Translate

Search This Blog

Search Tool




Sep 20, 2010

MarketWatch Special Financial Services: Hedge Funds: New hedge funds lack fuel for big launches. Sept. 20th., 2010

MarketWatch
SPECIAL FINANCIAL SERVICES
 
 
By Alistair Barr MarketWatch


A lot of traders are prepping new funds, but there’s not much capital to back them. The $1.8 trillion industry is finding new ways to support talent, though. 

MarketWatch Special Financial Services: MSs Mcvey trying to reduce equity exposure. Sept. 20th., 2010

MarketWatch
SPECIAL FINANCIAL SERVICES
MS’s McVey looking to reduce equity exposure
 
By Sarah Turner MarketWatch


Morgan Stanley Investment Management’s head of macro, asset allocation looks to lighten up on equities, and likes long U.S. diversified financials versus European banks. 

CNBC EVENING BRIEF: Federal Reserve to Consider Trillion-Dollar Policy Question. Sept. 20th., 2010



LATEST STORIES


»click here to see the latest top stories from CNBC.com


LATEST VIDEO

»click here to see the latest top video from CNBC.com 

MarketWatch: Personal Finance Daily :Long-term-care planning is not easy. Sept. 20th., 2010

MarketWatch

Personal Finance Daily
SEPTEMBER 20, 2010

Monday's Personal Finance stories

Don't miss these top stories:

By MarketWatch





Are you saving up for your long-term-care costs? While some people purchase long-term-care insurance on the private market, many others haven't taken that step.

It's not surprising: Long-term-care insurance is not an inexpensive product, and it's insurance for something that, if you die relatively suddenly, you will never need.

Still, you'll have noticed that nursing homes in the U.S. are not empty, so it's important to at least consider such insurance. Even people who never end up in a nursing home may find, at some point in their lives, that they need some help to stay at home and independent. That last situation is where the CLASS Act aims. That new law, part of the health-care overhaul, will eventually provide a public insurance plan in which people can choose to participate if they want a home-care benefit at some point down the road.

It's not a perfect plan and it has plenty of critics. For one thing, the benefit will not cover your nursing-home costs, by any means. But it also, at a minimum, might provide a couple of hours of home-health-aide care per day — and that's a big help to a lot of people.

Read Kristen Gerencher's Vital Signs today for more on the CLASS Act, plus don't miss Chuck Jaffe's column on why you may not need ETFs in your portfolio, and Robert Powell on why you soon might be able to invest in annuities in your 401(k).

Andrea Coombes , Personal Finance editor

HEALTH CARE

Long-term care: A new choice is coming

People who dread thinking about long-term-care insurance or find it too expensive soon will have a reason to look again.
Read more on long-term care: a new choice is coming.

RETIREMENT

Annuities may be coming to 401(k)s

Annuities in your 401(k): It's beginning to seem less a question of whether and more a question of when and how.
Read more on annuities may be coming to 401(k)s.

Gold's biggest myths

As gold reaches historic highs, Brett Arends attempts to dispel some of the myths about the yellow metal.
 Watch video on gold's biggest myths.

Commentary: Dow Theorist believes buy signal is imminent

Not to be left out of today's burst of optimism on Wall Street, the venerable Dow Theory is close to issuing a buy signal.
Read more on Dow Theorist believes buy signal is imminent.

COLLEGE COSTS

More student-loan lenders likely to merge

Citigroup's sale of its student-loan business may signal the beginning of a wave of consolidation among private lenders who were cut out of the federal college student-loan program this summer.
Read more on more student-loan lenders likely to merge.

CARS

2011 Honda CR-Z: A sporty hybrid

On New Year's Day 1963 the great Del Shannon released a hit song called "Little Town Flirt."
Read more on the 2011 Honda CR-Z: A sporty hybrid.

REAL ESTATE

Investing extra dollars: mortgage versus stocks

With mortgage rates at near-record lows, some homeowners now face an investment decision with their extra cash: Pay down the mortgage or take advantage of those low rates and invest the money in stocks.
Read more on investing extra dollars: mortgage versus stocks.

When to invest in your mortgage instead of stocks

With rates at record lows, should you accelerate mortgage payments or invest in the market? And what's next for bond investors? Financial adviser Kurt Brouwer, editor of MarketWatch's Fundmastery blog, talks with Jonathan Burton.
 Watch video on when to invest in your mortgage instead of stocks.

Mortgage giant halts foreclosures

Ally Financial's mortgage business is halting foreclosures in 23 states because the company may need to take "corrective action" on some of the transactions.
Read more on mortgage giant halts foreclosures.

Tips to survive a home-loan modification

If you're among the millions of homeowners struggling to keep your house, Andrea Coombes offers advice from homeowners who've already gone through the sometimes grueling government-assistance process known as HAMP, in her Personal Finance Minute.
 Watch video on tips to survive a home-loan modification.

Home-builder index stuck at multi-month low

Home-builder confidence remains mired at multi-month lows, according to a report released Monday by the National Association of Home Builders.
Read more on home-builder index stuck at multi-month low

ECONOMY & POLITICS

Commentary: No time for U.S. to be timid

The debate over the direction of economic policy in the United States is dangerously unimaginative.
Read more on this is no time for U.S. to be timid.

Commentary: Recession is over, but economy still hurting

The great recession is one for the history books, according to the academics whose job it is to peer back into the past.
Read more on recession is over, but economy still hurting.

U.S. recession ended June 2009, NBER finds

The U.S. recession that began in December 2007 ended in June 2009, making the 18-month slump the longest since the Great Depression, according to the National Bureau of Economic Research.
Read more on U.S. recession ended June 2009, NBER finds.

Fed may craft new language

Everyone needs a do-over from time to time, even the Federal Reserve.
Read more on Fed may craft new language.

Obama hits China, tea party in town hall

China must let the value of its currency rise, President Obama said Monday, saying the undervalued yuan gives Beijing an unfair trade advantage just three days ahead of a meeting with a key Chinese leader.
Read more on Obama hits China, Tea Party in town hall.

China says it won't repeat Japan's mistake

China pledged not to repeat Japan's mistake and allow its currency to rise in response to foreign pressure, countering criticism from U.S. lawmakers that the yuan is undervalued amid a growing cross-Pacific row over Beijing's currency regime.
Read more on China says it won't repeat Japan's mistake.

Sarah Palin is not a feminist icon: author

One of the enduring questions that has surrounded Sarah Palin since the 2008 election season is whether or not she is a feminist.
Read more on Sarah Palin is not a feminist icon: author.

RTTNews : Evening Market Wrap: Stocks Rally Ahead Of Fed Rate Announcement - U.S. Commentary. Sept. 20th., 2010

Evening Market Wrap Mon Sep 20 17:01 2010  

Commentary

Sep 20, 2010 Stocks Rally Ahead Of Fed Rate Announcement - U.S. Commentary Stocks shot higher to open the week on Monday, as traders looked ahead to tomorrow's interest rate announcement from the Federal Reserve, expecting some reassurances from the central bank regarding the economic recovery. Meanwhile, the day's televised town hall meeting with President Barack Obama and a stagnant reading on homebuilder confidence did little to impact market sentiment. Full Article

Economic News

Sep 20, 2010 Homebuilder Confidence Shows Lack Of Improvement In September Homebuilder confidence saw continued weakness in the month of September, according to a report released by the National Association of Home Builders on Monday, with homebuilders expressing continued uncertainty following the expiration of the homebuyer tax credit The report showed that the NAHB/Wells Fargo Housing Market Index came in at 13 in September, unchanged from the reading seen in the previous month. Economists had been expecting the index to edge up to a reading of 14. Full Article
Sep 20, 2010 NBER Says Great Recession Ended In June 2009 While Americans still struggling to find a job may disagree, the National Bureau of Economic Research declared Monday that the Great Recession ended in June 2009, although it still marked the longest period of recession since World War II. The NBER said that its Business Cycle Dating Committee determined that a trough in U.S. business activity occurred in June 2009, marking an end of the recession that began in December of 2007. Full Article

Corporate News

Sep 20, 2010 Clorox Close To Selling Auto-care Brands To Avista Capital For $800 Mln: Reports Consumer products maker Clorox Co. (CLX) is reportedly nearing deal to sell its auto-care brands Armor All and STP, which are under its cleaning products division, to private-equity firm Avista Capital Partners for nearly $800 million. The sale of the brands is expected to be announced as early as later this week, the reports said. Full Article

NYT : Afternoon Business News: For the Unemployed Over 50, Fears of Never Working Again



BUSINESS
The New Poor

For the Unemployed Over 50, Fears of Never Working Again

 
By MOTOKO RICH
A growing number of those who desperately need to work fear they have already been shut out of the work force.

Stocks Move Higher, Extending Month's Rally

 
By THE ASSOCIATED PRESS
Traders are awaiting the Federal Reserve's meeting later in the week, expecting new measures to further stimulate the struggling economy.

Fewer Deaths From Distracted Driving in 2009, U.S. Says

 
By NICK BUNKLEY
Deaths attributed to distracted drivers fell 6 percent from the previous year to 5,474, the government said. Distracted drivers were listed as a contributing factor in 16 percent of crashes.

Two German Landesbanks in Merger Talks

 
By JACK EWING
A combination would create Germany's third-largest bank and could spur a consolidation of the crisis-prone institutions.

European Bailout Fund Gets Top Rating From Credit Agencies

 
By DAVID JOLLY
The vote of confidence nonetheless failed to halt the strain on the ailing government bonds of Ireland and Portugal.

FINANCIAL & FOREX INFO: Reuters -Daily Investor Update:Market ends sharply higher as S&P clears levels. Sept.. 20th., 2010


 

FROM : REUTERS - DALIY INVESTOR UPDATE


Market ends sharply higher as S&P clears levels
Recession ended in June 2009: NBER
Key senator wants to reopen Wall Street bill
Homebuilder sentiment stays in doldrums
IBM to buy analytics company Netezza for $1.7 billion
Discover beats expectations, shares jump
Lennar profit beats, orders down less than feared
Lloyds CEO Daniels to retire in next year
Ally unit stops evictions in 23 states: report
Special Report: Welcome to Nokia, Mr Elop

The Washington Post Afternoon Edition : Most Read Articles. Sept. 20th., 2010


Most Viewed Articles on washingtonpost.com

1) Her Lexus, lost in the nexus of D.C. security

Martena Clinton drove to the Congressional Black Caucus dinner at the Washington Convention Center on Saturday with high expectations. When she emerged from the dinner at 11:30 p.m., her black 1994 Lexus was gone.

2) As China's wealthy grow in numbers, so do their protectors

BEIJING - Perhaps the most visible sign of the explosion of private wealth in China tries hard not to be visible at all - the private bodyguard.

3) More House Democrats stressing independence from Pelosi, Obama

MCGREGOR, TEXAS - Little more than two years after she touted him for the vice presidential nomination, House Speaker Nancy Pelosi cannot count on the support of Rep. Chet Edwards.

4) WJLA-TV fires veteran anchor Doug McKelway

WJLA-TV has fired veteran anchorman Doug McKelway for a verbal confrontation this summer with the station's news director that came after McKelway broadcast a sharply worded live report about congressional Democrats and President Obama.

5) Members of U.S. platoon in Afghanistan accused of killing civilians for sport

AT JOINT BASE LEWIS-MCCHORD, WASH. The U.S. soldiers hatched a plan as simple as it was savage: to randomly target and kill an Afghan civilian, and to get away with it.

6) Redskins' overtime effort goes to waste as Texans roar back for win

Immediately after Houston Texans place kicker Neil Rackers made a game-winning 35-yard field goal, many Redskins players struggled to accept the disappointing developments for them in a 30-27 overtime loss Sunday at FedEx Field.

7) Federal Eye: Lady Gaga rallying against 'don't ask, don't tell'

Lady Gaga plans to visit Maine on Monday in an effort to convince the state's two Republican senators to vote to repeal the law banning gays from serving in the military.

8) University of Maryland alerts students to latest College Park robbery near campus

University of Maryland students were alerted Sunday to a robbery that occurred just off campus in College Park.

9) As November nears, voters turn backs on both parties

What happens if they hold an election in which voters don't like either of their choices?

10) Sickle cell testing of athletes stirs discrimination fears

U.S. colleges and universities for the first time are requiring top student athletes to submit to testing for the gene for sickle cell anemia, a mandate aimed at preventing sudden deaths of promising young players but stirring deep fears about reviving dangerous old prejudices.

FOX BREAKING BUSINESS NEWS: The Dow jumps 100 points and broader markets also rally. Sept 20th., 2010

Tax Form 1040 276
Brace for Higher TaxesTaxed to Death: As things stand today, all U.S. taxpayers are facing a bigger federal tax bill next year.

FOX Business: THE POWER TO PROSPER

Rally Gains Momentum on Wall Street

Wall Street's September surge gained steam as stocks posted solid gains as the S&P 500 rallied.

Homebuilder Sentiment Holds Steady

Homebuilder sentiment unexpectedly held steady in September, indicating a still-weak housing market.

Slowing Recovery a Policy Headache

The sputtering global economy is complicating life for policymakers from Washington to Tokyo.

Bailout Cop Expands Staff

TARP officially expires in two weeks, so why is Neil Barofsky hiring new staff and opening branch offices?

BofA May Test New Pricing Packages

The bank reportedly plans to test different pricing packages to help recover costs of new restrictions.

MarketWatch : Special Financial Services: Movers & Shakers: Monday’s biggest gaining and declining stocks / Fed may craft new language

MarketWatch
SPECIAL  FINANCIAL SERVICES
 
Movers & Shakers: Monday’s biggest gaining and declining stocks
 
By MarketWatch


MarketWatch’s daily rundown of major gainers and decliners in the U.S. stock market.  


 
By Greg Robb MarketWatch


The Federal Reserve might try to adopt a more optimistic tone in its statement at a meeting scheduled for Tuesday. 

The Washington Post : Ezra Klein's Wonkbook




 
 Monday, September 20, 2010
 
Wonkbook: WH plans health reform push; Fed likely to delay; BP well dead Ding-dong, BP's well is dead. Or, at the least, sealed with cement plugs. Tests conducted Sunday affirmed that the "bottom kill" will hold, and thus that particular danger is over. Now there's just the long period of clean-up and damage assessment, and for BP, the long legal fight against claims and suits.
Speaking of long fights, the Obama administration is ramping up its campaigning on the Affordable Care Act. The bill has been battered lately by confident Republican opponents (not to mention poor poll numbers), but unbeknown to most, some of its more populist measures -- like caps on annual limits, and allowing children to stay on their parents' plans until they're 26 -- are taking effect. The White House is hoping they can use these parts as a base on which to build a campaign for the whole.
It's Monday. Welcome to Wonkbook.
Top Stories

Obama is renewing his defense of the Affordable Care Act, report Janet Adamy and Laura Meckler: "The Obama administration this week plans to revive its pitch for the health-care overhaul, hoping that a slate of consumer-friendly provisions will boost public support before midterm elections. Starting Thursday, insurers officially must adhere to about a half-dozen key changes under the law, including eliminating co-payments for preventive services and allowing children to stay on their parents' insurance policy until their 26th birthday. Democrats structured the provisions so they would kick in right before the elections, thinking incumbents would have a tangible achievement to promote on the campaign trail."
The GOP will focus on defunding health care reform if it takes Congress: http://bit.ly/cBj5Vb
The Fed will likely delay action on the economy at tomorrow's meeting, reports Sewell Chan: "The committee’s Aug. 10 meeting was dominated by a vigorous discussion over the decision to reinvest the mortgage-related bond proceeds -- an approach Mr. Bernanke favored. The meeting on Tuesday will probably be used to assess actions the committee might take at its meetings on Nov. 2 and 3 and Dec. 14. 'Officials are likely to spend much of the session debating the pros and cons of the various stimulus options so that they can be ready to act should future data prove disappointing,' Richard Berner, chief United States economist at Morgan Stanley, wrote in a report last week."
Jeff Green profiles Ron Bloom, Obama's manufacturing czar: http://bit.ly/cOgxXS
BP's oil well is now dead, reports Guy Chazan: "BP's well 'is effectively dead,' said Coast Guard Adm. Thad Allen in a statement after tests verified the strength of a cement plug placed at its bottom... The 'bottom kill' involved flooding the gap between the well casing and the rock formation that surrounds it with cement through a relief well that intersected the Deepwater Horizon well at a depth of 18,000 feet. The operation finished Friday, and cement tests early Sunday morning confirmed that 'the well has been permanently sealed with cement plugs,' a U.S. government statement said."
Meet the man who finally killed the well. Guy Chazan reports : "Mr. Wright is the man BP brought in to oversee the relief well that has finally closed the book on the Gulf oil spill. It brings to an end a saga that exploded into the public consciousness on April 20 when the Deepwater Horizon drilling rig blew up off the Louisiana coast, killing 11 men. The relief well Mr. Wright drilled for BP is the 41st he has designed and managed in a legendary oil-industry career that took him from the seas of Alaska to the tea plantations of Bangladesh."
Electric blues interlude: The Black Keys play "Countdown" live.
Still to come: Older workers may never be able to re-enter the labor market; BP's responsibilities have not ended even as the spill has; the food safety bill is still stalled in the Senate; and a cat gives another cat a massage.
Economy/FinReg

Unemployed people over 50 face a real chance of never working again, reports Motoko Rich: "Of the 14.9 million unemployed, more than 2.2 million are 55 or older. Nearly half of them have been unemployed six months or longer, according to the Labor Department. The unemployment rate in the group -- 7.3 percent -- is at a record, more than double what it was at the beginning of the latest recession. After other recent downturns, older people who lost jobs fretted about how long it would take to return to the work force and worried that they might never recover their former incomes. But today, because it will take years to absorb the giant pool of unemployed at the economy’s recent pace, many of these older people may simply age out of the labor force before their luck changes."
College graduates face much greater job security than most Americans: http://bit.ly/bKRJtp
The recession is hurting family nest eggs, reports Ylan Mui: "In the 1980s and 1990s, the stock and real estate markets helped many families amass wealth to prepare for college costs or retirement. But now there is mounting concern among economists and business leaders over whether high rates of return will be sustainable in this century...Stock markets ended the past 10 years virtually flat. Meanwhile, the real estate crash has wiped out the gains homeowners saw earlier in the decade. Some economists are now dubbing the era a 'lost decade.'"
Home sales figure suggest a stabilizing market: http://bit.ly/c1LTw7
Neil Irwin explains how a little bit of inflation could help the economy: "The low inflation numbers reflect the reluctance of businesses to raise prices amid weak demand for their products and the inability of most workers to get raises at a time of high unemployment...Inflation would make the heavy debt that Americans carry a bit more manageable as wages rise but the amount owed stays the same. And it would create more incentive for businesses to invest their cash rather than sit on it, because inflation would reduce the value of hoarded money."
The SEC has unveiled stricter debt disclosure rules: http://bit.ly/93GVSG
Underwater mortgages can help the economy, write Glenn Hubbard and Chris Mayer: "We propose a new program through which the federal government would direct the public and quasi-public entities that guarantee mortgages -- Fannie Mae, Freddie Mac, Ginnie Mae, the Department of Veterans Affairs loan-guarantee program and the Federal Housing Administration -- to make it far easier and quicker for homeowners to refinance...The agencies would direct loan servicers -- the middlemen who monitor and report loan payments -- to send a short application to all eligible borrowers promising to allow them to refinance with minimal paperwork. Servicers would receive a fixed fee for each mortgage they refinanced, which would be rolled into the mortgage to eliminate costs to taxpayers."
Tyler Cowen argues the Fed could do good by just raising the public's confidence: http://nyti.ms/bXmedY
Paul Krugman critiques the growing populism of the rich: "These days, however, tax-cutters are hardly even trying to make the trickle-down case. Yes, Republicans are pushing the line that raising taxes at the top would hurt small businesses, but their hearts don’t really seem in it. Instead, it has become common to hear vehement denials that people making $400,000 or $500,000 a year are rich. I mean, look at the expenses of people in that income class -- the property taxes they have to pay on their expensive houses, the cost of sending their kids to elite private schools, and so on. Why, they can barely make ends meet."
Great moments in cycling interlude: Drum-accompanied bike tricks.
Energy

BP will likely still use the oil reservoir the spill well tapped into: http://nyti.ms/9ifML4
DC's bag tax has proven effective, report Sara Murray and Sudeep Reddy: "The city doesn't have a precise way to measure the bag tax's impact. Prior to the law, residents used an estimated 270 million disposable bags a year, according to the city's chief financial officer; the city estimated that would decline by 50% in the first year after the tax was imposed...Through the end of July, the city collected more than $1.1 million from the bag fee and small donations. At that rate, receipts are likely to fall short of the expected $3.6 million in the first year. Some city officials say that suggests more people than expected are bringing their own bags to stores."
Garbage could help fight global warming: http://bit.ly/9xzQbu
California's progress on climate change faces a threat on the November ballot, reports Peter Henderson: "California is the clear U.S. leader on addressing climate change, unless California voters kill a landmark 2006 state law known as AB32, which was intended to cut carbon dioxide emission to 1990 levels by 2020. On Nov. 2 Californians will vote on Proposition 23, which would put AB32 on hold. The law would go back into effect when unemployment, now more than 12 percent, has remained at or below 5.5 percent for four quarters, which is not expected to happen for years."
Adorable animals being masseuses interlude: One cat gives another cat a massage.
Domestic Policy

A bill improving food safety is still stalling in the Senate, reports Gardiner Harris: "Cries of alarm about the legislation have arisen from some small farmers and their advocates, who have argued that the new regulations would be too costly and that F.D.A. inspectors would come barging into their homes. Linn Cohen-Cole, a small-farm advocate from Atlanta, calls the bill 'a fascist takeover of the entire food supply.' The bill’s sponsors in the Senate agreed to allow some exemptions for small farms and facilities, but those provisions are not forceful enough for Senator Jon Tester, Democrat of Montana.'"
Adrian Fenty's loss in DC is worrying education reformers: http://politi.co/cEUg6S
The FDA will not require genetically modified salmon to be labelled, reports Lyndsey Layton: "The labeling question has emerged as the FDA determines whether to approve the fish, an Atlantic salmon known as AquAdvantage that grows twice as fast as its natural counterpart. The decision carries great weight because, while genetically modified agriculture has been permitted for years and engineered crops are widely used in processed foods, this would be the first modified animal allowed for human consumption in the United States.The AquAdvantage salmon has been given a gene from the ocean pout, an eel-like fish, and a growth hormone from a Chinook salmon."
A "college for all" philosophy is leaving students untrained for the workforce, writes Ilana Garon: "It has spawned a steep decline of “shop” and vocational programs at the high school level, which should ideally be the training ground for work in twenty-first-century industries. In 1990, 58 percent of New York City high school students were enrolled in some sort of vocational class, whether in a designated Career and Technical Education (CTE) school or a standard high school offering 'CTE pathways'; by 2007, that number had shrunk to 38 percent, with many of the vocational high schools underperforming in key achievement measures."
DC's experience doesn't suggest public dissatisfaction with school reform, writes Fred Hiatt: http://bit.ly/9VO3IK
Today's standardized tests can't measure students' education, writes Susan Engel: "We should come up with assessments that truly measure the qualities of well-educated children: the ability to understand what they read; an interest in using books to gain knowledge; the capacity to know when a problem calls for mathematics and quantification; the agility to move from concrete examples to abstract principles and back again; the ability to think about a situation in several different ways; and a dynamic working knowledge of the society in which they live...In recent years, psychologists have found ways to measure things as subtle as the forces that govern our moral choices and the thought processes that underlie unconscious stereotyping."
Closing credits: Wonkbook compiled with help from Dylan Matthews and Mike Shepard.
 

RTTNews: Daily Stocks to Watch: Celera, Abbott in exclusive distribution deal -: Sept. 220th., 2010

Daily Stocks to Watch Mon Sep 20 09:01 2010 

Stocks To Watch

Sep 20, 2010 Celera, Abbott in exclusive distribution deal - Stock To Watch Celera Corp. (CRA) said it signed an exclusive distribution agreement to market its CE-marked KIF6 diagnostic test for use on Abbott’s (ABT) CE-marked m2000 instrument system. Financial details of the Full Article
Sep 20, 2010 Introducing RTT Growth & Value StocksThe Growth & Value Stocks service is designed with a disciplined approach of extensive fundamental analysis to cater swing traders and investors. The service identifies growth stocks that are generally overlooked and value stocks that are usually undervalued by the market. The growth and value stocks we select have significantly outperformed the broader market indices. Full Article

Morning Market Briefing: Stocks On Pace For Higher Open Monday - U.S. Commentary . Sept. 20th., 2010

Morning Market Briefing Mon Sep 20 09:01 2010 

Commentary

Sep 20, 2010 Stocks On Pace For Higher Open Monday - U.S. Commentary Stock futures are pointing to solid gains at the open on Monday, as the markets are digesting news of BP (BP) permanently sealing its troubled oil well while awaiting data on the housing sector and general economic commentary from President Barack Obama. The major index futures are currently all in positive territory, with the Dow futures up by 41 points. Full Article

Economic News

Sep 20, 2010 U.K. House Prices Drop For Third Month, Says Rightmove The average asking price for a house in England and Wales dropped for the third straight month in September, figures released by a property website showed on Monday. The fall was due to supply continuing to outstrip demand. Full Article
Sep 20, 2010 RBA's Stevens Signals More Rate Hikes The Australian economy is likely to see above trend growth next year and interest rates may have to go up in the coming quarters to contain a "robust upswing," Reserve Bank of Australia Governor Glenn Stevens said on Monday. He also said that inflation is not likely to ease too much going forward. Full Article
Sep 20, 2010 Economic Signals Turn MixedAfter a period of a steady flow of soft economic readings, we have entered a phase of intermittent flow of soft as well as strong readings. Full Article

Earnings News

Sep 20, 2010 Lennar turns to profit in Q3, beats StreetMonday, Lennar Corp. (LEN) posted a profit in the third quarter, compared to loss last year, reflecting an increase in deliveries as well as lower construction costs. Revenues grew 14%, as home sales went up 10% in the quarter. Both earnings and revenue came in above the Street view. However, the company noted that its backlog fell 12% from the previous year. Full Article
Sep 20, 2010 Cooper Industries boosts Q3 viewMonday, Cooper Industries plc (CBE) lifted its earning per share outlook for the third quarter above the current estimate of analysts and said it intends to repurchase over 6 million shares by the end of the period. Cooper also raised its revenue growth guidance for the quarter. Full Article
Sep 20, 2010 Discover Financial Services Q3 profit drops 55%Monday, Discover Financial Services (DFS) reported a 55% drop in profit for the third quarter, reflecting the absence of a huge antitrust litigation settlement that boosted year-ago results. Adjusted earnings almost doubled year-over-year, as Discover card sales volume climbed 5% and Payment Services business as well as Credit performance continued to improve. Net interest income for the quarter dipped 10.3% from last year. Full Article

Corporate News

Sep 20, 2010 Verizon names wireless chief McAdams COOMonday, Verizon Communications Inc. (VZ) appointed Lowell McAdam its president and chief operating officer, effective October 01. McAdam currently heads the Verizon Wireless business, a venture of Verizon and Vodafone Group Plc. The company also indicated that McAdam would succeed chief executive Ivan Seidenberg on his retirement. Full Article
Sep 20, 2010 L-1 Identity agrees to Safran's $1.6 bln offerModnay, L-1 Identity Solutions Inc. (ID) said it agreed to be bought by Safran SA (SAFRF.PK, SAFRY.PK) for about $1.6 billion in cash, including debt. The company said the transaction would occur after the sale of its intelligence services business unit to British defense company BAE Systems plc (BA.L) for $295.83 million in cash in the first quarter of 2011. Safran believes that the $12 per share deal, which was approved by the boards of both companies, will result in significant operating synergies. Full Article
Sep 20, 2010 BP seals-off blown-out Macondo oil wellSunday, BP Plc (BP) said Sunday it successfully sealed the blown-out Macondo oil well in the Gulf of Mexico and confirmed that both the casing and annulus of the well were sealed by cement pumped through the relief well. The company declared the well “effectively dead” and said it will now completely abandon the well. Full Article
Sep 20, 2010 IBM to buy Netezza for $1.7 bln cashMonday, International Business Machines Corp. (IBM) said it agreed to acquire Netezza Corp. (NZ) for about $1.7 billion in cash. The companies hope that the $27 per share purchase will help expand IBM's business analytics initiatives to enable clients to better access business information at a lower cost. Full Article
Sep 20, 2010 McMoRan to buy assets from Plains Exploration for $818 mlnMonday, McMoRan Exploration Co. (MMR) said it struck a deal with certain subsidiaries of Plains Exploration & Production Co. (PXP) to acquire interests in properties located in the Gulf of Mexico shallow water for cash and stock. As per the deal, Plains Exploration will receive $75 million in cash and 51 million shares of McMoRan common stock in exchange for its interests in all of its Gulf of Mexico leasehold located in less than 500 feet of water. This is tantamount to about $818 million as total consideration. McMoRan expects the deal to close by year-end 2010. Full Article

Broker Ratings Changes

Sep 20, 2010 FBR Capital Markets Cuts BioMed Realty Trust (BMR) To Underperform From Market Perform With $19.50 Up From $19.00 Price Target
Sep 20, 2010 FBR Capital Markets Cuts DuPont Fabros Technology Inc. (DFT) To Underperform From Market Perform With $26.00 Down From $26.50 Price Target
Sep 20, 2010 FBR Capital Markets Lifts UDR, Inc. (UDR) To Outperform From Market Perform With $24.00 Up From $22.50 Price Target
Sep 20, 2010 FBR Capital Markets Lowers Public Storage (PSA) To Underperform From Market Perform With $105.00 Up From $103.00 Price Target
Sep 20, 2010 FBR Capital Markets Upgrades HOME PROPERTIES INC (HME) To Outperform From Market Perform With $60.00 Up From $55.50 Price Target
Sep 20, 2010 FBR Capital Markets Ups Douglas Emmett Inc (DEI) To Market Perform From Underperform With $18.50 Up From $16.00 Price Target

Todays WS Events

Sep 20, 2010 Lennar Q3 10 Earnings Conference Call At 11:00 AM ET Lennar Corp. (LEN) will host a conference call at 11:00 AM ET, September 20, 2010, to discuss its Q3 10 financial results. To access the live webcast, log on at www.lennar.com
Sep 20, 2010 Bristol-Myers Squibb To Present At The UBS Global Life Sciences Conference; Webcast At 11:00 AM ET Bristol-Myers Squibb Company (BMY) will present at the UBS Global Life Sciences Conference, on September 20, 2010, in New York. The event is scheduled to begin at 11:00 AM ET. To access the live webcast, log on at http://investor.bms.com
Sep 20, 2010 Duke Energy Investor Update Conference Call At 1:00 PM ET Duke Energy Corporation. (DUK) CEO, Jim Rogers, will host an investor update conference call at 1:00 PM ET, to discuss the agreement reached with key consumer groups on how cost increases associated with the construction of the Edwardsport IGCC plant. The event is scheduled to begin at 1:00 PM ET, September 20, 2010. To acess the live webcast, log on www.duke-energy.com/investors/ To participate in the call, dial 888-656-7419 (US) or 913-312-1503 (International) with the confirmation code is 8028514. A replay can be heard by dialing 888-203-1112 (US) or 719-457-0820 (International) with the confirmation code is 8028514.
Sep 20, 2010 Gilead Sciences To Present At The UBS Global Life Sciences Conference; Webcast At 1:00 PM ET Gilead Sciences, Inc. (GILD) will present at the UBS Global Life Sciences Conference in New York, on September 20, 2010. The event is scheduled to begin at 1:00 PM ET. To access the live webcast, log on at www.gilead.com
Sep 20, 2010 Symantec 2010 Annual Stockholder Meeting At 2:00 PM ET Symantec Corporation (SYMC) will host its 2010 annual stockholder meeting. The event is scheduled to begin at 2:00 PM ET, September 20, 2010. To access the webcast, log on to www.symantec.com/invest

  

FINANCIAL & FOREX INFO : REUTERS - BEFORE THE BELL



FROM: REUTERS - BEFORE THE BELL 


Stock futures gain as investors eye Fed meeting
BP says oil spill compensation payout rate soars
Nissan to double China capacity
Lennar profit beats but new orders fall
Indian conglomerate in talks about MGM bid
AIG plans to list AIA on Oct 29: sources
General Growth, Hughes heirs to settle dispute: report
Slowing recovery a policy headache
Clorox may sell automotive care business: report
Bailout cop expands staff as TARP expires