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CNNMoney.com: Eyeopener Newsletter (Text-Only Version)
Friday 05/26/2006
=======================================================
Wastler's Wanderings
In all the Enron hoopla ... yes, they finally got nailed ... let's not forget Cliff Baxter. He was the former Enron Vice President who committed suicide when Enron just started imploding. By all accounts he was a really decent guy. Yet somehow he was ensnared in the Enron sleaze too. He apparently couldn't bear it. As Lay and Skilling continue to snivel and appeal, I'll think about Baxter and his conscience. ... In the meantime, do you think Lay can stretch his appeals out to January 20, 2009? Just kidding ... I hope.
Lay and Skilling guilty
http://money.cnn.com/2006/05/25/news/newsmakers/enron_verdict/index.htm
=======================================================
Tucker's Two Cents
The United States Senate is willing to surrender the sovereignty of our country. Last night, as it passed its bill opening the flood gates to cheap labor to further undermine our Middle Class, the Senate also voted to give Mexico the final say in whether we can build a fence along our southern border. Rationality has left the Senate. How can these Senators go home and stand in remembrance of the men and women who died in defense of the United States of America when they are willing to give the country away? I am stunned.
Catch Tucker on Lou Dobbs Tonight
http://www.cnn.com/CNN/Programs/lou.dobbs.tonight/
=======================================================
Fun Site of the Day
Okay, an old game redone with Japanese weirdness thrown in. Thanks Brian.
Nanaca
http://www.fetchfido.co.uk/games/nanaca/nanaca.htm
=======================================================
Joke of the Day
Enron Sentencing
The judge in the case now has two sentencing choices for Lay and Skilling; send them to prison for 45 years, or send them to a room full of former Enron shareholders for 5 minutes.
From CNN producer and stand-up comic Jake Novak.
=======================================================
Pre-Market
Check futures here
Futures are up slightly, despite some inflation tickles.
http://money.cnn.com/markets/morning_call/
=======================================================
Latest News
=======================================================
Stocks on inflation watch again
06:17 AM EDT
Stocks were again in an early-morning holding pattern Friday as investors awaited the latest economic and inflation readings.
Full Story
http://money.cnn.com/2006/05/26/markets/stockswatch/index.htm
=======================================================
Lay and Skilling's day of reckoning
07:35 PM EDT
Enron former chief executive Jeffrey Skilling and founder Kenneth Lay were both found guilty Thursday of conspiracy and fraud in the granddaddy of all corporate fraud cases.
Full Story
http://money.cnn.com/2006/05/25/news/newsmakers/enron_verdict/index.htm
=======================================================
U.S. moves to block Delta pilot deal
07:31 AM EDT
A U.S. federal pensions insurer filed a court objection Wednesday to a Delta Air Lines pensions deal with its pilots union, calling it an abuse that could cost the government billions of dollars.
Full Story
http://money.cnn.com/2006/05/26/news/companies/delta.reut/index.htm
=======================================================
Oil rises on robust economic signs
06:23 AM EDT
Oil extended gains above $71 Friday, buoyed by healthy U.S. economic growth that hinted recent record-high prices may not hit robust demand.
Full Story
http://money.cnn.com/2006/05/26/markets/oil.reut/index.htm
=======================================================
10 fast-growing tech stocks
06:54 AM EDT
Tech is back - and the sector's fastest-growing public companies are leading the charge. During the past three years, the companies on this year's B2 100 list have increased sales by an average of 33 percent a year, stoked profits by 86 percent, and raised cash flow from operations by 83 percent. Wall Street has applauded, sending the Business 2.0 100's shares up an average of 38 percent in 2005.
Full Story
http://money.cnn.com/2006/05/24/technology/b2fastesttech_stockreturn/index.htm
=======================================================
FDA approves Merck's Zostavax
08:40 AM EDT
The FDA has approved Zostavax, a new vaccine from Merck that prevents shingles, for patients 60 or older.
Full Story
http://money.cnn.com/2006/05/25/news/companies/zostavax/index.htm
=======================================================
You do what?
08:28 AM EDT
What's so interesting about seemingly traditional occupations like a chemist, a repairman or an artist? Not too much - unless you're a trained chemist now working as a gumologist, or an artist who illustrates ski trail maps, or the person that repairs and refurbishes vintage kiddie rides or fountain pens.
Full Story
http://money.cnn.com/2006/05/22/news/newsmakers/youdowhat_fortune/index.htm
=======================================================
Shareholders to Home Depot chief: You're chicken
08:08 AM EDT
Home Depot's CEO Robert Nardelli faced some very irate shareholders Thursday, who lambasted him for his "arrogance" and "excessive" pay package and the company's board for being absent from the retailer's annual shareholder meeting.
Full Story
http://money.cnn.com/2006/05/25/news/companies/home_depot/index.htm
=======================================================
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posted by My dear mail at 6:00 AM
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***********************************************
ZACKS.COM PROFIT from the PROS
** Tactics that Work in Good and Bad Markets **
***********************************************
Today's Topics: Friday - May 26, 2006
1) ZACKS EQUITY RESEARCH - The S&P rose approximately 3% in
the first quarter, while major European markets such as the
U.K., Germany and France averaged 8%. Read the Analyst
Interview article and get our Bull and Bear Stocks of the Day.
2) PROFIT TRACKS - RECENT PRICE STRENGTH - Find stocks trading
in the upper ranges of their 52-week highs through this
screening method.
3) ZACKS RANK BUY STOCKS - Today we highlight four new Zacks
#1 Rank Stocks: P.T. Telekomunikasi Indonesia Tbk (TLK),
Harsco Corporation (HSC), Oceaneering International (OII) and
ING Group (ING). Get these stories below.
4) FEATURED EXPERTS - Jim Collins says there is a high
probability the Fed will pause until this fall. Check out his
market outlook.
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====================================================
1) ZACKS EQUITY RESEARCH
====================================================
While the U.S. markets take a breather from their accelerated
gains accrued during the first quarter of this year, we
thought we would find out how things are transpiring in Europe
- particularly the U.K. - these days. For his perspective, we
spoke with senior analyst Duong Vuong, CFA, who covers a
variety of industries in Europe.
Through the first quarter of 2006, are European markets
providing the same amount of positive surprises as the U.S.
markets?
European markets in general have provided more positive
surprises in the first quarter than the U.S. market (as
measured by the S&P 500). The S&P rose approximately 3% in Q1,
while major European markets such as the U.K., Germany and
France averaged 8%.
More...
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Zacks Equity Research continued...
The last interview you did with us, you were expecting
financials to perform strongly. What are some examples of
financial companies that are doing well?
In the last six months, financial companies such as AXA (AXA),
Aegon (AEG) and Allianz (AZ) have outperformed the European
market by 5%. One explanation for this could be that when the
market is rising (as it did since late autumn last year),
financials are more "geared" plays and hence rise more than
the market. I would expect financials to under-perform the
general market, however, if we do have a prolong period of
declines in equity markets worldwide.
Are unemployment concerns still a hindrance on the Euro
markets?
I don't think unemployment is a hindrance to the market, as
the problem in Euroland (especially Germany) is already well
known, and it's not going to get any worse. Besides, the
market has already factored in sluggish economic growth if
this were to occur. If anything, a sluggish economy as
evidenced by high unemployment can be a good thing for the
market going forward, as interest rates would need to be cut
to spur growth.
For investors looking to diversify into Europe, what areas do
you feel would make the smartest plays?
Personally, I think there is little upside, relatively
speaking, to chase commodities and oil stocks, as these had
huge runs in the last two years. Financials and consumer good
companies are still at modest valuations, and so I would think
these would be areas where it is probably wiser in the long
run. So in relative terms, these are better plays.
Please name your top Buy and Sell recommendations at this
time, and why you feel strongly about these companies.
I don't have any Sell recommendations but I have several Buys
in the financial area. I have Buy on Aegon (AEG) for sometime
now as there is an upturn in U.S. business. I have also
recently upgraded Allianz (AZ) to a Buy due to improvement on
its Banking business. Both are trading at a significant
discount to the sector in terms of valuation.
Duong Vuong, CFA is a senior analyst covering a range of
industries in the United Kingdom and elsewhere in Europe.
****************************************************************
MORE FROM ZACKS EQUITY RESEARCH...
Analyst Blog - NEW!
Get real-time market insights from Zacks Equity Research
Analysts. See their latest posts at
http://at.zacks.com/?id=2583
BULL OF THE DAY
Sempra Energy (SRE) - Stable Pipeline Earnings.
Full Zacks research report at http://at.zacks.com/?id=2281
BEAR OF THE DAY
Saks, Inc. (SKS) - Expect Weak Sales Trends.
Full Zacks research report at http://at.zacks.com/?id=2282
ZACKS INDUSTRY OUTLOOK
Strong Connections for Wire & Cable Products
Despite a volatile environment, wire & cable products is in
the top five of the Zacks Industry Rank:
http://at.zacks.com/?id=2362
EARNINGS TRENDS
Outlook for 2006 Remains Bullish
Charles Rotblut, Senior Market Analyst for Zacks.com, said
bond yields and earning estimate revisions point to sustained
growth:
http://at.zacks.com/?id=2364
****************************************************************
Learn More about Zacks Equity Research at
http://at.zacks.com/?id=2287
Full access to Zacks Equity Research reports is only available
on ZacksAdvisor.com. Start your free trial now!
http://at.zacks.com/?id=2288
Zacks Wealth Management: Own all the Zacks #1 Ranked stocks in
a portfolio managed by Zacks. Learn more at
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==============================================
2) PROFIT TRACKS
==============================================
Zacks.com is proud to share with you some of the best trading
strategies that truly allow you to Profit from the Pros. Today
we highlight...
Profit Tracks: Recent Price Strength
This screen looks for stocks trading in the upper range of
their 52-week highs along with attractive Zacks Rank and
Broker Ratings. This strategy proves that the "trend is your
friend" with a +35.5% return versus +4.9% for the S&P 500 in
2005.
Here are four stocks that make the grade for the Recent Price
Strength Profit Track:
Actions Semiconductor Co. (ACTS) posted first-quarter earnings
of 17 cents per share in late April. The result was ahead of
the consensus estimate by 6%. The company noted that during
the first quarter, it continued to execute its unique business
model and strengthened its technology platform. ACTS expanded
its product offerings and further penetrated many existing and
new markets. At the same time, the company maintained its high
operating margins by leveraging its advantages in lower
manufacturing costs and higher operating efficiencies. The
company's shares are trading near at a 52-week high and have
increased in price by 15% over the past four weeks. Continue
your research on ACTS at http://at.zacks.com/?id=2290
Corrections Corp. of America (CXW) recently reported first-
quarter earnings of 54 cents per share, excluding special
items. The result outpaced the consensus estimate by 12.5% and
topped last year's 35 cents. The company stated that the
environment for its business continues to improve, with demand
for prison beds exceeding supply on behalf of many of its
customers. CXW is trading close to its 52-week high and has
advanced in share price by nearly 13% over the past four
weeks. Continue your research on CXW at
http://at.zacks.com/?id=2291
Hercules Inc. (HPC), which is trading close to its 52-week
high, released first-quarter earnings of 24 cents per share
late April. The result was ahead of last year's 19 cents and
matched the consensus estimate. The company mentioned that it
is optimistic about both earnings and cash flow growth as it
looks forward into 2006 and beyond, in spite of the continuing
challenges the company and its industry face related to
elevated energy prices. Continue your research on HPC at
http://at.zacks.com/?id=2292
World Acceptance Corp. (WRLD) announced fiscal fourth-quarter
earnings of 96 cents per share, surpassing the year-prior
total of 73 cents and beating the consensus estimate by almost
16%. The company meets the criteria of this Profit Track with
a share price that has experienced nearly 11% growth over the
past four weeks and recently established a new 52-week high.
Continue your research on WRLD at http://at.zacks.com/?id=2293
To see the full list of stocks that currently pass this
winning screen, go to http://at.zacks.com/?id=2294
All the Profit Track strategies were created and backtested
using the Research Wizard software from Zacks Investment
Research. If you like this screening strategy, but want to
narrow down the list of stocks and even improve the
performance, then you should start a free trial to this
powerful stock picking tool. Learn more about the Research
Wizard free trial offer and our new special report "Top 10
Stock Screening Strategies" at http://at.zacks.com/?id=2295
****************************************************************
SCREEN OF THE WEEK
A Relative Price Strength Screen
Kevin Matras goes over a Relative Price Strength strategy for
finding winning stocks in both up markets and down:
http://at.zacks.com/?id=2289
==============================================
3) ZACKS #1 RANK STOCKS
==============================================
Every day on Zacks.com we highlight four Zacks Rank Buy
stocks. Each individual stock is chosen based on how well they
match the criteria for the four main schools of investing:
Aggressive Growth, Momentum, Growth & Income and Value.
Aggressive Growth - P.T. Telekomunikasi Indonesia Tbk (TLK)
P.T. Telekomunikasi Indonesia Tbk (TLK) is experiencing robust
growth in the wireless business. This year's earnings
estimates have been on the rise. Over the past 90 days, 2006
estimates have increased 15.4% to $2.62 per share. The stock
is attractively valued at 12.2x this year's estimates, below
the company's long-term growth rate of 16.92%, giving the
stock a PEG ratio of 0.72. Read the full analysis on TLK at
http://at.zacks.com/?id=2505
Growth & Income - Harsco Corporation (HSC)
Harsco Corporation (HSC) topped the Street's earnings estimate
for 11 straight quarters. The company recently reported record
revenues in the first quarter of 2006. Earnings per share are
projected to grow 14.0% over the next 3-5 years. HSC has made
224 consecutive quarterly dividend payments. The company is
currently yielding 1.7% and has a five-year average dividend
yield of 2.6%. Read the full analysis on HSC at
http://at.zacks.com/?id=2506
More...
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****************************************************************
Zacks Rank continued...
Momentum - Oceaneering International (OII)
Oceaneering International (OII) has a habit of bettering the
general market and beating analysts' estimates. OII has a
habit of bettering the general market, and in beating
analysts' consensus estimates. The company has beaten the S&P
500 return in three of the last four years, losing out to the
general averages only in 2003, when OII returned `only' 13.2%
to the S&P's return of 26.4%. The company reported earnings on
May 4 and beat estimates yet again. OII reported EPS of 93
cents per share versus 40 cents in the same quarter last year.
This amounted to a 27% positive surprise and represented the
fifth straight quarter that OII has beaten the Street. Read
the full analysis on OII at http://at.zacks.com/?id=2507
Value - ING Group (ING)
ING Group (ING), a Zacks #1 Rank stock, recently posted an
impressive first quarter fueled by strong growth in its retail
banking and life insurance units. Analysts' earnings estimates
have been trending higher for this year as well as next year.
ING is trading at a discounted valuation with a price-to-book
ratio of 1.8. Read the full analysis on ING at
http://at.zacks.com/?id=2508
Zacks Rank Resources
* View All Zacks #1 Rank stocks: Go to
http://at.zacks.com/?id=2297
* Free Zacks Rank Guide: Learn how to use the Zacks Rank to
pick more profitable stocks. Get the guide:
http://at.zacks.com/?id=2553
* Zacks Advisor: Discover Ben Zacks' hand picked #1 Rank
stocks on his Timely Buys list at http://at.zacks.com/?id=2554
* Zacks Options Trader: Combine the timeliness of Zacks #1
Rank stocks with the explosive profit potential of options.
Learn more at http://at.zacks.com/?id=2695
* Zacks Wealth Management: Own all the Zacks #1 Ranked stocks
in a portfolio managed by Zacks. Learn more at
http://at.zacks.com/?id=2555
==============================================
4) FEATURED EXPERTS
==============================================
Here we cast the spotlight on a timely Featured Expert
commentary that recently appeared on Zacks.com. Following the
article you will find previews of other profitable
commentaries with insights and recommendations from leading
investment experts.
a) Jim Collins, Editor of The OTC Insight
----------------------------------------------------------------
Renewed interest rate and inflation concerns resulted in
stocks turning in their worst two-week performance in three
years. The S&P 500 led in terms of performance despite a 1.9%
decline. The Dow Jones Industrial Average fell 2.1%, while the
Nasdaq Composite fell a similar 2.2%.
The government's report last week on consumer price inflation
has many investors contemplating another interest rate
increase. The report indicated only minimally higher inflation
than economists had expected. However, investors are hyper-
sensitive to inflation following recent Federal Reserve
comments regarding inflation and the continued high price of
energy. The important thing to note is that the Fed would have
already discounted this information when they raised interest
rates during their May meeting.
The move down in stock prices is nothing more than a pricing
in of another interest rate increase. Insight is highly
skeptical there will be another increase. Instead, there is a
high probability the Fed will pause until this fall, at which
time they will have had time to see the effects of past
increases.
One thing that is certain is the economy remains robust. A
strong economy will help propel corporate earnings in the
months ahead. With the recent downturn in prices, stock
valuations have become quite attractive. This should be viewed
as a buying opportunity, and overweighting a portfolio in the
type of growth stocks recommended by Insight is advisable.
A sampling of company news:
Trident Microsystems (TRID) was down after an article in the
Wall Street Journal questioned the company's previous stock
option grants from 1995 to 2001. The company noted that its
executive officers did not exercise the specific stock options
being discussed in the article for an average of approximately
seven years after the date on which they were granted and
during certain portions of the intervening period, these
options were worthless. The article does not offer any
evidence of wrongdoing. The company has referred this matter
to its Audit Committee for review.
Netflix (NFLX) reaffirmed the company's expectations for net
income and subscriber growth in fiscal 2006. Netflix
anticipates it will earn a $32.5 million profit, which is
bracketed by the company's statement last month that it
expected to earn between $29.5 million to $35.4 million.
Stock Picks include:
Redback Networks (RBAK) is one of the leading providers of
advanced networking systems that enable carriers, cable
operators and service providers to rapidly deploy high-speed
access to the Internet and corporate networks. Its products
combine networking hardware with sophisticated software. The
company's products connect and manage large numbers of
subscribers using any of the major high-speed access
technologies, including digital subscriber line, cable and
wireless.
Nuance (NUAN) is the leading provider of speech and imaging
solutions for businesses and consumers around the world. Its
technologies, applications and services make the user
experience more compelling by transforming the way people
interact with information and how they create, share and use
documents.
About Jim Collins' The OTC Insight newsletter:
OTC Insight(R) specializes in growth stocks, particularly in the
small to mid-cap range. This monthly publication, which
focuses on Nasdaq listed stocks, is a by-product of the
research we use to select stocks for our managed client
portfolios through Insight Capital Research and Management,
Inc.(R) http://at.zacks.com/?id=2399
***************************************************************
MORE FEATURED EXPERTS...
b) Searching for a Bottom
Gregory Spear says this is not the time to make heavy
overnight bets that an advance from one day's action will
continue:
http://at.zacks.com/?id=2347
c) A Positive Outcome for GM and Ford?
Richard Lehmann sees a positive outcome for GM and Ford. Learn
his investment themes and check out a corporate bond
recommendation:
http://at.zacks.com/?id=2407
****************************************************************
OTHER TOOLS FROM ZACKS
At the heart of Zacks Investment Research is the Zacks Rank
investment philosophy that continues to vastly outperform the
market. Our Zacks #1 Rank (Strong Buy) List has generated the
following results for investors:
* +33% average annual return since 1988 versus +11.9% for
S&P 500
* Outperformed S&P 500 in 17 of the last 18 years
* +43.8% total return from 2000 to 2002 - the worst
bear market in over 60 years.
* +18% in 2005
And just as importantly, the Zacks #5 Rank stocks (Strong
Sell) list has alerted investors as to which stocks to dump
from their portfolios to avoid unnecessary losses.
To truly take advantage of the Zacks Rank, you need to first
understand how it works. That's why we created the free
special report: Zacks Rank Guide: Harnessing the Power of
Earnings Estimate Revisions. Download a free copy now to
prosper in the years to come by visiting
http://at.zacks.com/?id=2296
Or view the full list of Zacks #1 Rank stocks at
http://at.zacks.com/?id=2297
FREE PORTFOLIO TRACKER
Do you believe that these events affect stock prices?
* Broker Recommendation changes
* Earning Estimate revisions
* Earnings Announcements
* Zacks Rank changes
If you answered yes, then how are you staying on top of these
changes for your stocks? If you are one of the 45,000
investors who wake up every morning to the Daily Portfolio
Updates emails from Zacks.com, then you are all set. If not,
then sign up now to get this vital information sent to you
daily and improve your portfolio's performance. Did we mention
it's free? Get started now by going to
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---------------------------------------------------------
We hope you enjoyed this issue of "Zacks.com Profit from the
Pros" and we look forward to visiting with you again next
week.
REFER-A-FRIEND
If you enjoy this e-mail newsletter, then please pass it along
to a friend. Simply forward them the link below to sign up for
their own free subscription. If you're reading a forwarded
copy, sign up for your own, so you get this wealth of
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Regards and Happy Investing,
Charles Rotblut, CFA
Senior Market Analyst
Zacks.com
p.s. What is the mission for Zacks Profit from the Pros?
To find out how we will help you become a more
successful investor, visit http://at.zacks.com/?id=2300
*The S&P 500 Index is a well-known, unmanaged index of the
prices of 500 large-company common stocks, mainly blue-chip
stocks, selected by Standard & Poor's. The S&P 500 Index
assumes reinvestment of dividends but does not reflect
advisory fees. An investor cannot invest directly in an
index.
Disclaimer: Past performance does not guarantee future
results. Investors should always research companies and
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should be construed as an offer or solicitation to buy or sell
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posted by My dear mail at 4:02 AM
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___________________________________
THE WALL STREET JOURNAL EUROPE Morning Update
May 26, 2006 -- 3:39 a.m. EDT
___________________________________
TOP STORY
Arcelor announced a merger with Russian steelmaker Severstal, a longtime partner stepping in as a white knight in a bid to fend off a takeover by Mittal Steel.
(FULL STORY BELOW)
___________________________________
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__________________________________
TODAY'S NEWS
(WSJ.COM SUBSCRIPTION REQUIRED TO READ FULL STORIES)
Yahoo and eBay unveiled a partnership under which eBay will display ads brokered by Yahoo on its U.S. auction site. Separately, Google and Dell confirmed a deal to install Google software on Dell PCs before they are shipped to users.
At a Glance: Details of the Deal
http://online.wsj.com/article/0,,SB114855928978662961,00.html?mod=djemEMU
* * *
The U.S. Senate approved a bill that eventually will offer citizenship to millions of illegal immigrants. But differences with a House bill and within the Republican party make it increasingly unlikely Bush will sign legislation this year.
http://online.wsj.com/article/0,,SB114859573515963560,00.html?mod=djemEMU
* * *
Snow intends to announce his resignation as U.S. Treasury secretary by the middle of next month, according to an administration official.
http://online.wsj.com/article/0,,SB114859754177063605,00.html?mod=djemEMU
* * *
Investors have been retreating from shares of Deutsche Boerse, NYSE and Nasdaq amid concerns about consolidation.
http://online.wsj.com/article/0,,SB114861037417163915,00.html?mod=djemEMU
* * *
China's stock markets are holding steady, dodging concerns afflicting other emerging markets.
http://online.wsj.com/article/0,,SB114858090125763263,00.html?mod=djemEMU
* * *
A Russian agency called for giving local companies control over two foreign-led oil projects in the Far East, in the latest sign of the cooling climate for overseas energy firms in Russia.
http://online.wsj.com/article/0,,SB114859666754063587,00.html?mod=djemEMU
* * *
The BBC's effort to adapt to the Internet age is raising the ire of newspaper publishers and broadcasting rivals.
http://online.wsj.com/article/0,,SB114860287038663739,00.html?mod=djemEMU
* * *
Lenovo swung to a loss amid restructuring costs related to its purchase of IBM's computer business. Executives of the Hong Kong company also defended the security of their PCs.
http://online.wsj.com/article/0,,SB114856455927263010,00.html?mod=djemEMU
* * *
The U.S. Treasury will end a phone tax that levied a surcharge on consumers based on the distance of the call.
http://online.wsj.com/article/0,,SB114860210611563715,00.html?mod=djemEMU
* * *
The Dow industrials gained Thursday after the GDP report showed strong growth and didn't spark more worries about inflation. Gold and oil prices rose.
http://online.wsj.com/article/0,,SB114855664859762947,00.html?mod=djemEMU
To read any of the articles above, please see: http://www.wsj.com
__________________________________
FEATURES
(WSJ.COM SUBSCRIPTION REQUIRED TO READ FULL STORIES)
MasterCard's initial offering made a strong debut on the NYSE as investors bet on the company's long-term prospects.
http://online.wsj.com/article/0,,SB114857228165563097,00.html?mod=djemEMU
* * *
The convictions of Lay and Skilling cap a long drive to prosecute turn-of-the-century corporate malfeasance and will likely embolden the government to continue its campaign.
http://online.wsj.com/article/0,,SB114860468837563784,00.html?mod=djemEMU
* * *
Digital photography is fast eradicating film. But most digital cameras don't provide what every film camera does -- the ability to time a shot by pressing the button at the moment the baby smiles or the Little Leaguer hits the ball.
http://online.wsj.com/article/0,,SB114860350277263753,00.html?mod=djemEMU
* * *
Toyota has called on some unlikely lieutenants to retool the automaker's strategy in China: two Americans, who are bringing a U.S.-style dealer organization to the world's fastest-growing car market.
http://online.wsj.com/article/0,,SB114858745112863364,00.html?mod=djemEMU
To read any of the articles above, please see: http://www.wsj.com
__________________________________
TOP STORY (IN FULL)
Arcelor to Merge With Severstal In Effort to Repel Mittal
Stake in Russian Company
Through Stock-Swap Deal
Comes as Steel Battle Brews
By PAUL GLADER IN PITTSBURGH, JASON SINGER IN LONDON and GUY CHAZAN IN MOSCOW
Luxembourg steel maker Arcelor SA officially announced a merger with Russian steel maker OAO Severstal acting as a white knight in an attempt to fend off a 23 billion euros ($29.43 billion) bid from Mittal Steel Co. Friday.
The agreements leaves 40-year-old Russian steel tycoon Alexei Mordashov with a controlling stake in Arcelor, with 38% of the merged company, or 295 million of the roughly 640 million shares outstanding, as he yields Severstal's steel-making assets as well as iron ore mines and coal mines over to Arcelor. He is also purchasing about 1.25 billion euros worth of Arcelor shares at a price of 44 euros per share, a price the company says is higher than the most recent Mittal offer.
A source close to the deal pointed out the companies had a long history of partnerships on various projects and are both focused on making higher value, auto quality steel. Together, they would be the largest maker of steel going into the automotive industry, responsible for about 20% of that market according to the source.
"The merger is consistent with Arcelor's strategy of value before volume," said Arcelor CEO Guy Dolle, implying that his company makes higher quality steel products than Mittal Steel and he views that as one reason why the two companies would not be a good combination. In the merged company, Mr. Dolle will remain as CEO and Chairman Joseph Kinsch will maintain his position, while Mr. Mordashov will become president of the board of directors in a role said to be similar to chairman. Mr. Mordashov will be able to nominate six of the 18 board members.
The combined company would be called Arcelor, with Severstal, at least initially, listed as a subsidiary.
Yesterday, Mittal President and Chief Financial Officer Aditya Mittal ridiculed the idea of Arcelor linking up with Severstal. "No other deal compares to the industrial logic of this transaction," he said, referring to his company's offer. "Any new move would probably be defensive and in the interest of Arcelor management rather than in the interest of Arcelor shareholders."
The deal would expand Arcelor's presence in Russia, a low-cost nation for producing steel, while furthering Mr. Mordashov's ambitions to give Severstal a greater global footprint. The deal also would put a large block of Arcelor shares into friendly hands, making it more difficult for Mittal to get control, though Mittal could still adjust its terms. People close to Arcelor said such a deal, which has been in the works for some time, gives Arcelor a higher value than Mittal's bid.
The transaction requires shareholder approval, these people said.
Such a deal marks the latest chapter in a wave of consolidation in the steel industry amid higher steel prices and growing demand from nations like China. A combination of Mittal and Arcelor, the world's two top steel producers, would create an industry giant more than twice as big as its next largest competitor. But Arcelor has repeatedly rebuffed Mittal's advances since Mittal announced the bid in January.
People close to the matter said at the time Mr. Mittal sweetened the bid so quickly because he suspected Arcelor was on the verge of agreeing to a deal with a Russian partner as way to block his offer.
A deal with Severstal would be the latest in a series of moves Arcelor has taken to block the Mittal bid. In April, it transferred ownership of a recent acquisition, Dofasco Inc. of Canada, to a Dutch trust. Mittal had already agreed to sell Dofasco to ThyssenKrupp AG of Germany if it buys Arcelor, something that is more difficult with the current structure. Mr. Mittal said last week his lawyers are still looking into ways to unwind the move.
Arcelor has been scouring the globe for "white-knight" bidders to buy a big stake in the company to protect it from Mittal since January, people close to the matter have said. Many of those approaches have come up empty.
Arcelor has also been eager to find a Russian partner to expand its business further into one of the world's lowest-cost areas to produce steel. Russia and Brazil, where Arcelor already has major operations, are among the cheapest places to make steel.
Most Russian metals firms enjoy low-cost labor and have much greater control of supplies of iron ore and coking coal than their Western counterparts, insulating them from cyclical price rises of such commodities. As a result, Russian steelmakers have much higher net cash positions and operating margins than Western firms.
Severstal reported net profit of $1.29 billion for 2005, down 7.9% from a year earlier, on higher input costs. Severstal uses International Financial Reporting Standards, which differ from U.S. generally accepted accounting principles.
Severstal became one of the first companies in Russia to acquire major assets abroad. In December 2003, it bought Rouge Industries Inc. of Dearborn, Mich., out of bankruptcy, and last year it acquired Lucchini SpA of Italy. Mr. Mordashov owns one of Russia's biggest car makers, UAZ, which produces jeeps and sport-utility vehicles.
Severstal already has a longstanding relationship with Arcelor. The two have a joint venture in Severstal's home city of Cherepovets to produce galvanized steel for the rapidly growing Russian auto market.
Chicago-based steel industry consultant Michelle Applebaum expects the Mittals would likely back away, or at least wait and see how the Severstaal assets that are to be exchanged for Arcelor shares are going to be valued. She also expects the pace of consolidation will accelerate as a result of a failed bid by Mittal. "Other, smaller steelmakers are likely to seek both domestic and cross-border alliances so that they can choose their own destiny rather than be caught in the cross-fires as Arcelor and Dofasco have recently been."
The two firms advising Severstal in the transaction are Miller Mathis and ABN Amro.
___________________________________
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posted by My dear mail at 12:46 AM
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Working Paper No. 06-11
ESTIMATING THE NEW KEYNESIAN PHILLIPS CURVE:
A VERTICAL PRODUCTION CHAIN APPROACH
by Adam Hale Shapiro
is now available on the Boston Fed's web site:
http://www.bos.frb.org/economic/wp/wp2006/wp0611.htm
-Abstract-
It has become customary to estimate the New Keynesian
Phillips Curve (NKPC) with GMM using a large instrument set
that includes lags of variables that are ad hoc to the model.
Researchers have also conventionally used real unit labor
cost (RULC) as the proxy for real marginal cost, even though
it is difficult to support its significance. This paper
introduces a new proxy for the real marginal cost term as well
as a new instrument set, both of which are based on the micro
foundations of the vertical chain of production. I find that
the new proxy, based on input prices as opposed to wages,
provides a more robust and significant fit to the model.
Instruments that are based on the vertical chain of production
appear to be both more valid and relevant towards the model.
http://www.bos.frb.org/economic/wp/wp2006/wp0611.htm
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posted by My dear mail at 9:59 AM
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CNNMoney.com: Eyeopener Newsletter (Text-Only Version)
Thursday 05/25/2006
=======================================================
Wastler's Wanderings
Hmmm ... subsidizing gas for car buyers. That's GM's latest gambit for boosting car sales, at least in California and Florida. It's going to use a credit system on a pre-paid credit card to essentially cap gas at $1.99 a gallon for buyers of some of its large size vehicles. It's creative. And probably less expensive than the discounts and rebates it has thrown around in the past. Of course, they COULD just concentrate on building more fuel efficient vehicles. Maybe paying someone else's gas bill will motivate them.
GM's gas incentive
http://money.cnn.com/2006/05/23/news/companies/gm_autos.reut/index.htm
=======================================================
Tucker's Two Cents
Politics doesn't make strange bedfellows, it makes for embarrassing, shameful ones. Just take a look at what has created the latest rare display of bi-partisanship. They are all gathering together protect a Congressman whose office was raided by the FBI. Clearly Congress thinks this enforcement of the law is a bad idea. If Rep. Jefferson's office can be searched, why so can theirs and who knows where it will stop?! Remember, this is a guy who is on tape accepting a bribe, who had $90,000 of the bribe in his deep freezer and who has two aides who have already plead guilty and are awaiting sentencing. I am proud to be an American but I am embarrassed by our alleged leaders.
Catch Tucker on Lou Dobbs Tonight
http://www.cnn.com/CNN/Programs/lou.dobbs.tonight/
=======================================================
Fun Site of the Day
I wouldn't exactly call this fun, but it is something for you to think and worry about all day. Thanks to Chris Morris, the gamemaster, for keeping us awake at night.
Disaster today
http://biz.yahoo.com/cnw/060519/savelivesinmay_com.html?.v=1
=======================================================
Joke of the Day
Congressional Protests
Despite mountains of evidence against him, members of Congress on both sides of the aisle are still protesting the FBI's decision to raid Congressman William Jefferson's office. The elected officials rightly point out that if they're going to be subject to investigations, this could lead to them having to actually follow the law too.
From CNN producer and stand-up comic Jake Novak.
=======================================================
Pre-Market
Check futures here
Futures like the weak GDP number. Means the Fed may not have to keep raising.
http://money.cnn.com/markets/morning_call/
=======================================================
Latest News
=======================================================
Economic cliffhanger
07:43 AM EDT
Investors were waiting to see details from reports that could show the fastest U.S. economic growth in three years as well as further cooling of the real estate market.
Full Story
http://money.cnn.com/2006/05/25/markets/stockswatch/index.htm
=======================================================
GDP up 5.3%
08:38 AM EDT
The nation's economy picked up speed in the first quarter, the government reported Thursday, but it didn't pick up as much strength as Wall Street was expecting.
Full Story
http://money.cnn.com/2006/05/25/news/economy/gdp/index.htm
=======================================================
Yahoo!, eBay announce partnership
08:21 AM EDT
Yahoo! and eBay announced a strategic partnership Thursday to provide services to each others' customers.
Full Story
http://money.cnn.com/2006/05/25/technology/ebay_yahoo/index.htm
=======================================================
10 fast-growing tech stocks
07:25 AM EDT
Tech is back - and the sector's fastest-growing public companies are leading the charge. During the past three years, the companies on this year's B2 100 list have increased sales by an average of 33 percent a year, stoked profits by 86 percent, and raised cash flow from operations by 83 percent. Wall Street has applauded, sending the Business 2.0 100's shares up an average of 38 percent in 2005.
Full Story
http://money.cnn.com/2006/05/24/technology/b2fastesttech_stockreturn/index.htm
=======================================================
Regions and AmSouth in $10B deal
06:38 AM EDT
Regions Financial Corp. has agreed to buy AmSouth Bancorp for about $10 billion, the Wall Street Journal said Thursday, amid a merger frenzy sweeping through the U.S. regional banking industry.
Full Story
http://money.cnn.com/2006/05/25/news/companies/regions.reut/index.htm
=======================================================
Howard Stern settles with CBS
06:49 AM EDT
A settlement has been reached in CBS Radio's breach of contract lawsuit against radio host Howard Stern, said a New York state court clerk Wednesday, but both sides said no agreement had been signed.
Full Story
http://money.cnn.com/2006/05/25/news/newsmakers/stern.reut/index.htm
=======================================================
Yields throw the Fed a curve
03:36 PM EDT
Three of the scariest words in economics used to be "inverted yield curve."
Full Story
http://money.cnn.com/2006/05/24/news/economy/fed_yield_curve/index.htm
=======================================================
5 steps to inflation-proof your portfolio
05:23 PM EDT
Inflation's become a much bigger concern for investors in recent weeks.
Full Story
http://money.cnn.com/2006/05/24/pf/portfolio/index.htm
=======================================================
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posted by My dear mail at 5:55 AM
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***********************************************
ZACKS.COM PROFIT from the PROS
** Tactics that Work in Good and Bad Markets **
***********************************************
Today's Topics: Thursday - May 25, 2006
1) ZACKS EQUITY RESEARCH - Increased energy prices may be
enervating consumer spending in the restaurant industry. Read
the Analyst Interview and get our Bull and Bear Stocks of the
Day.
2) ZACKS CHALLENGE: TOP PLAYER INTERVIEW - It's all about
momentum and timing for this Zacks Challenge player. Learn
more and check out some of his holdings.
3) PROFIT TRACKS - EARNINGS AND MARGINS - Find companies with
healthy earnings through this screening method.
4) ZacksAdvisor.com TIMELY BUY OF THE WEEK - Archer-Daniels-
Midland (ADM)is in the sweet spot of the government mandated
move to ethanol.
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archive of past issues? Go to http://at.zacks.com/?id=2337
Manage your Profit from the Pros subscription:
* Free Subscription http://at.zacks.com/?id=2338
* Change of Address http://at.zacks.com/?id=2339
* Unsubscribe http://at.zacks.com/?id=2340
====================================================
1) ZACKS EQUITY RESEARCH
====================================================
Unsure how looming threats about a weakening dollar and high
energy costs may affect the U.S. restaurant industry, we
thought we would ask senior restaurant analyst Mason Leith. In
turn, he told us what to look for (and what to avoid)
regarding restaurant stocks.
What's new in the restaurant industry over the past 2-3
months?
A positive trend for the restaurant industry has been the
commodity price declines for meat and dairy from the high
levels of the fourth quarter of 2005. The increased expenses
had cut into profit margins for many restaurant companies.
Recent increases in energy prices may become an issue for the
restaurant industry if it puts pressure on consumer
discretionary spending. There is evidence to indicate that
increased energy prices may be enervating consumer spending.
More...
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Best of Zacks Equity Research continued...
How did Q1 earnings turn out?
McDonald's (MCD) reported strong first quarter results. Same-
store sales were up 5.2% in the first quarter of 2006. New
product launches and extended operating hours have been strong
drivers for the company.
Yum! Brands (YUM) also reported better-than-expected first
quarter results. First quarter total revenue was $2.09
billion, up from $2.05 billion recorded in the same quarter
last year, while net income was $0.59 per share, compared to
$0.50 in the first quarter of 2005. Yum! Brands' international
expansion remains one of its key growth drivers, with
particularly strong growth for its KFC operations in China.
Are restaurants similar to retail, in that lower customer
spending is a real concern in the short-to-medium term?
The higher cost casual-dining restaurants are likely to be
more susceptible to consumer spending trends than quick-
service restaurants. Quick-service restaurants are not as
severely affected by the decline in consumer spending since
their food service has a lower cost, and their service is more
likely seen as a necessary convenience than a casual-dining
restaurant. Quick-service restaurants are not as likely to be
seen as a profligate expenditure by expense-conscious
consumers.
What are restaurants doing to keep their numbers up? Are there
lots of spin-offs going on?
A bright spot for the industry has been the attractiveness of
new issues. McDonald's recent spin-off of its Chipotle
restaurant chain, and Wendy's (WEN) spin-off of its Tim Horton
chain were both tremendously successful.
What are your top Buy and Sell recommendations right now, and
why?
We have a Buy rating on McDonald's Corporation (MCD). A well-
structured revitalization plan and innovative marketing
campaigns have been successful for McDonald's. After reporting
lower same-store sales for five consecutive quarters,
McDonald's achieved a turnaround in 2003 and has recorded
consistent gains since then.
We currently have a Sell rating on Landry's Restaurants (LNY).
The acquisition of the Golden Nugget casino adds the
complication of operating in a new field for the company. The
food service and hospitality portions of the casino's
operations are similar to Landry's existing operations,
however the gaming aspect is new to the company. Increasing
seafood expenses, especially for shrimp also makes us less
optimistic on Landry's shares.
Mason Leith is a Zacks senior analyst covering the restaurant
and media industries.
****************************************************************
MORE FROM ZACKS EQUITY RESEARCH...
Analyst Blog - NEW!
Get real-time market insights from Zacks Equity Research
Analysts. See their latest posts at
http://at.zacks.com/?id=2585
BULL OF THE DAY
Sunoco, Inc. (SUN) - Benefiting from Supply Pressures.
Full Zacks research report at http://at.zacks.com/?id=2341
BEAR OF THE DAY
Neurocrine Biosciences (NBIX) - No Visibility with Indiplon.
Full Zacks research report at http://at.zacks.com/?id=2342
EARNINGS TRENDS
Outlook for 2006 Remains Bullish
Charles Rotblut, Senior Market Analyst for Zacks.com, said
bond yields and earning estimate revisions point to sustained
growth:
http://at.zacks.com/?id=2343
ZACKS INDUSTRY OUTLOOK
Zacks Industry Rank for the Week of May 22
The earnings outlook for commodity stocks has not changed:
http://at.zacks.com/?id=2344
****************************************************************
Learn More about Zacks Equity Research at
http://at.zacks.com/?id=2268
Full access to Zacks Equity Research reports is only available
on ZacksAdvisor.com. Start your free trial now!
http://at.zacks.com/?id=2345
Zacks Wealth Management: Own all the Zacks #1 Ranked stocks in
a portfolio managed by Zacks. Learn more at
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==============================================
2) Zacks Challenge: Top Player Interview
==============================================
Zacks.com features a free investment simulator where our
customers can prove their stock picking skills to the rest of
the world. In these articles we will share with you the
insights and recommendations from Top Simulator Players. Learn
more about the current Zacks Challenge at
http://at.zacks.com/?id=2514
shoelessjoe
Zacks recently caught up with Joe Bartovak (aka: shoelessjoe),
who is currently in second place in the Second Quarter Zacks
Stock Challenge. Joe's overall return is more than 100% since
Apr 3.
This player has just one position in his Simulator portfolio
right now, which is O2Diesel (OTD). Some of the stocks he has
traded in the past include Miramar Mining (MNG), InterNAP
Network Services Corp. (IIP), Northgate (NXG) and Circle Group
Holdings (CXN). Click here to check out this competitor's
entire portfolio: http://at.zacks.com/?id=2515
What's his style?
Momentum and timing is a good way to describe this savvy
investor's style. "I have a group of about 60 stocks from all
sectors that I watch daily," he explains. "I try to whittle
this group down to around 20 by the time the market opens.
Then, if I am on my game, I can find three to five stocks that
I can play over and over during the day. I don't try to hit a
homerun each time, lots of singles and doubles works for me. I
try to be in tune with the stocks' movements and I don't have
to buy something every day. Last week I took almost two whole
days off because I did not have a good feel for the way the
markets were acting."
When Zacks followed up by asking who or what influenced his
style of investing, Joe quipped, "I don't like to lose."
What kind of research does this Zacks Challenge contest
conduct?
Like most investors, Joe refers to certain websites and
magazines to help him navigate through the market. However,
this stock picker's main focus is charts. "I like to catch
them as they turn. I try to determine direction first and use
the 10-day, five-minute charts," said Joe.
Where does this market enthusiast go when he is on Zacks.com?
Joe mostly studies charts, reads news and checks out the
latest Zacks rankings. He is also a fan of Zacks' Profit from
the Pros newsletter. "Great reading for beginner or pro,"
commented Joe.
What does he look for in a stock and how does he know when to
sell?
When this momentum trader is studying charts and considering
stocks, he is on the look out for predictable volatility.
Slowing momentum will trigger a sell order for this market
watcher.
Any favorites?
Joe doesn't have a specific favorite name or names. He likes
stocks that are trading in the $1.00 - $3.00 range. "They seem
to fit my style," he added.
Was there a big winner?
The big winner so far has been O2Diesel (OTD). Joe hardly did
any research on this one. He just watched the tape, saw lots
of action as well as price appreciation and put in a buy.
How about a market outlook and any advice for beginners?
Joe does not keep a crystal ball on his desk and is not one to
make predictions on which direction the market may go next.
But this market player does point out that one can always find
a winner in any market.
Joe's advice echoes what many other Simulator leaders have
imparted. "Read everything you can from a variety of sources
and don't be influenced by any one style of investing; develop
your own, one which you are comfortable with," he said.
Stock Challenge from Zacks- Do You Have What it Takes?
It's free. Its fun. It's the place to show your investing
prowess. The best stock pickers will be rewarded with
thousands of dollars in prizes. Learn more at
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Trade Options? Then sign up for the Zacks Options Challenge at
http://at.zacks.com/?id=2672
==============================================
3) PROFIT TRACKS
==============================================
Zacks.com is proud to share with you some of the best trading
strategies that truly allow you to Profit from the Pros. Today
we highlight...
Profit Tracks: Earnings and Margins
This Profit Track goes to the heart of fundamental investing
by finding companies with healthy earnings. The main
ingredients are the search for Earnings Growth and Net Profit
Margins. Then for good measure we make sure earnings estimates
are moving higher which is a strong indicator of future
performance and that brokerage firms are positively rating the
stock.
Earnings are the single most important metric for a company.
Combine that with a healthy Net Profit Margin and you find a
screen that has generated a cumulative return of +425% since
January 2001. During 2005, this screen continued its winning
ways with a +22.3% return.
Here are four stocks that make the grade for the Earnings and
Margins Profit Track:
American Reprographics Company (ARP) recently announced first-
quarter earnings of 32 cents per share, outpacing the
consensus estimate by about 10% and surpassing the year-ago
total. The company mentioned that it believes that its
performance in the first quarter reflects its focus on top
line growth and the overall strength of its operations. ARP
generated earnings growth of 69% last year over the previous
year. The company is profitable as evidenced by its net margin
of 0.12. Continue your research on ARP at
http://at.zacks.com/?id=2354
Champion Enterprises, Inc. (CHB), a leader in factory-built
construction, grew 164% last year compared to the year-prior.
In mid-April, the company posted first-quarter earnings of 18
cents per share, which was above last year's level. Revenues
increased 42% to $346.5 million from the previous year's
$244.3 million. CHB stated that it will continue to pursue
strategic acquisitions while at the same time working to
improve manufacturing efficiencies in support of its goal to
deliver record manufacturing margins and superior shareholder
returns. Continue your research on CHB at
http://at.zacks.com/?id=2355
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Compass Minerals International, Inc. (CMP), a leading producer
and marketer of salt and specialty potash, meets the
requirements for this Profit Track with annual earnings that
were up 3% year-over-year. CMP recently reported first-quarter
earnings of 88 cents per share, exceeding analysts'
expectations by nearly 16% and outperforming the previous
year's total. The company noted that this quarter demonstrated
the strength of its mild-winter-weather management strategies
as well as its ongoing effort to create value for its
shareholders. Continue your research on CMP at
http://at.zacks.com/?id=2356
EZCORP, Inc. (EZPW), a Zacks #1 Rank (Strong Buy) company, has
seen growth of 61% year-over-year. In late April, the company
released fiscal second-quarter earnings of 56 cents per share,
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SCREEN OF THE WEEK
A Relative Price Strength Screen
Kevin Matras goes over a Relative Price Strength strategy for
finding winning stocks in both up markets and down:
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==============================================
4) ZacksAdvisor.com TIMELY BUY of the WEEK
==============================================
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Archer-Daniels-Midland Company (ADM)
------------------------------------------------
Archer-Daniels-Midland Company engages in the procurement,
transportation, storing, processing, and merchandising of
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manufacturing of wallboard.
The company is in the sweet spot of the government mandated
move to ethanol. As a result, ADM registered a 29 percent
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demand for processed oilseeds and corn byproducts such as
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Net income rose to $347.8 million, or 53 cents a share, for
the three months ended March 31, or eight cents more than the
46 cents per share expected by analysts.
"ADM is on track again for another terrific year," said
Patricia Woertz, who took over Monday as the company's
president and chief executive officer. "I think all of our
core businesses are performing well."
ADM's operating profit jumped 46 percent to $549 million
during the quarter. Profit from oilseeds -- which include
soybean processing and processing of seeds such as rapeseed
and cottonseed into vegetable oil -- increased $116 million to
$177 million, thanks to improved market conditions across the
globe, the company said.
Earnings momentum is starting to materialize as evidenced by
the last two quarters, in which the company has exceeded
estimates by an average of about 18%. This is in stark
contrast to the previous three quarters, in which ADM missed
estimates in two of them. 2006 estimates have increased 13.8%
to $1.89 per share over the past 90 days. The stock is trading
at 17x next year's estimates.
****************************************************************
About Zacks Timely Buy of the Week
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posted by My dear mail at 4:12 AM
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There is 1 new entry in "Andy Kessler"
Vonage Sucker PunchI wrote this for Om Malik's site GigaOm on May 16. SkypeOut just went free in North America. I figured it was someone at Ebay trying to kill the Vonage IPO. This is a classic high stakes Wall Street sucker... Stop receiving posts from "Andy Kessler" powered by FeedBlitz  Prevent future email updates from any FeedBlitz publisher
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posted by My dear mail at 3:26 AM
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___________________________________
THE WALL STREET JOURNAL EUROPE Morning Update
May 25, 2006 -- 2:54 a.m. EDT
___________________________________
TOP STORY
Vonage's offering marked the worst IPO debut in nearly two years, closing down 13% at $14.85 from its offering price.
(FULL STORY BELOW)
___________________________________
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TODAY'S NEWS
(WSJ.COM SUBSCRIPTION REQUIRED TO READ FULL STORIES)
The U.S. Senate voted overwhelmingly to advance its immigration-overhaul bill, paving the way for likely passage. The bill would beef up border enforcement, create new guest-worker programs and open citizenship to illegal immigrants.
http://online.wsj.com/article/0,,SB114848089546061890,00.html?mod=djemEMU
* * *
American organized labor is bracing for coming legal decisions that could bar union representation for a significant number of workers.
http://online.wsj.com/article/0,,SB114851395741462475,00.html?mod=djemEMU
* * *
The number of Wall Street analysts covering the technology industry continues to increase, with the sector generating fat underwriting fees.
http://online.wsj.com/article/0,,SB114852644365662755,00.html?mod=djemEMU
* * *
No single conclusion has emerged about the value of Deutsche Boerse's offer for Euronext.
http://online.wsj.com/article/0,,SB114845998457361678,00.html?mod=djemEMU
* * *
China Mobile is near a $5.3 billion agreement to acquire Millicom International Cellular of Luxembourg, in what would be the biggest-ever overseas acquisition by any Chinese company.
http://online.wsj.com/article/0,,SB114847156718561760,00.html?mod=djemEMU
* * *
The EU will likely abandon efforts to strike down a French law restricting foreign takeovers, despite railing against economic nationalism.
http://online.wsj.com/article/0,,SB114851176569262430,00.html?mod=djemEMU
* * *
EU regulators suggested the business model used by some exchanges, including Deutsche Boerse, could be restricting competition.
http://online.wsj.com/article/0,,SB114851028331762376,00.html?mod=djemEMU
* * *
XM Satellite Radio Holdings lowered its forecasts for full-year subscriber growth and revenue, citing soft retail sales of satellite radios in the second quarter.
http://online.wsj.com/article/0,,SB114849444540862123,00.html?mod=djemEMU
* * *
TiVo said its net loss deepened due to lower prices for its digital video-recorder product, litigation costs and the expensing of employee-stock options.
http://online.wsj.com/article/0,,SB114848284294361937,00.html?mod=djemEMU
* * *
The Dow industrials rose 18.97 points to 11117.32 in the final hour, but investors remain nervous about whether the two-week decline by stocks will continue. GM gained 8.3% after a Merrill Lynch upgrade.
http://online.wsj.com/article/0,,SB114847012967661753,00.html?mod=djemEMU
To read any of the articles above, please see: http://www.wsj.com
__________________________________
FEATURES
(WSJ.COM SUBSCRIPTION REQUIRED TO READ FULL STORIES)
U.S. investors are being inundated with reports from analysts who, amid intensified probes into stock-option practices, are trying to divine which firms may come under scrutiny.
http://online.wsj.com/article/0,,SB114847378969961787,00.html?mod=djemEMU
* * *
Bolivian president Evo Morales has aligned his country so closely with Venezuela's Hugo Chavez that it is sometimes difficult to tell where one government begins and the other ends.
http://online.wsj.com/article/0,,SB114851518439062493,00.html?mod=djemEMU
* * *
Rising U.S. tech stocks and stock-option gains are back, and some of the proceeds are again going into real estate far from Silicon Valley. In Hawaii, for example, Salesforce.com's CEO is building a 7,606-square-foot village-like second home.
http://online.wsj.com/article/0,,SB114852253987662635,00.html?mod=djemEMU
* * *
Americans are deeper in debt than ever, but paying off bigger portions of their credit-card bills and juggling debts more shrewdly. For card issuers, which profit by collecting interest on unpaid balances, that's bad news.
http://online.wsj.com/article/0,,SB114852256641562637,00.html?mod=djemEMU
To read any of the articles above, please see: http://www.wsj.com
_________________________________
Technology Innovation Awards
In today's fiercely competitive business environment, it's more important than ever to discover and nurture new ideas. That's why The Wall Street Journal presents the Technology Innovation Awards. The Journal is looking for technological breakthroughs in such areas as medicine, software, hardware, the Internet, wireless and broadcasting. Winners will be featured Sept. 11 in The Journal's three global editions and on WSJ.com. For an application form and more information, go to http://www.dowjones.com/innovation. Entry deadline: June 9.
__________________________________
TOP STORY (IN FULL)
Vonage IPO Lacks Voltage
Shares Decline Almost 13%
As Investor Interest Wanes
In Money-Losing Web Stocks
By SHAWN YOUNG and LYNN COWAN
Internet phone-service provider Vonage Holdings Corp.'s initial public offering Wednesday marked the worst IPO debut in nearly two years, a reception that suggested that the excitement over unprofitable Internet calling start-ups has cooled.
Vonage's stock, traded under the symbol VG, closed at $14.85 in 4 p.m. New York Stock Exchange composite trading, down 12.6% from its IPO price of $17 a share. It was the weakest IPO debut since nanotechnology firm Lumera Corp. lost 13.5% of its value on its first day of trading in July 2004, according to data tracker Thomson Financial.
"The magnitude of the drop is a little shocking," said Irv DeGraw, a professor of finance at St. Petersburg College in St. Petersburg, Fla., who specializes in IPOs. "It's a very disappointing debut."
Vonage pursued an IPO after failing to find a buyer willing to pay the more than $2 billion it sought. It set the value of the company at $2.6 billion -- roughly the same price fetched by Skype Technologies SA when eBay Inc. bought it in October. That deal was widely criticized as overpriced at the time.
The decline of Vonage shares reflects investor skepticism about companies that are spending heavily and not posting profits, as well as a harsh market for technology and Internet-related stocks recently, said Francis Gaskins, president of ipodesktop.com, a IPO research firm based in Los Angeles. It also reflects investor concerns about the stiff competition Vonage faces from rivals ranging from online start-ups offering free calls to big phone and cable companies that can package Internet calling with other services such as video and Internet access.
Vonage, citing a legally mandated quiet period, declined to comment.
Vonage, based in Holmdel, N.J., took the unusual step of setting aside 13.5% of the IPO shares for customers. It informed customers of the program through emails, voice-mail messages and letters in an effort reminiscent of Boston Beer Co.'s debut in 1995, when the brewer attached coupons to six-packs making some buyers eligible for as many as 33 shares at $15 each.
The appeal to customers was viewed by some experts as a sign that Vonage got a weak response from institutional investors, and was looking to its customers to create a stable market for the shares, said David Menlow, president of IPOFinancial.com, a research firm based in Millburn, N.J.
Vonage raised $531 million in the IPO, which it expects to spend on expansion and for general corporate purposes. With 1.6 million customers as of March 31, Vonage has expanded rapidly since it launched its service in October 2002. For $24.99 a month, Vonage subscribers can make an unlimited number of calls to the U.S., Canada and much of Western Europe, using regular phones that are linked to their high-speed Internet connections by an adapter. Features such as voice mail and caller ID are free, and customers can use the service when they travel.
Vonage's first-quarter revenue nearly tripled to $118.9 million from the same period in 2005, topping the total revenue brought in during all of 2004. But the growth has brought mounting losses as the company spends heavily on marketing. Although it has an accumulated deficit of $467.4 million, Vonage has no immediate plans to cut back on spending; it said in its IPO prospectus that it will continue to focus on growth rather than profitability. It warned that it might never become profitable.
The company also has been struggling with customer complaints about poor sound quality and substandard customer service. In addition, it hasn't fully complied with a Federal Communications Commission order to provide enhanced emergency-dialing capabilities, or E-911, to all of its U.S. customers.
Among the risks cited in Vonage's prospectus is the regulatory background of its majority stockholder, Chairman Jeffrey A. Citron. In 2003, he paid $22.5 million to settle civil charges from the SEC that he engaged in improper trading when he was chief executive of securities firm Datek Online Holdings Corp. Vonage says in the IPO filing that it believes some financial institutions and accounting firms have declined to do business with the company, at least partly because of Mr. Citron's regulatory problems. It warns that other companies may not be able to do business with Vonage because of internal policies that restrict associations with individuals who have entered into Securities and Exchange Commission and National Association of Securities Dealers settlements.
Mr. Citron owns 33% of the company post-IPO; venture-capital funds own an additional 45% of the company post-IPO. Vonage said in its prospectus that it expects a substantial portion of its public shares to be owned by individual investors rather than large institutions, such as pension funds or mutual funds.
The company offered 31.25 million shares in the IPO, or 20% of the company's stock. The deal was lead-managed by underwriters Deutsche Bank AG, Citigroup Inc. and UBS AG.
___________________________________
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posted by My dear mail at 12:20 AM
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Hi Mail,
Mark Crisp here,
24th May 2006
http://www.stressfreetrading.com
http://www.momentumtradingsystem.com
The stock markets are still acting ugly. Even on good mornings they seem to end up in losing days. Just like yesterday. Stocks open strong only to finish weak. There is very little follow through. But a correction is good for future growth. The profit takers and lateer comers need to do their thing before we start a new cycle.
Many of our leading stocks are either consolodating before going higher again OR they are topping. Do NOT make predictions. Wait and see which way they go. PRICE and PRICE alone will be our guide.
Most people like to believe stocks like TIE, HANS, NTRI are finished. Well, people have been saying this for over a year now. I'll believe it when they finally crack. Right now..I am watching them for future growth.
One of the biggest mistakes I see EVERY DAY is people jumping form one trading method to another. THIS is a losing strategy. Learn ONE great method. GET good at it and STICK TO IT! Some people think it's best to have 3 or 4 differnet trading strategies and adopt them to each market cycle. Well, I do not agree with this. How many times have you looked back at a stock and thought "IF ONLY i stuck to this method. I would have been up over 300% now"
If you have say 5 different trading strategies, how many stocks will you be trading, following at one time? Dozens. Far too many. You are much better off sticking to one method and vowing to become REALLY good at that one method. And if you go through a 4-6 month cycle without trading....then great it's no big deal. Rather wait for your perfect set up than WANT to trade any old thing all the time.
My 2 cents any way
Good luck
Mark Crisp
http://www.stressfreetrading.com
--
=================================
Mark Crisp
Stress Free Online Stock Market Trading
Stress Free Trading Ltd
Suite 8, 10 College Terrace
London U.K.
Click on the link below to CANCEL your subscription or EDIT your details:
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posted by My dear mail at 9:40 PM
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posted by My dear mail at 6:16 PM
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posted by My dear mail at 2:25 PM
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CNNMoney.com: EyeOpenerCNNMoney.com: Eyeopener Newsletter (Text-Only Version) ======================================================= Well, looks like Ben Bernanke learned his lesson. Don't talk to reporters, regardless of the setting, unless it's all carefully controlled. Actually I feel bad for the guy. You're at a seemingly social function, making polite and idle chitchat while dining and waiting for the evening's main event ... comedy routines. You'd think you could be a little loose. But no, you make an off-hand remark and it gets reported. We're taught not to say bad things about the competition, so I won't name names, but I think reporting such small talk was out of line. Newsmakers deserve some down time too. ======================================================= In the immigration bill now in the Senate is a provision to raise the cap on the H1-b guest worker program by 60%. Every year that the limit is hit it rises by an automatic 20%. Why should you care? It's open season on American tech workers. According to a study done last year by the Programmers Guild, workers on H1-b visas are paid $13,000 less than American based engineers. There is NO requirement that employers hire Americans over foreign workers so are you surprised that Bill Gates wants the cap completely removed? Is it any wonder that fewer kids think engineering and science are careers for suckers? You may think they're just lazy. I think they are simply behaving rationally within the laws of economic incentive. ======================================================= Here's one on the perils of TV anchoring. My CNN cohorts ... be advised. Thanks Jeanne. ======================================================= Osama Clears Moussaoui From CNN producer and stand-up comic Jake Novak. ======================================================= Check futures here ======================================================= Futures in a funk The recent woes for stocks could continue as investors await the latest readings on real estate and economic strength and U.S. fuel supplies, and weigh reports of a new bird flu threat. Full Story ======================================================= The geek who took on Microsoft In the early morning hours of May 3, a dramatic piece of news out of Geneva began caroming through the online world: At long last, Microsoft's lock on the $9 billion office-application business was facing a challenge. Full Story ======================================================= Consumer Reports: Gas prices having big impact More than a third of American drivers say they are considering getting rid of their current vehicle in favor of something more fuel efficient, according to a national survey by Consumer Reports magazine. Full Story ======================================================= Oil slips ahead of inventory report Oil prices lost steam Wednesday ahead of weekly U.S. inventory data and an international meeting on Iran's nuclear program, falling back towards $71 and giving up some of Tuesday's commodity-driven rally. Full Story ======================================================= Senate targets illegal immigrants' employers The Senate voted Tuesday to fine employers who hire illegal immigrants up to $20,000 for each unauthorized worker, providing teeth to a broad immigration bill before sending it to a final vote later this week. Full Story ======================================================= Google plans shareholder meeting Web search leader Google Inc. said Tuesday it plans to hold a special meeting with financial analysts and investors next week in a bid to improve the company's rocky relations with Wall Street. Full Story ======================================================= Bank of China IPO draws huge demand Bank of China, the country's second-biggest lender, raised $9.7 billion after pricing its initial public offering near the top of its indicated range in the world's sixth-largest IPO. Full Story ======================================================= Now is the time to tear down the SBA Few entrepreneurs were saddened by the news that Hector Barreto was stepping down as chairman of the Small Business Administration after a six-year run. Barreto's SBA had come under attack for its slow and bungling response to Hurricane Katrina last fall. Its loan programs reach less than 1% of U.S. small businesses. Full Story ======================================================= Please do not directly respond to this email. Feedback and questions should be sent to cnnmoney@money.com. Terms under which this service is provided to you. Privacy Policy For further communication, please contact: This promotional message has been sent to you because you are currently subscribed to Eyeopener. This message was sent to you at my.dear.email@GMAIL.COM
posted by My dear mail at 5:55 AM
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Profit from the Pros - 5/24/06*********************************************** Today's Topics: Wednesday - May 24, 2006 1) ZACKS EQUITY RESEARCH - One manifestation of the 2) SCREEN OF THE WEEK - Kevin Matras goes over a Relative 3) ZACKS RANK BUY STOCKS - Today we highlight four new Zacks 4) FEATURED EXPERTS - Richard Moroney says investors should ************************Advertisement*************************** Secret Checks from the U.S. Government Thousands of Americans are now collecting payments of http://at.zacks.com/?id=2823 **************************************************************** Want to view the online version of Profit from the Pros or the Manage your Profit from the Pros subscription: ==================================================== 1) ZACKS EQUITY RESEARCH ==================================================== After a sudden and major cool-down on Dalal Street (the Indian Dirk, you recently returned from a trip to India. What are First off, India is booming - everywhere you look you see new More... ************************Advertisement*************************** 7 Top Funds at Vanguard - FREE! Don't risk your retirement in the WRONG Vanguard funds http://investorplace.com/order/?pc=6KA146 **************************************************************** Zacks Equity Research continued... While there is still plenty of poverty to be seen in Calcutta, I imagine you saw lots of industry development when you were Cell phone usage is perhaps even more common there than in the We just saw a major correction in the Indian markets. Are you The Indian stock market had been red hot for the last three Some of the bigger companies in the Zacks universe are listed Most of the larger Indian ADRs such as Wipro (WIT) and Infosys To read the complete Analysts Interview, click Dirk van Dijk, CFA is the Director of Zacks Equity Research. **************************************************************** MORE FROM ZACKS EQUITY RESEARCH... Analyst Blog - NEW! Get real-time market insights from Zacks Equity Research BULL OF THE DAY InfoSpace, Inc. (INSP) - Expect Positive Launches. BEAR OF THE DAY Tekelec, Inc. (TKLC) - Some Skepticism Exists. ZACKS INDUSTRY OUTLOOK Zacks Industry Rank for the Week of May 22 The earnings outlook for commodity stocks has not changed: EARNINGS TRENDS Outlook for 2006 Remains Bullish Charles Rotblut, Senior Market Analyst for Zacks.com, says **************************************************************** Learn More about Zacks Equity Research at Full access to Zacks Equity Research reports is only available Zacks Wealth Management: Own all the Zacks #1 Rank stocks in a ============================================== 2) SCREEN OF THE WEEK ============================================== Zacks.com offers a unique stock search strategy from Kevin "A Relative Price Strength Screen" The last couple of weeks (bearish) have been a much different And while I expect the overdone pullback to abate pretty soon, This week, I'm going to go over a Relative Price Strength The parameters to this screen are as follows: *Zacks Rank <= 1 *Avg. Broker Rating = 1 *Relative % Price change - 12 weeks >= 15 *% Price Change - 12 weeks >= 5 *Current Price/52 Week High-Low Range >= 80 *Current Price >= 5 The Results: I ran a series of tests using a four-week holding period over In 2004, the strategy showed an average compounded gross In 2005, the returns were 64.6%. And so far in 2006 (YTD through 5/12/06), the returns stand at (This screen tests well using a one-week rebalance too.) This week (week of 5/22/06) there are nine companies that pass HPC Hercules, Inc. Learn how to find winning stocks in any market. Test this Discover all the Free Screening Tools on Zacks.com at Disclosure: Officers, directors and/or employees of Zacks ============================================== 3) ZACKS RANK BUY STOCKS ============================================== Every day on Zacks.com we highlight four Zacks Rank Buy Aggressive Growth - Terex Corporation (TEX) Terex Corporation (TEX) has exceeded earnings estimates for Growth & Income - Con-Way, Inc. (CNW) Con-Way, Inc. (CNW) topped the Street's earnings estimate in more... ************************Advertisement*************************** Earn $2,000 Each Month with a Conservative Options Strategy We will show you how you can make $2,000 in cash each month Take a complimentary 30 day test drive. Click Here: **************************************************************** Zacks Rank Buys continued... Momentum - Sears Holding (SHLD) Sears Holding (SHLD) has another positive earnings shock. Value - Encore Wire Corporation (WIRE) Encore Wire Corporation (WIRE), a Zacks #1 Rank stock, Zacks Rank Resources * View All Zacks #1 Rank stocks: Go to * Free Zacks Rank Guide: Learn how to use the Zacks Rank to * Zacks Advisor: Discover Ben Zacks' hand picked #1 Rank * Zacks Options Trader: Combine the timeliness of Zacks #1 * Zacks Wealth Management: Own all the Zacks #1 Rank stocks in ============================================== 4) FEATURED EXPERTS ============================================== Here we cast the spotlight on a timely Featured Expert a) Richard Moroney, Editor of Dow Theory Forecasts Stocks are valued based on what the market expects in the Consider the Chinese proverb: "Past experience, if not In the spirit of not forgetting past experience, Richard For example: Over the last 120 months, Affiliated Computer Of course, there is no guarantee that a stock will return to Below is a sampling of stocks that trade at discounts to the Based on three- , five- , and 10-year median valuations, Conoco plans to spend $18 billion on capital projects this Fiserv (FISV) provides data-processing and information- Concerns about weak internal sales growth contributed to the Spurred by its diverse and growing operations, Fiserv seems Other top values based on implied prices include: Exxon Mobil's (XOM) principal business is energy, involving UnitedHealth Group (UNH) offers health care coverage and Wal-Mart Stores (WMT) offers health care coverage and related About Richard Moroney's Dow Theory Forecasts newsletter Get clear Buy, Hold and, yes, SELL advice from one of the *************************************************************** MORE FEATURED EXPERTS... b) Short-termism Charles Mizrahi illustrates how offering quarterly guidance c) Two Bullish Plays Dr. Olmstead offers two call positions. Learn about a medical **************************************************************** OTHER TOOLS FROM ZACKS At the heart of Zacks Investment Research is the Zacks Rank * +33% average annual return since 1988 versus +11.9% for * Outperformed S&P 500 in 17 of the last 18 years * +43.8% total return from 2000 to 2002 - the worst * +18% in 2005 And just as importantly, the Zacks #5 Rank stocks (Strong To truly take advantage of the Zacks Rank, you need to first Or view the full list of Zacks #1 Rank stocks at FREE PORTFOLIO TRACKER Do you believe that these events affect stock prices? * Broker Recommendation changes If you answered yes, then how are you staying on top of these --------------------------------------------------------- We hope you enjoyed this issue of "Zacks.com Profit from the REFER-A-FRIEND If you enjoy this e-mail newsletter, then please pass it along Regards and Happy Investing, Charles Rotblut, CFA Senior Market Analyst p.s. What is the mission for Zacks Profit from the Pros? *The S&P 500 Index is a well-known, unmanaged index of the Disclaimer: Past performance does not guarantee future To contact us by mail: Zacks Investment Research To unsubscribe from receiving "Zacks.com Profit from the Pros" ----------------------------------------
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EUROPE MORNING UPDATE: Euronext Pushes to Merge With NYSE___________________________________ May 24, 2006 -- 3:14 a.m. EDT ___________________________________ TOP STORY Euronext is pressing ahead to reach a deal with preferred bidder NYSE, a pact that would reshape the world's exchanges. (FULL STORY BELOW) Technology Innovation Awards In today's fiercely competitive business environment, it's more important than ever to discover and nurture new ideas. That's why The Wall Street Journal presents the Technology Innovation Awards. The Journal is looking for technological breakthroughs in such areas as medicine, software, hardware, the Internet, wireless and broadcasting. Winners will be featured Sept. 11 in The Journal's three global editions and on WSJ.com. For an application form and more information, go to http://www.dowjones.com/innovation. Entry deadline: June 9. ___________________________________ ADVERTISEMENT CHICAGO GSB EXECUTIVE EDUCATION NOW IN LONDON New class schedule now available http://ad.doubleclick.net/clk;27210202;4093752;t?http://chicagogsb.edu/execed/london/index.aspx TODAY'S NEWS Bank of China priced its offering near the top end of its price range, raising $9.7 billion in the country's biggest-ever IPO. http://online.wsj.com/article/0,,SB114844359143561608,00.html?mod=djemEMU * * * Vonage's stock is set to begin trading Wednesday at an initial price of $17 a share in a closely watched $500 million offering. http://online.wsj.com/article/0,,SB114842208634961077,00.html?mod=djemEMU * * * GM's plant in Arlington, Texas, and Toyota's new plant in San Antonio bring into stark relief the competitive problems plaguing American car companies -- old plants and obligations limit innovation and add hundreds of dollars to the cost of each vehicle. http://online.wsj.com/article/0,,SB114842282919261094,00.html?mod=djemEMU * * * U.S. Congressional leaders hope to resurrect tax breaks, including a sales-tax deduction relied on by millions, that expired last year but were left out of the $70 billion in cuts Bush signed into law. http://online.wsj.com/article/0,,SB114843162884361327,00.html?mod=djemEMU * * * Bernanke told the U.S. Congress the Federal Reserve shares inflation concerns, but that it still has a month of data to digest before deciding what rate action to take at its June meeting. http://online.wsj.com/article/0,,SB114839513457660656,00.html?mod=djemEMU * * * A document raises questions about whether Commerzbank knew of possibly improper ties between some firms and Russia's telecom minister. http://online.wsj.com/article/0,,SB114843343983161375,00.html?mod=djemEMU * * * Russia said it would resist calls to liberalize its natural-gas sector, depressing hopes this week's EU-Russia summit may resolve energy tensions. http://online.wsj.com/article/0,,SB114842262263061090,00.html?mod=djemEMU * * * Nike and Apple have teamed up to create a wireless system that connects Apple's iPod nano digital music player to certain Nike-compatible sneakers. It is the first in what will be a new line that integrates Nike clothing with the iPod. http://online.wsj.com/article/0,,SB114840255049360773,00.html?mod=djemEMU * * * Sycamore Networks became the latest U.S. tech firm to fall under scrutiny by the Securities and Exchange Commission, which has begun a formal investigation into how the company accounted for stock options granted from 1999 to 2001. http://online.wsj.com/article/0,,SB114838617624660538,00.html?mod=djemEMU * * * The Dow industrials swooned 26.98 points to 11098.35, more than erasing earlier gains in the final hour of trading, dogged by lingering concerns about rates and overseas markets. Oil and gold prices rose. http://online.wsj.com/article/0,,SB114838396054260519,00.html?mod=djemEMU To read any of the articles above, please see: http://www.wsj.com FEATURES Morgan Stanley continues to be plagued by the document-production headaches left over from the regime of Phil Purcell. http://online.wsj.com/article/0,,SB114843590894261447,00.html?mod=djemEMU * * * Los Angeles's Mexican-American mayor is being buffeted by the politics of immigration. Caught between blacks and white conservatives on one side and his base on the other, any missteps could jeopardize Antonio Villaraigosa's ambitions. http://online.wsj.com/article/0,,SB114843775069361484,00.html?mod=djemEMU * * * U.S. regulators warned that former Fannie Mae executives face potential legal action over what the Securities and Exchange Commission called "fraudulent accounting," while also imposing new demands for change at the company. http://online.wsj.com/article/0,,SB114839008740660597,00.html?mod=djemEMU * * * Nearly a century after the end of World War I, the Belgian military is still collecting as many bombs as it did when it first started keeping count over 30 years ago. http://online.wsj.com/article/0,,SB114843448814661397,00.html?mod=djemEMU To read any of the articles above, please see: http://www.wsj.com TOP STORY (IN FULL) NYSE Mega-Merger Gets Closer By ALISTAIR MACDONALD and JASON SINGER in London and EDWARD TAYLOR in Amsterdam After shareholders essentially told Euronext NV management to get them the best deal possible, the stock-exchange operator is pressing ahead to reach an agreement with NYSE Group Inc., its preferred bidder, people familiar with the matter said. Such a pact would reshape the world's exchanges. Euronext's annual meeting Tuesday followed weeks of intense negotiations between Euronext and two potential merger partners, Deutsche Börse AG, operator of Germany's stock exchange, and NYSE Group, the owner of the New York Stock Exchange. Both companies' efforts to woo Euronext shareholders continued until early Tuesday with Deutsche Börse making public details of a bid proposal it had first made last week. Some investors said neither proposal was a knockout. Both offer little premium to shareholders. The battle is being closely watched as the first in an anticipated round of global consolidation that could create giant exchanges trading in international stocks and derivatives. If NYSE and Euronext -- which operates the stock exchanges in Paris, Amsterdam, Brussels and Lisbon as well as a derivatives exchange in London -- were to merge, it would have listed on the exchange companies valued at $27 trillion. Speaking to shareholders in Amsterdam, Euronext Chief Executive Jean-François Théodore said the next step was for Euronext's board to make a final recommendation to shareholders at an extraordinary general meeting to be convened "as soon as practicable." The undecided outcome of the meeting has left NYSE Chief Executive John Thain's hope that he could consummate a deal within 24 to 48 hours looking unlikely. Mr. Théodore said it would be up to shareholders to decide which partner represented the better option. During the meeting, however, he made his own preference clear, boosting the prospects for a New York deal and painting Deutsche Börse's proposal in a negative light. Mr. Théodore is being offered the role of deputy chief executive in an NYSE-Euronext merger, reporting to Mr. Thain. Mr. Théodore was to have a similar role within a Deutsche Börse tie-up, but the German exchange is offering him the role of chief executive until 2008. A merger with NYSE would result in "the best price, the greatest synergies, the most deliverable option, and a platform for growth," Mr. Théodore said. He added that a merger with NYSE could be completed in six months, while a deal with Deutsche Börse would take twice as long, given that a combination of Euronext's and Deutsche Börse's derivatives operations might attract antitrust scrutiny in Europe. This week Mr. Thain said it would be challenging to close the deal before the end of this year. An NYSE spokesman declined to comment Tuesday. Deutsche Börse runs the Eurex derivatives exchange in Frankfurt and Zurich, while Euronext owns Euronext.Liffe in London. Euronext said a Deutsche Börse combination would control 92% of Europe's exchange market for traded derivatives, financial contracts whose values are derived from the performance of an underlying asset to which they are linked. European regulators have declined to comment on a deal before it is presented to them. Meanwhile, NYSE and Euronext are plowing ahead with the proposal that NYSE has put on the table, people familiar with the matter said. There is no indication that Deutsche Börse is ready to sweeten the terms of its offer, they said. Deutsche Börse will have a platform to make its case at its annual meeting, which is scheduled for Wednesday in Frankfurt. Tuesday Deutsche Börse Chief Executive Reto Francioni said, "We continue to believe in the strong substance and value, as well as the earnings accretion of a combination of Deutsche Börse and Euronext to both shareholder groups under our proposal." Many Euronext shareholders said they wanted more information before deciding on a suitor. "It's highly unprofessional to discuss something like a merger without detailed analysis," said Wieslaw Rozlucki, chief executive of the Warsaw Stock Exchange, which owns about 10,000 Euronext shares. The companies have argued over how to value the bids. At Tuesday's meeting, Euronext said the proposal from NYSE is valued at 68.34 euros ($87.94) a share. It said Deutsche Börse's proposal is valued at 58.73 euros a share, but that doesn't include a cash payment that would be made to Euronext shareholders by the combined company. Both bids have cash components, and both suitors offer 4 euros of dividends for each share. The value of the shares is based on moving averages of Euronext's share price and fluctuates daily. Consolidation talk has boosted share prices across the exchange sector until Monday's offer by NYSE sent share prices down again as investors reacted with dismay to the offers. In Paris trading Tuesday, Euronext's shares closed up 3.6% at 70 euros while Deutsche Börse's shares in Frankfurt rose 1.4% to 102.76. euros As of 4 p.m. in New York, NYSE's shares were down $2.80, or 4.5%, at $60.05. Several hedge funds that hold stakes in Euronext and Deutsche Börse have bet big on a combination of the two exchanges that is looking less likely. At the meeting, Euronext shareholders rejected a motion, put forward by a Euronext shareholder weeks ago, that a merger with Deutsche Börse was, in principle, Euronext's best option. Shareholders representing 43.85 million votes voted against the motion, with 30.6 million shareholders voting in favor and 6.6 million abstaining. Shareholders representing 72.89% of the company's capital attended the packed meeting. The vote was nonbinding yet could have put pressure on Euronext's management to tip its hand to Deutsche Börse. That didn't mean shareholders favor an NYSE merger, with several saying that the price offered by the NYSE was too low. "I don't want to see Euronext sold for something as cheap as an apple and an egg. It's worth about 100 euros a share in my opinion," said Jacques Munnichs, a shareholder at the meeting who declined to say how many shares he represents. --Aaron Lucchetti in New York contributed to this article. Copyright 2006 Dow Jones & Company, Inc. All Rights Reserved. Privacy Policy - Contact Us -
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Tuesday, May 23, 2006CNNMoney.com: EyeOpenerCNNMoney.com: Eyeopener Newsletter (Text-Only Version) ======================================================= Why would we, the world's leading chicken producer, need to send chicken to China, have it processed into cans there, and then sent back? The labor rates must be incredibly low to make the transport and logistics hassle worthwhile. But somebody apparently wants to do it and wants to do it badly enough to get a special US permission to do so. I dunno if I would be eating a can of chicken from China, though. I'm not just talking avian flu panic here. I just don't think bird in a can is a good idea. Now fish in a can ... ======================================================= Bob and Jack go to the Hill today. Jack has 'splaining to do about the Chinese and why he doesn't think their currency creates an unfair trading advantage for its exports. Perhaps he will actually admit the real reason we are so hands off is that the Chinese are America's bankers and what China wants....China gets. As for Bob, well he needs to explain to Congress that to kill dead the inflation beast he's fighting he will have to kill the economy....sort of like economic chemo. The reason is: energy. Energy inflation is in the cost of EVERYTHING and it ain't coming out until all demand is leveled. Now, that might really tick of the bankers, which sets up a steel cage death match between Exxon and China. Then maybe the Congress will start to understand the urgent need for alternative/ renewable fuel programs. ======================================================= Give this video a little time. It gets interesting. Thanks again, Bard. ======================================================= Veterans' Data From CNN producer and stand-up comic Jake Novak. ======================================================= Check futures here ======================================================= Futures hint to end of bloodletting Futures suggested that stocks may finally end their recent slide, at least in the early going Tuesday. Full Story ======================================================= Oil back above $70 Oil surged above $70 Tuesday as commodities staged a modest recovery from last week's sell-off, Venezuela mooted OPEC oil production cuts and the U.S. government predicted another rough Atlantic hurricane season. Full Story ======================================================= Cellphones on a plane! The security line feels like a maze, the legroom in coach reminds you of the time your son talked you into climbing into his crib, and it looks as if you'll have to circle over O'Hare a few more times. Full Story ======================================================= When your personal info is stolen No one's immune from the aggravations of potential identity theft. Full Story ======================================================= Fannie Mae braces for report Fannie Mae faces the most comprehensive and potentially damaging report on its multibillion-dollar accounting problems this week when its U.S. regulator releases findings from a nearly three-year probe. Full Story ======================================================= Toll Brothers builds bigger profit Toll Brothers, the leading U.S. luxury home builder, reported fiscal quarterly profit rose 3 percent on higher home prices, but the company lowered its earnings forecast for the year in another signal of a slowing U.S. home market. Full Story ======================================================= Commodities recover Gold, copper and oil were higher Tuesday as buyers returned after last week's selling, but investors' mood was brittle, fearing a repeat of the liquidation which knocked copper and gold prices down 10 percent. Full Story ======================================================= Google gets in on video advertising Google Inc. said Monday the company is ready to help Web sites run video advertisements, putting the Web search leader into competition with television for the biggest chunk of ad spending. Full Story ======================================================= Please do not directly respond to this email. Feedback and questions should be sent to cnnmoney@money.com. Terms under which this service is provided to you. Privacy Policy For further communication, please contact: This promotional message has been sent to you because you are currently subscribed to Eyeopener. This message was sent to you at my.dear.email@GMAIL.COM
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Profit from the Pros - 5/23/06*********************************************** Today's Topics: Tuesday - May 23, 2006 1) ZACKS EQUITY RESEARCH - The earnings outlook for commodity 2) PROFIT TRACKS - PEG RATIO - Discover attractively priced 3) OPTIONS CENTER - The experts at Schaeffer's highlight one 4) ZACKS RANK BUY STOCKS - Today we highlight four new Zacks ************************Advertisement*************************** URGENT Investor's Report: The China-Driven Fuel Shortage 139 Times Bigger Than Oil... China's creating a pandemic shortage of this essential fuel so How will they do it? The solution lies with one company... Investors who act now could make 212% by June 19... **************************************************************** Want to view the online version of Profit from the Pros or the Manage your Profit from the Pros subscription: ==================================================== 1) ZACKS EQUITY RESEARCH ==================================================== Commodities and commodity stocks showed a discomforting degree Ironically, the earnings outlook for commodity stocks has not One glimmer of hope in the post-Fed meeting downpour was More... ************************Advertisement*************************** Want to own ALL the Zacks #1 Rank Stocks? Ben Zacks manages an exclusive portfolio for his Get Your FREE ZACKS INVESTMENT KIT at **************************************************************** Zacks Equity Research cont... The upward revisions to Iamgold followed a similar reaction to Both stocks belong to Mining-Gold, a group that I have not Although commodity-related groups continue to dominate the Out of the nine companies, two are designated Zacks #1 Rank The two Zacks #1 Rank stocks in Transportation-Equipment & Charles Rotblut, CFA is a senior market analyst for Zacks.com. Read the complete INDUSTRY OUTLOOK at *********************************************************************** MORE FROM ZACKS EQUITY RESEARCH... Analyst Blog - NEW! Get real-time market insights from Zacks Equity Research BULL OF THE DAY Zoran Corp. (ZRAN) - Growing Through Acquisitions. BEAR OF THE DAY Landry's Restaurants (LNY) - Unsure Developments. ZACKS ANALYST INTERVIEW REIT Investors Watching Interest Rates As the Fed raises rates, REITs become less attractive to the ZACKS EARNINGS TRENDS Outlook for 2006 Remains Bullish Charles Rotblut, Senior Market Analyst for Zacks.com, says **************************************************************** Learn More about Zacks Equity Research at Full access to Zacks Equity Research reports is only available Zacks Wealth Management: Own all the Zacks #1 Ranked stocks in ============================================== 2) PROFIT TRACKS ============================================== Zacks.com is proud to share with you some of the best trading Profit Track: PEG Ratio This strategy uses the PEG Ratio to find attractively priced A company with a P/E Ratio of 20 and a Growth Rate of 10% will While a company with a P/E Ratio of 40 and a Growth Rate of The stock with the P/E of 40 is actually the better bargain Using this indicator in a stock screening strategy can produce Here are four stocks that make the grade for the PEG Ratio Basic Energy Services, Inc. (BAS) recently announced its Grant Prideco, Inc. (GRP), a Zacks #1 Rank (Strong Buy) H&E Equipment Services, Inc. (HEES) is another Zacks #1 Rank Unit Corporation (UNT) satisfies the criteria of this Profit To see the full list of stocks that currently pass this All the Profit Track strategies were created and backtested **************************************************************** SCREEN OF THE WEEK Filtering the Zacks Rank Kevin Matras outlines a strategy for trading the Zacks Rank ============================================== 3) OPTIONS CENTER ============================================== Zacks has partnered with the leading options experts, Free Online Options Research at Zacks/Schaeffer's Options Trading service at Here is this week's article on how Schaeffer's Tools can help The market just had one of its worst weeks in recent memory. For a refresher of our methodology, please continue to read. Turning to the Put/Call Ratio Over 1.0 filter, the Schaeffer's From our contrarian-based approach, we love to see a huge Simply because a stock has a high SOIR doesn't mean it is a Looking at the list from Thursday, one name stood out and that Technically, PLXS has gained over 80% year-to-date and another Let's take a look at some other areas of sentiment that we Short selling is where a trader sells shares of an equity that Turning back to PLXS, we find that nearly 6% of the float is Now for the analyst ratings. If the brokerage firms are Overall, the security has earned a Schaeffer's Equity In conclusion, I really like this one as it has a solid risk- I'll be back next week to take a look at yet another filter. Finally, options are highly-leveraged vehicles, and the odds To learn more about the Put/Call Ratio over 1.0 filter, click Discover all the tools and commentary available from the Zacks Rank + Options = Trading Success! Leverage the timeliness of Zacks #1 Rank stocks with options ============================================== 4) ZACKS RANK BUY STOCKS ============================================== Every day on Zacks.com we highlight four Zacks Rank Buy Aggressive Growth - Marvell Technology (MRVL) Marvell Technology (MRVL) said last week its fiscal first- Growth & Income - Gol Linhas Aereas Inteligentes S.A. (GOL) Gol Linhas Aereas Inteligentes S.A. (GOL) announced on May 16, More... ************************Advertisement*************************** In November, 1,000 of the World's Top Visionaries, Scientists, http://at.zacks.com/?id=2832 **************************************************************** Zacks Rank Buys continued... Momentum - Archer Daniels Midland Company (ADM) Value - Southern Copper Corporation (PCU) Zacks Rank Resources * View All Zacks #1 Rank stocks: Go to * Free Zacks Rank Guide: Learn how to use the Zacks Rank to * Zacks Advisor: Discover Ben Zacks' hand picked #1 Rank * Zacks Options Trader: Combine the timeliness of Zacks #1 * Zacks Wealth Management: Own all the Zacks #1 Rank stocks in **************************************************************** Zacks Rank #1 and #5 Additions Zacks #1 Rank List: 35 New Additions (alpha by ticker) ALLIED IRISH BK AIB BANKS-MAJOR To see the full list of Zacks #1 Rank stocks (approximately Zacks #5 Rank List: 41 New Additions (alpha by ticker) @ROAD INC ARDI COMPUTER SOFTWARE-SERVICES To see the full list of Zacks #5 Rank stocks (approximately **************************************************************** OTHER TOOLS FROM ZACKS At the heart of Zacks Investment Research is the Zacks Rank * +33% average annual return since 1988 versus +11.9 for * Outperformed S&P 500 in 17 of the last 18 years * +43.8% total return from 2000 to 2002 - the worst * +18% in 2005 And just as importantly, the Zacks #5 Rank stocks (Strong To truly take advantage of the Zacks Rank, you need to first Or view the full list of Zacks #1 Rank stocks at FREE PORTFOLIO TRACKER Do you believe that these events affect stock prices? * Broker Recommendation changes If you answered yes, then how are you staying on top of these --------------------------------------------------------- We hope you enjoyed this issue of "Zacks.com Profit from the REFER-A-FRIEND If you enjoy this e-mail newsletter, then please pass it along Regards and Happy Investing, Charles Rotblut, CFA Senior Market Analyst p.s. What is the mission for Zacks Profit from the Pros? *The S&P 500 Index is a well-known, unmanaged index of the Disclaimer: Past performance does not guarantee future To contact us by mail: Zacks Investment Research To unsubscribe from receiving "Zacks.com Profit from the Pros" ----------------------------------------
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EUROPE MORNING UPDATE: Deutsche Boerse Raises Bid for Euronext___________________________________ May 23, 2006 -- 2:42 a.m. EDT ___________________________________ TOP STORY (FULL STORY BELOW) ___________________________________ CHICAGO GSB EXECUTIVE EDUCATION NOW IN LONDON New class schedule now available http://ad.doubleclick.net/clk;27210202;4093752;t?http://chicagogsb.edu/execed/london/index.aspx U.S. regulators are expected to announce a settlement under which Fannie Mae will pay a fine of about $400 million for allegedly manipulating accounting rules. http://online.wsj.com/article/0,,SB114834027446360034,00.html?mod=djemEMU * * * Hedge funds' high profile is prompting European governments to examine ways to curtail their rising power. http://online.wsj.com/article/0,,SB114834753111760220,00.html?mod=djemEMU * * * Probes of U.S. stock-option granting practices accelerated, with nine companies reporting regulatory or internal investigations. http://online.wsj.com/article/0,,SB114829946362059450,00.html?mod=djemEMU * * * Google plans to begin selling Web ads that include video, in a move it expects will increase the number of Google advertisers. http://online.wsj.com/article/0,,SB114833965682160018,00.html?mod=djemEMU * * * Wal-Mart agreed to sell its South Korea operations to a local discount chain, which will purchase the 16 stores for $882 million. http://online.wsj.com/article/0,,SB114828612627459374,00.html?mod=djemEMU * * * Philips said it will buy Britain's Avent Holdings for $868.2 million to expand the Dutch conglomerate's domestic-appliances and personal-care business. http://online.wsj.com/article/0,,SB114836366819960424,00.html?mod=djemEMU * * * Royal Dutch Shell is in talks to buy a stake in a $2.08 billion refinery owned by Cnooc in an effort to step up its presence in China's chemicals sector. http://online.wsj.com/article/0,,SB114831945948259689,00.html?mod=djemEMU * * * Documents unveiled in a lawsuit against AT&T contain allegations from a former technician that the company allowed the U.S. National Security Agency to install equipment capable of examining "every individual message" on the Internet. http://online.wsj.com/article/0,,SB114834322934160134,00.html?mod=djemEMU * * * Ballmer announced plans to spend $31 million over the next five years to help the China with two of its economic-policy priorities: strengthening domestic innovation and narrowing China's widening urban-rural divide. http://online.wsj.com/article/0,,SB114835444348260350,00.html?mod=djemEMU * * * The Dow industrials initially plunged 103.99 points in the wake of sharp stock declines abroad, but finished down just 18.73. Natural-gas prices rose as a report forecast above-average hurricane activity this summer. http://online.wsj.com/article/0,,SB114829733946459436,00.html?mod=djemEMU To read any of the articles above, please see: http://www.wsj.com __________________________________ Spanish telecom giant Telefónica is expanding faster than its peers, earning more money and sporting a rosier outlook. Still, its stock trades at a discount to the rest of the sector. http://online.wsj.com/article/0,,SB114834349637760139,00.html?mod=djemEMU * * * The search for a military pilot who disappeared in 1960 culminated this month off the southeastern shore of Flathead Lake in Montana, thanks to one aviation buff's dogged pursuit. http://online.wsj.com/article/0,,SB114832996596359816,00.html?mod=djemEMU * * * Sonia Gandhi remains India's most powerful political figure but her growing influence is causing worries among investors about the pace of the country's economic reforms. http://online.wsj.com/article/0,,SB114833003911759819,00.html?mod=djemEMU * * * Emerging markets extended their biggest losing streaks in nearly a decade amid worries about the global economy. The pullback, in markets as far-flung as Turkey, India, Russia and Brazil, has broad ramifications for U.S. investors. http://online.wsj.com/article/0,,SB114833899173859996,00.html?mod=djemEMU To read any of the articles above, please see: http://www.wsj.com _________________________________ Technology Innovation Awards In today's fiercely competitive business environment, it's more important than ever to discover and nurture new ideas. That's why The Wall Street Journal presents the Technology Innovation Awards. The Journal is looking for technological breakthroughs in such areas as medicine, software, hardware, the Internet, wireless and broadcasting. Winners will be featured Sept. 11 in The Journal's three global editions and on WSJ.com. For an application form and more information, go to http://www.dowjones.com/innovation. Entry deadline: June 9. __________________________________ TOP STORY (IN FULL) Deutsche Boerse Raises New Offer Exceeds One by NYSE By AARON LUCCHETTI and DENNIS K. BERMAN in New York and EDWARD TAYLOR in Frankfurt A full-scale bidding war broke out last night for Euronext NV, as German exchange Deutsche Börse AG lobbed in an offer valued at about 7 euros, or about $9, a share more than the one placed by NYSE Group Inc. earlier in the day. The bid -- also valued at more than 10% above where Euronext's shares traded yesterday -- gives Deutsche Boerse strong momentum heading into a crucial shareholder meeting. Earlier yesterday, Euronext endorsed a merger offer from NYSE Group, putting the New York Stock Exchange owner in front of Deutsche Boerse in the race to acquire the big European securities exchange. Deutsche Boerse countered late yesterday with more detailed economic terms of its own proposal designed to win support from Euronext shareholders. Both announcements came on the eve of Euronext's annual meeting today in Amsterdam, at which shareholders will be asked to vote on whether a longer-standing offer from Deutsche Boerse is the best option for Euronext, a Paris-based Dutch company that operates the Paris, Amsterdam, Brussels and Lisbon stock markets. When a shareholder put the Deutsche Boerse item on the annual-meeting calendar earlier this year, Euronext had no other merger options on the table. But yesterday morning, the Big Board operator offered to buy Euronext in a stock-and-cash deal that values Euronext at roughly 69.40 euros a share, or about $88.66, which doesn't include about 4 euros a share in expected dividends. The NYSE figure represented a slight premium to the value of the earlier deal proposed by Deutsche Boerse, which the Frankfurt exchange operator had described as a "merger of partners." Now, Deutsche Boerse's more-detailed plan will include a 2 billion euros payment to shareholders of both companies as well as 190 million euros of cost savings. The Deutsche Boerse merger proposal would give the larger company, based on trailing market value, more cash and a greater ownership stake in the new company. At current values, Euronext shareholders would get 43% of the new company, plus 7.72 euros a share, totaling 76 euros a share. "Deutsche Boerse strongly believes that this transaction represents the most attractive combination," the company said in its statement. While Euronext's management and supervisory boards put their weight behind the NYSE proposal, the company added in its statement that it would consider shareholders' views before making a final recommendation. Euronext shareholders face a decision that could help to determine the landscape of stock exchanges on two continents. Should the NYSE prevail, a new exchange colossus will emerge with a current market value of roughly $20 billion and listed companies worth about three times the total market value of those companies listed on the London Stock Exchange, which would be the No. 2 exchange. Over three years, NYSE Euronext, as it would be known, could produce cost savings of $275 million and add $100 million in revenue, the NYSE said. "It's not enough to build a champion of Europe," John Thain, NYSE's chief executive, said in a conference call. "The challenge today is really to build the best marketplace in the world." Euronext shareholders reacted skeptically, at least initially: The company's stock, which trades in Paris and Amsterdam, fell 7.05 euros, or 9.5%, to 67.55 euros in Paris trading. Some shareholders were disappointed that the NYSE didn't make a richer offer. NYSE shares, meanwhile, fell as much as 6% during the New York day but recovered by day's end to stand at $62.85, down $1.65, or 2.6%, in Big Board composite trading. Deutsche Boerse shares slid 9.44 euros, or 8.5%, to 101.30 euros in Frankfurt. Some Euronext shareholders predict a close vote on the Deutsche Boerse motion, which in essence has become a proxy for the Big Board offer, too. But they also say that Deutsche Boerse will have a hard time winning if NYSE counterbids and Euronext management remains on its side. The German exchange operator may also need to make other concessions on points like where to base the headquarters and management of a combined company. The NYSE offer leaves Euronext's European operations in Paris and appears to give the company much control of business on the Continent. Yet some Euronext shareholders are expected to vote in favor of the resolution backing the Deutsche Boerse bid -- a resolution that isn't binding on Euronext management. Marco Battaglia, president of Temujin Fund, a hedge fund that holds shares of Euronext but not Deutsche Boerse, says he is leaning toward backing the Deutsche Börse proposal and won't support any NYSE offer until it values Euronext shares higher, perhaps 80 euros or above. Indeed, Deutsche Boerse isn't out of the picture yet. Its proposed combination could produce greater savings than an NYSE tie-up, according to a report from Michael Long, an analyst at Keefe, Bruyette & Woods. Deutsche Boerse continued to woo Euronext even as the Big Board put the finishing touches on its offer, according to a person familiar with the matter. As it now stands, Deutsche Boerse's proposal calls for Euronext CEO Jean-François Théodore to hold the role of co-chief executive on an interim basis, before relinquishing control to Reto Francioni, Deutsche Boerse's CEO. Deutsche Boerse has also promised to keep other European financial centers involved in the running of the exchange but insists, despite maintaining the legal headquarters in the Netherlands, that Frankfurt remain headquarters where the majority of executive management's offices are located. The NYSE offer would give Mr. Théodore a permanent deputy CEO role, one of six Euronext spots on a new 12-person management committee and responsibility for the European businesses. He also would oversee the combined company's London-based derivatives operations that are sure to be a growth driver. Messrs. Théodore and Thain met in April and May, with talks picking up after the NYSE completed a stock offer. The NYSE board met for four hours Friday afternoon to hammer out the final details, then went home to sleep on the matter, according to people familiar with the situation. The board unanimously voted to approve the offer for Euronext after a two-hour discussion Saturday evening, these people said. NYSE, advised on the deal by Citigroup Inc., predicts it will get about $250 million in savings by migrating to the best technology at the two companies and closing some of the combined companies' nine data centers. Some jobs could also be lost in the U.S. and at a technology joint-venture of Euronext's with employees in the U.K. The NYSE hopes to boost Euronext's listings, increase trading of U.S. stocks in euros and create new products with newly acquired data. "Euronext brings diversification and a nice hunk of earnings over," says Richard Repetto, an analyst with Sandler O'Neill. "It's a good deal for NYSE." --Jason Singer and Alistair MacDonald in London contributed to this article. ___________________________________ Privacy Policy - Contact Us -
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