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Oil Rises More Than 4% as China Unveils Growth Support Package
http://www.bloomberg.com/apps/news?pid=20601087&sid=aiXLyO78sr0w&refer=home
Good luck!
-Fritz
Encouraging comments on the partnership front, IMHO.
Roche collaboration "exceeds expectations".
In addition, Dr. Lim once again broadly hinted that there will be more partnership announcements. This is inevitable, IMHO, and I think we will hear of more than one over the next couple of quarters. This is in addition to my expectation that we will finally get a substantive update on Roche before the end of December.
All in all a very satisfying call and well worth the listen.
HALO is firing on all cylinders and will reward the patient investor.
Good luck!
-Fritz
Halozyme Therapeutics Begins Phase 2 Clinical Trial of Insulin With rHuPH20 in Type 1 Diabetic Patients
SAN DIEGO, Nov. 3 /PRNewswire-FirstCall/ -- Halozyme Therapeutics, Inc. (Nasdaq: HALO), a biopharmaceutical company developing and commercializing products targeting the extracellular matrix, today announced it has started a Phase 2 study of proprietary recombinant human hyaluronidase enzyme (rHuPH20) co-formulations with Humulin(R) R (regular insulin human injection) and with Humalog(R) (insulin lispro) in Type 1 diabetic patients. This study is designed to compare glycemic control of a standardized liquid meal challenge and insulin pharmacokinetics (PK) after administration of each of four study drugs: Humulin R with and without rHuPH20 and Humalog with and without rHuPH20.
"We are proud to begin this Phase 2 clinical trial in our insulin program and believe this study will provide valuable insight into how the co- administration of our rHuPH20 enzyme with two currently available insulin products could lead to significant patient benefits such as better glycemic control, less hypoglycemia, and more convenient injection timing," declared Jonathan Lim, M.D., President and CEO of Halozyme. "We have achieved our goal of advancing our Phase 2 insulin program into the clinic before the end of the year and I congratulate the Halozyme team for its outstanding performance."
This exploratory, crossover design, single blind, open label, liquid meal Phase 2 study is designed to collect data on at least 20 patients who complete the study. The study allows for insulin dose titration and each patient will receive a minimum of four and up to three additional study drug injections that include Humalog and Humulin R with and without rHuPH20. Study drug will be injected subcutaneously into the abdomen immediately prior to ingestion of a standardized liquid meal.
The primary endpoint, a PK measure, will be the area under the curve for plasma insulin concentration from zero to 60 minutes after injection. Secondary endpoints will include additional PK data, as well as blood glucose concentration at various time points. Safety data such as adverse reactions, hypoglycemia, blood chemistry, and injection site tolerability will be collected, measured and evaluated. Patients may be on study for up to an estimated 14 weeks from screening to completion and the results should be available for presentation at a medical or scientific forum in mid-2009.
Summary of Results Reported for Phase 1 Study
Halozyme conducted a Phase 1 euglycemic clamp study in 26 volunteer subjects who received an injection of Humulin R or Humalog with and without rHuPH20. The trial showed that the co-injections were well tolerated and demonstrated faster insulin absorption and shorter time to peak concentration for the insulin plus enzyme combination compared to insulin alone. Metabolic effects such as glucose lowering activity for the combination of insulin plus rHuPH20 were also greater and occurred earlier than for insulin administered alone. In addition, the combination of Humulin plus rHuPH20 demonstrated faster insulin absorption and a shorter time to peak concentration when compared to Humalog alone.
Results (http://www.halozyme.com/images/ADA 2008 Poster legal.pdf) of the Phase 1 study were presented at the American Diabetes Association 68th Scientific Sessions in June 2008 as a late breaking abstract. By making mealtime insulin faster acting, which shifts insulin exposure and glucose lowering activity to earlier times and away from late postprandial times, insulin kinetics and activity for the combination of insulin plus rHuPH20 more closely mimics natural, endogenous prandial insulin release.
About Halozyme Therapeutics, Inc.
Halozyme is a biopharmaceutical company developing and commercializing products targeting the extracellular matrix for the drug delivery, endocrinology, oncology, and dermatology markets. The company's portfolio of products and product candidates is based on intellectual property covering the family of human enzymes known as hyaluronidases. The company's Enhanze(TM) Technology is a novel drug delivery platform designed to increase the absorption and dispersion of biologics. Its key partnerships are with Roche to apply Enhanze Technology to Roche's biological therapeutic compounds for up to 13 targets and with Baxter to apply Enhanze Technology to Baxter's biological therapeutic compound, GAMMAGARD LIQUID 10%. In addition, the company has received FDA approval for two products: Cumulase(R), for use in in-vitro fertilization, and HYLENEX, for use as an adjuvant to increase the absorption and dispersion of other injected drugs and fluids. HYLENEX is partnered with Baxter International Inc. Halozyme also has a number of different enzymes in its portfolio that target significant areas of unmet medical need. For more information visit http://www.halozyme.com.
------------------------------------
Good luck!
-Fritz
http://phx.corporate-ir.net/phoenix.zhtml?c=175436&p=irol-newsArticle&ID=1220870&highlight=
Transocean rallies on rig deal worth up to $1.2B
Thursday October 30, 8:45 pm ET
Transocean shares rally after five-year rig contract worth more than $1 billion announced
NEW YORK (AP) -- Shares of Transocean Inc. jumped Thursday after the offshore drilling services company announced a five-year contract worth more than $1 billion.
The stock gained $6.63, or 9.1 percent, to close at $79.63.
The Houston-based company said Wednesday it has signed the contract with a client for a previously announced rig that is slated to start drilling in the fourth-quarter of 2010.
The deal is expected to bring in revenue of about $1.17 billion to $1.19 billion, the company said.
"This contract sends a highly positive message to investors regarding the state of the market for deepwater drilling services," Citi Investment Research analyst Robin Shoemaker said in a note to clients.
The new rig's day rate -- $640,000 -- is a record for a multiyear drilling contract, she said.
Shoemaker rates the Houston-based company as "Buy" with a $159 price target, implying she expects the stock to more than double from Wednesday's $73 close.
Calling Transocean her top pick in the sector, Shoemaker recent drops in its share price likely were overdone.
"We see multiple signs of continuing strength in the deepwater market," she said.
http://biz.yahoo.com/ap/081030/transocean_mover.html?.v=3
The sector trend continues. NOV, DO, GLF, RIG - all up today.
IMHO, crude has put in a bottom as well.
Good luck!
-Fritz
(edit: RIG also)
Does anyone think that there is any significance to the decision to announce on a Thursday? Sometimes bad news is reserved for a Friday afternoon PR so as to allow some reflection over the weekend and avoid panic. Conversely, a Thursday announcement permits some exuberant buying on Friday after some good news.
"Stay tuned!"
-Fritz
GLF, RIG, SLB, DO, NOV all up nicely today.
Good luck!
-Fritz
Oil futures just shy of $70.00 per Bloomberg's web site.
http://www.bloomberg.com/
Good luck!
-Fritz
Crude up 9% today.
Good luck!
-Fritz
spec machine, I haven't yet listened to the call but the PR is
upbeat. Some highlights on GLF (up today 13%):
-----------------------------------------------
Tuesday 10/28/2008 8:06 PM ET - Globenewswire
GulfMark Offshore, Inc. (NYSE:GLF) today announced results of operations for the third quarter and nine months ended September 30, 2008. Third quarter highlights include:
* Revenue of $124.6 Million
* Operating Income of $50.0 Million Before Gains on Vessel Sales
* Acquisition of Rigdon Marine Exceeding Expectations
* Record EPS of $1.69 Before Gains on Vessel Sales
Financial Review
3rd Quarter 2008 Compared to 3rd Quarter 2007
Revenue of $124.6 million for the third quarter of 2008 was $49.9 million, or 66.8%, above the same period in 2007. Operating income of $50.0 million in the third quarter of 2008, before gains on vessel sales, increased $20.3 million, or 68.6%, over the prior period in 2007. Net income for the third quarter of 2008, also excluding gains on vessel sales, established a new record of $1.69 per diluted share, when compared to the previous record of $1.59 per diluted share, excluding gains on vessel sales, established in the third quarter of 2006. The acquisition of Rigdon Marine Corporation ("Rigdon") was completed on July 1, 2008 and during the third quarter contributed $34.8 million, or 46.6%, of the revenue increase while internal growth across the other operating segments provided $15.1 million, or 20.2% of the increase. Operating income contribution from the Rigdon acquisition was $14.1 million, or 47.7%, of the increase over the previous year. Strong operating results from virtually all of the operating segments, excluding the Rigdon contribution, provided an increase of $6.2 million, or 20.9%, in operating income when compared to the third quarter of 2007.
3rd Quarter 2008 Compared to 2nd Quarter 2008
Revenue for the third quarter increased $42.7 million, or 52.2%, over the second quarter of 2008. As referenced above, the Rigdon acquisition provided $34.8 million, or 42.5%, of the revenue increase, quarter over quarter, while internal growth provided $7.9 million, or 9.7% of the quarterly increase. Operating income, excluding gains on vessel sales, for the third quarter was $19.6 million, or 64.5%, above the previous quarter in 2008 with $14.1 million, or 46.5%, attributable to the Rigdon acquisition and internal growth responsible for $5.5 million, or 18.0%. Overall, a 3.1% increase was realized in the operating income margin, before gains on vessel sales, in the third quarter when compared to the second quarter of 2008.
Commentary
Bruce Streeter, President and CEO, commented: "We are very pleased with our third quarter accomplishments. The Rigdon acquisition is providing us with strong incremental improvement in the Americas region and is exceeding our initial estimates. More importantly, all of our operations demonstrated solid revenue and operating income growth during the quarter.
"As reported earlier, we relocated the Sea Kiowa during the quarter from Southeast Asia to Brazil in the Americas region where we now have a total of six vessels. During the third quarter we also took delivery of three new vessels: the AHTS Sea Choctaw, the PSV Knockout, and the crew boat Albacore. In addition, we disposed of two vessels in the third quarter: the Sem Valiant, a small AHTS built in 1981 and the Sea Eagle, a small AHTS built in 1976. Subsequent to the third quarter, we took delivery of the Mako, a 181 foot fast supply vessel, and sold the North Fortune, a large PSV built in 1983, for approximately $19 million. Our fleet now comprises 93 vessels, 70 of which are owned vessels with an average age of less than 8 years. We have one of the youngest fleets of our publicly traded peer group and our upcoming deliveries of another 12 vessels through 2010 will provide our customers with one of the safest, most advanced, and youngest fleets available.
"Our new build program is generally on track; however, we have revised the delivery date estimates due to delays in delivery of key equipment components on two vessels, the Sea Cherokee and the Sea Comanche. Both of these vessels had been scheduled to be delivered in the fourth quarter of 2008 and we are now expecting them to be delivered during the first quarter of 2009.
"We are in a period of volatile and uncertain economic conditions and must be prepared to face market conditions as they develop. We have not seen a decrease in activity in the areas where we operate; however, our strategy of establishing a significant forward contract position, a diversification of our operating areas and a broad client base, we believe will minimize any near term impact if a decrease in oil and gas expenditures were to occur. Furthermore, the young age and technical qualifications of our fleet should allow us to do well as new deepwater offshore rigs are delivered and activity develops over the next several years."
http://biz.yahoo.com/pz/081028/153232.html
Good luck!
-Fritz
RIG, NOV, DO, SLB all up 7% or higher at the moment.
Good luck!
-Fritz
Yep, probably some of that too.
Bargains everywhere, including HALO @ $3.75 as it was during certain stretches today.
Good luck!
-Fritz
halofan, the only thing I can surmise that makes any type of sense is that we are still seeing forced selling from one or more large holders prompted by margin calls and/or redemption requests from institutional clients.
Good luck!
-Fritz
Force Protection Receives Additional Buffalo Vehicle Orders
Friday October 24, 7:00 am ET
Force Protection, Inc. (NASDAQ: FRPT) today announced that it has received an additional order under contract W56HZV-08-C-0028 for the delivery of 27 Buffalo A2 route-clearance vehicles. The undefinitized contract modification carries a dollar value not to exceed $26.2 million and fulfills an urgent operational need. These vehicles are to be delivered prior to June 2009.
Michael Moody, Chairman and Chief Executive Officer of Force Protection, commented, “We are very pleased to be in a position to respond to incremental needs for the vitally important Buffalo route clearance vehicle. We believe that the unique nature of the vehicle and the importance of the missions it performs will enable us to continue at current rates of production well into the future.” About Force Protection, Inc.
Force Protection, Inc. is a leading American designer, developer and manufacturer of life saving survivability solutions and equipment, predominantly ballistic- and blast-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. The Company’s specialty vehicles, the Cougar, the Buffalo and the Cheetah, are designed specifically for reconnaissance, forward command and control, and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). The Company also is the developer and manufacturer of ForceArmor™ an armor package providing superior protection against explosively formed projectiles (EFPs) now available for a wide range of tactical-wheeled vehicles. The Company is one of the original developers and primary providers of vehicles for the U.S. military’s Mine Resistant Ambush Protected, or MRAP, vehicle program. For more information on Force Protection and its vehicles, visit www.forceprotection.net.
http://biz.yahoo.com/bw/081024/20081024005135.html?.v=1
Cosmoworld, I'm sure we can agree that the worth of one's opinion is directly proportionate to the depth of one's due diligence.
With that precept in mind, how much value, in your opinion, should we append to your views of DPDW?
Be honest, now.
-Fritz
Trend of higher lows continues as the forced selloff appears largely complete. MACD line is curling up and the RSI and MFI show we are rebounding from the very oversold prices. IMHO, both bargain hunters and short covering is helping us put in this nice consolidation, a necessary component of the incipient reversal.
Good luck!
-Fritz
Step by step more doors to profitability are opened with each passing week. Good find, Rod!
Based on previous comments by Dr. Lim we should be hearing some substantive news on the Roche deal in about eight weeks or so.
Stay tuned!
-Fritz
RIG, SLB, DO, NOV holding onto yesterdays large gains.
Good luck!
-Fritz
Hedge Fund liquidation and forced margin call selling by individuals appears to be abating. Chart is starting to show higher highs and higher lows in the last few days as the market rebounds from the panic of 2008. This is the beginning of a new up trend, IMHO. The
MFI is bouncing off the oversold line and the Acc/Dist line is demonstrative evidence that smart money is patiently picking up the shares tossed overboard by the liquidators. I believe we are already seven days into a reversal and this will be amply demonstrated with each passing day as the credit thaw continues and the ocean of money sitting on the sidelines will start to flow into this sector again.
Good luck!
-Fritz
Yes, Bloomberg is a useful source of information, Chloebeware. You should try it yourself some time. It might save you some embarrassment. Here is an example:
U.S. Equity Movers
By Lu Wang
Oct. 20 (Bloomberg) -- The following companies are having unusual price changes in U.S. trading. Stock symbols are in parentheses, and share prices are as of 4 p.m. in New York.
Energy and oil-related shares jumped after Halliburton Co. (HAL US), the world's second-largest oilfield-services provider reported profit that beat some analysts' estimates and Oppenheimer & Co. boosted the ratings for crude producers including Exxon Mobil Corp. (XOM US).
Halliburton climbed 14 percent to $20.80. Exxon increased 10 percent to $74.99. ConocoPhillips (COP US) rose 9.9 percent to $57.73. Chevron Corp. (CVX US) added 12 percent to $69.61. Hess Corp. (HES US) gained 13 percent to $58.38. Suncor Energy Inc. (SU US) climbed 15 percent to $25.24.
Chesapeake Energy Corp. (CHK US) jumped 14 percent to $23.32. Cabot Oil & Gas Corp. (COG US) gained 11 percent to $28.86. El Paso Corp. (EP US) rallied 15 percent to $9.19. Noble Energy (NBL US) advanced 12 percent to $49.74. National-Oilwell Varco Inc. (NOV US) increased 22 percent to $31.26.
http://www.bloomberg.com/apps/news?pid=20601057&refer=futures&sid=ayw8l2MLOZzw
Crude Oil Rises a Third Day on Signs OPEC Will Reduce Output
By Mark Shenk and Samantha Zee
Oct. 21 (Bloomberg) -- Crude oil rose for a third day on signs that the Organization of Petroleum Exporting Countries will reduce production to halt a 50 percent drop in prices since July.
OPEC may decide to pare production by 1 million to 2 million barrels a day in stages at an Oct. 24 meeting to stabilize prices, said Chakib Khelil, the group's president. Deutsche Bank AG cut its 2009 crude-oil price estimate by 35 percent to $60 a barrel, citing the possibility of a ``major world recession.''
``The main reason for the rise is the impending OPEC production cut,'' said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc. in New York. ``It's not a question of if, but of how much they will cut production at Friday's meeting.''
Crude oil for November delivery rose $1.44, or 1.9 percent, to $75.69 a barrel at 9:38 a.m. Sydney time on the New York Mercantile Exchange. Yesterday, oil rose $2.40 to settle at $74.25 a barrel.
``Oil is following the equity markets higher,'' Barakat said. ``The fate of energy markets has been very closely tied to the Dow Jones Industrial Average lately.''
U.S. stocks rose yesterday, adding to the Dow Jones Industrial Average's best weekly gain in five years, after Halliburton Co.'s profit topped estimates and Federal Reserve Chairman Ben S. Bernanke endorsed an economic stimulus package.
Emergency Meeting
OPEC, supplier of about 40 percent of the world's oil, brought forward to this week a Vienna meeting planned for November to discuss output levels.
``OPEC is the focus,'' said Michael Fitzpatrick, vice president for energy risk management at MF Global Ltd. in New York. ``We are all waiting to see what OPEC does on Friday. A 1 or 1.5 million-barrel cut looks most likely, but as much as 3 million barrels is a possibility, although done in stages.''
While there's a consensus among the group's members to cut output, there's no agreement on the size of the reduction, Khelil, who is also Algeria's oil minister, said in an interview on Algerian television yesterday.
``There should be more than 1 million,'' Shokri Ghanem, chairman of Libya's National Oil Corp., said in a telephone interview yesterday. ``I can't say how much, we will leave it to discussion.''
Qatari Oil Minister Abdullah bin Hamad al-Attiyah told Al Jazeera TV the cut will probably be 1 million barrels a day. Saudi Arabia, which dominates OPEC proceedings as the group's largest producer, has yet to comment on its intentions.
Goldman Outlook
Goldman Sachs Group Inc. and Merrill Lynch & Co. said a 1 million-barrel cut is possible. Oil may fall below $60 a barrel if OPEC limits the cut to 1 million barrels a day, Goldman analysts said in a report dated Oct. 17. Merrill analysts said OPEC may trim supplies by 2.4 million barrels a day over 12 months if economic conditions deteriorate.
OPEC's 13 members produced 32.2 million barrels a day in September, according to a Bloomberg News survey of analysts and producers.
``The West is going to be angry because the drop in oil prices has been just about the only positive economic news,'' Fitzpatrick said. ``Falling gasoline prices have been a great help to consumers.''
Regular gasoline, averaged nationwide, declined 3.1 cents to $2.923 a gallon, AAA, the nation's largest motorist organization, said yesterday on its Web site. Pump prices have tumbled 29 percent from the record $4.114 a gallon reached on July 17.
To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net; Samantha Zee in Los Angeles at szee@bloomberg.net.
Last Updated: October 20, 2008 18:55 EDT
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7p0wMjrjA5s&refer=home
Forced selling is over. Chart shows higher lows and the beginning of the new uptrend. We should be heading back to the mid sevens by the end of the month, IMHO.
Good luck!
-Fritz
RIG, SLB, NOV, DO, WFT all up 5% or more today.
DPDW won't be far behind.
Good luck!
Fritz
Credit markets may have their first significant thawing in months this week, building on a boost in bank lending on Friday and government moves to restore trust between lenders and borrowers.
But if these markets stay frozen, it would be a sign that a return to normalcy in the financial markets could take longer than investors and policy makers hope.
On Friday, three big banks led by J.P. Morgan Chase & Co. made multibillion-dollar offers of three-month funds to European counterparts, causing an immediate stir in the shriveled markets for unsecured lending.
That raised expectations that lenders would finally open their doors and businesses would be able to borrow again, removing one of the biggest stresses on the global economy.
In response, futures markets are predicting sharp declines in the rates banks charge one another to borrow, with the benchmark three-month Libor, or London interbank offered rate, expected to drop by around half a percentage point from 4.41875% Friday. That would be a multiweek low, but still some way above the 2.8% seen before the collapse of Lehman Brothers in mid-September.
Libor is the benchmark for pricing of all kinds of debt, including corporate borrowing and mortgages. A lasting drop would be a powerful signal of recovery in the banking sector. If banks are prepared to lower their lending rates, it means they are regaining sufficient confidence to resume their normal relationships as creditors, instead of plunging their cash into government bonds and considering central banks the only trustworthy counterparties.
Friday morning, J.P. Morgan Chase lent out between $10 billion and $15 billion in short-term funds to overseas peers at interest rates ranging from 3% to 4.5%, according to people familiar with the matter. The unsecured loans had maturities ranging from overnight to more than one month. Not long after that, other U.S. banks, including Citigroup Inc., followed suit.
The banks grew more comfortable because of recent European-government guarantees for banks and their liabilities, say market participants. Another reason was pending U.S. government infusions directly into U.S. banks, which would free up room on their balance sheets for making more loans.
The amounts lent out Friday weren't large by banking standards, and, by any historical measure, credit markets remain largely closed. But at least some investors took the moves as a hopeful sign.
"We're getting an accumulation of evidence that things are starting to unfreeze," said Carl Lantz, interest-rate strategist at Credit Suisse in New York.
As soon as the J.P. Morgan sighting was reported Friday, Treasury bills, whose short maturities make them the safest paper on the market, lost ground. Selling out of the three-month bill sent the yield Friday shooting up to 0.803%, some 0.36 percentage points higher on the day.
It remains too early to tell whether the return to unsecured lending will continue. Until now, investors had anticipated a gradual loosening in lending constraints, assisted by international central banks' new strategy of auctioning unlimited supplies of dollars but hampered by the usual clampdown in the leadup to the quarter-end accounting period.
This week brings the second in these dollar auctions by major European central banks, which are offering unlimited supplies of 28-day loans. Tony Crescenzi, chief bond market strategist at Miller, Tabak & Co, cited the drop in seven-day Libor following last week's auction of unlimited seven-day funds to support his view that "the downward trend in Libor looks likely to continue."
Write to Emily Barrett at emily.barrett@dowjones.com
http://online.wsj.com/article/SB122445523400648381.html?mod=todays_asia_nonsub_money_and_investing#articleTabs%3Darticle
brikk, excellent point. Credit markets are in fact beginning to thaw, yet many good companies are on sale. We might soon wake up to be astounded by some breath taking acquisition which we might have thought impossible just a few months ago.
Good luck!
-Fritz
brikk, your points are well taken, as always. I agree that low volume stocks can easily be manipulated but a price drop on low volume is of no real concern to longs, IMHO. However, a price drop on high volume dumping is very difficult to reverse. Witness the DPDW pps since the million share dump several months ago.
I'm not sure whether the hedge funds are through cashing out of the markets overall. I am cautiously leaning in your direction on that point, but don't forget the potential for tax loss selling as we near the end of the year. Time will tell, of course.
jdsgungho, thanks for the membermark. You've kicked me up to double digits! LOL!
Good luck!
-Fritz
brikk and jds, I have been looking at the lack of form effect as a blessing in disguise during these last few weeks. Like many
investors large and small, undoubtedly a fair proportion of the "selling shareholders" are currently under the pressure of margin calls (see, e.g., Aubrey McClendon of CHK). This also pertains to those "selling shareholders" who happen to be institutional investors and who are laboring under a barrage of redemption orders from their clients.
The lack of an effectiveness order means that these investors must look to other assets to meet these calls rather than dumping large quantities of DPDW at firesale prices. As far as I'm concerned, I hope the SEC paperwork has fallen under some staffer's desk and can lay there unattended until these outside selling pressures dissipate.
Good luck!
-Fritz
DPDW not in oil services? Oh, sorry for the error. I guess it's been reassigned back to medical?
-Fritz
Upon further reflection, while I would assume some payment is scheduled as each phase advances (that is the very definition of a milestone, no?), I would think it more likely that payments would be due upon completion of a phase rather than initiation of the next phase. Therefore, it might already be in the bank. I do not necessarily agree that receipt of payment pursuant to a previously announced contract is an event required to be announced via a PR. It might show up unannounced in the next 10Q. What do you think?
Good luck!
-Fritz
Oil Services up despite SLB dip
NOV up 22%
RIG up 3.2%
OII up 3.7%
Good luck!
-Fritz
Looks like a trend to me.
Good luck!
-Fritz
Do you think that the milestone payments will be PR'd or just quietly find their way to the HALO balance sheet? HALO seems reluctant to share the details of these payments as a general rule.
-Fritz
SEC-New Rules
Found this posted on another site. Very interesting reading
SEC action
The SEC’s Been Busy – Four New Reg. SHO and Short Sale
http://www.sec.gov/rules/final.shtml
Amendments to Regulation SHO (Interim final temporary rule)
http://www.sec.gov/rules/final/2008/34-58773.pdf
SUMMARY: The Securities and Exchange Commission (“Commission”) is adopting an interim final temporary rule under the Securities Exchange Act of 1934 (“Exchange Act”) to address abusive “naked” short selling in all equity securities by requiring that participants of a clearing agency registered with the Commission deliver securities by settlement date, or if the participants have not delivered shares by settlement date, immediately purchase or borrow securities to close out the fail to deliver position by no later than the beginning of regular trading hours on the settlement day following the day the participant incurred the fail to deliver position. Failure to comply with the close-out requirement of the temporary rule is a violation of the temporary rule. In addition, a participant that does not comply with this close-out requirement, and any broker-dealer from which it receives trades for clearance and settlement, will not be able to short sell the security either for itself or for the account of another, unless it has previously arranged to borrow or borrowed the security, until the fail to deliver position is closed out.
Effective Date: October 17, 2008 except §242.204T is effective October 17, 2008 until July 31, 2009
“Naked” Short Selling Antifraud Rule (Proposed Rule)
http://www.sec.gov/rules/final/2008/34-58774.pdf
SUMMARY: The Securities and Exchange Commission (“Commission”) is adopting an antifraud rule under the Securities Exchange Act of 1934 (“Exchange Act”) to address fails to deliver securities that have been associated with “naked” short selling. The rule will further evidence the liability of short sellers, including broker-dealers acting for their own accounts, who deceive specified persons about their intention or ability to deliver securities in time for settlement (including persons that deceive their broker-dealer about their locate source or ownership of shares) and that fail to deliver securities by settlement date.
Effective Date: October 17, 2008.
17 CFR PARTS 241 AND 242 [Release No. 34-58775; File No. S7-19-07]
Amendments to Regulation SHO (Final rule)
http://www.sec.gov/rules/final/2008/34-58775.pdf
SUMMARY: The Securities and Exchange Commission (“Commission”) is adopting amendments to Regulation SHO under the Securities Exchange Act of 1934 (“Exchange Act”). The amendments are intended to further reduce the number of persistent fails to deliver in certain equity securities by eliminating the options market maker exception to the close-out requirement of Regulation SHO. As a result of the amendments, fails to deliver in threshold securities that result from hedging activities by options market makers will no longer be excepted from Regulation SHO’s close-out requirement. The Commission is also providing guidance regarding bona fide market making activities for purposes of the market maker exception to Regulation SHO’s locate requirement.
EFFECTIVE DATE: October 17, 2008.
17 CFR Parts 240 and 249 [Release No. 34-58785; File No. S7-31-08]
DISCLOSURE OF SHORT SALES AND SHORT POSITIONS BY
INSTITUTIONAL INVESTMENT MANAGERS
http://www.sec.gov/rules/final/2008/34-58785.pdf
SUMMARY: The Commission is adopting an interim final temporary rule requiring certain institutional investment managers to file information on Form SH concerning their short sales and positions of section 13(f) securities, other than options. The new rule extends the reporting requirements established by our Emergency Orders dated September 18, 2008, September 21, 2008 and October 2, 2008, with some modifications. The extension will be effective until August 1, 2009. Consistent with the Orders, the rule requires an institutional investment manager that exercises investment discretion with respect to accounts holding section 13(f) securities having an aggregate fair market value of at least $100 million to file Form SH with the Commission following a calendar week in which it effected a short sale in a section 13(f) security, with some exceptions.
Effective Date: §§ 240.10a-3T, 249.326T and temporary Form SH are effective from October 18, 2008 until August 1, 2009.
Lots of headroom for a nice run. Crude is up and oil services back in play.
Good luck!
-Fritz
FWIW BAX upgraded from *** to **** by S&P (out of a possible 5 stars).
Gammagard specifically cited along with strength in "plasma products".
We'll see how BAX themselves characterize their strong points on Thursday.
-Fritz
Baxter International Inc. Third Quarter 2008 Financial Results Conference Call
Monday 10/13/2008 4:00 PM ET - Businesswire
Symbol Last %Chg
BAX 60.84 8.45%
As of 4:01 PM ET 10/13/08
Baxter International (NYSE:BAX), will host a quarterly conference call to discuss its third quarter 2008 financial results on Thursday, October 16, 2008, at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). To access the call, please dial 866-238-0637 (domestic) or 703-639-1156 (international). Please dial into the call at least ten minutes prior to the start of the call for the operator to connect you.
This call is being webcast by Thomson/CCBN and can be accessed at Baxter's Web site at http://www.baxter.com/. The conference call will be recorded by Baxter and is copyrighted material. It cannot be recorded or rebroadcast without Baxter's permission.
The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.
Baxter International Inc. develops, manufactures and markets products that save and sustain the lives of people with hemophilia, immune disorders, cancer, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions. As a global, diversified healthcare company, Baxter applies a unique combination of expertise in medical devices, pharmaceuticals and biotechnology to create products that advance patient care worldwide.
SOURCE: Baxter International Inc.
Baxter International Inc.
Investor Relations Contact:
Mary Kay Ladone, +1-847-948-3371
Mary_Kay_Ladone@baxter.com
or
Clare Trachtman, +1-847-948-3085
Clare_Trachtman@baxter.com
All buyers, no sellers today.
Weeeeeeeeeeeeeeeeeeee!!!!!!! (Just kidding. LOL!)
There should be significant short covering since this is a golden opportunity for them right now. If so, it will benefit the pps to get that parasitic load off of our backs going into the last quarter. Per Dr. Lim's comments, Roche news will likely be announced as we approach the holiday season.
Hope everyone weathered the storm.
Blues skies ahead.
Good luck!
-Fritz
JoeSmith, my sincerest thanks for your great work.
Tomorrow begins the snap back, IMHO.
Good luck!
-Fritz
udrunkenmonkey: IMHO technicals don't really work here since we have a selloff that is driven by fundamental issues in the worldwide market. My limited understanding of TA leads me to believe that technical indicators in a chart are not adept at calling a bottom in this type of atmosphere. For example yesterday the VIX was at 55 which normally would be screaming a bottom, but we see tonight that Asia is continuing to slide deeper into a frightening hole.
There is no confidence in the market. There are no buyers to speak of. No one is selling HALO because they don't believe in the company, but hedge funds and mutual funds who may have been long HALO are now faced with substantial redemption demands from their customers and so they must liquidate their positions to accommodate them. In some cases individual investors are dealing with margin calls with the same result, i.e., they must sell HALO shares to meet the margin requirements of their brokers.
I'm holding to my theory that we are at or near the bottom and are through the worst of it, but I definitely could be proven wrong. This could wind up being a financial disaster of historic proportions, but somehow I don't think so. It is beginning to look like some cherry pickers are emerging and nibbling here and there at good value plays. This implies that we are getting closer to an understanding of the valuation of that huge portion of the world economy that has been polluted and diluted by these shaky securitized debt instruments. Once this happens people will begin to have more confidence in the market, though this will surely be a long road back.
Nevertheless the matter seems to demand some coordinated effort by the various sovereign governments but they are having trouble acting in a unified fashion and are therefore exacerbating the problem. Perhaps we will have some better clarity by the end of the week.
I, too would like to hear from the others who stop here from time to time.
Good luck!
-Fritz
Months ago I jumped in big here and was thrilled to snag a large position at $.45.
That was before the company cleared the balance sheet of debt and bought Flotation Technologies outright.
So guess what did I did today when the pps hit $.45? LOL!
Good luck and don't panic!
-Fritz