DETROIT — The cost of retiree health care, not pensions, was the core reason Detroit filed for bankruptcy, Michigan’s former treasurer said Tuesday in the seventh day of the city’s bankruptcy trial.
Despite a bitter dispute over whether Detroit emergency manager Kevyn Orr can reduce pensions, former Treasurer Andy Dillon said the city’s nearly $6 billion unfunded retiree health care liability was more concerning than its $3.5 billion pension shortfall.
STORY: Detroit asks judge to OK $350M debt deal
DAY 6: Emergency manager defends June 10 talk
Dillon, who provided financial oversight to the city and helped hire the city’s restructuring consultants, defended his role in recommending the city’s July 18 bankruptcy filing, saying he didn’t see any way unsecured creditors would agree to steep concessions.
5 Best Clean Energy Stocks To Own For 2015: Titan Comp any Ltd (TITAN)
Titan Company Limited, formerly Titan Industries Limited, is engaged in manufacturing of watches/accessories, jewelry, precision engineering and eyewear. The Company has four divisions: watches/accessories, jewelry, precision engineering and eyewear. As of March 31, 2012, the Company had 332 World of Titan stores. As of March 31, 2012, the Company had over three business units in Bangalore, India, a manufacturing unit at Hosur and three assembly plants located in the north of India. The brands under the watches/accessories division include: Titan, Sonata, Fastrack, Xylys and others. Tanishq is Titan’s line of jewelry with a range of jewelry, studded with diamonds or colored gems in 18-karat gold, 22-karat gold and platinum jewelry. Under eyewear division, there is a brand named Titan Eye plus. The precision engineering division includes machine building and automation solutions and tooling solutions. In March 2013, Titan Properties Ltd. was amalgamated with the Company. Advisors’ Opinion:
- [By James Miller Phd]
Peers like Microsoft Corp. (MSFT) and Oracle Corp. (ORCL) present strong competition in the could-based CRM market, and have been enhancing their companies through various acquisitions such as recently acquired Nimbula, Eloqua Inc., RightNow Technologies and Taleo Corp from Oracle, or MarketingPilot and Netbreeze from Microsoft. Competition is moreover expected to increase with the introduction of Microsoft Dynamics CRM software (Titan). Nevertheless, Salesforce has also been strengthening its product portfolio and expanding within the cloud based CRM services.
5 Best Clean Energy Stocks To Own For 2015: Rubicon Minerals Corp(RBY)
Rubicon Minerals Corporation, a mineral exploration company, engages in the acquisition, exploration, and development of mineral properties in Canada and the United States. It primarily explores for gold and base metal deposits. The company?s key asset is the Phoenix Gold Project located in the Red Lake gold camp, in the Province of Ontario. As of March 31, 2010, it controlled approximately 65,000 acres of prime exploration ground in the prolific Red Lake gold district of Ontario, Canada, as well as approximately 380,000 acres surrounding the Pogo Mine in Alaska and approximately 225,000 acres in northeast Nevada. The company was founded in 1996 and is headquartered in Vancouver, Canada.
- [By Sean Williams]
Another reason this fund looks attractive (at least to me) is that Rubicon Minerals (NYSEMKT: RBY ) is one of its largest holdings at 6.02% of its assets as of May 10, 2013. Rubicon is in the late stages of the development process for the F2 Gold System, which has yielded drilling assessments as high as 767 grams/ton. F2 appears to be just as bountiful in gold well below the surface as it is near the surface, which could mean a very long and profitable mine life for Rubicon.
5 Best Clean Energy Stocks To Own For 2015: Canadian/Yen (HY)
Hyster-Yale Materials Handling, Inc. and its subsidiaries engage in the design, engineering, manufacture, sale, and service of a line of lift trucks and aftermarket parts worldwide. It offers components, such as frames, masts, and transmissions; and assembles lift trucks. The company markets its products primarily under the Hyster and Yale brand names to independent Hyster and Yale retail dealerships. It also sells aftermarket parts under the UNISOURCE, MULTIQUIP, and PREMIER brands to Hyster and Yale dealers for the service of competitor lift trucks. The company was incorporated in 1991 and is headquartered in Cleveland, Ohio.
- [By Vera Yuan]
•Lift truck manufacturer Hyster-Yale Materials Handling, Inc. (HY) declined after the company provided qualitative guidance for the remainder of 2014 that may have been viewed negatively by some investors. Revenues and pre-tax income both increased during the quarter, but after-tax net income declined as a result of a higher tax rate.
- [By Holly LaFon]
The Financial sector was the best performer in the Barclays Aggregate Index during 3Q13, generating nominal and excess returns of 1.54% and 1.40%, respectively. Spreads in High Yield (HY) issues tightened substantially, propelling Ba/B credits to a 2.07% nominal and 1.74% excess return. Mortgage Backed Securities (MBS) also reacted positively to the Fed decision, as Agency MBS outperformed comparable duration Treasuries with a 1.03% nominal and 0.95% excess return. Commercial Mortgage Backed Securities (CMBS) were resilient as well, finishing 1.02% higher in nominal terms and 0.66% excess in 3Q13. Non-Corporate Credit issues fared positively in 3Q13, but with a relatively weaker 0.37% nominal and 0.41% excess return.
5 Best Clean Energy Stocks To Own For 2015: Navidea Biopharmaceuticals Inc (NAVB)
Navidea Biopharmaceuticals, Inc. (Navidea), formerly Neoprobe Corporation, incorporated in 1983, is a biopharmaceutical company focused on the development and commercialization of precision diagnostic agents. As of December 31, 2011, the Company’s radiopharmaceutical development programs included Lymphoseek (Lymphoseek, Kit for the Preparation of Technetium Tc99m for Injection), a radiopharmaceutical agent for lymph node mapping; AZD4694, an imaging agent, and RIGScan, a tumor antigen-specific targeting agent. In January 2012, the Company executed an option agreement with Alseres Pharmaceuticals, Inc. (Alseres) to license [123I]-E-IACFT Injection, also called Altropane, an Iodine-123 radiolabeled imaging agent, being developed as an aid in the diagnosis of Parkinson’s disease, movement disorders and dementia. In August 2011, the Company sold its gamma detection device line of business (the GDS Business) to Devicor Medical Products, Inc.
Navidea’s pipeline includes clinical-stage radiopharmaceutical agents used to identify the presence and status of disease. Lymphoseek (Kit for the Preparation of Technetium Tc99m for Injection) is a lymph node targeting agent intended for use in intraoperative lymphatic mapping (ILM) procedures and lymphoscintigraphy employed in the overall diagnostic assessment of certain solid tumor cancers. The lymph system is a component of the body’s immune system. The key components of the lymph system are lymph nodes-small anatomic structures that contain disease-fighting lymphocytes, filter lymph of bacteria and cancer cells, and signal infection in response to heightened levels of pathogens. In Navidea’s Phase III clinical studies of Lymphoseek, it detected over 99% of positive nodes identified by vital blue dye (VBD). As of December 31, 2011, Navidea, in co-operation with UC, San Diego affiliate (UCSD), completed or initiated five Phase I clinical trials, one multi-cent er Phase II trial and three multi-center Phase II trials inv! olving Lymphoseek. Two Phase III studies were completed in subjects with breast cancer and melanoma. During the year ended December 31, 2011, data from NEO3-09 were released, which indicated that all primary and secondary endpoints for the study were met. As of December 31, 2011, third Phase III clinical trial for Lymphoseek in subjects with head and neck squamous cell carcinoma (NEO3-06) was in progress.
AZD4694 is a Fluorine-18 labeled precision radiopharmaceutical candidate for use in the imaging and evaluation of patients with signs or symptoms of cognitive impairment such as Alzheimer’s disease (AD). It binds to beta-amyloid deposits in the brain that can then be imaged in positron emission tomography (PET) scans. Amyloid plaque pathology is a required feature of AD and the presence of amyloid pathology is a supportive feature for diagnosis of probable AD. Patients who are negative for amyloid pathology do not have AD. AZD4694 has been studied in several clinical trials. Clinical studies through Phase IIa have included more than 80 patients to date, both suspected AD patients and healthy volunteers. No significant adverse events have been observed. Results suggest that AZD4694 has the ability to image patients quickly and safely with high sensitivity.
As of December 31, 2011, RIGScan had been studied in a number of clinical trials, including Phase III studies. Navidea has conducted two Phase III studies, NEO2-13 and NEO2-14, of RIGScan in patients with primary and metastatic colorectal cancer, respectively. Both studies were multi-institutional involving cancer treatment institutions in the United States, Israel, and the European Union.
The Company competes with Pharmalucence, Eli Lilly, Bayer Schering, General Electric and GE Healthcare.
- [By Erin McCarthy]
Navidea Biopharmaceuticals Inc.(NAVB) said Chief Executive Mark Pykett would leave that post around the end of this month as the company restructures its biopharmaceutical product pipeline.
- [By Lauren Pollock]
Navidea Biopharmaceuticals Inc.(NAVB) said the U.S. Food and Drug Administration has granted a priority review for an expanded use of its Lymphoseek drug for some patients with head and neck cancer. Shares dropped 5.4% to $1.97 premarket.
- [By Lauren Pollock]
Among the companies with shares expected to actively trade in Tuesday’s session are Toll Brothers Inc.(TOL) and Navidea Biopharmaceuticals Inc.(NAVB)
5 Best Clean Energy Stocks To Own For 2015: RLI Corp. (RLI)
RLI Corp., through its subsidiaries, underwrites property and casualty insurance primarily in the United States. The company operates in three segments: Casualty, Property, and Surety. The Casualty segment provides general liability services consisting of coverage for third party liability of commercial insurers, including manufacturers, contractors, apartments, and mercantile; commercial and personal umbrella coverage; and commercial transportation that include automobile liability and physical damage insurance to local, intermediate, and long haul truckers, public transportation risks, and equipment dealers, as well as incidental and related insurance coverage. It also offers professional liability coverages, such as directors? and officers? liability insurance, employment practices liability, and other miscellaneous professional liability coverage; and specialty program coverages, such as commercial property, general liability, inland marine, and crime, as well as deduc tible buy-back. The Property segment offers property coverage that consists primarily of excess and surplus lines and specialty insurance, such as fire and earthquake. It also provides insurance for commercial and industrial risks, such as office buildings, apartments, condominiums, and certain industrial and mercantile structures, as well as writes boiler and machinery coverage; marine coverage, including hull, cargo, and protection and indemnity; homeowners and dwelling fire insurance; and property facultative reinsurance for insurance companies. The Surety segment specializes in writing small-to-large commercial and small contract surety coverages, as well as for the energy, petrochemical, and refining industries. It offers miscellaneous bonds, such as license and permit, notary, and court bonds; and fidelity and crime coverage for commercial insured and select financial institutions. RLI Corp. was founded in 1965 and is headquartered in Peoria, Illinois.
- [By Ben Levisohn]
For the past several years, Berkshire has contrasted its own cost-free float provided by profitable underwriting against the industry’s (unimpressive) tendency to lose money on underwriting while generating net returns from investment income. So far, so good. Less edifying, though, is the repeated contrast of Berkshire’s track record of profitability to State Farm’s…even though, as a mutual company, State Farm’s profitability goals are inherently different from for-profit insurers like Berkshire. It’s true that through year-end 2013, Berkshire’s underwriters have “now operated at an underwriting profit for eleven consecutive years,” but so have ACE (ACE), American Financial (AFG), AmTrust Financial (AFSI), Arch Capital (ACGL), Chubb (CB), HCC (HCC), Progressive (PGR), RLI (RLI), and W.R. Berkley (WRB), any or all of whom provide a more meaningful comparison than contrasting Berkshire’s results to a company that’s not out to produce a profit in t he first place.
- [By Neil Macneale]
The top-rated stock among split announcements is RLI Corp. (RLI). I had never heard of this company, and I’m pleased to make its acquaintance.