WALL STREET JOURNAL
The Wall Street Journal reported that worries are deepening among regulators, executives and consumers about the U.S. banking industry following the federal government's seizure of IndyMac Bank (IMB)…According to a person familiar with the situation, the Wall Street Journal reported that Banco Santander (STD) is nearing an agreement to buy Alliance & Leicester for around $2.38B…NEW YORK TIMES: Yahoo! (YHOO) chairman Roy Bostock called Microsoft's (MSFT) proposal "ludicrous". Bostock said that "while this type of erratic and unpredictable behavior is consistent with what we have come to expect from Microsoft, we will not be bludgeoned into a transaction that is not in the best interests of our stockholders." Yahoo reaffirmed that it is open to a sale of the company for $33 a share, the New York Times reported…CNET: CNet reported that the price of the Xbox 360 Pro model with a 20GB hard drive was cut by Microsoft to $299 from $349. The company also introduced introduced a 60GB model to go on sale in the U.S. and Canada in August for $349…
SEC to open probe on rumor mongering-AP
Spurred by the storm of inaccurate information around firms in the news. The SEC has opened an investigation into the spreading of false information to manipulate stock prices. SEC Chairman Cox said that the investigation is aimed at "ensuring that investors continue to get reliable, accurate information about public companies in the marketplace."
Bailed-out IndyMac will open Monday as IndyMac Federal Bank-The Daily Telegraph
After being seized by the federal government on Friday, The regulatory Office of Thrift Supervision announced it had placed the California based IndyMac Bank (IMB), with a worth of approximately $32B, under the control of the Federal Deposit Insurance Corporation.
Weekly additions to the Investors Business Daily-100
The following are additions to the Investors Business Daily- 100 list for the week of July 11: Sociedad Quimica y Minera (SQM), Companhia Siderugica National (SID), Ezcorp (EZPW), Hill International (HIL), Wabtec (WAB), AZZ Inc (AZZ), Concur Technologies (CNQR), Kansas City Southern (KSU), Apple Inc (AAPL), NVE Corporation (NVEC), Sun Hydraulics (SNHY), Airgas (ARG), Amedisys (AMED), Mantech International (MANT), Synutra International (SYUT), ITC Holdings (ITC), Altra Holding (AIMC), Mesabi Trust (MSB), Celanese Corp. (CE), BMC Software (BMC), Psychiatric Solutions (PSYS)
Weekly subtractions from the Investor's Business Daily-100
The following are subtractions from the Investors Business Daily-100 list for the week of July 11 : Murphy Oil (MUR), Jinpan International (JST), Apache Corp. (APA), Research In Motion (RIMM), Yamana Gold (AUY), Noble Corp. (NE), Permian Basin Royalty Trust (PBT), Weatherford International (WFT), Petroleo Bras (PBR.A), Cybersource Corp. (CYBS), Williams Companies (WMB), Cameron Internationsl (CAM), Hornbeck Offshore Services (HOS), Nexen Inc.(NXY),Canadian Natural Resources (CNQ), Devon Energy Corp (DVN), Superior Energy Services (SPN), Gulf Island Fabrication (GIFI), Halliburton (HAL), True Religion Apparel (TRLG), Credicorp (BAP) :
SEC to crack down on the spreading of false rumors-WSJ
Under pressure for not doing enough, the SEC is going after individuals and firms who spread false rumors that affect markets, reports the Wall Street Journal. The SEC timed its announcement to warn traders before the Asian markets opened.
Cleveland Cliffs-CLF estimates raised on higher iron ore & coking prices@MSCO
Shares are Equal Weight rated.
CLF announces expansions at mines
Cleveland-Cliffs announced that its Board of Directors has approved a capital project at its Empire and Tilden mines in Michigan's Upper Peninsula. The project, which requires approximately $290 million of incremental capital investment, is expected to allow the Empire Mine to produce at three million tons annually through 2017 and increase Tilden Mine production by more than two million tons annually. This incremental production is expected to result in total equity production of over 23 million tons annually for the Company's North American Iron Ore business segment. Cliffs said its Empire Mine was previously projected to exhaust reserves in early 2011. As part of the capacity expansion, Cliffs will also mine additional ore from its Tilden Mine, located adjacent to Empire, and process it utilizing extra processing capacity at Empire. Utilization of this capacity will enable Tilden to increase production to more than 10 million tons annually. Tilden Mine currently has an annual rated capacity of nearly eight million tons, with an expected mine life exceeding 30 years.
FRE option prices up prior to Treasury support
FRE is recently at $10.60 in pre-open trading, above its close of $7.55. Treasury Secretary Henry Paulson pledged the U.S. federal government is behind FNM and FRE. Smith Barney maintains its Buy on FNM. FRE July 7.5 straddle is priced at $3.45, August 7.5 straddle closed at $6.90 according to Track Data, suggesting larger price movement.
FNM option prices up prior to Treasury support
FNM is recently trading at $14.18 in pre-open trading, above its close of $10.25. Treasury Secretary Henry Paulson pledged the U.S. federal government is behind FNM and FRE. Smith Barney maintains its Buy on FNM. Smith Barney say's "we see the recent sell-off as a crises of confidence, rather than an indication of significant fundamental change." FNM July 10 straddle is priced at $4.75. FNM August 9 straddle is priced at $7.30 according to Track Data, suggesting turbulent price movement.
CSIQ backs FY09 view
Based on market forecasts, customer orders and supply contracts, CSI reiterates its full-year 2009 forecast and expects to deliver 500-550MW of solar modules including both its high-efficiency regular module products and lower-cost e-Modules.
CSIQ on track to meet or exceed FY08 revenue guidance
Sees FY08 revenue at least $750M-$870M vs. consensus of $849.16M.
CSIQ reports preliminary Q2 revenue $210M-$214M
CSIQ had seen Q2 revenue $185M-$190M. Consensus is $186.62M.