New book by Larry Connors Click here Improve your trading - See how
July 25, 2008 -- Road Wings, Inc. (Other OTC: RDWG | Quote | Chart | News | PowerRating) announced the second acquisition of stock from OneFi Technologies, Inc. pursuant to the recently announced stock purchase agreement between the two parties. Mr. Travis Grimmett, President of Road Wings, stated, "Our Company, as the primary source of funding for OneFi, is in an enviable position. As OneFi adds revenue producing cities to its services, Road Wings increases its stock position." OneFi and Road Wings recently announced that OneFi has been approved and is currently installing its WiMax/WiFi communications system in the city of Buena Park, CA. The OneFi Technology networks broadband signal will allow the citizens of Buena Park to access the internet at speeds up to 104 mbps. Additionally, the network will allow for VoIP, IPTV and first run movie downloads. The standard network allows for 802.11-b-g, but the OneFi Technology network design incorporates the WiMax 801.16e signal which will go as far as twenty miles and also OneFi Technology uses 802.11-b-g and n to allow last mile user access.
July 25, 2008 -- Reliance Steel & Aluminum Co. (NYSE: RS | Quote | Chart | News | PowerRating) announced that it has decided not to proceed with its previously announced public offering of 6,750,000 shares of its common stock due to market conditions. The Company expected to use the proceeds of the equity offering to fund a portion of the consideration of approximately $1.1 billion for its pending acquisition of PNA Group Holding Corporation. Reliance expects to complete the acquisition of PNA in early August and expects to initially fund the purchase price and repayment or refinancing of PNA's debt, together with acquisition costs, with the proceeds of a new term loan and borrowings under its existing revolving credit facility. Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company in North America (United States and Canada). Through a network of more than 180 locations in 37 states and Belgium, Canada, China, South Korea and the United Kingdom, the Company provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries
July 25, 2008 -- Temple-Inland Inc. (NYSE: TIN | Quote | Chart | News | PowerRating) announced that it has acquired the remaining fifty percent interest in Premier Boxboard Limited LLC (PBL) from Caraustar Industries, Inc. PBL was a joint venture between Temple-Inland and Caraustar. The purchase price for Caraustar's interest was $62 million in cash and assumption of $25 million of debt associated with the purchased interest. PBL produces lightweight gypsum facing paper and containerboard at a 308,000 tons per year mill in Newport, Indiana. Temple-Inland will continue to produce lightweight gypsum facing paper and containerboard at the mill. The lightweight gypsum facing paper will serve the needs of both Temple-Inland's building products operations and external customers. Containerboard produced at the mill will be primarily used by Temple-Inland's corrugated packaging operations. For the last three years, PBL's average annual EBITDA was $23 million. PBL's EBITDA for first quarter 2008 was $7 million. Caraustar has been the managing partner of PBL since its formation in 1999. Effective today, Temple-Inland terminated the marketing and management agreements by and between PBL and Caraustar. Marketing and management fees paid by PBL to Caraustar under these agreements have been approximately $4 million annually. Adjusting to eliminate these fees would add $4 million annually to PBL's EBITDA.
July 25, 2008 -- T. Rowe Price Group, Inc. (NASDAQ: TROW | Quote | Chart | News | PowerRating) reported its second quarter 2008 results, including net revenues of nearly $587 million, net income of $162 million, and diluted earnings per share of $.60, an increase of 3% from $.58 per share in the comparable 2007 quarter. Net revenues were $551 million in the second quarter of 2007 when net income was also $162 million. Weighted average shares outstanding have decreased from the 2007 period due to the ongoing common share repurchase program. Over the twelve month period ended June 30, 2008, the firm has repurchased more than 4%, or 11.2 million, of its outstanding common shares. Investment advisory revenues were up almost 7%, or $31.2 million, from the comparable 2007 quarter. Assets under management increased 2.4% from March 31, 2008, to $387.7 billion at June 30, including $233.3 billion in the T. Rowe Price mutual funds distributed in the United States and $154.4 billion in other managed investment portfolios. Net cash inflows from investors in the second quarter of 2008 totaled $8.1 billion. Changes in market valuations and portfolio income in the 2008 quarter added $1.0 billion to assets under management. Results for the first half of 2008 include net revenues of more than $1.1 billion, net income of nearly $314 million, and diluted earnings per share of $1.15 - an increase of 5.5% from $1.09 per share in the 2007 period. Assets under management are down 3.1% from the beginning of 2008 as cash inflows from investors of $17.8 billion have been more than offset by market valuation declines of $30.1 billion during the period.
July 25, 2008 -- Exxon Mobil Corporation (NYSE: XOM | Quote | Chart | News | PowerRating) announced the Gippsland Basin Joint Venture, which includes its subsidiary, Esso Australia, will invest $1.1 billion to develop more than 270 million oil-equivalent barrels from the Turrum field in the Bass Strait, offshore southeast Australia. The development follows the recent announcement of $1 billion in funding to develop natural gas from the Kipper field, also in the Bass Strait. Esso Australia is the Turrum field operator and holds 50 percent interest with BHP Billiton. Esso Australia operates 21 offshore oil and gas production facilities in Bass Strait and also operates and holds 32.5 percent interest in the Kipper Unit Joint Venture with BHP Billiton and Santos Limited. "ExxonMobil continues to be an industry leader in bringing new energy supplies to the market and the Turrum Field development is the latest example," said Rich Kruger, president of ExxonMobil Production Company.
July 25, 2008 CSX Corporation (NYSE: CSX | Quote | Chart | News | PowerRating) announced that its Board of Directors has invited John D. McPherson and TCI Group nominees Gilbert H. Lamphere and Alexandre Behring to join the Board immediately. These individuals would replace Southwood J. Morcott, Robert D. Kunisch and Elizabeth E. Bailey, each of whom has resigned effective upon his or her replacement taking office. The announcement was made today at the Company's reconvened 2008 annual meeting. "We look forward to welcoming the new Board members and working together to continue delivering record performance for all shareholders," said Michael J. Ward, Chairman of the Board of CSX Corporation. The status of two Board seats remains uncertain. One of the seats is the subject of questions in the vote review, which remains too close to call. The most recent preliminary draft report of the independent inspector of elections shows that the candidates competing for the seat have a difference of votes that is now less than 1/5 of 1 percent of the shares entitled to vote at the meeting and the status of a number of votes is still unclear. The preliminary vote report has already been revised several times to correct errors. The vote review process is expected to be completed soon, possibly as early as next week.
Wall Street ended a volatile week with a moderate gain Friday after better-than-expected economic data placated a market pummeled a day earlier by concerns about housing and the financial sector. Financials fell on continued worries about souring loans, while a surge in profits at Juniper Networks Inc. lifted technology stocks. The Commerce Department's report on June home sales helped investors shake off some early uncertainty. The government said sales of new single-family homes fell by 0.6 percent to a seasonally adjusted annual rate of 530,000 units; the market expected sales to total 505,000. That report helped offset concerns raised by a weak reading on existing home sales on Thursday. And there was good news about consumers, whose shyness about spending has troubled Wall Street. The Reuters/University of Michigan index of consumer sentiment for the first part of July came in at 61.2, while economists forecast a reading of 56.4, which was the level hit in June -- a 28-year-low. The Commerce Department also said orders for durable goods rose 0.8 percent last month, far better than the 0.4 percent decline economists expected. It was the best showing since a 1.1 percent rise in February and reflected strength in demand for heavy machinery, primary metals such as steel and even a slight rebound in the beleaguered auto industry. Linda Duessel, equity market strategist at Federated Investors, said economic figures such as the durable goods numbers are important because they reveal continued demand from abroad, which could help U.S. companies continue to rake in profits even if the U.S. economy isn't running at full steam. "That's good news for market participants as we try to find a footing in the market because we really don't want to see our weakness leak outside the U.S.," she said. According to preliminary calculations, the Dow Jones industrial average rose 21.41, or 0.19 percent, to 11,370.69. The Dow, which fluctuated at times Friday, fell more than 280 points Thursday. Broader stock indicators also rose. The Standard & Poor's 500 index advanced 5.22, or 0.42 percent, to 1,257.76, and the technology-heavy Nasdaq composite index jumped 30.42, or 1.33 percent, to 2,310.53. Bond prices moved lower as investors shifted back into stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.09 percent from 4.00 percent from late Thursday. The dollar was mixed against other major currencies, while gold prices rose. A barrel of light sweet crude fell $2.23 to settle at $123.26 on the New York Mercantile Exchange. Oil prices have fallen more than $20 in recent weeks, alleviating some of Wall Street's concerns about the impact of inflation consumers' ability to spend.
ABOUT INVESTSOURCE, INC.: WIN an 8 day 7 nights Caribbean Getaway, GO TO: www.investsourceinc.com.
To hear "The Fastest 60 Seconds in the Small-Cap Market," please go to www.ceo-corner.com This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation to buy or sell securities. InvestSource, Inc. has prepared all material herein based upon information believed to be reliable. The information contained herein is not guaranteed by InvestSource, Inc. to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this release have not given an opinion or approved the statements made in this release.
InvestSource, Inc. is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. InvestSource, Inc. affiliates, officers, directors and employees may also have bought, or may buy the shares discussed in this opinion and may profit in the event of a rise in value. InvestSource, Inc. will not advise as to when it decides to sell and does not, and will not, offer any opinion as to when others should buy or sell; each investor must make that decision based on his or her judgment of the market. Please consult your broker before purchasing or selling any securities mentioned herein. InvestSource has agreed to be compensated $5,860 by RDWG for services rendered. To view full disclaimers, please go to http://investsourceinc.com/php/disclaimer.php (disclaimers).
CONTACT: InvestSource, Inc e-mail: info@investsourceinc.com WWW: http://www.investsourceinc.com
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
