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Daily Credit Market Summary: May 19

Wed, 20 May 2009 04:42:31 GMT

Spreads improved (tightened) across the board as all the indices rallied today (as a late day sell-off in stocks dragged a short-squeezed IG off its tights). Indices typically underperformed single-names with skews mostly narrower as IG underperformed but narrowed the skew, HVOL underperformed but narrowed the skew, ExHVOL intrinsics beat and narrowed the skew, XO underperformed but compressed the skew, and HY outperformed but narrowed the skew. The names having the largest impact on IG are Hartford Financial Services Group (-47.13bps) pushing IG 0.37bps tighter, and CIT Group Inc (+23.46bps) adding 0.12bps to IG. HVOL is more sensitive with Hartford Financial Services Group pushing it 1.64bps tighter, and CIT Group Inc contributing 0.56bps to HVOL's change today. The less volatile ExHVOL's move today is driven by both Constellation Energy Group Inc. (-25bps) pushing the index 0.25bps tighter, and[More...]

Loews Corp. a Hold for Now - Analyst Blog

Thu, 20 Nov 2008 15:35:00 GMT

Loews Corporation (L) experienced a 3Q08 net loss from continuing operations came of $0.33 per share, the result of higher-than-expected catastrophe losses and investment losses at CNA Financial Corporation (CNA), which more than offset the improved results at the energy and drilling subsidiaries -- HighMount Exploration, Diamond Offshore Drilling, Inc. (DO) and Boardwalk Pipeline Partners LP (BWP). The spin-off of Lorillard in 2Q08 eliminated the company's overhang from tobacco litigation, permitting an increased focuses on broadening hydrocarbon interests.[More...]

Virtual Funds: Energy Fund's Ranking/Performance in Q3 '08 And Overall

Tue, 28 Oct 2008 06:07:00 GMT

This has been a tough year and a very tough 3rd quarter for all sectors. Energy was affected as much if not worse than most of the other sectors. Here I will detail the performance of the virtual mutual fund I've set up for the Energy sector on the Marketocracy web site. Orange line in the chart below shows how my Energy Fund has performed relative to the m100 (a collective Marketocracy fund that uses picks from the top 100 members), S&P 500, Dow Jones Index, and Nasdaq. [More...]

Ambac Financial Dropped From S&P 500 Index

Thu, 05 Jun 2008 02:39:10 GMT

Standard & Poor's announced Ambac Financial (ABK) will be removed from the S&P 500 Index after the close of trading on June 10th. Ambac will be replaced by Lorillard. According to S&P:[More...]

Companies Reporting Earnings on Tuesday

Tue, 05 Feb 2008 09:57:59 GMT

Ticker: HAR,FORM,THQI,BBBB,BP,BRE,BSX,CBG,CME,DIS,NBR,NYX,RVBD,TM,USNA,XL,BHP,CAKE,WHR,MLM,TZOO,CG[More...]

Separating Chaffe from Wheat - The Selloff Identifies Future Winners

Wed, 14 Nov 2007 21:23:43 GMT

Although this selloff was painful for many portfolios it can be a useful tool in many ways. One of the most important, in my book, is separating the proverbial chaffe from the wheat - identifying which stocks have been run up by speculators (many of the solar stocks, dry bulk shippers et al) versus those with 'strong hands'. I'd argue that more money could in theory be made playing with those... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] [More...]

Yet More in the Pipeline

Sat, 29 Aug 2009 17:52:00 GMT

Aug. 29--Although markets have rallied in most parts of Asia, the long-term potential for further growth remains vibrant, a leading fund manager said in a recent interview with the Bangkok Post.
"We think that the worst is over for the region and despite the market rallies over the past few weeks, we still see long-term potential," said Nicholas Yeo, the fund manager for Aberdeen Asset Management.
Although he is firm about the worst being over, Mr Yeo remains cautious about the future saying that "it does not mean that we are out of the woods".

[More...]

Building a Stronger Community

Wed, 25 Feb 2009 14:54:00 GMT

Feb. 25--Both public and private organisations today can hardly overlook the significance of corporate social responsibility as a tool to build sustainable growth for the organisation as a whole.
The state-owned Government Housing Bank has long realised the importance of promoting social responsibility.
Chalieo Vitoorapakorn, the bank's director and executive director, said the bank recorded strong profits every year and it wants to share its sweet success with the community that provides its income.

[More...]

AIP, Kuwait Times Honor Outstanding Indian Students

Sun, 28 Dec 2008 19:53:00 GMT

Dec. 28--KUWAIT -- The Association of Indian Professionals-Kuwait (AIP) in collaboration with the Kuwait Times, successfully organized an 'Award Nite' on Friday.
The ceremony was held to honor Class XII and Class X Indian students at the Indian Community School in Salmiya.
For the first time since the organization was founded in 1993, the Kuwait Times, in honor of its late founder Yousuf Alyan, distributed cash awards worth KD 1000 each to Class XII top winners.

[More...]

Investment Industry Regulatory Organization of Canada - Trade Resumption - Centerra Gold Inc. - CG

Mon, 27 Jul 2009 14:02:00 GMT

TORONTO, July 27 /CNW/ - Trading resumes in: Issuer Name: Centerra Gold Inc. TSX Ticker Symbol: CG[More...]

Investment Industry Regulatory Organization of Canada - Trading Halt - Centerra Gold - CG

Mon, 27 Jul 2009 13:52:00 GMT

TORONTO, July 27 /CNW/ - The following issues have been halted by Investment Industry Regulatory Organization of Canada (IIROC): Issuer Name: Centerra Gold[More...]

Tonogold Resources Announces 3rd Quarter Exploration Update for Tonopah Divide

Thu, 13 Nov 2008 12:56:00 GMT

Tonogold Resources, Inc. announces an exploration update for the Tonopah Divide Gold Project located five miles south of the town of Tonopah, Esmeralda County, Nevada.[More...]

Lorillard to Begin Trading on New York Stock Exchange

Tue, 10 Jun 2008 11:25:00 GMT

Lorillard Inc., , the third largest manufacturer of cigarettes in the United States, today announced it will begin trading its shares on the New York Stock Exchange under the ticker symbol 'LO.'[More...]

Standard & Poor's Announces Change to U.S. Index - Jun 3 2008 6:51PM

Tue, 03 Jun 2008 21:53:00 GMT

Lorillard Inc. will replace Ambac Financial Group Inc. in the S&P 500 after the close of trading on Tuesday, June 10. Lorillard is being distributed to the public via a two-tier process involving 1) the retirement of the tracking stock Carolina Group , in exchange for which approximately 62% of Lorillard's common stock will be issued, and 2) an offer in which shares of S&P 500 constituent Loews Corp. can be exchanged for the remaining shares of Lorillard. As of today's close of trading Ambac's market capitalization was roughly $860 million, ranking 500th in the index.[More...]

Loews Corporation Announces Quarterly Dividend on Carolina Group Stock - Jun 1 2008 4:05PM

Fri, 09 May 2008 08:57:00 GMT

Loews Corporation (NYSE:LTR;CG) announced today the declaration of a quarterly dividend on its Carolina Group stock, in the amount of $0.455 per share, payable June 6, 2008 to shareholders of record as of May 23, 2008.[More...]

Loews Corporation Announces Commencement of Lorillard Exchange Offer - Jun 1 2008 4:05PM

Fri, 09 May 2008 08:56:00 GMT

Loews Corporation (NYSE:LTR; CG) today announced that it has commenced an offer to its stockholders for the exchange, on a tax-free basis, of shares of Loews common stock for shares of common stock of Lorillard, Inc. held by Loews. The offer will expire at 12:00 midnight, New York City time, on June 9, 2008, unless extended.[More...]

Carolina Group Reports Net Income for the First Quarter of 2008

Mon, 28 Apr 2008 12:36:00 GMT

Loews Corporation (NYSE:LTR) today reported Carolina Group net income for the first quarter of 2008 of $171 million, compared to $189 million in the first quarter of 2007. The decline in net income reflects increased selling, advertising and administrative expenses as a result of costs associated with the proposed spin-off of Lorillard and lower investment income, partially offset by lower interest expense related to the Carolina Group notional debt.[More...]

Loews Corporation Reports Net Income for the First Quarter of 2008

Mon, 28 Apr 2008 12:33:00 GMT

Loews Corporation (NYSE:LTR;CG) today reported consolidated net income (including both the Loews Group and Carolina Group) for the first quarter of 2008 of $662 million, compared to $768 million in the first quarter of 2007.[More...]

Loews Corporation to Release First Quarter 2008 Results on April 28

Fri, 04 Apr 2008 13:57:00 GMT

Loews Corporation (NYSE: LTR; CG) will report first quarter 2008 earnings for both the Company and its Carolina Group on Monday, April 28, 2008. A conference call for analysts and investors will begin at 11:00 a.m. EDT and will be hosted by the Company’s chief executive officer, James S. Tisch, and chief financial officer, Peter W. Keegan.[More...]