutes before the scheduled time and ask for the Universal American call. This conference call will also be available live over the Internet and can be accessed at Universal American's website at www.universalamerican.com. To listen to the live call on the website, please go to the website at least 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call will be archived and can be accessed from the Company's website for approximately 60 days.
About Universal American Corp.
Universal American offers a diverse range of healthcare products -- including health insurance, managed care, and prescription drug benefits -- through its subsidiaries. Its companies are collectively among the leading providers of Medicare Advantage and Medicare prescription drug plans in the U.S. With the acquisition of MemberHealth in September 2007, over 2 million seniors rely on Universal American's products for their health or prescription drug coverage. For more information on Universal American, please visit our website at www.universalamerican.com.
Matters discussed in this news release and oral statements made from time to time by representatives of Universal American may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Universal American believes that the expectations reflected in any forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Universal American's ability to control or predict. Important factors that may cause actual results to differ materially and could impact Universal American and the statements contained in this news release can be found in Universal American's filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K. For forward-looking statements in this news release, Universal American claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Universal American assumes no obligation to update or supplement any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
For Investor Inquiries:
Universal American Corp.
Robert A. Waegelein, EVP & CFO, 914-934-8820
or
For Media Inquiries:
Kekst and Company
Dawn Dover or Kimberly Kriger
212-521-4817 or 212-521-4862
--------------------------------------------------------------------------------
Source: Universal American Corp.
TSL Sold 1/2 @ $34.15 for $1.05 raising stop on the rest to $33.50
7:49AM Trina Solar beats by $0.13, beats on revs; guides Q1 revs in-line; FY08 revs above consensus (TSL) 32.62 : Reports Q4 (Dec) earnings of $0.62 per share, $0.13 better than the First Call consensus of $0.49; revenues rose 161.6% year/year to $101.4 mln vs the $95.6 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $112-120 mln vs. $115.86 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $770-808 mln vs. $691.18 mln consensus. "The Company believes gross margin for the first quarter will likely be between 23% and 25% and estimates operating margin to range between 13.5% to 15.5% of total net revenues. The Company is expecting gross margin for the year between 23% and 25% and believes operating margin will likely be in the range of 15% to 17% of total net revenues."
Long TSL @ $33.10 risking $1 eom.
DGLY getting some love this morning...
Digital Ally (DGLY): Small Cap Under-the-Radar; strong growth, profitable, just moved from bulletin boards to Nasdaq (7.41 )
It's rare to see a stock with just a $100 mln market cap that is profitable and growing its top line by 370%, but Digital Ally (DGLY) is doing just that. Events that usually act as catalysts include: moving from the bulletin boards to the Nasdaq and moving from a loss to profitability. DGLY is fortunate enough to be in both categories. The co makes video surveillance products for law enforcement/homeland security. Its flagship product is a the first Digital In-Car Video system that is so small, it is integrated into a rear view mirror. It can be easily installed in any make or model of vehicle taking up minimal space by simply removing the factory rear view mirror and installing the Digital Ally DVM system. Sales are taking off since the co added a number of new features such as wireless file transfer capability and a Live Streaming Video capability. The wireless option, which the co says is extremely popular and the most frequently requested feature, allows the user to automatically download all recorded files once the vehicle enters a wireless 'hotspot' area.
The co is growing strongly as revenue jumped 370% in 2007 to $19.4 mln with 15% operating margin (21% in Q4). Even more important is that the co turned a loss into a profit last year as EPS jumped to $0.28 from $(0.26) in 2006. Looking ahead, 2008 appears it will be another strong year for DGLY thanks to the launch of several new products (including a flashlight with digital video capability) and entry into new markets (school buses, mass transit). The co expects revenue to more than double in 2008 to $40 mln. Bottom Line: DGLY just recently became profitable which often works as a catalyst. Also, the stock only recently moved from the bulletin boards to the Nasdaq (Jan 2), so we think it's still below most radar screens. However, it's likely only a matter of time before it gets more exposure and it still trades at just 2.6x 2008 revenue which is attractive given its growth rates. Mkt cap $104 mln, float 13.2 mln, avg vol 40k.
09:07 CNBC commentator discusses today's regularly scheduled Fed Governors meeting; says this is a regularly scheduled meeting, not proof of emergency meeting
I really hope Obama and Hillary were pandering on 60 Minutes tonight when they said they would protect workers with tariffs.
I think I remember hearing about instituting tariffs during a weak economy...
The Hawley-Smoot Tariff (or Smoot-Hawley Tariff Act)[1] was signed into law on June 17, 1930, and raised U.S. tariffs on over 20,000 imported goods to record levels, and, in the opinion of most economists, worsened the Great Depression. Economists have now generally regarded this Tariff Act as the greatest policy blunder in American economic history, coming as it did after the 1929-30 recession and preventing the economy from a full, natural recovery which had already started by the Spring, 1930. Many countries retaliated with their own increased tariffs on U.S. goods, and American exports and imports plunged by more than half.
They'll never admit it publicly but killing the dollar is great for the government, paying back all that debt with cheaper dollars; and if they can get wage inflation going it could clean up the housing market faster by bringing prices back up much sooner than they could without inflation.
Long CELL for swing @ $10.40 they got smacked down about 25% on bogus reporting.
They really beat and earned .31 vs .26 consensus but the AP reported a miss of .18 vs .26
Correction: Brightpoint Earnings
Wednesday February 27, 11:11 am ET
Correction: Brightpoint Earnings Story
NEW YORK (AP) -- In a Feb. 8 story about quarterly earnings from Brightpoint Inc., The Associated Press, relying on information from Thomson Financial, erroneously reported that the company missed analysts' estimates for its quarterly profit by 8 cents. Brightpoint says, and Thomson now confirms, that the company beat those estimates on a comparable basis by 5 cents.
http://biz.yahoo.com/ap/080227/apfn_earns_brightpoint_corrective.html?.v=1
They also guided up in the CC but the AP reported this...
Clarification: Brightpoint Story
Wednesday February 20, 3:32 pm ET
Clarification: Brightpoint Earnings Story
NEW YORK (AP) -- In a Feb. 8 story on the earnings of Brightpoint Inc., The Associated Press reported that analyst William Choi of Jefferies & Co. expected a first-quarter decline of 13 percent over the fourth quarter. The sentence was incomplete, however, and should have said Choi expected total wireless industry unit sales to fall 13 percent in the first quarter over the over the fourth quarter
http://biz.yahoo.com/ap/080220/apfn_earns_brightpoint.html?.v=1
They sell worldwide including China and India, I don't think the cell phone market is saturated in those countries.
GOOG getting whacked pre-market, might be good to watch for a bounce at some point.
Jefferies and LEH both cautious this morning.
You must have missed the explanation, it all makes sense now.
You see, in past years banks did not usually list foreclosed properties with realtors so they didn't show up in the inventory numbers, recently banks started listing properties, so the inventory numbers aren't really that bad because you can't compare them to previous years in an apples to apples way. The media is making the inventory number worse than it really is.
I was waiting for the commentator to say, "But there haven't been that many foreclosures over the last 10 years so it wouldn't make a difference.
OEH - Short a little ahead of earnings @ $54.50
A lot of companies have put out good news and nobody cares. Short everything on earnings seems to be a high percentage winning strategy right now. Although I am currently very cautious on being short with the ABK news lurking.
Covered INTU @ $27.75 for $1 eom.
INTU Conference Call Summary (29.79 -0.67) -Update-
During the call, the company says they are seeing lower unit growth for QuickBooks than they expected, and projects 5-7% unit growth vs previous projection of 8-10%. The company says the change is not significant enough to affect the overall revenue number for FY08. The reason for the lowered outlook is due to the difficult macro-economic outlook. The company says that over the long-term, it is resilient to difficult economic conditions. However, this downturn is more consumer-driven, and many small businesses are home-based, and ran by consumers. In terms of the company's EPS guidance, INTU says it was negatively affected by approx $0.02 due to the dilutive Homestead acquisition, and by about $0.01 for a tax rebate that was not renewed for FY08. For the consumer tax segment, the company said they are pleased with Turbotax's overall results, and growth is primarily being driven by the web. Unit share at retail is now at 85%. Also, the company is not seeing any increased pressures on ASP, with pricing exactly what they expected. Overall, INTU says all three of its categories remain under-penetrated, and the company isn't experiencing any structural or competitive changes.
Short INTU @ $28.75 eom.
Added to CROX at $26.11 eom.
How about this for an Obama achievement...
It a sad commentary on our nation that the press is more concerned with a story about John McCain possibly having an affair years ago than they are with what this bill would do to our country...
ELECTION 2008
Obama bill: $845 billion
more for global poverty
Democrat sponsors act OK'd by Senate panel
that would cost 0.7% of gross national product
-----------------
Posted: February 14, 2008
3:53 pm Eastern
© 2008 WorldNetDaily
Barak Obam
Sen. Barack Obama, perhaps giving America a preview of priorities he would pursue if elected president, is rejoicing over the Senate committee passage of a plan that could end up costing taxpayers billions of dollars in an attempt to reduce poverty in other nations.
The bill, called the Global Poverty Act, is the type of legislation, "We can – and must – make … a priority," said Obama, a co-sponsor.
It would demand that the president develop "and implement" a policy to "cut extreme global poverty in half by 2015 through aid, trade, debt relief" and other programs.
When word about what appears to be a massive new spending program started getting out, the reaction was immediate.
"It's not our job to cut global poverty," said one commenter on a Yahoo news forum. "These people need to learn how to fish themselves. If we keep throwing them fish, the fish will rot."
Many Americans were alerted to the legislation by a report from Cliff Kincaid at Accuracy in Media. He published a critique asserting that while the Global Poverty Act sounds nice, the adoption could "result in the imposition of a global tax on the United States" and would make levels "of U.S. foreign aid spending subservient to the dictates of the United Nations."
He said the legislation, if approved, dedicates 0.7 percent of the U.S. gross national product to foreign aid, which over 13 years he said would amount to $845 billion "over and above what the U.S. already spends."
The plan passed the House in 2007 "because most members didn't realize what was in it," Kincaid reported. "Congressional sponsors have been careful not to calculate the amount of foreign aid spending that it would require."
A statement from Obama's office this week noted the support offered by the Senate Foreign Relations Committee.
"With billions of people living on just dollars a day around the world, global poverty remains one of the greatest challenges and tragedies the international community faces," Obama said. "It must be a priority of American foreign policy to commit to eliminating extreme poverty and ensuring every child has food, shelter, and clean drinking water. As we strive to rebuild America's standing in the world, this important bill will demonstrate our promise and commitment to those in the developing world.
"Our commitment to the global economy must extend beyond trade agreements that are more about increasing profits than about helping workers and small farmers everywhere," he continued.
The bill institutes the United Nations Millennium Summit goals as the benchmarks for U.S. spending.
"It is time the United States makes it a priority of our foreign policy to meet this goal and help those who are struggling day to day," a statement issued by supporters, including Obama, said.
Specifically, it would "declare" that the official U.S. policy is to eliminate global poverty, that the president is "required" to "develop and implement" a strategy to reach that goal and requires that the U.S. efforts be "specific and measurable."
Kincaid said that after cutting through all of the honorable-sounding goals in the plan, the bottom line is that the legislation would mandate the 0.7 percent of the U.S. GNP as "official development assistance."
"In addition to seeking to eradicate poverty, that (U.N.) declaration commits nations to banning 'small arms and light weapons' and ratifying a series of treaties, including the International Criminal Court Treaty, the Kyoto Protocol (global warming treaty), the Convention of Biological Diversity, the Convention on the Elimination of All Forms of Discrimination Against Women and the Convention of the Rights of the Child," he said.
Those U.N. protocols would make U.S. law on issues ranging from the 2nd Amendment to energy usage and parental rights all subservient to United Nations whims.
Kincaid also reported Jeffrey Sachs, who runs the "Millennium Project," confirms a U.N. plan to force the U.S. to pay 0.7 percent of GNP would add about $65 billion a year to what the U.S. already donates overseas.
And the only way to raise that funding, Sachs confirms, "is through a global tax, preferably on carbon-emitting fossil fuels," Kincaid writes.
On the forum run by Americans for Legal Immigration PAC, one writer reported estimates of taxes from 35 cents to $1 dollar a gallon on gasoline would be needed.
"This is disgusting, sickening and angers me to the depths of my soul," the forum author wrote. "Obama wants us to support the world. I wonder how they intend to eliminate poverty. Most of the money always winds up in some dictator hands and in the U.N. coffers."
WND calls to Obama's office, as well as the offices of others who supported the plan, were not successful in obtaining a comment.
Another forum participant said, "Yes, and we should also eliminate sickness of any kind and get rid of poverty as well. Then, too, we should make certain that everyone in the world has equal assets, equal money, a college education, etc… After that, or maybe while we are solving all of the world's little problems, we can take care of the polar bears, eliminate the internal combustion engine, and, and, and… Oh dear, if only we would just go ahead and do all the things the dreamers want us to do. Let's stop using oil and burning coal while we're at it. Then we can make it illegal to be overweight and then we can. ..."
One forum contributor said since the legislation doesn't specifically demand "taxes," but instead leaves the mandatory "implementation" up to the president, "maybe the tooth fairy will leave [this new money] under the president's pillow."
Kincaid reported several more budget-minded senators have put a hold on the legislation "in order to prevent it from being rushed to the floor for a full Senate vote."
The legislation requires the president to do whatever is required to fulfill a strategy that would result in "the elimination of extreme global poverty and the achievement of the Millennium Development Goal of reducing by one-half the proportion of people worldwide … who live on less than $1 per day."
It further requires the president not only to accomplish that goal but, "not later than one year after the date of the enactment of this act," to submit a report on "the contributions provided by the United States" toward poverty reduction.
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=56405
Covered WFMI @ $37.21 for $1.09 eom.
CELL - I guess this is better late than never...
AP
Clarification: Brightpoint Story
Wednesday February 20, 3:32 pm ET
Clarification: Brightpoint Earnings Story
NEW YORK (AP) -- In a Feb. 8 story on the earnings of Brightpoint Inc., The Associated Press reported that analyst William Choi of Jefferies & Co. expected a first-quarter decline of 13 percent over the fourth quarter. The sentence was incomplete, however, and should have said Choi expected total wireless industry unit sales to fall 13 percent in the first quarter over the over the fourth quarter.
Quite a big ooops if you ask me, especially since the company guided revs up and sells in India and China, I don't think those markets are quite as saturated yet.
NTRI - Whew!!!!!!!!!!!!!!!eom.
Long CROX @ $28.20 they missed on gross margins but beat on earnings and confirmed 2008 guidance of $2.70 so even if sales growth is down to only 99% they are trading at a forward PE of about 10 and international growth was up over 300%.
Shorted a little WFMI ahead of earnings tonight @ $38.30 eom.
Out NTRI @ $23.90 taking the $1.22 loss. Not holding through earnings tonight but will be watching for a trade.
NTRI - Weight Watchers just beat and guided up, should help NTRI going into earnings.
WTW guided 08 to $2.80-$3.00 and is trading around $50
NTRI is expected to earn $3.10 in 08 and is trading for less than $25
According to Bloomberg, the stocks with the largest short interest as a percentage of the float include: CALM 82%; NTRI 79%; CORS 75%; USNA 75%; CTCT 71%; TRLG 66%; JOSB 59%; BKUNA 56%; MDTL 55%; ARTC 54%; CFSG 52%; RATE 48%; CONN 48%; TTWO 46%; PFCB 46%; TGIC 46%; MCHX 45%; CHNR 44%; DNDN 42%; LOOP 42%; FTEK 41%; LCAV 41%; ZUMZ 41%; BONT 40%.
This can't be good for the economy...
Banks tighten, even freeze, home equity lines of credit - San Jose Mercury News
San Jose Mercury News reports "Bay Area residents accustomed to treating their homes like piggy banks could be in for unpleasant surprises as home prices decline in many areas. Not only are banks less willing to issue popular home equity lines of credit, but some of the nation's biggest lenders are freezing existing loans. Countrywide Home Loans, for example, has sent letters to at least 122,000 homeowners nationwide informing them that they can no longer draw on their home equity lines of credit. Many homeowners rely on these pay-as-you-use-them loans to finance things like remodeling or college tuition, or to use for emergency expenses... Chase and Washington Mutual also have frozen the home equity lines of a much smaller number of customers in response to falling home values, said officials with the two banks. Wells Fargo said it "has not made large-scale decisions to restrict line of credit access for all customers in markets with declining real estate," but is reviewing its home equity customers' accounts more frequently than in past years. "Everybody's going to have to do it," said Guy Cecala, publisher of Inside Mortgage Finance. "We're just at the beginning of this trend of lenders freezing home equity lines of credit."... Nationwide, homeowners borrowed $355 bln worth of home equity loans and lines of credit in 2007, down from $430 bln in 2006, according to Inside Mortgage Finance... Until recently, some lenders were willing to make a combination of mortgages and equity lines of credit up to 100% of the home's value. So the homeowner in the example above could have gotten a home equity line of $200,000 in addition to the $500,000 mortgage, bringing the debt obligation up to $700,000. But with home values falling and credit mkts still crunched, lenders have narrowed their lending criteria. Few will extend credit past 80% of a home's value now. That would cut that homeowner's equity line to $60,000, resulting in a total of $560,000 in mortgage debt. Lenders' changes amount to a sort of hedge against the possibility of further price declines. "Across the board, every lender has been tightening up their guideline with regard to home equity lines," said Mike Gallagher, president of mortgage broker Avantis Capital.
Countrywide cited falling property values as the reason for shutting off so many customers' access to their equity, though lenders can also restrict borrowers' access to their credit lines for other reasons, such as deteriorating credit scores. Experts called Countrywide's mass mailing to freeze home equity lines unusual, but noted that in a declining mkt lenders need to protect themselves from avoidable losses..."
Brokers are defending NILE...
NILE Blue Nile: Co's outlook may have caught many off guard, after a solid 2007 - McAdams Wright (42.12 -11.73) -Update-
McAdams notes that NILE reported Q4 results yesterday. Firm says that following the co's success in FY07, they expect that mgmt's outlook caught many off guard. Firm says that while it presumes that operating trends will improve somewhat in the latter portion of the year—which at this point in time is a question mark—the firm foresees little if any downside risk. That said, they don't believe that the softness that the co is experiencing is in any way a reflection of NILE's economic model; they believe that it is simply a function of the consumer environment. They also expect that the co will continue to take share.
I love that, a retailer with a P/E in the 40's that predicts 10% growth going into a slow economy, and there is little if any downside risk...
Translation : Will the sheep please keep buying these shares so the price doesn't go down much while we dump ours.
ERTS - running hard. If it goes over $50 I'll be looking to short. Company said they should earn about $3 per share...
in 2011.
CUTR missed, even with the miss valuation is getting compelling, if it dips below $10 I'd say it's a buy. IMHO.
NTRI Someone bought a lot of March $22.50 puts this morning.
Brightpoint to Distribute Google Applications on Mobile Devices
Monday February 11, 12:10 am ET
Brightpoint Will Pre-Install Google Search and Google Maps for Mobile on Smartphone Devices
PLAINFIELD, Ind., Feb. 11, 2008 (PRIME NEWSWIRE) -- Brightpoint, Inc. (``Brightpoint'') (NasdaqGS:CELL - News) announced today that it has entered into a distribution agreement with Google Inc. to distribute Google(tm) services. Pursuant to the agreement, Brightpoint will pre-install a wide range of smartphones, including those running on Windows Mobile, Blackberry, Palm, Symbian, and other OS-powered device, with Google Search and Google Maps(tm) for mobile. These applications will be distributed through Brightpoint's 25,000 B2B customers around the world.
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``We're excited to work with Google to bring more services to our customers. I believe Google's innovative mobile applications and services will further accelerate the replacement cycle and create a 'pull' demand in the global wireless marketplace. Through our leadership position in the global wireless distribution and customized logistic services value chain, we offer a compelling value proposition to all OS-powered device manufacturers. I believe that this new relationship with Google is a testament to Brightpoint's ability to provide strategic value to the increasing penetration of converged devices on a global basis,'' stated Robert J. Laikin, Brightpoint's Chief Executive Officer and Chairman of the Board.
About Brightpoint, Inc.
Brightpoint, Inc. (NasdaqGS:CELL - News) is a global leader in the distribution of wireless devices and in providing customized logistic services to the wireless industry. In 2007, Brightpoint handled approximately 83 million wireless devices globally. Brightpoint's innovative services include distribution, channel development, fulfillment, product customization, eBusiness solutions, and other outsourced services that integrate seamlessly with its customers. Brightpoint's effective and efficient platform allows its customers to benefit from quickly deployed, flexible, and cost effective solutions. The company has approximately 3,300 employees in over 25 countries. In 2007 Brightpoint generated revenue of $4.3 billion and net income of $47.4 million. Brightpoint provides distribution and customized services to over 25,000 B2B customers worldwide. Additional information about Brightpoint can be found on its website at http://www.brightpoint.com, or by calling its toll-free Information and Investor Relations line at 877-IIR-CELL (877-447-2355).
Certain information in this press release may contain forward-looking statements regarding future events or the future performance of Brightpoint. These statements are only predictions and actual events or results may differ materially. Please refer to the documents Brightpoint files, from time to time, with the Securities and Exchange Commission; including, Brightpoint's most recent Form 10-K and Form 10-Q and Exhibit 99.1, thereto. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in or implied by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date these statements were made. Brightpoint undertakes no obligation to update any forward-looking statements contained in this press release.
Google and Google Maps are trademarks of Google Inc.
Contact:
Brightpoint, Inc.
Anurag Gupta
317-707-2355
Anurag.gupta@brightpoint.com
I get updates from time to time from my news service. I couldn't find anything on Yahoo but I googled it and it looks like you can track it here...
http://investmenttools.com/futures/bdi_baltic_dry_index.htm