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Treasury To Sell More GM (GM.N) Stock – Reduce US Government Stake

June 5, 2013 By Karen Jackson Leave a Comment

The Treasury Department announced it will sell more General Motors Co (GM.N) stock  acquired during the government bailout of the US auto industry to reduce the government’s stake in the number one US automaker.

An an additional 30 million shares of GM common stock in a public offering in conjunction with the company’s inclusion to the Standard & Poor’s 500 index on June 6.

The government still owns 241.7 million shares of common stock of GM  And expects it will finish its exit in total by early next year. GM will rejoin the S&P 500 index (.SPX) on Thursday after the close of trading.

GM (GM.N) was kicked out of the S&P 500 the result of the company filing bankruptcy reorganization in 2009. GM shares closed at $34.96 on Tuesday, up 1.6%

Filed Under: Business

Mattress Firm (MFRM) Up 8% Early on a Brisk Volume

June 5, 2013 By Karen Jackson Leave a Comment

Mattress Firm Holding Company (MFRM), which was  up  in early trading continues to charge ahead after the company beat analyst expectations yesterday afternoon and reported earnings of $.38 per share excluding items. Analyst at expected $.36 per share. Revenue grew higher-than-expected in the company improved its outlook.

Shares of Mattress Firm Holding Company (MFRM)  our up 7% in early trading today to $40.16 on much higher than normal volume. 15 minutes in to the trading day Mattress Firm Holding Company (MFRM)  as traded 320,000 shares, with average volume 235,000 shares. The stock has traded in a range from $39.36 to $41.20 today.

Mattress Firm stated revenue from stores open at least a year was down more than 5% however the company has been expanded rapidly through a series of acquisitions.  Shares of Mattress Firm Holding Company (MFRM) Have risen more than 50%  to help make up for losses at the end of last year.

Mattress Firm Holding Corp., (MFRM) through its subsidiaries, operates as a specialty retailer of mattresses, and related products and accessories in the United States

Filed Under: Business, Finance

Miami Heat Returns to The NBA Finals

June 4, 2013 By Karen Jackson Leave a Comment

Lebron Jamesscored 32 points and added eight rebounds, Dwayne Wade scored 21 and the Miami Heat scorched the  Indiana Pacers 99-76 in game seven of the Eastern Conference finals. Miami was in control from the outset and led by as many as 28 points. By halftime, it was 52-37, with James scoring 18 points.

It’s the fourth trip to the Finals for the Heat, who won the title in 2006 and now have been there all three years of the Big Three era, falling to Dallas in 2011 and then topping Oklahoma City in five games last year.

“You never want to take anything for granted,” Wade said. “Being here three straight years in a row, going back to the Finals, is an amazing feat.

Roy Hibbert scored 18 points for the Pacers, who got 14 from David West, 13 from George Hilland 10 from Lance Stephenson.  The Heat will now take on the San Antonio Spurs with game one on tap for Thursday at 9 PM.

Filed Under: Sports

Cracker Barrel Old Country Store, Inc.(NASDAQ:CBRL) Stock on the Move, Here’s Why

June 3, 2013 By Karen Jackson Leave a Comment

Cracker Barrel Old Country Store, Inc.(NASDAQ:CBRL) was up  nearly 8% in heavy trading  at the open this morning. The company reported third-quarter profit $1.02 , 08 cents above estimates from analysts.

Total revenue improved 5.2% and the company raised its fiscal 2013 adjusted earnings per share guidance  For fiscal 2013 adjusted earnings per diluted share to $4.75-$4.85.

Additionally, the company raised its quarterly dividend by 50 percent to 75 cents a share, payable on August 5 to shareholders of record as of July 19.

Compared to the prior year third quarter, comparable store traffic increased 0.7%, comparable store restaurant sales increased 3.1%, and comparable store retail sales increased 5.5%.

“Driven by strong sales, traffic and operational performance, our earnings growth for the third quarter exceeded our expectations,” said Sandra B. Cochran, President and Chief Executive Officer of Cracker Barrel Old Country Store, Inc

Cracker Barrel Old Country Store, Inc.(NASDAQ:CBRL the country-style restaurant and retail chain  Operate 621 stores in 42 states and is headquartered in Lebanon, Tennessee.

Filed Under: Business, Finance

Peregrine Pharmaceuticals (NASDAQ:PPHM) Up On Positive Results of Bavituximab

June 3, 2013 By Karen Jackson Leave a Comment

Pharmaceuticals(NASDAQ:PPHM) shares rose 11% on very heavy trading on positive data that was presented at the 2013 ASCO Annual Meeting from two clinical trials evaluating the company’s lead clinical candidate bavituximab.

Bavituximab is a first-in-class phosphatidylserine (PS)-targeting monoclonal antibody that represents a new approach to treating cancer.  Final results from the Phase II trial showed an improvement in median overall survival (OS) of 11.7 months

“The results of this Phase I breast cancer trial are encouraging as there were no new safety signals and excellent clinical responses,” said Alison Stopeck, MD, Associate Professor of Medicine and Director, Clinical Breast Cancer Program at the University of Arizona Cancer Center. “There were several laboratory correlative studies associated with the trial which confirmed the safety of bavituximab with regard to coagulation parameters.”

Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM) is a biopharmaceutical company  that focuses on the treatment and diagnosis of cancer.

Filed Under: Business, Finance

U.S. Pending Home Sales Highest Since April 2010

May 30, 2013 By Karen Jackson Leave a Comment

With the Federal Reserve  continuing to implement policies to keep mortgage rates low the National Association of Realtors said, ts Pending Home Sales Index, based on contracts signed last month, rose 0.3 percent to 106.0, the highest reading since April 2010.

A sale is listed as pending when the contract has been signed but the transaction has not closed.

Home prices in March rose 10.2% from a year earlier, the largest annual gain since prices began to fall in 2006

However the increase was below economists expectations and  caution that a shortage of properties for sale could slow down the momentum. forecast the index would rise 1.7% from March’s reading of 105.7. About a third of home resales are cash transactions.

Over the last month home resale contracts rose modestly in the Northeast and Midwest and fell in the South and West.

Filed Under: Headlines

Costco Wholesale (COST) 3Q Profit Beats Analysts Expectations

May 30, 2013 By Karen Jackson Leave a Comment

Costco Wholesale(COST) reported that third-quarter net income rose 19%, due in large part to increased sales and revenue from membership fees. For the  Quarter that ended May 12 the wholesale club giant earned $459 million, $1.04 per share,  and increase over last year’s $386 million or $.88 per share.

Wall Street analyst were predicting a dollar $1.02 per share. overall revenues increased by 8% to $24.08 billion from $22.32 billion. Membership fee revenue increased from $531 million form $475 million.,  with overall in-store revenues increasing by 5%,  6% in the US and 4% overseas.

Costco Wholesale Corp (COST)  close that $112.95  yesterday  and is up in premarket activity to $113.94

Analysts continue to be positive for the company’s performance in the next quarter.

Costco Wholesale Corp (COST) currently operates 627 wholesale warehouse clubs , including 449 in the U.S. and Puerto Rico, 85 in Canada, 33 in Mexico, 24 in the U.K., 15 in Japan, nine in Taiwan, nine in Korea and three in Australia.

 

Filed Under: Business, Finance

Dow Jones (.DJI) Closes At Record High After Banks Reassurance

May 28, 2013 By Karen Jackson Leave a Comment

Wall Street investors ended a three-day losing streak and the Dow Jones industrials closed at a record high, after central banks provided the reassurance investors needed that is that they will keep policies designed to foster growth globally. The Dow Jones industrial average (.DJI) gained 106.29 points, or 0.69 percent, to a record 15,409.39 at the close.

The Standard & Poor’s 500 Index (.SPX) added 10.46 points, or 0.63 percent, to finish at 1,660.06. The Nasdaq Composite Index (.IXIC) rose 29.74 points, or 0.86 percent, to end at 3,488.89.

Advancing stocks outnumbered declining issues on the NYSE 18 to 13,  while the NASDAQ was in positive territory  with nearly 9 issues rising for every four that fell.

Consumer confidence has risen to its highest levels in over five years and home prices have appreciated by the most in nearly 7 years.  Investors are cautious however over concerns that the Federal Reserve may cut back on stimulus measures much sooner than expected.

Government monetary stimulus has contributed mightily to Wall Street’s gains in 2013, with the S&P 500 rising nearly 17%. Many analysts have also cited relatively cheap valuations and earnings growth as the primary reasons  that investors have looked at the current market as a buying opportunity,  driving the Dow and S&P 500 even higher.

investors are still cautious however and speculation has persisted that the Fed  bond buying plan could be slowing down in the near future.

Filed Under: Finance

Canelo Alvarez Bout Sets Up Biggest Payday For Floyd Mayweather

May 13, 2013 By Karen Jackson Leave a Comment

Floyd Mayweather took to social media to announce that his next fight would be on September 14 and it is against Canelo Alvarez. Showtime  guaranteedMayweather around $200 million earlier this year.

Alvarez last fought last month in San Antonio against Austin Trout and won a unanimous decision.  Alvarez is  very popular and has a massive following.  The fight will take place in Las Vegas  September 14 at the MGM Grand.

Mayweather’s last seven bouts were in Las Vegas.  Mayweather who is undefeated at 44-0  has been criticized frequently for handpicking his opponents. Earlier this month he beat Roberto Guerrero in a unanimous decision,  and event that resulted in a loss of $12 million for Showtime.

Alvarez is a much more credible opponent with a record of 42-0-1, and Showtime will more than make up the loss  with this fight.

The possibility of Mayweather’s perfect record being tainted  is he used to draw for the pay-per-view audience. The bout is likely to top the 1.5 million audience for Mayweather-Cotto

Filed Under: Business, Sports

Samsung Galaxy S4 Mini Introduced

May 13, 2013 By Karen Jackson Leave a Comment

Earlier today we reported Apple was introducing alower cost iPod touch and that news was sure to spark the rumors of a newer lower-priced iPhone.

Samsung(SSNLF) may have beaten them to the punch as it unveiled a lower cost version of its flagship galaxy S4  Smartphone, with an ambition of trying to grab a bigger share of the mid tier market.

The Galaxy S4 mini, which follows the debut of the S4 just a month ago, will have a 4.3-inch screen ,still bigger than Apple Inc’s 4-inch iPhone 5 – and a 8-mega pixel rear-facing camera.

As Apple seemingly lags behind in new product development Samsung scheduled eight new products for lunch between April and June,  But this marks the first time that Samsung has retooled one of its products so soon after the initial launch.

Rumors persist on it updated S4. Samsung (SSNLF) did not announce a price for the phone or give a launch date, but the market estimates the smaller type will be priced at around $350.

Filed Under: Business, Tech & Science

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