After much anticipation to the downside, the February Jobs report was a positive surprise on better than expected payrolls, up 175,000. Equities faltered heading into the close with the Nasdaq closing in the red; however, it is important to note that this not a reflection of shifting Fed expectations – Chair Janet Yellen will likely continue with the present taper pace at the March meeting. Payroll employment rose by 175,000 in February (vs. consensus 149,000). The negative impact from weather was smaller than economists had expected. In particular, there was an uptick in construction employment despite a snowstorm occurring during…
Author: Ryan Wallace
IAMGOLD Corporation (IMG.TO, IAG) overnight said it has finalized a five-year option agreement with Sarafina N.V. under which IAMGOLD’s subsidiary, Rosebel Gold Mine may earn a 100% interest in Sarafina’s 10,000 hectare mining concession, located 25 kilometres from the Rosebel Gold Mine in Suriname. The company said it may exercise its right to purchase the property at any time for a cash purchase price of US$1 million. To maintain this purchase option, RGM is required to make scheduled option payments totaling US$575,000 over five years. IAMGOLD may elect to terminate the Agreement at any time. Should the project proceed to…
Penn West Petroleum (PWE, PWT.TO) is edging higher in pre-market trading despite reporting financial results for Q4, that fell short of analysts’ expectations, with earnings for the quarter widening and revenue declining year-over-year. Shares are up 0.25% at $7.94, with a 52-week range of $7.03 – $13.16. The petroleum and natural gas exploration and production company reported a Q4 loss of CAD 1.49 or $1.36 per share, compared with the prior-year period’s CAD 0.16 or $0.15 loss per share. The current quarter’s net loss was primarily due to non-cash PP&E impairment charges and unrealized foreign exchange losses on the translation…
Incyte (INCY) is higher this morning after it disclosed that a pivotal Phase III trial of ruxolitinib compared to best available therapy in patients with polycythemia vera who are resistant to or intolerant of hydroxyurea has met its primary endpoint of achieving phlebotomy independence and reducing spleen size by 35 percent or more. The safety profile of ruxolitinib was generally consistent with previous studies based on initial review of the data. Ruxolitinib, marketed as Jakafi (ruxolitinib) in the United States, is approved to treat people with intermediate or high-risk myelofibrosis (MF), including primary MF, post-polycythemia vera MF and post-essential thrombocythemia…
Qunar Cayman Islands Ltd. (QUNR) rose 3.7% in early trading, adding to Thursday’s gains on reports that Baidu.com (BIDU) invested $300 million in the online travel company. Qunar rose 8% to an all-time high of $36.73 per American depositary receipt during regular trading on Thursday before closing at $35.18. The shares gained 3.7% in premarket trading to $36.47 per ADR. Suggested Reading: Best Video Game Weapons
Shares of discount retailer Big Lots (BIG) jumped to a three-month peak and were last up 21% in late morning trade after the company reported Q4 earnings that beat analyst expectations. BIG reported Q4 EPS of $1.45, compared to the consensus Thomson-Reuters forecast of $1.40 a share. Shares changed hands at $35.31 in recent trading after climbing to a session and three-month peak of $35.74. Share of BIG are still within a 52-week range of $25.50 to $39.22. Suggested Reading: Most Charitable Countries
IPC The Hospitalist Company, Inc. (IPCM), a physician group practice company, said it’s expanding in upstate new York with the acquisition of CAP Medical Group, a post-acute hospitalist practice. This will be IPC’s third acquisition in the state of New York in the past 18 months. CAP’s patient encounters are estimated at approximately 35,000 on an annualized basis. Financial terms weren’t disclosed. The shares were up 0.5% in early trading at $52.40 in a 52-week range of $39.06 – $63.70. Suggested Reading: Weirdest Jobs In the World
BPZ Resources (BPZ) is higher Friday in step with sector gains despite disappointing results after the company said it turned to a loss in Q4, missing Street expectations with top and bottom lines. Shares are up 2% at $2.53 near midday Friday, with a 52-week range of $1.58 – $2.73. The company, which explores, develops, and produces oil and natural gas in Peru and Ecuador, reported a Q4 loss of $0.09 per share, compared with the prior-year period’s $0.12 earnings per share. Revenue was $12.07 million, down from $25.05 million in the same quarter last year. Analysts polled by Capital…
United Microelectronics reported second-quarter results that were in line with Street expectations. For the quarter, revenue was $1.06 billion, up 15% sequentially and an increase from sales of $1.01 billion in the year-ago quarter. UMC’s main foundry business achieved revenue of $1.01 billion, while the new business segment, which consists mainly of solar, posted $54 million in sales. The firm saw higher foundry business levels driven primarily by communications chips, which accounted for 51% of foundry segment revenue. The popularity of smartphones and tablets has provided tailwinds for UMC and other foundries, as it has boosted demand for outsourced manufacturing…
On Tuesday, February 11, Corporate Executive Board reported what we consider mixed fourth-quarter results. Adjusted EPS of $0.84 were $0.01 higher than our estimate but $0.01 below the consensus.
Magellan Financial Group reported underlying profit of AUD 48.5 million for fiscal 2013, up substantially from AUD 13.7 million in fiscal 2012 and above Morningstar’s forecast of AUD 45.7 million by 6.1%. The final fully-franked dividend of AUD 16.5 cents per share (cps) took total fully-franked dividends to AUD 21.5 cps up significantly from AUD 4.5 cps in 2012. As at June 2013, institutional to retail funds under management (FUM) was split 70:30, with a total of AUD 14.69 billion FUM, a substantial increase from the AUD 4.06 billion in June 2012. The growth stems from the company’s stellar investment…
AngloGold Ashanti reported troubling second-quarter results, as the firm continued to experience substantial yearover- year cost inflation while suffering from lower gold prices. EBITDA plunged almost 60% to $288 million from $701 million on a year-over-year basis. This excludes the impact of almost $3 billion in impairments and write-downs resulting from a lower gold price assumption of $1,100 per ounce. The company has taken several steps to preserve cash (including reductions in operating costs, corporate costs, exploration expense, and capital expenditures as well as suspension of the dividend) and has two lower-cost mines coming on line in the back half…