 | Evening Market WrapWed Mar 31 17:06 2010 | |
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Commentary
Economic News
Mar 31, 2010 MBA: Overall Mortgage Demand Rises As Purchase Applications Jump Mortgage applications have risen after two straight weeks of declines, led by an increase in purchase applications, which have hit their highest level since last October. The seasonally adjusted purchase index increased 6.8 percent from the previous week. Unadjusted, the index also increased 6.8 percent from the week before, and decreased 9.3 percent from the same week last year.
Full Article Mar 31, 2010 Canadian Economy Continues Dramatic Comeback Canada is in the midst of a full-fledged economic recovery, official data confirmed Wednesday. Real gross domestic product advanced 0.6% in January, a fifth consecutive monthly increase, according to Statistics Canada.
Full Article Mar 31, 2010 Chicago Manufacturing Activity Sees Slower Growth In March While the Institute for Supply Management - Chicago released a report Wednesday morning showing the sixth consecutive month of growth in regional manufacturing activity in March, the index of activity in the sector fell by much more than economists had been expecting.
Full Article Mar 31, 2010 Factory Orders Rose By Slightly More Than Expected In FebruaryWednesday morning, the Commerce Department released its report on new orders for manufactured goods in the month of February, showing that factory orders increased by a little more than economists had been anticipating. The report showed that factory orders increased by 0.6 percent in February following an upwardly revised 2.5 percent increase in January.
Full Article Corporate News
Mar 31, 2010 Mega Brands Q4 Loss Narrows SharplyCanadian toys, puzzles and games retailer Mega Brands, Inc. (MB.TO) reported Wednesday a narrower year-over-year loss for the fourth quarter, boosted by higher sales, lower expenses and gross margin expansion. The year-ago quarter was also weighed down by impairment of goodwill and intangible assets and other charges.
Full Article Mar 31, 2010 AutoNation Sees Q1 Earnings In Line With View; Plans Debt Sale, BuybackAutomotive retailer AutoNation, Inc. (AN) on Wednesday forecast first-quarter earnings from continuing operations in line with analysts' estimates and said it plans to amend and extend its term loan and revolving credit facility, set to expire in July 2012, by two years. The company also said it intends to commence a public offering of $400 million of senior unsecured notes due 2018 to fund the buyback of other borrowings.
Full Article Mar 31, 2010 Rite Aid Q4 Loss Narrows; Guides FY11Retail drugstore chain Rite Aid Corp. (RAD) reported narrower fourth-quarter loss, driven by "improving" front end margins and tight expense management. However, net loss was wider than projected by Wall Street and sales fell short of forecast too. Looking ahead, it provided fiscal 2011 outlook.
Full Article Mar 31, 2010 Dollar General Posts Higher Q4 Profit; Gives FY10 ViewDiscount retailer Dollar General Corp. (DG) Wednesday reported higher fourth-quarter profit despite the impact of significant one-time charges, driven by higher sales. Adjusted earnings surged from last year. The company also provided earnings and sales growth outlook for fiscal 2010. For the fourth quarter, the company's net income was $87.2 million or $0.26 per share.
Full Article Mar 31, 2010 GLG Life Tech Turns To Profit In Q4Stevia extracts developer GLG Life Tech Corp. (GLG.TO, GLGL) reported Wednesday a profit for the fourth quarter compared to a loss last year, as revenues from stevia sales surged 185%, helped by the increased production at the company's new facilities in Mingguang and Dongtai.
Full Article Commodities
Mar 31, 2010 Oil Jumps Near $84 Despite Rising Inventories Oil prices climbed to a 11-week high near $84 Wednesday, as a slide in the greenback overshadowed a slightly bigger-than-expected build in US crude inventories. Light, sweet crude oil for delivery in May settled $1.39 higher at $83.76 a barrel on the New York Mercantile Exchange, a level not seen since early January.
Full Article Forex Top Story
Mar 31, 2010 Dollar Fades As ADP Jobs Report Disappoints The dollar fell sharply versus most major currencies on Wednesday after a discouraging prelude to Friday key jobs report fueled concerns about the employment situation in the US. Lingering weakness in the jobs market has been a factor in prolonging the housing slump and has impeded a sustained recovery for the broader economy.
Full Article Political News
Mar 31, 2010 New Poll Shows Democrats With Leads In Ohio Senate And Gubernatorial Races A new Quinnipiac University poll released Wednesday showed that Democrats have leads in Ohio's U.S. Senate and gubernatorial races. In the Senate race, Democrat Lt. Governor Lee Fisher holds a 41% to 37% lead over Republican Rob Portman among Ohio voters. The other major Democratic candidate, Secretary of State Jennifer Brunner, holds a slim 38% to 37% lead over Portman.
Full Article Mar 31, 2010 Senators Urge Obama To Move Forward With Air Force Tanker CompetitionSenators Patty Murray, D-Wash., and Sam Brownback, R-Kan., were among a bipartisan group of Senators that sent a letter to President Barack Obama Wednesday urging him to move forward with an Air Force tanker competition after the World Trade Organization ruled that Airbus has received illegal, trade-distorting subsidies.
Full Article Mar 31, 2010 Lautenberg Voices Opposition To Expanded Offshore Drilling PlansSenator Frank Lautenberg, D-N.J., voiced his opposition Wednesday to the expansion of offshore oil and natural gas drilling off of the outer continental shelf that President Barack Obama announced earlier in the day. "Drilling off the Virginia coast would endanger many of New Jersey's beaches and vibrant coastal economies," Lautenberg said.
Full Article Mar 31, 2010 GOP Cool To Obama Offshore Drilling ExpansionCongressional Republican response to President Barack Obama's announcement of new offshore drilling ranged from outrage to muted praise Wednesday with most saying the proposals don't go far enough. House Republican Leader John Boehner of Ohio said that the drilling proposal, long a GOP priority on energy policy, showcases the administration's continued defiance of the American people.
Full Article Mar 31, 2010 Senator Crapo Calls For National Nuclear SummitSenator Mike Crapo, R-Ida., released at statement Wednesday, calling for a national nuclear summit. "With applications for 22 new reactors that could be built over the next ten to twenty years and the President's new commitment to build reactors, it is time for the Congress and the Executive Branch to join together to address our energy needs through safe, clean nuclear power," Crapo said.
Full Article Mar 31, 2010 Hutchison Announces Decision To Serve Out Senate TermSenator Kay Bailey Hutchison, R-Texas, announced Wednesday that she will serve out her current term in the Senate rather than resign. Hutchison, whose current term ends in 2012, originally announced last year that she would resign by the end of 2009 to concentrate on her run for governor of Texas.
Full Article Mar 31, 2010 Obama Announces New Offshore Drilling ExpansionPresident Barack Obama Wednesday announced a new expansion of offshore oil and natural gas drilling off of the outer continental shelf. Obama, who spoke before an audience of veterans and military officials at Andrews Air Force Base, emphasized that the new drilling and exploration would come only as part of a comprehensive strategy to reduce America's dependence on foreign oil and fossil fuels.
Full Article
Global brands sweep into Rwanda
