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June 4, 2008 -- Cody Ventures Corporation (Other OTC: CVCP | Quote | Chart | News | PowerRating) announced that its website, TheOuterPost.Com, will begin Beta testing on a new social commerce application early next week. The application, which hosts the ability for users to create store fronts and sell their physical and intellectual property from their Outer Post homepage, will be included as a major feature when TheOuterPost.Com, which has been undergoing a complete redesign, relaunches later this summer. The new social commerce application will be geared toward small businesses, artists, clothing designers and musicians looking to sell their MP3s and merchandise. These types of users already make up over 70% of The Outer Post membership. The free, build-it-yourself store fronts will allow the members of The Outer Post to show, sell and promote their small businesses and intellectual property. The users will also have the source code available to them so that they can transfer their stores to other networking, blog or personal websites. The new social commerce application also stands to bring in a whole new stream of revenue to Cody Ventures Corporation that goes beyond the regular advertising model. Cody Ventures president Roy E. Cooper stated, "It has always been fairly easy to buy things online. Now we hope that by building a free and accessible social networking store application we can bring this same ease to sellers." Mr. Cooper goes on to state, "E-Commerce is projected to bring in $245.5 billion in the U.S. alone by 2010, while social networking is slated to bring in advertising sales of over $2 billion that same year. Why not combine both industries and reap the benefits?" eMarketer predicts that by 2011 more than 85 million adults in the US who are online will be on social networks. That's almost half of all adults online (or 49 percent). They predict that most of that growth will come in 2008.
June 4, 2008 -- ANSYS, Inc. (NASDAQGS: ANSS | Quote | Chart | News | PowerRating) announced that, as a result of the Securities and Exchange Commission's continuing review of the Registration Statement on Form S-4, it currently expects to close the acquisition of Ansoft Corporation in the third quarter of 2008. ANSYS had previously announced that it had expected to close the acquisition in the second quarter of 2008. As previously announced, ANSYS and Ansoft have entered into a definitive merger agreement in which ANSYS will acquire Ansoft for a purchase price of approximately $832 million in a mix of cash and ANSYS common stock. Consummation of the transaction remains subject to customary closing conditions, including the approval of the Ansoft stockholders.
June 4, 2008 -- The rich heritage of one of America's oldest and most colorful airlines is the subject of the 25th and latest book by noted aviation author Robert J. Serling. "Character & Characters: The Spirit of Alaska Airlines" Alaska Air Group (NYSE: ALK | Quote | Chart | News | PowerRating) was recently released by Seattle-based book publisher Documentary Media. "Alaska is an airline built from humble beginnings in 1932 by a cast of always dedicated, sometimes quirky and often brilliant characters," said Serling. "For more than 75 years, it has been an airline that has defied all odds. It has proven to be as rugged, as rich in tradition and as resourceful as its namesake state." Serling uses the voices of others to tell the airline's story and parts of the book read like a Hollywood script. Serling recounts how every time it appeared that Alaska Airlines' flaps had been lowered for the last time, another person with a passion for the business stepped in to save it from the scrap heap of aviation history -- a fate shared by many of its competitors.
June 4, 2008 -- JoS. A. Bank Clothiers, Inc. (NASDAQGS: JOSB | Quote | Chart | News | PowerRating) announced that earnings for the first quarter of fiscal year 2008 increased 18% to $0.53 per share, as compared to $0.45 per share for the first quarter of fiscal year 2007. Net income in the first quarter of fiscal year 2008 was $9.8 million, as compared to $8.4 million in the first quarter of fiscal year 2007. The first quarter of fiscal year 2008 ended May 3, 2008; the first quarter of fiscal year 2007 ended May 5, 2007. Comparing the first quarter of fiscal year 2008 with the first quarter of fiscal year 2007, total net sales increased 12.3% to $145.4 million from $129.5 million; comparable store sales increased 6.4%; and Direct Marketing sales increased 0.2%. A conference call to discuss fiscal year 2008 first quarter earnings will be held Thursday, June 5, 2008 at 11:00 a.m. Eastern Time (ET). To join in the call please dial (USA) 888-428-4480 or (International) 612-332-0636 at least five minutes before 11:00 a.m. ET. A replay of the conference call will be available after 1:00 p.m. ET on June 5, 2008 until June 12, 2008 at 11:59 p.m. ET by dialing (USA) 800-475-6701 or (International) 320-365-3844. The access code for the replay will be 927050. In addition, a webcast replay of the conference call will be posted on the investor relations section of our website: www.josbank.com (select "Company Information" and "Investor Relations").
June 4, 2008 -- Amgen (NASDAQ: AMGN | Quote | Chart | News | PowerRating) and Wyeth Pharmaceuticals, a division of Wyeth (NYSE: WYE), issued a statement in response to the Food and Drug Administration (FDA) Early Communication regarding an ongoing safety review of Tumor Necrosis Factor (TNF) blockers (marketed as Remicade, Enbrel, Humira and Cimzia) and the possible association between the use of these medicines and the development of lymphoma and other cancers in children and young adults. These individuals were treated with TNF blockers for Juvenile Idiopathic Arthritis (JIA), Crohn's disease or other diseases. Amgen and Wyeth are committed to the safety of patients and have consistently updated the product labeling for Enbrel (etanercept) over the past decade. The companies maintain ongoing safety surveillance programs worldwide to analyze and evaluate safety reports, including reports of malignancies, from controlled and open-label clinical trials and patient registries, as well as reports received from healthcare professionals and patients. Amgen provided the FDA with information from both companies' adverse events databases and is continuing to work with the Agency to evaluate the overall risk benefit of ENBREL in pediatric patients. The FDA has conducted an analysis of safety information provided by the manufacturers from all TNF blockers as well as that collected from its own adverse events reporting system (MedWatch). Based on its preliminary review, the FDA has decided to conduct further analyses to evaluate the risks and benefits of TNF blockers in pediatric patients. The Early Communication mechanism has been used by the FDA on numerous occasions during the past year to inform the public about its ongoing safety reviews of drugs. The Agency's posting of this Early Communication means that FDA is considering the information but has not yet reached a conclusion.
MARKET WRAP:
The stock market traded in a volatile manner Wednesday, with the S&P 500 trading in a wide range, from up 0.8% at its peak to down 0.4% at its trough. The stock market eventually settled on the unchanged mark as strength in tech offset weakness in financial and energy.
The financial sector (-0.8%) posted a solid gain of 1.1% in early trade, but tumbled on word that Moody's put bond insurers Ambac (ABK 2.50, -0.50) and MBIA (MBI 5.67, -1.02) on review for a possible credit rating downgrade.
The market dipped noticeably in midafternoon trading after the news wires ran headlines from a speech on inflation that was given by Fed Chairman Bernanke at Harvard.
The volatile day ended split down the middle, with five of the ten economic sectors posting a gain. Technology (+1.0%) provided leadership, with significant strength in large-cap names
The energy sector (-1.2%) posted the largest loss, as crude prices fell 1.8% to $122.04 per barrel.
Telecom (-0.8%) was also a laggard, with Verizon (VZ 36.99, -0.37) falling after CNBC reported it may buy Alltel for $27 billion.
The session's three economic reports were not especially strong, but they were all better than expected. Importantly, the data are reflective of an economy that is not in a recession.
Private nonfarm employment rose by 40,000 in May, according to employment services firm ADP.
First quarter nonfarm productivity was revised to a gain of 2.6% from 2.2% (consensus +2.5%).
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