I thought Canadian’s were supposed to be civil. Or maybe the idiots rioting in Toronto at the G20 summit are tourists. Either way, if you have a point to make, isn’t it always better to rationally, calmly state your point and use debate, dialog, and discussion to reach agreement, or at least a point from which meaningful progress can be made.
In Toronto this week, hundreds of demonstrators protesting the G20 global economic summit in Toronto used the mature tactic of breaking windows and setting fire to police cars to get attention. Marchers have been complaining about everything from pay for public employees to expensive housing to the excesses of capitalism. Why are these people complaining about public pay when most of them are unemployed, otherwise they’d be at work. And as far as the excesses of capitalism go, ask the people of Cuba who have lived on food rations for the last 25 years how a dictatorship is working out for them.
It’s always easier to blame the government or some institution for your lot in life. It’s certainly a lot easier than getting a real education, working hard, starting a business, mentoring young people, volunteering at a retirement home or something crazy like serving your country in the Armed Forces or Peace Corp.
G20 organizers were so concerned about security that they have spent around $1 billion and brought in thousands of police from across Canada. Imagine to what wonderful ends that $1 billion could have been used. Or I guess they could have given it to the protestors to prevent them from burning the city down. Kind of like extortion, isn’t it?
Today’s Markets
Major stock indexes finished the day slightly lower as traders responded to G20′s pledge to cut deficits could negatively affect global growth. Investors grew concerned about a pledge by G20 nations to halve their deficits by 2013 and stabilize their debt by 2016 sends an important symbolic message that the days of endless stimulus for over. The move comes as investors have gotten worried that the pace of the economy recovery may be slowing, exacerbated by debt issues in Europe and China’s efforts to put the brakes on its growth.
The Dow Jones Industrial Average fell more than 50 points in the last hour of trading to end down 5.29 points, or 0.1%, at 10138.52. The Nasdaq Composite Index fell 0.1%. The S&P 500 fell 0.2%, led by declines of more than 1% each in its basic-materials and energy sectors.
The dollar strengthened against both the yen and the euro, which recently traded around $1.2274, down from $1.2386 late Friday in New York. The U.S. Dollar Index, which tracks the U.S. currency against a basket of six others, rose 0.5%. Demand for Treasuries climbed, with the 10-year note up to push its yield down to 3.032%, the lowest level in more than a year. Gold futures also rose. Meanwhile, crude-oil futures slipped.
Consumer-staples rose after the Supreme Court rejected an appeal by the government, which sought to revive a rejected attempt to get tobacco companies to forfeit up to $280 billion in profits and pay $10 billion for smoking-cessation programs. The tobacco companies had also filed an appeal. Reynolds American jumped 4.1%, Altria Group rose 3.3% and Lorillard climbed 2.5%.
Today’s Top Performers on the OTCBB
| Company | Symbol | Last | Chg | %Chg | Open | High | Low | Vol | |
| Response Biomedica | RPBIF | 0.546 |  |
0.486 | 810.00% | 0.546 | 0.546 | 0.546 | 2.99 k |
| Salon Media Group | SLNM | 0.25 | |
0.22 | 733.33% | 0.25 | 0.25 | 0.25 | 1.4 k |
| Paneltech Internat | PNLT | 0.55 | |
0.449 | 444.55% | 0.55 | 0.55 | 0.55 | 1000 |
| Home Valley Bancor | HVYB | 1.01 | |
0.81 | 405.00% | 0.51 | 0.51 | 0.51 | 5.0 k |
| BayHill Capital Co | BYHL | 0.47 | |
0.31 | 193.75% | 0.47 | 0.47 | 0.47 | 19.26 k |
| Blackhawk Capital | BHCG | 0.025 | |
0.16 | 177.78% | 0.25 | 0.25 | 0.25 | 100 |
| Compliance Systems | COPI | 0.008 | |
0.0047 | 142.42% | 0.005 | 0.005 | 0.005 | 40.0 k |
| Idaho Bancorp | IDBC | 0.75 | |
0.41 | 120.59% | 0.75 | 0.75 | 0.75 | 1.43 k |
| American Internati | AIVN | 0.048 | |
0.023 | 92.00% | 0.048 | 0.048 | 0.048 | 300 |
| Timberjack Sportin | TBJK | 0.0055 | |
0.0024 | 77.42% | 0.003 | 0.003 | 0.003 | 3.6 m |
Monday’s Newsmakers:
Nu Horizons Electronics Corp. Completes $80 Million Global Financing Agreement Due 2014
Jun. 28, 2010 (Business Wire) — Nu Horizons Electronics Corp. NUHC, a leading global distributor of advanced technology semiconductor, display, illumination, power, system and telecommunication solutions, today announced that the Company has entered into a new global asset-backed loan facility (“ABL”) with Wells Fargo Capital Finance, part of Wells Fargo & Company WFC, as a lender and as administrative agent, and two other banks. The ABL is expected to fund the Company’s borrowing requirements in the United States (“U.S.”), the United Kingdom (“U.K.”) and Asia for a four-year term. The facility provides for maximum borrowings of $80,000,000 with an option to increase the facility to a maximum borrowing of $110,000,000 under certain circumstances. The ABL facility provides for borrowings at variable interest rates utilizing an asset-based formula predicated on a percent of qualifying accounts receivable and inventory at any given month end and taking into account the excess credit availability under the ABL. The current interest rate under the ABL is 4.5%. Nu Horizons used approximately $37.5 million of the ABL proceeds to pay off and terminate its pre-existing U.S. and U.K. credit facilities and pay transaction fees.
Kurt Freudenberg, Executive Vice President and Chief Financial Officer, stated, “As we expand our international presence, we believe this ABL facility will provide the Company with global financing flexibility with less financial covenants and the necessary financing to meet our currently anticipated working capital requirements for our current growth initiatives. In addition, under certain circumstances we can exercise an accordion feature to increase the facility by $30,000,000 to a total of $110,000,000.”
About Nu Horizons Electronics Corp.
Nu Horizons Electronics Corp. is a leading global distributor of advanced technology semiconductor, display, illumination, power, system and telecommunication solutions to a wide variety of commercial original equipment manufacturers (OEMs) and electronic manufacturing services providers (EMS). With sales facilities in 54 locations across North America, Europe and Asia and regional logistics centers throughout the globe, Nu Horizons partners with a limited number of best-in-class suppliers to provide in-depth product development, custom logistics and life-cycle support to its customers. Information on Nu Horizons and its services is available at http://www.nuhorizons.com.
Cautionary Statement Regarding Forward-Looking Statements
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to Nu Horizons or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of Nu Horizons’ management, as well as assumptions made by and information currently available to its management. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as the level of business and consumer spending for electronic products, the amount of sales of the Company’s products, the competitive environment within the electronics industry, the ability of the Company to expand its operations, the level of costs incurred in connection with the Company’s expansion efforts and the financial strength of the Company’s customers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. Such statements reflect our current view with respect to the future and are subject to these and other risks, uncertainties and assumptions relating to Nu Horizons’ financial condition, results of operations, growth strategy and liquidity. The Company does not undertake any obligation to update its forward-looking statements.
Source: Business Wire (June 28, 2010 – 4:37 PM EDT)
Express IR (XIR) is an electronic publication, and is for informational purposes only. The stocks profiled by XIR are only company profiles and are not intended to be and should not be accepted by you as recommendations to buy or sell in these securities. These profiles are compiled from publicly available sources. Our sources include, but are not limited to, online research, company profiles, member suggestions, magazines, newspapers, analyst suggestions, broker recommendations, contact with the company, company rumors, press releases and other similar information sources. All profiles are based on information that is accessible by the public. Investing in stocks involves risk. XIR is not and does not hold itself out to be a registered broker or dealer or other licensed securities professional. You should consult a qualified, licensed financial advisor or stock broker before making any decisions to invest in the securities of any company that is described in these profiles. For compensation and complete disclaimer click here.
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