Chicago Fed President Argues for More Easing
In a speech in Frankfurt, Germany, Chicago Federal Reserve President Charles Evans used a classical metaphor to describe his position on what Fed policy should be going forward: I would like to see our…
All Work
Paul Ausick
Discovery Labs Shareholders Get Smacked on Secondary Offering (DSCO)
Respiratory drug maker Discovery Laboratories Inc. (NASDAQ: DSCO) priced a secondary offering of slightly more than 16 million shares this morning, and the stock is getting pummeled as a result. Discovery priced the shares…
Coal Stocks Lifted on Rumor of Buyout (WLT, BRK-A, BRK-B, BHP, AAUKY, ANR, BTU, PCX, KOL)
British newspaper The Guardian has a blog post saying there is speculation that US coal miner Walter Energy Inc. (NYSE: WLT) could be a ripe for a takeover fight among three potential buyers. First,…
YouTube Crushes Online Video Competitors (GOOG, NFLX, YHOO, VIA, AOL, MSFT, CMCSA, NWS, DIS, TWX)
Not only is Google Inc. (NASDAQ: GOOG) the 600-pound gorilla in the search business, the company’s YouTube streaming video service holds a similar position in the streaming video business. According to the latest survey…
Potash Fertilizer Makers Get Bump on US Planting Estimates (POT, MOS, CF)
US plantings of wheat and corn this year will be higher than the most recent US Department of Agriculture survey according to new survey results from Allendale Inc. cited by Bloomberg News. The firm…
OncoGenex Prices Secondary Offering, Shares Fall (OGXI)
Cancer therapy developer OncoGenex Pharmaceuticals Inc. (NASDAQ: OGXI) has priced a secondary offering of 4.165 million common shares at $12.00/share, a discount of 31% to yesterday’s closing price of $17.43. Needless to say the…
Fuel Transportation Firm Suspends Dividend (FUEL)
Energy and fuel logistics firm SMF Energy Corp. (NASDAQ: FUEL) announced this morning that it would suspend its quarterly dividend “until further notice,” beginning with the current quarter. The company had been paying a…
Goldman Sachs to Review Policy on Conflicts of Interest (GS, KMI, EP, BCS, BAC, C)
Mergers and acquisitions bankers may become subject to stricter rules for revealing their personal investments as a result of a review now being conducted at Goldman Sachs Group Inc. (NYSE: GS). A Delaware judge…
Starbucks Hits New High as Coffee Prices Stay Low (SBUX, DNKN)
ThinkstockStarbucks Corp. (NASDAQ: SBUX) raised the bar this morning, posting a new 52-week high of $53.37. Almost certainly the share price rise is due to the continued low prices for coffee and the prospect…
Titanic Auction Marks 100th Anniversary of Sinking
The sinking of the Titanic on April 14, 1912, will be commemorated in many locations around the world, but the auction of some 5,500 items that have been recovered from the sunken ship is…
Consumer Sentiment Drops — Gas Prices to Blame?
The University of Michigan/Reuters consumer sentiment index fell in March for the first time since August. The index reading of 74.3 is a full point below the February reading of 75.3. Recent improvement in…
Restaurateur J. Alexander Posts New High (JAX)
Restaurant operator J. Alexander’s Corp. (NASDAQ: JAX) posted same-store sales growth for its 2011 fiscal year ended in January of 5.5%. Net sales grew by 5.5% to more than $157.2 million for the year,…
Cogo Group Soars on CEO Investment (COGO)
Shares of Chinese electronics distribution firm Cogo Group Inc. (NASDAQ: COGO) are up more than 70% this morning following an announcement yesterday that the company’s CEO, Jeffrey Kang, would purchase 30% of the company’s…
Steel Dynamics Lowers Forecast (STLD, NUE)
Steel maker Steel Dynamics Inc. (NASDAQ: STLD) today cut its EPS guidance by around 50% of the previous consensus estimate of $0.36. The company’s new forecast is for EPS of $0.15-$0.20. Nucor Corp. (NYSE:…
China Sees Explosive Growth in Shale Gas Production (RDS-A, PTR, CVX, TOT, BP)
Under a new development plan released today, China forecasts production growth of natural gas from its shale deposits of around 230 billion cubic feet by 2015, up from zero today. The country also expects…
Atlas Resource Partners Acquires Barnett Shale Assets (ARP, CRZO, ATLS)
Independent oil & gas partnership Atlas Resource Partners L.P. (NYSE: ARP) has agreed to purchase approximately 277 billion cubic feet equivalent of proved natural gas resources from Carrizo Oil & Gas Inc. (NASDAQ: CRZO)…
Morning Wire — US Stock-Index Futures Higher
US index futures are higher this morning as investors wait for the latest reading on the US consumer price index and the consumer confidence index. Core inflation is expected to rise 0.2%, in-line with…
Exxon Stops Work on Papua New Guinea LNG Plant (XOM)
Exxon Mobil Corp. (NYSE: XOM) has stopped work in one location on its $15.7 billion liquefied natural gas (LNG) plant in Papua New Guinea. The stoppage is the result of another dispute with landowners…
Intel Invests in Swedish Eye-Tracking Firm (INTC, MSFT)
Chip making giant Intel Corp. (NASDAQ: INTC) has taken a 10% stake in Swedish technology firm Tobii Technology AB for an investment of about $21 million. Tobii offers products that track a computer users…
Renesola Puts Up Weak Numbers, Guides Sales Higher (SOL, HSOL)
Chinese solar maker Renesola Ltd. (NYSE: SOL) reported results this morning that missed earnings estimates, but managed to beat the estimate on revenues. Given the state of the solar panel market that’s not especially…