Market News
The Men's Wearhouse (MW)
The Men's Wearhouse, Inc. reported for the 3rd-quarter 2009 earnings of $19.7 million, or $.37 per share, on sales of $462 million. That compares to the prior year earnings of $15.7 million, or $.28 per share, on sales of $459.7 million.
For the fourth quarter the company guidance is that the Company expects a GAAP loss per share to be in a range of $0.15 to $0.19. Ouch.
Dec 10 · 1:58:00 PM · Source: Company Press Release
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by Rich Pike
Goldman Sachs (GS)
Market Watch is reporting that Goldman Sachs' management committee will be receiving bonuses in the form of "shares at risk" in 2009 instead of cash. The shares cannot be sold for five years. Shareholders will also have an advisory vote on the compensation package at the firm's annual meeting in 2010.
Dec 10 · 1:05:00 PM · Source: Market Watch
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by Rich Pike
Bank of America (BAC)
Yahoo Finance reports that Bank of America Corp. said Wednesday it has repaid the entire $45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program. Repayment of the funds frees the Charlotte, N.C.-based bank from the government restrictions that have hampered its search for a new CEO.
Treasury now estimates that total bank repayments could reach up to $175 billion by the end of 2010, the agency said in a release Wednesday.
Dec 9 · 6:04:00 PM · Source: Yahoo Finance
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by Rich Pike
Citigroup (C)
CNBC is reporting that Citigroup plans to pay back some of the $45 billion in TARP money it received last year by raising as much as $20 billion through a stock offering.
Exiting TARP would allow Citigroup to get out from under the thumb of the US government's pay czar, who has the authority to rule on how the bank pays its employees.
But Citigroup's plan to extract itself from TARP could be more complicated than Bank of America's, because it has received more government support. The US owns about a third of the bank's shares, after Citigroup gave a big chunk of common stock to investors in exchange for preferred shares.
Dec 9 · 5:53:00 PM · Source: CNBC
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by Rich Pike
Garmin (GRMN)
Smarttrend.com is reporting that Barclays Capital equity research issued a note to clients Wednesday following a meeting with Garmin's management. The note concluded with this statement, "Coupled with expectations of growth in its other business lines driven largely by new product introductions, share gains, and a broader cyclical recovery, management is planning for growth on a top and bottom line basis (compared to consensus expectations of a decline)."
Garmin's stock is currently up 4% in today's trading to $31.24.
Dec 9 · 3:41:00 PM · Source: Smarttrend.com
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by Rich Pike
Progress Energy (PGN)
Progress Energy Inc declared a regular quarterly dividend in the amount of $.62 per share payable February 1, 2010 to shareholders of record on January 11, 2010, ex-dividend date January 7, 2010.
At today's $41.10 stock price the dividend yield is 6.03%.
Dec 9 · 3:21:00 PM
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by Rich Pike
Government Spending
Rueters reports that according to the CBO the U.S. Government is already $292 billion in the red for fiscal 2010. That's right, in just October and November the U.S. Government has already spent $292 billion more than it has taken in. That was even worse than the same period last year, when the government was on its way to posting a record $1.4 trillion deficit for the fiscal year that ended Sept. 30.
At some point we are going to have to borrow so much money to fund the deficit that there simply will not be enough demand out there to buy all that debt, especially not at current rates.
Dec 9 · 3:17:00 PM · Source: Reuters
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by Rich Pike
Philip Morris (PM)
Philip Morris Intl declared a regular quarterly dividend in the amount of $.58 per share payable January 11, 2010 to shareholders of record on December 28, 2009, ex-dividend date December 23, 2009.
At today's $48.88 stock price the dividend yield is 4.75%.
Dec 9 · 1:06:00 PM
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by Rich Pike
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