Latest News In Stock Market Investment Research – March 19, 2010

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J.P. Morgan raises profit estimate for Kohl’s

19 Mar 2010 at 4:16am

NEW YORK (MarketWatch) — J.P. Morgan raised its first-quarter profit estimate on mid-priced department store operator Kohl’s Corp. to 55 cents from 50 cents a share and kept its overweight rating and a $60 price target on the stock. Analyst Charles Grom said the company has averaged same-store sales growth of 4.2% the past six months, compared to what he called average flat sales at rivals from J.C. Penney Co. to Target Corp. He said he expects Kohl’s to continue to outperform its industry counterparts. Kohl’s also is installing in-store kiosks to help expand its Internet sales and is using software to help the stores better stock merchandise based on sizes and colors. Those are among moves that will bode well for Kohl’s, the analyst said.

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Treasurys head towards weekly gain

19 Mar 2010 at 4:09am

NEW YORK (MarketWatch) — Treasury prices rose on Friday, pushing long-term yields down and towards a weekly decline, in quiet trading with no U.S. economic data scheduled. “There is still tremendous demand for long duration from money managers and insurance companies in the U.S.,” said Thomas di Galoma, head of fixed-income rates trading at Guggenheim Partners. Yields on 10-year notes , which move inversely to prices, traded at 3.68%, from 3.71% a week ago.

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Nexen announces discovery in Gulf of Mexico

19 Mar 2010 at 4:03am

NEW YORK (MarketWatch) — Nexen Inc. said Friday Royal Dutch Shell made a “significant discovery” in the Eastern Gulf of Mexico at the Appomattox well in Mississippi Canyon blocks 391 and 392. Nexen holds a 20% stake in the project, and Shell operates the well and owns 80%. The discovery well, located in 7,217 feet of water, was drilled to a depth of 25,077 feet true vertical depth and encountered approximately 425 feet net true vertical thickness of oil pay. “Well results have exceeded our pre-drill expectations,” the company said. Nexen said it’s studying development options for Appomattox and Vicksburg, located six miles east. “We are looking forward to additional drilling at Appomattox to confirm the estimate of total resource and move the discoveries towards development,” Nexen said.

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SunPower’s profit view falls short of expectations

19 Mar 2010 at 3:51am

NEW YORK (MarketWatch) — SunPower Corp. shares fell 10% to $19.85 in after-hours trading late Thursday after the solar panel maker said it expects adjusted 2010 earnings of $1.25 a share to $1.65 a share. Wall Street analysts expected earnings of $1.70 a share, according to a survey by FactSet Research. For the first quarter, SunPower expects adjusted earnings of 5 cents a share, short of the Wall Street target of 25 cents a share. The company’s first quarter outlook includes $3.3 million or 3 cents a share for costs tied to its acquisition of SunRay and $5.3 million or 4 cents a share in costs for the company’s accounting investigation associated with the purchase of SunRay. Analysts at Jefferies & Co. said the company’s profit view disappointed Wall Street.

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Best Buy raised to buy at Goldman Sachs

19 Mar 2010 at 3:03am

LONDON (MarketWatch) — Best Buy was upgraded to buy from neutral at Goldman Sachs as the broker sees optionality on product cycle recovery, macro recovery and capital allocation, with the stock trading at one of the lowest multiples in hardline retailing. Best Buy’s price target was upped to $47 from $44.

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China envoy to address yuan dispute with U.S.

19 Mar 2010 at 2:40am

HONG KONG (MarketWatch) — China on Friday called for dialogue and said it will send a trade envoy to Washington to help soothe the growing trade riff between the two nations, but stopped short of saying it was prepared to abandon its commitment to a stable exchange rate, according to a published report. The announcement was accompanied by conciliatory comments from China’s Ministry of Commerce which appeared targeted at defusing the increasingly strident tone of U.S. lawmakers who’ve called for China to allow its currency to rise against the dollar or face punitive trade tariffs, according to a Reuters report. China’s Vice Commerce Minister Zhong Shan will visit the U.S. for three days from March 24, the report said.

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Barroso: E.U. ready to provide Greek aid if asked

19 Mar 2010 at 2:13am

LONDON (MarketWatch) — Euro-zone countries, including Germany, are prepared to extend aid to Greece if asked, European Commission President Jose Manuel Barroso told a French radio channel in an interview to be broadcast Saturday, Dow Jones Newswires reported. “Germany is ready in case Greece needs it, and so far Greece has not asked for financial support,” Barroso said. Greek Prime Minister George Papandreou on Thursday said he wants a firm pledge of financial support at a summit of E.U. leaders next week. The Wall Street Journal reported that Germany has signaled it’s open to a joint bailout by European governments and the International Monetary Fund if needed.

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.


Trichet calls for more transparency in CDS markets

19 Mar 2010 at 12:42am

FRANKFURT (MarketWatch) — The president of the European Central Bank called on Friday for more transparency in the markets for credit-default swaps. Speaking in Brussels, Jean-Claude Trichet said that “certain financial instruments, which were introduced in consideration of their positive effects for the hedging of risks, should not be misused in a speculative manner.” Trichet said regulators should be equipped with appropriate tools to be able to investigate and act effectively. “We need more transparency in CDS markets, and so do investors,” Trichet said. “Transparency of markets is a public good. Authorities must be able to gather information, to assess possible risks for financial stability and detect possible improper conduct.” A key priority for CDS markets is the establishment of central counterparty facilities, which will help to diversify and share risk exposures, and their margining procedures will reduce the incentive to take excessive risks, Trichet said. CDS are derivatives designed to transfer the credit exposure of fixed-income products between parties.

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.


Pentagon may extend dealine on tanker deal: report

19 Mar 2010 at 12:13am

LONDON (MarketWatch) — The Pentagon may extend a deadline for bids on a new aerial refueling tanker for the U.S. Air Force, after Airbus parent EADS signalled an interest in rejoining the competition, French news agency AFP reported on Friday, citing press secretary Geoff Morrell. Last month EADS’ U.S. partner on the project, Northrop Grumman , dropped out, arguing that the Defense Department’s latest specifications heavily favored the plane proposed by Boeing Co. EADS then said it wouldn’t compete alone. But it seems the European company could be changing its mind, although co-CEO Louis Gallois said Thursday that it would be impossible to meet the May deadline. Morrell reportedly told AFP that extending the deadline for proposals is “not unusual” and that he would “welcome” a decision by EADS to participate.

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.


Japan police find no Prius brake problems: report

19 Mar 2010 at 12:08am

TOKYO (MarketWatch) — Japanese police found no brake problems in Toyota Motor Corp.’s [s:tm] latest Prius hybrid model car that hit another car from behind and injured two people in Chiba Prefecture last year, Japan’s Kyodo News reported, citing investigative sources. The Chiba prefectural police reached the conclusion, based on a report filed by engineering experts who conducted an analysis of the vehicle that caused the accident. Toyota shares ended up 2% in Tokyo Friday, while the benchmark Nikkei 225 Stock Average ended up 0.8%.

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 climb in early trading

19 Mar 2010 at 12:06am

LONDON (MarketWatch) — European shares climbed in early trading, with Lloyds Banking Group up 6.2% after it said that it expects to report a profit for 2010. Rival Royal Bank of Scotland advanced 5.3% and Barclays shares gained 2%. Overall, the U.K. FTSE 100 index advanced 0.3% to 5,661.99, the German DAX index rose 0.3% to 6,029.37 and the French CAC-40 index climbed 0.4% to 3,952.92.

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.


Merrill staffers reportedly warned SEC over Lehman

18 Mar 2010 at 11:52pm

LONDON (MarketWatch) — Former Merrill Lynch officials warned the Securities and Exchange Commission and Federal Reserve that Lehman Brothers was incorrectly calculating its liquidity position months before its collapse, the Financial Times reported. The former Merrill staffers contacted authorities after Lehman released an estimate of its liquidity in the first quarter of 2008, the newspaper said. Lehman touted the numbers to counterparties and investors as evidence it was in a stronger position than some rivals, but former Merrill officials said they believed Lehman included so-called regulatory capital in its calculation of excess liquidity — something other banks didn’t do — the newspaper 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.


Norsk Hydro swings to fiscal year profit

18 Mar 2010 at 11:51pm

LONDON (MarketWatch) — Aluminium producer Norsk Hydro said Friday that it swung to a 2009 net profit of 416 million Norwegian kroner ($70.9 million). Last year, the firm posted a loss of 3.5 billion kroner, after taking a 1.5 billion kroner pretax impairment charge. Revenue declined to 67.4 billion kroner in 2009, from 88.5 billion kroner at the same point a year ago. “The bottom is probably behind us,” the firm said although it remained cautious on the outlook, saying that it expects challenging economic conditions in 2010.

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.


CPPGroup sets IPO price at 235 pence a share

18 Mar 2010 at 11:48pm

FRANKFURT (MarketWatch) — CPPGroup PLC, a U.K.-based provider of life assistance products and services, announced Friday it has set a price of 235 pence per ordinary share for its initial public offering on the London Stock Exchange. Based on the offer price, the market capitalization of the company will be approximately 396 million British pounds ($603 million). The global offer consists of new and existing ordinary shares that together represent 37.9% of the company’s issued share capital. The total offer size is 150 million pounds. The company will use the net proceeds received from the global offer to pay down part of its existing net debt. Hamish Ogston, CPPGroup’s founder and majority shareholder, will own approximately 61.9% of the company after the offer.

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.


Standard Chartered cut at Goldman Sachs

18 Mar 2010 at 11:44pm

LONDON (MarketWatch) — Goldman Sachs on Friday cut its rating on Standard Chartered to neutral from buy, citing the shares’ recent outperformance and headwinds to earnings growth in the medium term. Since the broker added the stock to its buy list back in July, it has risen nearly 54% compared to a 36% increase for the FTSE World Europe index. Goldman said that earnings would likely slip in the first half of the year because of demanding comparisons in the wholesale banking division, a steady but slow turnaround in consumer banking and a continuation of the low rate environment.

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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March 19 2010 04:30 am | Stock Market News

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