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Gold ends at 5-month high on central-bank hopes
Metal pushes past $1,700 an ounce before paring gains
SAN FRANCISCO (MarketWatch) — Gold futures on Tuesday rose to their highest level in more than five months on expectations of more action from global central banks.
The metal briefly pushed past the key psychological level of $1,700 an ounce after a report showed a contraction in U.S. manufacturing, but pared gains before the close.
Gold for December delivery GCZ2 -0.15% rose $8.40, or 0.5%, to end at $1,696 an ounce on the Comex division of the New York Mercantile Exchange. That was gold’s highest close since mid-March.
The metal had traded as high as $1,701.60 an ounce.
Gold is showing resilience and it bodes well for its long-term prospects that it rose despite dollar strength and lower U.S. equities, said Adam Klopfenstein, senior market strategist at Archer Financial in Chicago.
“This market looks like all systems are go,” he said. Gold is rising because investors increasingly expect more quantitative easing, but are worried about its long-term implications. “People are realizing we can’t quantitative ease our way out of a jobless recovery,” Klopfenstein noted.
Prices added to gains slightly after news U.S. manufacturing activity contracted in August for the third straight month, according to a report by the Institute for Supply Management. Read more on ISM.
Reuters
Expectations of further stimulus measures from central banks have buoyed metals prices, with U.S. Federal Reserve Chairman Ben Bernanke last Friday hinting at a another round of quantitative easing.
In the euro zone, hopes were high that the European Central Bank would unveil details of a new bond-buying program at its policy meeting on Thursday.
ECB President Mario Draghi indicated late Monday that bond purchases with maturities of up to three years would not violate the bank’s mandate, according to media reports. See: Draghi remarks fuel Italy, Spain bond rally .
“The ECB is evidently planning to launch a new government bond intervention program, which would inject further liquidity into the market. This should also benefit commodities due to the lack of attractive alternative investments,” analysts at Commerzbank wrote in a note.
Gains were broad-based across the metals complex, with silver attracting buyers priced out of gold. Platinum and palladium pushed higher, buoyed by positive U.S. car-sales figures as well as, in the case of platinum, a strike in a key South African mine.
Silver for December delivery SIZ2 -0.65% rose 97 cents, or 3.1%, to settle at $32.41 an ounce.
investing | Trading Deck
September is a downer
No matter how you slice it,
the stock market’s odds in September are very poor,
writes Mark Hulbert.
• Hulbert: Do interest rates rise?
• Hulbert: Stocks will rebound
• Weidner: Fool's gold standard
• Gilburt: Final rally still likely
• Kahn: Wake up, gold bugs
• Waring: Fed's balance sheet is shrinking
• Trading Strategies: September
Silver prices have gained about 15% so far this year, with prices “underpinned by speculative financial investors,” who more than tripled their net long silver positions, or bets prices will go higher, in August, the Commerzbank analysts said.
December copper futures HGZ2 -0.10% gained 1 cent, or 0.4%, to $3.47 a pound.
Investors discounted Monday’s weak manufacturing numbers out of China to focus on the hopes for central-bank action, said Edward Meir, an analyst with INTL FCStone, in a note.
The “bulls seem to be in the driver’s seat and are pushing values higher largely on the back of growing expectations that a wave of easing policies will soon be introduced,” he added.
Strike in South Africa continues
Palladium for December delivery PAZ2 -0.37% rose $12.05, or 1.9%, to $641.45 an ounce. Sister metal platinum for October delivery PLV2 -0.43% climbed $30.20, or 2%, to $1,567.50 an ounce.
U.S. car-sales figures were positive, but two factors are driving the metals that may be more important at this stage, said Will Rhind, managing director of ETF Securities.
The possibility of quantitative easing had a positive effect on all precious metals, and particularly for platinum, there’s continued loss of production at the Lonmin PLC UK:LMI -4.69% platinum mine in South Africa.
The strike is in its fourth week and last month more than 30 people were killed in confrontations with the police.
“As the strike continues, there is an increasing fear that strike action will spread to other mines and will involve other metals, including gold. A material loss of South African platinum production or other metals will most likely result in a price reaction,” Rhind said.
Stocks to watch Wednesday: Facebook, FedEx
CHICAGO (MarketWatch) — Facebook Inc., FedEx Corp. and Altera Corp. are among the stocks that could see active trading Wednesday.
Facebook Inc. FB -1.82% said late Tuesday that Chief Executive Mark Zuckerberg and two company directors don’t plan to sell any of their shares of the social network following the expiration of a lockup period. Read more about Facebook's shares.
FedEx FDX -0.10% said it now expects to earn between $1.37 and $1.43 a share for its fiscal first quarter. Its initial forecast called for a profit of $1.45 to $1.60 a share.
“Earnings during the quarter were lower than originally forecast, as weakness in the global economy constrained revenue growth at FedEx Express more than expected,” FedEx said in a statement.
Guidewire Software GWRE +2.80% shares were up nearly 15% in after-hours trading after the company reported better-than-expected fiscal fourth-quarter results.
Altera Corp. ALTR -0.74% after the market closed Tuesday reaffirmed its third-quarter forecast that revenue will grow by 2% to 6% from second-quarter levels, paced by new products.
DeVry Inc. DV -0.57% said after the market closed Tuesday that the for-profit education provider’s board of directors has authorized a $100 million stock buyback program.
Pep Boys-Manny Moe & Jack PBY 0.00% posted a second-quarter profit of $33 million, or 61 cents a share, compared with $14 million, or 26 cents a share, a year ago.
Profit was boosted by a $43 million merger-cancellation fee that Pep Boys got after a deal to be taken private by Gores Group was nixed in late May. Sales in the most recent period edged up less than 1% to $526 million. Comparable-store sales were flat.
Pep Boys also said it plans to refinance debt to cut its debt by $100 million.
Reuters
Netflix's CEO Reed Hastings
Dollar General Corp. DG -0.80% is expected to post a profit of 64 cents a share in the second quarter, on sales of $3.96 billion, according to a poll of analysts by FactSet.
Conn’s Inc. CONN +3.41% is expected to report a second-quarter profit of 35 cents a share on sales of $206.3 million.
Netflix Inc. NFLX -6.35% shares dropped as much as 10.5% Tuesday, leading decliners on the S&P 500 Index SPX -0.12% on news that rival Amazon.com Inc. AMZN -0.16% has secured a distribution agreement with the Epix VIAB -1.30% LGF +2.98% premium cable network. See full story on Netflix.
Digital Domain Media Group Inc. shares DDMG -31.88% tumbled 32%, and could be on the move again Wednesday. On Tuesday, the company said in an SEC filing that some of its creditors have declared the firm in default on some debt.
Hot stocks to watch
http://www.marketwatch.com/story/hot-stocks-to-watch-2012-09-05
yup... CUBV kickin today!
CUBV looking hot today up by 50%, news out too.. more to come
CUBV on the move today at .1250
CUBV rocking today up by over 50 points
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eyes on CUBV today, news out too
Cuba Beverage Company Announces Completed Production Run of Its All-Natural Energy Drink
SAN DIEGO, CA--(Marketwire -08/28/12)- Cuba Beverage Company (CUBV), a manufacturer and innovator of all-natural, herbal energy drinks, announced today it has successfully completed its scheduled production run and is in the process of shipping three containers of its energy drink.
The Company contracted with Krier Foods, Inc., a prominent beverage bottler located in Wisconsin, to produce its first production run of 2012. Founded in 1913, Krier has long history of bottling and canning beverage products and has strong relationships with the nation's best-known beverage producers. Krier's innovative processes have helped Cuba Beverage keep its packaging costs low as the Company launches production of its three-flavored tier of all-natural herbal energy drinks.
"Cuba Beverage is pleased to have completed its first production run of 2012. Obviously, we are excited to be able to re-launch our three-flavored product line and even more pleased to be working with Krier, a customer service orientated packager of assorted beverages whose commitment to quality production makes them an invaluable service provider for the Company. We are eager to get product to our distributors so that we may begin to recognize sales and reclaim the traction we had previously with respect to demand," said Alex Procopio, Cuba Beverage CEO.
This production run netted approximately 6,000 cases of its three-flavor product offering; Pomegranate. Wild Berry and Passion Fruit Orange. The Company experienced some shrinkage in its first production run for this year, which is not unusual and will be partially mitigated as more cases are produced with our bottler. Cuba Beverage scheduled a second run for approximately 15,000 cases for mid-October 2012.
Follow us on Twitter @cubabev and Facebook at http://www.facebook.com/CubaBev for the latest updates.
About Cuba Beverage Company
Cuba Beverage Company is at the forefront of creating a unique category for Herbal Energy Juices in the global energy beverage market, valued at $17 billion in sales in North America alone. Developed over the past four years with leading industry scientists, CUBA Herbal Energy Juice® is the first ready-to-drink beverage by Cuba Beverage Company that offers a healthy, natural alternative to conventional energy drinks. Several countries have banned the sale of energy drinks, which contain a high dosage of stimulants, including taurine and other artificial ingredients that can increase blood pressure and heart rate, cause joint pain, depression and sleeplessness as well as many other negative health effects. CUBA Herbal Energy Juice® is rapidly setting a new industry standard with its all-natural ingredients. It contains no caffeine, no taurine, no high fructose corn syrups and/or artificial sugars, no preservatives and no artificial ingredients.
The product is available in three unique flavors: Pomegranate-Cranberry, Wild Berry and Passion Fruit-Orange. BevNet, the beverage industry's go-to source for product reviews, stated, "CUBA is a superb tasting product. Unlike other juice infused energy products, this one ("Cuba") has a low level of sweetness and its boost is derived entirely from natural sources as opposed to added caffeine... it is one of the more innovative energy drinks we've seen in a while." For more information, visit http://cubabev.com/.
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
CUBV news out today
Cuba Beverage Company Announces Completed Production Run of Its All-Natural Energy Drink
SAN DIEGO, CA--(Marketwire -08/28/12)- Cuba Beverage Company (CUBV), a manufacturer and innovator of all-natural, herbal energy drinks, announced today it has successfully completed its scheduled production run and is in the process of shipping three containers of its energy drink.
The Company contracted with Krier Foods, Inc., a prominent beverage bottler located in Wisconsin, to produce its first production run of 2012. Founded in 1913, Krier has long history of bottling and canning beverage products and has strong relationships with the nation's best-known beverage producers. Krier's innovative processes have helped Cuba Beverage keep its packaging costs low as the Company launches production of its three-flavored tier of all-natural herbal energy drinks.
"Cuba Beverage is pleased to have completed its first production run of 2012. Obviously, we are excited to be able to re-launch our three-flavored product line and even more pleased to be working with Krier, a customer service orientated packager of assorted beverages whose commitment to quality production makes them an invaluable service provider for the Company. We are eager to get product to our distributors so that we may begin to recognize sales and reclaim the traction we had previously with respect to demand," said Alex Procopio, Cuba Beverage CEO.
This production run netted approximately 6,000 cases of its three-flavor product offering; Pomegranate. Wild Berry and Passion Fruit Orange. The Company experienced some shrinkage in its first production run for this year, which is not unusual and will be partially mitigated as more cases are produced with our bottler. Cuba Beverage scheduled a second run for approximately 15,000 cases for mid-October 2012.
Follow us on Twitter @cubabev and Facebook at http://www.facebook.com/CubaBev for the latest updates.
About Cuba Beverage Company
Cuba Beverage Company is at the forefront of creating a unique category for Herbal Energy Juices in the global energy beverage market, valued at $17 billion in sales in North America alone. Developed over the past four years with leading industry scientists, CUBA Herbal Energy Juice® is the first ready-to-drink beverage by Cuba Beverage Company that offers a healthy, natural alternative to conventional energy drinks. Several countries have banned the sale of energy drinks, which contain a high dosage of stimulants, including taurine and other artificial ingredients that can increase blood pressure and heart rate, cause joint pain, depression and sleeplessness as well as many other negative health effects. CUBA Herbal Energy Juice® is rapidly setting a new industry standard with its all-natural ingredients. It contains no caffeine, no taurine, no high fructose corn syrups and/or artificial sugars, no preservatives and no artificial ingredients.
The product is available in three unique flavors: Pomegranate-Cranberry, Wild Berry and Passion Fruit-Orange. BevNet, the beverage industry's go-to source for product reviews, stated, "CUBA is a superb tasting product. Unlike other juice infused energy products, this one ("Cuba") has a low level of sweetness and its boost is derived entirely from natural sources as opposed to added caffeine... it is one of the more innovative energy drinks we've seen in a while." For more information, visit http://cubabev.com/.
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
good day muga! anything hot today? hope all is well with you today
Stocks to watch Tuesday: Lexmark, PVH, Forest
WASHINGTON (MarketWatch) — Among the stocks that could see active trade in Tuesday’s session are Lexmark International Inc., PVH Corp. and Forest Laboratories Inc.
Sanderson Farms Inc. SAFM -1.00% , Brown Shoe Co. BWS +3.36% , Movado Group Inc. MOV +4.73% , Standex International Corp. SXI +3.73% , Dycom Industries Inc. DY -1.30% and Cyberonics Inc. CYBX +2.12% are the main companies scheduled to report quarterly financial results Tuesday.
Making further changes to adapt to the competitive landscape and improve profitability, Lexmark International LXK -2.26% said it would eliminate about 1,700 positions worldwide, including 1,100 in manufacturing, as a result of another round of restructuring actions. The biggest move calls for closing the company’s Cebu, Philippines, inkjet supplies manufacturing facility by the end of 2015, in line with plans to exit the inkjet hardware market. Lexmark also said it’s “working with its strategic advisors to explore the sale of the company’s inkjet-related technology.” Pre-tax costs associated with these actions are projected at $160 million — $110 million incurred in 2012, $30 million in 2013, and the rest over 2014-2015. The actions are expected to generate $85 million savings next year, increasing to ongoing annualized savings of $95 million beginning in 2015. Also Tuesday, Lexmark said that its board approved an additional $200 million for share repurchases and that it plans to execute $100 million in buybacks over the third and fourth quarters of 2012.
Late Monday, PVH PVH +0.63% raised its profit forecast as the New York-based clothing and accessories company whose brands include Tommy Hilfiger and Calvin Klein reported results for the second quarter ended July 29. As revised, management said it expects to generate earnings of $6.25 to $6.32 a share on an adjusted basis for the full fiscal year. This tops the $6.23-a-share consensus of analyst estimates as compiled by FactSet Research. Along with a “better-than-expected second-quarter performance,” PVH cited lower product costs starting with its fall deliveries as well as the continuing strength of its brands. For the July quarter, PVH’s adjusted earnings would have been $1.25 a share, 5 cents a share better than the consensus, as sales came in at $1.34 billion. For the current quarter, PVH said it’s shooting for year-over-year profit growth of 16% to 19% on an adjusted basis, implying earnings in a range of $2.20 to $2.25 a share.
A newly constituted Forest Laboratories board adopted a stockholder-rights plan, declaring a dividend distribution of one preferred share purchase right on each outstanding share of common stock, according to the New York-based company FRX +0.03% . The action came in reaction to what Forest Labs called “the recent rapid accumulation of a significant portion” of its outstanding common stock by billionaire investor Carl Icahn. “After concluding a second proxy contest during which he repeatedly — and erroneously — disparaged Forest’s business model and growth prospects, Mr. Icahn increased his already significant position in Forest with rapid open-market purchases,” said Chairman and Chief Executive Howard Solomon in a statement late Monday. “In light of these recent developments, the board has adopted a stockholder-rights plan that is designed to ensure that all of Forest Laboratories’ stockholders receive fair and equal treatment in the event of any proposed takeover.” The rights can be exercised only in the event that a person or group acquires 12% or more of Forest’s common stock; this rises to 20% if the acquirer is defined as a 13G institutional investor. Each right will entitle Forest Labs stockholders to buy one one-thousandth of a share of a new series of junior participating preferred stock at an exercise price of $100. The dividend distribution of the rights will be made Sept. 7. They will expire in 12 months unless the rights plan is ratified by the company’s stockholders.
The board of Sally Beauty Holdings Inc. SBH +1.22% has cleared the company to buy back up to $300 million of its common stock effective Oct. 1. The 18-month authorization comes on the heels of $200 million in repurchases, covering more than 7.5 million shares, made earlier this year. Repurchases will be made through a combination of cash on hand, cash flow from operations and borrowings under Sally Beauty’s revolving credit facility, the product distributor said. Separately, the board tapped Gary Winterhalter as chairman, replacing James Berges, who has stepped down from the board along with two other directors. The three were affiliated with Clayton Dubilier & Rice, the private-equity house that recently exited its investment in the Texas-based company. Winterhalter will continue to serve as president and CEO of Sally Beauty.
Also late Monday, Gilead Sciences Inc. GILD -0.17% said the Food and Drug Administration approved Stribild, a single-tablet treatment option for patients starting HIV therapy for the first time. Stribild, which combines four compounds into a once-a-day tablet, thus becomes the third single-tablet HIV regimen developed by Foster City, Calif.-based Gilead, joining Atripla and Complera. Applications for marketing approval of Stribild are also pending in Australia, Canada and the European Union, Gilead said.
Depomed Inc. DEPO -0.39% said it would recognize as third-quarter revenue an upfront payment of $10 million from Janssen Pharmaceuticals Inc. JNJ -0.16% in connection with a patent-rights licensing deal. The deal covers Acuform, Menlo Park, Calif.-based Depomed’s gastric retentive drug-delivery technology. Terms also call for Depomed to receive royalties paid at a “a low-single-digit” percentage rate on sales of extended-release tablets of the pain drug Nucynta in the U.S., Canada and Japan through the end of 2021. Depomed said it would be eligible for a one-time milestone upon achievement of a specified level of quarterly net sales as well.
Commercial Vehicle Group Inc. CVGI -2.04% said a new deal with an auto and truck manufacturer in China could give rise to annual revenue of $12 million to $15 million by 2016-2017. The New Albany, Ohio-based has been chosen by Jianghuai Automobile Co. to supply air-suspension seating and bunk systems on the latter’s new truck platform. Production’s expected to begin at its Shanghai facility in the second quarter of 2013, ramping up over a three-year period.
Stock futures flat; focus on Jackson Hole
Data on home prices, consumer confidence due later in the session
FRANKFURT (MarketWatch) — U.S. stock futures traded nearly unchanged on Tuesday, while global growth worries put pressure on European and Asian markets, as investors remained focused on Federal Reserve Chairman Ben Bernanke’s Friday speech in Jackson Hole, Wyo.
Futures on the Dow Jones Industrial Average DJU2 +0.02% rose 1 point to 13,108. S&P 500 Index futures SPU2 -0.01% gained 0.2 point to 1,408.50 and Nasdaq-100 futures NDU2 +0.04% added 1.25 points to 2,784.
Apple Looks to Block U.S. Sales of Eight Samsung Phones, Collapsing Sidewalks, Escalator Highlight Major Flaws in Chinese Infrastructure; Swire’s Opus: One of Hong Kong’s Most Expensive Properties; Singaporean Foodies Rebel Against Diner en Blanc
“There are hopes that the Fed chairman will signal that another round of quantitative easing is imminent, although it seems more likely that he will keep investors guessing, while assuring them that the Federal Reserve stands ready to intervene further, if required,” said David Morrison, senior market strategist at GFT Markets, in London. Comments from Fed officials in recent days have highlighted disagreement over the need and effectiveness of further monetary easing, he said in emailed comments.
Bernanke will largely have the spotlight to himself at the annual Jackson Hole symposium. The European Central Bank on Tuesday said its president, Mario Draghi, canceled a planned Saturday appearance at the high-profile gathering, citing a heavy work load. Read: ECB says Draghi won’t attend Jackson Hole .
Reuters
Federal Reserve Chairman Ben Bernanke and his wife Anna at the 2011 symposium in Jackson Hole, Wyo.
Meanwhile, European equities traded lower, with the Stoxx 600 Europe index XX:SXXP -0.65% down 0.5%. Read: European stocks fall as drug stocks weigh .
Asian stocks posted a mixed finish, with Chinese stock markets rebounding while Japanese shares closed lower. Read: China shares rebound but Japan lags .
Japanese shares were pressured after the Japanese government cut its economic forecast for the first time this year, citing “some weak movements,” including slumping exports. That highlighted worries about the global growth outlook, strategists said.
The Case-Shiller U.S. home price index for June is set for release at 9 a.m. Eastern time, while August consumer-confidence data are slated for 10 a.m. Eastern.
Printing- and imaging-equipment maker Lexmark International Inc. LXK -2.26% on Tuesday announced a restructuring that will close a plant in the Philippines and cut 1,700 jobs world-wide. The company said it would exit its remaining inkjet-hardware business, a move that will save $95 million a year once fully in place. Read: Lexmark to exit inkjet-hardware line .
Lexmark put the pretax cost of the move at $160 million.
Wall Street posted a mixed finish to a slow session on Monday, with blue-chip stocks DJIA -0.25% losing ground, while the Nasdaq Composite Index COMP +0.11% saw a rise as Apple Inc. AAPL -0.11% gained in the wake of a victory in its patent battle with rival Samsung Electronics Co. KR:005930 -7.45% .
Nymex crude-oil futures CLV2 +1.09% rose 63 cents to $96.10 a barrel. Gold futures GCZ2 -0.63% dropped $10.60 to $1,665 an ounce.
The ICE dollar index DXY -0.29% , which measures the U.S. unit against a basket of six major currencies, traded at 81.461, down from 81.696 in North American trade late Monday.
The euro EURUSD +0.40% fetched $1.2547 versus the dollar, up from $1.2500. The dollar bought 78.62 Japanese yen USDJPY -0.22% , down from ¥78.78.
so true! hoping to see more of WTWO today.
WTWO on the moving... looking forward to see more of it today!
WTWO looking green today
WTWO moving up today at .0040, news out too, eyes on IMUN too
good day cherrob! great way to start the week, WTWO on the move today, great news
IMUN moving up today
IMUN news out
Immunovative, Inc. Completes $5,000,000 Private Placement With Institutional and Accredited Individual Investors
NEW YORK, NY--(Marketwire -08/06/12)- Immunovative, Inc. ("IMUN") (IMUN) ("The Company") has today announced that it has successfully completed a $5,000,000 equity private placement with a combination of institutional and accredited individual investors. The proceeds from this offering will be used for general and administrative purposes ("G & A"), specifically to accelerate several of the Company's key initiatives including providing financial support for Immunovative Therapies, Ltd. ("ITL") to conduct a PIVOTAL Phase II/III clinical trial designed to demonstrate efficacy and safety in support of ITL's lead Licensed Product called "AlloStim™" ("The Pivotal Trial"). The Company is committed to securing a minimum of $10,000,000 in support of The Pivotal Trial, which is to be allocated over a defined period. This period initiated at the date of the execution of the License Agreement on December 12th, 2011 and extends until the applicable date, defined as two years subsequent to receiving notice from a regulatory agency in the US, Canada, EU or Thailand of approval to commence The Pivotal Trial.
Antonio Treminio, CEO of IMUN, stated: "The Company is pleased to have completed this important round of financing. Our investors include high net worth individuals and prominent institutional investors. These proceeds will be used to accelerate the growth of IMUN and its clinical trials. Based upon the success of this initial raise, we believe we are well poised to raise the additional capital which should allow IMUN to merge with ITL and start our application process for NASDAQ listing. On behalf of our employees and affiliates, we wish to thank our investors and shareholders for their support and confidence in helping us build our dynamic company."
The securities offered in this private placement transaction have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
About Immunovative, Inc.:
On December 12th, 2011, Immunovative, Inc. ("IMUN") signed an exclusive License Agreement (the "License Agreement") with Immunovative Therapies, Ltd. ("ITL"). Under the terms of the License Agreement, IMUN has been granted an exclusive, worldwide license to commercialize any products covered under ITL's current issued and pending patent application portfolio, as well as the rights to any future patent applications, including improvements or modifications to the existing applications and any corresponding improvements or new versions of the existing products. Please visit IMUN's website at www.imun.com
About Immunovative Therapies, Ltd.:
Immunovative Therapies, Ltd. is an Israeli biopharmaceutical company that was founded in May 2004 with financial support from the Israeli Office of the Chief Scientist. ITL is a graduate of the Misgav Venture Accelerator, a member of the world-renowned Israeli technological incubator program. The company was the Misgav Venture Accelerator's candidate for the prize for the outstanding incubator project of 2006, awarded by the Office of the Chief Scientist. ITL specializes in the development of novel immunotherapy drug products that incorporate living immune cells as the active ingredients for treatment of cancer and infectious disease. Please visit ITL's website at: www.immunovative.co.il
DISCLAIMER:
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on IMUN's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which IMUN has little or no control. Such forward-looking statements are made only as of the date of this release, and IMUN assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by IMUN with the Securities and Exchange Commission.
Oil to Get Boost on US Jobs Data: Survey
Oil prices will likely gain this week after Friday's forecast-beating U.S. jobs report though any rally may fade quickly as one month's data will do little to ease broader concerns about an anemic recovery in the world's largest economy, according to CNBC's weekly survey of oil market sentiment.
"We expect the recent recovery in the crude oil price will be difficult to sustain in an environment where global growth fails to recover and in the absence of central bank action to stimulate growth," wrote Deutsche Bank analysts in a report on Friday.
"Prospects for growth will improve from September onwards, which we expect will herald a more constructive environment for global oil markets," the report said.
U.S. nonfarm payrolls increased by a seasonally adjusted 163,000 jobs last month, the biggest increase since February, even as the unemployment rate ticked up to 8.3 percent, the Labor Department said Friday.
In response, light, sweet crude (New York Mercantile Exchange: CLCV1) for September delivery rose $4.27, or 4.9 percent, to settle at $91.40 a barrel on the New York Mercantile Exchange on Friday. The contract reached $91.74, its highest intraday price since July 20, before pulling back slightly. Brent crude (Intercontinental Exchange Europe: LCOCV1) on ICE Futures Europe settled up $3.04, or 2.9 percent, at $108.94 a barrel.
Many believe the consensus-beating U.S. payrolls data may represent yet another 'false dawn' for markets in much the same way as the July 26 remarks by European Central Bank President Mario Draghi's that the ECB "is ready to do whatever it takes to preserve the euro."
The recent run up in prices "was based on expectations that the global economy would get another short term booster shot from the Fed, ECB, China," said Aiden Bradley, Managing Director and Head of Asian Oil and Gas at CIMB Research in Singapore. "Just how many plasters do people expect can be put over this gaping wound?"
Bradley said he remained bullish on the outlook for oil in the medium-term but expected weakness in the near-term.
Mideast Tensions
An intensification of the tensions in the Middle East may bolster the risk premium in oil prices this week, respondents said. Islamist gunmen killed at least 15 Egyptian police on Sunday and seized two military vehicles to attack a crossing point into Israel, the deadliest incident in Egypt's tense Sinai border region in decades.
After speaking to his sources in Egypt, Mike Baghdady of Training Traders said he believed the attack "seems to be more representative of the lawlessness" in the Sinai Border area and might be drug- trafficking related.
"The Egyptian Israeli relationship is quite mature, tempered with close communication and this event should not have much impact if any on the crude market plus the natural gas pipeline (supplying Israel) was not targeted," said Baghdady, who is of Egyptian descent. "Egypt is not a big oil producer and the military is very much in control and will not allow anything to affect the Israeli peace."
Egyptian President Mohamed Morsi called for an emergency meeting with the military, and state TV reported that the Rafah border crossing would be closed indefinitely. "Tonight's attack in Sinai will not go without a response," a Morsi spokesman said.
Meanwhile, Iran warned against foreign intervention in Syria on Sunday and said the conflict there could engulf Israel, Iranian media said. Iran has also requested help from Turkey and Qatar to secure the release of 48 Iranians captured over the weekend in the Syrian capital by rebels who insist the group are undercover spies and not innocent pilgrims caught up in the continuing conflict.
Separately, a Russian military source was quoted on Friday as saying Moscow was sending three naval ships and up to 360 marines to Syria, but the Defense Ministry said there were no plans for the vessels to dock in the war-torn country.
The attack on the Egypt-Israel border "just adds to escalating situation in Syria, where it seems all interested parties are involved: the kidnapping of the Iranian pilgrims, the request for Russian aid, the U.S. covert involvement, the fighting in Turkey etc.," said John Kilduff, Partner at Again Capital. "It looks like the lid is about to be blown off the situation, region-wide."
Kirk Howell, Chief Operating Officer of SunGard's Kiodex, said technically the market is looking bullish "but I would not be interested in betting on a geopolitical event to push the market substantially higher. It's possible but not something I would bet on as the most likely outcome." Howell recommended getting upside exposure through call options.
However, the upbeat payrolls and renewed Mideast tensions failed to generate much follow-through buying on Monday. U.S. crude oil futures slipped but stayed above $91 a barrel while the market awaited Chinese trade data due later this week for trading cues.
A 'Win-Win' for Oil Prices?
Six out of 11 respondents, or about 55 percent, expect oil prices to rise this week; three expect prices to fall while the remaining two believe prices will remain around current levels, CNBC's weekly survey of oil market sentiment shows.
Speaking ahead of the release of the jobs numbers, IG Markets' strategist Justin Harper said the data - positive or negative - presented "a win-win" for oil prices.
"A weak read may further calls for QE3 from the Fed and lift energy markets," Harper explained. "A strong read may be seen that the economy is still showing signs of recovery with employment figures bottoming out."
Oil prices have been "caught in the crossfire" of a "triple whammy of disappointment" this week, he added, as U.S., U.K. and European central banks have failed to ease monetary policy and give commodity prices a lift. Seventy three percent of IG Markets' clients are holding long positions on U.S. crude.
Harper also noted on the supply and demand front the risk of Tropical Storm Ernesto turning into a Category 1 hurricane "which could disrupt production and refining capabilities out of the Gulf of Mexico." U.S. crude could make a more sustained break above the $90 level if the hurricane materializes, he said.
Tropical Storm Ernesto kept on a westerly course in the Caribbean Sea on Sunday and was expected to strengthen slowly over the next 48 hours, soaking Jamaica as it passed the island on its way to Mexico's Yucatan, U.S. forecasters said.
From a technical perspective, Dhiren Sarin, Chief Technical strategist for Asia-Pacific at Barclays Capital said Brent crude appeared range-bound between $102.10 and $108.20 "and we expect further range trading between these levels in the near term with a modest upside bias.'
He added: "Our ideal trajectory is for a push higher out of range towards $109 before we look for a top. The risk to this view is that euro zone concerns come back in the forefront - as Spanish and Italian 10-year yields fly higher - in which case a breakdown through $102.10 would be a signal to flip to a bearish outlook."
Gold fizzles — or gold fixed?
NEW YORK (MarketWatch) — Last week was a dud for gold. The radical gold bugs are divided, but regrouping.
The technical set-up had seemed extremely promising. (See June 30 column.)
But gold fizzled even before it became clear that the Fed and the ECB were not going to make reflationary, gold-stimulating moves. Measured by the active December CME contract floor close, the metal lost 0.54% on the week, while the NYSE Arca Gold Bugs Index (ARCX:HUI) was down 1.07%.
To be sure, this involved a considerable recovery from the alarming lows of mid-week.
But the damage done was still very severe. The thoughtful website The Golden Truth published an essay on Friday titled “Chart Porn: Value Play Of The Decade,” featuring a chart from 1984 comparing the PHLX Gold/Silver Index (:XAU) against gold. Gold shares have fallen to a new low: 2012 has been ghastly. From the peak in 1996, the ratio is down 70%.
The Golden Truth annotated its chart: “Are mining companies going out of business …or absurdly cheap?” (See article.)
There is unusual division among what I call the “Radical Gold Bugs” as to what is happening. These are generally intellectual descendents of Bill Murphy’s LeMetropoleCafe. (See website.) All are strongly inclined to see conspiratorial action by governments and their chosen instruments in precious-metal moves. Needless to say, after the Crash of 2008 and subsequent bailouts, this looks a less bizarre opinion than it once did. (See July 16 column.)
Over at Trader Dan’s Market Views, Dan Norcini offered a more orthodox technical explanation in a thoughtful essay headed “Gold and Silver Continue Marking Time.”
Noting that he is “a firm believer in the view that the feds have a vested interest in keeping the gold price under wraps,” Norcini nevertheless stressed the big decline in open interest (total contracts outstanding) recently: “The gold and silver markets are currently moving lower because the hot-money crowd has currently lost interest in them and is putting its money to work in other markets for the time being as they chase profits. Markets in sideways patterns do not make money for hedge funds.” (See article.)
Over at the LeMetropoleCafe mother ship, one correspondent expresses sympathy for this technical explanation, but nevertheless still grumbled in the old conspiratorial style that the awkward short positions noted last week appear to have escaped suspiciously easily:
“This raises suspicions of accommodation being offered to exiting specs, an event frequently seen in the Bad Old Days.” (This refers to the decade before the current rise in gold began in 2001, which radical gold bugs believe was heavily manipulated to the benefit of insiders.)
And just to make things really creepy, LeMetropoleCafe has produced anther correspondent, “James Mc…,” who on Thursday did very accurately predict Friday’s gold action, based on a concept of close price management and permitted percentage gains.
But on a more gold-friendly note, LeMetropoleCafe also says that there have been three dramatically positive news items from the physical world.
On Wednesday, the South Korean central bank announced a 16-tonne purchase of gold in July, the third in what seems to be an acquisition program for the country’s still-small foreign-exchange reserves.
On Friday, Turkey reported July gold imports of 35 tonnes, the third highest on record and 46% above June. (Ominously for Middle East peace prospects, most of this is thought to be headed for Iran.)
And on Sunday evening, Hong Kong reported June was another month of startlingly heavy net shipments of gold to China.
Maybe it is too soon to write August off.
World stocks rise as US jobs picture improves
World stock markets rise on stronger-than-expected US hiring figures
BANGKOK (AP) -- World stock markets rose Monday, boosted by stronger-than-expected U.S. hiring for July following three months of weak job gains.
Investors scooped up shares on news that the pace of hiring in the world's biggest economy was improving and were also heartened by a softening of Italy's and Spain's sovereign bond yields — a sign of less worry about those economies. That helped dispel fears that the 17-nation euro currency union could face a breakup as it wrestles with a massive debt crisis.
"I think people are no longer worried that the eurozone will collapse, so confidence has returned to the market," said Francis Lun, managing director of Lyncean Holdings in Hong Kong.
European stock markets rose in early trading. Britain's FTSE 100 was almost 0.1 percent higher at 5,792.45. Germany's DAX added 0.5 percent to 6,898.32 and France's CAC-40 rose 0.2 percent to 3,381.39.
Wall Street appeared set for a slightly higher opening. Dow Jones industrial futures were marginally higher at 13,062 and S&P 500 futures gained 0.2 percent to 1,390.90.
A weekend statement by the People's Bank of China indicating it would intensify policy fine-tuning also helped investment sentiment by raising hopes for more monetary easing, analysts said.
"It seems that policy focus in China has indeed shifted quite dramatically towards supporting growth," Dariusz Kowalczyk at Credit Agricole CIB in Hong Kong said in a market commentary.
That was among factors helping to lead Asian stock markets sharply higher.
Japan's Nikkei 225 index rose 2 percent to finish at 8,726.29 and Hong Kong's Hang Seng climbed 1.7 percent to 19,998.72. South Korea's Kospi added 2 percent to 1,885.88 and Australia's S&P/ASX 200 was 1.2 percent higher at 4,272.60.
Benchmarks in Singapore, Taiwan, Thailand and the Philippines also rose. In mainland China, the Shanghai Composite Index gained 1 percent to 2,154.92.
"Markets might keep on rising in the short term due to investor expectations of more positive policies, while economic data that will be released later this week could be getting better," said Zhang Yang, an analyst at Sinolink Securities, based in Shanghai.
Japanese export-reliant vehicle makers were among the session's big gainers. Isuzu Motors Ltd. surged 6.4 percent and Mazda Motor Corp. jumped 5.6 percent.
Beer and beverage maker Kirin Holdings Co. added 3.6 percent. But Sharp Corp. fell 5.7 percent, days after the struggling electronics maker announced it would slash 5,000 jobs over the next year amid tumbling sales.
Energy companies also posted solid gains. Japanese energy explorer Inpex Corp. rose 4.1 percent while Hong Kong-listed China National Offshore Oil Corp., or CNOOC, added 2.1 percent.
Among Australian mining companies, Rio Tinto Ltd. Rose 4.1 percent. Fortescue Metals rose 1.9 percent after it announced it had secured $1.5 billion in new funding for the expansion of its flagship iron ore operations in Western Australia.
On Friday, a closely watched government report said 163,000 jobs were added in the U.S. last month, an improvement following three months of sluggish hiring. Between April and June, the economy added an average of just 75,000 jobs a month compared with 226,000 jobs per month in the first three months of the year.
Still, the gains weren't enough to bring down the unemployment rate, which rose to 8.3 percent from 8.2 percent in June.
Benchmark crude was down 27 cents at $91.15 a barrel in electronic trading on the New York Mercantile Exchange. The contract vaulted $4.27 on Friday to settle at $91.40 in New York.
In currencies, the euro fell slightly to $1.2376 from $1.2377 late Friday in New York. The dollar fell to 78.42 yen from 78.59 yen.
Gold advances on payrolls data, lower dollar
SAN FRANCISCO (MarketWatch) — Gold futures vied Friday to snap a three-day losing streak, rising modestly after U.S. employment data showed a rebound in hiring last month.
Gold for December delivery GCZ2 +0.86% advanced $5.40, or 0.3%, to $1,595.90 an ounce on the Comex division of the New York Mercantile Exchange.
Choppy, range-bound trading in gold.
The metal, which ended lower for each of the previous three sessions, has lost 1.3% so far this week.
Most of the recent losses came as the Federal Reserve and the European Central Bank leaders disappointed investors by not detailing any immediate plans to spur economic growth in the U.S. or curb the sovereign-debt crisis in the euro zone.
Some saw a silver lining, however.
“Given the disappointment at the ECB’s failure to act and the sharp fall in prices of other commodities, yesterday’s drop in the gold price was actually fairly moderate,” analysts at Commerzbank said in a note to clients.
“We see this as a sign of relative strength, and are still confident that the fears about the financial system, the geopolitical risks, the low and in some cases negative real interest rates, coupled with a ‘currency war’ and continued interest on the part of investors and central banks, create a positive environment for gold’s traditional role as capital protection,” they said.
Dips below $1,600 an ounce are likely to be viewed as “an attractive opportunity to buy,” the analysts said, adding they foresee “a significant increase” in the price of gold during the second half of the year.
Meanwhile, U.S. employment outside the farm sector grew by 163,000 workers in July, the Labor Department said. That outpaced expectations of a rise of about 100,000 for nonfarm payrolls and was the fastest pace of job growth since February. Read more about payrolls.
Also helping gold, the dollar traded lower. The ICE dollar index DXY -0.89% , which compares the U.S. unit to a basket of six currencies, declined to 82.845 from 83.320 late Thursday.
The broader suite of metals tracked gold higher as the trading week drew toward a close.
Silver for September delivery SIU2 +2.26% rose 31 cents, or 1.1%, to $27.29 an ounce. September copper HGU2 +1.78% gained 5 cents, or 1.4%, to $3.34 a pound.
Stock futures push higher ahead of jobs data
LinkedIn up nearly 10% in premarket trade
FRANKFURT (MarketWatch) — U.S. stock index futures advanced Friday, shaking off earlier disappointment over a lack of immediate action this week by the Federal Reserve or the European Central Bank as investors await the release of July nonfarm payrolls data.
Futures on the Dow Jones Industrial Average DJU2 +0.94% rose 102 points to 12,933.
S&P 500 futures SPU2 +1.15% gained 12.30 points to 1,374.20, while Nasdaq-100 futures NDU2 +1.25% advanced 25.75 points to 2,644.25.
Mark Pincus, chief executive officer of social-game company Zynga, pays $16 million for an 11,500-square-foot home in San Francisco.
U.S. stocks ended lower on Thursday after the European Central Bank disappointed investors by failing to announce concrete measures to address the euro-zone debt crisis a week after ECB President Mario Draghi said the institution would do “whatever it takes” within its mandate to save the euro.
The U.S. Federal Reserve disappointed investors earlier this week, failing to extend its pledge to keep interest rates at extraordinarily low levels.
Investors may see weak payrolls numbers as a sign the Fed will eventually take further action, strategists said.
“The labor market’s performance is underwhelming in relation to previous cycles and with growth prospects deteriorating the Fed will be anxious to be seen to be doing something. As such, today’s report is likely to intensify expectations of further stimulus,” said James Knightley, economist at ING Bank. Jobs report preview.
Economists surveyed by MarketWatch forecast a net gain of 100,000 jobs in July, up from 89,000 in June. The unemployment rate is forecast to hold steady at 8.2%. See charts on what we already know about July jobs
The Labor Department will release July jobs data at 8:30 a.m. Eastern time. The Institute for Supply Management’s July nonmanufacturing index is slated for release at 10 a.m. Eastern. It’s forecast to come in at 52% versus 52.1% in June.
Disappointment in the lack of concrete measures by the ECB appeared to fade on Friday. Draghi said the ECB might intervene in bond markets, but only after distressed governments apply to the region’s rescue funds for help and agree to strict policy conditions.
Short-dated Spanish and Italian government bonds rallied sharply on Friday, sending yields ES:2YR_ESP -16.71% sharply lower. Ten-year yields ES:10YR_ESP -3.57% saw a more moderate decline. Draghi on Thursday said any bond-buying would be focused on the front end of yield curves.
European stocks bounced back from Thursday’s post-ECB decline, with the Stoxx 600 Europe index XX:SXXP +1.65% jumping 1.6%. Read Europe Markets
Professional-networking site LinkedIn Corp. LNKD +10.79% reported stronger-than-expected revenue after Thursday’s close and raised its full-year outlook. Shares rose 9.7% in premarket activity.
Shares of Knight Capital Group KCG +8.14% fell nearly 8% in premarket trade Friday after tanking 63% on Thursday and 33% on Wednesday. The firm’s shares were hammered after it disclosed that exiting erroneous trades caused by a technology snafu cost it $440 million. Read about Knight Capital
The company said Thursday it is looking at options to strengthen its capital.
Procter & Gamble Co. PG -0.78% on Friday said fiscal fourth-quarter earnings rose 45% thanks to gains from selling its snacks unit, while sales at the world’s largest consumer-products company fell and margins tightened. The company forecast current-quarter core earnings of 91 cents to 97 cents a share on a 4% to 6% fall in net sales, while confirming its full-year fiscal 2013 guidance.
The company said it would repurchase $4 billion of stock over the course of the fiscal year.
Media firm Viacom Inc. VIA -0.69% VIAB -0.87% said fiscal third-quarter earnings fell 7% as revenue from its media networks and filmed entertainment businesses sank.
WellCare Health Plans Inc. WCG -1.78% on Friday said second-quarter earnings fell 33% on litigation-related charges and higher patient claims that outweighed revenue growth. The company boosted its full-year earnings forecast by five cents to a range of $5.25 to $5.45 a share on premium revenue of $7.1 billon. The company forecast premium revenue between $7 billion and $7.1 billion in May.
Nymex crude-oil futures CLU2 +1.37% rose 93 cents to $88.06 a barrel. Gold futures GCZ2 +0.13% gained $8.80 an ounce to $1,599.50.
The dollar index DXY -0.46% , which measures the currency against a basket of six major rivals, fell to 82.761 from 83.320 in North American trade late Thursday.
The euro EURUSD +0.71% traded at $1.2273, up from $1.2180 on Thursday. The dollar changed hands at ¥78.26 versus the Japanese currency USDJPY +0.68% , little changed from around ¥78.20 on Thursday.
William L. Watts is MarketWatch's European bureau chief, based in Frankfurt.
SEFE news out
Corporate Video Demonstrates SEFE's Revolutionary Atmospheric Energy System and Global Application
ATLANTA, GA--(Marketwire -08/03/12)- SEFE, Inc. (SEFE) (SEFE) (the "Company"), a sustainability company engaged in offering innovative, pioneering solutions for the world's energy needs, today announced the production of a short but stimulating video featuring SEFE CEO Don Johnston and Director of Engineering Mike Hurowitz, who explain the Company's revolutionary and unique strategy to change the future of electricity generation on a global scale.
The complete video production can be viewed at http://sefe.missionir.com/sefe/corporate-video.html.
The idea behind SEFE's green energy solution dates back to the 1920s. Today, SEFE is progressively working to advance that idea into a sustainable and abundant energy source. "If we're just a little bit successful it could have a meaningful impact on not only the United States but the world," Johnston states in the video.
SEFE is rapidly working to establish itself as a key player in the burgeoning green space market, which is positioned to outpace the coal, nuclear and fossil fuel sectors. "If we can pull this electricity down consistently, that's a resource that's completely untapped; no one is doing this... we have a potential here to do something revolutionary," Hurowitz emphasizes.
About SEFE, Inc.
SEFE focuses on pushing the boundaries of what's possible, embracing innovation and employing the cutting-edge to solve problems, and offering sustainable solutions to a world hungry for invention, direction and leadership. SEFE is technology- and solutions-driven, focusing on developing inventions that provide a real-world impact and true profitability. So, success is measured by both a sustainable return on investment, as well as a project's sustainability from an environmental perspective.
For more information, visit www.SEFElectric.com.
Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
eyes on SEFE and DIRV today
U.S. stock futures add to gains on jobs report
NEW YORK (MarketWatch) -- U.S. stock futures added to Friday's surge, with a better-than-expected nonfarm payrolls report adding to cheer that came on the view that Spain would soon formally ask for financial aid. Futures for the Dow Jones Industrial Average DJU2 +0.94% rose 114 points, or 0.9%, to 12,945. Futures for the S&P 500 SPU2 +1.06% climbed 14.5 points, or 1.1%, to 1,376.40. Nasdaq 100 NDU2 +1.25% futures gained 29.50 points, or 1.1%, to 2,648
Friday’s biggest gaining and declining stocks
LinkedIn, OpenTable, Molycorp, Zipcar
NEW YORK (MarketWatch) — Shares of the following companies made notable moves in U.S. premarket trade on Friday:
Gainers
LinkedIn Corp. LNKD +10.53% shares rallied nearly 9% after the professional-networking company late Thursday reported stronger-than-expected revenue and raised its full-year outlook.
Wednesday's trading glitch is more than enough to give small investors reason to be disgusted with the stock market. (Photo: Reuters.)
OpenTable Inc. OPEN +18.45% shares surged 17% after the firm raised its profit and revenue outlook for the year as it reported second-quarter results.
Decliners
Molycorp Inc. MCP -16.86% shares dropped 18% after the rare-earth miner swung to a second-quarter loss.
Zipcar Inc. ZIP -34.71% shares sank 32%. The car-sharing company late Thursday lowered its full-year revenue outlook. Zipcar said it brought in fewer members than expected and faced economic challenges in the U.K.
IMF: Russian economy may be running above capacity
MOSCOW--The International Monetary Fund left its economic growth targets unchanged for Russia Friday, but recommended monetary tightening to deal with rising inflation.
"We remain concerned about inflation. The economy is running at or above capacity," Odd Per Brekk, the IMF's representative in Russia, said. "Credit is growing at 30% annually, which is high," Mr. Brekk said.
The central bank should act in the near term to raise borrowing costs, as the lender's monetary policy decisions take some time to filter through the economy, Mr. Brekk added.
The central bank left rates unchanged for the seventh straight month in July.
Corrections & Amplifications
This was corrected at 1255 GMT because the original misquoted the IMF official on Russia's rate of credit growth in the second paragraph. He said credit is growing by 30% annually, not 13%.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
"IMF: Russian Inflation a Concern, Economy May Be Running Above Capacity," published at 0753 GMT, misquoted the IMF official on Russia's rate of credit growth in the second paragraph. He said credit is growing by 30% annually, not 13%.
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DIDG new out, QWTR slowly moving up today while GNTA kicking and looking green
DIDG news out
Digidev Group Launches In-House Production of Original Programming
LOS ANGELES, CA--(Marketwire -08/01/12)- The Digital Development Group Corp. (DIDG) ("Digidev," "Digidev Group" or the "Company), a development stage company aiming to offer an in-depth portfolio of content for Internet TV distribution, is pleased to announce the launch of its in-house creative department beginning with the production of a dedicated Video Blog series.
"What we have learned in speaking with both our clients and stakeholders is the need to diligently educate the potentially vast user base of "Over-The-Top" (OTT) internet TV products," stated Martin W. Greenwald, Chairman and CEO of Digidev. "Our aim is to show the community at large about the benefits of ready access to high-quality online video entertainment."
"The first series of original programming will demonstrate our business proposition and showcase our state of the art production capabilities allowing us to both educate the consumers and entice content owners to utilize our services," added Joe Q. Bretz, President of Digidev.
"We believe that our in-house digital production capability allows us to enhance the OTT user experience as we intend to bring in a continuous stream of talent to 'curate' the content we intend to add to our channel lineup," adds Greenwald.
The video productions will be available on a wide variety of internet enabled devices such as Google TV, Roku, Boxee, mobile devices as well as on the proprietary Digidev network. The Company continues to negotiate distribution agreements for commercially noteworthy and compelling content aimed at reaching a growing audience as the "OTT" market continues its rapid expansion.
Digidev believes that the creation and distribution of original content will positively impact the rollout and acceptance of this new technology. "We are not here to follow the wave of OTT, we intend to be the wave," comments Greenwald.
In related news, the Company is also pleased to announce that the closing of the merger between Digitally Distributed Acquisition Corp and The Digital Development Group Corp.
Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, visit our website at: www.digidev.com.
About The Digital Development Group Corp. (DIDG)
The company was founded by CEO Martin W. Greenwald and President Joe Q. Bretz, who have extensive experience in the entertainment industry. Mr. Greenwald oversaw Image Entertainment Inc. as Chairman of the Board from $1 million in revenues to over $120 million in revenues per year, while Mr. Bretz started working on various media start-ups in Silicon Valley during the dot com boom in the late 90s, his experience has ranged from a feature film producer to a high tech incubator. Bretz and long time technology partner Richard Verdoni, the company's CTO, have been working on this technology in various formats for over 6-years. Given Greenwald's success in licensing content and Bretz and Verdoni's technological knowhow, the company is well positioned to be a leader in the Internet television revolution.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, reference to new technologies, software and sales methods as well as financial projections for the size of the internet TV market. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
good day Phoenix! nice call! thanks for the mm! did the same! check out DIDG and GNTA today
wow thats hot tommyboyboy! looking real green for today for GNTA! nice call!