If you’re feeling good about the market, you’re not alone. Take my hand as we go over some of this week’s more uplifting headlines.
1. Facebook writes another fat check
Facebook (NASDAQ: FB ) turned heads with its $19 billion deal for WhatsApp.
There’s no shortage of critics arguing that the social networking giant is overpaying for the mega messaging app, but a lot of those likely think that Facebook is overvalued itself. That places the bulk of the price — $12 billion in Facebook stock and another $3 billion in restricted stock units — into a different perspective. The balance is $4 billion in cash, and that’s not going to break the bank at Facebook.
Skeptics also feel that WhatsApp — a site with no advertising that charges just $0.99 a year per user after the first year — is just a bad business. Well, there were plenty of naysayers suggesting that Facebook overpaid when it shelled out $1 billion for Instagram, and the photo-sharing site has only grown more popular.
Top 10 High Tech Companies To Buy Right Now: Calgon Carbon Corp (CCC)
Calgon Carbon Corporation is a provider of products, services, and solutions for purifying water and air. The Company operates in three reportable segments: Activated Carbon and Service, Equipment, and Consumer. The Activated Carbon and Service segment manufactures granular and powdered activated carbon for use in applications to primarily remove organic compounds from water, air and other liquids and gases. The service aspect of the segment consists of reactivation and the leasing, monitoring and maintenance of carbon adsorption equipment. The Equipment segment provides solutions to customers’ air and water purification problems through the design, fabrication, installation, and sale of equipment systems that utilize a combination of the Company’s enabling technologies: carbon adsorption, ultraviolet light (UV), Ballast Water Treatment (BWT), and advanced ion exchange separation (ISEP). The Consumer segment primarily consists of the manufacture and sale of carbon clot h. On March 31, 2011 the Company completed the acquisition of Calgon Carbon Japan KK (CCJ).
Activated Carbon and Service
The sale of activated carbon is the principle component of the Activated Carbon and Service business segment. Activated carbon is a porous material that removes organic compounds from liquids and gases by a process known as adsorption. In adsorption, unwanted organic molecules contained in a liquid or gas are attracted and bound to the surface of the pores of the activated carbon as the liquid or gas is passed through. The primary raw material used in the production of the Company’s activated carbons is bituminous coal which is crushed, sized and then processed in low temperature kilns followed by high temperature furnaces. The Company also markets activated carbons from other raw materials, including coconut shell and wood. The Company produces and sells a range of activated, impregnated or acid washed carbons in granular, powd ered or pellet form. Granular activated carbon (GAC) particl! es are irregular in shape and generally used in fixed filter beds for continuous flow purification processes.
Another component of the Activated Carbon and Service business segment are the optional services associated with supplying the Company’s products and systems required for purification, separation, concentration, taste and odor control. The Company offers a variety of treatment services at customer facilities, including carbon supply, equipment leasing, installation and demobilization, transportation and spent carbon reactivation. Other services include feasibility testing, process design, performance monitoring and maintenance of Company-owned equipment. The central component of the Company’s service business is reactivation of spent carbon and re-supply. The Company provides reactivation/recycling services in packages ranging from a 55 gallon drum to truckload quantities.
Along with providing activated carbon pro ducts, the Company has developed a portfolio of standardized, pre-engineered, adsorption systems capable of treating liquid flows from 1 gallons per minute to 1,400 gallons per minute, which can be delivered and installed at treatment sites. These self-contained adsorption systems are used for vapor phase applications, such as volatile organic compound (VOC) control, air stripper off-gases, and landfill gas emissions. Liquid phase equipment systems are used for applications of potable water, process purification, wastewater treatment, groundwater remediation and de-chlorination. The Company produces a range of odor control equipment, which typically utilizes catalytic activated carbon to control odors at municipal wastewater treatment facilities and pumping stations. The Company’s variety of equipment systems treats the odors that emanate from municipal wastewater treatment facilities and the sewage collection systems that bring the waste to the treatment plant.
The ISEP (Ionic Separator) continuous ion exchange units ! are used ! for the purification and recovery of many products in the food, pharmaceutical, and biotechnology industries. The ISEP Continuous Separator units perform ion exchange separations using countercurrent processing. The ISEP and CSEP (chromatographic separator) systems are used at over 300 installations worldwide in more than 40 applications in industrial settings, as well as in environmental applications, including perchlorate and nitrate removal from drinking water. The Hyde GUARDIAN System was developed as a chemical-free, International Maritime Organization (IMO) type approved, ballast water management solution. The system is designed to meet the needs of ship owners to install treatment system.
The primary product offered in the Consumer segment is carbon cloth. Carbon cloth, which is activated carbon in cloth form, is manufactured in the United Kingdom and sold to the medical, military, and specialty markets. Zorflex Activated Carbon Clo th can be used in numerous additional applications, including sensor protection; filters for ostomy bags; wound dressings; conservation of artifacts, and respiratory masks.
The Company competes with Norit, N.V., Mead/Westvaco Corporation, Siemens Water Technologies, Trojan Technologies, Inc., Xylem, Wedeco Ideal Horizons, Panasia, Alfa Lavel Tumba AB, Hyde Marine, Inc. and Wartsila.
- [By Inyoung Hwang]
Computacenter Plc (CCC) slipped 4.5 percent to 543 pence, its biggest drop since June. UBS AG lowered the technology-services provider to neutral from buy, citing its valuation. The shares have climbed to 13.18 times estimated earnings from 11.81 times at the end of last year, according to data compiled by Bloomberg.
Top 10 High Tech Companies To Buy Right Now: Impax Laboratories Inc.(IPXL)
Impax Laboratories, Inc., a specialty pharmaceutical company, engages in the development, manufacture, and marketing of bioequivalent pharmaceutical products. The company operates in two divisions, Global Pharmaceuticals and Impax Pharmaceuticals. The Global Pharmaceuticals division develops, manufactures, sells, and distributes generic pharmaceutical products. It provides its generic pharmaceutical prescription products directly to wholesalers and retail drug chains; and generic pharmaceutical over-the-counter and prescription products through unrelated third-party pharmaceutical entities. The Impax Pharmaceutical division develops proprietary brand pharmaceutical products that address central nervous system disorders, including Alzheimer?s disease, attention deficit hyperactivity disorder, depression, epilepsy, migraines, multiple sclerosis, Parkinson?s disease, and schizophrenia, as well as promotes third-party branded pharmaceutical products. As of May 2, 2011, the com pany marketed 101 generic pharmaceuticals, which represent dosage variations of 29 different pharmaceutical compounds; and another 16 of its generic pharmaceuticals representing dosage variations of 4 different pharmaceutical compounds. It markets and sells its generic pharmaceutical prescription drug products in the continental United States and the Commonwealth of Puerto Rico. The company has a strategic alliance agreement with Teva Pharmaceuticals Curacao N.V. Impax Laboratories, Inc. was founded in 1993 and is headquartered in Hayward, California.
- [By Eric Ho]
These heavy hitters include Sanofi’s (NYSE: SNY ) Renagel, Fresenius’ Phoslo, and generic calcium acetate versions of Phoslo. Additionally, Impax Laboratories (NASDAQ: IPXL ) intends to market a generic sevelamer product following for Renagel’s 2014 patent expiration.
- [By Eric Volkman]
Impax Laboratories (NASDAQ: IPXL ) will soon hand out a raft of pink slips. As part of a move to slice costs, the company has announced a reduction in its headcount by roughly 110 employees. Most of these cuts will be effected at its manufacturing facility in Hayward, Calif.
Top 10 High Tech Companies To Buy Right Now: Genetic Technologies Ltd (GENE)
Genetic Technologies Limited provides genetic testing services. It offers a range of DNA based genetic tests for cancer predisposition, including breast cancer, ovarian cancer, bowel cancer, and uterine cancer; neurogenetic diagnostic assays; and gene testing for gene related disorders. The company also provides forensics tests, such as presumptive and confirmatory testing, individual DNA profiling, species identification, and animal forensic testing; paternity tests, which include antenatal, deceased estate, grandparent, immigration, legal paternity, non-legal paternity, sibling, twins, and Y-Chromosome DNA testing, as well as DNA profiling; and personal DNA testing comprising sports performance and ancestry gene testing. In addition, it offers animals tests consisting of disease testing, breed identification, coat color, and forensic DNA testing, as well as DNA clinical services; and plant tests, including genomic and Xpress sequencing services. Further, the company is involved in the out-licensing of its intellectual property relating to non-coding DNA; and research and development activities in the areas of genetics and related fields. It operates in Australia, the United States, China, Canada, and Switzerland. The company was formerly known as Duketon Goldfields N.L. and changed it name to Genetic Technologies Limited in August 2000 as a result of the change in business from mining to biotechnology. Genetic Technologies Limited is headquartered in Fitzroy, Australia
- [By Holly LaFon]
Eugene (Gene) Abegg is arguably the greatest banker nobody has ever heard of. In fact, Abegg could have been cast as a crusty version of George Bailey of the Bailey Building and Loan Association in Frank Capra’s It’s a Wonderful Life.
- [By John Udovich]
The National Cancer Institute estimates that about ten million Americans have or have had some form of cancer with the overall costs of the disease topping $126 billion annually – meaning there is a big market for small cap cancer diagnostic stocks like Rosetta Genomics Ltd. (NASDAQ: ROSG), Genetic Technologies Limited (NASDAQ: GENE) and MetaStat Inc (OTCBB: MTST) just in the US alone without considering global cancer figures. After all, catching and doing something about cancer early on is critical to increase survival rates and bring down the cost of treatment. With that in mind, here are three small cap cancer diagnostic stocks helping to lead the fight to diagnose and stop cancer:
Top 10 High Tech Companies To Buy Right Now: JAKKS Pacific Inc.(JAKK)
JAKKS Pacific, Inc. designs, produces, markets, and distributes toys and consumer products worldwide. The company offers traditional toys and electronics, such as action figures and accessories, including licensed characters under Pokemon name; toy vehicles and accessories under Road Champs, Fly Wheels, and MXS names; electronics products under EyeClops Bionic Eye, Laser Challenge, and Plug It In & Play TV Games names; dolls and accessories, including small and large dolls, fashion dolls, and baby dolls under Disney Princess, Disney Fairies, Cabbage Patch Kids, Taylor Swift, Fancy Nancy, Hello Kitty, Graco, and Fisher Price names; private label products; pet products, including toys, consumables, and accessories under American Kennel Club and The Cat Fanciers? Association; and vehicles, play sets, plush products, construction toys, and infant and pre-school toys. It also offers role play, novelty, and seasonal toys, including food play and activity kits under Girl Gourmet, Creepy Crawlers, and BloPens names; role-play, dress-up, pretend play, and novelty products for boys and girls under Black & Decker, McDonald?s, Dirt Devil, Disney Princess, Disney Fairies, Barbie, and Dora the Explorer names; indoor and outdoor kids? furniture, activity trays, tables and room d Advisors’ Opinion:
- [By Lauren Pollock]
Toy maker Jakks Pacific Inc.(JAKK) posted better-than-expected results, including revenue not falling as much as feared and profit surprisingly rising. Shares surged 22% to $6.03 premarket.
- [By Sean Williams]
What: The fun and games are over for toy and consumer products maker JAKKS Pacific (NASDAQ: JAKK ) , which saw its shares get mauled by 37% after reporting its second-quarter results.
- [By Rick Munarriz]
Shares of JAKKS Pacific (NASDAQ: JAKK ) shed roughly a third of their value today after the company posted disappointing quarterly results and nixed its quarterly dividend.
Top 10 High Tech Companies To Buy Right Now: MGIC Investment Corp (MTG)
MGIC Investment Corporation (MGIC), incorporated June 21, 1984, is a holding company and through wholly owned subsidiaries is a private mortgage insurer in the United States. As of December 31, 2012, its principal mortgage insurance subsidiaries, Mortgage Guaranty Insurance Corporation (MGIC) and MGIC Indemnity Corporation (MIC), were each licensed in all 50 states of the United States, the District of Columbia and Puerto Rico. During the year ending December 31, 2012, the Company wrote new insurance in each of those jurisdictions in MGIC and/or MIC. The Company capitalized MIC to write new insurance in certain jurisdictions where MGIC no longer meets, and is unable to obtain a waiver of, those jurisdictions’ minimum capital requirements. Private mortgage insurance covers losses from homeowner defaults on residential mortgage loans, reducing and, in some instances, eliminating the loss to the insured institution if the homeowner defaults.
Primary insurance provides mortgage default protection on individual loans and covers unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure. Primary insurance is written on first mortgage loans secured by owner occupied single-family homes, which are one-to-four family homes and condominiums. Primary insurance is also written on first liens secured by non-owner occupied single-family homes, which are referred to in the home mortgage lending industry as investor loans, and on vacation or second homes. Primary coverage can be used on any type of residential mortgage loan instrument approved by the mortgage insurer.
When a borrower refinances a mortgage loan insured by the Company by paying it off in full with the proceeds of a new mortgage that is also insured by it, the insurance on that existing mortgage is cancelled, and insurance on the new mortgage is considered to be new primary i nsurance written. Therefore, continuation of its coverage fr! om a refinanced loan to a new loan results in both a cancellation of insurance and new insurance written. When a lender and borrower modify a loan rather than replace it with a new one, or enter into a new loan pursuant to a loan modification program, its insurance continues without being cancelled assuming that the Company consent to the modification or new loan.
The borrower’s mortgage loan instrument requires the borrower to pay the mortgage insurance premium. There are several payment plans available to the borrower, or lender, as the case may be. Under the monthly premium plan, the borrower or lender pays it a monthly premium payment to provide only one month of coverage. Under the annual premium plan, an annual premium is paid to it in advance, and it earns and recognizes the premium over the next 12 months of coverage, with annual renewal premiums paid in advance thereafter and earned over the subsequent 12 months of coverage. Under the single premium p lan, the borrower or lender pays it a single payment covering a specified term exceeding twelve months.
Pool insurance is used as an additional credit enhancement for certain secondary market mortgage transactions. Pool insurance covers the excess of the loss on a defaulted mortgage loan which exceeds the claim payment under the primary coverage, if primary insurance is required on that mortgage loan, as well as the total loss on a defaulted mortgage loan which did not require primary insurance. Pool insurance is used as an additional credit enhancement for certain secondary market mortgage transactions. Pool insurance covers the excess of the loss on a defaulted mortgage loan, which exceeds the claim payment under the primary coverage, if primary insurance is required on that mortgage loan, as well as the total loss on a defaulted mortgage loan which did not require primary insurance. In general, the loans insured by it in Wall Street bulk transactions consiste d of loans with reduced underwriting documentation; cash out! refinanc! es, which exceed the standard underwriting requirements of the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively GSEs); A- loans; subprime loans, and jumbo loans.
Other Products and Services
The Company has participated in risk sharing arrangements with the GSEs and captive mortgage reinsurance arrangements with subsidiaries of certain mortgage lenders, which reinsure a portion of the risk on loans originated or serviced by the lenders, which have MGIC primary insurance. It provides information regarding captive mortgage reinsurance arrangements to the New York Department of Insurance (known as the New York Department of Financial Services), the Minnesota Department of Commerce and the Department of Housing and Urban Development, (HUD). It performs contract underwriting services for lenders, in which it judges whether the data relating to the borrower and the loan contained in the lender’s mortgage loan application file comply with the lender’s loan underwriting guidelines. It also provides an interface to submit data to the automated underwriting systems of the GSEs, which independently judge the data. These services are provided for loans, which require private mortgage insurance, as well as for loans that do not require private mortgage insurance. It provides mortgage services for the mortgage finance industry, such as portfolio retention and secondary marketing of mortgages.
The Company competes with Federal Housing Administration, Veterans Administration, PMI Mortgage Insurance Company, Genworth Mortgage Insurance Corporation, United Guaranty Residential Insurance Company, Radian Guaranty Inc., CMG Mortgage Insurance Company, and Essent Guaranty, Inc.
- [By George Putnam]
George Putnam: Sure. Well, MGIC Investment Corp. (MTG), which insures mortgages—residential mortgages—was really hammered back in 2007, 2008, and it struggled to, sort of, dig out of the hole that it got in from all of the defaults that individual homeowners made on their mortgages.
- [By Jon C. Ogg]
MGIC Investment Corp. (NYSE: MTG) made the move to the Conviction Buy List on December 5, with a $10 price target. The company is benefiting from a solid improvement in credit and mortgage quality. With shares close to $8.40 now, the consensus price target is $8.81 and the 52-week trading range is $1.92 to $8.59. We noticed that the $10 price target is well under the street-high target of $13 on this stock.
- [By Amanda Alix]
Hot on the heels of a $15 million Consumer Financial Protection Bureau settlement with mortgage insurers Genworth Financial (NYSE: GNW ) , MGIC Investment (NYSE: MTG ) , Radian Group (NYSE: RDN ) , and United Guaranty, a subsidiary of AIG (NYSE: AIG ) , over kickbacks paid to banks for mortgage insurance, comes some bad news in the same vein — this time, for Bank of America (NYSE: BAC ) .
- [By Paul Ausick]
Big Earnings Movers: Bank of America Corp. (NYSE: BAC) is up 2.3% at $14.56 on decent results. MGIC Investment Corp. (NYSE: MTG) is up 14.9% at $8.34. PepsiCo Inc. (NYSE: PEP) is up 2.1% at $82.27 on better snack sales. Intel Corp. (NASDAQ: INTC) is up 1.3% at $23.68 on modest results. Yahoo! Inc. (NASDAQ: YHOO) is down 0.9% at $33.09 and probably deserves more love than it’s getting.
Top 10 High Tech Companies To Buy Right Now: Steel Dynamics Inc.(STLD)
Steel Dynamics, Inc., together with its subsidiaries, engages in the manufacture and sale of steel products in the United States and internationally. The company operates in three segments: Steel Operations, Metals Recycling and Ferrous Resources Operations, and Steel Fabrication Operations. The Steel Operations segment provides a range of sheet steel products, including hot rolled, cold rolled, and coated steel products; structural steel beams, pilings, and rails; special bar quality and merchant bar quality rounds and round-cornered squares; billets and merchant steel products comprising angles, plain rounds, flats, and channels; and merchant beams and specialty structural steel sections. This segment offers its products for automotive, agriculture, energy, construction, commercial, transportation, and industrial machinery markets. The Metals Recycling and Ferrous Resources Operations segment purchases, processes, and resells ferrous products, such as heavy melting steel , busheling, bundled scrap, shredded scrap, steel turnings, and cast iron products; and processes nonferrous products consisting of aluminum, brass, copper, stainless steel, and other nonferrous metals for use in foundry, mill refining, and smelting applications. It also provides liquid pig iron and hot briquetted iron; and iron nugget products. The Steel Fabrication Operations segment fabricates steel building components, which include steel joists, trusses, girders, and decking products for the non-residential construction industry. The company was founded in 1993 and is headquartered in Fort Wayne, Indiana.
- [By Marc Bastow]
Steel producer and metals recycling company Steel Dynamics (STLD) raised its quarterly dividend 5% to 11.50 cents per share, payable April 11 to shareholders of record as of March 31.
STLD Dividend Yield: 2.62%
- [By Ben Levisohn]
Shares of Nucor have gained 0.6% to $49.75 at 2:43 p.m., while ArcelorMittal has risen 1.4% to $15.31, US Steel (X) has jumped 4.6% to $25.31, AK Steel (AKS) has climbed 4.4% to $6.39 and Steel Dynamics (STLD) has advanced 1.6% to $16.95.
Top 10 High Tech Companies To Buy Right Now: Jabil Circuit Inc.(JBL)
Jabil Circuit, Inc., together with its subsidiaries, provides electronic manufacturing services and solutions worldwide. The company offers electronics and mechanical design, production, product management, and after-market services to companies in the aerospace, automotive, computing, consumer, defense, industrial, instrumentation, medical, networking, peripherals, solar, storage, and telecommunications industries. Its services comprise integrated design and engineering; component selection, sourcing, and procurement; automated assembly; design and implementation of product testing; parallel global production; enclosure services; and systems assembly, direct-order fulfillment, and configure-to-order services. The company also provides set-top boxes, mobility products, and display products, as well as peripheral products, such as printers and point of sale terminals; and aftermarket services consisting of warranty and repair services. Jabil Circuit, Inc. was founded in 196 6 and is headquartered in St. Petersburg, Florida.
- [By John Kell and Tess Stynes var popups = dojo.query(“.socialByline .popC”); p]
Jabil Circuit Inc.(JBL) said it swung to a loss in the fiscal second quarter as the contract electronics manufacturer reported a decline in revenue and significant restructuring costs. Shares rose 1.9% to $18.61 premarket.
- [By Wallace Witkowski]
In other after-hours trading, shares of Jabil Circuit Inc. (JBL) rose 2.7% to $18.75 on moderate volume.
- [By Piyush Arora]
This, of course, presents a bullish outlook for Apple. But, iPhone’s hardware and software suppliers, namely Micron (NASDAQ: MU ) , Jabil Circuit (NYSE: JBL ) , and Electronic Arts (NASDAQ: EA ) , also stand to benefit here. Do these stocks deserve a place in your portfolio?
- [By DailyFinance Staff]
The looming Fed taper has been the talk of Wall Street for months, but it still came as a surprise to investors when it actually happened. Stocks rallied Wednesday following the Fed’s decision to cut its $85 billion a month purchase of bonds by $10 billion, beginning in January. Outgoing Fed Chairman Ben Bernanke said the economy continues to “make progress.” The Dow Jones industrial average (^DJI) soared 292 points on the news, its third biggest one-day gain this year. The Dow also hit a closing high, as did the Standard & Poor’s 500 index (^GPSC), which gained 29 points. And the Nasdaq composite (^IXIC) rose 46 points. Consider it Bernanke’s final present to the market before he retires from his position atop the Fed. Among the big blue chip winners, 3M (MMM) rose 3 percent, while Exxon Mobil (XOM), Chevron (CVX) and Goldman Sachs (GS) all rose 2 percent. But Microsoft (MSFT) was flat, reflecting across the board weakness in tech stocks. Many of the biggest players on the Nasdaq lost ground despite the overall market rally. Apple (AAPL) and Twitter (TWTR) ended lower and Tesla (TSLA) lost nearly 3 percent. Part of the reason for the tech weakness was an earnings miss and a weak forecast from Jabil Circuits (JBL), a key maker of electronics. Its shares plunged 20 percent. But homebuilders were strong following a report showing that housing starts last month rose to highest level in nearly six years. Lennar (LEN), which also posted strong earnings, jumped 6 percent. William Lyon Homes rose 4 percent, KB Homes (KBH) and Toll Brothers (TOL) each rose 3.5 percent. Ford (F) shares skidded more than 6 percent after lowering its profit forecast for next year. The company also warned that it may not meet its target for 2015 and 2016. In part, Ford blames the high expenses tied its planned launch of a record number of new vehicles next year. Finally, the movie theater chain AMC Entertainment (AMC) rose 5 percent from its $18 a share IPO price. This is exp
Top 10 High Tech Companies To Buy Right Now: TrustCo Bank Corp NY(TRST)
TrustCo Bank Corp NY operates as the holding company for Trustco Bank that provides general banking services to individuals, partnerships, and corporations. The company primarily involves in accepting deposits, and making loans and investments. It also serves as the executor of estates and trustee of personal trusts; provides asset and wealth management, estate planning and related advice, and custodial services; and acts as the trustee for various types of employee benefit plans, and corporate pension and profit sharing trusts. In addition, the company operates a real estate investment trust that acquires, holds, and manages real estate mortgage assets, including residential mortgage loans and mortgage-backed securities. As of December, 2010, it operated 141 automatic teller machines and 134 banking offices in Albany, Columbia, Dutchess, Greene, Orange, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Ulster, Warren, Washington, and Westchester counties in New York ; Charlotte, Hillsborough, Lake, Manatee, Orange, Osceola, Polk, Sarasota, Seminole, and Volusia counties in Florida; Bennington County in Vermont; Berkshire County in Massachusetts; and Bergen County in New Jersey. The company was founded in 1902 and is headquartered in Glenville, New York.
- [By Rick Munarriz]
The market kicks off with TrustCo (NASDAQ: TRST ) reporting quarterly results on Monday. Many of the “too big to fail” institutions reported in recent days, but now it’s time to check out some of the regional players. TrustCo has 138 offices through the Northeast and Florida, watching over $4.3 billion in assets.
Top 10 High Tech Companies To Buy Right Now: Hovnanian Enterprises Inc (HOV)
Hovnanian Enterprises, Inc. (Hovnanian), incorporated in 1967, designs, constructs, markets, and sells single-family detached homes, attached townhomes and condominiums, mid-rise condominiums, urban infill and active adult homes in planned residential developments. The Company consists of two distinct operations: homebuilding and financial services. Its homebuilding operations consist of six segments: Northeast,including New Jersey and Pennsylvania; Mid-Atlantic, including Delaware, Maryland, Virginia, West Virginia, and Washington, D.C; Midwest, including Illinois, Minnesota and Ohio; Southeast, including Florida, Georgia, North Carolina and South Carolina; Southwest, including Arizona and Texas, and West, including California. Its financial services operations provide mortgage loans and title services to the customers of its homebuilding operations. During fiscal year ended October 31, 2011 (fiscal 2011), the Company had delivered 4,216 homes.
As of October 31, 2011, the Company was, excluding unconsolidated joint ventures, offering homes for sale in 192 communities in 37 markets in 16 states throughout the United States. It markets and builds homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active adult buyers and empty nesters. It offers a product range to provide housing to a range of customers. Its diverse product array includes single-family detached homes, attached townhomes and condominiums, mid-rise condominiums, urban infill and active adult homes.
The Company’s residential development activities include site planning and engineering, obtaining environmental and other regulatory approvals and constructing roads, sewer, water, and drainage facilities, recreational facilities and other amenities and marketing and selling homes. These activities are performed by its associates, together with independent architects, consultants, and contractors.
The Company sells its homes to customers who finance their purchases th! rough mortgages. It originates loans in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia.
- [By Bloomberg]
Gene J. Puskar/AP Purchases of previously owned homes in the U.S. declined in February to the lowest level since July 2012, a sign the industry may be slow to recover. Contract closings on existing properties fell 0.4 percent to a 4.6 million annual rate, matching the median projection in a Bloomberg survey, figures from the National Association of Realtors showed Thursday in Washington. Prices rose 9.1 percent from a year earlier, the group said. The slowdown in housing since the middle of last year reflects a pickup in borrowing costs, declining affordability, limited job growth and, more recently, bad weather. At the same time, Federal Reserve Chair Janet Yellen said Wednesday that more household formation will allow the real-estate market to strengthen. “It may take some time to get sales back on track after the weather effect,” Tom Simons, an economist at Jefferies in New York, said before the report. “Home sales will keep growing this year though maybe not at the pace we saw last year. Rising mortgage rates are a modest negative for demand.” Estimates in the Bloomberg survey of economists ranged from 4.5 million to 4.76 million. The prior month’s pace was unrevised at 4.62 million. Stocks declined, sending equities to a second day of losses, after Yellen signaled Wednesday that interest rates may rise by the middle of next year. The Standard & Poor’s 500 index (^GSPC) dropped 0.1 percent to 1,859.18 at 10:05 a.m. in New York. Jobless Claims Another report Thursday showed the number of Americans filing applications for unemployment benefits held last week near the lowest level in almost four months, a sign the labor market continues to strengthen. Jobless claims increased by 5,000 to 320,000 in the week ended March 15. The median price of an existing home rose from February 2013, to $189,000, Thursday’s report showed. Sales of home priced $250,000 and less declined, while those selling for more increased. First-time buyers accounted for 2
- [By Bloomberg]
Patrick T. Fallon/Bloomberg via Getty Images Housing starts in the U.S. were little changed in February after declining less than previously estimated a month earlier, indicating the home-building industry is stabilizing after bad winter weather curbed construction. The 0.2 percent decrease to 907,000 homes at an annualized rate last month followed a revised 909,000 pace in January, figures from the Commerce Department in Washington showed Tuesday. The median estimate in a Bloomberg survey called for a 910,000 rate after a previously reported 880,000 in January. Warmer temperatures, a pickup in demand during the spring selling season and limited housing supply may help fuel further gains in new residential construction. The outlook for the industry later this year depends on whether hiring picks up enough to overcome higher mortgage rates and home prices. “We will see improvement as the year goes on and weather improves,” said David Sloan, a senior economist at 4cast in New York and the top-ranked forecaster of starts in the last two years, according to data compiled by Bloomberg. “The pace of increase will be fairly moderate. It suggests we’re going to get respectable economic growth, but maybe not a strong acceleration.” Estimates of 82 economists surveyed by Bloomberg ranged from 792,000 to 986,000. The February pace was the slowest in four months. Another report showed consumer prices rose 0.1 percent in February for a second month, according to the Labor Department. More than half the increase was due to higher food costs. Stock-index futures held earlier gains after the figures, with the contract on the Standard & Poor’s 500 Index maturing in June rising 0.4 percent to 1,857.4 at 8:43 a.m. in New York. Building Permits Permits filed for future projects increased 7.7 percent to a 1.02 million pace in February, the most since October and reflecting a surge in applications for apartment-building construction. One-family home-building permits
Top 10 High Tech Companies To Buy Right Now: Oleo e Gas Participacoes SA (OGXP3)
Oleo e Gas Participacoes SA, formerly Centennial Asset Participacao Corumba SA, is a Brazil-based company involved in the oil and natural gas industry. The Company and its subsidiaries are primarily engaged in the research, mining, refining, processing, trade and transportation of oil and natural gas. The Company’s subsidiaries participated in a number of concessions in the Brazil and Colombia. On November 21, 2013, processing of judicial recovery was approved for the Company and OGX Petroleo e Gas SA, following decision of the Corporate Court of Capital of the State of Rio de Janeiro. Advisors’ Opinion:
- [By Rajhkumar K Shaaw]
The MSCI Emerging Markets Index retreated 0.3 percent to 1,027.27, extending its weekly slump to 1.4 percent. The Shanghai Composite Index (SHCOMP) slid to the lowest level in seven weeks as Great Wall Motor Co. (601633) tumbled 10 percent after earnings missed analysts’ estimates. Oil company OGX Petroleo e Gas Participacoes SA (OGXP3) sank 19 percent, pacing losses in Brazil’s Ibovespa. The rupiah strengthened the most since Sept. 19.
- [By Harry Suhartono]
The MSCI Emerging Markets Index fell 0.3 percent to 1,004.66. OGX Petroleo e Gas Participacoes SA (OGXP3) plunged to a record low in Sao Paulo as two people with knowledge of the matter said the oil producer is considering filing for bankruptcy protection within a month. India’s rupee snapped a three-day gain. Polish yields sank to an eight-week low on bets Zyta Gilowska’s successor on the central bank’s rate-setting panel will be reluctant to tighten monetary policy in 2014.