Market News
Amgen (AMGN)
Amgen announced that its Board of Directors has authorized repurchases of up to an additional $5 billion in Amgen common stock.
Amgen currently has approximately $1.2 billion remaining under its previous stock repurchase authorization.
Dec 7 · 4:07:00 PM · Source: Reuters
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by Michael Oliveto
Abbott Labs (ABT)
Abbott’s Ibis technology for detecting and characterizing a vast array of microorganisms has been named one of the top innovations in 2009 by The Scientist magazine.
Abbott’s Ibis system (now marketed under the PLEX ID trade name) was recognized for the honor, in part, because it is designed to detect and characterize a broad range of microorganisms in a given sample, including viruses, bacteria and fungi.
Dec 7 · 2:51:00 PM · Source: PR USA
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by Michael Oliveto
Apple (AAPL)
Apple is in talks to buy online music company Lala Media Inc., according to two people with knowledge of the situation, possibly signaling an expansion of the Company's music strategy.
Terms could not be learned.
Dec 7 · 2:42:00 PM · Source: Reuters
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by Michael Oliveto
Marvell (MRVL)
Marvell reported a third-quarter profit of 35 cents a share, on sales of $803.1 million. One year ago, Marvell reported earnings of 23 cents a share on $791 million in sales. Marvell forecasts it will earn between 33 cents and 39 cents a share in fourth quarter, excluding one-time items, with sales in range of $820 million to $850 million.
Marvell makes chips for a wide variety of products, including Western Digital's hard drives and Research in Motion's BlackBerry smartphones. The company said it has seen improved demand across its entire portfolio.
Dec 4 · 5:02:00 PM · Source: CNBC.com
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by Rich Pike
Reynolds American (RAI)
Townhall.com is reporting that Reynolds is offering buyouts to about 1,800 workers at its North Carolina factories to cut costs. Reynolds spokeswoman Jan Smith says there are other productivity improvements and cuts it could make in manufacturing, depending how many employees take the buyout, which includes severance pay.
Here is another sign that the unemployment rate is going to have trouble improving as another company announces plans to cut back. In the long run this is good for Reynolds' stock as they make sure they reduce costs as much as possible considering cigarette sales are declining.
Dec 4 · 3:45:00 PM · Source: Townhall.com
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by Rich Pike
Reynolds American (RAI)
Shares of cigarette maker Reynolds American Inc. rose Friday after Citigroup analyst Adam Spielman upgraded the stock to a "Buy" based on projections of profit and dividend growth. The analyst raised his target price on the stock to $59.
Reynolds American, based in Winston-Salem, N.C., is the second-biggest U.S. cigarette maker after Marlboro-maker Altria Group Inc. Reynolds makes brands such as Camel, Kool, Misty, Capri and others.
Dec 4 · 3:07:00 PM · Source: Seattle Post Intelligencer
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by Rich Pike
Unemployment
The unemployment rate unexpectedly fell in November to 10 percent, from 10.2 percent in October, as employers cut the fewest number of jobs since the recession began. The economy shed 11,000 jobs last month -- a sharp improvement from October's revised total of 111,000. The average work week also rose to 33.2 hours, from a record low of 33 hours, along with average earnings.
These are all good signs that the economy is improving. Of course, it could not keep getting worse forever. So, the real test will be seeing how sustainable the good news is, and at what pace improvement takes place.
Dec 4 · 2:36:00 PM · Source: Yahoo Finance
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by Rich Pike
Kraft Foods (KFT)
Kraft Foods Inc. took its $16.3 billion hostile takeover offer for Cadbury PLC straight to shareholders of the British candy company on Friday. Under British regulations, Cadbury has two weeks to give a formal response to the offer before shareholders. "We remain confident that the unique combination of Kraft Foods and Cadbury would create a significant growth opportunity for both businesses," Kraft CEO and Chairman Irene Rosenfeld said in a statement. "That's why we believe this offer is in the best interest of both companies' shareholders."
If Kraft is successful, the deal would create a global giant with an estimated $50 billion in combined revenue. Kraft already is the world's second-largest food maker after Nestle. Cadbury is an attractive acquisition. It is one of the world's largest confectionary companies and has strong international reach, with a key presence in emerging markets.
Dec 4 · 2:25:00 PM · Source: Yahoo Finance
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by Rich Pike
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