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UVE news...
Universal Insurance Holdings, Inc. Declares Ten Cent Cash Dividend
Wednesday January 23, 3:21 pm ET
FORT LAUDERDALE, FL--(MARKET WIRE)--Jan 23, 2008 -- Universal Insurance Holdings, Inc. ("UIH") (AMEX:UVE - News), a vertically integrated insurance holding company, announced today that its board of directors declared a dividend of $0.10 per share on its common stock. The dividend is payable on August 7, 2008 to shareholders of record as of July 9, 2008.
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The board of directors' decision to increase the dividend by 11 percent from nine cents to ten cents reflects the Company's positive results and profits during the third quarter ended September 30, 2007, as detailed in its most recently filed Form 10-QSB with the Securities and Exchange Commission. Future cash dividend payments are necessarily subject to business conditions, the Company's financial position, and requirements for working capital and other corporate purposes. The Company's board of directors intends to evaluate the possibility of paying future dividends on a quarter-by-quarter basis.
About Universal Insurance Holdings, Inc.
The Company is a vertically integrated insurance holding company operating solely in the state of Florida. Through its subsidiaries, the Company is currently engaged in insurance underwriting, distribution and claims. Universal Property & Casualty Insurance Company (UPCIC), which generates revenue from the collection and investment of premiums, is one of the top five leading writers of homeowners insurance in the state of Florida and has aligned itself with well respected service providers in the industry.
Cautionary Language Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate" and "project," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include, but not be limited to, projections of revenues, income or loss, expenses, plans, and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future results could differ materially from those described in forward-looking statements.
Contact:
Investor Contact:
Philip Kranz
Dresner Corporate Services
312-780-7240
pkranz@dresnerco.com
--------------------------------------------------------------------------------
Source: Universal Insurance Holdings, Inc.
Nice call, I tried to join you but I gave up chasing @ $127.50
aapl falling off a cliff just broke below $130. Value starting to look attractive here.
Just grabbed a little UVE @ $4.39 can't believe it's this cheap and at this price the div is about 8% while I wait for a 50% gain.
08:39 Page One: Down Again
A string of decent earnings reports from non-financial firms isn't enough to overcome the disappointing outlook from Apple. The baby is again being thrown out with the bathwater. Futures point to a sharply lower open. The Fed rate cut wasn't enough to turn sentiment around in part because the fed funds rate cut merely reflects the decline in market rates that has already occurred. Apple reported earnings and revenue above expectations after the close yesterday, but guided this quarter's profit estimate lower. They also shipped fewer iPods than expected. Futures immediately dropped and never recovered. That ended the intra-day bounce from yesterday... This morning, there have been earnings reports from a number of large firms. Most beat current quarter estimates, and although most also gave cautious outlooks for the full year, that is hardly surprising. The market has clearly taken into account the reality that earnings growth through 2008 will be sluggish. These reports haven't helped the market tone at all. The list includes good reports from Dow components United Technologies and Pfizer. Both beat estimates. Pfizer even guided profit estimates higher for the current quarter. United Technologies guided full year estimates on the low end of current Wall Street forecasts. That rates as good these days. General Dynamics, Rockwell International, Abbott Labs, Texas Instruments, and Norfolk Southern also reported earnings above expectations. The market is rightfully concerned about the profit outlook in upcoming quarters, but many stocks are being priced for an even worse outlook than the companies have presented. Almost every stock is being punished for the widespread fear of a severe recession. There will ultimately be some very good values amongst these stocks that are being pulled down because of the overall market environment. The fed funds rate cut yesterday was good news, but not enough to stabilize the stock market. There is a chance that the Fed will cut rates again at the Jan. 30 policy meeting. The fed funds rate is now 3.5%, which is still well above the 1.9% yield on the 2-year note and even above the 10-year yield of 3.34%. The Fed can justify lowering the fed funds rate at least another 0.5% and maybe a full 1.0% just to bring it into line with market rates. The financial markets remain skeptical of the degree of the impact, but a lower rate structure will, over time, have a positive effect on the economy. The stock market tone remains very poor. -- Dick Green, Briefing.com
Amazing, when the market is cranking AAPL is just "sandbagging" and it's "buy, buy, buy" now it's "they guided lower" slaughter the pig!
13:57 FED FirstFed Financial tgt cut to $20 at FBR (30.96 +0.61)
FBR cuts their tgt on FED to $20 from $35 as the housing mkt in California continues to deteriorate. As long as NPAs increase at this pace, the firm says investors will not be able to quantify FED's losses, and the stock will continue to trade at a steep discount to book value. The market is implying 15% cumulative losses on FED's pay-option ARM portfolio, a number that they believe is too high. Until investors see improvement in credit trends, they expect the stock to trade at a 40% to 50% discount to book value. The firm believes it could take another four to six qtrs until credit trends stabilize and investors can quantify banks' credit losses.
Asia Markets Tumble on US Worries
TOKYO, Mon Jan 21, 10:34 PM
Global stock markets extended their shakeout into a second day Tuesday, plunging amid worries that a possible U.S. recession will cause a worldwide economic slowdown. The dramatic declines were expected to spread to Wall Street, where stock index futures were already down sharply hours before the trading day began.
Japan's Nikkei 225 index, the benchmark for Asia's biggest bourse, skidded 4.4 percent in morning trading to 12,738.31 points, after dropping 3.9 percent Monday. Hong Kong's Hang Seng index was down 5.2 percent after plunging 5.5 percent the day before.
"Unless we get some positive 'shock effects,' such as drastic measures from the U.S. government, there is almost no hope for a recovery in stocks," said Koji Takeuchi, senior economist at Mizuho Research Institute in Tokyo.
U.S. markets were closed Monday for a holiday commemorating civil rights leader Martin Luther King Jr. But Wall Street future prices were down sharply, portending a plunge when trading begins at 9:30 a.m. Eastern time.
Dow Jones industrial average futures were down 436 points, or 3.6 percent, at 11,670, while Standard & Poor's 500 futures were down 57.1 points, or 4.3 percent, at 1,268.
Markets have been plunging amid pessimism about the ability of the U.S. government to prevent a recession. The Federal Reserve has indicated it will lower interest rates further, and President Bush has proposed an economic stimulus package that includes $145 billion in tax cuts, but investors around the world are doubtful that the measures will lift the economy quickly.
The U.S. economy has been battered by a slump in the housing market and a credit crisis that has led to billions of dollars of losses among major U.S. banks.
In Europe Monday, investors also dumped stocks, sending the Britain's benchmark FTSE-100 down 5.5 percent and France's CAC-40 Index sliding 6.8 percent. Germany's blue-chip DAX 30 plunged 7.2 percent to 6,790.19.
Takeuchi said investors feel that the selloff is spreading worldwide, setting off fears of a global downturn. Risks of economic contraction have been growing in Japan as both exports and consumer spending are weakening, he said.
Kirby Daley, strategist at Newedge Group, said the Nikkei could shed another 10 percent to 15 percent to the 11,000 level in the next few months. Japanese companies depend on exports and capital investments to keep up profits, and both are endangered if there is a U.S. slowdown, he said.
"The argument that valuations are cheap for Japanese stocks is flawed," Daley said. "The basis for those earnings valuations doesn't consider ongoing problems in the U.S. economy, which are likely to get worse."
Even usually upbeat Japanese Economy Minister Hiroko Ota acknowledged that downsides risks are growing, given the volatile markets and surging oil prices.
"The economy keeps recovering as recent production data show, but downside risks are growing these days," Ota told reporters.
Geez, stop being so dramatic, before you know it you'll be saying Larry Kudlow has no credibility left.
Black Tuesday ?!?!?!?!?!...
World stocks tumble on economy fearsJanuary 21, 2008 8:25 AM ET
All Reuters newsLONDON (Reuters) - World stocks tumbled on Monday as fears gripped investors that a sliding U.S. economy would drag others down with it.
Demand for safe-haven bonds and currencies soared.
MSCI's main world stock index, a benchmark gauge of stock markets globally, was down 2.9 percent, falling below its 2007 low to levels last seen in December 2006.
"A mixture of weak global economic data, poor corporate data, increasing fears about the possibility of a recession ... have left investors drowning in a sea of red," said Henk Potts, equity strategist at Barclays Stockbrokers.
The pan-European FTSEurofirst 300 was down 5.8 percent, taking its 2008 year-to-date losses to more than 15 percent.
Japan's benchmark Nikkei average earlier lost 3.86 percent to close at a two-year low and MSCI's main emerging market stocks benchmark was down 3.9 percent.
"Risk aversion is widespread as the market thinks (the economic downturn) is not just a U.S. centric story," said Paul Robson, currency strategist at RBS Global Banking.
U.S. stock markets were closed on Monday for a holiday, but investors in Asia and Europe were carrying through from last week's concern on Wall Street that a fiscal stimulus proposed by President George W. Bush would not be enough to stop the U.S. economy from falling into recession.
Bush called for a package worth up to $150 billion in tax cuts and other measures.
Stock markets have been in full retreat this year over the economic fears. The broad U.S. S&P index had its biggest weekly fall since July 2002 last week.
Many indexes are now more than 20 percent below their recent cycle peaks, a traditional sign that what is going on is not just a correction but the start of a bear market.
Such falls sometimes signal to large investors that it is time to buy. But leading investment bank Morgan Stanley said on Monday that that was not the case now, at least as far as Europe was concerned.
"We are not compelled to buy yet despite bearish sentiment," its European equity strategy team said in a note. "We continue to prefer cash over equities."
RISK AVERSION
The global equity market weakness prompted currency investors to liquidate risky positions, lifting the low-yielding Japanese yen while the dollar gained on the view no country will escape the economic downturn.
The yen rose to a 2-1/2 year high against the dollar and high-yielding currencies in general sold off.
The dollar was around 1 percent weaker against the yen at 105.72 yen. The euro was around 1.8 percent weaker against the yen, slipping below 154 yen for the first time since late August.
The euro was also 0.9 percent down on the day against the dollar at $1.4485, slipping below $1.45 for the first time in a month.
Demand rose for safe-haven government bonds.
The interest rate-sensitive two-year Schatz yield was at 3.355 percent, sinking 12.2 basis points. It's down 65 basis points so far in January, well on track for its biggest monthly decline in over 10 years, according to Reuters charts.
The 10-year Bund yielded 3.911 percent, down 6.7 basis points.
(Editing by Ruth Pitchford)
Copyright 2008 Reuters
Congrats, I'm outta here for about a week. I hope you all make tons of money while I'm gone!
WidePoint Company iSYS Awarded IDIQ Contract Valued Up to $93M
Tuesday January 15, 9:00 am ET
FAIRFAX, Va.--(BUSINESS WIRE)--WidePoint Corporation (AMEX:WYY - News), a leading provider of advanced information technology products and services including identity management and information assurance services, forensic informatics and wireless technology services, today announced its wholly owned subsidiary, iSYS, was awarded a contract with the General Services Administration (GSA) under the Federal Strategic Sourcing Initiative (FSSI) to support wireless telecommunications expense management (TEM) services for multiple federal agencies. The indefinite delivery/indefinite quantity (IDIQ) contract is valued up to $93 million over a five-year period.
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iSYS is the largest provider of wireless TEM services to the federal government. This new award provides iSYS the opportunity to continue to expand its offerings across an additional 15 federal government agencies.
WidePoint CEO Steve Komar said, “Mobile technology management is an emerging growth area and we are pleased to have won such a critical, high profile award. This award highlights the impact that we believe iSYS will have on our business and further validates the strength of its management and capabilities.”
Jin Kang, President of iSYS, said, “We are extremely pleased to have been selected by the GSA for this award. High visibility contract awards like this one validate the value inherent in our proprietary software and federal government contracting experience. We look forward to the high-growth potential that this marketplace offers in 2008 and beyond.”
About WidePoint
WidePoint is a leading provider of advanced information technology products and services including identity management and information assurance services, forensic informatics and wireless technology services. WidePoint has three wholly owned subsidiaries holding major contracts, Operational Research Consultants, Inc. (ORC), and iSYS, LLC, and WidePoint Illinois. WidePoint enables organizations to deploy fully compliant IT services in accordance with government-mandated regulations and advanced system requirements. For more information, visit http://www.widepoint.com.
An investment profile about WidePoint may be found at http://www.hawkassociates.com/wyyprofile.aspx.
For investor relations information regarding WidePoint, contact Cale Smith or Frank Hawkins, Hawk Associates, at 305-451-1888, e-mail: info@hawkassociates.com.
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company’s Forms 10-K and 10-Q filed with the SEC.
Contact:
For WidePoint Corporation, Oakbrook Terrace, Ill.
Hawk Associates, Inc.
Frank Hawkins and Cale Smith, 305-451-1888
E-mail: info@hawkassociates.com
http://www.hawkassociates.com
--------------------------------------------------------------------------------
Source: WidePoint Corporation
FirstFed Reports Rising Delinquencies at December 31, 2007
Tuesday January 15, 8:30 am ET
SANTA MONICA, Calif.--(BUSINESS WIRE)--FirstFed Financial Corp. (NYSE:FED - News), parent company of First Federal Bank of California, today announced that, due to rising single family loan delinquencies, the provision for loan losses for the current quarter is expected to be between $20 million and $23 million, compared with $4.5 million that was recorded for the third quarter of 2007.
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Non-accrual single family loans at December 31, 2007 rose to approximately $180 million, from $83 million at September 30, 2007, while single family loans thirty to eighty-nine days delinquent rose to approximately $237 million, from $72 million at September 30, 2007. Adjustable rate mortgages that have reached their maximum allowable negative amortization, which now require an increased payment, are a contributing factor in the higher level of delinquent loans.
In addition to the higher level of loan loss expense, the Company will record approximately $2 million in additional expense during the quarter related to the move of the corporate headquarters. Most of this expense relates to a several month overlap in the lease periods of the new and old headquarters buildings. It should be noted that we decided to relocate our headquarters as the renewal rental rates for our current facility are nearly twice what we will be incurring in our new facility.
These higher estimates for loan loss expense and occupancy related expense are preliminary and unaudited. The company expects to issue its year end earnings release on Friday, January 25, 2008.
This news release contains certain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various factors, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. Such factors include, but are not limited to, the general business environment, interest rate fluctuations that may affect operating margin, changes in laws and regulations affecting the Company’s business, the California real estate market, and competitive conditions in the business and geographic areas in which the Company conducts its business and regulatory actions. In addition, these forward-looking statements are subject to assumptions as to future business strategies and decisions that are subject to change. The Company makes no guarantees or promises regarding future results and assumes no responsibility to update such forward-looking statements.
First Federal Bank of California
PRELIMINARY MONTHLY REPORT OF OPERATIONS
Unconsolidated Financial Highlights
Unaudited
(Dollars in thousands)
As of, for
the month
ended
December 31,
2007
As of, for
the month
ended
November 30,
2007
As of, for
the month ended
December 31,
2006
As of, for
the 12 months ended
December 31,
2007
As of, for
the 12 months ended
December 31,
2006
Cash and investment Securities
$
370,762
$
392,042
$
462,940
$
370,762
$
462,940
Total mortgage-backed Securities
$
46,435
$
46,417
$
57,197
$
46,435
$
57,197
Total assets $ 7,219,930 $ 7,288,069 $ 9,295,587 $ 7,219,930 $ 9,295,587
LOANS:
Total loans $ 6,523,364 $ 6,582,415 $ 8,517,452 $ 6,523,364 $ 8,517,452
Loans funded:
Single-family loans
$
33,393
$
38,269
$
98,592
$
650,511
$
1,929,686
Multi-family loans 74,539 60,702 1,700 366,236 229,332
Commercial & industrial real estate loans
9,935
3,160
-
28,460
11,757
Other loans 3,263 6,592 3,533 28,933 34,495
Total loans funded:
$
121,130
$
108,723
$
103,825
$
1,074,140
$
2,205,270
Loans originated for third parties:
-
1,000
6,690
110,073
76,699
Total loans originated:
$
121,130
$
109,723
$
110,515
$
1,184,213
$
2,281,969
Percentage of ARMs originated:
39
%
42
%
44
%
51
%
88
%
Loan repayments:
Single-family loans
$
130,010
$
101,606
$
225,657
$
1,964,885
$
2,365,361
Multi-family & commercial real estate loans
25,798
49,389
72,250
536,442
432,246
Other loans 1,159 1,817 2,464 44,084 51,471
$ 156,967 $ 152,812 $ 300,371 $ 2,545,411 $ 2,849,078
Loans sold $ - $ - $ 55,743 $ 417,191 $ 481,608
Percentage of adjustable rate loans to the total portfolio
90.18
%
91.58
%
97.11
%
90.18
%
97.11
%
Non-performing assets to total assets ratio
2.79
%
2.34
%
0.21
%
2.79
%
0.21
%
BORROWINGS:
Federal Home Loan Bank advances
$
2,084,000
$
2,041,000
$
1,490,000
$
2,084,000
$
1,490,000
Reverse repurchase agreements
$
120,000
$
120,000
$
978,448
$
120,000
$
978,448
DEPOSITS:
Retail deposits $ 3,107,490 $ 3,115,018 $ 2,866,740 $ 3,107,490 $ 2,866,740
Wholesale deposits 1,061,458 1,145,397 3,035,378 1,061,458 3,035,378
$ 4,168,948 $ 4,260,415 $ 5,902,118 $ 4,168,948 $ 5,902,118
Net increase (decrease) $
(91,467
)
$
(121,549
)
$
(49,321
)
$
(1,733,171
)
$
1,517,064
AVERAGE INTEREST RATES (CONSOLIDATED):
As of, for
the month
ended
December 31,
2007
As of, for
the month
ended
November 30,
2007
As of, for
the month
ended
December 31,
2006
As of, for
the 12 months
ended
December 31,
2007
As of, for
the 12 months
ended
December 31,
2006
Yield on loans
7.52
%
7.60
%
7.99
%
7.88
%
7.24
%
Yield on investments
5.42 % 5.44 % 5.62
%
5.52 % 5.18 %
Yield on earning assets
7.38 % 7.46 % 7.85
%
7.74 % 7.12 %
Cost of deposits
4.17
%
4.26
%
4.53
%
4.38
%
4.07
%
Cost of borrowings
4.93 % 5.20 % 5.41
%
5.32 % 4.87 %
Cost of money
4.44
%
4.57
%
4.80
%
4.68
%
4.41
%
Earnings spread
2.94
%
2.89
%
3.05
%
3.06
%
2.71
%
Effective net spread
3.27 % 3.25 % 3.42
%
3.42 % 2.97 %
Contact:
FirstFed Financial Corp.
Douglas Goddard, Executive Vice President
(310) 319-6014
--------------------------------------------------------------------------------
Source: FirstFed Financial Corp.
Great! Thanks.eom.
Adjustable loans spur new worries - LA Times
LA Times reports "the no-worries lending that inflated the housing bubble is resulting in a flood of soured option-ARM loans, adjustable-rate mortgages that allow borrowers to pay so little every month that their loan balances rise rather than fall, sometimes sharply. Numbers from industry trackers suggest that these borrowers -- most of whom boast respectable and often top-tier credit scores and appear to have substantial incomes and home equity -- are starting to create a second tide of defaults for lenders swamped by the meltdown in sub-prime loans made to people with bad credit or overstretched finances.
Option ARM delinquencies are at double-digit levels in many areas of California... Countrywide Financial (CFC 6.41), the top option ARM lender, will be hit hard... The option ARM trouble stems from the loose lending practices that inundated the sub-prime business... The more recent loans appear to be faring the worst, reaffirming the conclusion that lending standards had become overly lax throughout the mortgage industry in the middle of this decade, as competition for fewer good loans intensified amid skyrocketing home prices... "It is astonishing how fast the credit deterioration has occurred," said Paul Miller, an analyst with Friedman, Billings, Ramsey... Miller said Downey Financial (DSL 24.70) was "the canary in the coal mine."... Option ARMs make up about three-quarters of Downey's loan portfolio...
Falling home prices and exaggerated appraisals are exposing the risks of stated-income ARMs, experts say. And many option ARMs were done with stated income during the boom... Stated-income loans made during the housing boom have proved to be riddled with exaggeration, according to the Mortgage Asset Research Institute. The institute said one of its customers checked 100 stated-income loans against tax documents and found that nine in 10 of them overstated income by at least 5%. "More disturbingly, almost 60% of the stated amounts were exaggerated by more than 50%," the institute reported, saying the mortgages clearly deserve their "liar's loan" handle..."
1-4-5-7-10-11-14-16-17-19-21-23 Thanks!
1-4-6-7-10-11-13-16-18-20-22-23 Thanks!
Market View: Ugly start to 2008 -Update- -Technical-
The market's performance headed into the session was one sided as the Nasdaq Comp and Russell 2000 were down the previous five days. Despite the already extensive slide the market took it on the chin off the open following the lousy jobs report (payroll 18 K consensus 70 K, unemployment 5.0% consensus 4.8%) and continued to slide late into the day. The breakdown extension has seen the Dow and S&P drop roughly 5.7% (high to low) off last week's peak but this is still better than the Nasdaq Comp (-8.4%) and Russell 2000 (-10%). The slump was virtually across the board (only Utility up 0.9%) with Housing -5.8%, Computer-Hardware -5.5%, Casino -5%, Disk Drive -4.8%, Internet HOLDRs -4.7%, Transports -4.5%, Semi HOLDRs -4.3%, Paper -4.3%, Bank -3.9%, Broker -3.8% pacing the way.
Also grabbed some DSX @ $29.34 and GRMN @ $88.50 eom.
Trying a little CROX again @ $32.65 holding to see if we rally next week.
Out Crox #8^( eom.
Grabbed some CROX @ $33.93 for a potential swing long, if it makes a new low $33.70 I'm out. Supposed to make $2.70 in 2008.
Looking for $2+ to the upside
Risking .23 to the downside.
Bad Example, Japan doesn't have a military, they can't do anything to us, we wouldn't let them, we have subsidised them by paying for their defence while they kicked our ass economically in the eighties.
I said smaller government, I'm all for the CIA and Seal teams going in and quietly killing the bastards.
I'm normally pretty hawkish but Ron Paul's examples of Vietnam and Korea have really made me think. We pulled out of Vietnam and they are moving toward capitalism and we trade with them, 50 years later and we still have troops massed on the boarder with Korea and we have a nut job in power who hates us and has nukes.
I'm not for abolishing the FBI but I am for smaller government. The government is getting way too involved in people's lives for my taste and sooner or later they are going to see a big backlash IMHO.
For instance, my mother fell and broke her hip, apparently now in New York, in addition to child protective services, they have adult protective services. A social worker is in charge of my mom's future, my dad is 82 and they feel he may not be able to take care of her (he still plays tennis 3x a week) so they are forcing her to stay in a nursing home while they evaluate the situation which is costing my dad $12k per month. She had her hip replaced and can now walk but they are making us put a wheel chair ramp on the house because they feel that would be safer and wanted it on as a condition for potential release. The social worker who was in charge of her case got transfered, the process is on hold for two weeks while the new person gets familiar with all her new cases, that only costs my dad another $6k. While I believe she will be released soon they have the power to keep her indefinitely.
Case in point two, my son got pneumonia and missed 7 days of school at the beginning of the year, recently he got sick and missed one day; we got a letter in the mail informing us about the county's new zero tolerance policy for truancy, if he misses more than 10 days (he's missed 8 already and we have 6 months to go) he could automatically get left back unless we go to a special meeting to have an exception granted and we will also have to go for an interview with child protective services. Since we have hospital records and doctors visits to support the fact that he was sick I don't think anything would come of it but my point is it really pisses me off that we have to justify our behavior to the government. They already have a doctor's note on file from when he had pneumonia.
The zero tolerance for durgs has filled our prisions with many people who weren't really criminals, it's costing us a fortune incarcerating people who shouldn't really be in jail IMHO, make drugs legal, tax them, use the proceeds to run rehab facilities and stop spending so much on jails. Also reduce gang violence.
These things make Ron Paul very appealing to me. I realize these are not all Federal issues but it still fosters disdain for big government to me.
Ron Paul sounds so radical when you first hear him but what he has to say makes more sense than any of the other candidates. I'm sure a lot of people like the idea of abolishing the IRS. lol.
Did you see Fast Money last night? They were talking about political advertising and the web. Mackey had the best one liner, "The only thing that could make the American people hate politicians more than they already do is if they started making pop up ads."
I took my profit from WYY months ago but have been watching it for a long time. Nice move today.
WidePoint Acquires iSYS
Wednesday January 2, 9:17 am ET
WidePoint Significantly Expands Presence in Growing Identity Assurance and Mobile Technology Management Markets
FAIRFAX, Va.--(BUSINESS WIRE)--WidePoint Corporation (AMEX:WYY - News), a leading provider of information technology and identity assurance management services, announced today that it executed definitive agreements to acquire iSYS LLC, an advanced information technology solutions provider to the US federal government focused on information technology assurance, forensic informatics and mobile communications optimization and management services.
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iSYS, headquartered in McLean, Va., was founded in 1999 and provides critical IT services through a number of contract vehicles to a broad range of customers including the US Department of Homeland Security, US Department of Justice, US Transportation Security Administration, Federal Bureau of Investigation, US Defense Logistics Agency, the Kansas Bureau of Investigation, the City of San Diego and many leading systems integrators.
For the fiscal year ending December 31, 2007, iSYS is projecting to report over $18 million in revenue and its sixth consecutive year of positive growth and profitability. iSYS’ current contract backlog, which represents the estimated revenues expected to be derived from awarded contracts over their remaining lives, is approximately $75.0 million, with approximately $50 million of that backlog through 2009 and the remainder through 2012. Under the terms of the transaction, WidePoint also acquired complete and exclusive ownership of the intellectual property portfolio of iSYS.
The acquisition was materially financed through a senior debt facility provided by Cardinal Bank.
WidePoint CEO Steve Komar said, “This acquisition continues to improve our already strong capabilities in the federal information management and identity assurance space, while adding high growth mobile technology management and forensic informatics software and services skills to our cross sales business strategy. iSYS’ proven expertise and high value government clearances, contract vehicles and impressive customer base has positioned the company to continue its strong growth and expansion well into the foreseeable future. Combining iSYS’ capabilities and opportunities with those of WidePoint significantly expands our footprint in our target markets and enhances our ability to service and grow the portfolio of products and services we provide to our clients.”
Jin Kang, President of iSYS, said, “We are excited about the opportunity to become a key contributor to the growth of a company we hold in high regard. We look forward to leveraging WidePoint’s contacts, managerial expertise, technical abilities and high profile to add to our already strong growth pipeline. Our portfolio of services fits well with WidePoint’s advanced solutions, benefiting each of our client bases and enabling us to jointly pursue new high visibility opportunities.”
WidePoint’s CFO Jim McCubbin added, “We believe the acquisition of iSYS will be immediately accretive to WidePoint given the large multi-year, multi-million dollar backlog at iSYS along with their pipeline of new opportunities they presently are bidding on. By principally utilizing approximately $5 million in senior structured debt for a large portion of the purchase price, along with $2 million in a sellers note and 1.5 million common shares of WidePoint, we believe we have optimized the value and risk profile of WidePoint as we minimized dilution to all our shareholders.”
Cardinal Bank SVP Sushil Clarence stated, “We are pleased to have expanded our relationship with WidePoint through this transaction. The combination of these two businesses with their complementary management teams, contract vehicles, technologies and backlogs of business add great strength to this newly expanded business enterprise.”
Details regarding the terms of the agreement will be available in WidePoint’s Form 8-K filing concerning this transaction with the Securities and Exchange Commission.
About WidePoint
WidePoint is a technology-based provider of products and services to the government sector and commercial markets. WidePoint specializes in providing systems engineering, integration and information technology services. WidePoint’s wholly owned subsidiary, Operational Research Consultants, Inc. (ORC), is at the forefront of implementing government-compliant eAuthentication identity management managed services and associated systems engineering/integration. ORC has earned four major U.S. federal government certifications offering the highest levels of assurance for transactions over the Internet. For more information on ORC, visit http://www.orc.com or call 1-800-816-5548.
WidePoint’s profile of customers encompasses U.S. Federal Government agencies, including the Department of Defense, the Department of Homeland Security and the Department of Justice as well as major U.S. defense contractors and several major pharmaceutical companies. For more information, visit http://www.widepoint.com.
An investment profile about WidePoint may be found at http://www.hawkassociates.com/wyyprofile.aspx.
For investor relations information regarding WidePoint, contact Cale Smith or Frank Hawkins, Hawk Associates, at 305-451-1888, e-mail: info@hawkassociates.com.
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company’s Forms 10-K and 10-Q filed with the SEC.
Contact:
For WidePoint Corporation, Oakbrook Terrace, Ill.
Hawk Associates, Inc.
Investor Relations:
Frank Hawkins and Cale Smith, 305-451-1888
info@hawkassociates.com
http://www.hawkassociates.com
or
WidePoint Corporation
630-629-0003
http://www.widepoint.com
or
iSYS, LLC, McLean
703-349-5644
http://www.isysllc.com
--------------------------------------------------------------------------------
Playoff Pool Picks...
2-4-6-7-9-11-14-16-18-19-22-24
Accentia Biopharmaceuticals Reports Fiscal 2007 Year-End Results; Pivotal Phase III Results Pending for SinuNase(TM) and BiovaxID(TM)
Friday December 28, 5:32 pm ET
TAMPA, Fla.--(BUSINESS WIRE)--Accentia Biopharmaceuticals, Inc. (NASDAQ:ABPI - News) today announced that the Company has filed its Annual Report (Form 10-K) with the SEC, reporting the results of its operations for the fiscal year ended September 30, 2007.
Accentia’s primary focus is dedicated to the late-stage, Phase III clinical development of its three potential blockbuster therapeutics, which target multiple, multi-billion dollar markets: SinuNase™ for the treatment of chronic sinusitis; Revimmune™ for the treatment of up to 80 autoimmune diseases, with an initial indication of multiple sclerosis; and BiovaxID™, a personalized anti-cancer vaccine initially targeting non-Hodgkin’s lymphoma. Phase 3 trial results for SinuNase and BiovaxID are scheduled to be reported in the first half of 2008, with positive data expected to accelerate U.S. and European regulatory approvals.
Based on the many significant milestones achieved in 2007, and the growth outlook for 2008, Accentia’s Chairman and CEO, Dr. Frank O’Donnell, plans to issue a comprehensive “Letter to Shareholders” in early January. Dr. O’Donnell will provide further insights, outlining the Company’s strategic vision and goals, as the Company strives to deliver breakthrough, “disruptive” drug products and technologies to patients with chronic and life-threatening unmet medical needs.
Financial Review:
Accentia has two operating segments consisting of specialty pharmaceuticals (Accentia Pharmaceuticals) and product development and market services (Analytica International). Accentia also has an approximate 76% interest in Biovest International, Inc. (OTCBB:BVTI - News), which is consolidated for reporting purposes with Accentia’s product development and market service business.
On a fully consolidated basis, including Biovest, net sales for fiscal 2007 were $18.3 million, compared with $25.1 million in the prior fiscal year. This decrease is primarily attributed to: a decrease in net sales for our Specialty Pharmaceuticals segment, largely due to a strategy shift resulting in the divestiture of our Xodol and Histex product lines in order to focus on products with higher growth potential; and to a lesser extent due to a decrease in net sales in Analytica and Biovest. Consolidated research and development costs were $19.9 million for the year, an increase of $5.3 million, or 36%, over the same twelve-month period in 2006. This increase included $9.7 million in SinuNase development compared to $2.5 million for the same period last year, attributed to its Phase 3 clinical trial. Our Biovest subsidiary research and development expense decreased to $10.2 million for its 2007 fiscal year from $12.0 million over the same twelve-month period in 2006.
Accentia’s net loss for the year ended September 30, 2007, on a fully consolidated basis, including Biovest, was $76.0 million, compared to $43.4 for the same twelve-month period in 2006. Of this, $38.3 million was due to non-cash expenses. This increased loss was attributed to factors including those incurred from: increased research and development expenses related to the SinuNase Phase 3 clinical trial; increased interest expense; loss on sale of assets; embedded derivative accounting for convertible debt financing transactions; and extinguishment of debt.
The fully consolidated loss per share for the year ended September 30, 2007 was $2.21, of which $1.11 per share was the result of non-cash charges and $0.95 per share reflected losses by Biovest, which are consolidated in Accentia’s financial statements, although since February 2007, Biovest has been self-funded. For the comparable 2006 year, the fully consolidated loss per share for the year was $1.56, of which $0.23 or $6.4 million was the result of non-cash charges and $.49 per share reflected losses by Biovest. Per share figures are based on 34,424,555 weighted average shares outstanding for 2007, and 27,890,825 weighted shares outstanding for 2006.
At September 30, Accentia had $1.6 million of cash on hand, and approximately 73.1 million shares of Biovest, which had a market value of approximately $36.5 million. Subsequent to fiscal year-end, Accentia received proceeds from warrant exercises that yielded $4.6 million, a $4 million extension of its secured credit line, and a renewal and expansion of its pre-existing Hopkins Capital Group II, LLC unsecured credit facility providing net access to an additional $6.5 million in addition to the $4.2 million that has previously been accessed. In addition, as previously announced, Biovest secured an $8.5 million financing.
In other news, Accentia announced, that effective December 31, 2007, Todd D. Tho resigned as a Director of the Company, as a consequence of his decision to accept employment with a company in the healthcare industry. Mr. Tho ’s resignation was not a result of any disagreement with the Company or related to its operations, policies or practices.
About Accentia Biopharmaceuticals, Inc.
Accentia Biopharmaceuticals, Inc. is a vertically integrated biopharmaceutical company focused on the development and commercialization of drug candidates that are in late-stage clinical development and typically are based on active pharmaceutical ingredients that have been previously approved by the FDA for other indications. Usually these drug candidates can access the accelerated 505(b)(2) regulatory approval pathway, which is generally less time-consuming and less expensive than the typical 505(b)(1) pathway that must be used for new chemical entities. The Company's lead product candidate is SinuNase™, a novel application and formulation of a known therapeutic to treat chronic rhinosinusitis. SinuNase has been granted Fast Track status by the FDA and it is currently in a pivotal Phase 3 clinical trial. During this fiscal year, the Company also plans to file an Investigative New Drug (IND) for a pivotal Phase 3 clinical trial of Revimmune™, to treat numerous autoimmune diseases with an initial indication targeting refractory relapsing-remitting Multiple Sclerosis. Revimmune is based on pulsed, ultra-high dosing of a well-known chemotherapeutic agent under a risk management program. Additionally, through an investment strategy, the Company has acquired the majority ownership interest in Biovest International, Inc. (OTCBB:BVTI - News) and a royalty interest in Biovest's lead drug candidate, BiovaxID™ and any other biologic products developed by Biovest. Biovest is currently conducting a pivotal Phase 3 clinical trial for BiovaxID which is a patient-specific anti-cancer vaccine focusing on the treatment of follicular non-Hodgkin's lymphoma. BiovaxID has been granted Fast Track status by the FDA. In addition to these product candidates, the Company has a specialty pharmaceutical business, which markets products focused on respiratory disease and an analytical consulting business that serves customers in the biopharmaceutical industry.
For further information, please visit http://www.Accentia.net.
Forward-Looking Statements
Statements in this release that are not strictly historical in nature constitute "forward-looking statements." Such statements include, but are not limited to, statements about Revimmune(TM), SinuNase(TM), BiovaxID(TM), AutovaxID(TM), SinuTest(TM) and any other statements relating to products, product candidates, product development programs, the FDA or clinical study process including the commencement, process, or completion of clinical trials or the regulatory process. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, expectations and intentions, and other statements identified by words such as "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results of Accentia to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval for product candidates; competition from other pharmaceutical or biotechnology companies; and the additional risks discussed in filings with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and Accentia undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. The product names used in this statement are for identification purposes only. All trademarks and registered trademarks are the property of their respective owners.
Contact:
Accentia Biopharmaceuticals, Inc., Tampa
Douglas Calder, Director of Investor Relations &
Public Relations, 813-864-2554, ext.258
dwcalder@accentia.net
or
Susan Bonitz, Ph.D., 813-864-2554, ext.277
sbonitz@accentia.net
--------------------------------------------------------------------------------
Source: Accentia Biopharmaceuticals, Inc.
NTWK - They report earnings in Feb. Last quarter was very good. Think it climbs through January into earnings. Based in Pakistan so getting hit right now. As long as Musharif doesn't loose control and is able to calm things down this one is a winner IMHO.
Took a position @ $2.38 yesterday and got a partial @ $2.26 today. Looking for $3+
Last Quarter...
NetSol Technologies Reports Record Revenue and Net Income for Fiscal First Quarter 2008
Thursday November 8, 6:00 am ET
GAAP Net Income Increased to a Record $1.8 Million, or $0.08 per Share; EBITDA Increased to a Record $2.8 Million, or $0.12 per Share; Revenue Increased 48% Year-Over-Year to a Record $8.7 Million
CALABASAS, CA--(MARKET WIRE)--Nov 8, 2007 -- NetSol Technologies Inc. ("NetSol") (NasdaqCM:NTWK - News), a multinational provider of IT services and enterprise software to the financial services industry, today announced financial results for the fiscal first quarter 2008, ended September 30, 2007.
Fiscal First Quarter 2008 Financial Highlights
-- Revenues increased 48% year-over-year to a record $8.7 million
-- Services increased 73% year-over-year to $5.2 million
-- License fees increased 21% year-over-year to $1.9 million
-- Maintenance fees increased 22% year-over-year to $1.6 million
-- Gross margin increased to 61% compared to 50% in the prior year period
-- Operating income improved to $2.2 million compared to an operating loss
of $0.2 million in the year ago period
-- GAAP net income increased to a record $1.8 million, or $0.08 per share,
versus a loss of $1.3 million or ($0.08) per share in the year ago period
-- EBITDA increased to a record $2.8 million, or $0.12 per diluted share
-- Full year fiscal 2008 organic revenue growth forecasted to be 25
percent to 30 percent above fiscal year 2007 levels
ADVERTISEMENT
Najeeb Ghauri, chairman and chief executive officer of Netsol, stated, "Fiscal year 2008 begins on a strong foundation as revenue, GAAP net income and EBITDA each set new all-time record highs driven by robust double digit growth in services, license sales and maintenance fees. Growth within our IT consulting services business was especially strong as we continue to expand our range of vertical market expertise, as evidenced by our entrance into the fast growing market for Hospital Management Systems (HMS) with a new contract engagement with a major public sector hospital. While new contracts wins and expanded relationships with existing customers supported our impressive top line expansion, the results of our operating efficiency initiatives, and the leverage we are gaining internally from our offshore development resources, were equally impressive. Improved global operating efficiencies allowed us to reduce our total quarterly operating expense while driving top line revenue growth 48% over the same period. Overall, we are extremely pleased with our fiscal first quarter performance which supports our optimism for full year growth in revenues and profitability for fiscal 2008."
NetSol Technologies Inc. reported record consolidated revenues of $8.7 million for the first quarter of fiscal year 2008, a 48% increase compared to the $5.9 million in revenues reported for the same period in fiscal year 2007. Consolidated gross profit for the first quarter was approximately $5.2 million, an increase of 78% as compared to the prior year. Gross margin for the first quarter of fiscal year 2008 was 61% compared to 50% in the prior year period.
GAAP (Generally Accepted Accounting Principles) net income for the first quarter of fiscal year 2008 was a record $1.8 million, or $0.08 per basic and diluted share, compared to a GAAP net loss of $1.3 million, or ($0.08) per basic and diluted share, reported in the first quarter of fiscal year 2007. EBITDA for the first quarter was a record $2.8 million, $0.13 per basic share or $0.12 per diluted share, compared to negative EBITDA of $353 thousand, or a loss of ($0.02) per basic and diluted share, in the first quarter of fiscal year 2007.
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. The Company uses EBITDA as a measure of the Company's operating trends. Investors are cautioned that EBITDA is not a measure of liquidity or of financial performance under Generally Accepted Accounting Principles (GAAP). The EBITDA numbers presented may not be comparable to similarly titled measures reported by other companies. EBITDA, while providing useful information, should not be considered in isolation or as an alternative to net income or cash flows as determined under GAAP. Consistent with the SEC Regulation G, the non-GAAP measures in this press release have been reconciled to the nearest GAAP measure, and this reconciliation is located under the financial table heading "Reconciliation to GAAP."
NetSol ended the fiscal first quarter of 2008 with approximately $4.8 million dollars in cash and cash equivalents.
Fiscal First Quarter 2008 Business Highlights
-- Appointed Mitch Van Wye vice president of development and chief
operating officer for NetSol North America and Alexa Bradley as head of
U.S. sales for NetSol North America
-- Restructures management team in UK operation
-- Global NetSol corporate rebranding initiative completed among key
geographic regions: NetSol Asia Pacific, NetSol North America and NetSol
EMEA
-- IT services contract win from a major public sector hospital
highlights NetSol's penetration into Hospital Management Systems (HMS)
-- NetSol awarded the contract for the implementation of the Motor
Vehicle Registration System (MVRS) for all the 34 districts of the province
on Punjab, Pakistan
-- Blue-chip motor finance company in Australia licenses LeaseSoft's
Retail Finance Solution
-- BMW financial services CEC Finance Hong Kong division went live with
NetSol's LeaseSoft Retail solution
-- Latest edition of LeasePak 6.0 released for general availability
-- Signed a LeasePak contract with a multinational construction equipment
manufacturer's finance captive in the U.S. for rollout of the company's
equipment and vehicle dealership leasing worldwide
-- Signed a new software license and system implementation contract with
a Fortune 50 blue-chip worldwide IT provider to support the company's
equipment leasing operations globally
-- Expanded client relationships with Key Bank, Yamaha Motor Finance,
Pentech Finance and a major equipment company
-- Established an ISV partnership with a global Fortune 50 IT provider
The Company's subsidiary, NetSol Technologies, Ltd, a Pakistani company listed on the Karachi Stock Exchange (Symbol: NETSOL), released its September 30, 2007 fiscal first quarter 2008 results on October 31, 2007. These results may be found on the Karachi Stock Exchange website www.kse.com.pk. The subsidiary's results represent only a portion of the Company-wide results.
Conference Call Information
NetSol Technologies will host a conference call at 11:00 a.m. ET (8:00 a.m. PT) today to review these results. The conference call will be web cast live and will be accompanied by a PowerPoint presentation, both may be accessed online at: http://www.netsoltek.com/investors/investor_relations.htm. To access the live teleconference investors and analysts in North America may dial +1 (877) 407-8033 or when calling internationally dial +1 (201) 689-8033.
An audio replay of the conference call will be available approximately one hour following the conclusion of the call and will be available for 30 days. To access the replay in North America dial +1 (877) 660-6853 or when calling internationally dial +1 (201) 612-7415, using replay account code # 286 and conference ID # 258104. An archived replay of the conference webcast will also be available on the NetSol Technologies web site at http://www.netsoltek.com/investors/investor_relations.htm.
About NetSol Technologies
NetSol Technologies (NasdaqCM:NTWK - News) is a multinational provider of IT services and enterprise solutions to the financial services industry. By utilizing its worldwide IT design, development, quality assurance (QA), and project management resources, NetSol delivers high-quality, cost-effective portfolio management solutions for equipment and vehicle finance, as well as IT services ranging from consulting and application development to systems integration and development outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both the ISO 9001 and SEI (Software Engineering Institute) CMMi (Capability Maturity Model) Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. NetSol Technologies' clients include Fortune 50 manufacturers, global automakers, financial institutions, technology providers, and governmental agencies. Headquartered in Calabasas, California, NetSol Technologies has operations and/or offices in London, San Francisco, Adelaide, Beijing, Bangkok and Lahore, Pakistan.
To learn more about NetSol Technologies Inc., visit www.netsoltek.com.
Long NTWK @ $2.38 getting whacked on Bhutto news.eom.
Riots break out in aftermath of Bhutto's death
Updated Thu. Dec. 27 2007 12:49 PM ET
Shyema Sajjad, Special to CTV.ca
KARACHI, Pakistan -- The major cities in Pakistan, including the garrison city of Rawalpindi, have all broken out in chaos after the assassination of Benazir Bhutto, chairperson of Pakistan People's Party.
The buildings are being torched and there are people out on the streets yelling anti-government slogans, attacking vehicles on the road. In Karachi, riots have broken out on the streets and people are leaving their cars parked on the road and walking home to avoid being attacked.
In residential areas in Karachi, such as the Defence Housing Authority, people are running around with sticks and stones, attacking cars passing by. Gas stations are being torched and there is mayhem among the groups who don't know whom to blame and what implications lie ahead for the country.
There is a lot of apprehension about what lies next and the people who are out on the streets are being motivated by sadness and anger.
Bhutto, a key player in Pakistan's upcoming election, was a hero to many. Her death has caused mixed emotions as people vent their anger and confusion out on the streets. There is also a fear that this was a ploy to delay Pakistan's democratic process.
Weddings were left abandoned and restaurant meals left untouched as people raced home and all public places closed down.
A big explosion occurred at 9 p.m., local time, opposite Park Towers, one of the largest malls in Karachi. People across the mall were stoning cars and shouting PPP slogans as terrified shoppers rush to escape.
Anti-Pervez Musharraf slogans are being yelled out in the cities. And in Larkana, Sindh, people are walking around with guns on the street. At least 10 banks have been burnt in Larkana, according to local news alerts. Buses are also being torched to block major bridges leading to Karachi's industrial areas.
The people on the streets, of all ages, are large groups of young men. Election posters and banners are being torched and an address was made to the nation by President Pervez Musharraf who stated that the flag will be raised at half-mast for three days in Pakistan.
Gun shots can be heard in Karachi's residential areas and not a person can be seen on the streets of the quieter areas. Houses are being locked and bolted to avoid attacks and no one is stepping out of their homes. With phone lines jammed and television stations randomly going off-air, people are making sure they have supplies in case electricity is turned off as well.
Even those who were not particularly in favour of her policies are shocked and saddened by her violent and sudden death and the mixed emotions can be seen on the streets where people are turning to violence as their confusion and anger prevails.
Shyema Sajjad, a journalist in Karachi, attended Ryerson University's journalism school in Toronto last year.
Out URI @ $18.70 Weeeeeeeeee!!!! eom.
Just saw Ron Paul on Meet the Press, I liked a lot of his ideas, I was surprised at how persuasive he was and how intelligently he was able to defend his positions considering how radical they are compared to the way the country is currently run.
I really think we need to reevaluate our position on illegal drugs as a country, not because I am a for using drugs, because I think we waste an incredible amount of resources on many levels from trying to stop drugs from entering the country to locking up people and turning them into hardened criminals when they should be treated as addicts. Make it legal, make it safer,(please note I said safer not safe) tax it and use the tax revenues to support addiction programs. You would probably see a large drop in gang violence as well.
I'm usually pretty hawkish myself but I have to admit he's made me reconsider some things with his comparisons between Vietnam and Korea.
At the very least he brings some interesting and important ideas to the table for discussion. I understand why he's raised so much money in the last two weeks.
URI - took a small position @ $17.90 looks over done below $18. Court ruled against URI forcing the buyout to take place @ $34.50 but below $18 looks silly. Cerberus didn't say anything negative, just can't get the financing.
Below $18 its trading at 2 year lows.
Looks like the Fad is coming back...
RIMM Research In Motion: Another spurt in growth could come from a new designed touch-screen BlackBerry - WSJ (106.99 ) -Update-
WSJ reports anther spurt in growth could come in a few months as a result of a dramatic new design -- a touch-screen BlackBerry. At least one European carrier is testing the new design, according to Gus Papageorgiou, managing director, Technology Hardware Research at Scotia Capital. A touch-screen BlackBerry could help RIM compete with Apple Inc.'s popular iPhone, which sells more to consumers than businesses. RIM would have to find a clever way to tailor a touch-screen BlackBerry to business professionals with heavy email habits. One possibility is a rollaway keypad.
RICK Rick's Cabaret: Reports Q4 results (26.39 +1.46)
Co reports Q4 EPS of $0.20 vs $0.14 First Call single est; revs increased 41.5% from a year ago to $8.97 mln vs $8.98 mln First Call single est. "We are very pleased with our 2007 performance overall," said Eric Langan, President and CEO of Rick's Cabaret. "The really exciting time for our company lies ahead of us: our organic growth continues to be strong; we will immediately begin seeing the dramatic impact of earnings from our newest acquisition, Tootsies in Miami; and we have a robust pipeline of additional acquisitions ahead of us."
MBI MBIA bond risk soars on $8.1 billion CDO disclosure - Bloomberg.com (21.49 -5.53)
Bloomberg.com reports the co's shares plunged, and the risk of default soared after the world's biggest bond insurer revealed that it guarantees $8.1 bln of collateralized debt obligations repackaging other CDOs and securities linked to subprime mortgages. Credit-default swaps tied to MBIA's bonds climbed 115 basis points to 595 basis points, the widest on record, according to CMA Datavision in London.
MBIA posted a document on its Web site late yesterday showing it insured the so-called CDOs-squared, a potentially riskier form of security than what the co typically guarantees. Rising defaults on subprime mortgages packaged into securities have led to bond downgrades and threatened MBIA's AAA guaranty rating. Credit-default swaps tied to MBIA's bond insurer, MBIA Insurance, climbed the most in at least a year. The five-year contracts, used to speculate on the company's ability to repay its debt or hedge against the risk it doesn't, rose 95 basis points to 340 basis points, CMA prices show. That means it would cost $340,000 a year to protect $10 million in MBIA Insurance bonds from default for five years. Contracts tied to Ambac rose 30 basis points to 595 basis points, according to CMA.
"We are shocked management withheld this information for as long as it did,'' Ken Zerbe, an analyst with Morgan Stanley in New York, wrote in a report yesterday. "MBIA simply did not disclose arguably the riskiest parts of its CDO portfolio to investors.'' "How is confidence expected to return to the capital markets when these types of surprises continue to pop up?'' said Peter Plaut, an analyst at New York-based hedge fund manager Sanno Point Capital Management"... MBIA's disclosure explains why S&P and Moody's Investors Service turned more negative on the industry in recent weeks, Zerbe said. Last month, Moody's said MBIA was "unlikely'' to fall below its target capital level for an AAA bond insurer despite downgrades of securities backed by subprime mortgages. Ambac had been flagged as "moderately'' likely to need more capital. "This disclosure completely changes our view of MBIA being a more conservative underwriter relative to Ambac,'' Zerbe wrote.