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Thursday November 5, 2009

DrStockPick.com Stock Report!

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Power3 Medical Products, Inc. (OTCBB: PWRM), a leader in neurodegenerative disease and cancer biomarkers and diagnostic tests, announces further international recognition of validity as the company’s President and CSO, Dr. Ira Goldknopf, will deliver an invited Keynote address and chair a session on “Biomarkers and Diagnostics in Personalized Medicine (Track 6-4),” at the BIT Life Sciences 2nd International Congress and Expo of Molecular Diagnostics in Beijing, China, November 19-21, 2009. The Theme of the meeting is “New Leadership of

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The FDIC is considering tapping its emergency line of credit with the Treasury. FDIC Chair Sheila Bair recently hinted after a speech at Georgetown University that all options are on the table when it comes time to replenish the dwindling Deposit Insurance Fund. We’ll find out more in the next few weeks after the FDIC board of directors meets.

Stock market bulls aren’t concerned about the inevitable acceleration in bank failures — at least for now. Even though deposits will be insured against loss, the loss of local banks will still have a depressing effect on hundreds of small communities. These communities are going to lose their only access to business credit when their local zombie banks — loaded with toxic construction or commercial real estate loans — are liquidated or merged into other weak banks.

Meanwhile, the latest monthly figures show that commercial bank balance sheets are shrinking at a fairly

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Government budget hits all-time insanity… record monthly, year-to-date deficits… “Cash for clunkers” helps GM, but not economy… July retail sales stage surprise fall… Fed plans exit strategy, ends bond buys… why the FOMC is still not helping you… Byron King’s crude reality: How Canada could be the next Saudi Arabia…

It’s official: Our government ran a record $180.7 billion over budget in July, the Treasury Department said today. That’s just a bit over Wall Street expectations and just under the Congressional Budget Office estimate we reported Monday. Thus the government tab so far this fiscal year is a record $1.27 trillion, not the record $1.3 trillion the CBO guessed earlier this week. Phew… what a relief.

A few more scary details:

The budget deficit is still on track to exceed $1.8 trillion by October, the end of the fiscal year. That would be four times last year’s record budget July spending rose to over ...

Key Points:

Growth Second-quarter total net income expected to be down 28% year-over-year Third quarter expected to be down 23.5% year-over-year Staples and Health Care only sectors expected to post positive growth in second quarter Only 31.5% of reporting companies post earnings growth; 24.0% post sales growth year-over-year

Surprise Early results much stronger than expected; the median surprise is 6.7% Early positive surprises lead disappointments by 3.9:1 margin Surprise ratio above 6:1 for Health Care, Tech, Discretionary and Materials Margins the cause, not revenue growth 72.7% of firms beat on earnings; 46.3% beat sales estimates

Full-Year Forecast Bottom-up estimate for S&P 500 now $60.20 in 2009 versus $60.12 last week. S&P 500 now expected to earn $74.42 in 2010 versus $74.41 last week Top down estimates $54.19 and $68.48, respectively

Revisions Total estimate increases outnumber cuts by almost 4:3 for 2009 Upward revisions outnumber cuts by almost 7:6 for 2010 Level of increases small given positive earnings surprises For 2009, Staples and Health Care lead; Utilities,

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We are pleased with Incyte Corp.’s (INCY) second-quarter results. The company recorded revenue of $0.8 million, an increase of 29% over the same period last year. Quarterly revenue was slightly below Zacks Consensus Estimate of $1 million. Incyte does not have any FDA approved product and primarily derives its revenue from license agreements.

Incyte reported GAAP net loss of $40 million, or $0.41 per share, compared to net loss of $45.6 million, or $0.54 per share, in the year-ago period, in line with Zacks Consensus Estimate. The primary reason for earnings growth is lower operating expenses. During the second quarter, operating expenses fell 18.9% year over year to $33.52 million.

R&D expenses for the quarter were $29 million, down from $38.1 million in the year-ago period. The decline is due to the company’s prioritization of developmental programs. In order to ensure optimum utilization of resources, Incyte is currently

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It’s become clear throughout the past five years that GAAP and financial reporting in the United States is on a clear path toward change in the form of a convergence with the International Financial Reporting Standards (IFRS).  World events, most notably the London G-20 Summit, have been calling for a single, high quality set of accounting standards that all companies will use to file.  The SEC has recently made definitive steps toward this change, enough to make me believe that IFRS will be here before we know it, so it’s time to get ready.

Background

Since 2005, the convergence to IFRS was apparent with the European Union requiring companies listed on the EU regulated stock exchanges to file consolidated statements using IFRS.  The SEC responded to this in 2007, agreeing to accept these IFRS statements from the foreign issuers without forcing reconciliation to GAAP.  This proved the SEC’s acceptance and belief

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On June 10, 2008, Alexei Miller, CEO of Russia’s Gazprom, told a French audience that crude oil prices would reach $250 a barrel in 2009. His former Gazprom cohort and then freshly minted Russian prime minister Medvedev did him one better… pegging crude oil prices at $500. Was it wishful thinking? Did the gentlemen overdose on “hard-money” investment newsletters and Peak Oil Theory? We may never know.

After dropping from $147 last July close to $30 this past winter, crude oil is now trading within a reasonably tight track around $40 and $57.

Now it’s on the move again, breaking through $60 right at the beginning of the summer driving and hurricane seasons.

But oil companies’ proud profit margins of yesteryear have disappeared… along with the easy credit that allowed investment banks and hedge funds leverage crude prices to record highs.

Suddenly, not even the most pink politician is talking punitive taxation against

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For Immediate Release

Chicago, IL - May 20, 2009 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Citigroup (C), JPMorgan (JPM), Pacific Ethanol (PEIX), VeraSun Energy (VSUNQ) and Aventine Renewable Energy (AVRNQ).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=4579.

Here are highlights from Tuesday's Analyst Blog:

FASB Changes Accounting Rule

The rules will certainly improve the transparency of the banks' balance sheets. In the stress tests recently conducted, the Federal Reserve had estimates of assets likely to be brought onto the balance sheet as a result of these amendments. It is estimated that

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We highlight Citigroup, Inc. (C) and JPMorgan Chase & Co. (JPM). FASB Changes Rule for Qualifying Special Purpose Entities (QSPEs) The Financial Accounting Standards Board (FASB) yesterday gave final approval to accounting rule changes that will require the companies to bring their off-balance sheet assets onto their balance sheets. FASB release can be seen here. The FASB rule-change affects the so-called Qualifying Special Purpose Entity (QSPEs), which are generally off-balance-sheet entities that are exempt from consolidation under the current rules. The new standard eliminates that exemption from consolidation. The approved standards will be effective as of the beginning of 2010, and will apply to existing qualifying special purpose entities. QSPEs played an important role in the financial crisis, as many banks used them to hold more risky securities without having to disclose the details or to provide adequate capital for the potential ...

The markets started the week on a down note, as the S&P was down -4.28%. The Dow Jones was down -289.60 to close at 7841.73, while the NASDAQ was down -64.86 to close at 1608.21. The 10-year was down finishing with a yield of 2.843% as prices rose today. Crude contracts were down settling at $45.88, while June gold rallied today settling up at $887.50.

Bank of America [BAC: 8.02, -2.58 (-24.34%)] reported earnings today, and despite posting a record $36 billion in revenue, its stock price plummeted over -20%. BofA became the fifth straight large bank to report better than expected results, reporting earnings of $0.44 a share, or $4.25 billion, as opposed to the estimated $0.05 a share. Many investors were skeptical of BofA profits, with $2.2 billion coming from mark-to-market accounting, as well as a tax break of $1.9

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