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Daily Archives: April 28, 2008

Former Fed Official Call Bear Stearns Deal “the worst policy mistake in a generation”

Posted: April 28, 2008 at 6:02 pm

Why hold back feelings? Vincent Reinhart, former head of monetary affairs at the Federal Reserve called the deal to save Bear Strearns (BCS) by backing a sale to JP Morgan ...
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Merck’s (MRK) Hopes Crushed

Posted: April 28, 2008 at 5:49 pm

Merck (MRK) had high hopes for its cholesterol drug CordaptiveAccording to The Wall Street Journal, things did not work out. The paper reports that the agency issuing a "not approvable" ...
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Under Armour Investors Suit Up For Earnings (UA)

Posted: April 28, 2008 at 3:59 pm

Tuesday in the early hours of the morning, we’ll get to see earnings out of Under Armour, Inc. (NASDAQ: UA). The estimates for the performance apparel company from First Call ...
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Double Hull Tankers Raising Cash (DHT)

Posted: April 28, 2008 at 3:44 pm

Double Hull Tankers inc. (NYSE: DHT) has filed to sell up to 7 million shares of common stock via a secondary offering.  The company has also granted underwriters a 1.05 ...
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Pharmacy Benefit Managers Dominate Medical Earnings Tuesday (MHS, ESRX)

Posted: April 28, 2008 at 3:34 pm

Pharmacy benefits managers Express Scripts Inc. (NASDAQ: ESRX) and MedcoHealth Solutions Inc. (NASDAQ: MHS) are both set to report earnings on Tuesday.We’ll get to see earnings out of MedcoHealth Solutions ...
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Corning Holders Brace For Earnings (GLW)

Posted: April 28, 2008 at 3:14 pm

Tuesday morning in the pre-market hours, we’ll get to see earnings out of Corning Inc. (NYSE: GLW). The estimates for the ceramic and glass giant from First Call are $0.42 ...
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The 52-Week Low Club (PAY)(GMST)(HRZ)(VRSO)

Posted: April 28, 2008 at 2:55 pm

Verifone (PAY) Asking for credit waivers from banks. Down to $10.25 from 52-week high of $50.Horizon Lines (HRZ) Drops outlook and gets broker downgrade. Falls to $10.66 from 52-week high ...
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Circuit City’s Largest Holder Joins Activist Efforts (CC, BBI)

Posted: April 28, 2008 at 2:22 pm

A firm called HBK INVESTMENTS, L.P. has just changed its tune regarding its investment in Circuity City Stores Inc. (NYSE: CC).  As of December 31, 2007, HBK-I owned or controlled ...
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Sovereign Wealth Funds Bigger Than UK, German, And France GDP

Posted: April 28, 2008 at 12:34 pm

Sovereign wealth funds are now so large that they have passed the annual economic output of the United Kingdom, Germany or France. According to Global Insight, the value of the ...
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More Trouble in XM-Sirius Merger? (SIRI, XMSR)

Posted: April 28, 2008 at 12:07 pm

MediaPost has a rather interesting article out today citing state attorneys general from four more states have joined ten others in their opposition of the merger between Sirius Satellite Radio ...
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China Gas Price Game Starts To Show Cracks (PTR)(SNP)(GM)(XOM)(TM)

Posted: April 28, 2008 at 11:25 am

The shell game of controlling gas and diesel prices in China is not terribly clever, but it has worked. The government and the oil & refinery companies which it controls ...
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Bristol-Myers Squibb Files Open Shelf Registration (BMY)

Posted: April 28, 2008 at 11:20 am

Bristol-Myers Squibb (NYSE: BMY) has submitted an open shelf offering today for an undetermined amount. The offering includes a combination of debt securities, preferred stock, depositary shares, common stock, and ...
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IPO FILING: Rackspace Inc. (RAX)

Posted: April 28, 2008 at 10:54 am

Rackspace, Inc. has submitted its IPO paperwork late Friday after the close. The filing shows a maximum aggregate offering of $400 million, although this number is for filing purposes only. ...
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Large Banks Beginning To Close Branch Locations (C)(WB)(WFC)(BAC)

Posted: April 28, 2008 at 9:04 am

Consumers and businesses are faced with two difficult problems as a result of major banks taking huge write-offs. The first is that, even though the Fed is chopping rates, lower ...
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Does $80 Wrigley Equal $50 Hershey? (WWY, JPM, GS, HSY, CSG)

Posted: April 28, 2008 at 8:40 am

When we saw the Mars acquisition of William Wrigley Jr. Co. (NYSE: WWY) in perhaps the largest food merger, the first thing that came to mind besides "what a premium" ...
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