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Nov 23, 2010

SAC Capital, Janus Latest Targets in Probe: Reports:CNBC Evening Brief




LATEST STORIES


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Haynesville: A Nation's Hunt for an Energy Future
CNBC 360 A Fortune In Natural Gas
CNBC takes you inside the battle over a trillion dollar treasure. See how a historic discovery could change the future of our nation's energy supply and the lives of a small Louisiana community. Don't miss the world television premiere of Haynesville: A Nation's Hunt for an Energy Future.
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Stocks Plunge Amid Global Worries - U.S. Commentary . RTTNews: Evwening Market Wrap

Evening Market Wrap Tue Nov 23 17:01 2010

Commentary

Nov 23, 2010 Stocks Plunge Amid Global Worries - U.S. Commentary Stocks took a beating on Tuesday in light of news of flaring tensions between North and South Korea and the lack of a resolution to Ireland's debt woes. An upward revision to third quarter U.S. GDP and uneventful minutes from the Federal Reserve did little to alter the day's negative sentiment. Full Article

Economic News

Nov 23, 2010 U.S. Existing Home Sales Dip By 2.2% In October Following two strong monthly gains, existing home sales decreased roughly in line with economist estimates in the month of October, the National Association of Realtors revealed in a report on Tuesday. NAR said existing home sales fell 2.2 percent to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September. Economists had been expecting existing home sales to slip to an annual rate of 4.42 million. Full Article
Nov 23, 2010 U.S. Economy Grew By Upwardly Revised 2.5% In Q3 U.S. economic activity in the third quarter increased by more than previously estimated, according to a report released by the Commerce Department on Tuesday, with the upward revision reflecting stronger than previously reported growth in consumer spending, exports, and state and local government spending. The report showed that gross domestic product increased at an annual rate of 2.5 percent in the third quarter compared to the initially reported 2.0 percent growth. Full Article
Nov 23, 2010 Fed Minutes Indicate Intense Debate Over Expanded Asset Purchase Plan While the Federal Reserve's decision to expand its asset purchase program was nearly unanimous, the minutes of the November meeting of the Federal Open Market Committee showed that there was considerable debate regarding the quantitative easing plan. Following the two-day meeting earlier this month, the FOMC, the policy-setting arm of the Fed, said that it had decided to expand its holdings of securities in order to promote a stronger pace of economic recovery. Full Article

Earnings News

Nov 23, 2010 Medtronic Q2 Profit Drops 35% On Charges; Cuts Outlook Medical device maker Medtronic, Inc. (MDT) reported Tuesday a profit for the second quarter that dropped 35% from last year, hurt by litigation settlement charges with Sprint Fidelis family. However, adjusted earnings per share for the quarter grew 6% and topped analysts' expectations by a penny, while quarterly revenues increased 2% and came in line with their estimates. Full Article
Nov 23, 2010 Campbell's Q1 Earnings Miss Estimates, Soup Sales Fall Despite Heavy Promotions Campbell Soup Co. (CPB), the world's largest soup company, Tuesday reported lower first-quarter earnings and it came in below Wall Street analysts' forecast, as sales fell despite discounting and increased promotional spending. The company, which is famous for its iconic Chicken Noodle soup, however, confirmed its outlook for fiscal 2011. Full Article

Political News

Nov 23, 2010 Americans Say Taxes Should Be Top Priority For Lame Duck CongressAmericans say preventing a significant increase in the estate tax and extending some form of the Bush tax cuts are the most important issues for Congress to address in the "lame duck" session, according to the results of a USA Today/Gallup poll released on Tuesday. Full Article

Fed pondered radical steps amid weaker outlook | F & F I N | Reuters - Daili Investor Update




FROM : REUTERS - DAILY INVESTOR UPDATE

Stocks slide on Korea and euro-zone woes
Fed pondered radical steps amid weaker outlook
Kinder Morgan files for IPO of up to $1.5 billion
Fund firms asked for documents by authorities
J Crew OKs $2.86 billion buyout, may get other bids
Growth faster but not enough to dent joblessness
Risk buffers thin at US banks as new council meets
Freddie Mac says to hike fees on some mortgages
Nuance shares rise on Apple acquisition speculation
Some Americans choose shopping over turkey

NYT: Afternoon Business News:Political Turmoil Deepens in Ireland



BUSINESS:

For Air Travelers, Small Affronts Start to Add Up

By JAD MOUAWAD
After fees, disappearing amenities, higher fares and full flights, fliers may find tougher security the last straw.

Divisions as Vote Nears on Product Safety Database

By ANDREW MARTIN
The Consumer Product Safety Commission is divided over an online database of potential product problems.

Stocks Drop, Unsettled by Korea and Ireland

By CHRISTINE HAUSER
Investors grappled with problems on two continents - the sovereign debt problems in Europe and the conflict on the Korean Peninsula.

U.S. Home Sales Fell Sharply in October

By DAVID STREITFELD
The 26 percent decline was anticipated, because buyers earlier rushed to conclude deals so they could qualify for an $8,000 tax credit.

Political Turmoil Deepens in Ireland

By LIZ ALDERMAN and LANDON THOMAS Jr.
Prime Minister Brian Cowen's frail hold on power slipped further as rebel members of his party sought his removal.

From The Desk Of Nick Nicolaas : Mininig Interactive : Mosquito - CuMo Moly Deposit a National Treasure - a World Necessity and - a Supply Deficit.


MOSQUITO
CONSOLIDATED GOLD MINES LTD.
MOSQUITO”S CUMO DEPOSIT IN BOISE COUNTY, IDAHO - A NATIONAL TREASURE, A WORLD NECESSITY & A SUPPLY DEFICIT -
 Dear Friends:
Dr. John Faessel of ON THE MARKET - Commentary and Insights (Faessel publishing LLC - Dr.Faessel@onthemar.com) has published an excellent Report on Mosquito’s world-class CuMo molybdenum deposit in Idaho noted below.
Enjoy the read and as always - - - Stay Tuned!!
Regards,
Nick L. Nicolaas
Mining Interactive "Ahead of the Pack"

November 22, 2010
The world's largest still undeveloped open pit molybdenum deposit & “to be” the world’s low cost producer and possibly one of the world’s most profitable mines*
  • China adds Molybdenum to its “Protected” status
  • CONSIDERS STOCKPILING 
  • Per LONDON TIMES; Micro Cap’s “world's largest untapped open pit molybdenum deposit” and as just highlighted in a NEW YORK TIMES feature story
  • Plus; “continuing to negotiate with parties interested in partnering” ¯ Read China here!

Mosquito Consolidated Gold Mines Limited
(TSX-V: V.MSQ)  - NASDAQ bulletin board: MQCMF


10-29-2010 - China's Ministry of Land and Resources classifies molybdenum as a protected mining status and impose quotas on its production.
11-3-2010 – China studies starting strategic reserves / stockpiling of molybdenum and 9 other metals. (Bloomberg news)
10-21-2010 - China curbs exports of rare-earth metals, a group of metallic elements used in petroleum refining, fiber- optic transmission, and military radar and missile-guidance systems. China produces about 95 percent of the world's rare earth metals. Rare-earth prices jumped following the move.
11-8-2010 – More important color:
“China’s Sure Bet”, BARRON’S cover story (November 8th): “As the Dollar wobbles, China is pulling back from U.S. Treasury securities and buying up hard assets around the world.” Striking, is that China’s 3-year total of foreign hard asset deals is near $150 billion. And that Chinese companies have invested over $25 billion in acquiring stakes in 19 iron ore start-ups and producers over the past three years.
Now with a “protected status” and looming “stockpiling” by the major consumer China, molybdenum has to be elevated to the realm of strategic metals and thought of in an entirely elevated status.
Rarely do the stars align in such a fashion for a micro-cap company with a minuscule market-cap of about $60 million. Possibilities abound!

Read on:


Below the hilly landscape of southern Idaho lies a yet untapped gargantuan deposit of molybdenum and other minerals said to be worth as much as $80 billion. In fact, its entire footprint is yet to be fully determined as it is only 25 percent explored.** (Recent core drillings suggest that the asset is well in excess of original estimates made by global engineering and project management leader Ausenco***; importantly the new cores suggest coarse grained molybdenum bearing veins much closer to the surface.) These impact of the new cores may now be best characterized by saying; current drilling is designed to convert blocks that were calculated as waste in all economic calculations into ore which will have a dynamic impact as expense converts to revenue - a double whammy. As it is, and it’s said by the London Times to be the world's largest still undeveloped open pit molybdenum deposit***, this treasure will bring untold billions of dollars to not only the United States and Canada, but certainly to the state of Idaho and its environs. Most notably, the massive infusion of money into that poor county in Idaho will occur long before Mosquito will see any output from the mine as these enormous projects take several years to begin production. The positive economic impact to the region will be immediate, profound, and lasting; indeed billions of dollars will be spent there. Talk about a stimulus plan¯this is a REAL stimulus plan that will provide jobs for over 100 years.
*
Re: “the world’s low cost producer and one of the world’s most profitable mines” See: CORPORATE PRESENTATION (Power Point) page 21. Mine Profitability i.e. Total recovered value / ton divided by total cost per ton. See Mosquito’s CUMO vs. the world’s major mines. 

Key public disclosures relating to the mines size and concentrations of mineralization has already been completed–referred to as Ni 43-101, Canada's necessary public disclosure. *****

In these days of deep uncertainty, economic stagnation and high unemployment, the development of this major resource will inject a continuum of huge funding to a mining-friendly region in Idaho where unemployment is high and the region’s largest mine, the
Thompson Creek Mine ****** , is nearly played out after 30 years of production. From what I hear, miners from the region and its adjoining states are said to be making plans for a new “forever” job at the site.

The importance of this mining project to not only Idaho, the United States, and Canada, but globally cannot be understated; it's indeed an astonishing resource in a world where molybdenum use is growing by orders of magnitude. Think China, that is a major importer of molybdenum and all the country’s steel needs and all the new uses like those in desalination and nuclear facilities that are beginning to manifest in the metals use. And, by the way molybdenum is not recyclable.
Key in the Mosquito story is that its veteran management is experienced, savvy, and has the skills to parlay this project to its next level of a major financing. Evidenced by the fact that China-based International Energy and Mineral Resources Investment Company Limited and Ivy Mining, another China-controlled company, have already acquired 21 percent ownership of (MSQ) in June 2009 lends credence to the proposition that management has the necessary acumen to achieve this kind of deal; and I believe that there is another whopper of a deal in the mix. A recent press release (August 17, 2010) confirms this, “Mosquito is also continuing to negotiate with parties interested in partnering with Mosquito on funding the ongoing development of the CuMo project.”
 In addition: On September 17, 2010 in the New York Times Business Day section, reporter Phil Taylor from Greenwire and E and E Publishing penned an extensive (1,683 words) article entitled, “Molybdenum Exploration Sparks Debate Over Idaho Watershed.” It gives you a pretty good handle on the necessary permitting that needs to be received from the Boise National Forest Service agency. It's definitely worth a read.
http://www.nytimes.com/gwire/2010/09/17/17greenwire-molybdenum-exploration-sparks-debate-over-idah-23690.html?pagewanted=alll
 

Molybdenum Demand
Molybdenum demand is expected to increase between five and seven percent annually during the next decade with demand forecasted to outstrip supply for several years to come. Global demand calls for an additional 21 million pounds by 2011, rising to 85 million pounds by 2015. Also key is that global inventories of molybdenum are very near historic lows and there is a supply deficit.  In January, JP Morgan analysts said that they saw a likely rise of 55 percent in molybdenum prices to a possible $24 per pound by Q4, 2011.

Molybdenum Primer

Molybdenum [Mo, atomic number 42] is a refractory metallic element used principally as an alloying agent in steel, cast iron, and superalloys to enhance hardenability, strength, toughness, as well as wear and corrosion resistance. Ideal for tough environments where heat, pressure, and corrosion are factors, it makes steel stronger and lighter and makes stainless steel more resistant to corrosion. Due to its low-toxicity, it is used as a catalyst in energy production. Molybdenum currently trades on the London Metals Exchange.
I strongly encourage you to spend some time on Mosquito’s Web site, which is extremely comprehensive. The corporate presentation, fact sheet, and the CUMO interactive models are particularly informative and engaging in viewing the scope and size of the project:  http://www.mosquitogold.com/s/Home.asp.

** Recent 2010 core drillings have just been announced (August 17, 2010) and the southern boundary of the resource has been expanded by a third of a mile. This new exploratory hole confirms yet more coarse grained molybdenum bearing veins nearer the surface and adds a huge increase in scope to the yet-to-be defined perimeters of the resource. Obviously it multiplies by an enormous factor the value of the Mosquito’s CUMO asset.
*** The Ausenco Group (ASX: AAX) [Market-cap AUD$300 million], headquartered in Brisbane, Australia, is a leading provider of engineering, project management, and operation solutions for the global resources and energy sectors and employs around 2,200 people in 13 countries around the world.
 **** Mosquito’s wholly owned, Idaho-based CUMO deposit is thought to be the world’s largest and still undeveloped open-pit molybdenum deposit (according to a London Times article reported by Dow Jones on January 19, 2010).
***** The Ni 43-101 disclosure states Mosquito holds confirmed resources of 4.13 billion pounds of molybdenum oxide, 5.43 billion pounds of copper, 234.6 million ounces of silver, and 282.4 million pounds of tungsten. The molybdenum and other mineralization are said to be worth perhaps as much as $80 billion. With a discounted present value of $16 billion (using a 40-year mine life at 150,000 tons per day), the CUMO mine appears to be able to produce for somewhat over 100 years. Also noteworthy is that the "limits" of the mine have yet to be totally delineated, as only about 25 percent of the property has been core-sampled and assayed. It’s an enormous resource. 
****** The fourth-largest primary molybdenum mine in the world, the Thompson Creek Mine, which is 75 percent owned by Thompson Creek Metals Company Inc. (NYSE: TC), is the largest mine in Idaho and is located about 60 miles from Mosquito’s CUMO asset.
 
On The Market’s Safe Harbor Statement: Statements contained in this document, including those pertaining to estimates and related plans, potential mergers and acquisitions, estimates, growth, establishing new markets, expansion into new markets and related plans other than statements of historical fact, are forward-looking statements subject to a number of uncertainties that could cause actual results to differ materially from statements made.  On The Market is a wholly owned subsidiary of Faessel Publications LLC and provides no assurance as to the subject company's plans or ability to effect any planned and/or proposed actions. Faessel Publications LLC has no first-hand knowledge of management and therefore cannot comment on its capabilities, intent, resources, nor experience and makes no attempt to do so. Statistical information, dollar amounts, and market size data was provided by the subject company and related sources believed by Faessel Publications LLC  to be reliable, but Faessel Publications LLC  provides no assurance, and none is given, as to the accuracy and completeness of this information. Disclaimer: ON THE MARKET / Faessel Publications LLC is not a registered Investment Adviser or a Broker/Dealer. Readers are advised that the information in this report is commentary issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy. The opinions and analyses included herein are based from sources believed to be reliable and written in good faith, but no representation or warranty, expressed or implied is made as to their accuracy, completeness or correctness. Owners, employees and writers may have positions in the securities that are discussed in the newsletter. Readers are urged to consult with their own independent financial advisors with respect to any investment. All information contained in this report should be independently verified with the companies mentioned. Readers are cautioned that small and micro-cap stocks are high-risk investments and that they may lose all or a portion of their investment if they make a purchase. Certain of the statements in this commentary may be considered forwarded looking statements. ON THE MARKET/Faessel Publications LLC makes no representation and provides no assurance or guaranty that such forward looking statements will prove to be accurate. Statements of opinion and belief are those of the authors and/or editors of this report, and are based solely upon the information possessed by such authors and/or editors; no inference should be drawn that such authors or editors have any special or greater knowledge about the company or companies profiled or any particular expertise in the industries or markets in which the profiled company or companies compete. The reader should verify all claims and complete his own due diligence before investing in any securities of profiled company or companies. ON THE MARKET / Faessel Publications LLC makes no recommendation that the purchase of securities of company or companies profiled in this report are suitable or advisable for any person or that an investment such securities will be profitable. In general, given the nature of the company or companies profiled and the lack of an active trading   market for their securities, investing in such securities is highly speculative and carries a high degree of risk. An investor in such securities should be prepared and able to bear a loss of his or her entire investment. Nothing in this report should be construed as an offer or solicitation to buy or sell any securities of any profiled company. ON THE MARKET / Faessel Publications LLC undertakes no obligation to inform readers about the ownership or trading activities of it or its employees or affiliates in the securities of the profiled company or companies. We encourage you to review the investing information available at the Securities and Exchange Commission ("SEC") website (http://www.sec.gov) and the National Association of Securities Dealers ("NASD") website http://www.nasdr.com. You can review all public filings by the companies mentioned at the SEC's EDGAR page. The NASD website includes helpful investor awareness and educational information. The information, opinions and analysis contained herein are based on sources believed to be reliable but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. Past performance is no guarantee of future results. This report should not be used as the basis for any investment decision. Faessel Publishing LLC is receiving  from Mosquito a monthly  fee of five thousand dollars and a provision for stock options as compensation for the distribution of this commentary and other advertisements. The six month agreement includes an automatic renewable provision. Since we are receiving compensation in the advertised company there is an inherent conflict of interest in our statements and opinions and such statements and opinions cannot be considered independent.

The Metals
MiningInteractive Videos
Click Here

Stay tuned for the most recent updates on Mosquito Ltd. and other leading mining companies through the MiningInteractive Video Interviews.
Nick L. Nicolaas
(604) 657-4058
nick@mininginteractive.com
       

Our near-defeat cut very deep | F & F I N | The Australian Capital Circle





 Capital Circle Newsletter

Our near-defeat cut very deep
 
Wayne Swan hits out at the Greens while Kevin Rudd shares the blame.

First look: KEVIN Rudd used his speech to colleagues on the day he was dumped as prime minister to acknowledge mistakes in three key policy areas. He admitted errors in climate change, the mining tax and, for the first time, the Building the Education Revolution program...The minutes, obtained by The Australian yesterday, confirm that Mr Rudd stressed his controversial proposal to create a 40 per cent tax on mining company profits was a joint decision by himself, Ms Gillard, Wayne Swan and then finance minister Lindsay Tanner.(more from Matthew Franklin).
Top talker: Wayne Swan has called for more idealism in the ALP.  In an opinion piece published today, the Treasurer writes: "Through debate and evolution we have remained the party of hope for each generation, fending off communists, the Democratic Labor Party, the Democrats and others. This is because even at our lowest points, Labor's had more ambition for Australia, more idealism and more purpose than our opponents. Today we face a new challenge. Too many of the new generation of activists, fired up like I was in 1974 by the idea of a fairer society, are joining the Greens. Our base is fracturing. There's a tension between our core constituencies in the inner cities and the outer suburbs and regions.''
Flashpoint: SOUTH Korean F-16 fighter jets streaked over the island of Yeonpyeong yesterday after a North Korean artillery attack. The assault left buildings burning and at least two soldiers dead and brought the two Koreas to flashpoint again. As well as scrambling fighter jets, South Korean defence forces returned fire and lifted the country's military alert to the highest non-wartime level as President Lee Myung-bak convened an emergency cabinet meeting in an underground bunker. (more from Rick Wallace). (Read more...
 

U.S. Stock losses top 1%. . MarketWatch Bulletin

(MarketWatch) .-  U.S. Stock losses top 1% as Korean Tensions escalate; Dow closes down 142 points.
To read full Article  click  here.






J Crew agrees to $2.86 billion buyout| F & F I N | Reuters - Deals Today



S&P Fails to Retest of Major Resistance

MarketWatch
 SPECIAL FINANCIAL SERVICES

The Technical Indicator: S&P 500 fails the retest of major resistance
 
By Michael Ashbaugh MarketWatch


The U.S. markets are on the defensive this week, fueled by Korean hostilities and ongoing sovereign-debt concerns. 

Contagion fears sink Spanish, Portuguese bonds. MarketWatch .- Special Financial Services

MarketWatch
SPECIAL FINANCIAL SERVICES

Contagion fears sink Spanish, Portuguese bonds
 
By William L. Watts MarketWatch


Spanish and Portuguese bond yields jumped Tuesday along with Irish yields on fears sovereign debt problems will continue to spread through the periphery of the 16-nation euro zone. 

Real Clear Politics Tuesday

Real Clear Politics Tuesday
Democrats Try to Crack Mystery of the Missing Voters - Gerald Seib, WSJ
Is the Electorate Moving Right? - Jay Cost, The Weekly Standard
Obama Needs a Governor in the West Wing - Jonathan Capehart, Wash Post
House Dems Show They Still Don't Get It - Matt Mackowiak, Philly Inquirer
Tax Cut Games Put Jobless in Jeopardy - Jesse Jackson, Chicago Sun-Times
Retrained Green, Still Waiting for Work - Michael Fletcher, Wash Post
Empty Health Care Promises Will Haunt Obama - Byron York, Examiner
In Euro Debt Crisis, is Default Better Option? - Landon Thomas, NY Times
Bailout Bad for Ireland, Good for Eurocrats - Daniel Hannan, Telegraph
Why Granny Gets Searched - Eugene Robinson, Washington Post
Airport "Security"? - Thomas Sowell, Investor's Business Daily
Time for NPR to Cut the Taxpayer Cord - Bruce Walker, Boston Herald
A Poor START - Rich Lowry, National Review
Why the GOP Refuses to Make Hard Choices - Peter Beinart, The Daily Beast
Social Issues Stay on Back Burner in New Congress - Conroy & McPike, RCP
Iran Assembly Aims to Oust Ahmadinejad - Farnaz Fassihi, Wall St. Journal
Lessons of Hate at Islamic Schools in Britain - John Burns, New York Times

Editorials

North Korea Shells the South - The Economist
Pat Downs vs. Profiling - New York Post
The Power of the Hispanic Voter - New York Times
Britain Pays the Price of the Euro's Failure - The Telegraph

Stocks Primed For Heavy Losses Amid Overseas Concerns - U.S. Commentary . RTTNews: Morning Market Briefing


Morning Market Briefing Tue Nov 23 09:01 2010

Commentary

Nov 23, 2010 Stocks Primed For Heavy Losses Amid Overseas Concerns - U.S. Commentary Stock futures are pointing to notable losses Tuesday morning, as an explosive pickup in tensions between North and South Korea has shaken the markets. Traders are also awaiting news on the debt contagion in Europe, with Ireland at the forefront of the crisis, while an upbeat revision to third quarter GDP out of the U.S. has done little to moderate the downside thus far. Full Article

Economic News

Nov 23, 2010 German Consumers Increasingly Optimistic About EconomyGerman households are increasingly upbeat about the outlook for the economy, a key survey revealed Tuesday. Full Article
Nov 23, 2010 U.S. Q3 GDP Rose By More Than Previously Estimated U.S. economic activity in the third quarter increased by more than previously estimated, according to a report released by the Commerce Department on Tuesday, with the upward revision reflecting stronger than previously reported growth in consumer spending, exports, and state and local government spending. Full Article
Nov 23, 2010 German Economy Sees Significant Slowdown In Q3 The German economy recorded a sharp slowdown in the third quarter as estimated earlier. Full Article
Nov 23, 2010 French Business Confidence Unexpectedly Weakens In November Confidence among French manufacturers unexpectedly deteriorated in November as they revealed weak production outlook due to continuous fall in orders and demand. Full Article
Nov 23, 2010 Eurozone Private Sector Growth Improves In NovemberEurozone private sector growth climbed to a three-month high in November boosted by both manufacturing and service sectors. Full Article
Nov 23, 2010 UK Mortgage Approvals At 19-Month Low Despite low interest rates and stamp duty holiday, the British mortgage market remained subdued in October with approvals falling to a 19-month low. Full Article

Earnings News

Nov 23, 2010 Analog Devices Q4 profit more than doubles; guides Q1 EPSMonday, Analog Devices Inc. (ADI) said its fourth-quarter profit jumped over two-folds, reflecting double-digit revenue growth in most of its end markets. Both earnings per share and revenue came in ahead of of Street view. The firm's board authorized buyback of an additional $1 billion of common stock under the existing share repurchase program. Moving ahead, the firm guided its first-quarter earnings to fall in-line with the consensus estimate. Full Article
Nov 23, 2010 Nuance Communications Q4 profit drops on higher expensesMonday, Nuance Communications, Inc. (NUAN) reported a sharp decline in its fourth-quarter profit, despite an 18% growth in revenue, hit by increase in expenses. Adjusted earnings came in above the Street view, although revenues fell short of estimates. Full Article
Nov 23, 2010 Brocade Communications Q4 profit falls on higher costs, adj. EPS beats StreetMonday, Brocade Communications Systems, Inc. (BRCD) reported a sharp fall in profit for the fourth quarter, hit primarily by higher selling costs, absence of tax gains that benefited year-ago results, interest loss compared with gains a year earlier. Both adjusted earnings came in above Street view. Full Article
Nov 23, 2010 Statoil to sell 40% of Kai Kos Dehseh project to PTT Exploration for US$2.3 blnMonday, Statoil ASA (STO) agreed to sell 40% of its interest in Alberta, Canada-based Kai Kos Dehseh oil sands project to Thailand's PTT Exploration and Production for about US$2.3 billion. The company expects the transaction to close in the first quarter of 2011. Full Article
Nov 23, 2010 Medtronic Q2 profit falls; cuts FY11 EPS viewTuesday, Medtronic, Inc. (MDT) said its second-quarter profit dropped 35%, despite a growth in revenue, hurt by legal and other costs. Adjusted earnings per share climbed 6% and came a penny above Street view. Looking ahead, the firm trimmed its fiscal 2011 earnings outlook. Full Article
Nov 23, 2010 Campbell Soup Q1 profit down 8%; backs FY11 revenue outlookTuesday, Campbell Soup Co. (CPB) reported an 8.2% decline in its first-quarter profit, as sales decreased 1% from last year. Earnings came a penny below the Street view. Looking ahead, Campbell expects sales to improve 1% to 3% in fiscal 2011. Full Article

Broker Ratings Changes

Nov 23, 2010 KeyBanc Capital Markets Starts Old Dominion Freight Line (ODFL) At Buy With $34 Price Target

Todays WS Events

Nov 23, 2010 Jacobs 2010 Analyst Day AT 8:00 AM ET Jacobs Engineering Group Inc. (JEC) will host a 2010 Analyst Day in New York City to discuss about the results for Fiscal Year 2010 and the outlook for Fiscal Year 2011. The event is scheduled to begin at 8:00 AM ET, November 23, 2010. To access the live webcast, log on to www.jacobs.com
Nov 23, 2010 Medtronic Q2 11 Earnings Conference Call At 8:00 AM ET Medtronic, Inc. (MDT) will host a conference call at 8:00 AM ET, to discuss Q2 11 earnings results, on November 23, 2010. To access the live webcast, log on at www.medtronic.com
Nov 23, 2010 Hormel Foods Q4 10 Earnings Conference Call At 9:00 AM ET Hormel Foods Corp. (HRL) will host a conference call at 9:00 AM ET, November 23, 2010, to discuss its Q4 10 earnings results. To listen to the live webcast, log on at www.hormelfoods.com To hear the live call, dial 877-941-2333 (US) or 480-629-9723 (International) with passcode 4384165 . A replay of the call can be heard by dialing 800-406-7325 (US) or 303-590-3030 (International) with access code 4384165.
Nov 23, 2010 Patterson Q2 11 Earnings Conference Call At 10:00 AM ET Patterson Companies (PDCO) will host a conference call at 10:00 AM ET, to discuss Q2 11 earnings results, on November 23, 2010. To access the live webcast, log on at www.PattersonCompanies.com A replay of the call can be heard by dialing 303-590-3030 with Conference ID, 4384954
Nov 23, 2010 Campbell Soup Q1 11 Earnings Conference Call At 10:00 AM ET Campbell Soup Company (CPB) will host a conference call at 10:00 AM ET, to discuss Q1 11 earnings results, on November 23, 2010. To access the live webcast, log on at investor.campbellsoupcompany.com To hear the live call, dial 1-866-847-7861 or 1-703-639-1428 (International). A replay of the call can be heard by dialing 1-888-266-2081 or 1-703-925-2533 with passcode 1485158.

Pre-Markert Trading Movers & Shakers: MarketWatch Special Financial Services

MarketWatch
 SPECIAL FINANCIAL SERVICES


Movers & Shakers: Tuesday’s biggest gaining and declining stocks
 
By Robert Daniel MarketWatch


Stocks that are making significant moves in premarket trading include Astrotech, Brown Shoe, J. Crew and Jack in the Box. See full story

Real Gross Domestic Product (GDP) grew at an anul rate of 205 percent in Q3



Economics and Statistics Administration Logo
Real gross domestic product (GDP) grew at an annual rate of 2.5 percent in the third quarter of 2010, according to today’s second estimate.  This follows a 1.7 percent growth rate in the second quarter.

This Information is available free at  Economics and Statistics Administration through the Economic Indicators service at  http://www.economicindicators.gov.  Check out other demographic and economic data from the U.S. Census Bureau at http://www.census.gov and the Bureau of Economic Analysis at http://www.bea.gov.  

Stock futures lower as Korean tensions rise, GDP awaited | F & F I N | Reuters - Before The Bell



FROM: REUTERS - MORNING DIGEST
Stock futures lower as Korean tensions rise, GDP awaited
J Crew near $2.8 billion takeover deal: sources
HP raises 2011 outlook
EU urges feuding Ireland not to delay budget
Zodiac says stray object may have caused 787 fire
Wal-Mart and Amazon focus on price for Black Friday
Oracle-SAP trial goes to jury with billions at stake
FBI raids 3 hedge funds in insider trading case
Boeing 787 fire caused by misplaced tool: report
News Corp to buy education tech company for $360 million

U.S. Futures Lower / British Shares drop : MarketWatch - Special Financial Services

MarketWatch
SPECIAL FINANCIAL SERVICES
 
Indications: U.S. futures lower on Korea, Europe debt concerns
 
By Barbara Kollmeyer MarketWatch


U.S. stock futures trade weaker with news of an exchange of fire between North and South Korea serving to rattle traders, as debt and political problems in Ireland also add to investor worries. 


London Markets: British shares drop as Ireland worries linger
 
By Simon Kennedy MarketWatch


British shares drop as the heavyweight banking and mining sectors come under pressure in London, while Rolls-Royce’s stock climbs as Qantas says it will resume some A380 flights. 

Regulators, Mount Up; Farrell and Barr Out; Fed gets Strategic. Ezrea Klein's Wonkbook



One of the less-noticed -- but more popular -- parts of health-care reform was the promise to force insurers to spend 80 percent every premium dollar on actual health-care services. Yesterday, that promise became policy, as the administration issued the actual regulations making it so. But those regulations have some catches: In the individual insurance market, for instance, states can ask that the rule be waived if they believe it will cause insurers in that market to stop offering their products.
There are a shocking number of these rulemaking processes underway right now. The financial-regulation bill, for instance, needs regulators to write 243 rules and conduct 67 studies. As you might imagine, this has been a bonanza for lobbyists who work on such matters, with the number being hired to influence the SEC rising by more than 40 percent this year.
The conventional wisdom is that Washington isn't going to get much done for the foreseeable future. But by "Washington,' the CW usually means "Congress." The next year will be an incredibly busy one for the regulatory agencies as they scramble to define and implement health-care reform, financial regulation, and more. And though many are watching the Republicans in Congress and the conservatives on the Supreme Court to see what the ultimate fate of these bills will be, the decisions the regulators make in the coming months will probably end up being more decisive to the success -- or failure -- of the Obama White House's signature achievements.
Top Stories

Insurers will have to spend 80 percent of every premium dollar on patient care, reports Amy Goldstein: "The Obama administration issued rules on Monday defining a promise to consumers in the new federal health-care law that insurers will spend at least $4 out of $5 they collect in premiums on medical services and other efforts to improve patients' health. The rules say that, starting in January, insurers must reveal far more information than required in the past about how they allot their money. The rule is intended to curb the proportion of their income that insurers devote to administrative costs, their executives' salaries and profits...The regulation is the kind of important fine print that will determine how the sprawling law enacted by Congress in March will play out in practice."
Lobbying around FinReg is picking up, reports Amanda Becker: "Work has begun on drafting 243 rules and on 67 separate studies by the likes of the Treasury Department, the Securities and Exchange Commission, the Commerce Department, the Commodities Futures Trading Commission and other regulatory agencies, according to one estimate by the law firm Davis Polk & Wardwell...During the third quarter of this year, the number of corporations, associations and other interests that hired lobbyists to influence the implementation of the Dodd-Frank Act within the SEC and the CFTC rose by 45 and 22 percent respectively over those that hired such representation during the previous quarter, according to a Center for Responsive Politics analysis of lobbying disclosure forms."
Two of the Obama administration's top economic advisors are leaving, reports Damian Paletta: "White House National Economic Committee Deputy Director Diana Farrell and Treasury Department Assistant Secretary for Financial Institutions Michael Barr are both planning to leave within weeks, people familiar with the matter said... Ms. Farrell had a broad range of responsibilities within the White House. She was part of the White House's auto task force that worked on the restructuring of General Motors and Chrysler, and played a key role in the administration's efforts to address the housing crisis. Ms. Farrell and Mr. Barr played central roles early in the Obama administration by mapping out the new financial regulations Mr. Obama proposed in June 2009."
The Fed is trying political messaging tactics to defend quantitative easing, reports Sewell Chan: "Caught off guard by accusations from Congressional Republicans, Sarah Palin, Tea Party activists and conservative economists, the central bank and its chairman, Ben S. Bernanke, are pushing back, making their case on substantive grounds but also haltingly adopting the tactics of Washington battle, like strategically placed interviews, behind-the-scenes assuaging of opponents and reaching out to potential allies on Wall Street and Capitol Hill...Fed officials concede that they left an opening for their detractors by timing their latest move -- the decision to resume the asset-purchase strategy known as quantitative easing -- for the day after the midterm elections."
Brit-pop cover interlude: Gorillaz plays "Crystalised" by The xx.
Still to come: Republicans are targeting the Consumer Financial Protection Bureau; a new report suggests NAFTA hurt workers; the Obama administration has announced regulations restricting how insurers spend premiums; new reports indicate the federal government was unprepared for the Gulf oil spill; and a piglet and baby tiger cuddling.
Economy

House Republicans are already challenging the Consumer Financial Protection Bureau, report Victoria McGrane and Deborah Solomon: "Republican Reps. Spencer Bachus of Alabama, the leading contender to take the reins of the House Financial Services Committee, and Illinois Rep. Judy Biggert, the top Republican on the panel's oversight and investigations subcommittee, sent letters to the inspectors general of both the Treasury Department and the Federal Reserve, directing them to conduct an investigation into the work being done to establish the new bureau...While they have little hope of repealing the new consumer agency--which has broad powers to write rules for mortgages, credit cards and other financial products--Republicans can work to influence regulators to blunt the agency's power."
Trade representative Ron Kirk is still having trouble finalizing the South Korea trade agreement, reports Howard Schneider: "Neither Korean nor U.S. officials have explained their bargaining position in detail. But in remarks in Seoul, Obama made clear that the politics of the deal weighed on the discussions. The talks revolved around a handful of issues, including better access to the Korean market for U.S. automakers and beef exporters, but the terms were not adequate to make the president confident that he could push the deal through Congress...Some of the chief skeptics met with the president recently and said the deal would face a difficult road in Congress without major changes."
Reps. Sandy Levin and Richard Neal are running against one another to serve as ranking member of the House Ways and Means committee: http://politi.co/f1ppJ6
A study suggests NAFTA hurt low-income workers, reports Bob Davis: "Looking at communities, they find there was 'no perceptible difference' between wage growth for high-school dropouts in locations that had high Mexican tariffs (which Nafta eliminated) and places that had low or zero tariffs. (High school dropouts, one would assume, would have jobs most affected by import protection.) On the other hand, a worker with that same poor education in the apparel industry, whose 16.6% tariff was eliminated by Nafta, saw wage growth rate about 11 percentage points less than a worker in a business that didn’t depend on high tariffs."
SNL interlude: Black Friday savings, featuring Kirk Douglas!
Health Care

Susan Collins and Olympia Snowe are joining an anti-individual mandate lawsuit, reports Matt DeLong: http://wapo.st/dc2gSV
Health industry groups are criticizing the Bowles-Simpson debt reduction plan's health care provisions, reports Janet Adamy: "The health-care law created an Independent Payment Advisory Board that can recommend Medicare spending cuts to Congress, except for cuts directly to hospital payments. The commission's draft report calls for strengthening the board's powers and stripping hospitals of the exemption. That proposal hasn't gone over well with hospitals and drug makers, which have been working to weaken or to eliminate the board."
It doesn't make much sense for states to eliminate Medicaid, writes Edwin Park: http://bit.ly/i5Ilg0
Domestic Policy

Senate Republicans are amping up attacks on the DREAM Act as a vote nears, reports Scott Wong: "GOP staffers have begun circulating to senators and conservative groups a white paper outlining what they see as the social and financial costs of passing the Development, Relief and Education for Alien Minors Act. 'In addition to immediately putting an estimated 2.1 million illegal immigrants (including certain criminal aliens) on a path to citizenship, the DREAM Act would give them access to in-state tuition rates at public universities, federal student loans and federal work-study programs,' said the research paper, being distributed by Alabama Sen. Jeff Sessions, the ranking Republican on the Senate Judiciary Committee."
Local beneficiaries of earmarks are stepping up to defend the practice, reports A.G. Sulzberger: "Like many other projects involving highways and bridges -- so long as they go somewhere -- spending to repair the St. Louis flood-control system has not been controversial. But getting the money for the work has taken years. The $20 million project, which is scheduled to be completed at the end of 2012, has been praised by fans and foes of earmarks as a straightforward and cost-efficient effort to patch up an aging series of levies, flood walls and floodgates. The Army Corps of Engineers has estimated that a breach could cause more than $1.2 billion in damages."
The Rivlin-Domenici debt reduction proposal shifts tax benefits to childless workers, writes Elaine Maag: http://bit.ly/boJ0ep
Adorable animals forming alliances interlude: A baby tiger and piglet cuddling.
Energy

Green jobs programs are training workers for jobs that don't exist, reports Michael A. Fletcher: "The industry's growth has been undercut by the simple economic fact that fossil fuels remain cheaper than renewables. Both Obama administration officials and green energy executives say that the business needs not just government incentives, but also rules and regulations that force people and business to turn to renewable energy. Without government mandates dictating how much renewable energy utilities must use to generate electricity, or placing a price on the polluting carbon emitted by fossil fuels, they say, green energy cannot begin to reach its job creation potential."
The EPA has announced rules regulating "clean coal", reports Matthew Daly: "The rules, announced Monday, cover an experimental technique to store underground the carbon dioxide emissions from coal-fired power plants and other sources. The technique, which involves injecting carbon dioxide in stable geologic formations, is designed to reduce greenhouse gases that contribute to global warming...The administration wants to encourage carbon storage while overcoming liability obstacles that could hinder its development. A sudden release of large amounts of carbon dioxide can kill by asphyxiation. In 1986, 1,700 people died when a cloud of carbon dioxide escaped from a volcanic lake in Cameroon."
New York and California are working on plans to adapt to climate change, reports Felicity Barringer: "New York State and California are creating blueprints for how governments should plan, and pay for, a wholesale retreat from the shoreline in anticipation of a possible rise in sea level of three or four feet or more by 2100... The new report focuses on the potential impact of climate change on coastal counties, where more than two-thirds of California’s economic activity takes place. It envisions the potential relocation of some coastal roads and bridges and the construction of defenses around major airports. The report offers extensive advice on creating mechanisms to document the impacts of climate change and to then use the information to plan responses at the local, regional and state levels."
Alabama Sen. Richard Shelby is lobbying to get more Gulf cleanup funds for his state: http://on.wsj.com/glRAAN
GOP Sens. Jim DeMint and Tom Coburn are right to want ethanol subsidies to expire, writes Jonathan Zasloff: "Here is a great test to see whether Republican anti-government and anti-spending rhetoric is any more than that. Ethanol is a lose-lose proposition any way you slice it: it costs a big chunk of money, it’s horrible for the environment, and it does nothing but enrich special interests. It’s particularly bad on the climate, because the amount of emissions requiring to produce a liter of ethanol is actually more than just using gasoline. Kudos to Senators Coburn and DeMint for pushing this...Let’s be clear: it’s nowhere close to any kind of real strategy for controlling emissions. But it’s a start, which is more than anything else has been."
Closing credits: Wonkbook is compiled and produced with help from Dylan Matthews, Mike Shepard, and Michelle Williams.