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S1 CORPORATION Q4 2008 EARNINGS CALL TRANSCRIPT.

2009-03-23T05:03:00.001-07:00

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S1 Corporation Q4 2008 Earnings Call Transcript
Page 1 out of 10| March 05, 2009 | about stocks: SONE

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S1 Corporation (SONE)

Q4 2008 Earnings Call

March 5, 2009 8:30 am ET

Executives

Johann Dreyer - President, Chief Executive Officer

Paul Parrish - Chief Financial Officer

Jan Kruger - President, Global Enterprise Business

Analysts

John Kraft - D. A. Davidson & Co.

George Sutton - Craig-Hallum Capital

Brett Huff - Stephens, Inc.

Presentation

Operator

Ladies and gentlemen, thank you for standing by and welcome to the S1 fourth quarter and full year 2008 earnings call. (Operator Instructions)

I'd now like to turn the conference over to our host, Johann Dreyer, Chief Executive Officer. Please go ahead, sir.

Johann Dreyer

Thank you very much and thank you for joining us today. I am doing this call today from Cape Town in South Africa and the rest of the team is in Atlanta, so we might experience slight delays on the line. We hope that the event turns out to be technically working well.

In Atlanta we have Paul Parrish, our new CFO, who joined us since the last earnings call. I would like to welcome Paul in this forum. We're looking forward to a long and successful relationship. Also in Atlanta I have Jan Kruger, who heads up the Enterprise division worldwide

Before I hand over to Paul to review our financial results I'd like to remind you that on today's call we will be making forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act. These include statements with respect to our financial condition, results of operations, and business, and these statements, including statements regarding expected revenue from State Farm, are based on our current beliefs as well as assumptions made using information currently available to us.

Because these statements reflect our current views concerning future events, they involve risks, uncertainties and assumptions. Therefore, actual results may differ significantly from the results discussed in the forward-looking statements. The risk factors included in our reports filed with the Securities and Exchange Commission provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements.

Except as provided by law, we undertake no obligation to update any forward-looking statement.

I will now hand the call over to Paul to review our financial results. Paul?

Paul Parrish

Thank you, Johann, and good morning to everyone on the call. I will begin with a high level review of our operating results.

Starting with revenue, the quarterly comparisons to prior year and as the press release indicates, our total revenue increased 10% to $58.6 million during the 2008 fourth quarter compared to the 2007 fourth quarter, representing a 7% increase in the Enterprise segment and a 12% increase in the Postilion segment.

NOTE: the starting of the quarterly compaison to prior year and as the press realeas indicates

For the year ended December 31, 2008 compared to the same period in 2007, our total revenue increased 11%, representing a 13% increase in the Enterprise segment and a 10% increase in the Postilion segment.

Net income for the 2008 fourth quarter compared to the 2007 fourth quarter decreased $1.1 million. Included in the 2008 fourth quarter was $3.5 million of stock-based compensation expense as compared to $600,000 in 2007 fourth quarter. Excluding the stock-based compensation expense in comparative quarters, our net income increased $1.8 million or 25%.

Net income for the year ended December 31, 2008 compared to the same period in 2007 increased 12%. Stock-based compensation expense included was $8.1 million in 2008 and $8.5 million in 2007.

Basic and diluted EPS was $0.10 per share for the 2008 fourth quarter as compared to $0.11 per share for the 2007 fourth quarter. The effect of share-based compensation expense included in the EPS calculations were $0.06 per share for 2008 fourth quarter and $0.01 per share in the 2007 fourth quarter.

NOTE: the basic and diluted ESP was $0.10 per shares for the 2008 fourth quarter as compared to $0.11 per share for the 2007 fourth quarter.

Basic and diluted EPS for the year ended December 31, 2008 was $0.38 per share as compared to $0.32 per share for the year ended December 31, 2007.

Adjusted EBITDA increased to $10.5 million in the 2008 fourth quarter, a $400,000 improvement from the 2007 fourth quarter. For 2008, adjusted EBITDA was $43 million compared to $38.1 million for the same period in 2007. The increases in adjusted EBITDA reflect the growth in our revenue tempered by our continued investment in customer satisfaction, as we have highlighted throughout the year. Those figures exclude stock-based compensation expense.

Cash flow from operating activities increased 8.9% for the full year 2008 over 2007, which reflects the increase in net income year-over-year.

Now I'll take a closer look at the numbers. I'd like to highlight three items regarding our revenue growth.

First, the revenue growth is organic.

Second, the total revenue from international operations increased 3% for the quarter and 26% for the full year compared to the same periods in 2007. This includes foreign exchange rate fluctuations which adversely impacted our revenue in 2008 fourth quarter by $2 million and for the full year 2008 by $1.3 million. I will discuss in more detail the impact of the foreign exchange rate fluctuations in a few moments.

Third, excluding the State Farm relationship, revenue from all other customers increased 15% for both the fourth quarter and for the year ended December 31, 2008 compared to the same periods in 2007. State Farm revenue was $42.1 million in 2008. As previously announced, we expect approximately $80 million in revenue from State Farm business from 2009 until it concludes at the end of 2011, of which we expect $35 to $37 million in 2009.

Now focusing on expenses and our financial statements. Approximately 17% of our revenues and 21% of our operating expenses were transacted in currencies other than U.S. dollars. We believe most of our international operations are naturally hedged for foreign currency changes as our international locations generally invoice their customers and satisfy their obligations in their local currency. Therefore, our revenue may be impacted by foreign currency fluctuations from these international operations, but the impact to our net income is generally minimized.

However, our development centers in India and South Africa are not naturally hedged as our costs are in the local currency, but they are funded in U.S. dollars or British pounds. Accordingly, currency fluctuations in the Indian rupee or South African rand may impact our net income. For 2008 fourth quarter, expenses were positive impacted by $2.7 million and for the full year 2008 was positive impacted by $2.5 million. Operating income was positive impacted in the 2008 fourth quarter by $701,000 and for the full year 2008 by $1.1 million. Operating income was adversely impacted in the 2007 fourth quarter by $297,000 and the full year 2007 adversely impacted by $840,000.

For the 2008 fourth quarter, direct costs increased 4% compared to the prior year primarily in the cost for professional services, support and maintenance, which is line with the growth in revenue from professional service projects, and customer support, partially offset by the favorable foreign exchange rate fluctuations. As a percentage of revenue, the direct cost declined from 48% in fourth quarter 2007 to 46% in 2008 fourth quarter, mainly due to the better margins on a higher volume of professional services, partially offset by foreign currency fluctuations.

Sales and marketing costs were higher in the 2008 fourth quarter as compared to the same period in 2007 as both segments had higher commission expense due to increased bookings, increased sales staff to support growth and higher share-based compensation expense, which was partially offset by favorable foreign exchange rate fluctuations.

Sales and marketing was 18% of total revenue for the 2008 fourth quarter. Included in sales and marketing was $1.3 million of share-based compensation expense. Excluding the share-based compensation, sales and marketing was 16% of total revenues for the 2008 fourth quarter.

Product development expenses increased in the 2008 fourth quarter compared to the same period in 2007 primarily as the Enterprise group continues to build out product functionality across all channels for both domestic and international customers, offset by favorable foreign exchange rate fluctuations.

General and administrative expenses increased in the 2008 fourth quarter compared to the same period in 2007 primarily due to the higher share-based compensation expense, partially offset by the favorable foreign exchange rate fluctuations.

For the full year 2008, direct cost increased 8% compared to the prior year, primarily in the cost of professional services, support and maintenance, which is in line with growth in revenue, partially offset by foreign exchange rate fluctuations. I'd like to point out that the 2007 third quarter includes a reversal of a $1.3 million contract loss reserve which reduced this expense line item in 2007. The contract loss reserve had been accrued as an expense in the 2005 fourth quarter.

As a result of increased commissions on higher bookings during 2008, sales and marketing costs increased for the full year 2008 as compared to 2007. Sales and marketing was 16% of total revenues for the full year 2008 as compared to 15% for the full year 2007. Excluding share-based compensation, sales and marketing was 15% of total revenues for the full year 2008.

Product development expenses increased for the full year 2008 compared to 2007 primarily as the Enterprise group continues to build out product functionality across all channels for both domestic and international customers, partially offset by lower compensation expense and foreign exchange rate fluctuations. As a percent of revenues, product development expense was 13% for the full year 2008 as compared to 12% in 2007.

General and administrative expenses decreased $400,000 for the full year 2008 compared to 2007. The decrease was related to higher professional consulting fees in 2007 and the benefit of foreign exchange offset by additional stock-based compensation expense in 2008. Total general and administrative as a percent of revenue was 11% for 2008. Excluding share-based compensation, G&A was 10%.

Turning to the segments, let's discuss the Enterprise segment first. And you can find the Enterprise segment information on Table 5.

Enterprise segment's total revenue increased 7% for 2008 fourth quarter as compared to the 2007 fourth quarter.

Software license revenue increased in the 2008 fourth quarter as compared to the same period in 2007 due primarily to high demand for our Treasury Online solutions. Professional services revenue increased by 9%, reflecting an increased number of customer projects, especially for our Treasury Online solutions. Our data center and support and maintenance revenue was relatively unchanged except for foreign exchange rate fluctuations.

As we communicated to you in the last quarter, there will be no revenue recorded in the license line from the international to large international agreement that we entered into in the 2008 third quarter. While we expect the agreement to be a profitable relationship for S1, the services required by this customer will represent an investment in the development of functional enhancements which we plan to leverage in the region. This investment resulted in discounted professional services which GAAP requires us to allocate from the license amount to professional services revenue.

For the full year Enterprise segment's total revenue increased 13% as compared with the same period in 2007.

Software license revenue increased 36% due primarily to high demand for our Treasury Online solutions and for our $600,000 settlement in 2008 with an international customer of an amount previously reserved as uncollectible in 2007. Support and maintenance revenue increased 5% due primarily to an increase in licensing for our Treasury Online solutions and international business. Professional services revenue increased 12%, reflecting an increased number of customer projects for our retail and Treasury Online solutions and work related to a multi-channel implementation for a large international bank. Data center revenue increased 11% due primarily to the migration of a Postilion self-service banking customer to Enterprise in 2007 and an increase in transaction volumes for our existing Enterprise customers.

For the quarter and yearly comparisons, excluding State Farm revenue, revenue from all other Enterprise customers increased 18% and 22%, respectively. The Enterprise segment improved gross profit margins 208 basis points to 50.4% in the quarterly comparisons and 238 basis points to 51.1% for the yearly comparisons.

For the 2008 fourth quarter as compared with the 2007 fourth quarter, product development costs increased as the Enterprise group continues to build out product functionality across all channels and we had higher share-based compensation expense, but our operating expense benefited from foreign rate fluctuations.

Enterprise generated $1.7 million in operating income in the 2008 fourth quarter, a $2.6 million decrease from the same period in 2007. Enterprise adjusted EBITDA was $5.1 million in 2008 fourth quarter, a decrease of $900,000 from the same period in 2007. For 2008, Enterprise generated $11.8 million in operating income as compared to $10.8 million in 2007 due to higher revenues and gross margin improvements tempered by investments in customer satisfaction initiatives. Enterprise adjusted EBITDA increased $1 million to $21.8 million for 2008 as compared to 2007.

Let's now discuss our Postilion segment. For the Postilion segment, as presented to Table 6, total revenue increased 12% in the fourth quarter of 2008. This included a 23% increase in licenses revenue when compared with the 2007 fourth quarter, primarily due to increased licensing activity for our payment processing and card management solutions.

Postilion segment software licenses revenue includes subscription revenue of $2.7 million in the 2008 fourth quarter by comparison to $2 million in the fourth quarter of 2007. As we previously highlighted, this is a long-term recurring revenue being generated by the subscription model, even though it is appearing in the software license revenue line.

Support and maintenance revenue increased to 8% and professional services revenue increased 52%, reflecting Postilion's continued strong licensing activity in the payment solutions business, tempered by foreign exchange rate fluctuations.

Postilion data center revenue is down 18% in the 2008 fourth quarter as compared with the prior year, partly due to the conversion of customers to long-term subscription contracts and customer attrition in our self-service banking business.

For the year end, Postilion segment's total revenue increased 10%. This includes a 20% increase in license revenue when compared with the same period in 2007, partly due to increased licensing of our Postilion payment solutions. Postilion segment's software license revenue includes subscription revenue of $9.2 million by comparison to $6.4 million for the same period in 2007.

Support and maintenance revenue increased 9% and professional services revenue increased 29%, reflecting Postilion's continued strong licensing activity in the payment space, tempered by foreign exchange rate fluctuations.

Postilion's data center revenue was down 12% as compared with the prior year, partly due to the conversion of customers to long-term subscription contracts, the migration of Postilion self-service banking customers to Enterprise, and customer attrition in the self-service banking business. Postilion data center revenue for 2008 also includes a hosted payments customer that went live in late 2007.

We have described the Postilion subscription revenue on previous calls as including the right to use software and the right to revenue maintenance support and enhancements. In some cases these subscriptions include data center services. The continued growth in subscription revenue reflects the broader acceptance of Postilion's self-service banking products and the subscription model in the community and regional space. Over time we anticipate that growth and subscription model will have a negative impact on support and maintenance revenue and data center revenue, while a positive impact on software licenses revenue.

Postilion segment improved gross profit margins 226 basis points to 59% in 2008 fourth quarter as compared with the prior year quarter. Postilion operating income increased $300,000 in the 2008 fourth quarter compared to the fourth quarter of 2007.

The benefit we received from foreign exchange rate fluctuations for our operating expenses were offset by higher share-based compensation expense for the quarterly comparisons. Postilion's adjusted EBITDA increased $1.4 million in the 2008 fourth quarter as compared to the same period in 2007.

Gross profit margins were relatively unchanged at 58% in the yearly comparisons. For the full year, Postilion's operating income increased $3.9 million compared to the same period in 2007, reflecting growth in revenue while holding margins flat, lower share-based compensation expense, and the bottom line benefited from foreign currency fluctuations. Postilion's adjusted EBITDA increased $3.9 million in 2008 as compared to the same period in 2007.

Now turning to the cash flows on Table 3, cash and cash equivalents plus short-term investments were $65.3 million as of the end of 2008, down $3.5 million from the prior year. We used our cash from operating activities to fund our capital expenditures, capital lease and debt payments and our share repurchase program. Purchases of property, equipment and technology totaled $1.5 million for the 2008 fourth quarter as compared to $1.3 million for the 2007 fourth quarter. For the full year, capital expenditures totaled $8.7 million for 2008 as compared to $9.7 million for 2007.

Under our authorized share repurchase program, we repurchased 2.8 million shares for approximately $14.9 million during the fourth quarter of 2008 and 4.4 million shares for approximately $25.1 million during the full year 2008. Since December 2006 we have repurchased 21.5 million shares with a total cost of $131 million.

We have approximately $6 million of restructuring charges remaining to be paid after paying out approximately $3.5 million in 2008. We expect to pay $2.3 million over the next 12 months and then the remaining balance through the middle of 2011.

For S1's income taxes, income tax expense relates partially to cash expenses for state income taxes, alternative minimum tax in the U.S., and taxes in international jurisdictions where we do not have net operating losses. We anticipate our international operations continue to grow, our cash taxes will increase as we do not have NOLs in most international jurisdictions. Additionally, we released approximately $2 million of our valuation allowance for deferred taxes in the fourth quarter 2008 related to some international jurisdictions. As we continue to evaluate our business going forward, we may release additional valuation allowance for deferred tax assets as soon as the second half of 2009.

As of December 31, 2008, S1 has approximately $220 million of domestic NOLs which are fully reserved. Of this amount, $200 million relates to stock option expense, the benefit of which will go directly to shareholder's equity if ever used. Currently for income tax purposes we recognize deferred revenue as taxable income in the United States which creates a temporary tax difference. In 2009 we intend to adopt a tax accounting method that is consistent with the financial reporting method, which should offset our financial income for tax purposes and possibly increase our domestic NOLs. It is anticipated the change will significantly reduce our U.S. federal income taxes and state income taxes in 2009.

So with non-option-related NOLs remaining in U.S. and foreign jurisdictions, we expect our tax provision should have an effective rate of 17% to 20% for GAAP purposes for 2009 and 37% or more after 2009, even though a significant portion of this GAAP tax provision would be noncash through the utilization of the option-related NOLs.

Looking forward to 2009, we've estimated the full year 2009 revenues to be in the range of $240 to $245 million and adjusted EBITDA in the range of $47 to $50 million. Excluding State Farm, we expect year-over-year revenue growth of 10% to 11.5%.

That concludes my discussion on the 2008 fourth quarter and full year financial results, and I'll turn the call back over to Johann.

Johann Dreyer

Thank you, Paul.

Well, to start off, I am very pleased with the results of the fourth quarter and of the full year. I think it was a very solid quarter, a very solid year. We've added a number of large new customers in the fourth quarter and throughout 2008 we sold significant deals.

At a high level I would like to touch on the following topics today. Obviously, the most important topic is the effect of the economy on our business, so I will address that first, and then I will discuss the general state of our business, both the Enterprise and Postilion segments, and provide some color around the numbers that Paul just went through. So let's start off with the impact of the economy on our business.

If we look at the S1 Corporation pipeline, the pipeline remains very strong and, as a matter of fact, is growing. Now typically what people say in a recession or a recession environment, one of the first signs that you see is that your pipeline is growing, but no deal comes out of the pipeline. That is not the case with what we've seen over the last several months. We track our pipeline flow on a very regular basis, and we have not seen any slowdown in the deals that we sign or new deals moving into the pipe. So we do not see the impact of what's happening out there on our pipeline at this tie.

In the fourth quarter we signed - it was one of the best bookings quarters since this management team came onboard, a very, very good bookings quarter. We signed a number of key strategic deals that I will talk about later. And the irony is actually that we've signed such large deals that, in the case of Postilion Payments, that our revenue recognition for some of those deals will change from upfront licenses to percentage of complete revenue recognition, which makes the visibility for the rest of the year pretty solid; however, it might have some softening impact on the first quarter as a result of that revenue recognition treatment.

So if I look at the pipe and if I look at the deals that we've booked over the last three months and I take it even up to the end of February because a lot of businesses saw slowdown in January and February - you know, if I take our last 12 trailing months - the February that just passed was our [fifth] best month in the last year. So we haven't seen a slowdown in the first two months of this year yet either. So if I look at our pipe, I cannot see the effect of the economy out there.

Now having said that, obviously it's a very unstable environment out there, and so one has to consider to what extent you trust what's in your pipe. There's no guarantee that customers or prospects that's in our pipe right now might decide to defer any new purchases for any period of time, and obviously we don't have visibility into that. But if I purely have to look at the pipeline, the pipeline flow up to this point, we have not seen that.

Now obviously giving guidance in this very, very uncertain environment is difficult. We try to err on the conservative, realistic side rather than on the aggressive realistic side. But if I look at the current pipe and the bookings that we've had over the last three months, I'm pretty confident about the numbers that we put forward.

Again, having said that, a very unstable environment out there, very unpredictable, but our pipe looks very good.

I would like to carry on and talk about the general state of our business, both the Enterprise and Postilion segments. As I mentioned before, it's one of the best booking quarters that we've had since the current management team was put in place 2.5 years ago both in terms of size of deals, both in terms of strategic value of deals, as well as the profitability of the deals.

On the Enterprise side, as we mentioned in the press release, we licensed a new customer for multiple applications and with extremely good cross-sells. Now, you will remember that throughout last year I spoke about customer satisfaction and the need for us to up our success rate in cross-sells. Two years ago, three years ago, our success as a result of our low customer satisfaction in the Enterprise group, our success rate in terms of cross-selling was lower than I would expect.

Now, we've put a lot of effort into customer satisfaction over the last two years. What we do, just as background, we send out a customer satisfaction survey to all our customers on a yearly basis. It's very simple; it's 15 portions where customers rank us on a scale of 1 to 10 on our customer support, our professional services, our product and the company in general, and then we score each customer according to that response.

Over the last two years the Americas division of Enterprise increased customer satisfaction by 23% and on the international side - we did not do a customer satisfaction two years ago - over the last 12 months, their customer satisfaction has increased 13%. Fairly significant numbers over the last two years, and I would say that as a result of that our ability to effectively cross-sell into our existing customer base has increased significantly. We are much more active in any new deal that comes up at an existing customer for a different application.

I want to give you one or two examples. We have one of the top five banks in the U.S. as a customer and we measured their satisfaction two years ago, a year ago, and again this year. As a matter of fact, the last customer set went out about four weeks ago. And this bank moved from a score of 3.27 two years ago to a score of 8.43 four weeks ago. Significant movement - that was in our Treasury Online division - and we are pretty pleased about the significant progress that we have made in customer satisfaction.

I think there's still room for improvement; we will still invest in that. But our goal is to exist this year as the financial services software company with the highest customer sat in our space. I believe it is crucial in the current economic environment that we have extremely happy customers because that is where we'll get our revenue from in the next year.

On the Postilion Payments side, again, a great quarter. We signed yet another top 10 retailer in the U.K. We now have five of the top 10 retailers in the U.K., and you might remember that we entered 2008 with two of the top 10 retailers in the U.K. as customers and we added three of the top 10 retailers in 2008. So a very, very successful year, where we've gone from a minor player in that market to the dominating player in that market.

We continued to expand our strategic position in Saudi Arabia by signing the Arab National Bank. Another very strategic deal for us was signing the first large merchant acquirer in the U.S. for our company. We have a long history of providing systems to merchant acquirers throughout the world, but we've never had success with that product in the U.S.; we've never broken into that market. But in December we did sign our first significant deal with a significant merchant acquirer in the U.S., and so we're pretty excited about that. We believe that that is opening up a potential new market for us.

And then also in the fourth quarter we signed a deal with one of the largest quick service restaurants and fast-food chains that operates internationally based in the U.S. in the world again, a great achievement there.

And then going on to the Postilion community and regional financial institution, signed three new customers, all substantial bookings, and we're very pleased about that. You might have heard from the numbers that we had some attrition during the year in that area of our business. We believe that that will bottom out during this year and that we are extremely well positioned with our new product to pick up new customers, sign new customers and then start growing that business in 2010.

So in closing, again, we are very pleased with the quarter. We obviously have a strong balance sheet and the cash flow from our operations is very, very solid. We have a strong recurring revenue stream. Our headcounts are at the right levels. Our pipelines are looking really healthy and there's good deal flow into and out of the pipe. We're very well positioned in the marketplace with a modern product set, good geographical diversification, good industry diversification. We have substantially increased our customer satisfaction. So it might be a difficult environment it is a difficult environment out there - but we are looking forward to the remainder of 2009.

Thank you very much for joining the call. I will now hand back to the operator to answer any questions.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from John Kraft - D. A. Davidson & Co.

John Kraft - D. A. Davidson & Co.

My first question is about the stock comp. It was higher than we were looking for. I know that the SARs can cause some volatility, but was there anything one-time in there, anything catchup or anything related to why that was so much higher than it's been recently?

Paul Parrish

The stock price is the main driver on that.

Johann Dreyer

And if you can recall, John, our stock price was $8 on the 31st of December, so a significant driver there.

John Kraft - D. A. Davidson & Co.

And then in the domestic community bank Postilion business, the new wins are obviously encouraging there. I don't recall you talking about wins in that area for a long time. Is that related, do you think, to the improving reputation, customer satisfaction and all that, or is that the new products that people are getting excited about?

And also, as far as the implementation status, what's the status of the new product and implementation of the customer base?

Johann Dreyer

In terms of why are people buying the product, obviously the product is fairly unique in the marketplace or actually completely unique in the marketplace in that it addresses all the frontend channels for a community bank on one platform. So I think we have a compelling product for anybody that's looking around to buy a new product.

Obviously, the biggest impact on customer satisfaction in our existing customers over the last several years were our lack of investment in the legacy product starting seven, eight years ago, and since the release of the new product, obviously, we've addressed that.

So I think there's truth in both those first two questions of yours. What was the third point, John? I didn't jot that down.

John Kraft - D. A. Davidson & Co.

Well, as far as the implementation of how many -

Johann Dreyer

Oh, how many have we implemented? I don't have the exact number for you, but currently we're probably in the mid-20s to light 20s have been implemented.

John Kraft - D. A. Davidson & Co.

And that's going to be primarily a 2009 event?

Johann Dreyer

It's going to spill over to 2010. And obviously it does have some cost implications for us and has had some cost implications. We said with between our voice and our personal Internet banking or retail Internet banking and our business, Internet banking, we said in excess of 1,000 customers. So you can make the sum. It's quite an exercise to convert all of those. And while we're doing that and for the past year or year and a half or two years we've been carried deal costs in terms of product development, in terms of professional services, and so forth.

So we see that 2009 is a major conversion year, but some of that will bleed into 2010.

John Kraft - D. A. Davidson & Co.

Okay, that's what I was getting at, when that headwind evaporates.

Paul, as far as the FX, are you for 2009 assuming basically things stay about flat?

Paul Parrish

Well, my crystal ball on FX is never as clear as I want it to be, so you can just look at what's occurred the first two months of this year and significant changes that are continuing. I don't know if that's now bottomed. I just don't have that crystal ball. But through the end of February there were still significant fluctuations in the currency.

John Kraft - D. A. Davidson & Co.

But you're not assuming -

Johann Dreyer

I think, John, the point is that really to a large extent we are naturally hedged, okay? The only exposure that we would have - in that our international revenue and our international costs in these currencies typically match up - our only real exposure would be on the Indian rupee. If that were to strengthen without any of the other currencies strengthening against the U.S. dollar, that would affect our bottom line.

The effect of foreign currency is really a top line effect for us. As the foreign currencies weaken against the U.S. dollar, we will see our revenue going down, but we won't necessarily see an impact on EBITDA. Typically our EBITDA stays pretty close to flat.

John Kraft - D. A. Davidson & Co.

Along the sales and marketing, the bookings, are these new percentage of completion projects, are the commissions paid going to be paid ratably along that -

Johann Dreyer

No, the commissions are paid upfront.

John Kraft - D. A. Davidson & Co.

For everything you sell?

Johann Dreyer

For most of our deals, commissions are paid upfront and that's why you saw a pretty - you know, you've got to incent your sales force. And effectively, I'm a firm believer that you reward a win as quickly as possible. So most of our deals the salesperson is paid pretty much upfront and that's why you would see significant commission numbers in Q4, but the revenue in many cases actually only hits afterwards.

Operator

Your next question comes from George Sutton - Craig-Hallum Capital.

George Sutton - Craig-Hallum Capital

Johann, I wanted to have you spend a little bit more time on Treasury Online, obviously something you addressed a few times in the call. Could you explain why that has been as strong as it has, what's unique about it in the market?

Johann Dreyer

Well, you know, it's, I think, the investment that we've put into the product over the last several years is finally bearing the fruit that we anticipated. It's a very strong product suite. It has some unique ACH features. The way its entitlements are structured, it's very well geared towards the corporate banking, Internet banking for the large corporations of a bank.

And I think we've engaged our customers. Many of them are in the top 15 banks in the U.S.; we've engaged them. We've guilt a product that really meets of the market. We've stabilized it. We spend a lot of investment on it and we spend a lot of time with our customers. And we built our customer relationships over the last 2.5 years.

George Sutton - Craig-Hallum Capital

Is that a product that might benefit in this kind of very challenging environment, where banks are really looking for stability in the treasury area?

Johann Dreyer

Look, it is the one area where it seems banks are willing to spend. It's in the part of business of the bank where money is made, okay? The banks make money with this product. And it's crucial for the banks to maintain a great service for their large corporations. And we believe our Treasury Online product is best of breed and we've been very successful with that.

George Sutton - Craig-Hallum Capital

You know, we've been hearing and reading a lot about the strength of mobile applications and you, of course, came out I believe in the fall with your capabilities there and announced a certain number of initial customers. Can you give us an update on the mobile side of the business for you?

Johann Dreyer

You know, we've actually signed quite a few mobile deals during the quarter in 2008, but I just don't have the actual numbers with me, but a fair amount of deals. However, the value of mobile deals is not nearly as big as the value of a Treasury Online deal.

George Sutton - Craig-Hallum Capital

Paul, with respect to share repurchases, can you update us on what is still remaining under authorization and if you can give us any sense as to, you know, should we expect the same level of activity that we've seen from you of late?

Paul Parrish

Well, we evaluate that regularly on what we ought to be doing with our funds. I believe remaining under our agreement's about $9.6 million remaining is authorized that could be purchased. And no decisions around how active we'll be in that market, but it's clearly something we evaluate regularly.

George Sutton - Craig-Hallum Capital

There's nothing that necessarily changes in your rules of the 10b-5?

Paul Parrish

No.

Operator

(Operator Instructions) Your next question comes from Brett Huff - Stephens, Inc.

Brett Huff - Stephens, Inc.

One quick question on the sales and marketing line. This was asked a little bit differently before. Even if I - I think my math is right - even if I back out the implications for share-based comp both in 4Q '07 and 4Q '08, I still get a pretty reasonably high - something like 80 basis points higher - expense as a percent of revenue year-over-year. Is that a good proxy for the impact of those commission dollars that were paid or is there something else in there, Paul?

Paul Parrish

As we referenced in my comments, that's what we're pointing to - it's the increased commissions on those bookings, and Johann had discussed that in his comments, too.

Brett Huff - Stephens, Inc.

And so just to make sure, those are one-time payments and so the revenue coming in from that won't cost us anything more from a sales point of view in general?

Paul Parrish

Correct.

Johann Dreyer

Now, Brett, hopefully we can have the same level of bookings every quarter, in which case unfortunately you're never going to see the costs coming down.

Brett Huff - Stephens, Inc.

That's right. Have you guys seen any change in your receivables at all, doubtful accounts, things like that in terms of ability to pay or worries about that at all?

Paul Parrish

The company has made significant progress over this past year in receivables and brought to a very good status receivables, and we haven't seen any change in that over the last few months. Clearly in an environment like this it's something you want to focus on, but we haven't seen any indications of those changing.

Brett Huff - Stephens, Inc.

And then the last question I had was when I look at the mix of revenue from last quarter or the year-over-year to now, obviously the license number was stronger than either of those two comparisons, yet it doesn't look like the gross margin, at least on a GAAP basis, was up all that much. Aside from the share-based comp, is it the customer sat investment that's going on there or is there something else?

Paul Parrish

We also got the improvement to licenses for subscriptions. That increases the licenses, and that's coming out of your maintenance and your data center lines.

Operator

And we have no further questions, so please continue.

Johann Dreyer

Well, again from my side, thank you very much for joining us today. Just to reiterate, we're pretty pleased about the quarter - pipelines are strong, pipeline flow is good. We obviously are facing a difficult environment out there, but I have the full confidence that we will have a good year in 2009 and we are looking forward to the remainder of the year.

Thank you very much for joining us today.

Operator

Thank you. And ladies and gentlemen, this conference call will be available for replay. The replay of the conference starts today, March 5 at 10:30 a.m. Eastern Time in the United States. The replay runs for two weeks until the date of March 19 at midnight Eastern Time in the United States. You may access the AT&T teleconference replay system by dialing 1-800-4756701. Please enter the access code 984488. International participants dial 320-365-3844. Those numbers again, 1-800-475-6701. International participants dial 1-320-365-3844. The replay access code, 984488.

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5 STOCK IN A STAILSPIN

2009-03-22T04:48:00.001-07:00

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5 Stocks in a Tailspin

By Dave Mock
March 5, 2009 | Comments (0)

Recs
5

Individual stocks can surge 10%, 25%, or even higher in a short period of time. And they can fall just as far, just as quickly. For example, shares in Gannett fell almost 24% Tuesday after S&P downgraded its credit rating to junk status.

Big drops in share price can sometimes signal material defects or new risks. But at other times, they're simply pullbacks along with the larger pessimism facing the market today. Fortunately, we have Motley Fool CAPS, a great resource to help us understand the larger picture behind big price drops.

Is the sky falling?
CAPS contains more than just the crowd's opinions. Its best-performing members' votes count more in shaping each company's rating than do the picks of their poorer-performing peers. That way, investors can intelligently use the collective wisdom of more than 130,000 CAPS members to make better decisions.

NOTE: the big signals in share price can sometimes signals can defects on a materials.

We'll use CAPS' handy stock screening tool to quickly zero in on companies that have been slashed by at least 30% in the past four weeks, and which have a market cap greater than $100 million and a beta of less than 3. If you want to run this screen for yourself, please do -- just keep in mind that the results will update with the market.

Company

CAPS Rating
(out of 5)

4-Week
Price Change

KB Home (NYSE: KBH)

*

(42.0%)

HSBC (NYSE: HBC)

*

(31.8%)

Goodyear Tire & Rubber (NYSE: GT)

**

(47.8%)

MannKind (Nasdaq: MNKD)

**

(45.7%)

InterDigital (Nasdaq: IDCC)

****

(30.5%)

Source: Motley Fool CAPS. Price return Feb. 6 through March 3.

KB Home
New-home builders like KB Home and Pulte Homes (NYSE: PHM) are competing with foreclosures and short sales, which continue to flood the market. KB Home has aggressively cut costs and recently introduced a new product line, giving buyers more options to tailor price to their budgets. KB Home sits on $1.13 billion in cash, which puts it in a better position than some others like Hovnanian, but not enough to earn high favor in CAPS -- only 39% of the 1,224 members rating KB Home expect it to beat the market.

HSBC
HSBC, Europe's largest bank, decided that the business in the U.S. isn't so good after all and announced plans to shut down its U.S. consumer lending unit, which was a big drag on profits last year. The move will cut 6,100 jobs out of the 35,000 employees it has in America. It also seeks to raise $17.7 billion in new capital through a rights issue, turning to investors rather than government aid. Rubbing more salt in the wound, the company cut its dividend and warned it could be reduced again. As such, only 66% of the 702 CAPS members rating HSBC have confidence that the company can beat the market.

Goodyear
The global slowdown has Goodyear experiencing lower sales, leading to a $330 million fourth-quarter loss, despite North American market share gains and higher tire prices. With major customers like GM and Chrylser in a wreck, Goodyear plans to cut more staff, reduce capital expenditures and sell noncore assets to weather the storm. It's also among many companies dealing with hefty pension-related charges. In CAPS, Goodyear gets a lukewarm reception, with 82% of the 407 members who weighed in rating it bullishly.

NOTE: the global slowdown has a good year experiencing lower sales, the north american market shares gains and higher tire price.

MannKind
Increased manufacturing costs for drugmaker MannKind's inhaled insulin candidate, Afresa, led to a fourth-quarter loss of $83.3 million. While it reported no revenue, the company had positive phase 3 results and plans to seek FDA marketing approval for the drug this year. Some CAPS members are unsure of the potential of an inhaled insulin product, though, after an unsuccessful attempt by Nektar Therapeutics and Pfizer (NYSE: PFE), leading to an overall thumbs-up percentage of only 75% of the 388 members rating MannKind in CAPS.

InterDigital
Since the lifeblood of technology developer InterDigital is patent licensing revenue, the $4 million drop in recurring patent royalties in the fourth quarter wasn't the surprise investors were looking for. Increased development expenses led to lower fourth-quarter profit, which missed analyst expectations. Many CAPS members remain bullish on the company's ability to sign deals and protect its base of patents from infringement, though, and 95% of the 1,014 members rating InterDigital think it will beat the market.

Ultimately, whether you believe a fall in any stock is warranted, your own research is more important than collective opinions. But CAPS can help you quickly focus your due diligence, and even point out potential pitfalls you may not have seen.

Add your take on these or any of the more than 5,300 stocks that 130,000-plus members have covered in Motley Fool CAPS. It's totally free to be a part of the community, and the payback is more than worth it.
Like this article? Get our best articles delivered direct to your inbox at no cost. Sign up for Foolwatch Weekly by entering your email below.

The Motley Fool Stock Advisor service looks for companies with strong management poised to beat the market over the long haul. InterDigital is one such company chosen by the service and recommended to subscribers. To see all the stocks that have helped Tom and David Gardner beat the market by 30 points on average, take a free 30-day trial.

Fool contributor Dave Mock habitually looks for silver linings in even the darkest of clouds. He owns shares of Pfizer, which is a former Income Investor recommendation and a current Inside Value selection. The Fool's disclosure policy is made of sugar and spice and everything nice.

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THE STOCK MARKET BROKE TO NEW OLWS AND WHAT IT MEANS FOR GRAINS

2009-03-21T04:35:00.001-07:00

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The stock market broke to new lows and what it means for grains!
3/5/2009

The stock market broke to new lows today erasing yesterday's gain. This helped to cast a very negative tone over the Ag complex today. Granted, I believe the market is oversold and I'm preparing to buy a bearish Supply/Demand report and test of old lows but upside potential really seems limited. Today we also saw the dollar moving higher along with gold. So what does it all mean for the grain and livestock markets?

NOTE: The stock market broke to new lows today erasing yesterda'sgains.

Frankly, I'm having to go back to school just like many of you in learning the relationship between bonds and interest rates as it reflects to inflation and subsequently on Ag. prices. As I said I'm a student right now not a master so I'm asking as many questions as I can answer but here are some of the ones that are on my mind.

1. The bond market has been in a bull market since 1981 when interest rates hit their high and bonds their lows. The easy money policy plus with global demand especially stimulated by China have all contributed to last year's price event. Was this a multiple year high? Are we structurally moving into along term pattern of tighter banking regulation and loaning policy? What will be the effect on agriculture if banks move from an asset loaning strategy to an income based loan? Will it have an effect on carrying charge spreads? If you're a borrower of short term or long term money what's the risk and how do you defend?

2. What causes inflation? The books suggest it caused by grow in money supply plus active participation by consumers to buy (i.e. more money chasing fewer goods). One way to measure is velocity; we have experienced a drastic drop and in fact the biggest drop in over 48 years of data in the recent quarter. Without velocity, you don't have inflation. How fast can velocity (consumer buying) come back? What impact will this have on commodity and subsequent land values? I will be talking about this in my upcoming seminar here in New Richmond, Indiana.

I have a ton of questions to ask, but that's another day. In conclusion the outside markets are doing things that we haven't seen in our life time and the current administration is enacting policy to punish business rather than stimulate. More than ever as corn and bean producers we need to increase our knowledge of the outside markets so we can make effective and informed decisions about the future.

NOTE: in conclution the outside markets are doing things and tthe adminisration is enacting pulicy to punish the business.

If you want to go over details or would like to read more daily recommendations regarding reownership or marketing strategies, email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com.

BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE "RISK DISCLOSURE STATEMENT" AND "OPTION DISCLOSURE STATEMENT" AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.

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2009-03-20T04:11:00.001-07:00

GUILT TRIP: LUXURY TRAVELERS TONE IT DOWN IN HARD TIMES

2009-03-19T03:57:00.001-07:00

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Guilt trip: Luxury travelers tone it down in hard times
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During these tough economic times, the desire to tone down consumption is affecting how some Americans vacation -- or at least how they say they vacation.
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During these tough economic times, the desire to tone down consumption is affecting how some Americans vacation -- or at least how they say they vacation.

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By Jayne Clark, USA TODAY
She had planned to visit the Medina in Fez, the souks in Marrakesh and the mosques in Casablanca. But the Moroccan vacation would have set Nancy Yale back $15,000 for her family of five. And after laying off a full- and part-time employee last fall, the travel agency owner in Fairfield, Conn., decided to scrap the December trip.

"I just didn't think it was prudent. It wasn't a good message," she says.

Call it luxury shame, stealth wealth or guilt downsizing. Even if you've "got it" — and maybe especially if you've got it — economic times like these are no time to flaunt it.

In a time when posh has become a four-letter word, forget about keeping up with the Joneses. It's more socially expedient to stay down with them. Economic turmoil is giving luxury a bad name, it seems, and not just among the private-jet set, either. The desire to tone down consumption is affecting how some Americans vacation — or at least how they say they vacation.

It's the sort of environment that has people claiming they got that winter tan on the local ski hill, when in truth, they were skiing in Gstaad. Or, for appearances' sake, hailing a cab from the airport instead of pulling up to the hotel in a town car — never mind that the fare's the same.
FIND MORE STORIES IN: San Francisco | Connecticut | Asia | Caribbean | Securities and Exchange Commission | Athens | Rome | East Coast | Pasadena | Fairfield | Moroccan | Ritz-Carlton | Casablanca | Far East | Bentley | Friedman | Medina | Champagne | Waikiki | Joneses | Barbuda | New York Times Magazine | Anguilla | Gstaad | Cristal | Arthur Levitt | Cognac | Marrakesh | Encore Las Vegas | Maserati GranTurismo | Palms Place Hotel

The sentiment resonates in cyberspace and includes travelers who say they're lying or feeling guilty about their vacation plans or simply keeping mum about them.

Even former Securities and Exchange Commission head Arthur Levitt hasn't escaped a guilt trip, telling the New York Times Magazine he canceled a spring trip to the Far East, because "I don't feel right about spending large sums of money in this environment."

"Luxury shame is very real," says travel industry analyst Henry Harteveldt of Forrester Research. "When your neighbors are losing their jobs and you're doing well, you don't flaunt your success. Of course, there are still people who will continue to enjoy the fruits of their success. They may still rent the beachfront home and continue to fly in the G5 and tool around in the leased Bentley, but they're not going to go home and brag that that's what they did on vacation."

In a recent survey of travelers' intentions, Forrester found the solidly middle class intended to cut back on travel, but so did 28% of those with household incomes of $100,000 and above. "It shows that the well-to-do are not being spared by this recession," says Harteveldt.

Neither are the wealthy, even if it's just for appearances' sake. One of Yale's best clients canceled a pricey trip to Asia explaining, " 'It's too embarrassing to tell anyone I took a $40,000 vacation,' " she says.

Josh Friedman, a luxury travel consultant in San Francisco, relates how a wealthy Pasadena couple, "the kind of people who book $3,000-a-night suites," called him to say they're cutting back 50% on everything and had him redeem frequent-flier miles for a trip to the East Coast. Another client who booked a $30,000 luxury European cruise with extra nights in Athens and Rome lopped a night off to assuage his guilt over spending so much. It cut the price by a mere $1,000 or so, but "it made him happy," says Friedman. "He realizes times are tough."

NOTE:the luxury european cruise w/ extra nights,thew athens and rome re lopped a night off t assuage his guilt over spending so much.

Beverly Hills-based Gary Mansour, CEO of Mansour Travel Co., says his affluent clients are still traveling: They're just being more discreet about it. Maybe they'll downgrade from their own private jet to a seat in a shared one. Or they'll pop open a bottle of Cristal in the privacy of their hotel room rather than in a restaurant, he says

Not that excess — wretched as it may be regarded these days — isn't thriving in some decadent corners of the beleaguered economy. In fact, at the newly opened Encore Las Vegas casino, the nightclub, XS ("where too much is never enough"), offers a $10,000 Cognac and Champagne cocktail (includes stingray cuff links for the gentleman and a gold necklace for the lady). A few miles away, the Palms Place Hotel and Spa has reintroduced its $120 Veuve Clicquot Pedicure, back by popular demand.

The upscale Caribbean island of Anguilla issued a press release in January boasting about the traffic jam of private jets on its runway over the holidays. A marketing pitch for an $18,000-a-night private resort in Barbuda asks without a hint of irony, "Who says luxury isn't still affordable in tough economic times?" And in Waikiki, the Halekulani Hotel just rolled out a fleet of over-the-top vehicles, including a custom Maserati GranTurismo and Lotus Exige S, for its well-heeled guests to tool around in. (Those booked in the $7,000-a-night Premier Suites get the cruisers at no extra charge.) While CEO Peter Shaindlin acknowledges that tough times can spark traveler guilt, the flashy cars are "about quality. I don't think there's anything embarrassing about quality."

NOTE; the upscale carribean island of aguilla issues are press realease and its about the traffic jam of private jets on its runway over the holiday.

Perhaps. But in some quarters, lean times have sparked a shift in marketing messages. The Ritz-Carlton chain, which in the past has trumpeted luxury amenities bordering on the absurd (bath butler, anyone?), is playing up its altruistic side. Give Back Getaways, launched in April, puts willing guests in a half-day local volunteer effort. Response so far has not been huge, says spokeswoman Sue Stephenson, but a sister program, Meaningful Meetings, which donates 10% of a participating group's room revenues to charity, has resulted in $420,000 in donations since 2007.

Virtuoso, a travel-agent network that specializes in luxury travel, has similarly tweaked its message. In December, it launched a "Return on Life" advertising campaign that stresses authenticity over opulence.

"People are traveling less for bragging rights these days," says Virtuoso spokeswoman Misty Ewing. "Luxury travel had an (image) of self-indulgence. But the mind-set has changed. It's really about wanting to spend quality time with family and friends."

The Leading Hotels of the World group of high-end lodgings has shifted its emphasis, too. "In contrast to last year, we aren't marketing over-the-top. We're marketing more value-driven packages," says senior marketing vice president Claudia Kozma Kaplan.

At Abercrombie & Kent, which bills itself as "the world's premier luxury travel company," interest in trips that incorporate a philanthropic element is on the upswing, says spokeswoman Pamela Lassers. The company now offers six itineraries, up from two. Conversely, a sale in February that promoted savings of up to 60% on trips such as luxury African safaris and Egyptian cruises signals less-than-vigorous bookings on A&K's more self-indulgent tours.

Some in the industry believe the recession is sparking a behavioral shift that will continue even after the economy improves.

"We're witnessing a change in consumption patterns," says Karen Weiner Escalera, a publicist who writes a newsletter and blog on luxury travel trends. "People are looking more at function and comfort and authenticity."

She predicts that luxury as a marketing pitch will lose ground to messages that focus on niche interests as people pursue true passions rather than indulgence for the sake of indulgence.

Not that so-called luxury shame is necessarily bad for business. On Grand Cayman, The Reef Resort, a midscale all-suites hotel on a predominantly upscale island, director Tom McCallum believes he has gained some guests this season who in better times would be checking into digs that cost more than the $250 a night he has been charging.

"We're definitely getting people who would have grabbed a luxury hotel last year," he says. "People still want a Caribbean vacation, but they want to tell themselves they haven't spent as much money. They're being more selective."

But they're still traveling. At Ellison Poe's Little Rock travel agency, sales of midrange package tours to Europe may be down, but bookings to exotic locales such as Sri Lanka and Madagascar are up, thanks to deals being snapped up by people whose bank balances or credit limits still allow it.

"I feel like a Turkish rug salesman," she says. "These deals won't be here in three months, so if you have the money, you should take advantage of it."

That's Jackie Ross' sentiment exactly. The retired Bellingham, Wash., hypnotherapist sailed the eastern Caribbean in February, her third cruise in a year. She and her husband have always been avid travelers, and it's not unusual for friends to ask them where they're off to next. These days, however, her responses are more circumspect. "I'll say, 'Oh, we're just going somewhere warm for a while,' " she says. "It's general sensitivity. There are just so many people who are going through so much. We've been affected by the stock market, too. But we'd planned this cruise, and we're going to go."

They'll be sailing again next year, too. "We weren't going to," Ross says, "but a really good deal came up."

Contributing: Kitty Bean Yancey

Travelers, are you cutting back on luxury trips? If so, is it for financial reasons or not wanting to appear extravagant during tough econcomic times?
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JustAGuyInNC (0 friends, send message) wrote: 5h 22m ago
luxury shame - that's just funny! *lol*

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TheLady (1 friends, send message) wrote: 5h 24m ago
Bill T. - No Loss??? You haven't thought it through. Who do you think works all of the tourist sites in Hawaii...the rich and famous? No, they are everyday people just like you and me. When the travel drops off, so will their jobs. And then there are the tourist dollars that Hawaii depends on to help pay the states bills. When those dollars stop coming in, taxes will go up, and the jobless will be hit with a double whammy. Our countries financial system is a delicately balanced eco system. Take one animal out of the chain and another starves, leaving yet others with nothing to eat. This is why it is so important to keep the money moving. We are all cutting back. We don't have a choice, but we also can't stop living. We have to pay the milk man so he can pay the feed man, so he can buy more seed...get it?

I see a time where wall street will be much smaller than it has been for the past few years. Our country is migrating back to the small business man and american made goods. This is a good thing. We need to become more self sustaining as a country. We need to rely less on the almighty wall street gods and take better care of ourselves. Never again will I allow those arrogant greedy cheating cronies to have ANY say in where I invest my money. I will invest in small private businesses. It's better for my community, and it is safer for my money. Wall Street can go to h%ll.

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American People (33 friends, send message) wrote: 5h 53m ago
The "Quick Question" poll disagrees with the premise of this article. This is an opinion article disguised as news.

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Bill T. (3 friends, send message) wrote: 6h 39m ago
Not a surprise, the days of expense account traveling is about over. The days of credit card or home equity loan vacations is over. Reality says that people will still travel, but it will be the wealthy or the business NEED, and not the casual middle class de-stressing weekend at some resort. Places like Hawaii that require expensive flights and a lot of travel time will be among the first to hurt. No loss.

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JimMcDosh (0 friends, send message) wrote: 6h 46m ago
Wow, where was that picture taken? What a beautiful place. OMGosh I must go there.

RT
www.Privacy-Center.net

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RECESSION STOCK: BIG LOTS

2009-03-18T03:43:00.001-07:00

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Recession stock: Big Lots

Posted Mar 5th 2009 3:50PM by Jamie Dlugosch
Filed under: Earnings reports, Good news, Stocks to Buy, Recession

Discount retailer Big Lots Inc. (NYSE: BIG) saw its shares surge higher in Wednesday trading after it posted a fourth-quarter profit from continuing operations that came in ahead of analysts expectations and offered a better-than-expected outlook.

Clearly, investors view BIG as a recession stock to own.

Earnings from continuing operations totaled a dollar per share, ahead of the 93 cents per share analysts were expecting, and 3 cents higher than the year-ago quarter. Revenue fell to $1.37 billion from $1.41 billion last year, but beat expectations of $1.36 billion. Same-store sales fell a mild 3.2%, as sales of discretionary items, such as furniture and toys, were challenging.

Big Lots, which specializes in sales of excess inventory, forecast income from continuing operations to range from $1.75 to $1.90 per share this year, compared with analyst expectations for earnings of $1.74 per share.

CEO Steve Fishman attributed the results and outlook to Big Lots offering its customers "better quality merchandise, new brands, and tremendous value at a time when they needed it the most."

He also mentioned that the company controlled costs very diligently and recorded the lowest expense rate in its history, investing for the future in new IT systems, and said that it opened 21 stores during the year.

Fishman said the global economic crisis over the last several months kept the company from performing as well as it could have in 2008, as it did for most businesses.

He also said the company has always believed that if it improved its merchandise offerings, made good real estate decisions and relentlessly attacked the cost structure, good things could happen for the business.

NOTE: any one who believed that merchandise are improved its offerings,

He noted that while sales comps were down in the 3% range for the fourth quarter, it was a continuation of the trends seen in the latter part of September and October. He said the consumer is focused on need-based product right now and is holding off until the last possible moment for bigger discretionary purchases.

Big Lots is not planning any big shifts, according to Fishman. He said that because of the deep, longstanding relationships the company has with its vendor partners, and the continuing struggles of other retailers, Big Lots anticipates more deals will be made available at savings that can then be passed on to customers to create excitement in stores.

NOTE: the big lots is not planning of any shifts, the continuing is struggles of other retailers,

The company will focus on value and savings from a marketing perspective. In-store signage has been overhauled, and its new television commercials will focus on savings and value.

Big Lots expects to open 45 stores this year, with the largest concentration in the coastal areas of the Northeast, the Carolinas and Florida, and in the west. Those were areas where it was the most difficult to find store leases in the company's price range during the past few years.

With retailers like Circuit City and Linens 'n Things closing shop, the company will have leverage in negotiating favorable terms on new stores.

It just goes to show that recessions can be positive for some companies.

Louis Navellier's PortfolioGrader Pro, which offers free ratings for nearly 5,000 Wall Street stocks, BIG an A or Strong Buy.

Jamie Dlugosch is a contributor to InvestorPlace.com.

Tags: big, big lots, BigLots, dlugosch, louis navellier, louis navelliers portfoliograder pro, LouisNavellier, LouisNavelliersPortfoliograderPro, portfolio grader, portfolio grader pro, PortfolioGrader, PortfolioGraderPro, recession stock, recession stocks, RecessionStock, RecessionStocks, retail, retail stocks, retailers, RetailStocks

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MARKITING CONCEPT INTERNATIONAL ANNOUNCES APPOINTMENT

2009-03-17T03:30:00.001-07:00

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Marketing Concepts International Announces Appointment
Thu. March 05, 2009; Posted: 09:01 AM
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TORONTO, Mar 05, 2009 (MARKET WIRE via COMTEX) -- MCCI | Quote | Chart | News | PowerRating -- Marketing Concepts International (PINKSHEETS: MCCI | Quote | Chart | News | PowerRating) announces Trust Fund Finance Director.

Kenneth W. Mann, President and CEO, announced the appointment of Jim Shelley to oversee the MCCI shareholder trust account. Mr. Shelley is an experienced Corporate and Private banking executive. He began his career with Citibank in New York, served as President and CEO for Bank of America from 1986 to 1992. He then acted as Senior Account Manager for Coutts and Co. in the Bahamas. Since 1998, Jim has independently managed a portfolio of investments for clients with focus on tax efficiency and secured returns. Throughout his career, Mr. Shelley has been recognized for his successful turnaround strategies, employing a hands-on consultative style with both his clients and employees.

NOTE:MR.shelley has been recognized for his succesful turn around strategies,

The shareholders of MCCI will receive a preferred stock dividend, which will be distributed as sales are generated by the MCCI clients being funded. A percentage of the client corporations' net sales will be deposited in a trust account with a Canadian chartered bank.

The trust account will be used to establish a cash value for all outstanding preferred shares. As sales increase, either from existing MCCI clients or from the acquisition of new clients, the trust account will reflect the increase in the value of the preferred shares. All or any part of an MCCI stockholder's preferred shareholdings may be redeemed for its cash value at any time.

For more information, visit our website www.marketingconceptsintl.com or send an email to info@marketingconceptsintl.com

This release may include projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable; it can give no assurances that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the expectations disclosed in this release, including, without limitation, in conjunction with those forward-looking statements contained in this release.

Contact:
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info@marketingconceptsintl.com

SOURCE: Marketing Concepts International

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I.D SYSTEM REPORT FINANCIAL RESULT FOR FOURTH QUARTER AND FISCAL YEAR 2008 -- YEAR OVER YEAR REVENUES I NCREASE 58%

2009-03-16T03:20:00.001-07:00

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I.D. Systems Reports Financial Results for Fourth Quarter and Fiscal Year 2008-Year Over Year Revenues Increase 58%
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updated 4:10 p.m. ET March 5, 2009

HACKENSACK, N.J., March 5, 2009 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless asset management solutions, today announced financial results for the quarter and year ended December 31, 2008.

For the three-month period ended December 31, 2008, revenues were $7.9 million, compared to $3.7 million for the three months ended December 31, 2007. Net loss for the fourth quarter of 2008 was $1,232,000, or ($0.11) per basic and diluted share, compared to net loss of $2.4 million, or ($0.22) per basic and diluted share, for the fourth quarter of 2007. Non-GAAP net loss for the fourth quarter of 2008 was $550,000, including $682,000 in stock-based compensation, or ($0.05) per basic and diluted share, compared to non-GAAP net loss of $1.6 million, including $853,000 in stock-based compensation, or ($0.14) per basic and diluted share, for the fourth quarter of 2007.

NOTE: the three - month of period ended dec 31 2008, the fourth quarter of 2007 .

Revenues for the fiscal year ended December 31, 2008 were $27.0 million, compared to $17.1 million for 2007. Net loss for 2008 was $4.2 million, or ($0.38) per basic and diluted share, compared to net loss of $7.3 million, or ($0.66) per basic and diluted share, for 2007. Non-GAAP net loss for 2008 was $1.3 million, or ($0.12) per basic and diluted share, compared to non-GAAP net loss of $4.1 million, or ($0.36) per basic and diluted share, for 2007.
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Non-GAAP results are calculated by adjusting GAAP net results for the impact of stock-based compensation, which was $2.9 million and $3.3 million for the fiscal years ended December 31, 2008 and 2007, respectively. A table entitled "Reconciliation of GAAP to Non-GAAP Financial Measures" is included in this press release.

"Our revenues this year were driven primarily by our investment in our sales and marketing organization, as well as expansion of our product offerings," said Jeffrey Jagid, I.D. Systems' chairman and chief executive officer. "We continued to strengthen relationships with core customers, including the U.S. Postal Service, Wal-Mart, Walgreens and Ford, among others. We also added more than 20 prominent new customers and increased our penetration of key vertical markets, including government, consumer packaged goods, retail, and automotive. This success reflects expanded activity on many fronts, including direct sales and marketing initiatives in North America, coordinated efforts with channel partners and the establishment of our first customers in continental Europe."

"Our solutions for controlling, tracking and managing vehicles-such as material handling equipment, airport vehicles and rental cars-continue to offer significant economic benefits for our customers, which is important in this economic climate," continued Mr. Jagid. "We look forward to building on our accomplishments of 2008 and continuing to focus on broadening our customer base, diversifying our revenue sources, and maximizing shareholder value."

NOTE:the offer of significant are economics benefits for our costomer.

Gross margin for the three months ended December 31, 2008, was 48.4%, compared to 44.0% for 2007. For the year ended December 31, 2008, cost of revenues was $13.5 million, resulting in a gross profit margin of 50.2%, up from 47.7% for the year ended December 31, 2007.

For the three months ended December 31, 2008, selling, general and administrative (SG&A) expenses were flat at $4.3 million, including $532,000 in stock-based compensation, compared to $4.3 million, including $662,000 in stock-based compensation, for the same period in 2007.

SG&A expenses for fiscal year 2008 were $16.8 million, including $2.4 million in stock-based compensation, compared to $16.0 million, including $2.5 million in stock-based compensation, for 2007. The increase was attributable primarily to an expansion of staff in sales and customer service and increased insurance costs. As a percentage of revenues, SG&A expenses decreased to 62.0% in 2008 from 93.4% in 2007.

Research and development (R&D) expenditures for the three-month period ended December 31, 2008, were $792,000, including $135,000 in stock-based compensation, compared to $721,000, including $179,000 in stock-based compensation, for the three months ended December 31, 2007.

R&D expenditures for fiscal year 2008 were $2.9 million, including $498,000 in stock-based compensation, compared to $2.8 million, including $741,000 in stock-based compensation, for 2007. As a percentage of revenues, R&D expenditures decreased to 10.7% in 2008 from 16.7% in 2007.

Interest income for fiscal year 2008 was $2.2 million, compared to $3.2 million for 2007. The decrease was due to lower interest rates and a decrease in cash, cash equivalents and marketable securities. Interest income for the fourth quarter of 2008 was $373,000, compared to $894,000 for the same period a year ago. As of December 31, 2008, I.D. Systems had $56.0 million in cash, cash equivalents, marketable securities, auction rate securities and auction rate securities right ($5.14 per share outstanding as of December 31, 2008) and $30.9 million of working capital, compared to $65.0 million ($5.90 per share outstanding as of December 31, 2007) and $31.9 million, respectively, as of December 31, 2007.

In fiscal year 2008, approximately $4.4 million of working capital was used to repurchase issued and outstanding shares of I.D. Systems common stock, pursuant to a share repurchase program authorized by I.D. Systems' Board of Directors in May, 2007. The program authorizes the repurchase of shares to an aggregate value of up to $10,000,000 and to date we have repurchased shares having an aggregate value of $9,970,000. During 2008, I.D. Systems purchased approximately 592,000 shares in open market transactions under this program, at an average cost of $7.41 per share. The cumulative value of shares repurchased to date is approximately $9.98 million.

2008 Highlights

* I.D. Systems increased sales of its products and services to core
customers, including:
-- The United States Postal Service (USPS), which, as previously
announced, expanded its deployment of I.D. Systems' Vehicle
Management System (VMS) to a cumulative total of more than 110
USPS facilities nationwide, and which continued to fund
development of new system functions to broaden the system's role
in postal operations.
-- Wal-Mart Stores, Inc., which, as previously announced, expanded
its deployment of I.D. Systems' VMS to a cumulative total of 50
distribution facilities in the U.S.
-- 3M Company, Alcoa, FMC Technologies, Ford Motor Company, Nucor
Corporation, Golub Corporation, Target Corporation, and
Weyerhaeuser Company, among others, all of which expanded their
use of I.D. Systems' technology or extended support contracts
for existing VMS deployments.
* I.D. Systems deployed its wireless VMS technology for more than 20
new customers, including:
-- Xerox Corporation, a Fortune 200 company and the world's leading
document management enterprise with fiscal 2008 revenues of
$17.6 billion.
-- Colgate-Palmolive Company, a Fortune 200 global consumer
products company with dozens of internationally recognized
brands and fiscal 2008 revenues of $15.3 billion.
-- A U.S. division of Nestle S.A., the world's largest food and
beverage manufacturer with fiscal 2008 revenues of approximately
$104 billion.
-- The U.S. subsidiary of Teva Pharmaceutical Industries Ltd., a
top-20 global pharmaceutical company and the world's leading
generic pharmaceutical company with fiscal 2008 revenues of
$11.1 billion.
-- Three major European companies: two leading automotive
manufacturers and a tier-one automotive industry supplier
-- Other leading companies across a wide range of industries,
including:
- One of the world's largest distributors of technology products.
- One of the world's leading manufacturers and marketers of
paper and building products.
- Two of the world's leading heavy equipment manufacturers.
- One of the largest integrated steel companies in the U.S.
- One of the largest food distributors in the U.S.
- A leading U.S. wholesale club.
- A leading global manufacturer of lighting products.
* To broaden its market reach, I.D. Systems further developed key
strategic alliances, including:
-- Strengthening an existing marketing relationship with leading
forklift manufacturer NACCO Materials Handling Group, Inc.,
which distributes and supports I.D. Systems' products through
its Hyster(r) and Yale(r) brand industrial truck dealer networks.
-- Expanding relationships with other lift truck original equipment
manufacturers and their dealers.
-- Executing a strategic agreement with Zetes Industries, a leading
European automatic identification technology systems integrator.
* I.D. Systems also made progress in the continued development of new
markets and applications for its technology, including:
-- The acquisition of PowerKey, the industrial vehicle monitoring
division of International Electronics, Inc., and subsequent
product line expansion targeted at the entry-level segment of
the industrial vehicle management market.
-- Continued development of a wireless VMS with special security
capabilities for the U.S. Department of Defense, which was
deployed in 2008 at the Sierra Army Depot.
-- Continued development of an automated wireless rental fleet VMS,
which was deployed in 2008 on approximately 500 rental vehicles
for a major U.S.-based rental car company.
-- Launch of the AvRamp(tm) system, a VMS branded for airport
ground support equipment, which was funded in part by the
Transportation Security Administration and approved by the
Federal Aviation Administration.
-- The award of a U.S. Patent for a "Robust Wireless Communications
System Architecture," which concerns the "distributed
intelligence" of I.D. Systems' wireless technology.

Investor Conference Call

I.D. Systems will host a conference call for investors and analysts at 4:45 p.m. Eastern Standard Time on March 5, 2009. Jeffrey Jagid, I.D. Systems' chairman and CEO, will lead a discussion on the year's results and highlights. After opening remarks, there will be a question and answer period. The conference call will be broadcast live over the Internet via the Investors section of I.D. Systems' web site at www.id-systems.com. To listen to the live call, go to the website at least 10 minutes early to download and install any necessary audio software.

Non-GAAP Measures

To supplement its consolidated financial statements presented in accordance with GAAP, I.D. Systems provides certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP net income/loss and non-GAAP net income/loss per basic and diluted share. Reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, or superior to, GAAP results. These non-GAAP measures are provided to enhance investors' overall understanding of I.D. Systems' current financial performance and provide further information for comparative information due to the adoption of the new accounting standard SFAS 123R. Specifically, I.D. Systems believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results and business outlook. In addition, I.D. Systems believes the non-GAAP measures that exclude stock-based compensation enhance the comparability of results against prior periods. Reconciliation to the nearest GAAP measure of all non-GAAP measures included in this press release can be found in the financial tables included in this press release.

About Vehicle Management Systems

Wireless Vehicle Management Systems for industrial trucks help improve workplace safety and security by restricting vehicle access to trained, authorized operators, providing electronic vehicle safety inspection checklists, and sensing vehicle impacts. The systems also help reduce fleet maintenance costs by automatically uploading vehicle data, reporting vehicle problems electronically, scheduling maintenance according to actual vehicle usage rather than by calendar or manual data entry, and helping determine the optimal economic time to replace equipment. In addition, wireless VMS technology helps improve productivity by establishing accountability for use of equipment, ensuring equipment is in the proper place at the right time, streamlining work flow, and providing management with unique metrics on-and controls over-fleet utilization.

About I.D. Systems(r)

Based in Hackensack, New Jersey, with a European business office in Dusseldorf, Germany, I.D. Systems is a leading provider of wireless solutions for managing and securing high-value enterprise assets. These assets include industrial vehicles, such as forklifts and airport ground support equipment, and rental vehicles. The Company's patented PowerFleet(tm) system, which utilizes radio frequency identification, or RFID, technology, addresses the needs of organizations to control track, monitor and analyze their assets. For more information about I.D. Systems, visit www.id-systems.com.

"Safe Harbor" statement:

This press release contains forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, such as prospects for additional customers and revenues. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. These forward-looking statements are subject to risk and uncertainties, including, but not limited to, future economic and business conditions, the loss of any of the Company's key customers or reduction in the purchase of its products by any such customers, the failure of the market for the Company's products to continue to develop, the inability to protect the Company's intellectual property, the inability to manage the Company's growth, the effects of competition from a wide variety of local, regional, national and other providers of wireless solutions and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2007. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. The Company assumes no obligation to update the information contained in this press release.

I.D. Systems, Inc.
Statements of Operations
(Unaudited)

Three months ended Twelve months ended
December 31, December 31,
------------------------ ------------------------
2007 2008 2007 2008
----------- ----------- ----------- -----------
Revenue:
Products $ 2,556,000 $ 5,988,000 $11,037,000 $20,072,000
Services 1,165,000 1,933,000 6,046,000 6,974,000
----------- ----------- ----------- -----------
3,721,000 7,921,000 17,083,000 27,046,000
Cost of revenue:
Cost of products 1,577,000 3,160,000 5,859,000 9,996,000
Cost of services 506,000 925,000 3,070,000 3,470,000
----------- ----------- ----------- -----------
2,083,000 4,085,000 8,929,000 13,466,000

Gross profit 1,638,000 3,836,000 8,154,000 13,580,000

Selling, general
and administrative
expenses 4,255,000 4,311,000 15,963,000 16,760,000
Research and
development
expenses 721,000 792,000 2,849,000 2,883,000
----------- ----------- ----------- -----------

Loss from
operations (3,338,000) (1,267,000) (10,658,000) (6,063,000)
Interest income 894,000 373,000 3,238,000 2,226,000
Interest expense (1,000) -- (10,000) --
----------- ----------- ----------- -----------
Other income (loss) -- (338,000) 89,000 (338,000)
----------- ----------- ----------- -----------

Net loss $(2,445,000) $(1,232,000) $(7,341,000) $(4,175,000)
=========== =========== =========== ===========

Net loss per
share - basic
and diluted $ (0.22) $ (0.11) $ (0.66) $ (0.38)
=========== =========== =========== ===========

Weighted average
common shares
outstanding -
basic and diluted 11,027,000 10,896,000 11,205,000 10,887,000
=========== =========== =========== ===========

I.D. Systems, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)

Three Months Ended Twelve Months Ended
December 31, December 31,
2007 2008 2007 2008

Net loss
attributable
to common
stockholders $(2,445,000) $(1,232,000) $(7,341,000) $(4,175,000)

Stock-based
compensation $ 853,000 $ 682,000 $ 3,288,000 $ 2,898,000

Non-GAAP
net loss $(1,592,000) $ (550,000) $(4,053,000) $(1,277,000)

Non-GAAP net
loss per
share - basic and
diluted $ (0.14) $ (0.05) $ (0.36) $ (0.12)

I.D. Systems, Inc.
Balance Sheets
(Unaudited)

As of December 31,
2007 2008
ASSETS
Current assets:
Cash and cash equivalents $ 5,103,000 $12,558,000
Restricted cash -- 230,000
Marketable securities - short term 21,385,000 8,550,000
Accounts receivable, net of allowance
for doubtful accounts of $239,000
in 2007 and 2008 2,875,000 8,245,000
Unbilled receivables 580,000 168,000
Inventory, net 4,420,000 3,273,000
Interest receivable 142,000 217,000
Prepaid expenses and other current
assets 291,000 261,000
----------- -----------

Total current assets 34,796,000 33,502,000

Marketable securities -long term 38,515,000 34,911,000
Goodwill -- 200,000
Other intangible assets -- 178,000
Fixed assets, net 1,398,000 1,050,000
Other assets 87,000 107,000
----------- -----------

$74,796,000 $69,948,000
=========== ===========

LIABILITIES
Current liabilities:
Accounts payable and accrued expenses $ 2,594,000 $ 2,175,000
Current portion of long term debt 19,000 --
Deferred revenue 291,000 424,000
----------- -----------

Total current liabilities 2,904,000 2,599,000

Deferred revenue 167,000 231,000
Deferred rent 55,000 33,000
----------- -----------
3,126,000 2,863,000

STOCKHOLDERS' EQUITY
Preferred stock; authorized 5,000,000
shares, $0.01 par value; none issued -- --
Common stock; authorized 50,000,000
shares, $.01 par value; 11,561,000 and
12,082,000 shares issued at December
31, 2007 and 2008, respectively, shares
outstanding, 11,015,000 and 10,893,000
at December 31, 2007 and 2008,
respectively 115,000 120,000
Additional paid-in capital 97,076,000 101,437,000
Accumulated deficit (19,492,000) (23,667,000)
Accumulated other comprehensive income 11,000 46,000
----------- -----------
77,710,000 77,936,000
Treasury stock; 546,000 shares and
1,189,000 shares at cost at December 31,
2007 and 2008, respectively (6,040,000) (10,851,000)
----------- -----------
Total stockholders' equity 71,670,000 67,085,000
----------- -----------
Total liabilities and stockholders'
equity $74,796,000 $69,948,000
=========== ===========

I.D. Systems, Inc.
Statements of Cash Flows
(Unaudited)

Year Ended December 31,
-------------------------------------
2006 2007 2008

Cash flows from operating
activities:
Net loss $(1,616,000) $(7,341,000) $(4,175,000)
Adjustments to reconcile net
loss to cash (used in)
provided by operating
activities:
Inventory reserve 100,000 517,000 126,000
Accrued interest income (153,000) 20,000 (75,000)
Stock based compensation 2,975,000 3,288,000 2,989,000
Depreciation and amortization 468,000 544,000 540,000
Deferred rent expense (22,000) (22,000) (22,000)
Deferred revenue 109,000 104,000 197,000
Provision for uncollectible
accounts 211,000 -- --
Deferred contract costs 20,000 33,000 --
Change in fair value in
marketable securities -- -- 338,000
Changes in:
Restricted cash -- -- (230,000)
Accounts receivable 756,000 2,226,000 (5,370,000)
Unbilled receivables 251,000 462,000 412,000
Inventory (3,578,000) 1,493,000 1,212,000
Prepaid expenses and other
assets (130,000) (20,000) 10,000
Investment in sales type
leases 467,000 -- --
Accounts payable and
accrued expenses (931,000) (700,000) (843,000)
----------- ----------- -----------
Net cash (used in)
provided by operating
activities (1,073,000) 604,000 (4,891,000)
=========== =========== ===========
Cash flows from investing
activities:
Purchase of fixed assets (703,000) (548,000) (188,000)

Business acquisition -- -- (573,000)
Purchase of investments (68,481,000) (15,691,000) (28,513,000)
Maturities of investments 13,214,000 16,523,000 44,649,000
----------- ----------- -----------
Net cash (used in)
provided by investing
activities (55,970,000) 284,000 15,375,000
=========== =========== ===========
Cash flows from financing
activities:
Repayment of term loan (209,000) (221,000) (19,000)
Proceeds from exercise of stock
options 786,000 367,000 1,377,000
Net proceeds from public
offering 63,961,000 -- --
Collection of officer loan 11,000 8,000 --
Purchase of treasury shares -- (5,583,000) (4,387,000)
----------- ----------- -----------
Net cash provided by
(used in) financing
activities 64,549,000 (5,429,000) (3,029,000)
=========== =========== ===========
Net increase (decrease) in
cash and cash equivalents 7,506,000 (4,541,000) 7,455,000
Cash and cash equivalents -
beginning of period 2,138,000 9,644,000 5,103,000
Cash and cash equivalents -
end of period $ 9,644,000 $ 5,103,000 $12,558,000
=====================================
Supplemental disclosure of
cash flow information:
Cash paid for:
Interest $ 29,000 $ 10,000 $ --
=====================================
Non- Cash Financing Activity:
Shares withheld pursuant to
stock issuance $ -- $ 344,000 $ 424,000
=====================================

CONTACT: I.D. Systems, Inc.
For Financial Press
Ned Mavrommatis, Chief Financial Officer
ned@id-systems.com
For Trade Press
Greg Smith, Vice President Marketing
gsmith@id-systems.com
201-996-9000
Fax: 201-996-9144

GlobeNewswire, Inc.2009

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This Week's 5 Smartest Stock Moves

By Rick Aristotle Munarriz
February 27, 2009 | Comments (0)

Recs
4

If you're feeling down this week, take my hand as we go over some of the more uplifting headlines of the week. Yes, it wasn't all layoffs, missed earnings, and guidance knockdowns.

1. Heart-to-heart at Medtronic
You're stealing hearts, Medtronic (NYSE: MDT). The medical device giant announced not one -- but two -- acquisitions on Monday. It will acquire CoreValve and Ventor Technologies, a pair of companies that make systems for heart valve replacement procedures.

If you have the means, now is a great time to be a buyer. Stock prices are low on public companies. A chilly IPO market will keep promising companies from raising capital by going public.

As long as the deals make sense -- and clearly it makes sense for Medtronic to broaden its product offerings in the fragmented medical device industry -- buyouts are worth applauding.

2. Earning the exclamation point
They're doing more than just moving the deck chairs on the S.S. Yahoo!. New CEO Carol Bartz announced a radical shakeup at the company last night, installing fresh faces among key executives at Yahoo! (Nasdaq: YHOO).

Yahoo! isn't a broken company. It's just moldy. It needs fresh eyes, brains, and ideas. I can't vouch for any of the new visionaries and thinkers at the company. I do know that playing it safe in the past only invited stagnancy into the VIP room.

Yahoo! will never be Google (Nasdaq: GOOG), but it certainly isn't valued as such. The Internet is a big enough pie to carve between several search engines and online advertising platforms. Now that investors know that Bartz isn't simply going to phone it in as CEO, it's time to begin dusting off those dreams and expectations.

3. Orange you glad
Tropicana is ditching the orange juice packaging it introduced just a few weeks ago, and coming back with its original carton graphics.

PepsiCo's (NYSE: PEP) citrus giant is proving that it can still be nimble. The new packaging was bland, baby. When I first saw it, I thought it was a generic supermarket brand. I didn't realize I was so attached to a silly orange with a straw, until I was left woefully unimpressed with the "100% Orange" logo accompanied by an ordinary glass of OJ.

NOTE: the new packging was blind , baby.

Was this a clever marketing ploy to trick penny-pinching orange lovers into thinking they were trading down to a generic brand? Did PepsiCo know the move would create an uproar, having the old packaging ready for rediscovered appreciation? Will the cartons being phased out over the next few weeks become collectibles?

4. Iron supplements
Marvel (NYSE: MVL) better hope it can keep Robert Downey, Jr. in its magnetic grip. Downey's Iron Man was huge on DVD for the superhero studio this past quarter, helping the company blow past Wall Street expectations for the sixth consecutive time.

With so many media and entertainment companies stumbling last year, it's hard to scoff at Marvel's results for all of 2008. Revenue soared 39% higher. Earnings climbed by 54%. DC Comics parent Time Warner (NYSE: TWX) certainly didn't keep pace.

2008 will be a hard act to follow for Marvel in 2009, but the company clearly is leaving 2008 with far more confidence in its comic book character-milking ability than when it started.

5. Keep the change
Microsoft (Nasdaq: MSFT) took some heat this past weekend, when it overpaid the severance for a few dozen of the 5,000 employees it recently laid off and asked for it back.

Well, Microsoft rightly backed off this week. It will let the affected ex-employees keep the extra compensation.

It's the right thing to do, from a public relations standpoint. Even if Microsoft is legally entitled to recover the funds -- and that's iffy since the recipients supposedly didn't know they were being overpaid -- it's just wrong to be seen as both the Grim Reaper and a collections agency.

The company is called Microsoft, not Microhard.
Like this article? Get our best articles delivered direct to your inbox at no cost. Sign up for Foolwatch Weekly by entering your email below.

PepsiCo is a Motley Fool Income Investor recommendation. Microsoft is a Motley Fool Inside Value selection. Google is a Motley Fool Rule Breakers pick. Marvel Entertainment is a Motley Fool Stock Advisor recommendation. Try any of our Foolish newsletters today, free for 30 days.

Longtime Fool contributor Rick Munarriz is an optimist at every turn. He's the inspiration for The Killers' "Mr. Brightside" song. He does not own shares in any of the stocks in this story. Rick is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.

NOTE: the fool has a disclosure policy. long time fool hascontributor risk munnariz is an optimist at every turn.

Read/Post Comments (0) | Recommend This Article (4)

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REIT WINNER AND LOSER: PUBLIC STORAGE

2009-03-13T22:57:00.001-07:00

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Winners & Losers
REIT Winners and Losers: Public Storage

02/27/09 - 04:51 PM EST
, PSA , DLR , SSS , EXR
William Hennelly
William Hennelly

Updated from 1:30 p.m. ET

* More on PSA
* Novellus Draws Calls; Public Storage Sees Puts
* REITs Still Rewarding

* Market Activity
*
Digital Realty Trust Inc.| DLR
UP
*
Extra Space Storage Incorporated| EXR
UP
*
Public Storage| PSA
UP

Public Storage(PSA Quote - Cramer on PSA - Stock Picks) shares rose 8% a day after it reported a rise in operating income in the fourth quarter.

Shares were up 5.8% to $55.48 as the Glendale-Calif.-based self-storage provider reported net operating income rose $11.8 million, led by a $6.5 million increase in same-store operations.

Digital Realty Trust(DLR Quote - Cramer on DLR - Stock Picks) shares rose 4% to $29.89 after the real estate investment trust reported a 43% rise in funds from operations. Digital had FFO of $68.9 million, or 76 cents per share, compared with $38.9 million, or 53 cents per share, a year earlier.

Extra Space Storage(EXR Quote - Cramer on EXR - Stock Picks) shares rose 1.5% to $6.27 a day after Citigroup initiated coverage on the Salt Like City company with a hold rating.

Sovran Self Storage(SSS Quote - Cramer on SSS - Stock Picks) shares lifted after the company, which operates outlets under the name Uncle Bob's Self Storage, filed a 10-K with the SEC citing its improved performance. Shares were up 0.8% to $21.18.

NOTE:the digitals has a FFO OF THE real estate investment trust reported a 43% rise in funds from operation.

The Buffalo, N.Y., company cited the Uncle Bob's truck move-in program, "under which, at present, 259 of our stores offer a free Uncle Bob's truck to assist our customers in moving into their spaces, and an increase in internet marketing and sales."

"In addition to increasing revenue, we have worked to improve services and amenities at our stores. While this has caused operating expenses to increase over the past five years, it has resulted in a superior storage experience for our customers.

"Our managers are better qualified and receive a significantly higher level of training than they did five years ago, customer access and security are greatly enhanced as a result of advances in technology, and property appearance and functionality have been improved."

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STOCK CAP WEEK AND MONTH WITH FAT LOSSES

2009-03-12T22:40:00.001-07:00

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Stocks Cap Week And Month With Fat Losses

BY VINCENT MAO

Posted 2/27/2009

Stocks fell for the third-straight session Friday on news that the government would up its stake in Citigroup to as much as 36%. A bigger-than-expected downward revision to fourth-quarter GDP also hurt the market.

NOTE: the stock has a fell for the third-stragth session friday on news.

The S&P 500 dropped 2.4% and NYSE composite 2%. Both closed below their November lows.

Meanwhile, the Dow lost 1.7%. The Nasdaq fought to stay above water for most of the session, but it finished down 1%.

For the week, the NYSE composite, Dow, Nasdaq and S&P 500 tumbled 3.9%, 4.1%, 4.4% and 4.5% respectively. All indexes ended sharply lower for the month. The Nasdaq shed 6.7%, while the other indexes ended with losses of 11% and worse.

NOTE:ALL indexes ended sharply lower for the month.

Volume finished higher across the board, especially on the NYSE.

Citigroup (C) plunged 39% in monster trade as the Treasury said it would convert up to $25 billion in preferred shares to common stock, thus greatly diluting existing shareholder equity.

Other banks suffered.

Huntington Bancshares (HBAN) dived 25%, and Bank of America (BAC) swooned 26%. Wells Fargo (WFC) dropped 16%.

Medical stocks, which made up nearly a quarter of this week's IBD 100, were also hit hard.

Athenahealth (ATHN) gapped down, sliced its 200-day moving average and tumbled 25%. The downturn came despite a big jump in quarterly profit. Athenahealth provides Web-based business services for doctors, including billing and records-keeping.

Gentiva Health Services (GTIV) dived 18% in nearly six times average trade. The sell-off pushed the home health care provider's Accumulation/Distribution Rating to E.

On the upside, Hansen Natural (HANS) popped 7% in heavy trading despite posting a surprising loss. But the stock closed below its 50-day line.

4:15 p.m. Update: Indexes End Volatile Session With Losses

BY JUAN CARLOS ARANCIBIA

The stock market ended a seesaw session with more losses, capping another bearish week.

The S&P 500 tumbled 2.4%, the NYSE composite 2%, the Dow 1.7% and the Nasdaq 1%.

Volume rose on the NYSE but fell slightly on the Nasdaq, according to early readings.

Financials struggled while insurers fell on analysts' comments.

3:15 p.m. Update: Stocks Turn Slightly Mixed In Late Trade

BY VINCENT MAO

Stocks improved to mixed territory in late trading Friday. But the major indexes were on track to close the week and month with losses.

The S&P 500 shed 1.3%, NYSE composite 1.1% and Dow 0.7%. The Nasdaq edged up a fraction.

Volume was tracking sharply higher on the NYSE and a tad higher on the Nasdaq.

Shanda Interactive Entertainment (SNDA) staged a huge reversal and climbed 3%. The stock was down over 12% following a Credit Suisse downgrade.

CA (CA) reversed earlier losses and gained 4%. That recouped the bulk of losses from the last two sessions. Late last month, the software maker easily beat views with a 19% rise in fiscal Q3 profit. But sales in the latest quarter fell 5%.

2:15 p.m. Update: Nasdaq Flirts With Positive Territory

BY VINCENT MAO

Rebound efforts waned, then strengthened in afternoon trading Friday.

The S&P 500 lost 0.8%, the NYSE composite 0.6% and the Dow 0.4%.

Dow component General Electric (GE) slashed its quarterly dividend to 10 cents a share from 31 cents. Shares slipped 2% in volatile trading. Another Dow stock, JPMorgan Chase (JPM), cut its dividend earlier this week.

Meanwhile, the Nasdaq rose 0.1% as it continued its fight to stay above water.

Turnover was again tracking sharply higher on the NYSE and slightly lower on the Nasdaq.

Amgen (AMGN) gapped down and dropped 3% to a four-month low. A lawsuit was reportedly filed against the biotech over the marketing of its Enbrel and Aranesp drugs.

Other biotechs lost ground. Vertex Pharmaceuticals (VRTX) shed 10%, Celgene (CELG) lost 8% and Gilead Sciences (GILD) fell 4%. On Thursday, President Obama called for access to cheaper generic drugs.

On the upside, LKQ Corp. (LKQX) quickly erased early losses and rallied 15% to a four-month high. On Thursday, the auto-parts recycler reported a wider-than-expected drop in Q4 earnings. But it guided current quarter profit in line to slightly above views.

Dollar Tree (DLTR) also reversed higher. It jumped 5% and regained its 200-day moving average. But resistance from the stock's 50-day line lies just ahead.

1:15 p.m. Update: Stocks Lower In Midday Trade; Nasdaq Goes Red

BY VINCENT MAO

Stocks were stuck in the red in midday trading Friday, but off the worst levels of the session.

The S&P 500 fell 1.1%, the NYSE composite 0.8% and the Dow 0.5%. Meanwhile, the Nasdaq slipped back into negative territory, down 0.3%. The tech-heavy index poked into positive territory a number of times today, but has been unable to hold above water.

Volume was tracking vastly higher on the NYSE due to the onslaught in the financials. Citigroup (C), which tumbled 35%, has already traded over a billion shares vs. an average daily volume of 265 million. Nasdaq volume eased.

MetLife (MET) and Hartford Financial Services (HIG) dived 20% and 14% respectively. Late Thursday, Standard & Poor's cut ratings on both firms, along with eight other insurers.

World Fuel Services (INT) jumped 7% in heavy trading on strong earnings. Late Thursday, the provider of aviation and marine fuel products smashed views with a 68% rise in Q4 profit. But sales slumped 30%. World Fuel's board doubled its quarterly dividend to 7.5 cents per share.

J. Crew (JCG) reversed early losses and rallied 6%. In efforts to cut costs, the trendy apparel maker will eliminate 95 jobs or about 10% of its work force. The company will also suspend matching employees' 401 k contributions and certain wages raises.

TransDigm (TDG) also reversed early losses and climbed 3% in fast trade. The engine maker turned higher after finding support at the confluence of its 50- and 200- day moving averages.

12:15 p.m. Update: Stocks Stay Lower In Mixed Volume

BY PATRICK CAIN

Stocks dropped again, and the indexes' attempted rally ended as recent lows were undercut.

The count for a potential follow-through day had been at Day 4 for all four major indexes until Friday's intraday decline.

The Dow fell 0.8%, the S&P 500 1.4%, the Nasdaq 0.4%. The NYSE composite sank 1.3%.

Volume was higher on the NYSE but slightly lower on the Nasdaq.

Athenahealth (ATHN), a provider of Web-based business services for doctors, gapped down and was off 21% in huge volume. The company reported after the close Thursday, beating both earnings and revenue estimates. The dive slashed the stock's 200-day moving average.

Novo Nordisk (NVO), an insulin maker, gapped down and was trading 5% lower. This week is likely to end as one of distribution for Novo. It would also be its highest-volume week since October 1984.

On the upside, credit card companies Visa (V) and MasterCard (MA) were higher in above-average trade. Visa was up 2% and nearing what could be the high of a three-weeks-tight pattern. MasterCard is also up 2%.

ITT Educational Services (ESI) was up 1% and finding support at its 50-day moving average. This also could be the third straight down week, though the closes in the weeks' upper ranges suggest accumulation. That's a nice way to start the left side of a possible base.

11:15 a.m. Update: Stocks Fight Back In Morning Trade

BY VINCENT MAO

Stocks battled back from heavy losses and turned mixed in late-morning trade Friday.

The NYSE composite shed 1.5%, up from -2.5%. The S&P 500 lost 1.3% and the Dow 1%.

The Nasdaq briefly turned positive, but fell back into the red, down 0.2%. Still, high-profile issues Google (GOOG), Apple (AAPL), Amazon.com (AMZN) and Research In Motion (RIMM) all sported gains.

Turnover was tracking heavier across the board, especially on the NYSE.

Health care issues, which tumbled Thursday on President Obama's plan to cut Medicare payments, continued to sicken. Almost Family (AFAM) dropped 8%, Amedisys (AMED) 4% and Psychiatric Solutions (PSYS) 3%.

Deckers Outdoors (DECK) gapped down and tumbled 18% to its lowest levels since July 2006. Late Thursday, the footwear maker delivered Q4 results above views, but gave a disappointing 2009 profit outlook.

On the upside, Thoratec (THOR) rose 3% on an upgrade. Piper Jaffray raised the medical device maker to buy from neutral, saying that the recent pullback represents a buying opportunity.

Syngenta (SYT) gained 3% in its fourth straight advance. The stock's Accumulation/Distribution Rating has improved to B+ from a worst possible E in October.

In economic news, the Chicago PMI unexpectedly improved to 34.2 in February from 33.3 in January. Readings under 50 signal contraction. Although that marked the fifth straight month of contraction, the figure was better than expected.

10:15 a.m. Update: Stocks Open Lower On Brisk Trade

BY VINCENT MAO

Stocks opened lower Friday following news of the government's deal with Citigroup and a worse-than-expected read on gross domestic product. But they have since pared some losses.

The NYSE composite and S&P 500 shed 2.2% and 2%, respectively. Both undercut their November lows. The Dow lost 1.7%, while the Nasdaq fell 0.7%.

Volume was tracking higher across the board.

Financials were sharply lower.

Citigroup (C) plunged 25% amid concerns that its new deal with the government will greatly dilute the bank's shares. Bank of America (BAC) fell 18% and Wells Fargo (WFC) shed 8%.

Meanwhile, Shanda Interactive Entertainment (SNDA) declined 8% after Credit Suisse downgraded the online gaming firm to underperform from neutral following Thursday night's earnings release.

AstraZeneca (AZN) fell 3% on news that the Food and Drug Administration is seeking more information on its Seroquel anxiety treatment.

On the bright side, Hansen Natural (HANS) rose 6% despite posting an unexpected loss late Thursday.

9:15 a.m. Update: Citigroup Deal Sinks Stock Futures

BY VINCENT MAO

Stock futures signaled a vastly lower open Friday as Citigroup announced a deal that cedes more control to the government.

Nasdaq futures tumbled 14 points vs. fair value, S&P 500 futures dropped 18 points and Dow futures dumped 123 points.

Citigroup (C) reached a deal in which the U.S. government will exchange up to $25 billion in emergency bailout money for an equity stake of up to 36% in the firm. The Treasury Department and some private investors will convert preferred shares into common shares. Once completed, current shareholders will see their ownership stakes in the struggling bank fall to about 26%. Citi shares plunged 42% in the pre-market.

Group mates Bank of America (BAC), JPMorgan Chase (JPM) and Wells Fargo (WFC) were also sharply lower in the pre-open.

Lloyds Banking Group (LYG) dived 23% in the pre-market after the British bank reported a 75% decline in annual profit. Its HBOS unit, which reported results separately, lost 7.5 billion pounds ($10.6 billion) in 2008 vs. a profit of 4.05 billion pounds in 2007.

Fannie Mae (FNM) late Thursday said it would need $15.2 billion in government aid after losing more than $25 billion in the fourth quarter. This morning the mortgage finance giant said it expects home prices to fall 7% to 12% this year. Shares lost 8% in the pre-open.

Elsewhere, a unit of drugmaker Cephalon (CEPH) offered to buy Australia's Arana Therapeutics for $207 million.

In economic news, gross domestic product fell 6.2% in the final quarter of 2008 vs. estimates for a 5.4% shortfall. It was the biggest decline since a 6.4% drop in the first quarter of 1982 and worse than a prior estimate of 3.8%.

The Chicago PMI regional factory gauge will be out at 9:45 a.m. EST. Economists see a small dip to 33.

Crude oil dropped $2.41 to $42.81 a barrel.

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WHISTLEBLOWER SUIT FIELD Vs AMGEN OVER DRGS MAKETING

2009-03-11T22:23:00.001-07:00

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TRADING
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UPDATE:Whistleblower Suit Filed Vs Amgen Over Drug Marketing
Dow Jones
February 27, 2009: 01:34 PM ET

(Adds details and background throughout; comments from Amgen in 6th paragraph, Wyeth in 10th paragraph, WebMD in 13th paragraph and AmerisourceBergen in 18th paragraph; updates stock prices.)

By Peter Loftus

Of DOW JONES NEWSWIRES

An unidentified whistleblower has filed a lawsuit against Amgen Inc. (AMGN) accusing the biotechnology company of illegal marketing of its blockbuster drugs Enbrel and Aranesp.

Wyeth (WYE), which co-markets Enbrel with Amgen, also was named as a defendant, along with wholesale drug distributor AmerisourceBergen Corp. (ABC), online health-information provider WebMD Health Corp. (WBMD) and other defendants.

An amended version of the lawsuit was filed in 2007 in the U.S. District Court for the District of Massachusetts in Boston, but had been under seal in accordance with a federal whistleblower law that protects the identify of the plaintiff. In the drug industry, such suits are often filed by former employees including sales representatives. A plaintiff's lawyer listed in the suit couldn't immediately be reached.

NOTE: In the drugs industry the suit are often field by former employees including sales presentatative.

A U.S. judge decided earlier this month to unseal portions of the lawsuit, and Wyeth disclosed the development in a regulatory filing on Friday.

The suit was filed on behalf of the U.S. and several states, though Wyeth said in its filing Friday that the U.S. Justice Department hasn't decided whether to intervene, and the department hasn't sought any information from Wyeth. A Justice Department spokesperson couldn't immediately be reached.

"Amgen believes the allegations made in the complaint are without merit and will vigorously defend against the litigation," said David Polk, spokesman for the Thousand Oaks, Calif, company.

Amgen shares declined $1.38, or 2.7%, to $59.84 Friday afternoon. Shares of Wyeth, which has agreed to be acquired by Pfizer Inc. (PFE), fell 23 cents to $ 40.91.

According to the lawsuit, the defendants violated federal and state false- claim laws, Medicare and Medicaid anti-kickback laws and the U.S. Food, Drug and Cosmetic Act "by engaging in numerous unlawful activities in their marketing of Aranesp and/or Enbrel."

Aranesp is an anti-anemia treatment that raked in $3.1 billion in sales in 2008. Aranesp and other anemia drugs are among the biggest drug expenses for Medicare, the federal health program for seniors. Medicare has tightened its reimbursement policies over the past couple years because clinical studies have shown the drugs can increase risk for heart problems and other conditions when used in certain ways. This has hurt sales.

NOTE: medicare has tightened its reimburesement.

Enbrel, a treatment for rheumatoid arthritis and psoriasis, generated $3.6 billion in 2008 sales for Amgen. Amgen co-markets Enbrel with Wyeth in the U.S. and Canada. Wyeth has exclusive rights to the drug outside these countries, and it recorded $2.6 billion in Enbrel sales for 2008 outside the U.S. and Canada.

Doug Petkus, spokesman for Madison, N.J.-based Wyeth, said "we believe the allegations as regard to Wyeth are without merit and we will defend ourselves vigorously."

According to the lawsuit, Amgen improperly marketed the attractive economics of Aranesp to customers - essentially that they could profit more from prescribing Aranesp than competing drugs. The lawsuit also alleges Amgen offered improper price discounts for Aranesp to customers and hid these prices from government health programs.

The suit also alleges that both Aranesp and Enbrel were marketed for uses not approved by the Food and Drug Administration. The suit alleges that part of this so-called "off-label" marketing was conducted on the online physician-education site Medscape, which is owned by WebMD.

New York-based WebMD spokeswoman Kate Hahn said "after a preliminary review of the WebMD programs that may be relevant, WebMD believes we complied with the rules and regulations applicable to our services."

The lawsuit alleges Amgen took these steps to gain an edge over rival anemia drug Procrit, which is marketed by Johnson & Johnson (JNJ), New Brunswick, N.J. Procrit is identical to Amgen's own Epogen, and J&J markets Procrit under a license deal with Amgen.

Last year, Amgen agreed to pay $200 million to J&J to settle J&J's allegations that Amgen violated antitrust laws by offering discounts to cancer clinics on Aranesp and certain other Amgen drugs. Amgen admitted to no wrongdoing under the settlement. Amgen has previously disclosed federal prosecutors have filed requests for documents related to its products.

J&J's own marketing practices for Procrit also have come under a cloud. A separate whistleblower suit against J&J, brought in 2003 by former sales representatives, alleged J&J offered kickbacks to health-care providers and encouraged off-label use of Procrit in an effort to counter Aranesp. The Justice Department declined to intervene, and the suit was later dismissed at J&J's request. The whistleblowers have appealed the action.

J&J also has previously disclosed that the U.S. Office of Inspector General's field office in Denver and the New York State Attorney General have sent subpoenas seeking documents related to Procrit.

Michael Kilpatric, spokesman for Chesterbrook, Pa.-based AmerisourceBergen, said the company couldn't comment on the allegations because the unsealed lawsuit has redacted portions and the government hasn't contacted the company.

-Peter Loftus; Dow Jones Newswires; 215-656-8289; peter.loftus@dowjones.com

(END) Dow Jones Newswires
02-27-09 1334ET
Copyright (c) 2009 Dow Jones & Company, Inc.

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46,787 RESULTS FOR MARKETING MANAGEMENT

2008-10-18T16:21:00.001-07:00

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1. Photo of ka9taw
Paul Mooney: Time to rethink the Lotus Notes front end?
http://edbrill.com/ ebrill/ edbrill.nsf/ dx/ new-job-day-3-a-stake-in-the-ground

Permanent Link Location: Highland Park, IL USA New job day 3: ... up to. Put simply, the function of my new team is product management. We worry about the overall ... .

15 minutes ago by ka9taw in Ed Brill · Authority: 210
2. Photo of Finbar
THE FINTAG NEWSLETTER @ 09 October 2008
http://fintag.com/ archive/ 2008/ 10/ 09/

[ ]FINTAG COMMENT Phew! At last these "once in a lifetime events" are becoming so regular that I am able to sleep better than usual. The British now have one of the highest tax burdens in the world, the streets around the Bank of England have more journalists than city workers and market volatility

1 hour ago by Finbar in FiNTAG: Hedge Funds: Daily News: Gossip: Predictions: Opinions · Authority: 65
3.
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1. Master of Marketing Management in Bern (www.imu.unibe.ch)
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4. Keynote Speaker: Futurist Patrick Dixon - industry trends - management, marketing, customers, lifestyles, motivation, change management and leadership development. Corporate event keynote speaker: video and slides.
4. Photo of BernieTyrol
DMI Review: Unleashing the Power of Design Thinking at IBM
http://www.customer-experience-labs.com/ 2008/ 10/ 09/ dmi-review-unleashing-the…

image The Design Management Institute has just published an article titled "Unleashing the ... Strategist for IBM Corporate Marketing and Communications. While the magazine is fully accessible ...
NOTE: IBM IS ONE OF THE TOP COMPANY IN MARKETING AND COMMUNICATIONS.
1 hour ago by BernieTyrol in The Customer Experience Labs | design.remarkable.experience · Authority: 25
5. No one has claimed this blog
CMS at a crossroads
http://digitalassetmanagementorguk.wordpress.com/ 2008/ 10/ 09/ cms-at-a-crossro…

What Next for Web CMS Vendors? by Kasman Thomas 09-Oct-2008 In research for the Web CMS Report ... in new markets based on some combination of product features and marketing strategy ...

1 hour ago in digital asset management weblog · Authority: 21
6. Photo of deadpresident
Idea Cellular - Annual Report - 2007-2008
http://deadpresident.blogspot.com/ 2008/ 10/ idea-cellular-annual-report-2007-20…

IDEA CELLULAR LIMITED ANNUAL REPORT 2007-2008 DIRECTORS' REPORT Dear Shareholders, The Directors are pleased to present their Thirteenth Annual Report together with the Audited Accounts of your Company for the financial year ended March 31, 2008.

1 hour ago by deadpresident in Dead Presidents! - India Equity Research · Authority: 30
7. Photo of deadpresident
Polaris Software - Annual Report - 2007-2008
http://deadpresident.blogspot.com/ 2008/ 10/ polaris-software-annual-report-2007…

POLARIS SOFTWARE LAB LIMITED ANNUAL REPORT 2007-2008 DIRECTOR'S REPORT To the Members, Your Directors have great pleasure in presenting the Fifteenth Annual Report together with the Audited Statements of Accounts for the year ended March 31, 2008. 1. Financial Results a.

1 hour ago by deadpresident in Dead Presidents! - India Equity Research · Authority: 30
8. Photo of deadpresident
Geodesic - Annual Director's Report - 2007-2008
http://deadpresident.blogspot.com/ 2008/ 10/ geodesic-annual-directors-report-20…

GEODESIC INFORMATION SYSTEMS LIMITED ANNUAL REPORT 2007-2008 DIRECTOR'S REPORT To, ... has been recorded at 12.09%. Your management made all efforts to keep its promise of increasing revenues

1 hour ago by deadpresident in Dead Presidents! - India Equity Research · Authority: 30
9. Photo of gswann
Will Mortgage Brokers Be the Hope For Homeowners?
http://www.bloodhoundrealty.com/ BloodhoundBlog/ ?p=4858

The FHA Hope For Homeowners program was designed for existing homeowners, struggling with mortgage payments and an "upside-down" equity position in their primary residence. It is a new program with lots of misinformation. Some believe it can only be offered by existing loan servicers, some think

1 hour ago by gswann in BloodhoundBlog: National real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments · Authority: 1,338
10. No one has claimed this blog
How a Degree in the Culinary Arts will Give You the Edge
http://www.betteronlineeducation.com/ / how-a-degree-in-the-culinary-arts-will-g…

Find the Best Online Colleges Universities at BetterOnlineEducation ... of the food industry, so you can expect some in-depth tuition on business management and running IT programs such as CRM (customer relationship management) and

1 hour ago in Best Online Colleges, Best Online Universities, Top Online College Review, APA Approved Accredited Programs · Authority: 25
11. Photo of techlime
Acer Aspire Wimax Notebooks: 6930-6771 & 4930-6862
http://techlime.com/ laptops-desktop-tablet-pc/ acer-aspire-wimax-notebooks-6930…

Acer have taken the wraps off of their WiMAX-integrated notebooks, designed to work with Sprint's new XOHM network. The tiresomely-named Aspire 4930-6862 and Aspire 6930-6771 both integrate Intel's new WiMAX/WiFi Link 5050 module for Centrino 2 notebooks, promising average downlink speeds of 2-4

1 hour ago by techlime in TechLime | Mobiles, Graphic Cards, CPU, Cameras, LCD Tvs, Gaming, GPS, Handhelds, HDTV, Laptops, Storage, etc. · Authority: 75

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12,904 RESULTS FOR MUTUAL FUND

2008-10-17T16:07:00.001-07:00

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1. No one has claimed this blog
The Fall of the Bond Markets
http://money-advice-guide.org/ 2008/ 10/ 09/ the-fall-of-the-bond-markets/

The Fall of the Bond Markets The current question that is being asked in the stock is why is the bond market selling off. While there is a number of excuses there are real reasons this is occurring. First and foremost there are more seller than buyers.
NOTE:PLUNGE IN THE STOCKMARKET AFFECTED THE BOND MARKET.
48 minutes ago in Money Advice Guide · Authority: 15
2. Photo of Finbar
THE FINTAG NEWSLETTER @ 09 October 2008
http://fintag.com/ archive/ 2008/ 10/ 09/

[ ]FINTAG COMMENT Phew! At last these "once in a lifetime events" ... on dire warnings by the International Monetary Fund. The UK Government sought to bolster Britain's

1 hour ago by Finbar in FiNTAG: Hedge Funds: Daily News: Gossip: Predictions: Opinions · Authority: 65
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Too 'SMALL' To Fail!!!
http://howardlindzon.com/ ?p=3878

There is panic people. You can choose to Panic or you can do as I do everyday and repeat after ... such massive damage (the IBD mutual fund index is down 40 freaking percent this year). This is a once

1 hour ago in Howard Lindzon · Authority: 250
5. No one has claimed this blog
Why the Wall Street bail out plan is bad-5: Rewarding greed
http://wp02.miomia.net/ wp02/ 2008/ 23466.html

In this next-to-last post in this series (but probably not on this topic), I want to look at how senior Wall Street executives saw their profession as some sort of game in which the goal was to extract more personal benefit than the next executive, leading to a leap-frogging of various forms of

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6. Photo of QualityStocks
USA Truck Inc. (USAK): King of the Road, Royalty for Your Portfolio?
http://Blog.QualityStocks.net/ ?p=12832

USA Truck (USAK) offers truckload freight services to various industries, ... own 31 percent of USA Truck's shares while 40 institutions control another 57 percent. Mutual fund

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7. No one has claimed this blog
Say it with me: Money market mutual funds are not insured
http://www.usatoday.com/ money/ perfi/ columnist/ krantz/ 2008-10-09-money-marke…

Q: I thought money market funds were safe. So, why am I losing 3% of my money on The Reserve Primary Fund?

3 hours ago in Money News: Financial, Economy, Stock Market & Real Estate Stories - USATODAY.com · Authority: 30
8. No one has claimed this blog
Say it with me: Money market mutual funds are not insured
http://money.com.hr/ say-it-with-me-money-market-mutual-funds-are-not-insured/

Q: I thought money market funds were safe. So, why am I losing 3% of my money on The Reserve Primary Fund?

3 hours ago in Money, Insurance, Mortgage, Investment · Authority: 20
9. No one has claimed this blog
Obama Lying Again
http://robertd.wordpress.com/ 2008/ 10/ 08/ obama-lying-again/

From the McCain Campaign via Fox's Urgent Que. You get to read it here first! Of course the McCain people won't say B. Hussein Obama lied, that was me. I say, watch the video and read the facts. He Lied!
NOTE: MCCAIN IS A U.S. PRESIDENTIAL CANDIDATE.
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10. Photo of MarathonPundit
Friends of Barack update: Obama still not telling all about his relationship with Ayers
http://marathonpundit.blogspot.com/ 2008/ 10/ obama-still-not-telling-all-on-his…

Barack Obama is still not telling everything he knows about his relationship with unreptentant terrorist Bill "Bomber" Ayers. Or for that matter, Ayers' wife Bernardin Dohrn. In his interview on on Hannity & Colmes I saw two hours ago, John McCain said something along the lines that during their

3 hours ago by MarathonPundit in Marathon Pundit · Authority: 240
11. No one has claimed this blog
Four Mutual Fund Giants Join Guaranty Plan
http://www.wp.elo.pl/ four-mutual-fund-giants-join-guaranty-plan-3/ 09/ 10/ 2008…

The new federal program aimed at restoring confidence in the nation's money market funds was joined by four of the nation's best-known mutual fund companies.

3 hours ago in My very new news blog · Authority: 24

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OLDER AUSTRALIANS TOLD TO MOVE ON

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ECONOMIC CRISIS CHANGES TONE OF RACE IN SIXTH DISTRICT

2008-10-15T16:26:00.001-07:00

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Home | Politically Connected | National Politics | U.S. House
Economic crisis changes tone of race in Sixth District

Marlin Levison, Star Tribune

From left, Bob Anderson, Michele Bachmann and Elwyn Tinklenberg held an election debate on Oct. 1 at Stillwater City Hall.

Wall Street's meltdown and the government's bailout have become key in the three-way battle for the House.

By PAT DOYLE, Star Tribune

Last update: October 8, 2008 - 11:01 PM
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Bachmann has to go...

This is an easy one. If you think the direction our country is heading is the wrong direction, you need to vote for a change. Bachmann … read more has been a whacky pawn for the far right political agenda...and this is an agenda that has not worked. Our economy is in the tank, our status in the world is on the decline, and that's just the start. Moreover, Bachmann is so obsessed with pet social issues like legislating a definition of marriage that she hasn't gained any meaningful status in Congress. We deserve AND we need much, much better...party allegiance alone cannot justify a vote for Bachmann.
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Abortion, taxes and transportation have dominated recent campaigns for Congress in the suburbs, small towns and farms north of the Twin Cities.

But the political landscape changed in Minnesota's Sixth District when the financial crisis hit Wall Street and Washington. More than any other congressional race in the state, the showdown in the Sixth is offering voters stark choices on whom to blame for the crisis and what to do about it.

Rep. Michele Bachmann, a Republican, is telling voters that "hyper-regulation" by the federal government created a chain of events that caused bank failures and credit freezes. Bachmann voted against the massive rescue package that cleared Congress last week, slamming it as unfair to taxpayers.

Her Democratic challenger, Elwyn Tinklenberg, tells voters that lack of government regulation encouraged bankers to make reckless bets that brought on the crisis. He favored the bailout as a way to avert a more serious slowdown in middle America.

As the financial squeeze makes itself felt on Main Street, the candidates' contrasting positions on the bailout could determine the outcome of the race.

"People are very responsive to what the headlines are about," said Steven Smith, a professor of political science and expert on Congress at Washington University in St. Louis.

NOTE: STEVEN SMITH IS A WELL RESPECTED PERSONALITY IN WASHINGTON UNIVERSITY IN ST.LOUIS.

The Sixth sprawls across Washington, Anoka, Wright, Benton, Sherburne and Stearns counties. It has been reliably Republican in recent years but is expected to be competitive for Democrats in a year when Republicans around the nation are struggling.

Bachmann, who won the seat in 2006, had a voting record more conservative on economic, social and foreign policy issues than 89 percent of her colleagues last year, according to the National Journal's ideological scorecard of congressional members. She gets more money from abortion-opposition and gun-rights groups than all but nine other members of the House.

Democrats argue that Bachmann is too conservative even for this conservative district. That line didn't work in 2006 for Democrat Patty Wetterling, a child-welfare advocate whom Republicans labeled too liberal.

But Tinklenberg calls himself a moderate Democrat and touts endorsements from police and fire groups and good grades from the National Rifle Association, which nonetheless endorsed Bachmann. He considers himself a Blue Dog Democrat, a group of fiscally conservative Democrats in Congress that has endorsed him.

Another candidate, Bob Anderson of the Independence Party, entered the race to bring mental health insurance on par with other health coverage. Because the rescue bill includes such a provision, he is now focusing on prohibiting insurance companies from denying coverage for applicants with pre-existing conditions. He also stands apart from the others by his refusal to accept campaign contributions and his attack on Congress as a tool of special interests.

Still, the Independence Party endorsed Tinklenberg in the district, which voted heavily for Jesse Ventura when he ran under the party's banner for governor in 1998. Tinklenberg reminds people that he promoted the Hiawatha light-rail line and the future North Star commuter line while he was Ventura's transportation commissioner.

Transportation and oil

Transportation issues still loom large in the district, where traffic snarls and long commutes are common.

"If I had something to do downtown, I'd take the line," Patti Trott said of the North Star rail line after talking with Tinklenberg in a restaurant in Elk River, which will have a commuter station. But her husband, Karl, wanted more money spent on roads, explaining, "our priorities are out of whack."

While Bachmann has denounced the use of federal earmarks for funding local projects, Elk River city administrator Lori Johnson told her during a recent visit that the city needs all the help it can get to fix roads to ease congestion.

"We don't want to be left behind if there are earmarks, and that's the way the game is played," Johnson said.

As gasoline prices spiked this summer, both Bachmann and Tinklenberg advocated more off-shore drilling and alternative sources of energy. But they differ sharply on emphasis.

Bachmann stresses lifting federal restrictions on oil drilling. "We sit on the answer to our own problem," she said at a recent debate. "We have more oil in the United States than all of Saudi Arabia, and that's just in Colorado, Utah and Wyoming in the form of shale oil."

Tinklenberg replied, "We need to be exploring more domestically ... but we also need to move aggressively in both the areas of conservation and the areas of alternatives."

He favors increasing automobile fuel efficiency standards, while Bachmann voted last year against a measure that raised them.

NOTE: BACHMANN WON THE SEAT HOUSE LAST 2006.

On another key issue, health care, Bachmann wants to make insurance premiums and other medical expenses tax-deductible for individuals to make it easier for consumers to buy health insurance. Tinklenberg favors offering the option of government-sponsored health insurance as a competitively priced alternative to private insurance plans to achieve universal health coverage.

During her freshman term, Bachmann sometimes made news with remarks that raised eyebrows.

This summer she said expanded oil drilling and other measures would bring "immediate and lasting relief" and cut gas prices to $2 a gallon. The U.S. Energy Information Administration said it's unlikely those steps would significantly reduce gas prices any time soon.

Shortly after taking office in 2007, Bachmann told the St. Cloud Times that Iran planned to partition Iraq and turn part of it into a terrorist training ground. Her office later said her remarks were "misconstrued."

"The only reason this district would ever be in play is Michele Bachmann herself," said David Wasserman, the editor in charge of assessing House races for the nonpartisan Cook Political Report in Washington. "She's a lightning rod in Minnesota politics. To the extent that Elwyn Tinklenberg is competitive, he's attracting some moderate Republican votes that's necessary to win this district."

Through mid-August Bachmann had $1.4 million in campaign contributions on hand. Tinklenberg had $200,000. Wetterling had four times as much cash at this point in her losing 2006 race.

Unless the party, union allies or others pump money into the race in the final weeks, Tinklenberg won't be able to afford many, if any, TV ads to counter a likely Bachmann ad blitz. She also has frequently appeared on "Larry King Live" to discuss national issues such as drilling or the financial rescue package.

About the bailout

Bachmann says the $700 billion bailout was unnecessary. She blames federal regulations for making it easier for people to obtain loans they couldn't repay, and she says the crisis could be overcome in part by changing accounting rules.

Tinklenberg labels her remedy "pretend accounting" and defends the package as needed to prevent credit from drying up in communities throughout the nation. He said significant oversight and curbs on executive compensation made the final package more palatable than its earlier version.

In talking with voters, he has been pointing out that Bachmann sits on the House Financial Services Committee that oversees the financial industry. She received more contributions from finance, insurance and real estate interests than any Congress member from Minnesota.

Wasserman said Bachmann needed "to be careful to ... avoid being seen as too corporate."

Smith said Bachmann's no vote on the bailout can be easily justified to constituents.

"The conservatives don't like big government and the liberals don't like bailing out fat cats," he said. "People in the middle just don't like the idea of giving away money."

But Tinklenberg can use his support of the package to define himself.

"There are signs that working-class individuals are finding their credit options disappearing," Smith said. "He's trying to show that he's a middle of the road politician who takes a pragmatic view of the problems facing the country."

Pat Doyle • 651-222-1210
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BUCKLAW - WE MEET AGAIN YOU POLITICAL HACK

So you haven't woke up yet? As I was writing my last rant - I noticed an ad running on the right side of the web page for an upcoming movie - something called "Mikey and Mylie make a porno movie" You see BUCKLAW we're all in this giant pot of water and you and I are frogs. (Can you picture that - are you with me?) and you know what happens next? Yes - the heat has been turned on under the pot and I have already jumped out of that pot. You BUCKLAW have decided to stay in the pot and continue towards your union with Winston Smith. I ask you: which flavor of Koolaid do you prefer to drink when your party boss passes the party favors? Lemon Lime perhaps? Grape? or maybe my favorite: Pickle Chocolate cherry.
posted by paulsworkshop on Oct 8, 08 at 10:44 pm |
0 of 6 people liked this comment.
Good God

Why are Republicans like paulsworkshop so rabid? Talk about fanatical. Blown up any abortion clinics lately? Paul go back to the workshop and close the door and stay there please. You're an embarassment even to the right. You seem fond of koolaid and pin the tail on the donkey, perhaps you just need some tail. Sleep tight knowing the Democrats will be in complete control of the House of Representatives, the Senate and we'll have a Democrat President. Good times are a coming and Palin will be back in Alaska "shootin" moose in a matter of weeks. Night night!
posted by Mplsuptown1 on Oct 8, 08 at 10:58 pm |
3 of 3 people liked this comment.
Michele Bachmann

I really cannot believe that anyone will vote for Mrs. Bachmann. While I have no doubt that she is a nice woman, she is an embarassment in the house. Her legislation (freedom to choose lightbulbs?), her behavior(the President is not a rockstar) and her take on the economy (too much regulation?) all add up to Mrs. Bachmann being a horrible representative. Unfortunately, my district is a yellow dog republican district and it is too late to get a yellow dog on the ballot......... Please vote for Tinklenburg!!
posted by kpersson8 on Oct 8, 08 at 11:00 pm |
8 of 9 people liked this comment.
You jumped from the pot and into the fire before you could make your point, Paul...

And that is the problem with the conservative side of political debate this election. Please tell us WHY we should put up with another four years of mismanagement and policies that have lead this country on a decline. What is it about an opportunity for correcting our direction as a country that has the right so angry? All people need to do is be semi-conscious and they'll see that things are not going well for Americans today. Can anybody disagree with that? Would you keep promoting the same ideas and strategies that have lead to where we are today if we wanted to change it for something better tomorrow?
posted by Bucklaw on Oct 8, 08 at 11:20 pm |
4 of 4 people liked this comment.
Most absurd comment of the night

Michelle Bachmann should be our next president? Oh my, oh my, oh my. That is a scary thought. Right up there with the terror of Sarah Palin possibly stepping into that spot. @@ I'm not sure what Svengali-like attraction this nutcase holds for her followers, but for the rest of us she is a true humiliation. Bachmann does have a national reputation. I have friends all over the country who look up her comments online just for laughs, sort of like they'd read a comic book. To paraphrase an ad regarding another Republican that I hear people quote everywhere I go these days, Michelle's gotta go.
posted by smccl001 on Oct 8, 08 at 11:38 pm |
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* Davis paid taxes late on home in Wisconsin
* Cindy Sheehan finds a bit of peace in candidacy
* Spokesman calls Conn. campaign win a 'lost cause'
* Polygraphs proposed for Ind. congressional debate
* Fiscal crisis looms large in 6th Dist. debate
* US House race in Oklahoma heats up after bailout
* Third Congressional candidates debate how best to handle Iran's nuclear threat, support Israel

Most PopularMost EmailedMost Read

* Court papers: Petters planned to flee
* Anoka an oasis of low gas prices in the Twin Cities
* Petters' cronies plead guilty in fraud scheme
* Mustard museum on the move
* Arrest made in '03 metro shooting of Lake Elmo woman
* McCain rally speaker refers to Obama's middle name
* Joe Schmit has hopeful health news, no comment on other news
* Video CJ--Always wanted a motorcycle like your most loved car?
* DNR: Cleaning deer of lead will take care

Campaign finance information through Aug 20, 2008
District 1 Total raised
Brian Davis, R
$614,193
Gregory Mikkelson, I
$0
Timothy Walz, D*
$2,047,132
$2,661,325
District 2 Total raised
John Kline, R*
$1,086,518
Stephen Sarvi, D
$261,861
$1,348,379
District 3 Total raised
David Dillon, I
$47,663
Ashwin Madia, D
$1,053,490
Erik Paulsen, R
$1,396,652
$2,497,805
District 4 Total raised
Edward Matthews, R
$32,100
Betty McCollum, D*
$487,304
$519,404
District 5 Total raised
Keith Ellison, D*
$952,026
Gregg Iverson, I
$0
Barbara White, R
$32,394
$984,420
District 6 Total raised
Bob Anderson, I
$0
Michele Bachmann, R*
$1,925,499
Elwin Tinklenberg, D
$533,260
$2,458,759
District 7 Total raised
Glen Menze, R
$2,621
Collin Peterson, D*
$829,221
$831,842
District 8 Total raised
Michael Cummins, R
$0
James Oberstar, D*
$1,635,075
$1,635,075
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20,462 RESULTS FOR FINANCE INSURANCE

2008-10-14T16:39:00.001-07:00

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1. No one has claimed this blog
Insurance for the Community
http://women-guide.com/ insurance-for-the-community/

Insurance for the Community Thursday 9 October 2008 @ 6:05 am It might be unusual to think about, but insurance is actually a good idea for the entire community.

29 minutes ago in women guide ][ women know · Authority: 34
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HOEC - Annual Director's Report - 2007-2008
http://deadpresident.blogspot.com/ 2008/ 10/ hoec-annual-directors-report-2007-2…

HINDUSTAN OIL EXPLORATION LIMITED ANNUAL REPORT 2007-2008 DIRECTORS' REPORT TO THE MEMBERS OF HINDUSTAN OIL EXPLORATION COMPANY LIMITED Your Directors have pleasure in placing before you the 24th Annual Report and Audited Statement of Accounts for the year ended March 31, 2008. FINANCIAL HIGHLIGHTS: (Rs.

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Polaris Software - Annual Report - 2007-2008
http://deadpresident.blogspot.com/ 2008/ 10/ polaris-software-annual-report-2007…

POLARIS SOFTWARE LAB LIMITED ANNUAL REPORT 2007-2008 DIRECTOR'S REPORT To the Members, ... (including other income) before Depreciation,Finance Charges, provision for diminution in value ofinvestments and Tax 10,478 13,790Less:Finance

38 minutes ago by deadpresident in Dead Presidents! - India Equity Research · Authority: 30
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100 Economists
http://forum.grasscity.com/ us-presidential-elections-2008/ 279619-100-economist…

NOTE: OBAMA IS A U.S PRESIDENTIAL CANDIDATE.

100 economists, including 5 Nobel Prize winners, say Obama's plans for the economy are whack ... would do very little to grow the economy. And his proposal to finance the package with higher taxes

45 minutes ago in Grasscity.com Forums - Marijuana Growing and Smoking Community · Authority: 141
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Short-Selling is Haram
http://www.distillingfinance.com/ 2008/ 10/ 9/ ShortSelling-is-Haram

With short-selling set to come back into the markets today, there are lots of worried people out ... to Islam. 'In Islamic Finance, we deny the conventional way of thinking, which aims of creating a new ... not unjustly, and ye shall not be dealt unjustly'.

1 hour ago in Financial Blogs — distillingfinance · Authority: 73
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Who owns the Federal Reserve?
http://aotearoaawiderperspective.wordpress.com/ 2008/ 10/ 09/ who-owns-the-feder…

"Some people think that the Federal Reserve Banks are United States Government institutions ... more unprecedented, when it bought the world's largest insurance company. The Fed announced ...

1 hour ago in Aotearoa: a wider perspective · Authority: 39
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Tips For Choosing A Mortgage Lender Posted By : Brian Jenkins
http://www.my-mortgage.org/ 2008/ 10/ 08/ tips-for-choosing-a-mortgage-lender-po…

Tips For Choosing A Mortgage Lender Posted By : Brian Jenkins When it comes time to apply for a ... , Outbound Telemarketing, Financial Leads, Market Research, Debt Leads, Insurance Leads, Payday and Cash Advance Leads and finally Auto Finance Leads.

1 hour ago in My-Mortgage.org · Authority: 51
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Why the Wall Street bail out plan is bad-6: The credit ratings agencies scandal
http://wp02.miomia.net/ wp02/ 2008/ 23467.html

[#3: Edit Options>MightyAdsense>Adsense Code] In voting down the bailout proposal 228-205 yesterday, the House of Representatives struck a small blow for democracy. They refused to be steamrolled by Wall Street and its agents in Congress and the administration.

2 hours ago in Mortgage Information · Authority: 106
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Why the Wall Street bail out plan is bad-4
http://wp02.miomia.net/ wp02/ 2008/ 23465.html

A large number of economists were quick to express their dislike of the Paulson plan and have been vociferous in urging Congress to not be stampeded by the administration but to use this opportunity to put back into place some of the regulations that were dismantled over the last three decades.

2 hours ago in Mortgage Information · Authority: 106
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The Iraq war hits Wall Street + The financial crisis at the local level
http://dandelionsalad.wordpress.com/ 2008/ 10/ 08/ the-iraq-war-hits-wall-street…

Dandelion Salad TheRealNews More at http://therealnews.com/c.php? ... for a hybrid of increased taxation and deficit spending to finance this, adding finally that a real ...

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REACTIONS TO STORY FROM GREGORY HAS BEEN A BIG BROTHER TO YEAR OLD FERNANDINA BEACH HIGH SCHOOL JUNIOR GREGORY WATERS FOR ALMOST FIVE YEARS

2008-10-13T16:33:00.001-07:00

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Reactions to story from Gregory has been a Big Brother to year old Fernandina Beach High School junior Gregory Waters for almost five years.
By Fred Goodall AP Sports Writer By his own Sarai perez Tampa Bay
http://greenwithmake.freeblogsite.com/ by-fred-goodall-ap-sports-writer-by-his-ow...

By Fred Goodall AP Sports Writer By his own Sarai perez Tampa Bay by rickj More than injured as Qantas jet hits Monster of adrianna. Alcoa CEO Credit Crisis Starting To Hurt Construction Market. Video American Shares Nobel Prize in Physics. One day after having to bow out of competing on the seventh season of Dancing With the Stars, Misty May Treanor had surgery Tuesday morning to repair a torn Achilles tendon. Insurance Exchange Is a Good Idea. You Don't Have to Be Rich to cheap drugs. I was very pleased by the way we played. Thank you for the abuse report. Fennville, Bloomingdale The Blackhawks beat the Cardinals,, and.

NOTE: CREDIT REPAIR IS A MUST DURING HARD TIMES.

2 hours ago
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BRAZIL, ARGENTINA ABANDON U.S. DOLLAR

2008-10-12T16:25:00.001-07:00

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Reactions to story from Aotearoa: a wider perspective
Brazil, Argentina abandon US dollar
http://aotearoaawiderperspective.wordpress.com/ 2008/ 10/ 09/ brazil-argentina-aband...

Brazil and Argentina have launched a new payment system in their bilateral trade, doing away with the US dollar as a medium of exchange. The two Latin American nations started the Payment System on Local Currency (SML) on Monday following a last month agreement inked by their presidents to use local currencies in a bid to end transaction in dollars. On Thursday, Argentine Central Bank President Martin Redrado and his Brazilian counterpart Henrique de Campos Meirelles signed the enforcement of the agreement for the SML, under which exports and imports between the two countries will take place with the Brazilian real (BRL) and the Argentine peso (ARS).

NOTE: BRAZIL AND ARGENTINA ARE LATIN AMERICAN NATIONS.

12 minutes ago
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COCA COLA BEARISH ENGULFING PUT OPTIONS OPPORTUNITY

2008-10-11T16:01:00.001-07:00

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Reactions to story from Option Trading tips | Technical Analysis, System Trading & Psychology | Street Smart Options Trading
Coca Cola Bearish Engulfing Put Options Opportunity
http://streetsmartoptions.com/ coca-cola-bearish-engulfing-put-options-opportunit...

On Friday, October 3 2008, as the Dow Jones erased all 300 point advance it recorded just as the House vote got underway shortly after the midpoint of the trading session moments following the vote in the House of Representatives to pass the credit market bailout. Coca Cola (KO) was spotted a bearish engulfing candlestick formation after Friday's close. The long tail characteristic of the candlestick couple with strong resistance at 55 levels, further strengthen the possible bearish reversal. With most of the analysts still recommending a strong buy; it leaves plenty of room for a downgrade.

NOTE: COCA COLA IS A WELL RESPECTED COMPANY IN THE BEVERAGE INDUSTRY.

12 minutes ago
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Option Trading tips | Technical Analysis, System Trading & Psychology | Street Smart Options Trading
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DOW JONES DOWN, NASDAQ IN RED, GLOBAL LOSSES CONTINUE

2008-10-10T16:52:00.001-07:00

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Dow Jones down, NASDAQ in red, global losses continue

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TimePublished on Thu, Oct 09, 2008 at 09:13 in Business section

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* Bush defends AIG bailout, US markets climb
* US, EU markets tumble: Bailout to 'take a while'
* Weak dollar pulls down US, European markets

Keywords: Bailout, Ftse

New Delhi: The American and European markets are still taking a beating, though slashed interest rates did stem the damage a little.

As stock markets are traumatized by cascading losses and the collapse of some of the oldest names in banking, markets across the world took only mild comfort.

NOTE: AIG WAS RECENTLY REPORTED WHO HAD A MAJOR LOSS WHICH AFFECTED MANY.

Investors and the common man alike, want to know what more policy-makers can do and whether more cuts will follow from each country's central banks.

Even as the group of seven finance ministers and central bankers are meeting in Washington to stem the worst credit crisis since the Great Depression, markets have shown little recovery.

Dow Jones is still below 10,000, down by two per cent. It had lost 800 points on Tuesday, going below 10,000 for the first time in four years.

The Standard & Poor's 500 Index was down by 1.13 per cent, extending the worst weekly slump since 2001. This has come as a setback, right after the indices had touched a five year low..

The NASDAQ too ended in the red at just over 1,740 points. Wall Street's drop was part of a breakneck global sell-off that witnessed stocks plunging and led to trading being halted in Russia, Brazil and Peru.

European markets also saw a major selling spree. London's FTSE 100 was down 5.18 per cent, with banking and commodity stocks taking a battering.

CNN correspondent in New York, Carter Evans has been closely watching the movements in the market indices. He spoke about the co-coordinated effort of Central Banks cutting rates. Analysts have been hoping that this will bring the much needed relief or is the financial crisis which has now been spreading almost like a Tsunami.

"There is a huge amount of concern and people do not know what to expect. Lot of investor confidence is lost and a lot of people were happy that the stocks had gone up. Then just before the markets opened, they went down. Within 10 minutes they rallied again and went down again, showing how volatile the situation can be," said Evans.

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9,548 RESULTS FOR STOCKMARKET

2008-10-09T16:46:00.001-07:00

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From the Finance channel »
$featuredPost->firstImage->title
Worden's T2116: Another Indicator That's Off the Charts
http://tradermike.net/ 2008/ 10/ wordens_t2116_another_indicator_thats_off_the_c…
I was just asked to take a look at another Worden indicator, T2116 — Percentage of stocks trading 2 channels below their 40-day moving average: What with all the sentiment, breadth, volatility measures out of whack and seemingly in uncharted territory thus making their previous reliability skewed, ...
12 hours ago by tradermike in Trader Mike
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1. Photo of strudy
Changes in substantial shareholdings.
http://asxnewbie.com/ changes-in-substantial-shareholdings-29/

A list of companies to record an initial or increase in substantial shareholdings: * Shell CSG Australia Pty Ltd became a substantial holder in Pure Energy Resources Ltd on October 7 with 13.9 million shares (14.9pc).

19 minutes ago by strudy in ASX Newbie · Authority: 61
2. Photo of AussieDailyReckoning
Stocks in a Free-Fall
http://www.dailyreckoning.com.au/ stocks-in-free-fall/ 2008/ 10/ 09/

It's the end of the world as we know it - and we feel fine. Really. Usually, markets stumble along, day after day. But occasionally, their hearts start racing and their palms sweat. They stop sleeping at night and begin pacing the room.

45 minutes ago by AussieDailyReckoning in The Daily Reckoning Australia · Authority: 178
3. Photo of FineMetalz
Ex-AIG CEOs Skip House Hearing On Bailout Crisis
http://finegoldsilver.com/ information/ ex-aig-ceos-skip-house-hearing-on-bailou…

The government's rescue of American International Group Inc. last month is getting a critical eye from lawmakers examining the chain of events that forced a $700 billion bailout of the financial industry.

ago by FineMetalz in Fine Gold Silver Coins Information Education Evaluation Investment · Authority: 25
4. Photo of chessnoid
Stock market fear
http://www.totalnoid.com/ 2008/ 10/ 08/ stock-market-fear/

It feels like we are in a bad movie that just won't end and you can't get up to walk out because the doors are locked. Last week we had the $700 billion fraud bailout with $150 billion added on top of that just to show American taxpayers how generous we are with our tax money being given to the wealthy.

NOTE: DRASTIC EFFECT ON THE DROP OF STOCKMARKET.

1 hour ago by chessnoid in CHESSNOID · Authority: 22
5. Photo of strudy
Markets All Over The Place.
http://asxnewbie.com/ markets-all-over-the-place/

A bad day for shares again.But did we see a steadying emerge in late US trading? After bouncing all over the place and mostly in the red, the US markets looked like closing with a small gain, but anther late burst of selling saw the major indexes end off up to 2% or so.

1 hour ago by strudy in ASX Newbie · Authority: 61
6. No one has claimed this blog
UPDATE 1-US Treasury considering taking stakes in banks-NYT
http://todaysharemarkettips.in/ update-1-us-treasury-considering-taking-stakes-i…

The U.S. Treasury Department is considering taking ownership stakes in many U.S. banks in a bid to restore confidence in the badly shaken financial system, the New York Times said. The moves would come after Treasury has had little succcess in unlocking frozen credit markets, The Times said on

1 hour ago in Today Share Market Tips . in · Authority: 20
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CBA's Great Deal.
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The Commonwealth Bank is now too big to fail now, if ever we ever needed it confirmed The CBA is buying the Australian assets of struggling UK lender, HBOS at a knockdown cost of $A2.1 billion, and raising $2 billion in fresh capital from the market and shareholders.

2 hours ago by strudy in ASX Newbie · Authority: 61
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Steer Clear of Nickel - Further Falls Ahead.
http://asxnewbie.com/ steer-clear-of-nickle-further-falls-ahead/

As the stainless steel industry demand is slowing around the world, Nickel is the worst performer among the collapse of the commodities markets. Indeed, the giant credit crisis added to the global economic slowdown and also to the recovery of the US Dollar weigh strongly on the industrial demand side.

2 hours ago by strudy in ASX Newbie · Authority: 61
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Your Black Scholar: Beyond $700 Billion
http://blackbloggers.wordpress.com/ 2008/ 10/ 09/ your-black-scholar-beyond-700-…

Beyond $700 Billion By: Lloyd Wynn Imagine a patient visiting her physician for an annual checkup and is informed she has cancer. While in her physician's office, she has a heart attack and now the physician must attend to the patient's immediate health concern (the heart attack).

2 hours ago in Black Bloggers, Black Writers · Authority: 38
10. Photo of micktechno
How To Know When To Sell Your Stocks
http://www.announced.us/ finance/ sell-stocks/

How To Know When To Sell Your Stocks Filed under: Business, Finance, Stock Market While quite a bit of time and research goes into selecting stocks, it is often hard to know when to pull out – especially for first time investors.

2 hours ago by micktechno in Announced Articles & Press Releases · Authority: 83

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HARD MENTALITY, SHORT TERM VISION GRIP OUR STOCK MARKET

2008-10-08T22:41:00.001-07:00

The Jakarta Post.com

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Herd mentality, short-term vision grip our stock market

Vincent Lingga, The Jakarta Post, Jakarta

The capital market management and regulator made the right decision Wednesday to halt share trading here after the benchmark index plunged by another 10 percent to close at 1,451 points, because that development was indeed rooted in an irrational market mechanism.

Letting the stock market (IDX) continue operating in such a chaotic situation would be like allowing a few rice sellers to freely set the price of the staple amid a massive, nationwide famine.

Stocks in such blue-chip companies as telecommunications firm Indosat, coal producer Adaro and automobile and plantations group Astra International should not have plunged between 19 and 23 percent Wednesday, had it not been for a herd mentality on the part of domestic retail and institutional investors.

NOTE: PLUNG IN THE STOCKMARKET TO TO ECONOMIC PLUNGE.

The long-term outlook for telecommunications and our natural-resource-based companies remains bright and promising. Even though the prices of most primary commodities such as coal, palm oil and rubber have of late fallen steeply, they remain way above their 2006 levels.

The recent downward trend was even good for long-term stability, because the skyrocketing prices during the first semester were partly fueled by speculative sentiment. These prices are now seeking a new equilibrium.

Our domestic investor base should have been broad and diverse enough to shield the IDX from the abrupt changes in international investor sentiment.

The growing role of domestic institutional investors such as pensions funds, mutual funds and insurance companies should have contributed to broadening and diversifying the pool of investment in equities.

The long-term horizon of these institutional investors should have played a stabilizing role in our stock market. Basically, a diverse investor base, in relation to investment horizons and risk appetite, can contribute to financial stability by spreading risks more widely.

But as Wednesday's irrational market development showed, most domestic investor behavior was still controlled by a herd mentality, toeing the move of foreign portfolio investors.

What are the main determinants of share prices?

One of them is global factors, such as international liquidity and credit and market risk premiums. True, these factors are now all negative, as the impact of the financial crisis and panic in the United States and Europe sets in.

However, the strongest determinants of our equity prices -- the domestic or fundamental factors such as economic growth, the differential between domestic and global interest rates, the expected forward exchange rate, the inflation differentials -- remain fairly positive.

In fact, after Bank Indonesia's move on Tuesday to raise its benchmark interest rate by another 25 basis points to 9.50 percent, our interest rate differential with the U.S. Fed funds became 8 percentage points.

NOTE: BANK OF INDONESIA IS ONE OF THE TOP BANKS IN ASIA.

I don't think the amount of foreign portfolio money still playing in our stock market remained at such a level because it was still able to heavily influence the market trend.

Most of this hot money had flown out a few weeks ago as these skittish investors became highly risk-averse and tended to generalize things.

The steep fall in our stock market Wednesday was therefore exacerbated by the herd mentality and short-term-oriented stance not only of our individual (retail) but also institutional investors.

Hence, as BI Governor Boediono and chief economics minister Sri Mulyani Indrawati said Sunday, if we really care about protecting our own house from the fallout of the international financial crisis, then we all, in our respective roles, should help contribute to maintain calm.

This calls for domestic retail and institutional investors to get rid of their herd mentality and adopt a more long-term view in order to contribute to building up a financially stable base for our equity market.

The writer can be reached at v_lingga@yahoo.com.

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DOUBTS GROW OVER US BANK RESCUE PLAN

2008-09-25T16:47:00.001-07:00

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Doubts grow over US bank rescue plan

By Rob Lever

Agence France-Presse

September 23, 2008 07:39am

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A PROPOSED $US700 billion ($830 billion) bailout for the banking industry leaves many questions unanswered, but has prompted fears about giving the US government unprecedented power to intervene in the economy, analysts said Monday.

The plan would allow the US Treasury to sell new debt to purchase the vast amounts of mortgage securities and other "toxic'' assets that have caused a freezeup of the financial system.

Markets welcomed the announcement of the plan last week, but analysts say the sobering reality may make it highly complex to implement. Some critics say it gives unparalleled authority to the government in the finance system.

The plan is "three pages long'' and "asks for a staggering sum of money with wide-ranging powers to buy the broadest amount of mortgage-related securities with a minimal of oversight,'' said Andrew Busch at BMO Capital Markets.

"This is a huge leap of faith and I suspect that leaders of Congress and the presidential candidates will urge caution or act cautiously.''

One key question is how the government will value the dodgy mortgage-backed paper that the banking system refuses to buy.

"The Treasury did not provide much detail on how the assets will be priced, other than through market mechanisms where possible,'' said economist Brian Bethune at Global Insight.

NOTE: RECENT REPORT ON AIG HAS CAUSED MAJOR EFFECTS.

"We expect discounts on asset transactions will be anywhere from 20 per cent to 80 per cent, depending on the quality of the assets or the asset package involved.''

Some analysts point out that if the Treasury pays fair value -- Merrill Lynch, for example, sold some of its distressed securities for 22 cents on the dollar -- it could create fresh losses for banks and lead to more failures.

Mark Zandi at Economy.com said the idea was positive but may be hard to implement.

"In practice, a reverse auction for mortgage assets may be tricky to pull off,'' he said. "Auctioning mortgage-backed securities could prove especially problematic, since each security is so idiosyncratic.''

Beyond the technical questions, the plan dubbed by some as "the mother of all bailouts'' has raised hackles among some who fear it gives too much power to the government in the financial markets, especially with a clause providing immunity from lawsuits.

Robert Brusca at FAO Economics said the bailout plan "really isn't a plan and may not bail anything out ... The crux of it seems to be to dump the losses on taxpayers.'

"It gives the Treasury imperial power with respect to a simply huge amount of funds,'' said Yves Smith, a financial analyst with the website Naked Capitalism. "This is a financial coup d'etat, with the only limitation the 700-billion-dollar balance sheet figure.''

Some lawmakers also were sceptical about the carte blanche authority the proposal would give the government.

Texas Republican Representative Jeb Hensarling said lawmakers should carefully study options before approving the plan.

"Congress is being asked to support an uncertain entity, costing an uncertain amount of dollars, for an uncertain duration,'' he said.

"My fear is that taxpayers will be left with the mother of all debts, the federal government becomes the lender and guarantor of last resort, and our nation finds itself on the slippery slope to socialism.''

Despite the protests, many expect the plan to be approved to help stave off a further meltdown of the financial system with dire economic consequences.

"We were on the edge of the abyss last week,'' said Ed Yardeni at Yardeni Research.

"The question is whether so much government intervention will avert the most dreaded consequences of Wall Street's excesses, namely a financial meltdown and an economic depression .... The answer, I think is that it will work, and that the economy should grow next year.''
Economist Scott Anderson at Wells Fargo said the plan is needed even if it was imperfect.

"An economist's instincts are never in favor of a solution that puts taxpayer money and the US Treasury's finances at risk to correct the mistakes of a profit-driven industry,'' he said.

"Nevertheless, we are left with the realization today that this is a Great Depression-style financial crisis that requires a Great Depression-style solution.

"Indeed, the US government alone is the only institution uniquely equipped to deal with a problem of this magnitude. It is precisely for moments like this we have a government. Failure to act would be a failure of leadership.''

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DOLLAR FALLS AS BAILOUT PLAN ERODES CONFIDENCE IN U.S. FINANCES

2008-09-23T16:53:00.001-07:00

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Dollar Falls as Bailout Plan Erodes Confidence in U.S. Finances

By Ron Harui and Ye Xie
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Sept. 23 (Bloomberg) -- The dollar fell for a second day against the yen on concern a U.S. government proposal to buy $700 billion of troubled assets will erode confidence in the nation's finances.

The greenback traded near a one-month low against the euro as Treasury Secretary Henry Paulson's plan would increase the nation's debt ceiling by 6.6 percent to $11.315 trillion. The currency also declined before U.S. reports this week that may show home sales slowed, adding to the case for the Federal Reserve to lower interest rates.

``Obviously there are genuine concerns over the sustainability of the U.S. fiscal position,'' said Tony Morriss, a senior currency strategist at Australia & New Zealand Banking Group in Sydney. ``The dollar will remain under pressure.''

The dollar declined to 105.26 yen as of 11:55 a.m. in Singapore from 105.51 yen late in New York yesterday, when it fell 1.8 percent. It traded at $1.4779 per euro from $1.4774 yesterday, when it touched $1.4866, the lowest since Aug. 22. The currency may weaken to 104.50 yen and $1.4900 in coming days, Morriss said. The euro dropped to 155.55 yen from 155.91 yen.

Foreign-exchange movements may be exaggerated because trading volumes are lower than normal due to a Japanese public holiday today, according to Morriss.

NOTE: MORRIS IS A WELL KNOWN CURRENCY STRATEGIST IN AUSTRALIA.

The U.S. currency has lost more than 6 percent versus the euro since touching a one-year high of $1.3882 on Sept. 11. The dollar reached $1.6038 per euro on July 15, the weakest since the European currency's 1999 inception.

Plotting Rescue

Paulson and Federal Reserve Chairman Ben S. Bernanke began plotting the rescue last week after New York-based Lehman Brothers Holdings Inc. filed for bankruptcy, the government seized control of American International Group Inc., and Merrill Lynch & Co. was forced into the arms of Bank of America Corp. Paulson and Bernanke testify before the Senate today on the banking crisis. The plan was sent to Congress Sept. 20.

The dollar also weakened on speculation that some U.S. politicians will oppose the passage of the government's plan, delaying the rescue of the beleaguered financial sector, according to UBS AG, the world's second-largest currency trader.

Republican presidential candidate John McCain called for limiting pay for executives of rescued firms, saying yesterday taxpayers shouldn't foot the bill for ``golden parachutes'' for officers of companies that have crumbled in the financial crisis.

The ``public is beginning to question why $700 billion in taxpayer's money is needed to bail out the banking sector,'' wrote Ashley Davies, a currency strategist at UBS in Singapore, in a client note today. ``Uncertainty over the implementation of Paulson's plan will keep the dollar on the back foot for now and clearly euro-dollar at $1.50 is in sight.''

The euro will end the year at $1.43, according to the median forecast of 42 analysts surveyed by Bloomberg News.

Carry Trades

The yen rose against 15 of the 16 most-active currencies on speculation investors will reduce so-called carry trades, in which traders get funds in a country with low borrowing costs and invest where returns are higher.

The benchmark interest rate of 0.5 percent in Japan compares with 5.25 percent in South Korea, 7 percent in Australia and 8.25 percent in Mexico, making the yen a favorite funding currency for the carry trade.

``I really like the Japanese yen,'' said Kathy Lien, director of currency research at GFT Forex in New York, in a Bloomberg television interview. ``We'll probably see the most profound weakness in the dollar against the yen just because it's a carry trade currency and a carry trade play.''

Japan's currency rose 0.9 percent to 10.91793 against the Korean won, gained 1 percent to 88.21 yen versus Australia's dollar and advanced 0.3 percent to 9.904 per Mexican peso from late in New York yesterday.

Economic Reports

Implied volatility on one-month dollar-yen options rose to 17.48 percent from 16.55 percent yesterday. Higher volatility may discourage carry trades as it suggests a larger risk of exchange-rate fluctuations that can erode profits.

The dollar also fell as home resales declined to 4.94 million last month from 5 million in July, according to a Bloomberg News survey of economists. The National Association of Realtors' report is scheduled for release tomorrow. The Commerce Department will report the next day that sales of new houses dropped to 510,000 from 515,000, a separate survey indicated.

The chance of the Fed cutting its 2 percent benchmark rate by a quarter-percentage point at its Oct. 29 policy meeting was 34 percent yesterday, compared with zero a month ago, futures contracts on the Chicago Board of Trade showed. The European Central Bank's main refinancing rate is 4.25 percent.

To contact the reporters on this story: Ron Harui in Singapore at rharui@bloomberg.net
Last Updated: September 23, 2008 00:31 EDT

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DISCLOSURE OF SHAREHOLDINGS IN ACCORDANCE WITH STOCK MARKET RULES

2008-08-11T16:03:00.001-07:00

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Disclosure of Shareholdings in Accordance with Stock Market Rules

Last update: 12:16 p.m. EDT Aug. 7, 2008
GENEVA, SWITZERLAND, Aug 07, 2008 (MARKET WIRE via COMTEX) -- Addex Pharmaceuticals (SWISS: ADXN) announced today that on August 6, 2008, Varuma AG, Aeschenvorstadt 55, 4051 Basel, Switzerland, has informed of exceeding the threshold of 3% in the shareholding of Addex Pharmaceuticals Ltd., holding a total of 231,425 registered shares, corresponding to 3.95% of the voting rights. The beneficiary of the shareholdings of Varuma AG is Mr. Rudolf Maag, at Neuhofweg 11, 4102 Binningen, Switzerland.

NOTE: ADDEX IS A WELL KNOWN PHARMACEUTICAL COMPANY.
About Addex
Addex Pharmaceuticals discovers and develops allosteric modulators for human health. Allosteric modulators are an emerging class of orally available small molecule therapeutic agents that we believe will offer patients better results than classical drugs. Most marketed drugs bind receptors where the body's own natural molecular activators (i.e. endogenous ligands) bind, specifically to a key part of each receptor's anatomy called the "active site". In short, most drugs must out-compete endogenous ligands for the active site. By contrast, allosteric modulators are non-competitive because they bind receptors and modify their function even if the endogenous ligand also is binding it. In addition, because of this, allosteric modulators aren't limited to simply turning a receptor on or off, the way most drugs are. Instead, they act more like a dimmer switch, offering control over the degree of activation or deactivation, while offering the body the ability to maintain control over initiating receptor activation. Furthermore, the allosteric approach generally affords freedom to operate - even on well-known, clinically validated targets - because the intellectual property surrounding allosteric chemistry and the allosteric sites on receptors is most often un-exploited.
ADX10059, our most advanced product, is an mGluR5 NAM (metabotropic glutamate receptor 5 negative allosteric modulator). It has demonstrated clinically and statistically significant efficacy in separate Phase IIa clinical trials in gastroesophageal reflux disease (GERD) patients and migraine headache patients and has potential in additional indications.
The Addex allosteric modulation discovery and development platform have been additionally validated through three seperatate product license or collaboration agreements with Merck & Co., Inc. and Johnson & Johnson as well as investments by Roche Ventures and SR One, the venture investment arm of GlaxoSmithKline. Contacts
Disclaimer
The foregoing release contains forward-looking statements that can be identified by terminology such as "not approvable", "continue", "believes", "believe", "will", "remained open to exploring", "would", "could", or similar expressions, or by express or implied discussions regarding Addex Pharmaceuticals Ltd, its business, the potential approval of its products by regulatory authorities, or regarding potential future revenues from such products. Such forward- looking statements reflect the current views of Addex Pharmaceuticals Ltd regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results with allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that allosteric modulators of mGluR4, mGluR2 or mGluR5 will be approved for sale in any market or by any regulatory authority. Nor can there be any guarantee that allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets will achieve any particular levels of revenue (if any) in the future. In particular, management's expectations regarding allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets could be affected by, among other things, unexpected actions by our partners, unexpected regulatory actions or delays or government regulation generally; unexpected clinical trial results, including unexpected new clinical data and unexpected additional analysis of existing clinical data; competition in general; government, industry and general public pricing pressures; the company's ability to obtain or maintain patent or other proprietary intellectual property protection. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Addex Pharmaceuticals is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
Copyright Copyright Hugin AS 2008. All rights reserved.
Chris Maggos
Head of IR & Communications
Addex Pharmaceuticals
+41 22 884 15 11
Email Contact

SOURCE: Addex Pharmaceuticals
http://www2.marketwire.com/mw/emailprcntct?id=07E63FA2DB9FD852

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AIG, WAL-MART KNOCK STOCK MARKET LOWER

2008-08-10T16:53:00.001-07:00

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AIG, Wal-Mart Knock Stock Market Lower
2008-08-07 17:05:27.0

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Article Tools Email this Article Print this Article Rss Feed Editor's Picks Cell-Phone Market Stuck in the Muck Is Apple's Mobile Me Really a Mobile Mess? Karmazin Sees Synergies at Sirius These Florida Banks Could Be in Danger TSC Ratings' Updates: ImClone Del.icio.us Digg Facebook StumbleUpon Twitter Yahoo! Buzz
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Updated from 4:06 p.m. EDT
Stocks in the U.S. slid Thursday following two days of gains in New York, as shares in AIG (AIG - Cramer's Take - Stockpickr) and Wal-Mart (WMT - Cramer's Take - Stockpickr) were weak throughout the session.

The Dow Jones Industrial Average sank 224.64 points, or 1.9%, to 11,431.43, and the S&P 500 lost 23.13 points, or 1.8%, to 1266.06. The Nasdaq was off 22.64 points, or almost 1%, at 2355.73.

While the market was in the red all day, selling picked up late after Moody's said it has placed the long-term ratings for American Express (AXP - Cramer's Take - Stockpickr) on review for a possible downgrade. Shares of American Express shed 4.2%.

One of the primary factors weighing on equities from the outset was insurer AIG, who lost $5.36 billion in the second quarter as the continuation of the weak U.S. housing market and disruption in the credit markets dragged down its results. The stock plunged 18%.

NOTE: AIG IS A BIG PLAYER IN THE STOCKMARKET.

Retailers also reported their monthly sales results, and many of them fell short of estimates, including Wal-Mart, the largest chain-store operator in the world.

Wal-Mart's U.S. same-store sales, excluding fuel, were up 3% last month, but that missed expectations. Additionally, the company offered cautious comments for spending in August, and its stock fell more than 6%.

Competitor Target (TGT - Cramer's Take - Stockpickr) had a steeper-than-expected decline of 1.2% in its July comps, while Kohl's (KSS - Cramer's Take - Stockpickr) disappointed analysts with a 10.4% pullback.

However, Costco (COST - Cramer's Take - Stockpickr) exceeded forecasts with a 10% increase in same-store sales, and BJ's Wholesale (BJ - Cramer's Take - Stockpickr) had strong numbers.

Previous « 1 2 » Next This article was written by a staff member of TheStreet.com.

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related articles related topics editor's picks 2008-08-07 07:07:52.0 These Florida Banks Could Be in Danger
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STOCKMARKET MAINTAINS UPWAD JOURNEY AHEAD IF UNFLATION NOs

2008-08-09T16:49:00.001-07:00

Analyst View Company Results US Edition Banking Sector Forex Update Stock Watch Recent Polls Home
Stock Market Maintains Upward Journey Ahead Of Inflation Nos
Posted August 8th, 2008 by Shalini KakkadStock Markets Stock Trading Featured Indian stock markets closed on a positive note, on Thursday (August 7), touching an intraday high of 15,280.06 and an intraday low of 14,992.97 ahead of inflation numbers for the week ended July 26.

Buying and selling action was witnessed in some of the selected stocks. Consumer durables, realty, auto, IT, banking traded positively, whereas capital goods, power and oil stocks went down.

BSE Midcap and Smallcap index closed positively after gaining 0.45% and 0.32% respectively.

Finally, the Sensex closed the day after gaining 43.71 points at 15,117.25, whilst the broad-based NSE Nifty surged 6.3 points at 4,523.85.

Asian stocks fell following lower earnings reported by banking institutions, airline businesses and shipping companies, owing to sluggish economic process and increase in raw-material costs.

The market saw 1,406 advancements as against 1,284 declinations.

All sectoral indices traded in positive excluding Capital Goods, Power and Oil & Gas index.

The gainers' list in the 30-share index included Sterlite Industries (4.43%), Tata Motors (4.10%), HDFC (3.37%), HDFC Bank (3.03%), Grasim (2.49%) and M&M (2.48%).

The major losers' at the BSE Sensex were BHEL and Bharti Airtel, which fell over 2% each followed by RComm (1.78%), Ranbaxy (1.68%) and Wipro (1.09%).

For the week ended Jul. 26, 2008, inflation reached a new double digit high, in over a decade at 12.01% being the highest in more than 13 years, primarily because of higher prices of pulses, spices, egg, fish and meat.

Stock market analyst Vishwas Agarwal said that BSE 15,150 is a vital level to sustain for further upward movement of the stock market. Inflation is normal and hopefully market will also take it in a positive manner.

note: Agarwal is a known analyst in the stockmarket.

He further added, "Current correction is mainly due to sharp rise in the stock prices, but the market will trade with volatility as market is giving signs of investment buying, coming for 6 months to 1 year horizon, which is helping market maintain current levels. Overall market is in good trading zone with super midcap also participating in the rally."

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RUSSIAN STOCKMARKET IN DOLDRUMS

2008-08-08T16:35:00.001-07:00

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07/08/2008 | Moscow News №31 2008
Russian stock market in doldrums
> print version
August is the most crisis prone month of the year. On August 9, the world will mark the first anniversary of the credit crunch and on August 17, Russia will mark the 10th anniversary of Russia's financial meltdown, popularly referred to as the default on state treasury bonds.
NOTE: ERATIC MOVEMTNT OF STOCKMARKET CREATED MAJOR LOSSES.
The Russian stock market closed in July with significant losses. During the reporting period, the MICEX Index fell by 14.68 percent. The RTS Index, which is more representative for nonresidents, was down 15 percent. The Russian stock market, which last week took a short break in its five-week fall, is so far showing the worst dynamics among the emerging markets. Nor were investors particularly impressed by Russian President Dmitry Medvedev's call on Russian government officials, state security and law enforcement agencies to stop harassing small and medium sized businesses. Thus far nonresidents generally prefer to give the Russian market a wide berth, despite the 50-70 percent growth potential of Russia's business majors. Whereas Western corporate shares vigorously responded to the emerging "buy" incentives, Russian company quotes gloomily followed the baton of an unseen conductor who was directing the Russian stock market to move further and further down.

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An upbeat report by Arcelor Mittal, the world's largest steelmaker, as well as U.S. Steel's good performance in 2Q08, only stimulated significant growth in Russian company quotes for two days, after which cash-outs resumed. Ditto for oil company stocks. For instance, in the middle of last week, Lukoil and Rosneft shares reacted to a 2 percent growth on the oil market with a 2 percent drop in quotes.

Recession brings down the price of raw materials: This is an immutable law of the global economy. Brent crude oil prices fell 11.85 percent in July, reflecting a slowing of global economic growth, a trend that has been observed throughout the current year. Furthermore, the majority of leading indicators on the United States, Germany, Japan and Great Britain suggest that the economic situation in these countries will remain rather tense until the end of the year.

Nevertheless, U.S. and European stock market indexes did not record such a sharp fall as was observed on the trading floors in Russia and Brazil (the Bovespa index was down 9 percent in July). India's BSE Sensex index even added 5 percent last month.

It seems that the big speculative capital of such behemoths as JPMorgan Chase, Lehman Brothers, and Merrill Lynch influences the situation not only on securities and commodities exchanges, but also on raw materials markets. A couple of weeks ago, Russian investors were overwhelmed by the slump on the domestic stock market amid a generally positive external environment. That was followed by media reports of a major cash-out on Russian shares by a global Western player. Needless to say, all attempts by domestic investors to buy falling shares with an eye to their high growth potential come up against new waves of cash-outs by nonresidents. This game is won by the party that has more money.

The hopes that Russia will become a safe haven for foreign capital amid a deepening global economic crisis are fading. The entire history of world crises shows that at such moments, investors pull out money from emerging markets and reinvest it in U.S. treasury bills. In this case, Russian market players just need patience and hope that the falling prices of raw materials will increase their consumption, which, with low interest rates in developed economies, will help restore economic growth, consumer confidence, and investors' trust in the Russian stock market. In August, we are likely to see RTS and MICEX indexes tumble to the spring of 2006 lows.

By Alexander Potavin

Analyst, AntantaPioglobal Investment Group

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AUSTRALIAN STOCK MARKET FALLS AFTER WALL STREET

2008-08-07T21:29:00.001-07:00

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Australian stock market falls after Wall Street slideFont Size: Decrease Increase Print Page: Print Staff writers | August 08, 2008
THE Australian stock market was sharply lower in early trading, dragged down by the big banks after Wall Street tumbled overnight.

The benchmark S&P/ASX 200 Index dropped 68.4 points, or 1.37 per cent, 4914.9, while the broader All Ordinaries slipped 62.8 points, or 1.25 per cent, to 4967.2.

The Dow Jones Industrial Average nearly wiped out its gains for the week as US jobless claims at a six-year high and staggering credit losses at American International Group put an abrupt end to the recovery for banks and lenders and the broad stock market.

NOTE: DOW JONES IS KNOWN PLAYER IN THE STOCK MARKET.

The Dow fell 224.64 points, or 1.93 per cent, to 11,431.43, and was now up only about 0.9 per cent on the week despite a rally of more than 300 points on Tuesday.

The financial sector was leading the local bourse lower.

Commonwealth Bank fell $1.02, or 2.32 per cent, to $42.93, National Australia Bank slid 70c, or 2.72 per cent, to $25.07 and ANZ lost 60c, or 3.34 per cent, to $17.39.

Westpac did not fall as steeply as its rival banks.

The bank said in a market update today that its overall asset quality remained good and it was on track to deliver full-year earnings growth of up to 8 per cent.

Its shares were down 27c, or 1.17 per cent, at $22.88. Westpac's agreed takeover target, St George Bank, was down 44c, or 1.5 per cent, at $28.85.

Additional reporting by Dow Jones Newswires, AAP

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HOW TO DEAL WITH KNEE-JERK MARKET REACTIONS

2008-06-12T16:53:00.001-07:00

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How to Deal with Knee-Jerk Market Reactions
by Jack Crooks 06-07-08

Jack Crooks

This past week was a roller coaster ride in the currency markets, and it sure ended with a bang. I'll get to the big news in a second. And I'll also tell you what to make of this market.

NOTE: CROOKS IS FAMOUS IN ANALYZING THE MARKET. HENCE, HIS COMMENTARY ALWAYS GIVES WEIGHT.

But first, I want to do a quick day-by-day rundown of what happened in the currency markets ...

Tuesday:

Ben Bernanke revealed new concern over inflation and spoke directly about the weaker dollar.

Knee-jerk reaction in the currency markets: The dollar jumped.

Thursday:

European Central Bank President Trichet signaled interest rate hikes may come as early as July.

Knee-jerk reaction in the currency markets: The euro soared.

Yesterday:

U.S. Non-farm Payrolls were reported down 49,000 (better-than-expected) for the month of May. But U.S. unemployment leapt by half a percentage point to 5.5% (worse-than-expected).

Knee-jerk reaction: The dollar tumbled. The Dow lost almost 400 points. And on the same day, crude oil skyrocketed by more than $10 a barrel!

Looks like it's time to queue up the recession talk again. And don't forget that inflation is a big concern — Big Ben even said so!

Did this tag-team of Fed inflation rhetoric and freshly disappointing economic data open up the flood gates? Sure might have.
Federal Reserve Chairman Ben Bernanke's leadership ability is being called into question as crude oil prices explode and unemployment soars.
Federal Reserve Chairman Ben Bernanke's leadership ability is being called into question as crude oil prices explode and unemployment soars.

Stocks don't like it when the Fed gets lovey-dovey with inflation. In an already tight lending environment, if the Fed leans toward drying up access to money (or away from doling it out freely), who's going to keep what little leftover cash they have invested in bogged-down companies that still may be many months away from honest-to-goodness recovery?

It's been surprising how well stocks have held up so far. It's likely the keep-hope-alive mentality was buoying the Dow and the S&P. But with every new fundamental defeat how long can investors' minds stay focused on the light at the end of the tunnel? It's dimming rather quickly and should be practically invisible if the Fed keeps its attention on rising prices.

And for the buck, it comes down to one thing: Sentiment. We can argue all day for a dollar rally, or a collapse to new lows. And we have. But what matters is how the dollar is perceived by those who are trading it.

If you're off trading solo it's not always easy to keep a firm grip on market sentiment.

But protecting against most of the bad and positioning for most of the good is a crucial step toward successful trading.
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Here's a little guideline for today's markets ...

Hope Can Hurt; Fear Can Help

I read a book on trading many years ago that said before every trading day begins, you must ask yourself: How badly can I screw-up my account today?

It sounded a bit blunt, and an odd way to start the morning. But I've found this simple approach is a great way to focus on the key element that will determine long-term success in any asset market — stocks, bonds, commodities, currencies, and even real estate.

It's risk.

In terms of the risks today, you probably have your own personal checklist. You might be including:

* Inflation fears brewing.
* Potential time-bomb of derivatives.
* An overvalued stock market.
* Falling real estate values.
* On and on into infinitum ...

John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker, philanthropist, and art collector who dominated corporate finance and industrial consolidation during his time.
John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker, philanthropist, and art collector who dominated corporate finance and industrial consolidation during his time.

No doubt these are market risks. And they do inspire fear. But there's nothing we can do to fully eliminate risks. We can neither keep them from happening, nor forecast them with complete accuracy. But you can control the small stuff, like your individual account risk.

It's obvious some of us can handle more risk than others. The best single phrase about how much investment risk one should take comes from J.P. Morgan, who told a worried friend, "sell down to your sleeping point."

Translation: If you're lying awake at night, worrying about your investments, you are carrying too much risk.

I have found the simple "screw up your account" mantra very useful for risk control, so much so that I have it printed across the top of my "trade sheets" where I record each of my trades, risk levels, and reasons for the trade.

Why does it help me? Because it forces me to define the level of risk I will take BEFORE I enter an investment position. The reason I have capitalized "before" is because before you enter the investment you still have at least a degree of objectivity left in your brain.

AFTER you enter an investment position, your objectivity is flushed down the drain and replaced with something very dangerous — hope.

NOTE: IMPORTANT CONSIDERATION BEFORE TRADING...

Here's an example of how I define my risk in a currency trade BEFORE putting on a trade ...

I look for a key technical level — some type of chart support area, or basic trend line that will tell me that the dynamics of supply and demand in the market have changed. Or put another way: if prices reach this level I am wrong because the market has proven me wrong.

At this point I'm out of the trade with a loss, period, end of story. I can always reenter the trade if it makes sense. But because I have exited, I somewhat regain that modicum of objectivity to better evaluate price action.

Always remember: Being in cash is an investment position; and it's sometimes the best position!

There is an old market adage: Bull markets climb a wall of worry, while bear markets flow down a river of hope. It's natural to hope our losses will subside and be afraid our profits will go away. And it's also why we are tricked by Mr. Market.

Legendary Wall Street trader Jesse Livermore summed it up best when he talked about reversing our natural impulses in the market:

"When the market goes against you, you hope that every day will be the last day — and you lose more than you should had you not listened to hope. And when the market goes your way, you become fearful that the next day will take away your profit and you get out — too soon. The successful trader has to fight these two deep-seated instincts."

We must turn hope and fear inside out. We must fear our losses will get bigger and cut them short. And we must hope that our profits get bigger and let them run. In these choppy markets, defining risk beforehand is the best thing you can do.

Best wishes,

Jack

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Money and Markets (MaM) is published by Weiss Research, Inc. and written by Martin D. Weiss along with Tony Sagami, Nilus Mattive, Sean Brodrick, Larry Edelson, Michael Larson and Jack Crooks. To avoid conflicts of interest, Weiss Research and its staff do not hold positions in companies recommended in MaM, nor do we accept any compensation for such recommendations. The comments, graphs, forecasts, and indices published in MaM are based upon data whose accuracy is deemed reliable but not guaranteed. Performance returns cited are derived from our best estimates but must be considered hypothetical in as much as we do not track the actual prices investors pay or receive. Regular contributors and staff include Kristen Adams, Andrea Baumwald, John Burke, Amber Dakar, Dinesh Kalera, Mathias Korzan, Red Morgan, Maryellen Murphy, Jennifer Newman-Amos, Adam Shafer, Julie Trudeau and Leslie Underwood.

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