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Daily Highlights: 11/12/09

Thu, 12 Nov 2009 13:15:42 GMT

Asia stocks, currencies gain after Australian jobs report; gold at record.Australian employers unexpectedly hire 24,500; currency jumps on rate bets.Brazil economy to grow 9 percent in 4th quarter as domestic demand surges, top official says.Brazil government defends reliability of power grid after blackout leaves 60M in dark.Dollar falls to 15-month low on bets Fed rate to stay near zero.Euro up to $1.500 in European morning trade, Asian equity gains slow.Fed officials say recovery will be slow as unemployment hampers spending.Global confidence drops as central banks begin to exit emergency stimulus.Gold hits record high of $1,121.90/oz, driven by speculation of dollar weakness.Oil hovers above $79 in Asia amid sluggish US crude[More...]

Berkshire Hathaway: Buy Of The Century

Tue, 03 Mar 2009 15:21:00 GMT

Berkshire Hathaway: Buy of the Century by Investment U Research Team In the midst of Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A) reporting its worst year ever, -9.6%, the stock price has plummeted to a level not seen in almost [More...]

How to Beat Warren Buffett at His Own Game

Wed, 03 Dec 2008 20:19:00 GMT

How to Beat Warren Buffett at His Own Game This morning, Electricité de France (EPA: EDF) made another attempt to purchase Constellation Energy Group (NYSE: CEG). EDF’s new offer of $52 a share for half of the company is almost as much as MidAmerican Energy -Warren Buffett’s subsidiary of Berkshire Hathaway (NYSE: BRK.A) - paid for the entire company in September. His $4.7 billion deal for Constellation - about what it cost to build one nuclear reactor - bought him three[More...]

Pre Market Stock News and ETF Trading Brief

Wed, 03 Dec 2008 14:02:00 GMT

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Constellation Energy (CEG) Merger Arbitrage Opportunity

Tue, 28 Oct 2008 12:56:00 GMT

One of the four techniques implemented by Benjamin Graham was merger arbitrage. There’s been some good evidence that this strategy has worked for several decades for some value investors such as Graham and Buffett, producing double digit returns. Buffett had a nice discussion on his arbitrage experience with Arcata Corp in the 1980’s in his 1988 letter to shareholders. To evaluate arbitrage situations you must answer four questions: (1) How likely is it that the promised event will indeed occur? (2) How long will your money be tied up? (3) What chance is there that something still better will transpire - a competing takeover[More...]

Constellation Energy Appears To Be Back in Play

Fri, 03 Oct 2008 21:06:00 GMT

Hmm, Constellation Energy (CEG) is moving quite substantially over the Buffet bailout bid of $26.50... now approaching $29. Maybe this $35 bid from EDF still have some merit - the market seems to be signaling this. French power group EDF could still win Constellation Energy by drumming up support from the U.S. utility's shareholders to reject an agreed $4.7 billion bid from Warren Buffett. Consultants and analysts say Constellation stockholders may seek to overturn the company's decision to accept the bid by Buffett's MidAmerican Energy Holdings and push management to go for the higher French-backed bid instead."EDF is still in a privileged position to[More...]

Drama At The Constellation Energy Corral

Mon, 22 Sep 2008 18:27:00 GMT

Looks like EDF did make a bid after all A French nuclear power company is upping the ante for wholesale power supplier Constellation Energy Group Inc., offering to pay $8.50 per share more for the company, which has agreed to be sold to a unit of Warren Buffett's Berkshire Hathaway Inc. [More...]

FT.com: Electricite de France Eyes Constellation Energy (CEG) Bid

Thu, 18 Sep 2008 06:21:00 GMT

Well this news might keep the stock up for at least 10 minutes before short sellers attack by buying up credit swaps and signaling "this means the potential bid is a hoax!" Ok, I'm a little bitter... ;) Remember, EDF already owns nearly 10% of Constellati[More...]

Constellation Energy (CEG) now in Freefall

Wed, 17 Sep 2008 18:44:00 GMT

Looks like I found my personal Lehman Brothers - down from $38 to $18 in just 2 hours. Amazing. S&P, which has been a useless credit agency which missed the entire subprime debacle, is now in shoot first ask questions later mode - simply on the chance it[More...]

Future of Nuclear Energy Bright Despite EDF Setback

Mon, 11 Aug 2008 14:48:00 GMT

By Jennifer Yousfi And Jason Simpkins Money Morning Editors What was once viewed as a slam-dunk deal and partnership between Electricite de France SA (EDF) and British Energy Group PLC has...Money Morning is here to help investors profit handsomely on this seismic shift in the global economy. Money moves markets. But Money Morning lets you move first. [More...]

BGE credit will be in Feb. bill: $100 for every customer a part of Md. conditions for Constellation deal with French company

Wed, 02 Dec 2009 09:46:00 GMT

Dec. 2--Residential customers of Baltimore Gas & Electric Co. can expect to see a one-time $100 credit on their February bills, a welcome relief as the peak of the winter heating season approaches.
EDF now owns nearly half of Constellation's nuclear power business.
At a hearing Tuesday, BGE lawyers updated the Maryland Public Service Commission on the status of the residential ratepayer credit as well as other measures to protect the utility in case its parent company runs into financial troubles in the future.

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Even green pioneers who disagree about cap-and-trade legislation believe it could be good for innovation

Sun, 29 Nov 2009 17:46:00 GMT

Nov. 29--Allan Hardtke, a developer of alternative energy, is an ardent fan of "going green."
It's that field of research and development that he thinks might benefit from cap-and-trade legislation.
Though Hardkte shies away from the "environmentalist" label, his company, Hardkte Enterprises Inc., is one of five Billings businesses listed on the Environmental Defense Fund's new "green economy" map of Montana.

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Essex may get new nuclear power station

Fri, 27 Nov 2009 18:45:00 GMT

Nov. 27--The nearest new nuclear power station to London could be built at Bradwell in Essex.
French company EDF Energy has put on sale land it owns on the Essex coast around the existing, but redundant, Magnox nuclear power station.
The company admits it needs to raise funds to help pay for the £11 billion it spent buying nuclear generator British Energy last year and the similar amount it will cost to build new reactors.

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ANALYSIS: Three lions of UK energy are worth a try

Thu, 26 Nov 2009 18:45:00 GMT

Nov. 26--They are the British Lions of the UK energy industry.
Nearly 20 years on from privatisation and having survived the waves of American and then European invaders, National Grid, Centrica and SSE (the old Scottish & Southern Energy) stand as beacons of British independence.
These companies are in the forefront of the green energy revolution and the campaign to keep the nation's lights on: National Grid is borrowing and committing billions to connect new gas supplies or windfarms or other renewable energy projects; Centrica and SSE are leading the investment in these new power sources.

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Firms vie to work on new Calvert Cliffs reactor

Fri, 20 Nov 2009 15:47:00 GMT

Nov. 20--Joseph Cunniffe sees the proposed third nuclear reactor at Calvert Cliffs as a huge opportunity for his Sykesville-based firm GSE Systems, which develops simulation and training systems for the power generation industry.
So did more than 100 companies that gathered Thursday in Baltimore for an event drawing suppliers and vendors looking to do business with Areva, the world's largest reactor maker, which is designing and building the proposed third unit with construction company Bechtel.
Under a joint venture called Unistar Nuclear Energy, Constellation Energy Group and French utility Electricite de France wants to build new nuclear plants in the U.S., including one at Calvert Cliffs.

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Firms vie to work on Md. reactor: More than 100 gather at Calvert Cliffs event

Fri, 20 Nov 2009 09:48:00 GMT

Nov. 20--Joseph Cunniffe sees the proposed third nuclear reactor at Calvert Cliffs as a huge opportunity for his Sykesville-based firm GSE Systems, which develops simulation and training systems for the power-generation industry.
So did more than 100 companies that gathered Thursday in Baltimore for an event drawing suppliers and vendors looking to do business with Areva, the world's largest reactor maker, which is designing and building the proposed third unit with construction company Bechtel.
We would like to," said Cunniffe, GSE Systems' marketing consultant, who estimates that a partnership could bring the firm $10 million to $20 million in revenue.

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Grid eyes a monopoly in London as it chases EDF

Thu, 19 Nov 2009 21:52:00 GMT

Nov. 19--National Grid today admitted it is after an electricity and gas delivery monopoly in London as it confirmed it is in the running to make a bid for EDF's £4 billion power network business.
National Grid, the country's operator of the high-voltage electricity transmission network of pylons, also owns the mains gas distribution network in London.
But finance director Steve Lucas warned the Grid will not buy the EDF business at any price.

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The Baltimore Sun Jay Hancock Column: O'Malley Tried, Failed to Stop Jump in BGE Rates

Tue, 03 Nov 2009 14:49:00 GMT

Nov. 3--The video, lovingly promoted by Maryland Republicans, has gotten nearly 4,000 hits on YouTube.
It's a 2006 ad for the successful gubernatorial campaign of Martin O'Malley.
But since he took office the governor has gone after BGE's parent again and again to obtain one-time rebates for household customers, stop future surcharges and protect BGE from financial trauma.

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CEG to Act Quickly on EDF Deal: Date Unclear on $100 Credit to BGE Clients, New Md. HQ

Tue, 03 Nov 2009 14:49:00 GMT

Nov. 3--Constellation Energy Group and its nuclear joint venture partner, Electricite de France, announced Monday that they will move quickly to close their $4.5 billion nuclear joint venture, though the deal leaves some unanswered questions.
Among them: when each of Constellation's Baltimore Gas and Electric residential customers will receive a one-time $100 credit, one of several conditions imposed by Maryland energy regulators last week.
Other issues left unresolved include the location of EDF's new U.S. headquarters in Maryland, the scope of Constellation's future charitable giving, and the construction of a visitor center and new nuclear unit at Calvert Cliffs.

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State OKs Constellation Deal: BGE Customers to Get $100 Credit As Part of Pact With French Utility

Sat, 31 Oct 2009 13:48:00 GMT

Oct. 31--Maryland regulators approved Constellation Energy Group's nuclear joint venture with a French utility Friday, adding conditions -- including a one-time $100 credit for each Baltimore Gas and Electric Co. customer -- that fell short of concessions Gov. Martin O'Malley had sought for the deal.
Besides imposing the residential ratepayer credits totaling $110.5 million, the Public Service Commission placed terms on the transaction that would protect BGE from future financial troubles of its parent company.
Among them: Constellation must make a $250 million cash infusion into BGE by June 30 to strengthen the utility and protect consumers.

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Constellation Energy and EDF Group Enter Definitive Investment Agreement

Wed, 17 Dec 2008 14:31:00 GMT

Constellation Energy (NYSE: CEG) and EDF Development Inc. (a wholly owned subsidiary of EDF) today announced a definitive investment agreement under which EDF Development Inc., will acquire a 49.99 percent interest in Constellation Energy Nuclear Group, LLC, for $4.5 billion. Constellation Energy Nuclear Group owns 3,869 megawatts of nuclear generating capacity, which consists of the Calvert Cliffs Nuclear Power Plant in Maryland, and Nine Mile Point Nuclear Station and R.E. Ginna Nuclear Power Plant in New York. EDF Development Inc.’s interest in Constellation Energy Nuclear Group will be structured as a new joint venture between the companies, separate from the existing UniStar joint venture.[More...]

Western Asset Emerging Markets Income Fund Inc. (“EMD”) Announces Quarterly Distribution for December 2008

Mon, 17 Nov 2008 21:01:00 GMT

Western Asset Emerging Markets Income Fund Inc., which is listed on the New York Stock Exchange under the symbol “EMD”, announced today a quarterly distribution of $0.2900 per common share payable in December 2008. Effective on November 3, 2008, Western Asset Emerging Markets Income Fund Inc. (NYSE: EMD) merged with and into Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF). Also effective November 3, Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF) changed its name to Western Asset Emerging Markets Income Fund Inc. and changed its trading symbol to "EMD".[More...]

Western Asset Emerging Markets Income Fund II Inc. Announces Completion of Merger and Share Conversion Price, Effectiveness of Name Change to Western Asset Emerging Markets Income Fund Inc. and Symbol Change to "EMD"

Mon, 03 Nov 2008 12:26:00 GMT

Western Asset Emerging Markets Income Fund II Inc., which is listed on the New York Stock Exchange under the symbol “EDF,” announced today the completion of the merger of Western Asset Emerging Markets Income Fund Inc. with and into Western Asset Emerging Markets Income Fund II Inc. Effective prior to the opening of business on November 3, 2008, shareholders of Western Asset Emerging Markets Income Fund Inc. (which previously traded on the New York Stock Exchange under the symbol “EMD”) became shareholders of Western Asset Emerging Markets Income Fund II Inc.[More...]

Replay Now Available for Legg Mason Affiliated Closed-End Funds Conference Call

Mon, 27 Oct 2008 20:05:00 GMT

On October 22, 2008 Legg Mason’s closed-end funds, that are advised or sub-advised by its affiliates, held a conference call to discuss the fixed income markets. Western Asset Management provided its view on the overall market, as well as the mortgage backed, high yield, emerging market and tax-exempt fixed income sectors.[More...]

Western Asset Emerging Market Income Fund II Inc. Announces Name Change to Western Asset Emerging Markets Income Fund Inc., Symbol Change to "EMD"

Wed, 22 Oct 2008 20:57:00 GMT

Western Asset Emerging Markets Income Fund II Inc., which is traded on the New York Stock Exchange under the symbol “EDF,” announced today a name change to Western Asset Emerging Markets Income Fund Inc. effective prior to the opening of trading on Monday, November 3, 2008. On November 3, 2008, the Fund will begin trading under the New York Stock Exchange symbol “EMD.” The CUSIP number for Western Asset Emerging Markets Income Fund Inc. will be as follows:[More...]

Legg Mason Affiliated Closed-End Funds Conference Call - Oct 22 2008 8:45AM

Wed, 22 Oct 2008 12:27:00 GMT

Legg Mason’s closed-end funds that are advised or sub-advised by its affiliates will host a conference call to discuss the fixed income markets today, Wednesday, October 22, 2008 at 4:15 pm eastern time. Western Asset Management will provide its view on the overall market, as well as the mortgage backed, high yield, emerging market and tax-exempt fixed income sectors.[More...]

Western Asset Emerging Markets Income Fund II Inc. as of September 30, 2008

Tue, 21 Oct 2008 20:07:00 GMT

Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF) announces its portfolio composition as of September 30, 2008.[More...]

Western Asset Emerging Markets Income Fund Inc. Declares Distribution, Suspends Distribution Reinvestment Program In Anticipation of Approved Merger

Fri, 17 Oct 2008 21:06:00 GMT

Western Asset Emerging Markets Income Fund Inc., which is listed on the New York Stock Exchange under the symbol “EMD,” today announced distributions of $0.2254 per common share from net investment income, $0.0022 per common share from short-term capital gains and $0.0098 per common share from long-term capital gains, payable October 31, 2008, to shareholders of record as of October 24, 2008, with an ex-dividend date of October 22, 2008. These distributions are being paid to common shareholders prior to the Fund’s merger with and into Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF) effective prior to the opening of business on November 3, 2008.[More...]

Western Asset Emerging Markets Income Fund Inc. Announces Results of Special Meeting of Stockholders

Fri, 17 Oct 2008 20:56:00 GMT

Western Asset Emerging Markets Income Fund Inc., which is listed on the New York Stock Exchange under the symbol “EMD”, announced today that, at its Special Meeting of Stockholders held earlier today, stockholders voted to approve the merger of Western Asset Emerging Markets Income Fund Inc. with and into Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF).[More...]

Legg Mason Affiliated Closed-End Funds Conference Call

Wed, 15 Oct 2008 12:38:00 GMT

Legg Mason’s closed-end funds that are advised or sub-advised by its affiliates will host a conference call to discuss the fixed income markets on Wednesday, October 22, 2008 at 4:15 pm eastern time. Western Asset Management will provide its view on the overall market, as well as the mortgage backed, high yield, emerging market and tax-exempt fixed income sectors.[More...]