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Road Wings (Other OTC: RDWG | Quote | Chart | News | PowerRating) President Travis Grimmett stated today, "OneFi technology is coming to Las Vegas in the coming days." He went on to say, "I will personally be in attendance for the installation at our office building, as it will serve as a demonstration site for the various accounts and casinos that have indicated an interest in the OneFi WiMax technology." According to Grimmett, "Several large casinos have expressed a keen interest for their properties upgrading to the one fi advanced technology for their guests." The standard network allows for 802.11b-g, but the OneFi Technology network design incorporates WiMax 801.16e signal which will go as far as twenty miles. Also, OneFi Technology uses 802.11b-g and n to allow last mile user access. OneFi will also be installing its IPTV in beta format in Jamaica with users on a new technical platform. Many residences in Jamaica only have had access to traditional landline access because of pricing or lack of accessibility in the Island Nation.
August 8, 2008 -- Hormel Foods Corporation (NYSE: HRL), a multinational marketer of consumer-branded meat and food products, said it expects its third quarter earnings to be $.37 - $.39 per share, compared with $.41 per share in the third quarter last year. "Higher than expected feed and fuel input costs at our Jennie-O Turkey Store segment were the primary reason for the shortfall in our third quarter results," said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer. "While we have continued to implement price increases in this segment, they have not been adequate to offset the higher input costs. An oversupply of turkey breast meat also kept pricing of commodity breast meat at a low level, exacerbating the cost-price differential." "In the fourth quarter, we expect to see continued earnings pressure at Jennie-O Turkey Store from higher input costs, as the birds fed with higher grain prices make their way through the system. We are adjusting our full year guidance to $2.22 - $2.28 per share, which is above our results of $2.17 per share last year ($2.14 excluding the sale of assets in the fourth quarter of 2007). Our previous guidance was $2.30 - $ 2.40 per share. We will provide more details regarding the quarter and outlook during our conference call on August 21, 2008 at 9:00 a.m. CT," Ettinger concluded.
August 8, 2008 -- Investment Technology Group, Inc. (NYSE: ITG), a leading provider of technology-based trading services and transaction research, announced that July 2008 US trading volume was 5.0 billion shares and average daily volume (ADV) was 226 million shares. This compares to 4.3 billion shares and ADV of 206 million shares in June 2008 and 3.8 billion shares and ADV of 181 million shares in July 2007. There were 22 trading days in July 2008 and 21 trading days in each of June 2008 and July 2007. Monthly volume statistics reflect commission-generating US volume. These statistics are preliminary and may be revised in subsequent updates and public filings. Volume statistics are posted on ITG's website, www.itg.com, and are available via a downloadable spreadsheet file.
August 8, 2008 -- Sanofi-aventis (NYSE: SNY | Quote | Chart | News | PowerRating) announced that U.S. Food and Drug Administration (FDA) has assigned priority review status for its New Drug Application (NDA) for Multaq (dronedarone). The priority review period begins on July 31, 2008. The priority review is granted to applications in which a new indication or new drug product, if approved, has the potential to present a safe and effective therapy where no satisfactory alternative exists compared to currently available therapies or marketed products. A registration dossier is also under regulatory review by the European Medicines Agency (EMEA) for a Marketing Authorization Application. "We are pleased that the FDA has designated Multaq for priority review," said Marc Cluzel, sanofi-aventis Senior Vice President, R&D for sanofi-aventis. "This follows the exciting results of the landmark ATHENA study that showed Multaq significantly decreased the risk of cardiovascular hospitalizations or death from any cause in patients with Atrial Fibrillation."
August 8, 2008 -- TETRA Technologies, Inc (NYSE:TTI) announced that its second quarter 2008 earnings were $0.40 per share, versus the $0.29 per share reported in the second quarter of 2007. The results for the second quarter of 2008 set an all-time quarterly record for the Company's earnings per share and revenues on a split-adjusted basis and excluding gains on the sale of businesses. All financial data in the text portion of this release are reported in US dollars and are before discontinued operations, and all per share amounts are fully diluted. Consolidated revenues for the quarter ended June 30, 2008 were $304,389,000 versus $254,054,000 in the second quarter of 2007 and $225,156,000 in 2008's first quarter. Total gross profit was $77,427,000 in the second quarter of 2008 versus $60,605,000 in the second quarter of 2007 and $42,047,000 in 2008's first quarter. Income before discontinued operations was $30,157,000 in the second quarter of 2008 versus $22,165,000 in the comparable period of 2007, and $7,354,000 in the first quarter of 2008. Net income (including discontinued operations) was $29,417,000 in 2008's second quarter versus $22,870,000 in 2007's second quarter and $6,687,000 in 2008's first quarter.
August 8, 2008 -- Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) announces another record-breaking quarter, with quarterly gross auction proceeds exceeding $1 billion for the first time. Net earnings for the six months ended June 30, 2008 reached $62.3 million, or $0.59 per diluted weighted average share. Net earnings for the first half of 2008 would have been $55.0 million, or $0.52 per diluted share, had after-tax gains of $7.3 million on the sale of excess property been excluded. The Company has highlighted these gains because it does not consider them to be part of its normal operating results. This compares to net earnings of $44.1 million, or $0.42 per diluted share for the six months ended June 30, 2007, representing earnings growth of 25% over the first half of 2007. All dollar amounts are presented in United States dollars and all share and per share information reflects the three-for-one split of the Company's common shares that occurred at the close of business on April 24, 2008. Gross auction proceeds for the six months ended June 30, 2008 were $1.95 billion, 18% higher than gross auction proceeds for the first half of 2007. Auction revenues increased 21% to $197.2 million for the six months ended June 30, 2008 compared to the first six months of 2007. The Company's auction revenue rate (auction revenues as a percentage of gross auction proceeds) was 10.14% in 2008, compared to 9.88% in the first half of 2007.
Wall Street rebounded smartly Friday, shooting higher as a surge in the dollar and another plunge in oil prices eased some of investors' worries about losses at mortgage finance company Fannie Mae. The Dow Jones industrials soared more than 300 points, more than wiping out a big loss from the previous session, and all the major indexes had their best weekly gains since April. The session extended a streak of volatility that has seen the Dow making frequent triple-digit moves as investors reacted feverishly to news about the financial sector, corporate earnings and the economy. On Friday, the dollar, which has sagged along with the economy, reached its highest level against the euro since February, and in the process sent a wave of confidence through the stock market. And because the dollar's strength has contributed to the recent skid in oil prices, light, sweet crude dropped sharply again, falling $4.82 a barrel to settle at $115.20 on the New York Mercantile Exchange. That brought crude's decline over the past four weeks to more than $30. Investors see the drop in oil as a big boost for the economy, because it should allow consumers to spend more freely. For the moment, that has allowed the market to set aside nervousness about the financial sector, which is still contending with the fallout from the year-old credit crisis. Fresh financial worries surfaced Friday after Fannie Mae, the largest U.S. buyer and backer of home loans, reported a quarterly loss more than three larger than what Wall Street had expected and said it would slash its quarterly dividend to conserve cash. Philip S. Dow, managing director of equity strategy at RBC Dain Rauscher in Minneapolis, said that while the strength in the dollar and the resulting drop in oil were attracting buyers Friday, Wall Street's recent back-and-forth trading illustrates investors' great anxiety. "We live in a market where people react, they don't anticipate," he said. "So you've got this market that's kind on a seesaw every day reacting to news." The Dow rose 302.89, or 2.65 percent, to 11,734.32. The blue chips fell nearly 225 points Thursday after concerns about the financial sector, a weak showing by retailers in July and a spike in weekly unemployment claims; Friday's advance marked the seventh time in two weeks that the Dow rose or fell by triple digits. Broader indicators also rose sharply Friday. The Standard & Poor's 500 index advanced 30.25, or 2.39 percent, to 1,296.32 and the Nasdaq composite index advanced 58.37, or 2.48 percent, to 2,414.10. For the week, the Dow rose 3.6 percent, the S&P gained 2.9 percent and the technology-heavy Nasdaq jumped 4.5 percent.
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