Saudi Arabia's subtle change of energy policymaker line-up since the accession of new King Salman in late January appears to give the monarch's inner circle a firmer hand on the kingdom's oil strategy than previous rulers have enjoyed. The most notable change was the promotion of the king's son Prince Abdulaziz bin Salman, long a member of the No. 1 crude exporter's OPEC delegation, to the role of deputy oil minister from assistant oil minister, a post he had held for many years. On the same day, King Salman formed a new body replacing the Supreme Petroleum Council and appointed another son, Prince Mohammed bin Salman, to head the new Supreme Council for Economic Development. There are no indications that those moves will lead to changes in the fundamental way the kingdom makes its oil decisions or diminish the influence of veteran oil minister Ali al-Naimi. Detail: Saudi king keeps close hand on oil in remodelling strategic team
Read more... http://www.howcanigeteasymoney.com/saudi-king-keeps-close-hand-on-oil-in-remodelling-strategic-team/
2015年3月3日 星期二
Apple, Google poaching settlement appears headed for approval
A U.S. judge on Monday seemed satisfied with a proposed $ 415 million settlement that would end a lawsuit in which tech workers accused Apple Inc, Google Inc and two other Silicon Valley companies of conspiring to hold down salaries. U.S. District Judge Lucy Koh in San Jose, California, had previously rejected an earlier $ 324 million deal as too low. During a hearing on Monday, Koh raised no objections about the size of the settlement as she had at an earlier court session. "We are pleased court indicated she was going to approve the settlement," Kelly Dermody, an attorney for the workers, said after the hearing. Detail: Apple, Google poaching settlement appears headed for approval
Read more... http://www.howcanigeteasymoney.com/apple-google-poaching-settlement-appears-headed-for-approval/
Read more... http://www.howcanigeteasymoney.com/apple-google-poaching-settlement-appears-headed-for-approval/
HP buys wireless networking company Aruba Networks - Times of India
Livemint | HP buys wireless networking company Aruba Networks Times of India SAN FRANCISCO: Hewlett-Packard is buying wireless networking company Aruba Networks for about $ 2.7 billion, in what amounts to HP's first major acquisition since its disastrous purchase of a British software company in 2011.: Aruba, based in Sunnyvale, ... HP to buy WiFi gear maker Aruba Networks for US$ 2.7bil HP Rides Aruba's Wave Into Contextual Networking HP to buy Aruba Networks |
Read more... http://www.howcanigeteasymoney.com/hp-buys-wireless-networking-company-aruba-networks-times-of-india-8/
IBM shareholder sues company, alleging it overvalued chip unit
IBM Corp was sued on Monday by a shareholder that said it committed securities fraud by failing to write down a money-losing semiconductor unit before agreeing to pay another company $ 1.5 billion to take that unit off its hands. The lawsuit filed in Manhattan federal court arose from IBM's announcement last Oct. 20 that it would sell the unit to GlobalFoundries Inc, and take a related $ 4.7 billion pre-tax charge. Warren Buffett's Berkshire Hathaway Inc is among IBM's largest shareholders. According to the complaint, IBM inflated its stock price before selling the semiconductor unit by carrying the unit's property, plant and equipment assets on its books at $ 2.4 billion, when it should have known the assets were worthless. Detail: IBM shareholder sues company, alleging it overvalued chip unit
Read more... http://www.howcanigeteasymoney.com/ibm-shareholder-sues-company-alleging-it-overvalued-chip-unit/
Read more... http://www.howcanigeteasymoney.com/ibm-shareholder-sues-company-alleging-it-overvalued-chip-unit/
What would the Dow look like if it included Apple?
It may be by far the most valuable American company but Apple Inc still can't get into at least one exclusive club – the 30-member Dow Jones Industrial Average. It is, though, hurting those who tie their investments to the performance of the venerable Dow, which was first calculated in 1896 and is still probably the best-known stock index in the world. Since Apple split its shares seven-for-one last June 6, it's delivered investors a gain of more than 43 percent including dividend payments, and that has contributed almost one third of the Nasdaq 100's return of 18.6 percent, according to ETF.com. Had Apple been substituted for 29 of the 30 Dow components last June, the index would have been higher. Detail: What would the Dow look like if it included Apple?
Read more... http://www.howcanigeteasymoney.com/what-would-the-dow-look-like-if-it-included-apple/
Read more... http://www.howcanigeteasymoney.com/what-would-the-dow-look-like-if-it-included-apple/
HP buys wireless networking company Aruba Networks - Times of India
Livemint | HP buys wireless networking company Aruba Networks Times of India SAN FRANCISCO: Hewlett-Packard is buying wireless networking company Aruba Networks for about $ 2.7 billion, in what amounts to HP's first major acquisition since its disastrous purchase of a British software company in 2011.: Aruba, based in Sunnyvale, ... HP to buy WiFi gear maker Aruba Networks for US$ 2.7bil HP Rides Aruba's Wave Into Contextual Networking HP to buy Aruba Networks |
Read more... http://www.howcanigeteasymoney.com/hp-buys-wireless-networking-company-aruba-networks-times-of-india-7/
Volkswagen on track with efficiency program: CEO
Volkswagen is optimistic it will reach its cost saving targets, which should help the company to narrow the profit gap with international rivals. "We are on track with our efficiency program," ... Detail: Volkswagen on track with efficiency program: CEO
Read more... http://www.howcanigeteasymoney.com/volkswagen-on-track-with-efficiency-program-ceo-2/
Read more... http://www.howcanigeteasymoney.com/volkswagen-on-track-with-efficiency-program-ceo-2/
HP buys wireless networking company Aruba Networks - Times of India
Livemint | HP buys wireless networking company Aruba Networks Times of India SAN FRANCISCO: Hewlett-Packard is buying wireless networking company Aruba Networks for about $ 2.7 billion, in what amounts to HP's first major acquisition since its disastrous purchase of a British software company in 2011.: Aruba, based in Sunnyvale, ... HP to buy WiFi gear maker Aruba Networks for US$ 2.7bil HP Rides Aruba's Wave Into Contextual Networking HP to buy Aruba Networks |
Read more... http://www.howcanigeteasymoney.com/hp-buys-wireless-networking-company-aruba-networks-times-of-india-6/
United Airlines sees potential fit for Boeing 777-300ER, not yet 777X
While Rainey has said the 777-300ER interests United, he noted Monday that the aircraft could be a quick fix in markets where United needs additional seats to satisfy demand so customers are not forced to book on United's competitors. United currently is considering whether to swap Boeing 787 Dreamliners it has on order for its first 777-300ER aircraft, which can fit more seats. The swap would be a victory for Boeing, which has long insisted it can sell the 100 777-300ERs it plans to produce annually before it shifts toward building the 777X, starting in 2017. Analysts have expressed concern that Boeing might have to cut prices or production as it makes this switch. Detail: United Airlines sees potential fit for Boeing 777-300ER, not yet 777X
Read more... http://www.howcanigeteasymoney.com/united-airlines-sees-potential-fit-for-boeing-777-300er-not-yet-777x/
Read more... http://www.howcanigeteasymoney.com/united-airlines-sees-potential-fit-for-boeing-777-300er-not-yet-777x/
Connecticut launches probe into Lenovo use of Superfish software
The office said that Jepsen last week sent letters to Lenovo, the world's biggest personal computer maker, and privately held software maker Superfish asking them to provide information, including contracts and emails that discuss their partnership. Reports that the pre-loaded software tracks users' web searching and browsing for advertising purposes are "alarming revelations" that suggest Lenovo may have "seriously undermined computer users' online security and privacy," Jepsen said in his Feb. 27 letter to Lenovo. Detail: Connecticut launches probe into Lenovo use of Superfish software
Read more... http://www.howcanigeteasymoney.com/connecticut-launches-probe-into-lenovo-use-of-superfish-software/
Read more... http://www.howcanigeteasymoney.com/connecticut-launches-probe-into-lenovo-use-of-superfish-software/
HP buys wireless networking company Aruba Networks - Times of India
Livemint | HP buys wireless networking company Aruba Networks Times of India SAN FRANCISCO: Hewlett-Packard is buying wireless networking company Aruba Networks for about $ 2.7 billion, in what amounts to HP's first major acquisition since its disastrous purchase of a British software company in 2011.: Aruba, based in Sunnyvale, ... HP to buy WiFi gear maker Aruba Networks for US$ 2.7bil HP Rides Aruba's Wave Into Contextual Networking HP to buy Aruba Networks |
Read more... http://www.howcanigeteasymoney.com/hp-buys-wireless-networking-company-aruba-networks-times-of-india-5/
HP buys wireless networking company Aruba Networks - Times of India
Livemint | HP buys wireless networking company Aruba Networks Times of India SAN FRANCISCO: Hewlett-Packard is buying wireless networking company Aruba Networks for about $ 2.7 billion, in what amounts to HP's first major acquisition since its disastrous purchase of a British software company in 2011.: Aruba, based in Sunnyvale, ... HP to buy WiFi gear maker Aruba Networks for US$ 2.7bil HP Rides Aruba's Wave Into Contextual Networking HP to buy Aruba Networks |
Read more... http://www.howcanigeteasymoney.com/hp-buys-wireless-networking-company-aruba-networks-times-of-india-4/
Brent crude up $1 to over $60.50 as global markets firm
Brent crude oil prices rose more than a dollar to above $ 60.50 a barrel on Tuesday, tracking firmer Asian markets, but analysts warned the market remained oversupplied. Most Asian stock markets edged up on Tuesday, bolstered by a record day on Wall Street, while a resurgent yen helped knock the U.S. dollar index off an 11-year high, making commodities priced in the greenback slightly cheaper for holders of other currencies. A drop in U.S. rig counts is also boosting oil prices, analysts said. "Brent crude prices (are) attempting to rally on rapid week-on-week reduction in U.S. ... rig count," Morgan Stanley said on in a note on Tuesday. Detail: Brent crude up to over .50 as global markets firm
Read more... http://www.howcanigeteasymoney.com/brent-crude-up-1-to-over-60-50-as-global-markets-firm/
Read more... http://www.howcanigeteasymoney.com/brent-crude-up-1-to-over-60-50-as-global-markets-firm/
HP buys wireless networking company Aruba Networks - Times of India
Livemint | HP buys wireless networking company Aruba Networks Times of India SAN FRANCISCO: Hewlett-Packard is buying wireless networking company Aruba Networks for about $ 2.7 billion, in what amounts to HP's first major acquisition since its disastrous purchase of a British software company in 2011.: Aruba, based in Sunnyvale, ... HP to buy WiFi gear maker Aruba Networks for US$ 2.7bil HP Rides Aruba's Wave Into Contextual Networking HP to buy Aruba Networks |
Read more... http://www.howcanigeteasymoney.com/hp-buys-wireless-networking-company-aruba-networks-times-of-india-3/
Weak U.S. consumer spending points to slower first-quarter growth
All the gas savings are ending up at the bank rather than being spent," Thomas Costerg, an economist at Standard Chartered Bank in New York. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, slipped 0.2 percent after falling 0.3 percent in December. The January dip reflected lower gasoline prices, which weighed on sales receipts at service stations, as well as drop in purchases of big-ticket items. With lower gasoline prices dampening inflation pressures, the so-called real consumer spending increased 0.3 percent after slipping 0.1 percent in December. Detail: Weak U.S. consumer spending points to slower first-quarter growth
Read more... http://www.howcanigeteasymoney.com/weak-u-s-consumer-spending-points-to-slower-first-quarter-growth/
Read more... http://www.howcanigeteasymoney.com/weak-u-s-consumer-spending-points-to-slower-first-quarter-growth/
HP buys wireless networking company Aruba Networks - Times of India
Livemint | HP buys wireless networking company Aruba Networks Times of India SAN FRANCISCO: Hewlett-Packard is buying wireless networking company Aruba Networks for about $ 2.7 billion, in what amounts to HP's first major acquisition since its disastrous purchase of a British software company in 2011.: Aruba, based in Sunnyvale, ... HP to buy WiFi gear maker Aruba Networks for US$ 2.7bil HP Rides Aruba's Wave Into Contextual Networking HP to buy Aruba Networks |
Read more... http://www.howcanigeteasymoney.com/hp-buys-wireless-networking-company-aruba-networks-times-of-india-2/
HP buys wireless networking company Aruba Networks - Times of India
Livemint | HP buys wireless networking company Aruba Networks Times of India SAN FRANCISCO: Hewlett-Packard is buying wireless networking company Aruba Networks for about $ 2.7 billion, in what amounts to HP's first major acquisition since its disastrous purchase of a British software company in 2011.: Aruba, based in Sunnyvale, ... HP to buy WiFi gear maker Aruba Networks for US$ 2.7bil HP Rides Aruba's Wave Into Contextual Networking HP to buy Aruba Networks |
Read more... http://www.howcanigeteasymoney.com/hp-buys-wireless-networking-company-aruba-networks-times-of-india/
2015年2月28日 星期六
AstraZeneca rejects Pfizer's take-it-or-leave-it offer
LONDON
The Pfizer logo is seen at their world headquarters in New York April 28, 2014.
Credit: Reuters/Andrew Kelly
LONDON (Reuters) - Britain's AstraZeneca on Monday rejected a sweetened and "final" offer from Pfizer, puncturing the U.S. drugmaker's plan for a merger to create the world's biggest pharmaceuticals group.
The rebuff came nine hours after Pfizer said on Sunday night it had raised its takeover offer to 55 pounds a share, or around 70 billion pounds ($ 118 billion) in total, and would walk away if AstraZeneca did not accept it.
The rejection left some major shareholders fuming as shares in AstraZeneca slumped 11 percent to close at 42.88 pounds after falling as much as 15 percent - their biggest ever intra-day decline. Pfizer rose 1 percent in New York.
AstraZeneca Chairman Leif Johansson told Reuters he now saw no prospect of a deal with Pfizer before a deadline of May 26 set under British takeover rules, or any likelihood of that deadline being extended.
Experts also said Pfizer had left itself no room to return with a last-minute higher offer due to the strict takeover code.
Pfizer wants to create the world's largest drugs firm, with a headquarters in New York but a tax base in Britain, where corporate tax rates are lower than in the United States. The plan has met entrenched opposition from AstraZeneca, as well as politicians and scientists who fear cuts to jobs and research.
"It died of multiple wounds. Too little cash, too many suspicions about Pfizer's motives, and too little confidence in its assurances about jobs," said Erik Gordon, professor at the University of Michigan's Ross School of Business. "Pfizer's chances are going down, despite its offer of a higher price."
Johansson said he had made clear in discussions with Pfizer that his board could only recommend a bid that was more than 10 percent above an offer of 53.50 pounds made by Pfizer on Friday, which would amount to at least 58.85 pounds. He blamed Pfizer for calling a halt to discussions after a telephone call lasting more than an hour with Pfizer's chairman and CEO Ian Read on Sunday afternoon.
In addition to the inadequate price, Johansson also slammed what he said was a lack of industrial logic behind Pfizer's move; the risks posed to shareholders by the controversial tax plans; and the threat to life science jobs in Britain, Sweden and the United States.
"Pfizer's approach throughout its pursuit of AstraZeneca appears to have been fundamentally driven by the corporate financial benefits to its shareholders of cost savings and tax minimization," Johansson said in a statement.
"From our first meeting in January to our latest discussion yesterday, and in the numerous phone calls in between, Pfizer has failed to make a compelling strategic, business or value case."
But many of Johansson's shareholders were deeply unimpressed. "We do not think the Astra management have done a good job on behalf of shareholders," said one fund manager at a top-10 investor in the group.
Alastair Gunn of top-30 shareholder Jupiter Fund Management said: "We are disappointed the board of AstraZeneca has rejected Pfizer's latest offer so categorically. They should have at least engaged in a constructive conversation with Pfizer."
However, Pfizer's proposed takeover, which would be the largest-ever foreign acquisition of a British company, is opposed by many scientists and politicians who fear it would undermine Britain's science base.
The U.S. group said its new offer was final and could not be increased. It said it would not make a hostile offer directly to AstraZeneca shareholders and would only proceed with an offer with the recommendation of the AstraZeneca board.
Pfizer had also increased the cash element in its offer to 45 percent, under which AstraZeneca shareholders would get 1.747 shares in the enlarged company for each of their AstraZeneca shares and 24.76 pounds in cash.
The new offer represents a 15-percent premium over the current value of a cash-and-share approach made on May 2 - worth 50 pounds a share at the time - which was also swiftly rejected by AstraZeneca.
Pfizer's Read said he believed his proposal was "compelling" for AstraZeneca shareholders and expressed frustration at its refusal to talk, urging the British company's shareholders to pressure its board to engage.
TAKE A BREAK
In the absence of further discussions or an extension of the deadline for making a firm offer under British takeover rules, Pfizer's proposal will expire at 5 p.m. (1600 GMT) on May 26. After that, it would have to wait six months before making another bid.
"AstraZeneca will have six months to demonstrate that it was right to reject Pfizer's offer, or face the prospect of a fresh approach," said analyst Mick Cooper at Edison Investment Research.
While Pfizer would have to wait on the sidelines until November, it would be possible for AstraZeneca to initiate talks from late August, if it decided it wants coax a higher offer.
The latest increased offer had been widely expected. Pfizer said last week it would consider a higher offer as it urged AstraZeneca's board to enter talks.
The British firm has laid out details of its pipeline of new drugs and argues it has no need for a deal. However, many analysts believe its projections that it can increase sales by 75 percent to $ 45 billion a year by 2023 are over-optimistic.
There has been a mounting political backlash against the proposed deal in Britain, the United States and Sweden, where AstraZeneca has half its roots.
The Swedish government launched a concerted effort on Friday against a merger that it fears will lead to cuts in science jobs and research, echoing concerns aired by British lawmakers at two parliamentary hearings last week, and fears for U.S. jobs in states where AstraZeneca has a large presence.
British Prime Minister David Cameron has said he wanted more assurances from Pfizer, in the event of a takeover, although as the head of the free-market Conservative Party he does not want to be seen to be deterring foreign corporate investment.
Pfizer gave a five-year commitment to complete AstraZeneca's new research centre in Cambridge, retain a factory in northern England and put a fifth of its research staff in Britain, but added that these pledges could be adjusted if circumstances changed "significantly".
The tax aspects of the deal, meanwhile, have sparked anger in the United States, where lawmakers are now considering legislation to prevent what are known as corporate inversions, under which U.S. companies re-incorporate overseas to avoid U.S. taxes.
Inversions have helped fuel a wave of deals in the pharmaceuticals sector in recent months. Buying AstraZeneca would allow Pfizer to carry out the largest such deal yet.
(Additional reporting by Chris Vellacott, Jemima Kelly, Kate Holton and Anjuli Davies in London; Editing by Eric Walsh, David Holmes, Alastair Macdonald and Philippa Fletcher)
Detail: AstraZeneca rejects Pfizer's take-it-or-leave-it offerRead more... http://www.howcanigeteasymoney.com/astrazeneca-rejects-pfizers-take-it-or-leave-it-offer/
Notable ETF Outflow Detected - XLY, CMCSA, AMZN, MCD
Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel , one standout is the Consumer Discretionary Select Sector SPDR Fund (Symbol: XLY) where we have detected an approximate $ 45.8 million dollar outflow -- that's a 0.5% decrease week over week (from 115,603,252 to 115,003,252). Among the largest underlying components of XLY, in trading today Comcast Corp (Symbol: CMCSA) is down about 0.9%, Amazon.com Inc. (Symbol: AMZN) is up about 0.2%, and McDonald's Corp (Symbol: MCD) is up by about 1.4%. For a complete list of holdings, visit the XLY Holdings page » The chart below shows the one year price performance of XLY, versus its 200 day moving average:
Looking at the chart above, XLY's low point in its 52 week range is $ 61.68 per share, with $ 76.52 as the 52 week high point - that compares with a last trade of $ 76.19. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average » . Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Click here to find out which 9 other ETFs experienced notable outflows »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
Detail: Notable ETF Outflow Detected - XLY, CMCSA, AMZN, MCDRead more... http://www.howcanigeteasymoney.com/notable-etf-outflow-detected-xly-cmcsa-amzn-mcd/
Fines, selloffs, cuts: Life under cash-squeezed ISIS
Reuters
ISIS fighters on parade
Once smokers were flogged in Syrian territory ruled by the Islamic State of Iraq and the Levant, now they are fined about $ 65. Local rulers dismantle old state facilities to sell for parts. And shopkeepers complain Isis fighters no longer spend so freely.
The world's richest jihadi group is not as flush as it once was, say Syrians who live under its rule. It has cut spending on fuel and bread subsidies, while increasingly shaking down locals for cash. Fighters themselves may be feeling the squeeze, too.
"Isis took some kind of financial hit . . . Some fighters' salaries were cut, including my nephew," said a man in the eastern city of Mayadeen, who says an apparent drop in the group's revenues is making it difficult to cover the cost of its expansion in territory and membership since its lightning offensive last year.
Read more from the Financial Times:
Bundestag backs Greek bailout extension
Oil set for biggest monthly rise in 6 years
Japan flirts with return to deflation
Claims of belt-tightening are hard to confirm. Structurally, Isis is a secretive organisation, particularly with its finances. According to the US state department, it has $ 500m in liquid cash assets. But the group does seem to be restricting spending, potentially making it difficult to function like the caliphate it claims to be building.
So far this is unlikely to affect its capabilities as a militant organisation. According to the Financial Action Task Force, an intergovernmental body, it costs up to $ 10m a month to fund its fighters.
"It's harder for them to maintain the fiction of running a state in the eyes of local [people]," said a senior western diplomat who attended recent meetings of the anti-Isis coalition. "But if you are a member of the organisation itself, or a fighting group affiliated with it, then the money is still available."
Read MoreWalker: Protesters prepared him to confront global terrorism
Yet some of Isis's most profitable and straightforward sources of income are drying up.
Before the coalition air strikes, Isis enjoyed a monopoly on captured oilfields in Syria and Iraq, where it holds nearly a third of each country's territory. It controlled the entire supply chain, from crude extraction and wholesale export to the refining and sale of fuel products internally.
Since the coalition began targeting the makeshift refineries and fuel convoys, Isis passed the refinery business on to local allies and now relies solely on crude extraction and sales of about $ 20 a barrel.
"Without selling the fuel, and only relying on crude, they lose about half of what their oil revenues once were," said a gas plant worker from eastern Deir Ezzor province, who, like all sources contacted in Isis-controlled areas, asked not be named.
Analyst Torbjorn Soltvedt estimates the group's daily revenues from oil has dropped to $ 300,000 per day. Last year, analysts estimated it made anything between $ 1m and $ 2m a day from oil. "I don't think this will lead to their collapse . . . But it might accelerate their implosion," said Mr Soltvedt, of security consultancy Verisk Maplecroft group.
Read MoreIran blows up replica US warship in drills
Opportunities to loot and kidnap for ransom, which Mr Soltvedt said earned Isis around $ 20m last year and the FATF put at anything up to $ 45m, have also become rare as the coalition campaign slows Isis' territorial gains.
Isis, which has lost hundreds of fighters since the coalition strikes, also pays families 900,000 Syrian pounds (nearly $ 4,000) for each son killed, Raqqa residents say. With over a thousand believed killed in the battle for the border town of Kobani alone, such payments could be an added financial burden.
The group has also seen a string of high profile commanders and emirs, or local rulers, fleeing — often with hundreds of thousands, sometimes millions of dollars. In the past two months, at least five Isis officials have been executed for trying to abscond with large sums of money, according to locals and reports by the Syrian Observatory for Human Rights, a Britain-based monitoring group.
A former Isis official, who asked to keep his identity secret because he fled the group, said Isis still has a secret pile of reserves abroad.
The group has enough income to survive, notably from a network of investments abroad and from taxing local businesses. It also "gets monthly extortion money from local businesses, taxes and the foreign transfers," said Hisham al-Hashemi, an analyst of Islamist militants in Iraq.
"Isis is in no danger of economic crisis," the former offical said. "They have enough to survive six more years of war like this." Recent efforts by Turkey to tighten border controls has made it harder for the human mules who bring money from abroad to get across, according to activists and the ex-Isis member.
In Syria, locals list numerous signs they say show Isis is beginning to feel a strain. Fines are now imposed for unkempt storefronts. A major businessman from Raqqa, Isis's de facto capital in northern Syria, told a local journalist he was forced to pay a $ 50,000 fine for price gouging, an offence that once carried a $ 200 fine plus two days in prison.
Read MoreJPMorgan discloses $ 9 in Iran fees ... yes, $ 9
Traders say Isis is now selling Assad government infrastructure — such as subsidised bread bakeries and clinics — to private investors.
A trader from Raqqa said Isis tried to sell equipment in army bases captured last summer. "They took us into the soldiers' dorms to buy whatever we want — the soldiers' corpses were still inside, and body parts everywhere," he said with disgust, before recalling he found "good bargains" on military bunk beds.
Yet even among Syrians who hate living under Isis rule, there is little joy at these signs of strain. One shopkeeper in Deir Ezzor said his revenue had halved in recent months — a major concern for locals like him, struggling to get by on a few dollars a day. "Isis foreign fighters aren't buying as much," he said. "Syrians have no money any more, our economy collapsed — we're dependent on those fighters. For us, the situation is worse."
Additional reporting by Sam Jones and a local journalist in Isis territories, whose name is withheld for security reasons.
Detail: Fines, selloffs, cuts: Life under cash-squeezed ISISRead more... http://www.howcanigeteasymoney.com/fines-selloffs-cuts-life-under-cash-squeezed-isis/
BoE considers fines for accountancy firms
The Bank of England would be able to fine accountancy firms a percentage of their revenue for failing in their duties and auditors would have to provide written annual reports on the UK's largest deposit-takers under proposals from the bank's Prudential Regulation Authority.
The PRA said on Friday that accountancy firms would have to provide it with yearly reports ahead of a full audit of the most significant banks to help supervisors have a "more consistent and holistic set of information". It is also consulting on rules that would allow it to fine — and even ban from working in financial services — individual accountants and firms if they breached the regulator's rules or if they were not co-operative or transparent in their dealings with the watchdog.
Andrew Bailey, head of the PRA, said: "We need the relationship between external auditors and supervisors to work effectively. This needs to be supported by high quality, thorough audits which can help mitigate emerging issues and risks that can threaten both the safety and soundness of individual firms and financial stability more broadly."
He added that where auditors and actuaries failed to provide the PRA with the information needed to supervise firms effectively, it now had disciplinary powers that enabled it to take action to rectify such situations.
Critics of the big four accountancy firms will point to the fact that they gave banks a clean bill of health only months before the onset of the worst financial crisis in a generation.
Giving the PRA greater oversight of accountancy firms was first floated by the Parliamentary Committee on Banking Standards as part of a package of proposals to improve rules and regulatory architecture following the crisis.
The Institute of Chartered Accountants in England and Wales described the additional demands on its members as an opportunity to make sure "auditors are more relevant".
Giving the PRA the power to fine and ban accountants means that individuals and firms could face disciplinary investigations from many different authorities: the Financial Reporting Council traditionally regulates and penalises the industry, while the Financial Conduct Authority, the PRA's sister financial regulator, also has existing fining powers.
"These bodies must co-ordinate any disciplinary action to ensure auditors do not face double or triple jeopardy as a result," said Iain Coke, head of ICAEW's financial services faculty. "That would only further muddy waters we are all trying to clear."
The yearly reports bring the UK in line with countries such as Germany, which require a private explanation by auditors to be sent to banks' management and also their supervisors. The parameters of such reports will be set by the PRA and could cover issues such as banks' loan-loss provisioning techniques, experts said.
Initially the proposals will apply only to auditors of the largest UK-headquartered deposit-takers over their financial periods ending on or after November 2016.
Additional reporting by Harriet Agnew in London
Copyright The Financial Times Limited 2015. You may share using our article tools.
Please don't cut articles from FT.com and redistribute by email or post to the web.
Detail: BoE considers fines for accountancy firmsRead more... http://www.howcanigeteasymoney.com/boe-considers-fines-for-accountancy-firms/
Why J.C. Penney Company Stock Is Plunging After Hours
The market's initial reaction to J.C. Penney's earnings was one of disdain, but that might change upon further reflection.
J.C. Penney reported fourth-quarter earnings this afternoon that showed adjusted net income came in flat, which amounted to a huge miss compared to Wall Street's expectations of a profit of $ 0.11 per share. Its stock plunged 10% in after-hours trading. Despite higher revenues of $ 3.89 billion that were up 2.9% and beat out estimates, and comparable-store sales rising above the high-end of management's guidance of 4%, the retailer's net income for the quarter was a $ 59 million loss, compared to a profit of $ 35 million in the same period of 2014.
However, last year's effort benefited from a non-recurring $ 270 million non-cash tax credit. While the markets had expected more money to be flowing to Penney's bottom line, the department store actually is still well on its way to the recovery everyone has been waiting for.
Beauty is in the eye of the beholder
In particular, J.C. Penney's beauty supply retailer Sephora, which operates store-in-store boutiques in almost 500 stores, continues to drive traffic. Previously, the retailer noted Sephora for creating significant customer loyalty . This quarter, men's apparel, home, and fine jewelry were the top-performing merchandise divisions.
The other standout division this quarter was the online channel at jcpenney.com, which continued to be one of the company's best performers. It grew revenues to $ 428 million, a 12.5% increase over last year.
J.C. Penney enjoyed a strong Christmas shopping season . When its results are reviewed against those of its competitors, its performance doesn't seem as disastrous as the after-hours trading on its stock would appear.
Gaining on its rivals
Macy's reported sales growth of just 1.8% the other day, with comps up 2.5% from a year ago, but only 2% higher when excluding licensed businesses from the results. Kohl's reported earnings this morning, and said sales were almost 4% higher on a 3.7% increase in comps, suggesting J.C. Penney's relatively stronger showing means the retailer is luring away customers from its rivals.
And when you look at their respective guidance for the coming year, Penney appears to be a bit more upbeat than the competition too. Its guidance says 2015 comparable sales should grow between 3% and 5%, while Macy's offered a cautious outlook for the year, saying it expected just 1% growth in revenues with comps coming in 2% higher. Kohl's expects a comparable-sales increase of 1.5% to 2.5%.
A ghost from the past
One headache J.C. Penney didn't need was the revival of the lawsuit Macy's filed against it relating to its deal with the diva of domesticity, Martha Stewart. An appeals court overturned a lower-court decision that found while J.C. Penney's was "over the top," its actions in signing on Stewart during a period when she had an exclusive arrangement with Macy's did not amount to a breach of confidentiality or unfair competition.
Macy's lawsuit against J.C. Penney keeps turning up like a bad penny as an appeals court has overturned a lower-court ruling.
The appeals court ruled J.C. Penney "misappropriated Macy's labor, skill, expenditures, and good will, all the while demonstrating bad faith in pursuing its objective." It did say Macy wasn't entitled to punitive damages; but it's an unnecessary distraction that the case is being resurrected at this particular moment, when the company needs to focus on gaining profitability.
Better than it looks
When you look at the overall picture for J.C. Penney, it doesn't seem as bad as the killing the stock took after hours. The department-store operator ended the year with more than $ 2.1 billion in total available liquidity, along with inventory levels that were down 9.6% from the yea- ago period, to $ 2.65 billion.
Last year, it was still clearing the racks and offering lots of clearance merchandise, which drove traffic to the store. This time around, it didn't have that same tailwind, yet still turned in a strong operational performance. Gross margins improved 540 basis points, to 33.8% of sales compared to 28.4% last year. This gain was driven by significant improvement in its merchandise mix and the lack of so much clearance.
The clearance racks at J.C. Penney have been a lot thinner this time around.
Perhaps that's what made J.C. Penney's lack of profits such a surprise. I had been projecting its margins , and it's natural to expect it to make a bigger jump to the bottom line.
No matter... I still see the retailer as being on the track to recovery, and with after-market trading being notoriously thin, it wouldn't surprise me if those steep losses on its stock price were erased. There are challenges in the year ahead, but J.C. Penney should be a much improved business by then.
1 great stock to buy for 2015 and beyond
2015 is shaping up to be another great year for stocks. But if you want to make sure that 2015 is your best investing year ever, you need to know where to start. That's why The Motley Fool's chief investment officer just published a brand-new research report that reveals his top stock for the year ahead. To get the full story on this year's stock -- completely free -- simply click here .
The article Why J.C. Penney Company Stock Is Plunging After Hours originally appeared on Fool.com.
Rich Duprey owns shares of J.C. Penney Company,. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days . We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy .Copyright © 1995 - 2015 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
Detail: Why J.C. Penney Company Stock Is Plunging After HoursRead more... http://www.howcanigeteasymoney.com/why-j-c-penney-company-stock-is-plunging-after-hours/
Michael Strahan Sells Brentwood Mansion for $21.5 Million
Filed under: Buying, Celebrity Homes, Selling
Strahan, the gap-toothed co-host of "Live! With Kelly and Michael" reportedly bought the house in 2013 for $ 16 million when he was engaged to Nicole Murphy -- model, VH1 reality star and former wife of Eddie Murphy. Alas, the wedding is off, and Strahan has jettisoned the nine-bedroom, 14-bath house that was big enough for his four children and her five.
About that split in August, Strahan's rep told People: "They love each other very much, but with the distance and work schedule it has been hard to maintain the relationship."
Nine kids probably didn't help love blossom, either.
But, back to the 15,600-square-foot house, which features:
- Prohibition-style wine cellar
- Two laundry rooms
- Air filtration system in library to handle cigar smoke
- Nine bedroom-and-bath suites
- Gym, game room and sauna.
Permalink | Email this | Comments
Detail: Michael Strahan Sells Brentwood Mansion for .5 MillionRead more... http://www.howcanigeteasymoney.com/michael-strahan-sells-brentwood-mansion-for-21-5-million/
See you later? Slim Pfizer deal hopes prop up AstraZeneca
LONDON
The Pfizer logo is seen at their world headquarters in New York April 28, 2014.
Credit: Reuters/Andrew Kelly
LONDON (Reuters) - Pfizer's (PFE.N) chances of striking a deal to buy AstraZeneca (AZN.L) in the coming days look vanishingly small, but the notion it could return later this year is propping up the British drugmaker's shares.
The stock rose 3 percent on Wednesday, despite AstraZeneca insisting on Tuesday there wasn't the slightest chance of Pfizer's $ 118 billion offer being increased by a May 26 deadline set by UK takeover rules.
While Pfizer agrees it cannot raise its final offer of 55 pounds a share, its advisers have been urging investors to speak up against AstraZeneca's decision to reject its proposal, according to several people familiar with the matter.
One suggestion now circulating is that disgruntled AstraZeneca shareholders could call an extraordinary general meeting (EGM) to put Pfizer's offer to a vote. The support of just 5 percent of shareholders is needed to call such a meeting.
Even if shareholders wanted to revive the bid - or oust the board - an EGM would not come in time to rescue the current process before the takeover rules deadline, but they could force AstraZeneca to open communications with Pfizer in late August, after a compulsory three-month cooling-off period.
"Some of the more active hedge funds, instead of selling out are buying in," said one hedge fund investor. "There has been sufficient shareholder dissatisfaction about this deal that investors can use that to get a favourable outcome further down the road."
The only way a deal could be salvaged this month would be for AstraZeneca Chairman Leif Johansson and his board to make a complete U-turn and recommend Pfizer's current 55-pound offer, which looks out of the question.
More leading shareholders spoke out publicly on the deal on Wednesday, but they didn't speak with one voice, underlining the challenge facing the Pfizer camp in trying to stir an investor rebellion.
Threadneedle Asset Management came out in support of AstraZeneca's stance, while investment and insurance group AXA said the board should not have prevented Pfizer's offer being put to investors.
The AXA view was echoed by Legal & General, according to the Wall Street Journal. An L&G spokesman confirmed to Reuters that the fund manager had talked to both companies but declined to comment further.
EVENLY BALANCED
To date, investors representing around 10 percent of AstraZeneca's share base have spoken out against the board's decision, with a similar number broadly lending their support, according to Thomson Reuters data.
At more than 44 pounds, the shares remain well short of Pfizer's offer but a fair way above the undisturbed price of 37.82 pounds seen before news of Pfizer's interest emerged in mid-April.
A recent run of favourable clinical trial news about AstraZeneca's new drugs has also supported the stock, with UBS issuing a note on Wednesday setting a price target for the shares of 50 pounds, without a Pfizer deal.
Analysts at Barclays, who have a 40 pounds target, said in a note that the market was pricing in a probability of around 15 percent that there would eventually be an agreed deal with Pfizer valuing AstraZeneca at some 60 pounds.
The U.S. company's ambitions to create the world's largest drugmaker - and slash its tax bill in the process - appeared within reach at one point in talks between the two sides last weekend, with AstraZeneca indicating a desired price of 58.85 pounds.
But AstraZeneca's Johansson told Reuters on Monday that Pfizer had closed down discussions after a telephone call lasting more than an hour on Sunday and had surprised AstraZeneca by issuing its final offer later that night.
(Reporting by Ben Hirschler; Editing by Will Waterman)
Detail: See you later? Slim Pfizer deal hopes prop up AstraZenecaRead more... http://www.howcanigeteasymoney.com/see-you-later-slim-pfizer-deal-hopes-prop-up-astrazeneca/
China ETFs: Bull or Bear in the Year of the Goat? - ETF News And Commentary
News about the Chinese economy has been hitting headlines for wrong reasons. The economy expanded at the worst pace (7.4%) in 24 years in 2014. However, China divulged some good news to start the year of the Goat in the form of a four-month high manufacturing sector data.
Astrologers predict 'accidents and an unstable economy' in the year of the Goat (per the Chinese lunar calendar) and 'finance and wealth to be favorable' if exercised with 'caution as there will continue to be volatile political situations causing economic activity and prices to fluctuate'. While it would be unfair to go all astrological before investing in Chinese securities, the current trend points only to instability.
The latest manufacturing data, which cheered up the China equities ETF space forcing many to take this as the beginning of the China bull ride, reveals possibilities and perils. Export orders contracted at the steepest rate in 20 months as per a private survey , indicating that the world's second largest economy has to go a long way to attain the ground lost. Muted overseas demand and acute deflationary worries are constantly posing threats.
Manufacturing Data in Detail
The data revealed that the flash HSBC/Markit Flash China Manufacturing Purchasing Managers' Index rose to 50.1 in February, an increase from last month's final reading of 49.7 and above market expectations of 49.5. The most important point is that China's manufacturing activity expanded this month for the first time this year.
We believe that the all-important Chinese New Year on February 19 was one of the reasons for the uptick in domestic demand, absence of which might result in sluggish manufacturing data in the months to come. The frightening point is that the employment in factories contracted for the 16th consecutive months as firms fired workers in the wake of soft business environment. Economists now forecast a growth rate of 7% in 2015, cooler than the year-ago rate.
It's not that the Central Bank (PBOC) is sitting idle. It rolled out a host of policy easing measures in the last few months and even cut the reserves requirement ratio (RRR) earlier in February, but the waning growth points toward the need for more aggressive policy easing (read: Policy Easing Puts China ETFs in Focus ).
ETFs to Watch
Investors are advised to keep an eye on China ETFs after the bullish manufacturing data. In the large cap sphere, one can expect activity in iShares MSCI China Index Fund ( MCHI ), iShares FTSE China 25 Index Fund ( FXI ), SPDR S&P China ETF ( GXC ) and PowerShares Golden Dragon Halter USX China Portfolio ( PGJ ). These funds are 4.94%, 4.52%, 2.8% and 3.9% up so far this year (as of February 24, 2015).
However, investors should note that small caps have been the real winners this year on the rise in domestic demand and the PBOC's special easing package to shore up smaller companies. For investors willing to bet on this space, funds such as db X-trackers Harvest CSI 500 China-A Shares Small Cap Fund ( ASHS ) , Market Vectors ChinaAMC SME-ChiNext ETF ( CNXT ) and iShares MSCI Hong Kong Small-Cap ETF ( EWHS ) should be kept on the radar. CNXT, ASHS and EWHS are up 23.7%, 12.2% and 2.7%, respectively, so far this year (as of February 24, 2015) (read: China A-Shares ETFs Explained ).
Bottom Line
From the above discussion, one can understand that astrologers' forecast looks correct at the current level. The Chinese economy is presently sitting on a fence with returns and risks on both sides. So, the year of the Goat has to be a 'volatile' one and needs to be watched with a 'caution'.
There are a number of headwinds still facing the Chinese economy, including shadow-banking activities and money laundering from mainland China to other peripheral destinations like Macau. A group of economists believe that the government's excessive focus on anti-corruption activities may in fact hold back GDP growth (read: China ETFs to Watch on Margin Trade Ban and GDP Data ).
Whatever the case, we can expect a volley of easing measures from the PBOC if the economy turns up with offhand readings as the year moves along. And whenever this happens, the market should jump (read: Should You Buy China ETFs on Stimulus Bet? ).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
ISHARS-MS CH IF (MCHI): ETF Research Reports
ISHARS-CHINA LC (FXI): ETF Research Reports
SPDR-SP CHINA (GXC): ETF Research Reports
PWRSH-GL DR HA (PGJ): ETF Research Reports
DEUTS-XT HV CS5 (ASHS): ETF Research Reports
MKT VEC-CHINAMC (CNXT): ETF Research Reports
ISHARS-MS HK SC (EWHS): ETF Research Reports
To read this article on Zacks.com click here.
Zacks Investment Research
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
Detail: China ETFs: Bull or Bear in the Year of the Goat? - ETF News And CommentaryRead more... http://www.howcanigeteasymoney.com/china-etfs-bull-or-bear-in-the-year-of-the-goat-etf-news-and-commentary/
Garmin Enters Alliance with Wings for Life World Run - Analyst Blog
Worldwide provider of navigation, communications and information devices, Garmin Ltd. 's ( GRMN ) unit, Garmin International Inc., recently entered into a global brand collaboration with Wings for Life World Run.
The AllianceWings for Life World Run is a race organized by Wings for Life, a not-for-profit spinal cord research foundation for athletes of all abilities, where participants have no targeted finish line and no distance is set for them to cover.
It is basically a running and wheelchair race conducted to create awareness and generate funds for developing a cure for spinal cord injury. The event will be held on May 3 in 35 locations globally. All funds from the race will go directly to the foundation.
Through the partnership, Garmin will provide both monetary and voluntary assistance to the race's mission and help to bring awareness. Garmin will also offer a special edition Wings for Life World Run Vívofit 2 activity tracker. Wings for Life World Run Vívofit 2 is designed so as to encourage users to develop healthy habits and live more active lifestyles.The device will also show support for the race's cause and its motto "running for those who can't." So for Garmin, it is primarily a promo event designed to create awareness of its products and perhaps open up a sales channel.
Vívofit
Vívofit is Garmin's first slimline fitness tracker launched in Jan 2014. Vívofit had a strong start in the rapidly growing activity tracking category. The success witnessed by its fitness tracker urged the company to launch Vívofit 2, a lower-end wristband, at the International Consumer Electronics Show (CES) 2015 in January.
Vívofit 2 features audible "move" alerts that remind users when it is time to get up and move. An activity timer allows users to track and analyze individual workouts. The new stopwatch feature records timed activities with or without a heart-rate monitor. Also, the device is fitted with a backlight to help users check activity status even in the dark.
The tracker runs on replaceable batteries with approximately a year of battery life and has water resistance of up to 50 meters. Users may set personalized fitness goals, track activity levels, measure calories burnt and monitor heart rate. The device provides inactivity alerts as well.
Priced at $ 129.99, Vívofit 2 will be available in four colors. However, the one fitted with a heart rate monitor will cost $ 169.99. Both the new collection of bands and Vívofit 2 are expected to be shipped in the first quarter of this year.
To Conclude
The worldwide provider of navigation, communications and information devices has set a trend of developing active lifestyle products that have become integral to customers' lives. Its fitness devices including the GPS-enabled running and cycling products are gaining worldwide popularity. Similarly, Vívofit 2 is expected to promote healthy and active lifestyles.
We believe that these products and the focus on quality content continue to endear Garmin to users. But the advent of wearable devices and particularly, fitness devices is a looming threat.
The company's fourth-quarter 2014 revenues of $ 803.3 million were up 13.7% sequentially and 5.7% year over year. It also sailed past the Zacks Consensus Estimate of $ 790.7 million.
The Fitness segment increased 73.3% sequentially and 69.7% year over year. The year-over-year increase was driven by the ramp up of new products including activity trackers and running products.
Stock to Consider
Garmin currently has a Zacks Rank #3 (Hold). Investors interested in the technology sector may consider Universal Electronics Inc. ( UEIC ), Mistras Group, Inc. ( MG ) and VOXX International Corp. ( VOXX ). While Mistras Group sports a Zacks Rank #1 (Strong Buy), Universal Electronics and VOXX International carry a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
GARMIN LTD (GRMN): Free Stock Analysis Report
UNIVL ELECTRS (UEIC): Free Stock Analysis Report
MISTRAS GROUP (MG): Free Stock Analysis Report
VOXX INTL CP (VOXX): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
Detail: Garmin Enters Alliance with Wings for Life World Run - Analyst BlogRead more... http://www.howcanigeteasymoney.com/garmin-enters-alliance-with-wings-for-life-world-run-analyst-blog/
Cramer: Last year was bubblicious—not this year!
Jim Cramer has had enough with the talk of being in a tech bubble, especially since there was one last year. Detail: Cramer: Last year was bubblicious—not this year!
Read more... http://www.howcanigeteasymoney.com/cramer-last-year-was-bubblicious-not-this-year/
Read more... http://www.howcanigeteasymoney.com/cramer-last-year-was-bubblicious-not-this-year/
DigitalGlobe Inc Sets the Stage for Growth With Another Solid Quarter
DigitalGlobe released sharp fourth-quarter results Thursday after the bell, beating estimates on both revenue and earnings. Shares of the high-res satellite image and geospatial solutions provider are up a modest 2%.
Quarterly revenue rose 9.4% year over year, to $ 185.7 million, which was both on the higher end of Digital Globe's expectations, and above analysts' consensus for sales of $ 180.2 million. Net income fell 21% during the same period, to $ 10.7 million, or $ 0.14 per share, helped by DigitalGlobe's decision to repurchase more than 2.2 million shares of stock for $ 60.1 million during the quarter.
To explain the year-over-year drop, however -- and keeping in mind the impending focus on growth we noticed in last quarter's report -- DigitalGlobe dedicated 2014 to investing heavily in what CEO Jeffrey Tarr describes as "building the world's leading earth observation capability to a new era of growth, margin expansion, free cash flow and improving returns." Also, it helps that Wall Street was only looking for quarterly earnings of $ 0.06 per share.
For the full-year 2014, revenue rose 6.8%, to $ 654.6 million, which resulted in net income -- available to common shareholders -- of $ 13.9 million, or $ 0.18 per diluted share. Adjusted earnings before interest, taxes, depreciation, and amortization was $ 286.2 million. Analysts were modeling full-year 2014 revenue and earnings of $ 649.5 million and $ 0.11 per share, respectively.
WorldView-3 is (still) up and running
After the widely anticipated launch of WorldView-3 last August, calibrations for the cutting-edge satellite were formally completed on October 1, 2014. That means Q4 was also the first-full quarter to recognize revenue under DigitalGlobe's EnhancedView Service Level Agreement with the NGA at an annualized rate of $ 337.1 million -- an increase of roughly $ 50 million per year from the previous rate.
WorldView-3, for its part, is collecting images of Earth at an incredible resolution of 30cm, or five times the detail of its nearest competitor. Yesterday, DigitalGlobe also announced its 30cm imagery is now available to all customers following a mandatory six-month waiting period imposed by the U.S. Department of Commerce from the time WorldView-3 was first considered operational. This opens up what DigitalGlobe described last summer as a $ 400 million-per-year global addressable market comprised of commercial clients who formerly had to rely on expensive, time-inefficient high-res imagery from aerial surveyors.
They're not that old
That's not to say everybody needs the highest-resolution imagery DigitalGlobe offers. That's why, in December, DigitalGlobe was happy to report that it extended the useful lives of two of its older satellites as a result of its annual satellite life review. The first, WorldView-1, was extended by 2.5 years to 13 years, and is now expected to reach end of life in the fourth quarter of 2020. The second, WorldView-2, was extended two years to 13 years, and is now expected to reach end of life in the fourth quarter of 2022.
In the end, these extensions have the effect of reducing both non-cash amortization of deferred revenue and depreciation expenses. And according to DigitalGlobe, this will "drive improved capital efficiency, lower capital expenditures, and better cashflows."
A clearer view of the future
Finally, DigitalGlobe provided its first look at fiscal 2015, saying it expects full-year revenue of $ 725 million to $ 750 million, with adjusted EBITDA of $ 355 million to $ 375 million. Capital expenditures should also fall by roughly 40%, to $ 110 million. By comparison, analysts were modeling 2015 revenue of $ 739 million, or roughly in line with the mid-point of DigitalGlobe's expected range.
All things considered, from its top- and bottom-line beat to its solid forward guidance, DigitalGlobe delivered an impressive performance. As it scales back on investments and focuses more on improving financial results going forward, long-term investors should finally be able to kick back and enjoy the view.
Wall Street hacks Apple's gadgets! (Investors, prepare to profit.)
Apple forgot to show you something at its recent event, but a few Wall Street analysts and the Fool didn't miss a beat: There's a small company that's powering Apple's brand-new gadgets. And its stock price has nearly unlimited room to run for early in-the-know investors. To be one of them, just click here !
The article DigitalGlobe Inc Sets the Stage for Growth With Another Solid Quarter originally appeared on Fool.com.
Steve Symington has no position in any stocks mentioned. The Motley Fool recommends DigitalGlobe. Try any of our Foolish newsletter services free for 30 days . We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy .Copyright © 1995 - 2015 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
Detail: DigitalGlobe Inc Sets the Stage for Growth With Another Solid QuarterRead more... http://www.howcanigeteasymoney.com/digitalglobe-inc-sets-the-stage-for-growth-with-another-solid-quarter/
Hell no, we won't go! Homeowners who wouldn't budge
A holdout is the term used when a new development comes in and an owner or owners refuse to sell, or owners hold out for so much money that the development proceeds around the building anyway. The result is a home or building distinguished from their new neighbors and stand as monuments to the stubborn spirit of the owners.
Examples of this David and Goliath phenomenon are found all over the world. What follows are holdouts that made headlines, as well as one that's been hiding in plain sight in New York City for decades. Let's begin with a holdout house that's in the news once again.
By Colleen Kane, special to CNBC.com
Posted 27 Feb. 2015
Detail: Hell no, we won't go! Homeowners who wouldn't budgeRead more... http://www.howcanigeteasymoney.com/hell-no-we-wont-go-homeowners-who-wouldnt-budge/
Pfizer walks away from $118 billion AstraZeneca takeover fight
LONDON/NEW YORK
The Pfizer logo is seen at their world headquarters in New York April 28, 2014.
Credit: Reuters/Andrew Kelly
LONDON/NEW YORK (Reuters) - Pfizer abandoned its attempt to buy AstraZeneca for nearly 70 billion pounds ($ 118 billion) on Monday as a deadline approached without a last-minute change of heart by the British drugmaker.
The decision ends a month-long public fight between two of the world's biggest pharmaceutical companies that sparked political concerns on both sides of Atlantic over jobs and corporate tax maneuvers.
British rules now require an enforced cooling-off period. AstraZeneca could reach out to Pfizer after three months and Pfizer could take another run at its smaller British rival in six months time, whether it is invited back or not.
Pfizer's move came two hours before a 5.00 pm (1200 ET) deadline to make a firm offer or walk away, under UK takeover rules. Its decision to quit the stage, at least for now, had been widely expected after AstraZeneca refused its final offer of 55 pounds a share.
"Following the AstraZeneca board's rejection of the proposal, Pfizer announces that it does not intend to make an offer for AstraZeneca," Pfizer said in a short news release.
The biggest U.S. drugmaker promised it would not go hostile by taking its offer directly to AstraZeneca shareholders, leaving the fate of what would have been the world's largest ever drugs merger in the hands of its target, whose board would have had to make a complete U-turn to get a deal done.
"We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us," said Ian Read, Pfizer's chairman and chief executive.
Pfizer's final offer was at a price that many analysts and investors had previously suggested would bring AstraZeneca to the table for serious negotiations.
But in rejecting an earlier offer of 53.50 pounds as undervaluing the company, the British group indicated it needed a bid more than 10 percent higher, or at least 58.85 pounds per share, for its board to consider a recommendation.
Pfizer had urged AstraZeneca shareholders to agitate for engagement and several expressed disappointment at its intransigence, although others - encouraged by AstraZeneca's promising drug pipeline - backed the firm's standalone strategy.
AstraZeneca Chairman Leif Johansson welcomed Pfizer's decision to back down, which he said would allow the British company to focus on its growth potential as an independent company.
What happens next will depend upon whether AstraZeneca's share price deteriorates in the coming weeks and how hard its shareholders push for it to revisit a deal with Pfizer.
BlackRock, AstraZeneca's biggest shareholder, backed the board's rejection of Pfizer's 55 pounds a share offer, but urged it to talk again in the future.
POLITICAL OPPOSITION
The proposed transaction ran into fierce opposition from politicians in Britain, Sweden - where AstraZeneca has half it roots - and the United States over the likelihood that the marriage would lead to thousands of job cuts.
Ultimately, it was price and the lack of room for eleventh-hour maneuvering by Pfizer that killed the deal.
Pfizer had several reasons for taking aim at AstraZeneca for what would have been its fourth mega-merger in 14 years.
Highest on the list appeared to be Pfizer's desire to take part in a recent trend of so-called tax inversions, under which it could reincorporate in Britain and pay significantly lower corporate tax. Pfizer would also be able to use tens of billions of dollars it has parked overseas, avoiding high U.S. taxes for repatriating the huge cash pile.
Pfizer also had its eye on a promising portfolio of drugs in AstraZeneca's developmental pipeline, especially several potentially lucrative cancer medicines.
It was this pipeline that AstraZeneca management used to make its case for Pfizer significantly undervaluing the company.
Chief Executive Pascal Soriot went as far as making a 10-year forecast for a 75 percent rise in sales by 2023.
"As we said from the start, the pursuit of this transaction was a potential enhancement to our existing strategy," Pfizer's Read said. "We will continue our focus on the execution of our plans, bringing forth new treatments to meet patients' needs and remaining responsible stewards of our shareholders' capital."
The merger would have restored Pfizer as the world's largest drugmaker by sales, a position it relinquished to Swiss-based Novartis when billions of dollars in annual revenue evaporated after its top-selling cholesterol fighter Lipitor began facing generic competition in 2011.
(Editing by David Evans and Mark Potter)
Detail: Pfizer walks away from 8 billion AstraZeneca takeover fightRead more... http://www.howcanigeteasymoney.com/pfizer-walks-away-from-118-billion-astrazeneca-takeover-fight/
訂閱：
文章 (Atom)