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JPM hot in premarket.
AP
JPMorgan Chase Earnings Soar 55 Percent
Wednesday April 18, 7:54 am ET
By Eileen Alt Powell, AP Business Writer
JPMorgan Chase 1st-Quarter Earnings Soar 55 Percent, Dividend Raised
NEW YORK (AP) -- JPMorgan Chase & Co., the nation's third largest bank, on Wednesday reported a 55 percent increase in first-quarter profit reflecting strength across most of its primary business lines, although it increased reserves to offset subprime mortgage losses.
The New York-based bank said net income totaled $4.8 billion, or $1.34 a share, in the January-March period, up from $3.1 billion, or 86 cents a share, a year earlier. The results were boosted by an 11 cent accounting change.
Revenue was nearly $19 billion, up from $15.2 billion a year earlier.
The results far outpaced the $1.02 per share earnings on $16.9 billion in revenue expected by analysts surveyed by Thomson Financial.
The bank said it was raising its quarterly dividend 4 cents to 38 cents per share, payable on July 31 to stockholders of record as of July 6.
It also authorized a $10 billion share repurchase program.
The bank's shares rose $1.34 to $51.52 in premarket trading.
On Monday, Citigroup Inc., the nation's largest financial institution, said its first-quarter profit dropped 11 percent on a charge to cover a massive restructuring aimed at cutting costs and improving earnings. But the results still beat analysts' expectations.
Bank of America Corp., the nation's second-largest bank by assets, is scheduled to report its earnings on Thursday. It is based in Charlotte, N.C.
Jamie Dimon, the bank's chairman and chief executive, said he was "very pleased" with the results, which he said reflected the bank's broad reach.
"The investment bank, asset management and commercial banking each delivered record earnings," he said. "Private equity gains were also very strong."
Dimon repeated that while consumer and business credit appeared to be holding, "it is an environment "which we do not expect to continue indefinitely."
In fact, the bank saw some softening in its consumer retail operations.
Net income in retail financial services totaled $859 million in the first quarter, up from $718 million in the fourth quarter but down from $881 million a year earlier.
It's provision for credit losses increased $207 million to $292 million.
"This increase was due to higher losses in the subprime mortgage portfolio and, to a lesser extent, increased provision in the home equity portfolio related to weaker housing prices."
The bank called its exposure to the troubled subprime mortgage market -- which involves home loans to high-risk borrowers -- to be "manageable."
In card services, net income was $765 million, up from the fourth quarter but down from the $901 million of a year earlier. The bank said that prior-year results had benefited from significantly lower charge-offs following a change in bankruptcy rules that made it more difficult for consumers to wipe out debts.
FWIW, I've been out to GE Aviation's testing and research facilities a few times on business, and was always impressed by their superb engineers and the company's commitment to productivity enhancing "Lean" programs. Walking around their plants a few times helps give you the conviction to hold long term, lol. Typically, customers choose which engines they want on an airplane, and for the Boeing 787 in developemnt the only 2 choices are Rolls Royce and GE's next generation engines. Also indevelopment at Boeing is the 747-8, and the GE next gens (GEnx) will be the only option.
I like GE and think you have a good idea regarding calls with a 5 month horizon. Looking at how it has traded over the past 7 months, I think you can probably wait on a slightly better enrty than right now however, at about $34.7, and expect another upswing from there to the mid 36.X's or low 37's, and some nice appreciation on some ITM calls. GE has a nice yield with very little short interest, I own some in my 401K and think it is a good long term play.
CEO bought $710,800 on 4-16.
http://www.secform4.com/insider-trading/40545.htm
If it wasn't, it will be now I am sure.
I was tempted to do a Google search of the words scribed in his arm, but the deranged lunatic has gotten enough attention already, and I refused to join the massive query that probably ensued.
An amusing t-shirt:
"He was a loner, and we're having difficulty finding information about him," school spokesman Larry Hincker said.
Something tells me that a computer forensics search will come out and show that he planned this attack for weeks/months. Where are those NSA wiretaps when you need them.
DGIT
DOW only needs about 60 more points to hit an all time high today.
Wise words, especially if you use email at work:
So when you compose your e-mail, write carefully and write for posterity. You never know who might read it.
It must take an extremely disgruntled unpaid vendor to pull out a needle and sew you.
------------
Posted by: janice shell
In reply to: golongandstrong who wrote msg# 4439 Date:4/16/2007 11:04:23 PM
Post #of 4441
Has CyberKey been sewed by any unpaid vendors?
I find it curious that on 4-10-2007, Chevron filed a form 3 that they were an indirect owner of 96,891,014 shares of DYN Class A Common Stock, held directly by Chevron U.S.A. Inc., an indirectly owned subsidiary of Chevron Corp
http://www.secinfo.com/d14sr8.uMx6.htm
I wonder if this is the same 96,891,014 class A shares in today's DYN S-3?
http://www.sec.gov/Archives/edgar/data/1379895/000119312507081584/ds3asr.htm
DYN : I was watching that one trade today. S-3 sale of 96,891,014 class A DYN shares to Chevron. Induced some fear of dilution I think. I doubt Chevron will sell any time soon, I would wait until an acquisition bid to cash in if I were them, but who knows. Market didn't like it is the bottom line. and there was a stop limit run down I believe induced by a clever shorting event IMO; about a 20 cent gap down in less than a minute followed by more pain. Who knows how it will trade tomorrow.
http://www.sec.gov/Archives/edgar/data/1379895/000119312507081584/ds3asr.htm
PAYX - Paychex Inc. Possible bottom play, RSI 33.6 @ PPS 37.16.
An insider purchase today:
Purchase 2007-04-16
11:22 am PAYCHEX INC PAYX VELLI JOSEPH M (Director) 5,000 $37.13 $185,630
Recent news:
AP
Paychex Declares Regular Dividend
Thursday April 12, 10:42 am ET
Paychex Declares Regular Quarterly Dividend of 21 Cents Per Share
ROCHESTER, N.Y. (AP) -- Paychex Inc., a provider of payroll processing services, said Thursday its board declared a regular quarterly dividend of 21 cents per share.
The dividend is payable May 15 to shareholders of record May 1.
More GOOG world domination in the news.
LLY up in premarket.
It hasn't been a perfect correlation, but in general I've seen weakness in the Yen help the overall market in the last few months. TBH, the correlation seems to be weakening maybe, it does not appear to be as telling as it was in Feb/March.
DOW futures looking pretty nice premarket. I think today the bulls try to run a little.
Just an indicator.
Yep, and some premarket AMGN activity =)
Upbeat market today will help it move IMO.
Maybe the author would prefer investing more in biotech (PATernity testing, perhaps):
http://www.gfilab.com/PatScience.htm
---------------
Posted by: kkgd
In reply to: kkgd who wrote msg# 4392 Date:4/11/2007 8:55:03 PM
Post #of 4428
This is a long term play and requires more patscience
DYN 8K, analyst and investor presentation:
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001193125-07-081223&Type=HTML
Perhaps there is an upgrade in the future, the last analyst rating was on 31-Aug-06.
Watching the Yen today.
MIR TXU DYN - Mirant Explores Its Options (MIR,TXU,DYN)
Friday 04/13/2007 2:06 PM ET - Investopedia
Mirant Corporation (NYSE: MIR ) announced earlier this week that it hired J.P. Morgan to assist it in exploring strategic alternatives, including a possible sale of the company. The company first caught the attention of value investors in January of last year when it emerged from bankruptcy protection. Since then, it has been considered a leading takeover target in the increasingly attractive power sector.
The Making of a Target
Many shareholders also began pressuring Mirant to begin selling off its assets last July in order to improve the company's finances and convert it into more of a pure-play U.S. power producer. Since then, the company agreed to sell its Philippine assets to an investor consortium for $3.4 billion in December. A month later, it sold six natural-gas-fired plants to a New York private equity firm for $1.41 billion. And now, the company is in the process of selling several Caribbean power assets in a $1.1 billion sale that it hopes to close by mid-year.
These transactions left the company with an attractive market position. They also left a significant amount of excess cash that can be returned to shareholders through a buyback or dividend, retained by the company for its operations, or used as incentive for a possible suitor. Given the average buyout premiums recently, along with the company's openness to a buyout, many traders and investors are watching the last option closely!
The Prospect of a Buyout
Buyout interest among U.S. power producers has been steadily increasing since the power market's collapse spurred by Enron's bankruptcy in 2001. Notably, TXU Corporation (NYSE: TXU ) received a $45 billion buyout offer from private equity firm KKR and TPG, that raised valuations for power plant assets and fueled speculation about further acquisitions in the sector. Meanwhile, Pirate Capital and other large shareholders have also been pressuring the company to pursue a sale.
What can be expected from a buyout? Well, the TXU buyout by KKR is the most similar and recent transaction that we can analyze to get an idea of what to expect. KKR's bid for TXU came in at a 15% premium to its prior close at the time and a 25% premium to the stock's average trading price over the previous 20 days.
Recently, TXU also reportedly solicited interest from more than 70 potential buyers and provided detailed financial information to nine of them who were considering rival bids. Using these metrics, along with the company's intrinsic valuation , a buyout would likely value Mirant at around $13 billion or $54 a share or higher.
We also know that there are a number of parties that may be interested in acquiring the company. Many analysts believe that power merchant companies may be the best suitors for Mirant. These strategic buyers could include Dynegy Energy (NYSE: DYN ) and NRG Energy (NYSE: NRG ) with a third possible candidate being Reliant Energy (NYSE: RRI ). The company could also attract private equity groups and banks that have been aggressively pursuing deals in the power sector recently. (For further reading check out, The Wacky World of M&As .)
Overall, Mirant is definitely a company to watch -- excess cash and buyout interests combined with activist hedge funds (like Pirate Capital) pushing for sale of the company can never be a bad thing!
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WNR - US judge temporarily bars Western-Giant deal
Fri Apr 13, 2007 7:46pm ET
WASHINGTON, April 13 (Reuters) - A federal judge in New Mexico granted U.S. anti-trust authorities a restraining order on Friday temporarily barring oil refiner Western Refining Inc. (WNR.N: Quote, Profile , Research) from completing its proposed acquisition of rival Giant Industries Inc. (GI.N: Quote, Profile , Research)
A district judge agreed to issue the temporary restraining order after a court hearing, putting the deal on hold while the Federal Trade Commission makes its case for an injunction against the deal, a court clerk said.
The hearing came the day after the FTC filed a complaint with the court challenging the merger on the grounds that it would reduce competition for the supply of gasoline, diesel fuel and jet fuel in northern New Mexico.
Western and Giant have said their $1.13 billion deal is pro-competitive and have vowed to fight the agency in court to preserve it.
A temporary restraining order is granted by federal judges in most cases like this to give anti-trust authorities the chance to lay out their arguments against a merger.
Western Refining agreed to pay $77 per share for Giant in a pact that would create an independent refiner and marketer with capacity of about 216,000 barrels per day largely in Virginia, Texas, Arizona and New Mexico.
TSO VLO SUN - April 16 (Reuters) - Citigroup said it lowered refiners Valero Energy Corp. (VLO.N: Quote, Profile , Research) and Tesoro Corp. (TSO.N: Quote, Profile , Research) to "hold" from "buy", saying recent strong performances had eroded much of their value proposition.
Citigroup, which has a $71 price target on Valero, said cash directed towards share buybacks and strong near-term earnings momentum may provide a short-term boost for shares.
The brokerage raised its price target on Tesoro to $120 from $112, but said that investment attraction had been eroded by the 70 percent absolute increase in value since the beginning of the year. Citigroup said its preferred pick in the sector was Sunoco Inc. (SUN.N: Quote, Profile , Research). The brokerage kept its "buy" rating and raised its price target on the stock to $90 from $85, adding that while shares have performed well, performance has lagged its peers. (Reporting by Nitya Rao in Bangalore)
MRK - Merck & Co Inc
Judge dismissed a class-action investor lawsuit over Vioxx (finally), and as the company raised its 2007 profit forecast.
13-Apr-07 Merck upgraded by Goldman Sachs
19-Apr-07 Earnings announcement
LZ - Lubrizol Corp
Company Overview
Lubrizol Corporation (Lubrizol) is a specialty chemical company that produces and supplies technologies in the global transportation, industrial and consumer markets. The Company's products are used in a range of applications, and are sold into markets, such as those for engine oils, specialty driveline lubricants and metalworking fluids, as well as personal care and over-the-counter pharmaceutical products and performance coatings and inks. Lubrizol's specialty materials products also are used in a variety of industries, including the construction, sporting goods, medical products and automotive industries. It also produces products under brand names, such as Anglamol (gear oil additives), Carbopol (acrylic thickeners for personal care products), Estane (thermoplastic polyurethane) and TempRite (engineered polymers resins and compounds used in plumbing, industrial and fire sprinkler systems). Lubrizol operates in two segments: Lubrizol Additives and Lubrizol Advanced Materials.
Recent news:
AP
Lubrizol Expects Increased 1Q Profit
Friday April 13, 11:33 am ET
Lubrizol Expects Expects 1Q Profit to Beat Wall Street Forecasts on Revenue Growth
CLEVELAND (AP) -- Lubrizol Corp., a specialty chemical company, said Friday it expects first-quarter performance to beat Wall Street expectations on increased revenues that are driven by improved price and product mix.
Lubrizol shares jumped $5.13, or 9.6 percent, to a 52-week high of $58.54 in morning trading on the New York Stock Exchange. By midday the stock had retreated somewhat to $57.60. Shares increased from a 52-week low of $38.03 in July 2006 to reach a previous high of $54.13 in late February.
The company expects first-quarter earnings of 98 cents per share, excluding a restructuring credit of approximately 2 cents per share.
Analysts polled by Thomson Financial expect first-quarter profit of 78 cents per share, which excludes a restructuring credit estimated at 3 cents per share.
In the first quarter of 2006, Lubrizol reported earnings from continuing operations of 68 cents per share, excluding a restructuring charge of 2 cents per share.
The company attributed the earnings growth to higher revenues, driven by improvements in price and product mix. Lubrizol also noted that quarterly shipment volumes were higher than expected.
Lubrizol will release complete first-quarter 2007 earnings on April 27.
COT - COTT CORPORATION
Company Background
Cott Corporation is a non-alcoholic beverage company and a provider of retailer brand soft drink. In addition to carbonated soft drinks, the Company's product lines include clear, sparkling flavored waters; juice-based products; bottled water; energy drinks, and ready-to-drink teas. The Company operates its business in North America through its indirect wholly owned subsidiary, Cott Beverages Inc., in the United States and through Cott Corporation in Canada. The Company operates its International business through several subsidiaries, including its indirect wholly owned subsidiary, Cott Beverages Ltd., in the United Kingdom and Europe, and through an indirect 90% owned subsidiary, Cott Embotelladores de Mexico, S.A. de C.V., in Mexico.
Latest news:
Canada's Cott Confirms Interest In Cadbury's Beverage Arm
Friday 04/13/2007 8:30 PM ET - Dow Jones News
TORONTO ( AP )Canada's Cott Corp. (COT) confirmed Friday it is talking with interested parties about a merger with the beverage arm of Cadbury Schweppes PLC (CSG) to create a stronger rival to Coca-Cola Co. (KO) and PepsiCo Inc. (PEP).
Cott makes private-label soft drinks for retailers like Wal-Mart Stores Inc. (WMT). Cadbury Schweppes PLC has announced plans to split its drinks and candy operations this summer.
Cadbury's drinks business is expected to be valued at as much as US$15.8 billion.
"Following the recent announcement by Cadbury Schweppes PLC regarding the separation of its confectionery and Americas Beverage business, Cott has responded to interested parties that have approached the company, and is exploring the potential benefits of participating in possible industry consolidation," Cott said in a statement.
"While the board of directors of Cott is supportive of these exploratory discussions, there has been no decision regarding a change in strategy."
The Cadbury Schweppes bottling group has 9,000 employees and 10 factories in the U.S., making products including Sunkist, Canada Dry and A&W root beer, in addition to Dr Pepper and 7Up.
A merger of Cadbury Schweppes beverages with Toronto-headquartered Cott - already the world's third-largest maker of carbonated soft drinks - would appear to create a more significant rival for Coke and Pepsi.
But a U.K.-based beverage consultant raised questions about how operations outside North America would dovetail.
"They would not immediately appear to be an automatically natural fit," said Richard Hall, chairman of Zenith International, a European food and beverage consulting firm.
"The contrasts are greater than the synergies, other than in North America itself and possibly Mexico. It all depends on the price. At a premium price, I would have thought the complications outweigh the synergies."
Hall said Cadbury Schweppes drinks are marketed as strong brands, and the company has divested almost all its beverage holdings outside North America. In contrast, Cott manufactures store-brand drinks and is seeking to expand outside North America, with significant operations in the U.K. and potential forays into the burgeoning Chinese market.
Hall also noted that the potential synergies would be in the carbonated drinks sector, which is in decline.
"Neither company has particular strengths in water, juice, sports and energy drinks, which are the faster-growing area of the market."
The Cadbury Schweppes drinks are not colas that compete directly with Coke and Pepsi, while Cott makes discounted imitations aimed straight at Coke and Pepsi drinkers.
Cott has been closing factories and restructuring to reduce costs amid falling demand for carbonated soft drinks.
In February, it reported a fourth-quarter net loss of US$29.6 million compared with a year-earlier loss of US$6.9 million, as sales declined 1.4% excluding foreign-exchange effects. > Dow Jones Newswires
04-13-07 2028ET
Copyright (c) 2007 Dow Jones & Company, Inc.
RISKS
If you never try anything new, you'll miss out on many of life's great disappointments.
Oil, nat gas, and gasoline futures up markedly in overnight trading. Should see some action Friday in energy stocks.
Yeah I like the GTLT chart, and it looks better knowing insiders are buying the paper too.
As far as that other thing you mentioned, it reportedly changes every few weeks, who the hell really knows for sure what the real OS is. All that one can say with any kind of mathematical certainty is the following:
GTLT - THOMPSON H BRIAN (Executive Chairman Director 10% owner) purchased 77,000 shares at $1.83 per share for $140,910 on 2007-04-10, report4ed 2007-04-12. Along with some other insider buys.
http://www.secform4.com/insider-trading/1315255.htm
HA - Hawaiian Holdings Inc
AP
Hawaiian Airlines March Traffic Rises
Thursday April 12, 11:47 am ET
Hawaiian Airlines March Traffic Rises 22.1 Percent on 17.2 Percent Capacity Expansion
HONOLULU (AP) -- Airline Hawaiian Airlines Inc. said Thursday its March scheduled traffic rose 22.1 percent on a 17.2 percent capacity expansion.
The carrier said its scheduled traffic rose to 679 million revenue passenger miles from 556.3 million in the same month of 2006. A revenue passenger mile is an industry unit measuring one paying passenger flown one mile.
Capacity grew to 745.4 million available seat miles from 636.1 million, while occupancy improved to 91.1 percent from 87.5 percent.
So far this year, Hawaiian Airlines said its traffic is up 14.2 percent to 1.86 billion revenue passenger miles on a 14.2 percent capacity gain to 2.12 billion available seat miles. Occupancy has slipped to 87.4 percent from 87.5 percent.
Shares of parent Hawaiian Holdings Inc. rose 4 cents to $3.43 in midday trading on the American Stock Exchange.
Agree.
I bet you are right, it bounced off the 20 day MA to the downside like it has several times before this year.
i give them advantage of doubt by buying some more today.
VG news.
AP
Vonage Chief Executive Steps Down
Thursday April 12, 11:53 am ET
By Bruce Meyerson, AP Technology Writer
Vonage Holdings Chief Executive Steps Down Amid Legal Setbacks, Company Outlines Cost Cuts
NEW YORK (AP) -- Vonage CEO Michael Snyder resigned Thursday as the troubled Internet phone company reported weak preliminary first-quarter results and announced a restructuring plan that includes an unspecified number of jobs cuts.
Chairman and founder and Chairman Jeffrey A. Citron will act as interim chief executive as the company seeks a replacement for Snyder, who joined Vonage in advance of last year's initial public offering of stock, a debacle for investors.
The sudden management change and disappointing first-quarter update follow a month of legal setbacks in which Vonage was found guilty of infringing on patents held by Verizon Communications Inc.
Vonage Holdings Corp. is attempting to overturn the federal jury's verdict, but the trial judge ordered Vonage to stop signing up new customers if it continues using the disputed technology during the appeal. A federal appeals court is expect to decide soon whether that injunction should be delayed until the bid to overturn the verdict is resolved.
The legal problems led Vonage to delay its official first-quarter report so it could assess the financial impact of the jury's decision, which included $58 million in compensation to Verizon for past use of the patents, plus future royalties for their continued use. The trial judge is slated to rule Thursday on how much bond Vonage should put up to cover those potential awards during its appeal.
If Vonage loses its appeal, it would need to either strike a deal with Verizon or deploy a substitute technology to connect its customer's calls to the traditional telephone network.
Though Thursday's preliminary update on the first quarter didn't reveal an exodus of customers rattled by the threat of a disruption in service, the numbers were shy of analyst expectations.
First-quarter revenue totaled an estimated $195 million as Vonage's customer base grew by 166,000 phone lines to about 2,390,000.
The overall customer growth was roughly equal to the fourth quarter's increase, but the pace of subscriber losses increased slightly: for every two new customers, one existing subscriber left, meaning that Vonage turned on 332,000 new lines and turned off 166,000 over the three-month period.
Marketing costs averaged $275 for each new customer, down from $306 per addition in the fourth quarter.
The company said it plans to reduce annual marketing costs by about $110 million, down to about $310 million, in 2007. The company also said it would cut general and administrative expenses by $30 million by consolidating operations and cutting an undisclosed number of jobs.
Vonage's shares rose 3 cents to $3.03 in morning trading on the New York Stock Exchange after an early bob to $3.13. The stock has been clobbered since the high-profile IPO last May, plunging more than 80 percent and wiping out more than $2 billion in market value.
Stockcharts.com - Is it just my machine, or have others had the problem with charts being slow to load on Stockcharts.com the last 2 days?
Anyone know what a "T1" reason code is for the halt?
Regarding T1:
http://www.nasdaqtrader.com/Trader/News/2006/vendoralerts/newhaltopen.pdf
T1 Halt News Pending
T2 Halt News Disseminated
T6 Regulatory Halt Extraordinary Market Activity
T8 Halt ETF
T12 Trading Halted; For information requested by NASDAQ
H4 Halt Non Compliance
H9 Halt Filings Not Current
H10 Halt SEC Trading Suspension
H11 Halt Regulatory Concern
O1 Operations Halt, Contact Market Operations
IPO1 IPO Issue not yet Trading
M1 Corporate Action
M2 Quotation Not Available
Space Reason Not Available