Market News
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
Chubb (CB)
Chubb today declared a regular quarterly dividend in the amount of $0.35 per share payable January 12, 2010 to shareholders of record on December 18, 2009, ex-dividend date December 16, 2009.
At today's $48.84 stock price the dividend yield is 2.87%.
Dec 3 · 9:39:00 PM · Source: Company Press Release
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by Rich Pike
Harley-Davidson (HOG)
Motorcycle manufacturer Harley-Davidson, Inc. Thursday said it will keep its motorcycle operations in York, Pa., and move forward with plans to restructure those operations. The announcement follows yesterday’s ratification of a new seven-year labor agreement by company employees at York, represented by International Association of Machinists and Aerospace Workers (IAM) Local Lodge 175, and today’s decision by the Harley-Davidson Board of Directors to approve the restructuring plan and related funding.
Dec 3 · 1:28:00 PM · Source: Company News
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by Larry Etter
Retail Sales
CNBC.com is reporting that U.S. retailers from Macy's to Costco posted much weaker-than-expected sales for November as shoppers focused only on big bargains at the start of the key holiday selling season. Out of 15 retailers that reported by early Thursday, 11 missed analyst estimates, including Costco Wholesale, Children's Place, Walgreen and Hot Topic, according to Thomson Reuters data.
This is not encouraging for retail sales for the holiday shopping season.
Dec 3 · 12:35:00 PM · Source: CNBC.com
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by Rich Pike
Abercrombie & Fitch (ANF)
Abercrombie & Fitch today reported net sales of $245.7 million for the four-week period ended November 28, 2009, an 8% decrease from net sales of $267.3 million for the four-week period ended November 29, 2008. November comparable store sales decreased 17%. Total Company direct-to-consumer net merchandise sales increased 3% to $24.5 million.
Fellow teen retailer Aeropostale also reported disappointing November sales, which does not bode well for the holiday shopping season.
Dec 3 · 12:29:00 PM · Source: PR Newswire
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by Rich Pike
GE (GE)
The $30 billion deal that switches control of NBC Universal from General Electric to Comcast brings value to allow everyone involved to focus more sharply on their core businesses, leaders of the two companies said Thursday. Comcast, the largest cable TV operator in the US, will end up controlling 51 percent of the newly-formed company while GE will own 49 percent. Jeff Zucker, current president and CEO of NBCU, will be CEO of the new joint venture.
Dec 3 · 12:22:00 PM · Source: CNBC.com
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by Rich Pike
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