Latest News In Stock Market Investment Research – August 21, 2009

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J.M. Smucker profit rises on 58% revenue jump

21 Aug 2009 at 4:10am

NEW YORK (MarketWatch) – The J. M. Smucker Co. on Friday said first-quarter net income rose to $98.1 million, or 83 cents a share, from $42.3 million, or 77 cents a share in the year-ago period. The jelly maker said sales rose 58% to $1.05 billion after absorbing its acquisition of Folger’s. Wall Street analyst expected Smucker to earn 80 cents a share on revenue of $1.04 billion, according to a survey by FactSet Research. Smucker cited strong volume gains across its U.S. retail businesses.

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.


Barclays suspends iPath nat-gas ETN issuance

21 Aug 2009 at 3:59am

LONDON (MarketWatch) — Barclays said it’s temporarily suspended any further issuances of the iPath Dow Jones-AIG natural gas subindex total return exchange-traded notes . This suspension may cause fluctuations in the trading value of such Notes. Barclays added the move may affect other commodity-linked iPath ETNs in light of current market dynamics and ongoing regulatory review.

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MediciNova to acquire Avigen for $1.24 a share

21 Aug 2009 at 3:16am

LONDON (MarketWatch) — Biopharmaceutical firm MediciNova Inc. will acquire Avigen Inc. for $1.24 a share in cash or secured convertible notes, under an agreement announced Friday by the biopharmaceutical firms. Under the deal, around $1.19 a share will be paid when the deal closes, with approximately 5 cents a share to be paid on June 30, 2010. The transaction is expected to close in the fourth quarter, pending the approval of Avigen and MediciNova stockholders and other considerations. The companies said the merger will allow them to combine their neurological clinical development programs based on ibudilast, an anti-inflammatory drug.

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Gome first-half profit falls 50% to $84.9 million

21 Aug 2009 at 2:15am

HONG KONG (MarketWatch) — Gome Electrical Appliance Holding Ltd., China’s biggest retailer of electronics by revenue, [s:hk:493] said Friday its first-half net income totaled 580 million yuan ($84.9 million), or 0.045 yuan a share, a drop of 50% from the 1.15 billion yuan, or 0.089 yuan a share, a year earlier. Revenue for the six months through June totaled 20.46 billion yuan, compared to 24.87 billion yuan a year ago. The company did not recommend a first-half dividend, in contrast to its 0.027 yuan-a-share dividend a year ago.

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Nomura swaps ratings on Greek banks

21 Aug 2009 at 1:25am

LONDON (MarketWatch) — Ahead of earnings next week, National Bank of Greece was upgraded to buy from neutral by Nomura, which cited the bank’s ability to repay government subscribed capital and an improving outlook for Turkey. Nomura cut Alpha Bank to neutral from buy, saying the continued focus on capital will limit the relative performance of the stock.

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Intertek upped to buy at Merrill Lynch

21 Aug 2009 at 1:18am

LONDON (MarketWatch) — Intertek was upped to buy from underperform by Merrill Lynch, with the broker also lifting its price target to 1,400 pence from 710 pence. “Our negative thesis on the testing and inspection stocks was predicated upon the risk to growth and estimates owing to the late cycle nature of some disciplines, rather than any long-term structural concerns. In the event, growth has slowed and estimates have come down, but has outperformed on a relative basis, as have the stocks,” the brokerage 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.


Swedish builder JM upped to buy at Deutsche Bank

21 Aug 2009 at 1:10am

LONDON (MarketWatch) — Swedish builder JM was upped to buy from hold at Deutsche Bank, with the broker saying its marggins are well above Nordic peers and the levels of the prior slump in 2002 and 2003.

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.


Euro-zone Aug. composite PMI rises to 50

21 Aug 2009 at 1:11am

LONDON (MarketWatch) — Private-sector activity in the 16-nation euro zone ended 14 months of contraction, the preliminary Markit purchasing managers index showed Friday. The composite PMI reading rose from 47.0 in July to a 15-month high of 50.0, signaling no change in activity. Economists had expected the index to rise to 48.3. A reading of less than 50 means a majority of purchasing managers saw a contraction in activity, while a figure of more than 50 signals expansion. The euro-zone services PMI rose to 49.5 in August from 45.7 in July, setting a 15-month high, while the PMI for the manufacturing sector rose to a 14-month high of 47.9 from 46.3 in July.

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.


BBA Aviation upgraded to hold at Citigroup

21 Aug 2009 at 1:09am

LONDON (MarketWatch) — BBA Aviation was upgraded to hold from sell by Citigroup on Friday. The broker said that, after robust trading in the first-half of 209 and strong cash generation, it believes the company’s financial position looks more secure and trading is near a trough. “This, combined with a not overly challenging valuation, prompts us to upgrade,” the broker 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.


German manufacturing PMI rises to 12-month high

21 Aug 2009 at 12:40am

LONDON (MarketWatch) — German manufacturing activity fell at its slowest pace in 12 months in August, while overall private-sector activity expanded in August, according to the preliminary Markit purchasing managers index released Friday. The German manufacturing purchasing managers index rose to 49.0 in August, up from 45.7 in July, its highest reading in a year. A figure of less than 50 indicates a contraction in activity, while a figure of more than 50 signals growth. The German services PMI rose to a 16-month high of 54.1 from 48.1 in July. The German composite output index rose to a 15-month high of 54.2 from a reading of 49.0 in July.

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.


European shares shake off early weakness

21 Aug 2009 at 12:40am

LONDON (MarketWatch) — European stocks shook off some early weakness to trade higher on Friday. Banks led the advance, with shares of Swiss lender UBS up 3.9%e. The pan-European Stoxx 600 index rose 0.2% to 230.21.

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.


French manufacturing PMI hits 15-month high in Aug

21 Aug 2009 at 12:09am

LONDON (MarketWatch) — The Markit/CDAF French flash manufacturing purchasing managers index rose to 50.2 in August from 48.1 in July, a 15-month high and above the 50 no-change threshold. The flash services index also grew, reaching an 11-month high of 48.9 from 45.5 in July.

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.


European shares mildly lower as miners drag

21 Aug 2009 at 12:06am

LONDON (MarketWatch) — European shares posted mild losses in early trading on Friday, with miners giving back some recent gains as Rio Tinto declined 2.4% and Lonmin shares fell 4%. On the plus side, shares of soccer club owner Birmingham City shot up 41.1% after it received s takeover offer from Hong-Kong listed Grandtop. The U.K. FTSE 100 index declined 0.4% to 4,738.39, the German DAX 30 index lost 0.4% to 5,291.81 and the French CAC-40 index lost 0.4% to 3,492.02.

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.


Birmingham City gets $134.3 million buyout offer

21 Aug 2009 at 12:00am

LONDON (MarketWatch) — Grandtop said Friday that it has made an offer to buy Birmingham City , the holding company of Birmingham City football club for 100 pence in cash. The offer values the entire issued share capital of Birmingham City at approximately 81.51 million pounds ($134.3 million). Grandtop is an investment holding company listed in Hong Kong. Steven McManaman sits on the board of Grandtop.

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.


Lonza cut to sell by UBS

20 Aug 2009 at 11:59pm

LONDON (MarketWatch) — Lonza Group was cut to sell from neutral by UBS, with the broker citing a more challenging biopharma contract manufacturing market and the impact of the Teva biosimilars joint venture.

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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August 21 2009 03:21 am | Stock Market News

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