Latest News In Stock Market Investment Research – April 02, 2010

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U.S. to push for quick China forex move: Geithner

2 Apr 2010 at 9:32am

WASHINGTON (MarketWatch) — Treasury Secretary Timothy Geithner said Friday that the U.S. will seek to make sure that China “moves quickly” to allow its currency, the yuan, to strengthen. In a television interview, Geithner repeated that he is confident China will allow its currency to strengthen. “Their stated policy is they want to move over time to a more flexible exchange rate,” Geithner said. “What we want to do is to make sure that China is growing, that they are buying more from America, more of their growth comes from domestic consumption and less from exports and that U.S. firms are able to compete on a level playing field with China,” Geithner said. China announced that President Hu Jintao will visit the United States in mid-April. Analysts said the move signaled an easing of bilateral tensions over the yuan and other issues.

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Geithner: Bank reform close to Senate passage

2 Apr 2010 at 9:14am

WASHINGTON (MarketWatch) — Treasury Secretary Timothy Geithner said Friday that a Democratic proposal to reform the financial sector is very close to passage in the Senate. “If you listen carefully, you see Republicans moving our way on this,” Geithner said in an interview on Bloomberg television. “We are very close on the substance,” Geithner said. A measure authored by Sen. Christopher Dodd, D.-Conn., the chairman of the Senate Banking panel, is expected to come to the Senate floor later this month. At the moment, no Republicans have said they will support the measure. Democrats no longer have the 60 votes needed to pass the bill without Republican support.

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Former Dell employees may face SEC civil actions

2 Apr 2010 at 9:07am

SAN FRANCISCO (MarketWatch) — Dell Inc. said the Securities and Exchange Commission may seek civil or administrative action against several former employees concerning accounting practices at the computer maker, according to an SEC filing late Thursday. The employees received so-called “Wells Notices,” where SEC staff recommend civil or administrative action against the recipient. In 2005, the SEC launched a probe into Dell’s accounting practices going back to 2001. Dell said it continues to cooperate with the SEC probe.

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S&P: U.S. corporate default rate down to 10%

2 Apr 2010 at 9:01am

SAN FRANCISCO (MarketWatch) — The U.S. corporate default rate fell in the 12-month period through March 31 to an estimated 10% from 10.48% in February, Standard & Poor’s said in a report released Friday. “The default rate remains at elevated levels, consistent with its performance as a lagging indicator to the overall economy. Nevertheless, credit metrics in the U.S. are showing indications of strengthening credit quality, albeit at a cautious pace,” said the ratings agency. Five companies defaulted in March, compared with 15 in March 2009. Four of the five defaults were in the financial sector.

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FAA to let airline pilots fly on antidepressants

2 Apr 2010 at 8:37am

SAN FRANCISCO (MarketWatch) — The Federal Aviation Administration said Friday it will lift its ban on airline pilots taking antidepressants under certain conditions. On a case-by-case basis, the FAA will allow pilots to take one of four antidepressants if they have been satisfactorily been treated with the drug for 12 months. Acceptable medications listed by the regulator are Eli Lilly & Co.’s Prozac, Pfizer Inc.’s Zoloft, Forest Laboratories Inc.’s Celexa and Lexapro, and their generic equivalents.

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S&P: Verizon charge won’t affect ‘A’ rating

2 Apr 2010 at 8:30am

SAN FRANCISCO (MarketWatch) — Standard & Poor’s Ratings Services said Friday that Verizon Communications Inc.’s announcement that it will take a $970 million charge as a result of the new health-care law will not affect its rating. “The size of this charge relative to Verizon’s revenue and cash generation, coupled with deferral of the actual higher cash taxes that will eventually result from the legislation, will not materially impact Verizon’s overall credit profile,” the ratings agency said. S&P rates Verizon at A.

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Canadian dollar approaches parity after jobs data

2 Apr 2010 at 7:44am

NEW YORK (MarketWatch) — The Canadian dollar recovered some ground against its U.S. counterpart on Friday, coming whisper close to parity, after the U.S. Labor Department said payrolls grew by 162,000 in March. The greenback was recently trading 0.1% higher, with one U.S. dollar buying C$1.0104. It fell as low as C$1.0079 earlier in the session. The dollar last bought less than C$1 in July 2008. Trading volumes were light with Canada on holiday, according to Action Economics. “The lack of rebound seen on Friday morning will keep that target within reach when the new week kicks off,” analyst there wrote.

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S&P upgrades J. Crew to ‘BB+;’ outlook stable

2 Apr 2010 at 7:40am

SAN FRANCISCO (MarketWatch) — Standard & Poor’s Ratings Services on Friday raised J. Crew Group Inc.’s corporate credit rating to BB+ from BB and revised the outlook to stable from positive. “Our rating on J. Crew Group Inc. reflects the company’s participation in the intensely competitive apparel retailing industry and the inherent volatility and seasonality of the apparel business,” said Jackie Oberoi, an S&P credit analyst. Strong credit protection measures on the back of good operating performance in a very difficult retail environment and debt repayments mitigate those factors, the ratings agency said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Treasury yields, dollar up after payrolls jump

2 Apr 2010 at 5:37am

NEW YORK (MarketWatch) — Treasury prices fell and the dollar remained higher on Friday after the Labor Department said the U.S. economy added 162,000 jobs in March, the most in three years but lower than economists anticipated. The unemployment rate remained at 9.7%. Yields on 10-year notes , which move inversely to prices, rose 3 basis points to 3.90%, the highest in a week. The dollar index , which measures the greenback against a trade-weighted basket of six major currencies, traded at 80.933, from 80.719 in North American trade late Thursday. The euro fell slightly to $1.3554, from $1.3584 on Thursday.

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Payrolls rise 162,000, best gain in three years

2 Apr 2010 at 5:30am

WASHINGTON (MarketWatch) – The U.S. economy created 162,000 jobs in March, the largest seasonally adjusted increase in nonfarm payrolls in three years, the Labor Department reported Friday. Nonfarm payrolls rose for just the second time in the past 27 months, boosted by the hiring of 48,000 temporary workers to conduct the Census. Excluding the Census workers, payrolls rose by 114,000. The unemployment rate was steady at 9.7%, with the labor force rising by 398,000. The report was largely in line with expectations. Economists surveyed by MarketWatch were forecasting a 200,000 increase in nonfarm payrolls, with about half of those coming from temporary hires at the Census Bureau.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


MDRNA auditors issue “going concern” clause

2 Apr 2010 at 5:26am

BOSTON (MarketWatch) — RNAi-research group MDRNA Inc. said Friday that its auditors, KPMG LLP, have inserted a “going concern” clause in its 2009 annual report, meaning the auditors believe the company may be forced to go out of business due to lack of cash. The biotech company said that its planned merger with Cequent Pharmaceuticals, however, should bolster its cash position. “As we announced yesterday, we entered into a definitive agreement to acquire Cequent Pharmaceuticals, Inc., which not only brings a strong pre-clinical and clinical pipeline, but will also bring additional cash resources to MDRNA,” said MDRNA Chief Executive Officer J. Michael French, in a statement. “With the equity raised in January of this year and the potential cash from the acquisition of Cequent, we expect to have the cash to fund operations into December of this year,” he added.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


One dead, three missing in Wa. refinery blast

2 Apr 2010 at 5:24am

NEW YORK (MarketWatch) — Tesoro Corp. said Friday one person died, and three are missing after a fire broke out at the company’s refinery in Anacortes, Wa. The blaze started at 12:30 a.m. Pacific time, and also resulted in four employees being admitted into the local hospital for treatment. Tesoro said the fire occurred at its naphtha unit during routine maintenance and was extinguished by 2 a.m. “The units affected have been shut down and stabilized,” said the San Antonio-based refining company. “Our priority at this time is focused on the safety of our employees and the community.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Global bond funds set weekly inflow record: EPFR

2 Apr 2010 at 5:14am

BOSTON (MarketWatch) — Investors committed a record $2.98 billion to global bond funds for the week ended March 31, according to the latest data from investment research firm EPFR Global. Meanwhile, U.S. bond funds posted inflows for the 65th consecutive week. “Funds investing in short-term debt continue to dominate flows into U.S. bond funds during the week, accounting for more than 50% of the latest week’s total inflows, but flows into U.S. municipal bond funds continue to lose steam with these funds posting their first weekly outflow in over 14 months,” EPFR said Friday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Discount rate may rise next week, analysts say

2 Apr 2010 at 5:14am

NEW YORK (MarketWatch) — The Federal Reserve may again increase the discount rate at its meeting on Monday, further widening the gap to the more closely-watched fed funds rate, analysts said Friday. The Board of Governors will meet on Monday to consider the discount rate, now at 0.75%, to be charged by Fed banks to institutions seeking emergency funds, the Fed said in a release. The discount window is rarely used now, so has little impact on the economy and a sign of normalizing financial markets, since the discount rate used to be 1% above the fed funds rate. It is now 0.5 percentage points. When the central bank last raised the discount rate, it said it is not an indication of monetary policy. “With markets closed in Europe on Monday and holiday induced light trading session in the US, the Fed is well positioned to increase the discount rate without causing too much collateral damage in global financial markets,” said Joseph Brusuelas of Brusuelas Analytics.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Treasurys slump in thin trading before payrolls

2 Apr 2010 at 5:00am

NEW YORK (MarketWatch) — Treasury prices came under slightly pressure in the European and Asian trading hours, with a sense of caution before the U.S. payrolls report at 8:30 a.m. Eastern, expected to show a big improvement in the labor market. Analysts also noted very little volume as most markets were closed for Good Friday. Total overnight volume was 22% of the 10-day moving average, according to RBS Securities. Most of European markets are closed for Good Friday holiday, as are U.S. equity and commodity markets. The bond market is expected to close at noon Eastern. Yields on 10-year notes , which move inversely to prices, rose 1 basis point to 3.87%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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April 02 2010 09:42 am | Stock Market News

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