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Expect Volatility if Home Sales on Low End 08-23-2010
Monday, August 23, 2010 - 7:08pm | 814Cusick’s Corner The market pulled back into the After Hours on no news or specific economic catalyst. Existing home sales come out tomorrow -- expectations are in a wide range from 3.9 to 5.3 million units (Bloomberg). While the market looks ready to accept the potential for sub-4 million in a...
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Lehman Brothers Made 'Best Deal It Could' (BCS)
Monday, August 23, 2010 - 4:40pm | 224Lehman Brothers made “the best deal it could” when it sold its brokerage unit to Barclays (NYSE: BCS) in “one of the most uncertain weeks in financial market history,” a former Lehman restructuring executive told a judge today. “Lehman was the largest broker-dealer to go bankrupt in history,” Mark...
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Shorts in Control of Crude 09-23-2010
Monday, August 23, 2010 - 2:58pm | 914Cusick’s Corner The market is doing what it typically does in the last two weeks of August, grind along in a tight range. Unless there is a major headline or a spike in interest (meaning volume), this action could continue for the next few weeks. This does not mean that one should sit back and be...
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Bank Of America Climbs Out Of Gutter (BAC)
Monday, August 23, 2010 - 1:52pm | 107Shares of Bank of America (NYSE: BAC), which touched a 52-week low on Friday, are attempting to regain some ground today. Shares are higher by 9 cents, or 0.70%, to trade at $12.96. Their 52-week low is $12.75. Standpoint Research upgraded the bank to Accumulate from Hold saying at 1.15x tangible...
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Last Week’s Top Options Rolls (FLML, HOT, CLNE, LEN, BBY)
Monday, August 23, 2010 - 12:43pm | 454Options expiration week is usually notable, always volatile, and frequently very useful for a number of reasons. This is the week when small players, large funds, and market makers square up their positions and take a good, long, and hard look at the positions they have on their books. Those that...
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More M&A In The Landscape: US Bank Is Acquiring FNB Corp (USB, FNB)
Monday, August 23, 2010 - 9:41am | 184US Bank NA, part of US Bancorp. (NYSE: USB), has agreed to acquire First National Trust Co., the bond and transfer agency business of FNB Corp (NYSE: FNB), one of Pittsburgh’s largest financial institutions. FNB executives said that it planned to “exit” the business due to escalating...
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Before The Bell – What’s In Store For The Market Today?
Monday, August 23, 2010 - 8:46am | 625Stock futures pointed to a higher opening on Wall Street due to a spike in deals and M&A activities, enabling investors to shake off the pessimism previous week following a weaker than expected jobless claims data, negative Philly Fed index, and the southbound Dow. Futures on the Dow is up 46...
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Choice Hotels Offers Senior Notes - Analyst Blog
Monday, August 23, 2010 - 8:21am | 715Choice Hotels International Inc (CHH), a hotel franchisor worldwide, announced its offer of $250 million senior notes, which have an interest rate of 5.7% and will mature in 10 years. The offering is expected to close by August 25, 2010. Silver Spring, Maryland based company plans to use the sale...
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HSBC May Be Interested In Old Mutual's Nedbank Stake
Monday, August 23, 2010 - 3:47am | 89HSBC (NYSE: HBC) is reportedly interested acquiring the 70% of Nedbank (PK: NDBKY) owned by U.K.-based Old Mutual in an effort to expand in Africa. Nedbank is South Africa's fourth-largest lender. A sale to HSBC may be the largest banking deal in Africa this year given Nedbank’s market value of $9....
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BofA Leads in HAMP; Pace Slowing - Analyst Blog
Sunday, August 22, 2010 - 4:33pm | 1005On Wednesday, Bank of America Corporation (BAC) announced that it has the maximum involvement in the U.S. government's Home Affordable Modification Program (HAMP), with more than 76,300 modifications till July 2010. Apart from that, about 100,000 customers who did not qualify for the government...
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Identify Risk Exposure & Consider Puts 08-20-2010
Friday, August 20, 2010 - 6:40pm | 821Cusick’s Corner The market wrapped up August Expiration flat with all major indices in spitting distance of breakeven. The tea leaves on the markets are not rosy, but this is when, even with all the indicators screaming at you, you need to stay on your toes for the unexpected. Take the weekend and...
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Benzinga's Top ETF Decliners (AGQ, ERX, DIG, EWP)
Friday, August 20, 2010 - 4:41pm | 219ProShares Ultra Silver (ETF) (NYSE: AGQ) dropped 3.68%, as the silver futures struggled today. AGQ closed at $57.55, and had a volume of 369K shares. Direxion Daily Energy Bull 3X Shares (ETF) (NYSE: ERX) traded lower along with the energy stocks. ERX fell 3.60%, and closed at $26.79. In the space...
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Expiration Friday 08-20-2010
Friday, August 20, 2010 - 3:22pm | 818Cusick’s Corner The market is really holding up well in the face of the poor economic data this week and the increasing uncertainty of future corporate guidance. As far as the impact of expiration today, while the option volume has been brisk, it is really split in down the middle. There may be a...
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Friday’s Mid-day Options Volume Leaders (WFC, BAC, C, MRVL, AAPL, SPY)
Friday, August 20, 2010 - 11:27am | 140The overall market was dying to test that $1,065 level this morning, which Bulls have managed to hold. This is a key level for the S&P 500 (NYSE: SPY); if the market can garner some support on Monday, a move to the top end of the recent range ($1,096) is in order. Here are your mid-day options...
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Benzinga’s Top Upgrades (RSG, SYMC, LYG, TX)
Friday, August 20, 2010 - 7:04am | 154Republic Services Inc (NYSE: RSG) was upgraded by Goldman Sachs from "neutral" to "buy." RSG’s shares closed at $30.11 yesterday. Republic Services’ earnings are likely to grow by 249.27% this year. UBS upgraded Symantec Corporation (NASDAQ: SYMC) from "neutral" to "buy." SYMC’s shares closed at $...