Earlier today, cigarette manufacturer and marketer Philip Morris International Inc. (PM) reported better-than-expected third-quarter results, benefiting from price increases in some markets. Earnings per share came in at 93 cents, 3 cents above the Zacks Consensus Estimate. On a year-over-year basis, Philip Morris’ earnings per share was flat (excluding a tax benefit of 8 cents in 2008), while net revenues declined 4.6% to $16.6 billion, attributable to unfavorable currency translations and weak results in the European Union (EU), Eastern Europe and Middle East & Africa (EEMA) markets. Revenue, Volumes & Margins On an organic basis (excluding currency and acquisitions), revenues increased 4.1% driven by favorable pricing. Cigarette volume was down almost 3% year-over-year to 219.3 billion units, mainly because of declines in EU, EEMA and Asia. The first two regions were adversely affected by the economic crisis (especially in Spain and Ukraine) and unfavorable comparisons ...

Harris Corp. (HRS) recently won a  $419 million Basic Purchasing Agreement contract to supply the U.S. Army with Falcon III AN/PRC-117G multi-band tactical radios & vehicular power-amplifier adapter systems. The initial delivery order under the contract is valued at $165 million. Harris’ Falcon III AN/PRC-117G radios will be deployed by the U.S. Army for missions worldwide to provide next-generation, high-speed tactical satellite network and voice-and-data communications.   Harris has a strong market position in the government communications sector, with a broad product line and an enviable win rate on government contracts (more than 60% historically). The company’s Falcon III tactical radios are being widely used by U.S. Special Operations forces, the U.S. Army and various NATO and “Partnership for Peace" countries. Several industry researches have predicted that tactical radio segment may provide a multi-billion dollar business opportunity to Harris in the next couple of years as overall defense ...

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Friday October 16, 2009

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Cavitation Technologies, Inc. (CTI) (OTC Bulletin Board: CVAT) has signed Miura Engineering Co., Ltd. Tokyo, Japan (www.miura21.co.jp) as its new agent to serve markets in Japan for CTI’s Nano-Cavitation Process Systems. Miura is a leading Engineering Company specialized in Edible Oil Processing Plants in the Far East.

Applied Signal Technology, Inc. (NASDAQ:APSG), a market leader in advanced intelligence, surveillance, and reconnaissance (ISR) solutions, today announced that it will showcase an extensive collection of next-generation, tactical

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Ahead of the third quarter results, we are keeping our Neutral rating for Weatherford Interntaional Ltd (WFT) shares. This reflects the company’s sound position in the current tentative outlook for the North American market, given its growing presence in the relatively stable Eastern Hemisphere market.  We particularly like the company’s international prospects. Growth would be driven by contract awards in key international markets such as Mexico, Algeria, Russia and the Middle East. We believe that the company will have significantly higher revenue and earnings from international operations compared to its peers over the next few years.  Weatherford has been actively investing in its international growth program over the last few of years, with a spend of $2.3 billion last year and $1.6 billion in 2007. Given this major expansion effort, Weatherford was free cash flow negative in 2007 and 2008, funded largely through the debt markets. ...

TODAY: Medvedev denounces corruption as main problem in Russia, argues business mentality needs transformation, does not rule out standing at 2012 elections and hints at a possible U-turn on Iran.  NATO chief calls for closer cooperation with Russia; Medvedev suggests US was prime obstacle to WTO bid.  Military deal with Abkhazia and South Ossetia.  CPJ report highlights neglect regarding unsolved journalist murders.'We are not used to saying 'we have a dream' in my country ... but this is my political vision':  Medvedev has promised to 'squeeze' corruption out of Russia with a reform program laid out at a Valdai debate club meeting.  The President also told the audience that the ...

Repsol YPF S.A. (REP) recently found a huge gas resource in shallow waters of the Gulf of Venezuela. The largest integrated oil and gas company in Spain said that the offshore field had an estimated area of 33 square kilometers and was 60 meters deep.

Along with its exploration partner Italy's Eni SPA (E), Repsol estimates that the discovery could hold between 7 and 8 trillion cubic feet of gas. This equals to more than five years of gas consumption in Spain.

While the two companies will have a 32.5% interest each in all future productions, Venezuela's state-owned oil company Petroleos de Venezuela SA would hold a 35% stake.

Repsol is targeting stable production growth driven by pipeline projects in Venezuela, Trinidad and Tobago, Libya, Bolivia, Argentina and Ecuador. Long-term growth is expected to come from opportunities in Trinidad and Tobago, Algeria, the US Gulf of Mexico,

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It's September again, and that means the children are heading off to school, and the birds - heading south. And, as tradition goes, Comandante Chávez has embarked on a world tour. This time, the Lt. Col. - the leader of the Bolivarian revolution - visited Libya, where he observed the 40th anniversary in power of another colonel, Muammar Qaddafi. Then - Algeria. Then - he went to Iran. Then - popped into Turkmenistan, which, it seems, turned out to have been a surprise for president Gurbanguly Berdimuhamedow [We are using the spelling the Turkmens themselves use as they switch from Cyrillic to Latin script, instead of "Berdymukhamedov", which is actually a transcription from Russian--Ed.].

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Harris Corp. (HRS) recently increased its quarterly cash dividend by 10% from the first quarter of fiscal 2010. The company will now pay a quarterly dividend of 22 cents per share compared to 20 cents per share earlier. As a result, its annual dividend will also increase to 88 cents per share from 80 cents currently.

We believe the primary reason for this increment is the company’s blockbuster fourth-quarter results and growing visibility of its future business prospects. As a leading government electronics supplier, Harris benefits from the increase in US defense expenditures. It has a sustainable and diversified product pipeline with a potential market size of $15 billion. Its total order backlog at the end of fiscal 2009 was more than $6.1 billion. In the previous quarter, all the three business segments of the company received healthy order bookings. Harris reported that it had $1.29 billion new

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Spain’s largest integrated oil and gas company, Repsol YPF, S.A. (REP), will pay Venezuela $203 million to exploit the Barua-Motatan oil field. Repsol took the minority share of this oil field, which includes 432 square kilometers, after lawmakers voted for the transfer of that area to Petroquiriquire, a joint venture between Repsol and the Venezuelan Oil Corporation (CVP), a unit of Venezuelan state oil company PDVSA. Repsol has been pursuing talks for several years on acquiring an interest in Barua-Motatan, located near Petroquiriquire’s Mene Grande oil field in western Venezuela. Petroquiriquire was formed in 2006 as a 60-40 joint venture between PDVSA and Repsol to operate the Mene Grande oil field. With the addition of this field, the current production of 25,000 barrels per day could increase up to 100,000 barrels per day. Management is targeting stable production growth, driven by the company’s pipeline ...

This story of the disappearing "lumber" freighter just keeps getting stranger and stranger, as this excerpt from the Moscow Times shows.  At least we know that it wasn't a completely inside job - even though Russian officials are still acting awful cagey, NATO did assist them in tracking the ship down?  So one would assume that if the government were playing a role in a supposed arms trafficking transaction, which seems like the most plausible explanation, they probably wouldn't have to ask for help.

Yet the official version of what transpired is fraught with inconsistencies, prompting observers to suggest that Russian authorities are trying to cover up a smuggling or trafficking operation.

When Swedish police first said the ship had been hijacked near the island of Gotland on July 24, they cited the crew as saying masked men had bound and beat them before fleeing in

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