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Tuesday October 20, 2009

DrStockPick.com Stock Report!

BAC, PSFT, PWRM, SO, CSRH, NYX, CVAT, ATVI, AQNM

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BAC, Bank of America Corporation

BAC is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.

BAC today announced a strategic alliance with Avjet Corporation, a leading aviation services provider based in Southern California, providing preferred financing terms for clients who finance their aircraft through BAC and take advantage of the business aircraft management services of Avjet.

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PSFT, Powersafe Technology Corp., PSFT.PK

POWERSAFE

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Recently, the Florida Public Service Commission (PSC) has approved new nuclear cost recovery rates for the state's two major electric utilities. It increased the rates for one and reduced them for the other. Both changes are effective Jan. 1, 2010. The commission approved $62.7 million for FPL Group's (FPL) Florida Power & Light Company and $207 million for Progress Energy Florida (PGN). As per the new rates, Florida Power customers will pay about 67 cents a month on a 1,000 kilowatt-hour bill the next year, down from the $2.27 in the beginning of this year. For Progress Energy customers, the 2010 charge will be $5.86 per month, an increase of about $1.55. Utilities traditionally do not recover costs from customers for new power plants until facilities begin operating, but due to the regulatory risk and years of lead time to build nuclear plants, utilities across ...

ABB Ltd. (ABB) announced that it has acquired the assets of Sinai Engineering Corporation to enhance its presence and capabilities in Western Canada. Sinai Engineering's offerings include high-voltage substations and transmission line design, generation and transmission system planning and analytical studies, as well as procurement and construction management. Its customers include electric utilities, conventional and heavy oil, gas processing, pulp and paper, mining, pipeline operators and independent power producers. It employs about 30 employees. ABB did not disclose the value of the transaction. This acquisition is aligned with the company’s strategy to strengthen its footprint in Western Canada , particularly in providing engineering services to oil and gas and utility customers. Further, ABB announced that it has renewed its $2 billion revolving credit facility in line with its strategy to ensure maximum financial flexibility. The new three year credit facility replaces the existing facility signed ...

Allegheny Energy (AYE) yesterday announced that its unregulated generation subsidiary Allegheny Energy Supply Company LLC (AE Supply) will issue $600 million aggregate principal amount of senior unsecured notes.  Of the $600 million notes to be issued, $350 million notes come with a coupon rate of 5.75% due 2019. The rest $250 million notes come with a coupon rate of 6.75% notes due 2039. The company anticipates the notes offering to be completed by Oct 1, 2009.  AE Supply will use the proceeds from the $600 million issue to repay a term loan of $447 million and refinance $150 million of its outstanding notes due 2011. The existing notes come with a dearer coupon rate of 7.80%.  The company is focused on cleaning its balance sheet and reduce interest burden by refinancing debt with lower interest rates. AE Supply’s proactive role in debt reduction has already reduced the ...

PSEG Nuclear, a Public Service Enterprise Group (PEG) company, has appealed to the U.S. Nuclear Regulatory Commission (NRC) for renewing the operating licenses of its New Jersey-based Salem and Hope Creek facilities by another 20 years. The NRC is likely to take around 22-30 months to review the applications. For merchant nuclear reactors, the NRC originally issues operating licenses for 40 years under the Atomic Energy Act, which is the average period taken by electric utilities to amortize their capital spending. PSEG Nuclear’s Salem station has two units with a combined generating capacity of 2345 megawatts (MW).  The original operating licenses of Salem’s Unit 1 and 2 are valid till 2016 and 2020, respectively.  The Hope Creek facility has a single unit generating 1211 MW and its original operating license terminates in 2026. PSEG Nuclear is the second largest nuclear facility in the United States, ...

Allegheny Energy (AYE) yesterday announced that its unregulated generation subsidiary Allegheny Energy Supply Co., LLC (AE Supply) will purchase for cash up to $220 million principal amount from its medium term notes. The offer will expire on Sept 4.   The $220 million to be paid off is to be sourced from two debts. Of the $650 million outstanding notes due 2012 with a coupon rate of 8.25%, AE Supply plans to retire a maximum of $160 million. While from the $400 million outstanding notes due 2011 with a coupon rate of 7.80%, the company plans to retire a maximum of $100 million.   Headquartered in Greensburg, Pennsylvania, Allegheny is engaged in both regulated electricity and natural gas distribution utility operations as well as in the unregulated wholesale energy markets. The company operates through two business segments: the low margin Delivery & Services and the high margin Generation ...

Edison International’s (EIX) second-quarter adjusted earnings of 78 cents per share swept past the Zacks Consensus EPS estimate by 25 cents. However, quarterly EPS fell a penny short of the year-ago profit on an adjusted basis.

Edison International is a California-based utility holding company operating through two principal subsidiaries: Southern California Edison Company, and Edison Mission Group.

Southern California Edison (SCE) is a public utility providing electricity to central, coastal and southern California (excluding Los Angeles). SCE is one of the largest electric utilities in the nation serving a population of 13 million through 4.9 million customer accounts in a 50,000 square mile service area.

Edison Mission Group (EMG) is a wholly owned unit of Edison International. EMG is the holding company for Edison International’s wholly owned subsidiaries, Edison Mission Energy (EME) and Edison Capital. EMG is an independent power producer with net generation capacity of nearly 18,000MW

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Allegheny Energy (AYE) missed the Zacks Consensus EPS estimate of $0.44 by three cents in the second quarter of fiscal 2009. The company also fell short of the year-ago EPS by four cents due to lower industrial demand and output from coal-based units. Coal-based units utilized 14% lower capacity during the quarter compared to the prior-year period.

Headquartered in Greensburg, Pennsylvania, Allegheny Energy is engaged in both regulated electricity and natural gas distribution utility operations as well as in unregulated wholesale energy markets. The company operates through two business segments: the low margin Delivery & Services and the high margin Generation & Marketing.

The Delivery & Services unit consists of three regulated electric utilities, which operate electric transmission and distribution systems and a natural gas distribution system. This segment provides electricity to 1.6 million customers in Pennsylvania, Virginia, Maryland and West Virginia.

The Generation & Marketing division comprises

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Consol Energy (CNX) reported an EPS of $0.62 for the second quarter, below the Zacks Consensus Estimate of $0.81. It posted an EPS of $0.54 in the same period last year. The improvement was due to higher coal pricing and gas production.

Revenues declined 11.6% to $1.1 billion, primarily due to lower gas pricing and coal sales. Coal revenues fell 9.9% to $822 million on lower demand from electric utilities as well as steel producers. Gas and other revenue amounted to $162 million (down 19.4%) and $86 million (down 12.2%), respectively.

Operating income rose 2.0% to $174.1 million and operating margin expanded to 16.3% from 14.1%. EBITDA grew 5.7% to $281.6 million and EBITDA margin improved to 26.3% from 22.0%.

Coal sales volume fell 23.4% to 13.4 million ton, including 0.1 million ton (0.5 million ton a year ago) sourced from third parties. Average realized price increased 16.2%

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It has recently come to light that Toyota (TM) is building up a number of patents protecting its fuel-saving technologies that would ultimately help it in evading competition. This would also double up as a revenue-making channel for the company by licensing the patents to other automakers. Ford (F) and Nissan (NSANY) have already sought licensing from the company to manufacture their hybrids, Escape and Altima, respectively. A recent study of intellectual property for hybrid vehicles has revealed that Toyota has more than 2,000 patents. About half of these are occupied by the company’s best-selling hybrid, Prius. Toyota plans to incorporate its hybrid system in all of its vehicles by 2020. Nevertheless, however hard Toyota tries to evade competition, its rivals have already sought out alternatives that could deal a blow to the company. Honda (HMC) built a hybrid vehicle, Insight – ...