Is bitcoin the way of the future? If it is, then I give (btcs) Bitcoin Shop a try because it is the tomorrow of shopping. The Bitcoin Shop seems like a good idea if they keep up with what they are accomplishing. As an investor, I am looking for ideas that will make my grandkids money. What do you think?
WilliamMckinleyCapital.com/Rebuilding America.
Start A Hedge Fund Investment Strategies
http://www.mergersandinquisitions.com/start-hedge-fund-investment-strategies/
TheStreet Reports First Quarter 2014 Results
TheStreet,
Inc. (NASDAQ: TST), a leading digital financial media company, today
reported financial results for the first quarter of 2014. The Company
reported revenue of $14.4 million, a net loss of $1.1 million and
Adjusted EBITDA(1) of $18 thousand.
Revenue in the first quarter of 2014 was
$14.4 million, an increase of 14.4% from $12.6 million in the prior year
period, which was primarily driven by organic growth. Subscription
Services revenue in the first quarter was $11.4 million, an increase of
11.7% compared to the prior year period. The increase in Subscription
Services revenue was primarily due to increased subscribers to the
Company's newsletter products as well as revenue from acquisitions.
Media revenue in the first quarter was $2.9 million, an increase of
26.3% compared to the prior year period primarily due to increased
demand from new and repeat advertisers.
"During the first quarter, retail trading
volumes reached multi-year highs as individual investors returned to the
stock market and M&A activity picked up. We are pleased by the 14%
year-over-year revenue growth for the quarter across our subscription
and media platforms. We feel confident about market conditions and
continue to reinvest to accelerate customer acquisition," said Elisabeth
DeMarse, Chairman, President and Chief Executive Officer. "In 2014, we
continue to execute on our growth strategy and remain focused on driving
revenue from our retail and institutional subscription platforms,"
concluded DeMarse.
Operating expenses in the first quarter were $15.6 million, an increase of 8.1% compared to the prior year period.
Net loss in the first quarter was $1.1
million compared to a net loss of $1.7 million in the prior year period.
The Company reported basic and diluted net loss per share attributable
to common stockholders of $0.04 in the first quarter of 2014 compared to
a net loss per share of $0.05 in the prior year period.
Adjusted EBITDA was $18 thousand in the
first quarter compared to negative Adjusted EBITDA of $34 thousand in
the prior year period.
The Company generated $2.4 million in
operating cash flow during the quarter ended March 31, 2014, compared to
the use of $41 thousand in operating cash flow for the prior year
period. The Company ended the quarter with cash and cash equivalents,
restricted cash and marketable securities of $60.9 million.
Selected Operating Metrics
-- For total Subscription Services:
-- Bookings were $12.8 million for the first quarter, an increase of 10.1% from the prior year period.
-- For Subscription Newsletters(2):
-- The number of paid subscriptions at the
end of the period was 82,700, an increase of 22.3% from the prior year
and 5.5% sequentially.
-- Average revenue per user for the first quarter decreased 9.1% compared to the prior period and 2.6% sequentially.
-- Average monthly churn was 3.3% for the
first quarter, compared to 3.0% in the prior year period and 2.3% in the
fourth quarter(3).
Conference Call Information
TheStreet will discuss its financial results for the first quarter today at 4:30 p.m. ET.
To participate in the call, please dial
(888) 481-2877 (domestic) or (719) 457-2661 (international). The
Conference ID number is 5203918. This call is being webcast and can be
accessed in the Investor Relations section of TheStreet website at
http://investor-relations.thestreet.com/events.cfm.
A replay of the webcast will be available
approximately two hours after the conclusion of the call and remain
available for approximately ninety calendar days.
About TheStreet
TheStreet, Inc. (www.t.st) is a leading
independent digital financial media company providing business and
financial news, investing ideas and analysis to personal and
institutional investors worldwide. The Company's portfolio of business
and personal finance brands includes: TheStreet, RealMoney, RealMoney
Pro, Stockpickr, Action Alerts PLUS, Options Profits, MainStreet and
RateWatch. To learn more, visit www.thestreet.com. The Deal, the
Company's institutional business, provides intraday coverage of mergers
and acquisitions and all other changes in corporate control. To learn
more, visit www.thedeal.com.
Non-GAAP Financial Information
(1) To supplement the Company's financial
statements presented in accordance with United States generally accepted
accounting principles ("GAAP"), the Company uses non-GAAP measures of
certain components of financial performance, including "EBITDA,"
"Adjusted EBITDA" and "free cash flow." EBITDA is adjusted from results
based on GAAP to exclude interest, income taxes, depreciation and
amortization. This non-GAAP measure is provided to enhance investors'
overall understanding of the Company's current financial performance and
its prospects for the future. Specifically, the Company believes that
the non-GAAP EBITDA results are an important indicator of the
operational strength of the Company's business and provide an indication
of the Company's ability to service debt and fund acquisitions and
capital expenditures. EBITDA eliminates the uneven effect of
considerable amounts of non-cash depreciation of tangible assets and
amortization of certain intangible assets that were recognized in
business combinations. Adjusted EBITDA further eliminates the impact of
non-cash stock compensation, restructuring, transaction related costs
and other charges affecting comparability. A limitation of these
measures, however, is that they do not reflect the periodic costs of
certain capitalized tangible and intangible assets used in generating
revenues in the Company's businesses. Management evaluates the
investments in such tangible and intangible assets through other
financial measures, such as capital expenditure budgets and investment
spending levels. "Free cash flow" means net loss plus non-cash expenses
net of gains/losses on dispositions of assets, less changes in
operating assets and liabilities and capital expenditures. The Company
believes that this non-GAAP financial measure is an important indicator
of the Company's financial results because it gives investors a view of
the Company's ability to generate cash.
(2) Subscription newsletters includes
investing newsletters and excludes subscriptions from The Deal, DealFlow
Media and Rate Watch.
(3) Average monthly churn rate is defined
as subscriber terminations/expirations in the quarter divided by the sum
of the beginning subscribers and gross subscriber additions for the
quarter, then divided by three. Subscriptions that are on a free-trial
basis are not regarded as added or terminated unless the subscription is
active at the end of the free-trial period.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking
statements as that term is defined in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements regarding the impact of the Company's growth initiatives and
expectations for 2014. Such forward-looking statements are subject to
risks and uncertainties, including those described in the Company's
filings with the Securities and Exchange Commission ("SEC") that could
cause actual results to differ materially from those reflected in the
forward-looking statements. Factors that might contribute to such
differences include, among others, economic downturns and the general
state of the economy, including the financial markets and mergers and
acquisitions environment, our ability to drive revenue, and increase or
retain current subscription revenue, our ability to optimize our free
site and generate new subscription revenue; our ability to successfully
integrate The Deal and other acquisitions; our ability to develop new
products; competition and other factors set forth in our filings with
the SEC, which are available on the SEC's website at www.sec.gov. All
forward-looking statements contained herein are made as of the date of
this press release. Although the Company believes that the expectations
reflected in the forward-looking statements are reasonable, the Company
cannot guarantee future results or occurrences. The Company disclaims
any obligation to update these forward-looking statements, whether as a
result of new information, future developments or otherwise.
Contacts: John Ferrara Chief Financial Officer TheStreet, Inc. 212-321-5234 ir@thestreet.com
Erica Mannion Investor Relations Sapphire Investor Relations, LLC 415-471-2700 ir@thestreet.com
 |
|
Logo - http://photos.prnewswire.com/prnh/20130102/NY35868LOGO-b
SOURCE TheStreet, Inc.
Estate Planning
Estate planning is the process of anticipating and arranging for the disposal of an estate during a person's life. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity.[1]
It overlaps to some degree with elder law, which additionally includes other provisions such as long-term care.
It overlaps to some degree with elder law, which additionally includes other provisions such as long-term care.
Devices
Estate planning involves the will, trusts, beneficiary designations, powers of appointment, property ownership (joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gift, and powers of attorney, specifically the durable financial power of attorney and the durable medical power of attorney. After widespread litigation and media coverage surrounding the Terri Schiavo case, estate planning attorneys now often advise clients to also create a living will. Specific final arrangements, such as whether to be buried or cremated, are also often part of the documents. More sophisticated estate plans may even cover deferring or decreasing estate taxes or winding up a business.Remainder
The tax code allows people to set up charitable remainder trusts and set up qualified personal residence trusts to own their personal residence yet leave it to their children without estate tax.Trust provisions for beneficiaries
Trusts may be used to set up certain provisions for how minor children or developmentally disabled children will be distributed funds. For example, a spendthrift trust may be used to prevent wasteful spending by a spendthrift child, or a special needs trust may be used for developmentally disabled children.Tax
Because the United States tax code does not tax life insurance proceeds as income, a life insurance trust could be used to pay estate taxes. However, if the decedent holds any incidents of ownership like the ability to remove or change beneficiary, the proceeds will remain in his estate. For this reason, the trust vehicle is used to own the life insurance policy and it must be irrevocable to avoid inclusion in the estate.Mediation
Mediation serves as an alternative to a full-scale litigation to settle disputes. At a mediation, family members and beneficiaries discuss plans on transfer of assets. Because of the potential conflicts associated with blended families, step siblings, and multiple marriages, creating an estate plan through mediation allows people to confront the issues head-on and design a plan that will minimize the chance of future family conflict and meet their financial goals.Estate planner
Estate planning is usually a legal and tax specialty for an attorney or an accountant. Credentials for certification of estate planners include Trust and Estate Practitioner, Chartered Financial Analyst, Certified Financial Planner and Chartered Trust and Estate Planner.Designation of an IRA beneficiary
In the United States, without a beneficiary statement, the default provision in the custodian-agreement will apply, which may be the estate of the owner resulting in higher taxes and extra fees.- Identity
- A specific, identifiable individual must be designated as beneficiary.
- Contingent beneficiary
- If the primary beneficiary predeceases the IRA owner, the contingent beneficiary becomes the designated beneficiary. If a contingent beneficiary is not named, the default provision in the custodian-agreement applies.
- Death
- At the IRA owner's death, the primary beneficiary may select his or her own beneficiaries. There is no obligation to retain the contingent beneficiary designated by the IRA owner.
- Multiple accounts
- An IRA owner can split an IRA into several IRA's each with different beneficiaries, assets and value.
Financial Statement
From Wikipedia, the free encyclopedia
A financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity.
Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis:[1]
- A balance sheet, also referred to as a statement of financial position, reports on a company's assets, liabilities, and ownership equity at a given point in time.
- An income statement, also known as a statement of comprehensive income, statement of revenue & expense, P&L or profit and loss report, reports on a company's income, expenses, and profits over a period of time. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
- A statement of cash flows reports on a company's cash flow activities, particularly its operating, investing and financing activities.
Purpose of financial statements by business entities
"The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions."[2] Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position.Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study the information diligently."[2] Financial statements may be used by users for different purposes:
- Owners and managers require financial statements to make important business decisions that affect its continued operations. Financial analysis is then performed on these statements to provide management with a more detailed understanding of the figures. These statements are also used as part of management's annual report to the stockholders.
- Employees also need these reports in making collective bargaining agreements (CBA) with the management, in the case of labor unions or for individuals in discussing their compensation, promotion and rankings.
- Prospective investors make use of financial statements to assess the viability of investing in a business. Financial analyses are often used by investors and are prepared by professionals (financial analysts), thus providing them with the basis for making investment decisions.
- Financial institutions (banks and other lending companies) use them to decide whether to grant a company with fresh working capital or extend debt securities (such as a long-term bank loan or debentures) to finance expansion and other significant expenditures.
Consolidated financial statements
Main article: Consolidated financial statement
Consolidated financial statements are defined as "Financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent (company) and its subsidiaries are presented as those of a single economic entity", according to International Accounting Standard 27 "Consolidated and separate financial statements", and International Financial Reporting Standard 10 "Consolidated financial statements".[3][4]Government financial statements
See also: Fund accounting
The rules for the recording, measurement and presentation of government financial statements may be different from those required for business and even for non-profit organizations. They may use either of two accounting methods: accrual accounting, or cost accounting, or a combination of the two (OCBOA). A complete set of chart of accounts is also used that is substantially different from the chart of a profit-oriented business.Personal financial statements
Personal financial statements may be required from persons applying for a personal loan or financial aid. Typically, a personal financial statement consists of a single form for reporting personally held assets and liabilities (debts), or personal sources of income and expenses, or both. The form to be filled out is determined by the organization supplying the loan or aid.Source:
http://en.wikipedia.org/wiki/Financial_statement
USHCC Applauds Chicago Mayor Rahm Emanuel's Continued Support of Hispanic Businesses
The
United States Hispanic Chamber of Commerce (USHCC) applauds Chicago
Mayor Rahm Emanuel for his deep, ongoing commitment to support the
city's Hispanic and minority-owned business communities.
Today, Mayor Emanuel met with IHCC
President & CEO Omar Duque and 25 members of the IHCC to discuss key
initiatives, the state of Hispanic business in Chicago, and areas of
opportunity for commercial growth and job creation. The 25 IHCC
businesses that met with Mayor Emanuel today have a combined workforce
of more than 5,000 and, combined, generate more than $833,000,000 in
annual revenue.
"The USHCC is thrilled to see Mayor Rahm
Emanuel continue to engage the Hispanic business community and our local
chamber leaders. Under Omar's leadership, the IHCC continues to soar,
representing more than 70,000 business that contribute more than $15
billion to the state's economy and provide more than 100,000 jobs in
Illinois," said USHCC President & CEO Javier Palomarez. "Mayor Rahm
Emanuel understands that Chicago's economic future is inextricably
bound to the success of Hispanic and immigrant entrepreneurs. We applaud
today's collaborative meeting between the Mayor and IHCC, and lend our
full support toward their efforts."
Last September, Mayor Rahm Emanuel
addressed the nation's leading Hispanic business leaders during the
USHCC's 2014 National Convention in Chicago, IL. Recognizing the
prevalence of Hispanic immigrants in his city, Mayor Emanuel noted, "You
can't be pro-business if you're anti-immigrant, and you can't be
anti-immigrant if you're pro-business."
"We appreciate our ongoing collaboration
with Mayor Emanuel. Today's meeting was yet another opportunity to
outline our priorities and work with the Mayor and his administration to
enact solutions to help our businesses continue to grow and strive,"
Duque said. "I thank Javier Palomarez and the USHCC for supporting our
chamber and for hosting more than 6,000 business leaders in Chicago
during last year's annual conference. Chicago continues to benefit from
that momentum and we will continue to work with our partners across the
country."
About the IHCC
The Illinois Hispanic Chamber of Commerce
(IHCC) is the leading Hispanic business, networking, advocacy and
development organization in the state of Illinois. IHCC works with
business owners, providing unique and strategic one-on-one services
designed to help businesses thrive and grow, while also regularly
hosting networking and public policy events. To learn more about the
Illinois Hispanic Chamber of Commerce, please visit:
www.ihccbusiness.net. Like us at facebook.com/ihccbusiness and follow us
on Twitter @Ilhischambr
About the USHCC
Founded in 1979, the USHCC actively
promotes the economic growth and development of our nation's
entrepreneurs. The USHCC advocates on behalf of nearly 3.2 million
Hispanic-owned businesses, that together contribute in excess of $468
billion to the American economy, each year. As the leading organization
of its kind, the USHCC serves as an umbrella to more than 200 local
chambers and business associations across the nation, and partners with
more than 220 major corporations.
For more information, visit www.ushcc.com
Follow us on Twitter @USHCC
| CONTACT: Ammar Campa-Najjar
Associate Director of Communications
619-721-5148
| |
http://www.globenewswire.com/newsroom/ti?nf=MTMjMTAwODU0ODIjMjMyMjM=
Weibo CEO Expects Losses to Narrow This Year
Weibo CEO Expects Losses to Narrow This Year
By Lorraine Luk
SHANGHAI-- Weibo Corp., China's version of Twitter, will likely remain unprofitable this year, its chief executive said in an interview, as the company is increasing investments to acquire new users.
Weibo, which means microblog in Chinese, works much like Twitter, allowing users to send brief public messages to followers, who can comment on or repost them. It was launched in 2009 and attracted large numbers of users as it became a sort of virtual town square where the Chinese could discuss anything from pop stars to corrupt politicians.
The Chinese social media company raised $286 million in its initial public offering on the Nasdaq Stock Market in April. Chief Executive Wang Gaofei said his company is focused on China and has no immediate plans for expansion overseas.
The company had 66.6 million average daily active users as of March 31.
Despite its popularity, Weibo posted a net loss of $38 million last year as the company spent heavily to attract users. That trend is expected to continue, he said.
"User acquisition will be our top priority in 2014-2015 as Chinese consumers' migration to smartphones is expected to accelerate. We need to grasp this window of opportunity to tap the billions of first-time mobile Internet users in China," Mr. Wang told The Wall Street Journal on the sidelines of the Mobile Asia Expo.
As part of its efforts to improve Weibo's user experience, Mr. Wang said the company also is interested in acquiring content and technology companies in China, but he declined to disclose more details.
While investments in new features and users will continue to weigh on Weibo's profitability this year, the company's net loss is expected to narrow from last year as revenue from advertising and value-added services will increase significantly, said Mr. Wang, declining to provide specific figures.
For example, Chinese e-commerce giant Alibaba Group Holding Ltd. has integrated its online payment platform, Alipay, into Weibo, which has helped attract more merchants to feature advertisements on the microblogging site, he said.
Earlier this week, the company also introduced a new service in China that enables fans of celebrities who pay a monthly membership fee to access some exclusive content such as videos and photos and buy virtual gifts like flowers for the celebrities they follow, Mr. Wang said.
He added that Weibo plans to launch more mobile games to increase revenue from its social-media platform.
To strengthen its position as the dominant social-media platform in China, Weibo plans to invest in brand-building in less developed third and fourth tier cities where Weibo has little presence.
"Since more than half of China's total population is still not on mobile Internet, Weibo will focus on capturing the big growth potential in the domestic market for now", said Mr. Wang. "Third to fourth tier cities are important for Weibo's future growth as they account for 60% of the country's population."
Morgan Stanley analyst Philip Wan said he expects Weibo to remain unprofitable this year due to heavy investments but expect positive margins in 2015. But a major uncertainty is censorship in China, he said.
The Chinese government fined Weibo's parent company, Sina Corp., about $815,000 last month over "unhealthy and indecent content" and moved to revoke Sina's Internet-publication license and its license for online transmission of audiovisual programs.
Commenting on the regulatory risk, Mr. Wang said the Chinese government's media censorship won't affect the growth of social media because of high demand from consumers.
He said Weibo knows how to manage its content in a better way as it has regular dialogue with the government.
Write to Lorraine Luk at lorraine.luk@wsj.com
(END) Dow Jones Newswires
June 11, 2014 11:13 ET (15:13 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110073202014-06-11 15:13:00.0005I8J335ACBE9PHVIIMA9D6LMCQDJNF
By Lorraine Luk
SHANGHAI-- Weibo Corp., China's version of Twitter, will likely remain unprofitable this year, its chief executive said in an interview, as the company is increasing investments to acquire new users.
Weibo, which means microblog in Chinese, works much like Twitter, allowing users to send brief public messages to followers, who can comment on or repost them. It was launched in 2009 and attracted large numbers of users as it became a sort of virtual town square where the Chinese could discuss anything from pop stars to corrupt politicians.
The Chinese social media company raised $286 million in its initial public offering on the Nasdaq Stock Market in April. Chief Executive Wang Gaofei said his company is focused on China and has no immediate plans for expansion overseas.
The company had 66.6 million average daily active users as of March 31.
Despite its popularity, Weibo posted a net loss of $38 million last year as the company spent heavily to attract users. That trend is expected to continue, he said.
"User acquisition will be our top priority in 2014-2015 as Chinese consumers' migration to smartphones is expected to accelerate. We need to grasp this window of opportunity to tap the billions of first-time mobile Internet users in China," Mr. Wang told The Wall Street Journal on the sidelines of the Mobile Asia Expo.
As part of its efforts to improve Weibo's user experience, Mr. Wang said the company also is interested in acquiring content and technology companies in China, but he declined to disclose more details.
While investments in new features and users will continue to weigh on Weibo's profitability this year, the company's net loss is expected to narrow from last year as revenue from advertising and value-added services will increase significantly, said Mr. Wang, declining to provide specific figures.
For example, Chinese e-commerce giant Alibaba Group Holding Ltd. has integrated its online payment platform, Alipay, into Weibo, which has helped attract more merchants to feature advertisements on the microblogging site, he said.
Earlier this week, the company also introduced a new service in China that enables fans of celebrities who pay a monthly membership fee to access some exclusive content such as videos and photos and buy virtual gifts like flowers for the celebrities they follow, Mr. Wang said.
He added that Weibo plans to launch more mobile games to increase revenue from its social-media platform.
To strengthen its position as the dominant social-media platform in China, Weibo plans to invest in brand-building in less developed third and fourth tier cities where Weibo has little presence.
"Since more than half of China's total population is still not on mobile Internet, Weibo will focus on capturing the big growth potential in the domestic market for now", said Mr. Wang. "Third to fourth tier cities are important for Weibo's future growth as they account for 60% of the country's population."
Morgan Stanley analyst Philip Wan said he expects Weibo to remain unprofitable this year due to heavy investments but expect positive margins in 2015. But a major uncertainty is censorship in China, he said.
The Chinese government fined Weibo's parent company, Sina Corp., about $815,000 last month over "unhealthy and indecent content" and moved to revoke Sina's Internet-publication license and its license for online transmission of audiovisual programs.
Commenting on the regulatory risk, Mr. Wang said the Chinese government's media censorship won't affect the growth of social media because of high demand from consumers.
He said Weibo knows how to manage its content in a better way as it has regular dialogue with the government.
Write to Lorraine Luk at lorraine.luk@wsj.com
(END) Dow Jones Newswires
June 11, 2014 11:13 ET (15:13 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110073202014-06-11 15:13:00.0005I8J335ACBE9PHVIIMA9D6LMCQDJNF
LG Partners With McAfee to Bring Anti-Theft Feature to LG G3
Today McAfee, part of Intel Security, and LG Electronics announced that
the new LG G3 will come pre-installed with a version of McAfee Mobile
Security that includes a new anti-theft feature designed to protect
users from unauthorized factory resets. The Kill Switch provides users
the ability to disable their phones remotely in the event of device loss
or theft. The software allows content to be wiped to prevent personal
information from being compromised.
Smartphones have become a target for criminals of all types because of
the monetary value they hold and the vast amount of personal data
consumers store on them. According to Creighton University, Americans
spend about $580 million replacing stolen phones each year(1).
The growing prevalence of malware is also a concern for mobile users. McAfee's
Consumer Mobile Security Report findings show that the total Android
"zoo" of mobile malware rose 197 percent between December 2012 and
December 2013.
"We are working with McAfee to offer a customized version of its
award-winning mobile security software that leverages built-in LG
capabilities to make security an integral part of LG G3," said Dr.
Ramchan Woo, head of smartphone planning division of LG. "The
implementation of the Kill Switch feature is just one of several
specific measures we are taking to ensure that our users can easily and
comprehensively protect themselves from the growing threat landscape,
both physical and online."
Through a multiyear global partnership, LG G3 is now equipped with a
distinct version of McAfee Mobile Security to provide users with an easy
and comprehensive way to protect themselves from security and privacy
threats and identity theft. Antivirus, data backup, remote lock and
wipe, and remote tracking are all available through the McAfee app for
five years at no cost.
The Kill Switch feature offers an added layer of protection by allowing
the user to retain control of the device even in the event it's lost or
stolen. The McAfee Mobile Security lock screen blocks factory resets and
rooting attempts, requires password authentication, and can be
controlled by the user from the device or the a web console.
"We are working with LG to build and implement unique security measures
that empower users to live a safer, worry-free digital life," said John
Giamatteo, senior vice president and general manager, McAfee consumer
business. "Partnering with global mobile leaders such as LG is one of
the many ways that we're working tirelessly to deliver innovative
solutions that enable safer mobile computing for consumers."
McAfee Mobile Security has been pre-installed and the Kill Switch
feature automatically activated on LG G3 phones starting May 28th.
All other LG users may download McAfee Mobile Security for free on the Google
Play Store.
McAfee Mobile Security
McAfee Mobile Security for Android is designed to prevent privacy
invasions, data loss, identity theft and lost or stolen devices. In AV-Test's
most recent effectiveness test for mobile security products, McAfee
Mobile Security received a 100% detection score for the second time this
year and was given a top ranking among the 30 vendors that participated
in the independent test.
About McAfee
McAfee, part of Intel Security and a wholly owned subsidiary of Intel
Corporation (NASDAQ:INTC), empowers businesses, the public sector, and
home users to safely experience the benefits of the Internet. The
company delivers proactive and proven security solutions and services
for systems, networks, and mobile devices around the world. With its
Security Connected strategy, innovative approach to hardware-enhanced
security, and unique Global Threat Intelligence network, McAfee is
relentlessly focused on keeping its customers safe. http://www.mcafee.com
Note: McAfee is a trademark or registered trademark of McAfee, Inc. in
the United States and other countries. Other names and brands may be
claimed as the property of others.
(1) Crieghton University:
https://www.creighton.edu/publicrelations/newscenter/news/2014/april2014/april12014/duckworthkillswitchnr040114/
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20140611005330r1&sid=cmtx6&distro=nx
SOURCE: McAfee, Inc.
| McAfee Heather Haas, 408-346-5735 Heather_Haas@mcafee.com or Zeno Group Casey Ibbetson, 310-566-2282 Casey.Ibbetson@zenogroup.com |
Despite Drop in Machinery Orders, Japan's Capex Trend Remains Solid -- Update
Despite Drop in Machinery Orders, Japan's Capex Trend Remains Solid -- Update
By Takashi Mochizuki
TOKYO--Japanese machinery orders fell in April from the previous month, but the drop was smaller than expected and economists remain optimistic about the nation's corporate capital investment trend.
Policy makers are hoping that capital expenditure will remain relatively robust to help support the economy amid concern that a drop in consumption in the wake of a sales tax increase might derail the Abe administration's efforts to boost the economy with its pro-growth policies known as Abenomics.
Core machinery orders fell 9.1% in April from a month ago, the Cabinet Office said Thursday. The outcome was better than an 11.0% drop expected by economists polled by The Wall Street Journal and the Nikkei.
Machinery orders, though often volatile, are widely regarded as a leading indicator of corporate capital investment. The core figure excludes orders from electric power companies and those for ships because of their large size and volatility.
The drop in orders from the previous month was nothing worrisome, economists say, because the data surged in March due to many one-time orders.
"This month's outcome is nothing negative when judging the economy's midterm trend," said Norio Miyagawa, a senior economist at Mizuho Securities Research and Consulting.
Mr. Miyagawa said the Thursday outcome confirmed Japan's capital expenditure trend "is strong."
Many analysts say that Japan's economy is holding up well after the sales tax increase in April, despite widespread fears earlier this year that the higher rate might dent consumer spending and disturb the economy's path toward stable inflation and sustainable growth.
A lingering concern for many economists is the strength of exports since overseas economies, especially those in the Asian region, remain somewhat fragile. But Thursday's data offered a possible bright sign ahead.
Machinery orders from overseas rose 71.3% from a month ago to Yen1.6 trillion ($15.7 billion) in April. The pace of growth was the second-highest on record while the value was the highest since the government began taking comparable data in April 2005. Overseas demand has now posted five straight months of on-month gains.
The outcome is encouraging because the overseas demand for machinery can be viewed as a leading indicator for exports, said Yuki Endo, economist at Hamagin Research Institute.
"Exports aren't that strong right now, but today's outcome suggests we may see demand from overseas pick up in the months ahead," he said.
Write to Takashi Mochizuki at takashi.mochizuki@wsj.com
(END) Dow Jones Newswires
June 11, 2014 21:56 ET (01:56 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110134882014-06-12 01:56:00.0007M4ON7HTUM0S1I92EE3FRFPSSDDJNF
By Takashi Mochizuki
TOKYO--Japanese machinery orders fell in April from the previous month, but the drop was smaller than expected and economists remain optimistic about the nation's corporate capital investment trend.
Policy makers are hoping that capital expenditure will remain relatively robust to help support the economy amid concern that a drop in consumption in the wake of a sales tax increase might derail the Abe administration's efforts to boost the economy with its pro-growth policies known as Abenomics.
Core machinery orders fell 9.1% in April from a month ago, the Cabinet Office said Thursday. The outcome was better than an 11.0% drop expected by economists polled by The Wall Street Journal and the Nikkei.
Machinery orders, though often volatile, are widely regarded as a leading indicator of corporate capital investment. The core figure excludes orders from electric power companies and those for ships because of their large size and volatility.
The drop in orders from the previous month was nothing worrisome, economists say, because the data surged in March due to many one-time orders.
"This month's outcome is nothing negative when judging the economy's midterm trend," said Norio Miyagawa, a senior economist at Mizuho Securities Research and Consulting.
Mr. Miyagawa said the Thursday outcome confirmed Japan's capital expenditure trend "is strong."
Many analysts say that Japan's economy is holding up well after the sales tax increase in April, despite widespread fears earlier this year that the higher rate might dent consumer spending and disturb the economy's path toward stable inflation and sustainable growth.
A lingering concern for many economists is the strength of exports since overseas economies, especially those in the Asian region, remain somewhat fragile. But Thursday's data offered a possible bright sign ahead.
Machinery orders from overseas rose 71.3% from a month ago to Yen1.6 trillion ($15.7 billion) in April. The pace of growth was the second-highest on record while the value was the highest since the government began taking comparable data in April 2005. Overseas demand has now posted five straight months of on-month gains.
The outcome is encouraging because the overseas demand for machinery can be viewed as a leading indicator for exports, said Yuki Endo, economist at Hamagin Research Institute.
"Exports aren't that strong right now, but today's outcome suggests we may see demand from overseas pick up in the months ahead," he said.
Write to Takashi Mochizuki at takashi.mochizuki@wsj.com
(END) Dow Jones Newswires
June 11, 2014 21:56 ET (01:56 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110134882014-06-12 01:56:00.0007M4ON7HTUM0S1I92EE3FRFPSSDDJNF
Asian Shares Decline as Stronger Yen Weighs on Nikkei
Asian Shares Decline as Stronger Yen Weighs on Nikkei
By Daniel Inman
Asian stocks fell on Thursday, with Japan leading the region lower as Tokyo was weighed by a stronger yen.
The Nikkei was down 1.4% in early trade, as the dollar edged lower against the yen--at one point trading below the Yen102 mark at 101.98. The dollar was last at Yen102.03, compared with Yen102.06 late Wednesday in New York.
The yen started to firm up during Asian trade on Wednesday, after the World Bank reduced its global growth forecast. The negative sentiment carried on in European and U.S. trading, where Wall Street ended the day with a loss, with the dollar losing further ground against the yen. A stronger Japanese currency is generally seen as a headwind for local exporters.
In Australia, the S&P/ASX 200 lost 0.3%, as the market waited for employment data out later in the session, where a slight rise in the unemployment rate to 5.9% from 5.8% is expected, according to economists surveyed by The Wall Street Journal.
Miners in Australia were under pressure as iron ore prices lost further ground, with Rio Tinto 0.5% lower and Fortescue Metals Group down 2.9%.
"Our local benchmark has continually stumbled in recent sessions as the commodity slump piles misery on our miners," said Niall King, a sales trader at CMC Markets.
Elsewhere in Asia, South Korea's Kospi was 0.2% lower.
Robb Stewart contributed to this article.
Write to Daniel Inman at daniel.inman@wsj.com
(END) Dow Jones Newswires
June 11, 2014 21:36 ET (01:36 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110134242014-06-12 01:36:00.00034H6IM7P3BMVKS06AHR1GSFF9BDJNF
By Daniel Inman
Asian stocks fell on Thursday, with Japan leading the region lower as Tokyo was weighed by a stronger yen.
The Nikkei was down 1.4% in early trade, as the dollar edged lower against the yen--at one point trading below the Yen102 mark at 101.98. The dollar was last at Yen102.03, compared with Yen102.06 late Wednesday in New York.
The yen started to firm up during Asian trade on Wednesday, after the World Bank reduced its global growth forecast. The negative sentiment carried on in European and U.S. trading, where Wall Street ended the day with a loss, with the dollar losing further ground against the yen. A stronger Japanese currency is generally seen as a headwind for local exporters.
In Australia, the S&P/ASX 200 lost 0.3%, as the market waited for employment data out later in the session, where a slight rise in the unemployment rate to 5.9% from 5.8% is expected, according to economists surveyed by The Wall Street Journal.
Miners in Australia were under pressure as iron ore prices lost further ground, with Rio Tinto 0.5% lower and Fortescue Metals Group down 2.9%.
"Our local benchmark has continually stumbled in recent sessions as the commodity slump piles misery on our miners," said Niall King, a sales trader at CMC Markets.
Elsewhere in Asia, South Korea's Kospi was 0.2% lower.
Robb Stewart contributed to this article.
Write to Daniel Inman at daniel.inman@wsj.com
(END) Dow Jones Newswires
June 11, 2014 21:36 ET (01:36 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110134242014-06-12 01:36:00.00034H6IM7P3BMVKS06AHR1GSFF9BDJNF
Mineral Resources Confirms Aquila Stake Buy
Mineral Resources Confirms Aquila Stake Buy
By Ross Kelly
By Ross Kelly
SYDNEY-- Mineral Resources Ltd. said it bought a 12.8% stake in takeover target Aquila Resources Ltd. to gain a foothold in a 7.4 billion Australian dollar (US$6.9 billion) iron-ore project, cooling speculation of a rival bid for the mining company.
Aquila last month received a takeover bid led by China's Boasteel Group valuing it at A$1.4 billion.
Mineral Resources said Thursday that taking a strategic stake will give it a chance to participate in the development of Aquila's West Pilbara iron-ore project in Western Australia state. The company said it had already drawn up a development plan where it would take responsibility for all processing and mine-related infrastructure, as well as the supply chain through to shiploading.
"We have the financial capacity to make a meaningful capital contribution toward the development of the project," Chris Ellison, chief executive of Mineral Resources, said in a statement.
Mr. Eillson said Mineral Resources was prepared to work with Aquila and Baosteel to bring the mine into production.
Baosteel, which owns China's largest listed steel mill, bought 15% of Aquila in 2009 when iron-ore prices were rising, and later raised its stake to 20%. It was attracted to Aquila's plans for the West Pilbara project, which is expected eventually to produce more than 30 million metric tons of iron ore a year.
Baosteel first announced its plan to work with rail-freight hauler Aurizon Holdings Ltd. on a joint takeover offer for Aquila last month. Under the proposal, Baosteel would own as much as 85% of Aquila, which also owns an undeveloped coking-coal prospect in Queensland state. Aurizon would take the remaining interest.
Aquila, whose executive chairman and co-founder Tony Poli holds 29% of the company, hasn't so far responded to Baosteel's proposal.
Write to Ross Kelly at ross.kelly@wsj.com
(END) Dow Jones Newswires
June 11, 2014 21:45 ET (01:45 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110134542014-06-12 01:45:00.0004MT649O372THLSFMSJIUDBCH8EDJNF
Australia's Unemployment Rate Holds Steady
Australia's Unemployment Rate Holds Steady
By James Glynn
SYDNEY--Australia's unemployment held steady in May, easing concern over a fading mining-investment boom that has been slowing the economy.
The jobless rate stayed at a seasonally adjusted 5.8% in May, the Australian Bureau of Statistics said Thursday. Economists had expected unemployment to rise to 5.9%.
The number of people employed fell by 4,800, compared with the 10,000 rise expected by economists. The number of people in full-time work rose by 22,200, while those in part-time work fell by 27,000.
The bureau said its seasonally adjusted workforce-participation rate--the proportion of working-age people at work or actively seeking it--fell to 64.6% in May from 64.7% in April.
Interest rates in Australia have been cut to record lows as the central bank has moved to cushion the economy against a slowdown in mining investment from record levels.
Unemployment has drifted higher over the past year, reaching its highest level in a decade at the start of the year. Recent job-market indicators have pointed to an improvement in hiring, but population growth is also strong, leaving the unemployment rate elevated.
Write to James Glynn at james.glynn@wsj.com
(END) Dow Jones Newswires
June 11, 2014 21:45 ET (01:45 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110134522014-06-12 01:45:00.0006TG7I72O2E1NI16UTS4R1BGAMPDJNF
By James Glynn
SYDNEY--Australia's unemployment held steady in May, easing concern over a fading mining-investment boom that has been slowing the economy.
The jobless rate stayed at a seasonally adjusted 5.8% in May, the Australian Bureau of Statistics said Thursday. Economists had expected unemployment to rise to 5.9%.
The number of people employed fell by 4,800, compared with the 10,000 rise expected by economists. The number of people in full-time work rose by 22,200, while those in part-time work fell by 27,000.
The bureau said its seasonally adjusted workforce-participation rate--the proportion of working-age people at work or actively seeking it--fell to 64.6% in May from 64.7% in April.
Interest rates in Australia have been cut to record lows as the central bank has moved to cushion the economy against a slowdown in mining investment from record levels.
Unemployment has drifted higher over the past year, reaching its highest level in a decade at the start of the year. Recent job-market indicators have pointed to an improvement in hiring, but population growth is also strong, leaving the unemployment rate elevated.
Write to James Glynn at james.glynn@wsj.com
(END) Dow Jones Newswires
June 11, 2014 21:45 ET (01:45 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110134522014-06-12 01:45:00.0006TG7I72O2E1NI16UTS4R1BGAMPDJNF
Interbank Foreign Exchange Rates At 21:50 EST / 0150 GMT
Interbank Foreign Exchange Rates At 21:50 EST / 0150 GMT
Latest Previous %Chg Daily Daily %Chg
Dollar Rates Close High Low 12/31
USD/JPY Japan 102.03-06 102.05-09 -0.03 102.07 101.98 -3.10
EUR/USD Euro 1.3544-48 1.3530-34 +0.11 1.3545 1.3532 -1.44
GBP/USD U.K. 1.6794-98 1.6786-90 +0.05 1.6797 1.6788 +1.44
USD/CHF Switzerland 0.8992-94 0.8997-9001 -0.07 0.9000 0.8994 +0.70
USD/CAD Canada 1.0863-64 1.0865-69 -0.04 1.0869 1.0864 +2.27
AUD/USD Australia 0.9376-80 0.9382-86 -0.07 0.9411 0.9354 +5.19
NZD/USD New Zealand 0.8639-42 0.8543-55 +1.07 0.8646 0.8524 +5.10
Euro Rates
EUR/JPY Japan 138.18-22 138.09-17 +0.05 138.22 137.98 -4.52
EUR/GBP U.K. 0.8064-65 0.8059-61 +0.05 0.8065 0.8059 -2.85
EUR/CHF Switzerland 1.2178-82 1.2175-79 +0.03 1.2181 1.2176 -0.76
EUR/CAD Canada 1.4711-16 1.4702-08 +0.06 1.4716 1.4702 +0.79
EUR/AUD Australia 1.4439-48 1.4415-25 +0.16 1.4477 1.4380 -6.31
EUR/DKK Denmark 7.4595-646 7.4599-635 +0.00 7.4631 7.4600 +0.03
EUR/NOK Norway 8.1151-244 8.1184-259 -0.03 8.1268 8.1188 -2.70
EUR/SEK Sweden 9.0615-90 9.0614-95 0.00 9.0711 9.0542 +2.46
EUR/CZK Czech Rep. 27.412-76 27.422-59 +0.01 27.459 27.438 +0.40
EUR/HUF Hungary 305.30-68 305.20-73 +0.01 305.75 305.50 +2.80
EUR/PLN Poland 4.1020-114 4.1038-103 -0.01 4.1114 4.1038 -1.16
Yen Rates
AUD/JPY Australia 95.66-72 95.75-82 -0.10 96.02 95.44 +1.92
GBP/JPY U.K. 171.35-44 171.31-40 +0.03 171.38 171.22 -1.71
CAD/JPY Canada 93.92-95 93.89-95 +0.01 93.93 93.84 -5.25
NZD/JPY New Zealand 88.15-20 87.19-32 +1.05 88.22 87.01 +1.85
Other Dollar Rates
USD/CZK Czech Rep. 20.238-82 20.264-92 -0.09 20.296 20.260 +1.87
USD/HUF Hungary 225.40-64 225.54-92 -0.09 225.96 225.64 +4.31
USD/DKK Denmark 5.5076-102 5.5134-52 -0.10 5.5145 5.5090 +1.50
USD/NOK Norway 5.9916-72 6.0001-46 -0.13 6.0063 5.9948 -1.27
USD/PLZ Poland 3.0287-350 3.0330-74 -0.11 3.0367 3.0326 +0.30
USD/RUB Russia 34.344-448 34.353-400 +0.06 34.406 34.376 +4.48
USD/SEK Sweden 6.6903-44 6.6970-7020 -0.11 6.7036 6.6900 +3.96
USD/ZAR S. Africa 10.7423-548 10.7491-603 -0.06 10.7572 10.7450 +2.47
USD/CNY China 6.2262-70 6.2279-87 -0.03 6.2288 6.2270 +2.82
USD/HKD Hong Kong 7.7516-26 7.7514-20 +0.01 7.7522 7.7518 -0.02
USD/MYR Malaysia 3.2126-34 3.2123-34 +0.00 3.2132 3.2094 -2.13
USD/INR India 59.355-75 59.360-80 -0.01 59.360 59.218 -4.03
USD/IDR Indonesia 11813-8 11805-25 +0.00 11823 11813 -2.84
USD/PHP Philippines 43.702-924 43.711-934 -0.02 43.805 43.820 -1.31
USD/SGD Singapore 1.2494-98 1.2502-07 -0.07 1.2505 1.2492 -1.05
USD/KRW S. Korea 1017.09-9.30 1016.04-67 +0.18 1018.58 1016.48 -3.56
USD/TWD Taiwan 29.999-30.020 30.022-40 -0.07 30.022 30.016 +0.25
USD/THB Thailand 32.464-508 32.450-96 +0.04 32.489 32.482 -0.70
USD/VND Vietnam 20922-1523 21140-265 +0.09 21140 21265 +0.43
USD/BRR Brazil 2.2302-62 2.2304-64 -0.01 2.2312 2.2358 -5.44
USD/MXN Mexico 13.0127-82 13.0067-137 +0.04 13.0158 13.0040 -0.20
USD/ARS Argentina 8.1242-310 8.1246-313 0.00 8.1255 8.1290 +24.68
Source: ICAP Plc.
(END) Dow Jones Newswires
June 11, 2014 21:50 ET (01:50 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110134752014-06-12 01:50:00.0002TCG7A3FTL9P7DH79RETIN0RG4DJNF
Latest Previous %Chg Daily Daily %Chg
Dollar Rates Close High Low 12/31
USD/JPY Japan 102.03-06 102.05-09 -0.03 102.07 101.98 -3.10
EUR/USD Euro 1.3544-48 1.3530-34 +0.11 1.3545 1.3532 -1.44
GBP/USD U.K. 1.6794-98 1.6786-90 +0.05 1.6797 1.6788 +1.44
USD/CHF Switzerland 0.8992-94 0.8997-9001 -0.07 0.9000 0.8994 +0.70
USD/CAD Canada 1.0863-64 1.0865-69 -0.04 1.0869 1.0864 +2.27
AUD/USD Australia 0.9376-80 0.9382-86 -0.07 0.9411 0.9354 +5.19
NZD/USD New Zealand 0.8639-42 0.8543-55 +1.07 0.8646 0.8524 +5.10
Euro Rates
EUR/JPY Japan 138.18-22 138.09-17 +0.05 138.22 137.98 -4.52
EUR/GBP U.K. 0.8064-65 0.8059-61 +0.05 0.8065 0.8059 -2.85
EUR/CHF Switzerland 1.2178-82 1.2175-79 +0.03 1.2181 1.2176 -0.76
EUR/CAD Canada 1.4711-16 1.4702-08 +0.06 1.4716 1.4702 +0.79
EUR/AUD Australia 1.4439-48 1.4415-25 +0.16 1.4477 1.4380 -6.31
EUR/DKK Denmark 7.4595-646 7.4599-635 +0.00 7.4631 7.4600 +0.03
EUR/NOK Norway 8.1151-244 8.1184-259 -0.03 8.1268 8.1188 -2.70
EUR/SEK Sweden 9.0615-90 9.0614-95 0.00 9.0711 9.0542 +2.46
EUR/CZK Czech Rep. 27.412-76 27.422-59 +0.01 27.459 27.438 +0.40
EUR/HUF Hungary 305.30-68 305.20-73 +0.01 305.75 305.50 +2.80
EUR/PLN Poland 4.1020-114 4.1038-103 -0.01 4.1114 4.1038 -1.16
Yen Rates
AUD/JPY Australia 95.66-72 95.75-82 -0.10 96.02 95.44 +1.92
GBP/JPY U.K. 171.35-44 171.31-40 +0.03 171.38 171.22 -1.71
CAD/JPY Canada 93.92-95 93.89-95 +0.01 93.93 93.84 -5.25
NZD/JPY New Zealand 88.15-20 87.19-32 +1.05 88.22 87.01 +1.85
Other Dollar Rates
USD/CZK Czech Rep. 20.238-82 20.264-92 -0.09 20.296 20.260 +1.87
USD/HUF Hungary 225.40-64 225.54-92 -0.09 225.96 225.64 +4.31
USD/DKK Denmark 5.5076-102 5.5134-52 -0.10 5.5145 5.5090 +1.50
USD/NOK Norway 5.9916-72 6.0001-46 -0.13 6.0063 5.9948 -1.27
USD/PLZ Poland 3.0287-350 3.0330-74 -0.11 3.0367 3.0326 +0.30
USD/RUB Russia 34.344-448 34.353-400 +0.06 34.406 34.376 +4.48
USD/SEK Sweden 6.6903-44 6.6970-7020 -0.11 6.7036 6.6900 +3.96
USD/ZAR S. Africa 10.7423-548 10.7491-603 -0.06 10.7572 10.7450 +2.47
USD/CNY China 6.2262-70 6.2279-87 -0.03 6.2288 6.2270 +2.82
USD/HKD Hong Kong 7.7516-26 7.7514-20 +0.01 7.7522 7.7518 -0.02
USD/MYR Malaysia 3.2126-34 3.2123-34 +0.00 3.2132 3.2094 -2.13
USD/INR India 59.355-75 59.360-80 -0.01 59.360 59.218 -4.03
USD/IDR Indonesia 11813-8 11805-25 +0.00 11823 11813 -2.84
USD/PHP Philippines 43.702-924 43.711-934 -0.02 43.805 43.820 -1.31
USD/SGD Singapore 1.2494-98 1.2502-07 -0.07 1.2505 1.2492 -1.05
USD/KRW S. Korea 1017.09-9.30 1016.04-67 +0.18 1018.58 1016.48 -3.56
USD/TWD Taiwan 29.999-30.020 30.022-40 -0.07 30.022 30.016 +0.25
USD/THB Thailand 32.464-508 32.450-96 +0.04 32.489 32.482 -0.70
USD/VND Vietnam 20922-1523 21140-265 +0.09 21140 21265 +0.43
USD/BRR Brazil 2.2302-62 2.2304-64 -0.01 2.2312 2.2358 -5.44
USD/MXN Mexico 13.0127-82 13.0067-137 +0.04 13.0158 13.0040 -0.20
USD/ARS Argentina 8.1242-310 8.1246-313 0.00 8.1255 8.1290 +24.68
Source: ICAP Plc.
(END) Dow Jones Newswires
June 11, 2014 21:50 ET (01:50 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406110134752014-06-12 01:50:00.0002TCG7A3FTL9P7DH79RETIN0RG4DJNF
Nasdaq Back to Flat
12:00 PM ET 6/11/14 | Briefing.com
Not much change in the major averages as they continue plodding along
their recent levels. For instance, the S&P 500 (-0.3%) has been
trapped in a three-point range for the past 90 minutes or so.
Meanwhile, the Nasdaq Composite (-0.01%) has been inching higher since putting in its session low at the open. Biotechnology and chipmakers have contributed to the rebound, while the overall tech sector trades a bit ahead of the S&P 500 with a loss of 0.1%.
The iShares Nasdaq Biotechnology ETF (IBB 250.11, +0.81) is higher by 0.3%, while the broader health care sector sits right above its flat line.
Elsewhere, the PHLX Semiconductor Index is higher by 0.6% with Micron (MU 30.98, +1.47) playing a part in the relative strength. The stock is higher by 5.0% after Bank of America/Merrill Lynch upgraded the stock to 'Buy' from 'Underperform.'
Meanwhile, the Nasdaq Composite (-0.01%) has been inching higher since putting in its session low at the open. Biotechnology and chipmakers have contributed to the rebound, while the overall tech sector trades a bit ahead of the S&P 500 with a loss of 0.1%.
The iShares Nasdaq Biotechnology ETF (IBB 250.11, +0.81) is higher by 0.3%, while the broader health care sector sits right above its flat line.
Elsewhere, the PHLX Semiconductor Index is higher by 0.6% with Micron (MU 30.98, +1.47) playing a part in the relative strength. The stock is higher by 5.0% after Bank of America/Merrill Lynch upgraded the stock to 'Buy' from 'Underperform.'
Market Capitalization Defined
You often hear companies or different mutual funds being categorized as small cap, mid cap or large cap. But what do these terms really mean? The "cap" part of these terms is short for capitalization,
which is a measure by which we can classify a company's size. Although
the criteria for the different classifications are not strictly bound,
it is important for investors to understand these terms, which are not
only ubiquitous but also useful for gauging a company's size and
riskiness.
Calculating Market Cap
Market capitalization is just a fancy name for a straightforward concept: it is the market value of a company's outstanding shares. This figure is found by taking the stock price and multiplying it by the total number of shares outstanding. For example, if Cory's Tequila Corporation (CTC) was trading at $20 per share and had a million shares outstanding, then the market capitalization would be $20 million ($20 x 1 million shares). It's that simple.
Why It's Important
A common misconception is that the higher the stock price, the larger the company. Stock price, however, may misrepresent a company's actual worth. If we look at two fairly large companies, IBM and Microsoft, on February 15, 2013 stock prices were $199.98 and $28.05 respectively. Although IBM's stock price was higher, we can see that MSFT's market cap of $234.6 billion was actually larger than IBM's $225.1 billion. If we compared the two companies by solely looking at their stock prices, we would not be comparing their true values, which are affected by the number of outstanding shares each company has.
The classification of companies into different caps also allows investors to gauge the growth versus risk
potential. Historically, large caps have experienced slower growth with
lower risk. Meanwhile, small caps have experienced higher growth
potential, but with higher risk.
Different Types of Capitalization
While there isn't one set framework for defining the different market caps, here are the widely published standards for each capitalization:
The Bottom LineUnderstanding the market cap is not just important if you're investing directly in stocks. It is also useful for mutual fund investors, as many funds will list the 'average' or 'median' market capitalization of its holdings. As the name suggests, this gives the middle ground of the fund's equity investments, letting investors know if the fund primarily invests in large-, mid- or small-cap stocks.
Calculating Market Cap
Market capitalization is just a fancy name for a straightforward concept: it is the market value of a company's outstanding shares. This figure is found by taking the stock price and multiplying it by the total number of shares outstanding. For example, if Cory's Tequila Corporation (CTC) was trading at $20 per share and had a million shares outstanding, then the market capitalization would be $20 million ($20 x 1 million shares). It's that simple.
Why It's Important
A common misconception is that the higher the stock price, the larger the company. Stock price, however, may misrepresent a company's actual worth. If we look at two fairly large companies, IBM and Microsoft, on February 15, 2013 stock prices were $199.98 and $28.05 respectively. Although IBM's stock price was higher, we can see that MSFT's market cap of $234.6 billion was actually larger than IBM's $225.1 billion. If we compared the two companies by solely looking at their stock prices, we would not be comparing their true values, which are affected by the number of outstanding shares each company has.
Different Types of Capitalization
While there isn't one set framework for defining the different market caps, here are the widely published standards for each capitalization:
- Mega cap - This group includes companies that have a market cap of $200 billion and greater. They are the largest publicly traded companies such as Exxon. Not many companies will fit in this category, and those that do are typically the leaders of their industries.
- Big/large cap - These companies have a market cap between $10 billion to $200 billion. Many well-known companies fall into this category, including companies like Microsoft, Walmart and General Electric, and IBM. Typically, large-cap stocks are considered to be relatively stable and secure. Both mega and large cap stocks are often referred to as blue chips.
- Mid cap - Ranging from $2 billion to $10 billion, this group of companies is considered to be more volatile than the large- and mega-cap companies. Growth stocks represent a significant portion of the mid caps. Some of the companies might not be industry leaders, but they are well on their way to becoming one.
- Small cap - Typically new or relatively young companies, small caps have a market cap between $300 million to $2 billion. Although their track records won't be as lengthy as those of the mid to mega caps, small caps do present the possibility of greater capital appreciation - but at the cost of greater risk.
- Micro cap - Mainly consisting of penny stocks, this category denotes market capitalizations between $50 million to $300 million fall into this category. The upward potential of these companies is similar to the downside potential, so they do not offer the safest investment, and a great deal of research should be done before entering into such a position.
- Nano cap - Companies having market caps below $50 million are nano caps. These companies are the most risky, and the potential for gain is often relatively small. These stocks typically trade on the pink sheets or OTCBB
The Bottom LineUnderstanding the market cap is not just important if you're investing directly in stocks. It is also useful for mutual fund investors, as many funds will list the 'average' or 'median' market capitalization of its holdings. As the name suggests, this gives the middle ground of the fund's equity investments, letting investors know if the fund primarily invests in large-, mid- or small-cap stocks.
by
Investopedia Staff
Investopedia.com believes that individuals
can excel at managing their financial affairs. As such, we strive to
provide free educational content and tools to empower individual
investors, including thousands of original and objective articles and
tutorials on a wide variety of financial topics.
Lockheed Wins Space Radar Contract - Analyst Blog
Prime defense contractor Lockheed Martin Corp. (LMT) outmatched its rival bidder Raytheon Company (RTN)
to clinch a big ticket contract for building a radar system to track
space junk. The contract, valued at a whopping $915 million, involves
creating a radar system at the Marshall Islands located in northern
Pacific Ocean.
The tracking system will be operational by 2018. Lockheed Martin is also contemplating to build another radar facility in Australia. The new ground-based radar program, known as space fence, will be capable of identifying smaller debris than the Air Force’s existing system operating since 1961.
The program is a top priority for the U.S. government as orbiting objects traveling at a speed of 17,500 miles per hour are increasing collision risks with satellites and International Space Station.
We note that the previous tracking systems could detect roughly 20,000 waste objects in the space while the new advanced version could spot up to 200,000 objects. Space fence will prove to be critical for the smooth running of major defense satellite programs as well as maneuvering of space stations.
The Space Systems continues to capture the government’s attention as the Department of Defense intends to develop a more resilient space division to face the emerging security threats. For fiscal 2015 defense budget, proposed investments for Space programs were flat compared to 2014.
This stimulus is pushing Lockheed Martin to expand its satellite product coverage through constant technological innovation as well as acquisitions. The company’s Advanced Extremely High Frequency (AEHF) military satellite program is shaping up well with its AEHF-4 projected to launch in 2017. The company boasts the AEHF to be the most secure communication satellites used by the government.
Meanwhile, the recent strategic purchase of Astrotech Space Operations (“ASO”) reflects Lockheed Martin’s efforts to increase market penetration. With the U.S. government retaining the company’s key programs, Lockheed Martin looks poised for a stable growth amidst the defense sequestration.
Currently, the company carries a Zacks Rank #3 (Hold). Other better-placed defense operators include Spirit AeroSystems Holdings, Inc. (SPR) and CAE Inc. (CAE). Both the stocks hold a Zacks Rank #2 (Buy).
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The tracking system will be operational by 2018. Lockheed Martin is also contemplating to build another radar facility in Australia. The new ground-based radar program, known as space fence, will be capable of identifying smaller debris than the Air Force’s existing system operating since 1961.
The program is a top priority for the U.S. government as orbiting objects traveling at a speed of 17,500 miles per hour are increasing collision risks with satellites and International Space Station.
We note that the previous tracking systems could detect roughly 20,000 waste objects in the space while the new advanced version could spot up to 200,000 objects. Space fence will prove to be critical for the smooth running of major defense satellite programs as well as maneuvering of space stations.
The Space Systems continues to capture the government’s attention as the Department of Defense intends to develop a more resilient space division to face the emerging security threats. For fiscal 2015 defense budget, proposed investments for Space programs were flat compared to 2014.
This stimulus is pushing Lockheed Martin to expand its satellite product coverage through constant technological innovation as well as acquisitions. The company’s Advanced Extremely High Frequency (AEHF) military satellite program is shaping up well with its AEHF-4 projected to launch in 2017. The company boasts the AEHF to be the most secure communication satellites used by the government.
Meanwhile, the recent strategic purchase of Astrotech Space Operations (“ASO”) reflects Lockheed Martin’s efforts to increase market penetration. With the U.S. government retaining the company’s key programs, Lockheed Martin looks poised for a stable growth amidst the defense sequestration.
Currently, the company carries a Zacks Rank #3 (Hold). Other better-placed defense operators include Spirit AeroSystems Holdings, Inc. (SPR) and CAE Inc. (CAE). Both the stocks hold a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
RAYTHEON CO (RTN): Free Stock Analysis Report
SPIRIT AEROSYS (SPR): Free Stock Analysis Report
LOCKHEED MARTIN (LMT): Free Stock Analysis Report
CAE INC (CAE): Free Stock Analysis Report
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Zacks Investment Research
Encouraging Data on Pharmacyclics/J&J Drug - Analyst Blog
Pharmacyclics Inc. (PCYC)
announced encouraging data on oncology drug Imbruvica (ibrutinib) from a
phase III study (RESONATE: n=391). The study was evaluating
Pharmacyclics’ Imbruvica (ibrutinib) versus GlaxoSmithKline (GSK)
and Genmab's Arzerra (ofatumumab) in patients suffering from relapsed
or refractory chronic lymphocytic leukemia (CLL) or small lymphocytic
lymphoma (SLL). The patients were treated at least once before for the
disease which affects predominantly elderly people.
Results from the multi-center, international, open-label, randomized study, which was published in an online first edition of the New England Journal of Medicine, revealed that treatment with Imbruvica caused patients to live longer without the disease worsening compared to those in the Arzerra arm. Data revealed a 78% reduction in risk of progression or death in patients treated with Imbruvica compared to those being treated with Arzerra. The overall response rate was also found to be favorable in the Imbruvica arm.
We note that the RESONATE study was stopped early following the recommendation of an independent Data Monitoring Committee (DMC) as it had already met the trial’s primary and a key secondary endpoint of progression-free survival and overall survival, respectively.
Pharmacyclics and partner Johnson & Johnson (JNJ) gained accelerated approval from the U.S. Food and Drug Administration (FDA) for Imbruvica in the previously treated CLL indication in Feb 2014. Full approval was sought in April for the same indication on the basis of data from the RESONATE study. Gaining the FDA nod, as far as full approval for the indication is concerned, should be a mere formality for the partners given the highly impressive data from the RESONATE study.
We remind investors that Imbruvica was approved by the FDA in Nov 2013 as a monotherapy for treating patients suffering from mantle cell lymphoma (MCL). The drug has been approved to treat MCL patients who have been treated at least once for the disease. The drug is being studied for other oncology indications as well. We expect investor focus to remain on updates regarding Imbruvica, going forward.
Pharmacyclics carries a Zacks Rank #3 (Hold). Gilead Sciences (GILD) is an example of a better-ranked stock in the healthcare sector with a Zacks Rank #1 (Strong Buy).
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Results from the multi-center, international, open-label, randomized study, which was published in an online first edition of the New England Journal of Medicine, revealed that treatment with Imbruvica caused patients to live longer without the disease worsening compared to those in the Arzerra arm. Data revealed a 78% reduction in risk of progression or death in patients treated with Imbruvica compared to those being treated with Arzerra. The overall response rate was also found to be favorable in the Imbruvica arm.
We note that the RESONATE study was stopped early following the recommendation of an independent Data Monitoring Committee (DMC) as it had already met the trial’s primary and a key secondary endpoint of progression-free survival and overall survival, respectively.
Pharmacyclics and partner Johnson & Johnson (JNJ) gained accelerated approval from the U.S. Food and Drug Administration (FDA) for Imbruvica in the previously treated CLL indication in Feb 2014. Full approval was sought in April for the same indication on the basis of data from the RESONATE study. Gaining the FDA nod, as far as full approval for the indication is concerned, should be a mere formality for the partners given the highly impressive data from the RESONATE study.
We remind investors that Imbruvica was approved by the FDA in Nov 2013 as a monotherapy for treating patients suffering from mantle cell lymphoma (MCL). The drug has been approved to treat MCL patients who have been treated at least once for the disease. The drug is being studied for other oncology indications as well. We expect investor focus to remain on updates regarding Imbruvica, going forward.
Pharmacyclics carries a Zacks Rank #3 (Hold). Gilead Sciences (GILD) is an example of a better-ranked stock in the healthcare sector with a Zacks Rank #1 (Strong Buy).
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GILEAD SCIENCES (GILD): Free Stock Analysis Report
JOHNSON & JOHNS (JNJ): Free Stock Analysis Report
GLAXOSMITHKLINE (GSK): Free Stock Analysis Report
PHARMACYCLICS (PCYC): Free Stock Analysis Report
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Zacks Investment Research
Keen Strategy Partners with Effie Worldwide to Share Best Practices on Marketing Effectiveness from the World's Best Marketers
Raleigh-based
Keen Strategy is partnering with Effie Worldwide to provide strategies
on marketing effectiveness from a selection of the most effective
marketers in North America.
As Effie Worldwide celebrates the top
marketers in North America at its North American Awards Gala on June 5,
Keen will sit down with the best of the best - a cross-section of award
winners from AT&T to Johnson & Johnson - for a 30-minute
on-camera interview to talk about best practices, innovations and advice
on marketing effectiveness.
"We are very excited to collaborate with
Keen on this initiative," said Denise McDevitt, Vice President for Effie
Worldwide. "We constantly look for ways to gain further insight into
the drivers of marketing effectiveness, and this initiative will provide
some real key takeaways for marketers. We value the opportunity to work
with a group that puts such a high value on learning and shares in our
mission of making marketers effective."
Effie will distribute the videos via email
newsletters reaching the industry's most influential agency and
client-side executives, with the reach expanding through web and social
media channels. Keen will also publish the videos through its website
and is seeking additional distribution partners.
"The Effie partnership allows us to help
amplify and advance the conversation on how to increase marketing
effectiveness," said Alan Hart, Managing Partner at Keen. "There are
many organizations today that award marketing teams and agencies on
tactic-level performance, but only Effie focuses on integrative
marketing performance."
About KeenKeen is a new breed of firm: a
software-enabled strategic consultancy. We combine next generation
decision analytics with a practical, outcome-based mindset to help
managers make effective, proactive decisions about their business. Keen
works with clients who believe in the power of the next leap forward.
Our area of expertise: brand strategy, customer strategy, marketing
forecasting & optimization, and trade promotion optimization.
About the Effie AwardsThe Effie Awards are
known by advertisers and agencies globally as the pre-eminent award in
the industry, and recognize any and all forms of marketing communication
that contribute to a brand's success. Since 1968, winning an Effie has
become a global symbol of achievement. Today, Effie celebrates
effectiveness worldwide with the Global Effie, Effie Asia-Pacific, the
Euro Effies, the Middle East/North Africa Effies, the North American
Effies and more than 40 national Effie programs.
SOURCE Keen Strategy
U.S. Hot Stocks: Hot Stocks to Watch
U.S. Hot Stocks: Hot Stocks to Watch
Among the companies with shares expected to actively trade in Tuesday's session are Hillshire Brands Co. (HSH), InterDigital Inc. (IDCC) and Krispy Kreme Doughnuts Inc. (KKD).
G-III Apparel Group Ltd. (GIII) said its fiscal first-quarter earnings increased 15% as the company reported a notable jump in sales. The licensed apparel maker's results outpaced its own expectations, and it provided a rosier outlook for the current quarter compared with analysts' estimates while also boosting its view for the year. Shares rose 5.1% to $79.77 premarket.
Guidewire Software Inc.'s (GWRE) fiscal third-quarter loss narrowed, even as the software vendor reported an uptick in operating expenses that offset revenue growth. Shares edged up 1.6% to $37.50 premarket.
Hillshire on Tuesday said it would hold separate talks with Pilgrim's Pride Corp. (PPC) and Tyson Foods Inc. (TSN), who have offered to buy the maker of Jimmy Dean sausage and Sara Lee desserts. Pilgrim's Pride had raised its bid for Hillshire to $55 a share, topping Tyson's $50 a share offer. Hillshire's shares jumped 8.8% to $58.30 premarket.
InterDigital said it has entered into a patent license agreement with Samsung Electronics Co., which resolves all pending litigation between the two companies. Shares rose 8.7% to $40.65 premarket.
Krispy Kreme said fiscal first-quarter profit rose 20%, but severe weather hurt its results and the doughnut chain lowered its earnings guidance for the year. Shares dropped 11% to $17 premarket.
Quiksilver Inc. (ZQK) said its fiscal second-quarter loss widened as the sport outfitter's sales declined across its brands. Shares dropped 41% to $3.42 premarket.
Skyworks Solutions Inc. (SWKS) boosted its fiscal third-quarter outlook as the wireless-chip supplier said it is benefiting from the growth of connecting everyday objects to the Internet, known as the Internet of Things. Shares rose 4.5% to $45.02 premarket.
Watch List:
Acadia Healthcare Co. Inc. (ACHC) agreed to acquire U.K.-based independent behavioral-health services firm Partnerships in Care for roughly $660 million, providing a foothold in Britain.
AT&T Inc. (T) again raised its revenue guidance for the year, pointing to strong wireless trends in its second quarter. The telecommunications giant said it expects to report that it added more than 800,000 customers who signed long-term service contracts in the period, up sharply from 551,000 a year earlier.
Li & Fung will distribute some of Coty Inc.'s (COTY) key brands in China, including adidas, Rimmel and Playboy, as part of an agreement between the two companies. The move is part of Coty's efforts to reorganize its business in China and focus on growing its business in the world's second largest economy, the company said in a statement Tuesday.
Starboard Value LP, a New York investment adviser that has a roughly 6% stake in Darden Restaurants Inc. (DRI), has formally withdrawn its request for a special meeting of the board, but the group remains steadfast in replacing the restaurant chain's board of directors over the sale of the Red Lobster chain.
Dollar General Corp. (DG) said its fiscal first-quarter profit edged up 1.1% as the discount retailer recorded higher overall sales, though sales at existing stores missed the company's expectations.
Equipment-finance company Element Financial Corp. (EFN.T) has agreed to buy PHH Arval, the North American fleet-management unit of PHH Corp. (PHH), for about $1.4 billion.
HealthSouth Corp. (HLS) said it expects to exceed its earnings projections after it increased its ownership interest in Fairlawn Rehabilitation Hospital, in Worcester, Mass.
J.M. Smucker Co. (SJM) said it raised the prices on most of its coffee products by an average of 9% to reflect higher green coffee costs. The price increases primarily affect Folgers and Dunkin Donuts brand products and exclude products made for single-serve coffee machines.
Norwegian vaccine company Vaccibody and Phibro Animal Health Corp. (PAHC) have signed an exclusive license agreement for Phibro to use Vaccibody's technology platform in developing vaccines for the poultry market.
Teva Pharmaceutical Industries Ltd. (TEVA) has agreed to acquire migraine treatment-focused biotechnology company Labrys Biologics Inc. in a deal worth up to $825 million, as the drug maker looks to broaden its pain care offerings.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
June 03, 2014 08:56 ET (12:56 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406030047142014-06-03 12:56:00.0002D10I6JSV59O3UQP9F7088CR5KDJNF
Among the companies with shares expected to actively trade in Tuesday's session are Hillshire Brands Co. (HSH), InterDigital Inc. (IDCC) and Krispy Kreme Doughnuts Inc. (KKD).
G-III Apparel Group Ltd. (GIII) said its fiscal first-quarter earnings increased 15% as the company reported a notable jump in sales. The licensed apparel maker's results outpaced its own expectations, and it provided a rosier outlook for the current quarter compared with analysts' estimates while also boosting its view for the year. Shares rose 5.1% to $79.77 premarket.
Guidewire Software Inc.'s (GWRE) fiscal third-quarter loss narrowed, even as the software vendor reported an uptick in operating expenses that offset revenue growth. Shares edged up 1.6% to $37.50 premarket.
Hillshire on Tuesday said it would hold separate talks with Pilgrim's Pride Corp. (PPC) and Tyson Foods Inc. (TSN), who have offered to buy the maker of Jimmy Dean sausage and Sara Lee desserts. Pilgrim's Pride had raised its bid for Hillshire to $55 a share, topping Tyson's $50 a share offer. Hillshire's shares jumped 8.8% to $58.30 premarket.
InterDigital said it has entered into a patent license agreement with Samsung Electronics Co., which resolves all pending litigation between the two companies. Shares rose 8.7% to $40.65 premarket.
Krispy Kreme said fiscal first-quarter profit rose 20%, but severe weather hurt its results and the doughnut chain lowered its earnings guidance for the year. Shares dropped 11% to $17 premarket.
Quiksilver Inc. (ZQK) said its fiscal second-quarter loss widened as the sport outfitter's sales declined across its brands. Shares dropped 41% to $3.42 premarket.
Skyworks Solutions Inc. (SWKS) boosted its fiscal third-quarter outlook as the wireless-chip supplier said it is benefiting from the growth of connecting everyday objects to the Internet, known as the Internet of Things. Shares rose 4.5% to $45.02 premarket.
Watch List:
Acadia Healthcare Co. Inc. (ACHC) agreed to acquire U.K.-based independent behavioral-health services firm Partnerships in Care for roughly $660 million, providing a foothold in Britain.
AT&T Inc. (T) again raised its revenue guidance for the year, pointing to strong wireless trends in its second quarter. The telecommunications giant said it expects to report that it added more than 800,000 customers who signed long-term service contracts in the period, up sharply from 551,000 a year earlier.
Li & Fung will distribute some of Coty Inc.'s (COTY) key brands in China, including adidas, Rimmel and Playboy, as part of an agreement between the two companies. The move is part of Coty's efforts to reorganize its business in China and focus on growing its business in the world's second largest economy, the company said in a statement Tuesday.
Starboard Value LP, a New York investment adviser that has a roughly 6% stake in Darden Restaurants Inc. (DRI), has formally withdrawn its request for a special meeting of the board, but the group remains steadfast in replacing the restaurant chain's board of directors over the sale of the Red Lobster chain.
Dollar General Corp. (DG) said its fiscal first-quarter profit edged up 1.1% as the discount retailer recorded higher overall sales, though sales at existing stores missed the company's expectations.
Equipment-finance company Element Financial Corp. (EFN.T) has agreed to buy PHH Arval, the North American fleet-management unit of PHH Corp. (PHH), for about $1.4 billion.
HealthSouth Corp. (HLS) said it expects to exceed its earnings projections after it increased its ownership interest in Fairlawn Rehabilitation Hospital, in Worcester, Mass.
J.M. Smucker Co. (SJM) said it raised the prices on most of its coffee products by an average of 9% to reflect higher green coffee costs. The price increases primarily affect Folgers and Dunkin Donuts brand products and exclude products made for single-serve coffee machines.
Norwegian vaccine company Vaccibody and Phibro Animal Health Corp. (PAHC) have signed an exclusive license agreement for Phibro to use Vaccibody's technology platform in developing vaccines for the poultry market.
Teva Pharmaceutical Industries Ltd. (TEVA) has agreed to acquire migraine treatment-focused biotechnology company Labrys Biologics Inc. in a deal worth up to $825 million, as the drug maker looks to broaden its pain care offerings.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
June 03, 2014 08:56 ET (12:56 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.DN201406030047142014-06-03 12:56:00.0002D10I6JSV59O3UQP9F7088CR5KDJNF
New Gulf Resources, LLC Closes $500MM Financing; Acquires East Texas Assets
New
Gulf Resources, LLC ("NGR") today announced the closing on May 9 of a
$500 Million financing transaction to support the acquisition of a key
East Texas asset and for corporate purposes. NGR structured the
transaction as a senior and subordinated debt issuance and also granted
warrants to purchase equity in the Company. The financing closed
simultaneously with NGR's $450 Million, before closing adjustments,
acquisition of 83,000 net acres in Leon, Grimes, Madison, Brazos and
Walker Counties, Texas from subsidiaries of Houston-based Halcon
Resources. The acquisition includes current production of 3,600 barrels
of oil per day equivalent, a natural gas gathering and processing
system that spans three counties, and rights to 330 square miles of
newly shot and processed 3D seismic data over the acreage. NGR now has
over 90,000 acres in East Texas. The NGR team had previously been
highly successful in producing horizontally from the Woodbine formation
in two of the five distinct project areas acquired. The Company plans
to begin the initial phase of its drilling program in June and plans to
exploit the Woodbine, Eagle Ford, Buda, Glen Rose and multiple other
prospective zones in the stacked-pay, target rich East Texas basin.
"Today we have married a first class hydrocarbon rich asset with a team
that has successfully exploited and developed two prior projects in the
basin," said Ralph Hill, Chairman and CEO. "We expect to increase
production substantially as we deploy a multiple rig program in these
proven areas." As a key part of this project, NGR has entered into a
Strategic Alliance with Halliburton to furnish certain well products and
services. Included in the Alliance is the opportunity for NGR to be on
the forefront of utilizing Halliburton's Cypher Process.
About New Gulf Resources, LLCNew Gulf
Resources, LLC (www.newgulfresources.com) is based in Tulsa, Oklahoma
and owns, manages and operates upstream energy projects primarily in
East Texas. NGR is highly experienced in the application of advanced
technologies such as horizontal drilling and multi-stage fracture
stimulation to maximize the value of U.S. oil reserves.
SOURCE New Gulf Resources, LLC
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