ATHENS, Greece (AP) — Greece’s finance minister pledged Tuesday to stick with unpopular austerity measures and correct years of profligate state spending, in the hope of securing a budget surplus this year that could pave the way for a new debt reduction deal.
“We still face a hard road ahead, until Greece can access markets again,” Yannis Stournaras told a press conference. “But we have covered at least two thirds of the way, as far as fiscal adjustment goes, and three quarters of the way on competitiveness.”
Stournaras was speaking a day after Greece struck a deal with creditors expected to secure it 8.8 billion euros in further loan payments from its international creditors. The deal followed weeks of tough negotiations and will include a taboo-breaking 15,000 layoffs in the public sector.
The minister told the press conference Tuesday that the country’s next main target is to achieve a primary surplus — which excludes the cost of servicing the huge public debt — on its budget in 2013, a year ahead of target. Athens hopes that by reaching this milestone, it will get further debt relief from its creditors.
Top 5 Low Price Companies To Own For 2014: Insteel Industries Inc.(IIIN)
Insteel Industries, Inc. manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers pre-stressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a high strength seven-wire strand that is used to impart compression forces into precast concrete elements and structures, which may be either pre-tensioned or post-tensioned, providing reinforcement for bridges, parking decks, buildings, and other concrete structures. The company?s WWR is produced as either a standard or a specially engineered reinforcing product for use in nonresidential and residential construction. Its products comprise concrete pipe reinforcement, an engineered made-to-order product that is used as the primary reinforcement in concrete pipe, box culverts, and precast manholes for drainage and sewage systems, water treatment facilities, and other related applications; engineered structural mesh, an engineered m ade-to-order product, which is used as the primary reinforcement for concrete elements or structures; and standard welded wire reinforcement, a secondary reinforcing product for crack control applications in residential and light nonresidential construction, including driveways, sidewalks, and various slab-on-grade applications. Insteel Industries sells its products through sales representatives to the manufacturers of concrete products, distributors, and rebar fabricators in the United States, Canada, Mexico, and Central and South America. The company was founded in 1958 and is headquartered in Mount Airy, North Carolina.
- [By Seth Jayson]
Insteel Industries (Nasdaq: IIIN ) reported earnings on April 18. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended March 30 (Q2), Insteel Industries missed estimates on revenues and beat expectations on earnings per share.
- [By Rich Duprey]
With steely reserve, Insteel Industries (NASDAQ: IIIN ) declared it will pay a quarterly cash dividend of $0.03 per share on June 28 to shareholders of record at the close of business on June 14.
Top 5 Low Price Companies To Own For 2014: Heartland Payment Systems Inc. (HPY)
Heartland Payment Systems, Inc. provides bankcard payment processing services in the United States and Canada. It facilitates the exchange of information and funds between merchants and cardholders financial institutions; and offers end-to-end electronic payment processing services, including merchant set-up and training, transaction authorization and electronic draft capture, clearing and settlement, merchant accounting, merchant assistance and support, and risk management to merchants. The company also provides other merchant services comprising payroll processing, gift and loyalty programs, and prepaid and stored-value solutions; paper check processing; payroll and related tax filing services; and secure point-of-sale solutions, as well as sells and rents point-of-sale devices and supplies. In addition, it develops, manufactures, sells, services, and maintains computer software to facilitate accounting and management functions of food service operations of K to 12 sch ools. The company markets its bankcard payment processing services directly to small and mid-sized merchants, and national and mid-tier merchants. Heartland Payment Systems, Inc. was incorporated in 2000 and is headquartered in Princeton, New Jersey.
- [By Eric Volkman]
Heartland Payment Systems (NYSE: HPY ) is set to be an enthusiastic buyer of its own shares. The company’s board has authorized a fresh stock repurchase program to the tune of $75 million. The move is effective immediately, and its term is open-ended.
Top 5 Low Price Companies To Own For 2014: Kona Grill Inc.(KONA)
Kona Grill, Inc. owns and operates upscale casual dining restaurants in the United States. The company operates its restaurants under the Kona Grill name. As of September 22, 2011, it owned and operated 23 upscale casual restaurants in 16 states, including Arizona, Missouri, Nevada, Colorado, Nebraska, Indiana, Texas, Illinois, Michigan, Connecticut, Louisiana, Florida, Virginia, New Jersey, Minnesota, and Maryland. Kona Grill, Inc. was founded in 1994 and is based in Scottsdale, Arizona.
- [By Lisa Levin]
Kona Grill (NASDAQ: KONA) shares rose 2.76% to reach a new 52-week high of $14.95. Kona Grill shares have jumped 66.10% over the past 52 weeks, while the S&P 500 index has gained 26.62% in the same period.
- [By Quoth the Raven]
My argument here is very similar to my argument I recently made with Kona Grill (KONA). Not only is NGS similar to Kona in the fact that they both have insiders with a huge stake in the game, but they both have the same growth prospects.
- [By Jon C. Ogg]
The 24/7 Wall St. list of public companies expected to double sales in the next few years includes the following: Kona Grill Inc. (NASDAQ: KONA), LinkedIn Corp. (NYSE: LNKD), Noodles & Co. (NASDAQ: NDLS), Onyx Pharmaceuticals Inc. (NASDAQ: ONXX), Michael Kors Holdings Ltd. (NYSE: KORS), Questcor Pharmaceuticals Inc. (NASDAQ: QCOR), Tesla Motors Inc. (NASDAQ: TSLA), Under Armour Inc. (NYSE: UA), Workday Inc. (NYSE: WDAY) and Yelp Inc. (NYSE: YELP). Facebook Inc. (NASDAQ: FB) might as well be considered a runner-up here, but it was a direct competitor of LinkedIn in the selections.
Top 5 Low Price Companies To Own For 2014: S&P GSCI(GD)
General Dynamics Corporation, an aerospace and defense company, provides business aviation; combat vehicles, weapons systems, and munitions; military and commercial shipbuilding; and communications and information technology products and services worldwide. Its Aerospace group designs, manufactures, and outfits various large and mid-cabin business-jet aircraft; provides maintenance, repair work, fixed-based operations, and aircraft management services; and performs aircraft completions for aircraft. The company?s Combat Systems group offers tracked and wheeled military vehicles, weapons systems, and munitions. Its product lines include wheeled combat and tactical vehicles; battle tanks and infantry vehicles; munitions and propellant; rockets and gun systems; and axle and drivetrain components and aftermarket parts. This group also manufactures and supplies engineered axles, suspensions, and brakes for heavy-load vehicles for military and commercial customers. The company Advisors’ Opinion:
- [By Rich Smith]
The Department of Defense awarded nine separate defense contracts Monday, worth $1.6 billion in total. Among these, two contracts went to General Dynamics (NYSE: GD ) and Australian shipbuilder Austal (NASDAQOTH: AUTLY ) , its partner in building half the U.S. Navy’s fleet of Littoral Combat Ships, or LCSes.
- [By Marc Bastow]
Defense contractor General Dynamics (GD) raised its quarterly dividend 10.7% to 62 cents per share, payable May 9 to shareholders of record as of April 11. The increase is the 17th consecutive annual dividend raise for GD.
GD Dividend Yield: 2.23%
- [By Philip Springer]
This week, Defense Secretary Chuck Hagel proposed a defense budget that would reduce the US Army to its smallest force since before World War II. And we were woefully under-prepared for that war.
The proposals will face powerful resistance from members of Congress, veterans’ organizations, arms manufacturers and more. Complete details of the proposed federal budget are to be released next week.
The timing is unfortunate. For example, consider this headline from last night: “Russia says it will respect the ‘territorial integrity’ of Ukraine.” Maybe. But such statements are meaningless.
Amid considerable other global unrest these days, reducing our spending on defense seems imprudent. However, various constraints that have built up over time require it, or reductions elsewhere.
Fifty years ago, the military made up nearly half of government spending. Now it’s about 17 percent. Entitlements were one-third of the budg et then. Now they’re approaching two-thirds. “This is a time for reality,” Hagel said.
Under the new approach, the emphasis is to shift from the longstanding goal of being able to fight two wars simultaneously, such as in Europe and Asia; and toward such threats as cyber warfare and terrorism.
For instance, the size of the active-duty military would decline by 13 percent and the reserves by 5 percent in coming years. But Special Operations forces would grow by 6 percent.
Inevitably, this would mean increased risk in the event of a second crisis. “You have fewer troops, fewer ships, fewer planes,” Hagel said. “Readiness is not the same standard. Of course there’s going to be risk.”
The Army currently is scheduled to drop to 490,000 troops from a post-9/11 peak of 570,000. Under the new proposal, the Army would decline to between 440,000 and 450,000 based on the current mandate to impose a military spending cap of about $496 billion for fis
Top 5 Low Price Companies To Own For 2014: Pound/Rand(PX)
Praxair, Inc. engages in the production, distribution, and sale atmospheric and process gases, as well as surface coatings in North America, Europe, South America, and Asia. The company offers atmospheric gases, such as oxygen, nitrogen, argon, and rare gases; and process gases comprising carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. It also designs, engineers, and builds equipment that produces industrial gases; and manufactures precious metal and ceramic sputtering targets used primarily in the production of semiconductors. In addition, the company supplies surface coatings consisting of wear-resistant and high-temperature corrosion-resistant metallic and ceramic coatings and powders to the aircraft, energy, printing, textile, plastics, primary metals, petrochemical, and other industries. Further, it provides electric arc, plasma, and oxygen fuel spray equipment, as well as arc and flame wire equipment used for the application of wea r-resistant coatings; and distributes welding equipment purchased from independent manufacturers. The company sells its products primarily through independent distributors. It serves various industries, such as healthcare, petroleum refining, computer-chip manufacturing, beverage carbonation, fiber-optics, steel making, aerospace, chemicals, and water treatment industries. The company was founded in 1907 and is headquartered in Danbury, Connecticut.
- [By Marc Bastow]
Industrial gasses supplier Praxair (PX) raised its quarterly dividend 8% to 65 cents per share, payable on Mar. 17 to shareholders of record as of Mar. 7.
PX Dividend Yield: 2.08%
- [By Jonas Elmerraji]
It doesn’t get any more straightforward than what’s going on in shares of industrial gas supplier Praxair (PX). Praxair has been bouncing higher in an uptrending price channel since all the way back in April, which is creating a buyable opportunity in shares this week.
The uptrending channel in Praxair has done a good job of defining the high-probability range for shares since that time. Logically, then, it makes sense to become a buyer as close to trendline support as possible; in short, you want to “buy the bounce.” And shares are certainly bouncing now.
Buying off a support bounce makes sense for two big reasons: it’s the spot where shares have the furthest to move up before they hit resistance, and it’s the spot where the risk is the least (because shares have the least room to move lower before you know you’re wrong). Remember, all trend lines do eventually break, but by actually waiting for the bounce to happen first, you’re ensuring PX can actually still catch a bid along that line.
The 50-day moving average has been a good proxy for support lately, so it’s a solid place to put a protective stop if you decide to be a buyer at this point.
- [By Rich Duprey]
Industrial gas maker Praxair (NYSE: PX ) announced today it is expanding its presence in southern Russia with the acquisition of Volgograd Oxygen Factory, an industrial gas producer with some 2,000 customers across the steel, aerospace, health care, and food and beverage industries, which it says will offer “immediate synergies” with Praxair’s newly built air separation plant in Volgograd.