Is Spain’s Finance Minister Serious?
Politicians may not always tell the whole truth, but most of the time they’re in the neighborhood. Spain’s finance minister, Luis de Guindos, said this morning that the country will pick up in 2013…
All Work
Paul Ausick
24/7 Wall St. Closing Bell (GOOG, CMA, AIG, DE, PNRA, ANGO, HWD, PSMT, STZ, LEDS, WDFC, PLCM, ALTH, WOLF, NDAQ, RT)
Markets opened lower this morning and there was no news sufficient to unleash significant buying. The report on new claims for unemployment benefits came in about as expected (our coverage here), and investors are…
US Consumers Plan to Buy HD-TVs, Smartphones
A recent survey by the Consumer Electronics Association indicates the US consumers plan to purchase a lot more smartphones, high-definition TVs (HDTV), cameras, and tablets this year. Some 22% of US households plan to…
First Solar Finally Gets Federal Loan (FSLR, EXC)
First Solar Inc. (NASDAQ: FSLR) and Exelon Corp. (NYSE: EXC) announced today that the Antelope Valley Solar Ranch One project has received the first installment on a federal loan that could eventually total $646…
“Virtual” Solar Power Sales Proposed for Greece
Last year the Greek and German governments proposed a solar PV project to be built in Greece that would generate up to 10,000 megawatts of electricity that could then be sold to other European…
Cabot, Williams Restart Natural Gas Flow (COG, WPZ)
Natural gas producer Cabot Oil & Gas Corp. (NYSE: COG) said today that it has restarted a Pennsylvania compressor station that was damaged last week by a fire. The station is operated by Williams…
Boeing Deliveries Rise 32% in First Quarter (BA)
Aircraft maker Boeing Co. (NYSE: BA) reported this morning that it delivered 137 new commercial airliners in the first calendar quarter of the year, a jump of 32% over the 104 commercial aircraft it…
Viacom Lawsuit Against YouTube Revived (VIAB, GOOG)
Viacom Inc. (NASDAQ: VIAB) sued Google Inc. (NASDAQ: GOOG) for $1 billion in 2007 over the use of Viacom-copyrighted content without permission on Google’s recently acquired YouTube. The judge threw the case out, but…
Unemployment Rate Falls Again — Gallup
Based on its most recent survey, Gallup reports today that the unadjusted unemployment rate in the US fell from 9.1% in February to 8.4% in March. The adjusted rate also fell, from 8.6% to…
Natural Gas Inventories Rise, Prices Fall Again
The US Energy Information Administration today reported the US natural gas stocks rose by a total of 42 billion cubic feet, above the 33-37 billion cubic feet increase that analysts had expected. Natural gas…
Private Equity Firms in Water Fight (APO, WOLF)
In mid-March, private equity giant Apollo Global Management LLC (NYSE: APO) offered to acquire Great Wolf Resorts Inc. (NASDAQ: WOLF), owner of 11 water parks and resorts, for $5/share and the assumption of Great…
Drug Maker Prices Secondary Offering (GALE)
Biotech firm Galena Biopharma Inc. (NASDAQ: GALE) this morning priced a secondary offering of 8.5 million shares at $1.50/share, a discount of nearly 20% to last night’s closing price of $1.87. The company is…
SemiLEDS Posts Smaller-than-expected Loss (LEDS, CREE, AIXG, VECO, RBCN)
The LED industry has suffered an 18-month dry spell as sales have tanked and makers have had to re-trench to keep costs in line. The market might be starting to recover now, even if…
Drug Company Buyout Follows Failed Drug Trial (SPPI, ALTH)
Spectrum Phamaceuticals Inc. (NASDAQ: SPPI) has agreed to acquire rival drug firm Allos Therapeutics Inc. (NASDAQ: ALTH) for $1.82 in cash and one Contingent Value Right (CVR), in a deal worth about $206 million,…
Target Hikes Earnings Estimate (TGT)
Big box retailer Target Corp. (NYSE: TGT) this morning announced a 7.3% same-store sales boost in March compared with March 2011. The company’s CEO was pleasantly surprised: March sales were well above our expectations,…
Morning Wire — US Stock-Index Futures Lower Again
US index futures are down again this morning as investors continue to react negatively to rising yields on Spanish and Italian bonds. The US Labor Department will report on new claims for unemployment benefits…
Pier 1 Beats Estimates (PIR)
Pier 1 Imports Inc.A sales jump of 11.8% boosted fourth-quarter revenue at Pier 1 Imports Inc. (NYSE: PIR) to $476.8 million, beating the consensus estimate of $472.1 million. Quarterly EPS at the home furnishings…
Delta Airlines Considers Buying an Oil Refinery (DAL, COP, SUN, HES)
In what has to be one of the dumbest notions ever, Delta Air Lines Inc. (NYSE: DAL) is reported to be considering buying an oil refinery. There are plenty for sale in the US,…
Hitachi Bids Farewell to NYSE (HIT)
Japanese conglomerate Hitachi Ltd. (NYSE: HIT) has announced that it plans to de-list the company’s ADS on the New York Stock Exchange. The company will file for the voluntary de-listing on April 15th and…
24/7 Wall St. Closing Bell (IBM, MCD, LUV, SNDK, BX, TISI, MIND, MON, AYI, ANGO, PSMT, STZ, PIR, LEDS, CBLI, THTI, CLNT)
Markets opened lower this morning and didn’t recover. The ISM services index came in lower than expected (our coverage here) and the EIA report on crude oil inventories pushed crude prices down (our coverage…