Market News
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
Texas Instruments (TXN)
Yahoo Finance is reporting that Texas Instruments raised its fourth-quarter profit and sales outlook on Tuesday, citing an improving market for chips used in cell phones and other electronic gadgets like hard disk drives and video game consoles. Texas Instruments now expects to earn between 47 cents and 51 cents per share, up from a prior estimate of 42 cents to 50 cents and above third-quarter earnings of 42 cents per share.
Dec 8 · 8:46:00 PM · Source: Yahoo Finance
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by Rich Pike
McDonald's (MCD)
McDonald's reported that sales at restaurants open at least a year fell 0.6 percent in the U.S. It was the second consecutive monthly decline for the measure, an important indicator of a restaurant chain's health, and a steeper fall than October's 0.1 percent. This is only the fourth U.S. decrease in 6 1/2 years.
Many analysts believe the high unemployment rate is negatively impacting sales for McDonald's, as well as other fast food chains. Expect continued weak results until unemployment recedes.
Dec 8 · 8:39:00 PM · Source: Yahoo Finance
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by Rich Pike
Procter & Gamble (PG)
Proctor & Gamble announced that A.J. Lafley will step down as chairman effective Jan 1, to be replaced by his CEO successor, Bob McDonald. McDonald took over as CEO in July. Lafley, who took over amid profit warnings and diving stock prices in June 2000, helped right P&G by emphasizing innovation and a "consumer is boss" focus, which included spending more time in personal observation and interviews with consumers.
McDonald took over with P&G sales struggling in the recession, but the company turned in better-than-expected first-quarter results in October and forecast a better outlook for the full year.
McDonald has pledged to aggressively win back market share from lower-priced competitors and store brands; P&G has cut prices across its broad portfolio, stepped up advertising focused on offering value, and added both cheap versions of its products and new premium-priced items.
Dec 8 · 8:33:00 PM · Source: Yahoo Finance
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by Rich Pike
Gilead Sciences (GILD)
U.S. Food and Drug Administration staff cited concerns on Tuesday with the design and analysis of clinical studies intended to support the effectiveness of Gilead Sciences's experimental cystic fibrosis drug.
"There are concerns that assumptions used in the analysis could have been determined retrospectively," the staff said in their 48-page briefing document.
Dec 8 · 3:17:00 PM · Source: Reuters
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by Michael Oliveto
Gilead Sciences (GILD)
Gilead Sciences has filed an appeal in the Indian Intellectual Property Appellate Board (IPAB) to challenge a recent order by an Indian Patent Office that rejected two patent claims for its best seller drug Viread (tenofovir disoproxil fumarate).
In August, the Indian Patent Office in Delhi rejected two patents sought by the firm for Viread after patient groups and Indian company Cipla challenged its patentability.
Dec 8 · 3:14:00 PM · Source: The Economic Times
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by Michael Oliveto
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