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Feb 18, 2011

Financial And Forex Info: Kitco - New York Market Close Report

New York Market Close Feb 18/11 05:20 PM EST

Evening Market Wrap

Evening Market Wrap
Friday, February 18, 2011, 17:01

Corporate News
Branded convenience food products maker Campbell Soup Co. (CPB) Friday reported a decline in second-quarter profit, as sales and margin dropped from last year amid challenging market environment. Earnings per share managed to come in line with analysts' forecast, while top line missed. Campbell lowered its fiscal 2011 outlook, assuming the continuation of the competitive pressure in the second half of the year. (Feb 18, 2011) Full Article
Electric utility company Progress Energy (PGN) reported Friday a decline in profit for the fourth quarter, even as extreme winter weather across the Southeast U.S. helped bolster results. Higher outage and maintenance costs as well as income taxes took a major bite out of the company's bottom line. Ongoing earnings per share declined, but topped analysts' expectations by a penny, while operating revenues missed estimates. The company also guided full-year 2011 in line with Street view. (Feb 18, 2011) Full Article
Healthcare solutions provider Amerigroup Corp. (AGP) Friday reported higher fourth-quarter profit that came in above Wall Street analysts' forecast, driven by strong premium revenue. Total revenue was up 10 percent, but fell short of analysts' consensus. Fourth-quarter net income was $79.63 million or $1.59 per share, compared with $40.22 million or $0.79 per share last year. On average, analysts polled by Thomson Reuters expected earnings of $1.12 per share for the quarter. Analysts' estimates typically exclude one-time items. (Feb 18, 2011) Full Article
A two-day meeting of the G-20 Finance Ministers has commenced in Paris amid concerns of global food prices increasing to dangerous levels and the necessity to formulate a coordinate strategy to deal with the global economic problems, reports said. Among others, the meeting was attended by Indian Finance Minister Pranab Mukherjee, besides representatives of important countries including the U.S., Japan, Germany and China which collectively account for 85 per cent of the global output and two-third of the world population. (Feb 18, 2011) Full Article
Asset manager Brookfield Asset Management Inc. (BAM, BAM_A.TO) Friday reported a sharp increase in fourth-quarter profit, helped by a significant gain related to fair value changes. For the quarter, the company's net income attributable to shareholders surged to $1.09 billion from $215 million in the previous year. On a per share basis, earnings were $1.80, up from $0.35 per share in the prior year. (Feb 18, 2011) Full Article
Forex Commentary
The dollar fell further versus other major currencies on Friday, as popular unrest among strategic U.S. allies has fueled concerns about the nation's role in the Middle East. Just one week after civil demonstrations toppled Hosni Mubarak in Egypt, the leadership in Bahrain fired on unarmed protesters in an effort to quell the uprising there. (Feb 18, 2011) Full Article
Stocks To Watch
This biomedical smallcap, which moved its listing to the NYSE Amex this month, has grown its annual sales significantly in the past five years and completed one Phase 3 multi-center clinical trial. Th (Feb 18, 2011) Full Article

Financial And Forex Info: Reuters - Daily Investor Update: Market up for third week as late-comers jump in


Market up for third week as late-comers jump in
NEW YORK (Reuters) - Late arrivals to the speediest rally in stocks since the Great Depression pushed stocks higher for a third week on Friday, despite growing signals of an overheating market. | Full Article

Bernanke: Don't blame easy money for capital swings
February 18, 2011 03:36 PM ET
PARIS (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke defended easy money policies in advanced economies against the charge they are overheating emerging markets, saying factors such as exchange rate rigidity are also to blame. | Full Article
"Flash crash" panel calls for market overhaul
February 18, 2011 03:33 PM ET
WASHINGTON/NEW YORK (Reuters) - U.S. regulators should stem the growing tide of anonymous stock-trading and consider charging high-frequency traders for their disproportionate amount of buy and sell orders, said a panel of experts advising how to avoid another "flash crash." | Full Article
Dynegy shares suggest Icahn deal unlikely
February 18, 2011 04:22 PM ET
NEW YORK (Reuters) - Dynegy Inc shares closed 9.3 percent above Carl Icahn's $665 million bid for the power company, suggesting the billionaire investor's offer that was set to expire later on Friday is unlikely to succeed. | Full Article
Citigroup sets exec bonus payouts, tied to profits
February 18, 2011 04:33 PM ET
NEW YORK (Reuters) - Citigroup Inc, recovering after a series of government bailouts, will pay some top executives millions of dollars of cash bonuses if its core operations earn at least $12 billion before taxes over the next two years. | Full Article

NYT: Afternoon Business News: Local, Organic Milk: Nice Idea, but Try Making a Profit.


Local, Organic Milk: Nice Idea, but Try Making a Profit

A dairy co-operative in coastal Maine that produces slow-pasteurized organic milk is struggling to find enough customers to stay in business.

Bernanke Warns of Money-Flow Imbalances Between Nations

The Fed chairman urged countries that export more than they import to allow their currencies to reflect their overall economic performance.

Nasdaq and ICE Hold Talks Over Potential N.Y.S.E. Bid

Nasdaq OMX and the InterContinental Exchange are in talks about potentially teaming up to take over NYSE Euronext, in an effort to scuttle the New York Stock Exchange's merger with Deutsche Borse.

'Flash Crash' Panel Urges Tighter Safeguards

A committee set up in response to the brief market plunge last May said regulators had done much, but not enough, to prevent a recurrence.
Economix Blog

Why Does College Cost So Much?

A conversation with Robert B. Archibald and David H. Feldman, economists at the College of William & Mary and the authors of a book on the cost of college.

MarketWatch: Personal Finance Daily: Don't be audit bait with job deductions

Personal Finance Daily
FEBRUARY 18, 2011

Friday's Personal Finance Stories

By MarketWatch

Don't miss these top stories:
The best way for employees to handle employee expenses is to get their companies to establish an accountable plan. That way, employees submit their expense reports and get reimbursed with no tax consequences. They don't even have to report it on their tax returns, Eva Rosenberg writes in today's edition of TaxWatch. She also has information on itemizing your business expenses and ways to make sure you and your return don't end up as audit bait.

Also in today's Personal Finance lineup, Jennifer Waters writes in her Consumer Confidential column about how to spot debt-collection scams and what to do to protect your rights and your peace of mind. Experts say they suspect some of these scams are run by international fraud rings while others are U.S.-based.

Anne Stanley , Managing editor, Personal Finance


Don't be audit bait when deducting job expenses

If you're like many U.S. employees, some of your expenses are related to your job. But proceed carefully before deducting those costs on your tax return, says Eva Rosenberg.
Read more: Don't be audit bait when deducting job expenses.


Mortgage insurers help struggling homeowners

Most people hate having to pay private mortgage insurance, or PMI. But if you get behind on your mortgage and need help, your mortgage insurer might be your best friend.
Read more: Mortgage insurers help struggling homeowners.

Homes that help you take aging in stride

More homes are being built with "universal design" features that will help boomers stay in their homes as they age. But these features no longer evoke a hospital room — and they're appealing to a younger demographic, too.
 Watch video: Homes That Help You Take Aging in Stride.


Doctor, heal thy billing system

That suspicious charge on your medical bill might be a mistake — but if you let it fester, it could end up damaging your credit score.
Read more: Doctor, heal thy billing system.

How to spot debt-collection scams

Fraudsters will keep calling in hopes that you'll give in with a check. Here's how to outwit them, and protect yourself.
Read more: How to spot debt-collection scams.


House nears approval of budget-cutting bill

House lawmakers on Friday were nearing approval of a bill to fund the federal government for the rest of the current fiscal year, as the clock ticks toward the expiration of a short-term spending measure and the possibility of a government shutdown looms.
Read more: House nears approval of budget-cutting bill.

Weather muddies job data

Initial jobless claims increased by 25,000 to 410,000 in the week ended last Saturday, the Labor Department said Thursday. The increase followed sharp declines during the two previous weeks.
Read more: Weather muddies job data

Bernanke defends QE2 on global stage

The Federal Reserve chairman backs the quantitative-easing program, while critics charge it has caused destabilizing capital flows into vulnerable emerging-market economies.
Read more: Bernanke defends QE2 on global stage.


In charts: Inflation, average earnings, Philly Fed

In a week dominated by inflation data, reports showed apparel costs growing, average earnings falling, and strong conditions for Philadelphia-area manufacturers and Singapore exporters.
See charts: Inflation, average earnings, Philly Fed.

Here comes the dot-com boom 2.0

Howard Gold suggests some safer ways to invest in the latest wave of Internet IPOs.
Read more: Here comes the dot-com boom

Futures slip ahead of G-20, long weekend

U.S stock futures are lower ahead of the G-20 meeting of finance ministers and central bankers in Paris, the long holiday weekend and renewed unrest in the Middle East.
Read more: Futures slip ahead of G-20, long weekend.


ECB emergency overnight lending jump persists

A second consecutive day of post-Lehman-style overnight borrowing from the European Central Bank has traders nervously searching for an explanation.
Read more: ECB emergency overnight lending jump persists.

NYSE deal ends crisis-inspired protectionism

A surge in global protectionism after the financial crisis has officially ended with the sale of the NYSE to Deutsche Boerse. More deals to come.
Read more: NYSE deal ends crisis-inspired protectionism.

The Washington Post Afternoon Edition : 10 Top most read Opinion Columns.

Washington Post

1) Obama's Louis XV budget

Obama's first post-commission budget marks a return to obliviousness.

2) Haley Barbour's silence speaks volumes

The Mississippi governor continues to display ignorance on issues of race.

3) Mitch Daniels, thinking like a president

When it comes to entitlement reform, Mitch Daniels is thinking like a president.

4) Deficit leadership: Waiting on Obama

The President and Congress should respond to our looming budget crisis.

5) The solution in Afghanistan: Get out

The human and financial costs of the war are unacceptable.

6) Health reform's central flaw: Too much power in one office

It puts more power than is prudent in the hands of one person.

7) Workers toppled a dictator in Egypt, but might be silenced in Wisconsin

Republicans fear that letting our workers exercise their rights undermines the GOP regime.

8) Bahrain's crackdown threatens U.S. interests

Bahrain's crackdown on protesters belies its stated policy of moving toward democracy and endangers U.S. interests in the region. The United States must press for reform.

9) Five myths about Abraham Lincoln

No American hero, with the possible exception of George "I Cannot Tell a Lie" Washington, has been more encrusted with myth than Abraham Lincoln. Lincoln did boast virtues that required little embellishment. He rose from obscurity through hard work, self-education and honesty. He endured venomous...

10) Fannie Mae, wasting taxpayers' money and time

This case has turned into a three-ring circus.

Forex Market Update

Forex Market Update
Friday, February 18, 2011, 09:10

Economic News
House prices in major Chinese cities continued to increase in January, despite numerous government measures to cool the real estate market, official data showed on Friday. (Feb 18, 2011) Full Article
The rate of annual inflation in Canada eased to 2.3 percent in January, official data showed Friday morning. (Feb 18, 2011) Full Article
An indicator of economic sentiment for the Central and Eastern Europe (CEE) including Turkey increased in February after a decline in the previous month, results of a survey showed Friday. (Feb 18, 2011) Full Article
Singapore's budget deficit is now expected to be close to a balanced position in the financial year 2010, Finance Minister Tharman Shanmugaratnam said in his budget speech in Parliament on Friday. (Feb 18, 2011) Full Article
Boosted by energy prices, German producer price inflation accelerated unexpectedly in January to the highest level since October 2008, official data showed Friday. (Feb 18, 2011) Full Article
Analyst Economic Comments
Eurozone consumer confidence came in better-than-expected in February, but a more buoyant consumer is likely to arouse mixed feelings at the European Central Bank, ING Bank NV said yesterday. (Feb 18, 2011) Full Article
Many more reserve requirement ratio hikes are awaiting Chinese banks this year, Capital Economics economist Mark Williams said.Full Article (Feb 18, 2011)
British consumer spending may be muted in coming months as the weather-impacted drop in December was larger than estimated and volumes rose modestly in January, IHS Global Insight said Friday. (Feb 18, 2011) Full Article
Forex Top Story
The People's Bank of China on Friday lifted commercial banks' reserve ratio for the second time this year to absorb excess liquidity in the system and curb unabated property price inflation. (Feb 18, 2011) Full Article
UK retail sales rebounded strongly in January from a snow-related dip at the end of 2010. (Feb 18, 2011) Full Article
French manufacturers' sentiment decreased in February, but continued to stay above its long-term average suggesting relatively favorable conditions. (Feb 18, 2011) Full Article
Malaysia's economy expanded faster than expected in the fourth quarter, driven by services and manufacturing sectors. (Feb 18, 2011) Full Article
The price of crude oil was little changed Friday morning amid lack of fresh triggers. (Feb 18, 2011) Full Article
The price of gold was little changed near its five-week high Friday morning amid growing unrest in the Middle East. (Feb 18, 2011) Full Article
Political News
A third woman has entered the fray in Kazakhstan's presidential election, which is expected to return incumbent Nursultan Nazarbayev with a landslide victory. (Feb 18, 2011) Full Article
The US has voiced deep concern over the violent crackdown on pro-democracy activists in Bahrain and urged the Shia-majority nation's rulers to engage in meaningful dialogue with protesters, reports said late Thursday. (Feb 18, 2011) Full Article
Britain has ordered an urgent review of arms sales to Bahrain in the wake of Manama's violent crackdown on pro-democracy protesters there, reports said on Friday. (Feb 18, 2011) Full Article
In a clear message of protest against the Bahrain government over its violent crackdown on pro-democracy demonstrators, German President Christian Wulff has called off his visit to that Gulf country scheduled for later this month. (Feb 18, 2011) Full Article
U.S. Secretary of State Hillary Rodham Clinton has told her Congressional colleagues that the Fiscal Year 2011 spending bill now before the House will have serious negative consequences for America's national security. (Feb 18, 2011) Full Article
A two-day meeting of the G-20 Finance Ministers has commenced in Paris amid concerns of global food prices increasing to dangerous levels and the necessity to formulate a coordinate strategy to deal with the global economic problems, reports said. (Feb 18, 2011) Full Article
Currency Alerts
Friday in early trading, the British pound extended its recent rally against major rivals following a government report showed that the UK retail sales in January rose much more than analysts had predicted. However, the weak domestic stocks limited the sterling's uptrend against the dollar and yen. (Feb 18, 2011) Full Article
The New Zealand dollar extended its early Asian session rally against major currencies in late trading on Friday as a rally in most Asian stocks boosted demand for riskier currencies. (Feb 18, 2011) Full Article
The euro weakened against its major rivals in early trading on Friday as European stocks declined across the board following China's unexpected 50 basis point hike in reserve requirement ratio. (Feb 18, 2011) Full Article
The dollar was slightly weaker Friday morning in New York, amid mixed signals on inflation from some of the United States' largest trading partners. (Feb 18, 2011) Full Article
General News
The United States has announced a $150-million aid for Egypt to ensure an orderly democratic transition and to assist with their economic recovery. (Feb 18, 2011) Full Article
India and Malayasia have signed a bilateral trade agreement which is expected to boost their annual trade volume to around $15 billion by 2015, reports said on Friday. (Feb 18, 2011) Full Article
The year 2010 marked a significant fall in foreign direct investment (FDI) in the Russian economy, Finance Minister Alexei Kudrin said on Friday. (Feb 18, 2011) Full Article
The United States has expressed concern over the Afghan government's proposed changes to the regulation of women's shelters, which will allow it to take over shelters for abused women. (Feb 18, 2011) Full Article
Signaling a new found closeness in China-U.S. military ties, a U.S. Navy vessel has been permitted to call at Hong Kong, the state-run RTHK radio reported on Friday. (Feb 18, 2011) Full Article

Daily Stocks to Watch

Daily Stocks to Watch
Friday, February 18, 2011, 09:07

Stocks To Watch

Newpark Resources Inc. (NR) posted better-than-expected fourth-quarter results, citing solid revenue growth in Brazil within its Drilling Fluids business, as well as continued growth in the Northeast (Feb 18, 2011) Full Article

The 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 with avg. gains of 44%. (Feb 18, 2011) Full Article

Morning Market Briefing

Morning Market Briefing
Friday, February 18, 2011, 09:04


Stock futures point to a lackluster opening Friday following an unexpected hike in reserve requirements announced by the Bank of China. With the day's light economic calendar, traders may take the opportunity to pocket some of the recent gains with the major averages near multi-year highs. The major index futures are little changed, with the Dow futures up by 6 points. (Feb 18, 2011) Full Article

Economic News

Malaysia's economy expanded faster than expected in the fourth quarter, driven by services and manufacturing sectors. (Feb 18, 2011) Full Article

The People's Bank of China on Friday lifted commercial banks' reserve ratio for the second time this year to absorb excess liquidity in the system and curb unabated property price inflation. (Feb 18, 2011) Full Article

French manufacturers' sentiment decreased in February, but continued to stay above its long-term average suggesting relatively favorable conditions. (Feb 18, 2011) Full Article

UK retail sales rebounded strongly in January from a snow-related dip at the end of 2010. (Feb 18, 2011) Full Article

Earnings News

Food products maker Campbell Soup Company (CPB) Friday said second-quarter profit fell 8% on lower margins impacted mainly by higher promotional spending. Revenues for the quarter fell short of the Street view. The company lowered its full-year outlook, and now expects full-year earnings to decline from last year. (Feb 18, 2011) Full Article

Progress Energy Inc. (PGN) said Friday fourth-quarter profit decreased as a result of higher operation and maintenance expense and greater income tax expense. Adjusted earnings beat estimates, but revenues fell short. The company issued its 2011 earnings guidance.Full Article (Feb 18, 2011)

Specialty clothing and accessories retailer Nordstrom Inc. (JWN) announced Thursday a higher fourth-quarter profit reflecting higher revenues, which benefited from growth in same-store sales. The quarterly results beat analysts' estimates. The company also issued its fiscal 2011 earnings guidance. (Feb 18, 2011) Full Article

Financial management solutions provider Intuit Inc. (INTU) Thursday said second-quarter profit declined on higher selling and marketing expenses, and also reflected a gain from sale of business in the prior year's quarter. While adjusted earnings topped expectations, revenues missed estimates. The company issued its third-quarter financial guidance, and raised its full-year 2011 earnings outlook. (Feb 18, 2011) Full Article

CF Industries Holdings Inc., holding company for the fertilizer maker CF Industries, reported Thursday a sharp increase in fourth-quarter profit thanks to a 144% surge in revenues, aided by sales from a recently-acquired business and also higher nitrogen volumes and product prices. Revenues beat analysts' estimates. (Feb 18, 2011) Full Article

Oil and gas company EOG Resources Inc. (EOG) said Thursday fourth-quarter profit fell sharply from the same period last year as a result of higher expenses and unusual losses. However, both adjusted earnings and revenues exceeded expectations. The company expects production to rise 9% in 2011. (Feb 18, 2011) Full Article

Managed healthcare company Amerigroup Corp. (AGP) announced Friday a sharp increase in fourth-quarter profit from the previous year on the back of a 10.3% increase in premium revenue and a lower health benefits expense-to-premium revenue ratio. (Feb 18, 2011) Full Article

Communications and technology solutions provider Windstream Corp. (WIN) Friday reported a marginally lower fourth-quarter profit as a 38% rise in cost of services and higher restructuring charges offset the 30% increase in revenues. The company also issued its 2011 pro forma revenue outlook. (Feb 18, 2011) Full Article

Todays WS Events

EOG Resources Q4 10 Earnings Conference Call At 9:00 AM ET
EOG Resources, Inc. (EOG) will host a conference call at 9:00 AM ET, to discuss Q4 10 earnings results, on February 18, 2011. To access the live webcast, log on to (Feb 18, 2011)

Campbell Soup Q2 11 Earnings Conference Call At 10:00 AM ET
Campbell Soup Co. (CPB) will host a conference call at 10:00 AM ET, February 18, 2011, to discuss its Q2 11 earnings result. To access the webcast, log on to To participate in the call, dial 1-866-261-3182 (US) or 1-703-639-1222 (International). A replay of the call can be heard by dialing 1-888-266-2081 (US) or 1-703-925-2533 (International), passcode 1512958. (Feb 18, 2011)

Progress Energy Q4 10 Earnings Conference Call; Webcast At 10:00 AM ET
Progress Energy Inc. (PGN) will host a conference call at 10:00 AM ET on February 18, 2011, to discuss Q4 10 earnings results. To access the live webcast, log on to To listen the call, dial 913-312-0836; confirmation code 3289071. (Feb 18, 2011)

Financial And Forex Info: Reuters Before The Bell: Stock futures slip as Wall St eyes 3 weeks of gains


Stock futures slip as Wall St eyes 3 weeks of gains
NEW YORK (Reuters) - U.S. stock index futures edged lower on Friday after recent advances pushed indexes to multi-year highs and as Wall Street eyed a third week of gains. | Full Article

G20 split on imbalance indicators, money policy
February 18, 2011 07:25 AM ET
PARIS (Reuters) - The world's major economies were split down the middle on Friday over how to measure imbalances in the global economy in a bid to avert future financial crises, Japan's finance minister said. | Full Article
Campbell Soup cuts '11 forecast
February 18, 2011 07:45 AM ET
NEW YORK (Reuters) - Campbell Soup Co reported lower quarterly profit and cut its full-year forecast, hurt by declining U.S. soup sales. | Full Article
Mergers loom as "flash crash" back in spotlight
February 18, 2011 07:14 AM ET
NEW YORK (Reuters) - The merger frenzy among the world's top exchanges could cast the U.S.-centric "flash crash" debate in a global light, as experts on Friday pitch some possibly radical changes meant to avoid another market breakdown. | Full Article
ECB borrowing spike intensifies bank speculation
February 18, 2011 07:55 AM ET
FRANKFURT (Reuters) - Emergency borrowing from the European Central Bank remained exceptionally elevated for a second straight day on Friday, intensifying speculation that one or more euro zone bank might be facing new funding problems. | Full Article

NYT: Morning Business News: Illinois Pension Bonds to Test Investors' Faith.


Illinois Pension Bonds to Test Investors' Faith

The state hopes to sell $3.7 billion of bonds to make this year's contribution to its teetering pension fund, adding to its already heavy debt load.

Apple Is Weighing a Cheaper iPhone

To broaden the appeal of the iPhone, Apple has been exploring ways to make the popular device less expensive.
Media Decoder

New Leader Of Time Inc. Forced Out

Jack Griffin is leaving after less than six months - forced out because his management style was not a good fit.