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Thursday October 8, 2009

DrStockPick.com Stock Report!

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SIRIUS XM Radio (Nasdaq: SIRI) today announced that OutQ, the nation’s first and only 24/7 radio channel dedicated to the LGBT community, will broadcast extensive coverage of the National Equality March in Washington, DC this weekend including live coverage of President Obama’s keynote address at the Human Rights Campaign National Dinner on October 10. The Equality March is an event organized to fight for equal protection for LGBT people in all matters governed by civil law in all 50 states.

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Genworth Financial Inc. (GNW) priced its public offering of 48 million shares of its Class A Common Stock at $11.75 each. The underwriters have the option to purchase up to 15% of the offering from Genworth if they underwriters sell more than 48 million shares. The company intends to use the net proceeds for general corporate purposes.   The joint book runners for this offering are Goldman Sachs & Co. (GS), Bank of America (BAC) and Deutsche Bank Securities, a part of Deutsche Bank (DB).   The challenging market conditions combined with slowing global economies have influenced investment and spending decisions in the past few quarters as both consumers and businesses modulate their risk profiles in response. This has resulted in the slowdown of mortgage originations and consumer lending. Genworth experienced an elevated incidence of claims in its U.S. and international mortgage and lifestyle protection ...

Seattle-based biotechnology company Dendreon (DNDN) recently raised more than $200 million through the issuance of 10.7 million shares of its common stock in a public offering. In addition, it granted offering manager Deutsche Bank Securities an over-allotment of 1.3 million shares to support the manufacture and marketing of Provenge.

Provenge, a therapeutic vaccine candidate being developed by Dendreon for the treatment of prostate cancer is likely to receive FDA approval in the first half of 2010. Unlike traditional vaccines that prevent diseases, Provenge treats it by stimulating the body's own immune system to attack cancer cells.

We remind investors that the company met with disappointment in 2007 when the FDA asked for further data before approving it. The disappointing news had caused the company to retrench 15% of its workforce and sent its shares on a downward journey.

However, in April 2009, Dendreon reported positive results from its IMPACT (IMmunotherapy for Prostrate

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In the currency market, the dollar slipped against the euro. Late Thursday, the euro was trading at $1.3923 vs. $1.3908 on Wednesday.

There was a wealth of data, albeit inconclusive, to pick through yesterday. Leading off, the Commerce Department reported that new single-family home sales advanced in April for the second time this year. Sales increased 0.3% from March, to an annual pace of 352,000 houses, a weaker showing that economists expected.

Next, the Labor Department said initial jobless claims fell by 13,000, to 623,000, in the week ended May 23, from a revised 636,000 the prior week. That was a lower number than forecast, and it led Mickey Levy, chief economist at Bank of America in New York, to comment that, “The pace of job declines is lessening … This along with some other indicators points to a trough in the recession.”

Finally, the Commerce Department reported a 1.9% increase in

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Well, the gold chart looked pretty bleak very early Friday morning…with gold touching the $880 level in London as I turned my computer off from writing Friday’s rant. I must admit that I turned the computer back on about lunch time yesterday with some fear and trepidation, but was pleasantly surprised that the price I’d seen last night [just before the London a.m. fix] was the low tick of the day. From there it worked its way a few dollars higher…right into Comex floor trading in New York.

But a tiny attempt to run to the upside into positive price territory, that started just before noon Eastern, ran into another not-for-profit seller about an hour later. From there, gold sold off quietly into the close of electronic trading on the Globex. According to the usual New York commentator, estimated volume was 50,990 lots with a switch effect of 7,874 contracts.

Although it

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CME to gain new rival as New York-based ELX sets plans to start operations in June. 

 

 

A new futures exchange  backed by some of the biggest banks and broker-dealer groups in the world is apparently ready to begin operations in June. 

The Electronic Liquidity Exchange is aiming to break the "near-monopoly" grip the Chicago Mercantile Exchange  has on futures markets in the U.S., according to the Financial Times. 

The New York City-based exchange was established by a dozen financial firms: Bank of America, Barclays Capital, BGC Partners, Citadel, Citigroup, Credit Suisse, Deutsche Bank Securities, GETCO, JPMorgan, Merrill Lynch, PEAK6 and The Royal Bank of Scotland.

In October 2008, ELE named  Neal Wolkoff as its chief executive. He was a former CEO of the American Stock Exchange. Before that he served as chief operating officer of the New York Mercantile Exchange.

At that time, Wolkoff said: "Initially, ELX will focus on the significant opportunity to bring lower transaction

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Gold didn’t do much in Far East trading until later in the day in Hong Kong. A small rally started that got hit shortly after London opened. Every little rally attempt [including the little one in Hong Kong] got sold off by some not-for-profit seller before it could develop any legs to the upside. The top in the gold price was at the London open…and the low of the day was at the London close. From the London close, gold rallied about $15 right into the close of electronic trading on the Globex at 5:15 in New York.

Silver, which I mentioned yesterday was the metal that the bullion banks are really after, got it in the neck again. It traded exactly the same as gold through Far East trading…smallish rally into the London open…hit for 30 cents…and then proceeded to trade sideways until the London p.m. gold fix. From that

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Deutsche Bank Securities analyst Jorge Beristain wrote that 2008 guidance “remains on track” and upbeat. Beristain maintained his Buy rating on Cleveland-Cliffs and raised his target price to $115.

Track Beristain and other Deutche Bank analyst picks at:

http://www.trackthepros.com/categories.php?category_id=420

The stock has almost tripled in the past 12 months on the demand for steel and its rising price. However, a major shareholder just plunked down $102 million, an average of $92.75 a share. Harbinger Capital now owns 13.9 million shares of Cleveland-Cliffs, a 15.3% stake. Harbinger has nvested more than $275 million in Cleveland-Cliffs.

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