Flash: Intel announces 16 percent increase in quarterly cash dividend

Co announces that its board of directors has approved a 16 percent increase in the quarterly cash dividend to 21 cents per share (84 cents per share on an annual basis), beginning with the dividend that will be declared in the third quarter of 2011.

5.3% vs. consensus of 5.2%

Via Briefing

Molycorp misses by $0.09, misses on revs (66.47 -5.13)
Reports Q1 (Mar) earnings of $0.01 per share, $0.09 worse than the Thomson Reuters consensus of $0.10; revenues rose 768.1% year/year to $26.2 mln vs the $41.7 mln consensus. Independent forecasts1 estimate that global rare earth demand is expected to grow from 125,000 metric tons in 2010 to 185,000 metric tons in 2015, and to 280,000 metric tons in 2020. Our estimated capital expenditures of $781 million encompass the cost of restarting mining operations, the modernization and expansion of our Mountain Pass facility, and the addition of rare earth metal and alloy production capabilities. The Company plans to finance its remaining capital expenditure plan with its available cash balances of approximately $492.5 million as of March 31, 2011, and $130 million of proceeds from the issuance to Sumitomo of equity and debt, if that deal is consummated. We expect additional financing from anticipated revenue from operations, and some combination of traditional debt financing, project financing and/or government programs. The Company believes that revenue for the balance of the year will be sufficient to fund operating activities, which include corporate selling, general and administrative expense. The recent earthquake and tsunami in Japan may have a short-term negative impact on market demand in the second and third quarters. The Company expects that demand should fully recover by the fourth quarter.

Operator Refinery Capacity Description Restart
(in 000s
bbl/day)
UNPLANNED

CANADA

CARIBBEAN

Valero Aruba 235.0 Refinery was at planned rates
May 9 after restarting a
crude unit shut nearly two weeks
earlier to repair a leak.

EAST COAST

Sunoco Philadelphia 335.0 Refinery at planned rates after May
multiple outages, the co. said
on May 5.

GULF COAST

Chevron Pascagoula 330.0 One of two crude units experienced
MS an “isolated fire” early May 10 that
lasted about an hour. Co. declined
to comment on the status of the
unit and the refinery.

BP Texas City 437.0 Restart efforts continue; RHU May 7
TX trains restarted on May 7.

Several process units restarted May 1-7
a source said on May 2. It will
take several days for the plant
to reach normal rates. Power outage
on Apr 25/26 resulted in plant wide
shutdown.

Citgo Corpus 165.0 Coker unit shut for about six May 5
Christi, TX hours to repair a leak in a feed
line on May 5.

Valero Texas City 214.0 Refinery at normal rates on May May 3
TX 3 after plant wide shutdown
on April 26 due to a power failure.

Alon Big Spring 67.0 A ‘bad wire’ caused emissions at
TX sulfur recovery unit No. 2 May 9.

MIDWEST

Exxon Joliet, IL 238.6 Refinery operating normally after
an upset at a sulfur recovery unit
May 8, Co. said May 9.

Holly Tulsa, OK 125.0 Crude unit shut on April 22 for May 8-
Corp unplanned maintenance restarted; 15
refinery should return to normal
run rates in the week starting
May 8, the co. said on May 5.

ROCKIES

WEST COAST

Conoco Wilmington 139.0 Several processing units re- May 3
CA started and at normal rates on
May 3 after shut down on May 2
due to power dip.

PLANNED

CANADA

Suncor Edmonton 135.0 4 weeks of planned work starts
Apr 22 at one of two crude units
and associated equip.

CARIBBEAN

Hovensa St. Croix 350.0 Restarting distillate desulfurizer May
unit No. 4 in May, Co. said April
15. Unit was damaged by Feb. 11
fire and a replacement one was
brought online.
EAST COAST

PBF Delaware 210.0 Plant expected to start up in 2nd Q
in 2Q of 2011. 2011

PBF Paulsboro 185.0 Refinery up and running after May 4
NJ recently concluding planned
turnaround maintenance, the co.
said on May 4.

Sunoco Philadelphia 335.0 Refinery operating at planned May
PA rates after multiple outages,
the co. said on May 5.

GULF COAST

Lyondell Houston, TX 270.0 FCCU rate cut on Apr 22 follow-
Basell upset. Unit status remains un-
unclear on May 3; the co. won’t
comment.

Motiva Port Arthur 285.0 Expansion project to increase 1Q
throughput capacity by 325,000 2012
b/d, to 610,000-b/d, slowed.
Completion now seen 1Q
2012, from 2010.

Pasadena Pasadena, TX 56.0 FCCU, 56,000-b/d, will be taken
out of service Feb. 28 for 44 days
days planned work. Co. preparing
statement regarding the FCCU on
May 2.

Valero McKee TX 170.0 Vacuum unit turnaround planned for
first half of 2012, co. said.

Expansion project announced on
March 2011 to increase crude oil
throughput by 25,000 b/d to
195,000 b/d.

Valero Norco, LA 250.0 Turnaround maintenance at FCCU mid-May
and alkylation unit seen ending
by mid-May, the co. said on
April 26. Work began on 3/7.

Hydrocracker project will pro- 2013
ceed and be completed in late
2013, the co. said on 7/27/10.

Upgrade project to build 2012
a new diesel hydrotreater
unit moved from 2010 to
4Q 2012.

Valero Port Arthur 325.0 Hydrocracker project will pro- 2012
TX ceed and be completed in late
2012.

MIDWEST

BP Whiting, IN 405.0 Turnaround will start at the End-May
end of March at Reformer No. 4
and alkylation unit for 60 days,
source said on Mar 25.

Turnaround at Pipestill 12 de-
layed by 3 months; it was sup-
posed to begin in November, a
source said on Mar 25.

Frontier Cheyenne, WY 47.0 Refinery to return to targeted May 8-
run rates week starting May 8 15
after undergoing equipment up-
grades, the co. said on May 5.

CVR Coffeyville 115.7 Periodic turnaround will take place
KS in two phases beginning in Fall 2011
and completed in Spring 2012.

Tesoro Mandan, ND 58.0 Total crude-oil processing capa- 2nd Q
city to increase by 17% to 68,000 2012
b/d by 2nd quarter 2012.

WEST COAST

Conoco Carson, CA 139.0 Planned maintenance under way at
Phillips unspecified units the co. said
on April 25. Traders said work
is being performed at a crude
an coker unit.

Tesoro Anacortes 120.0 Planned maintenance under way May 2

since April 29 expected to con-
clude on May 2; no impact to
production.

Full Article

Via Briefing:

Needham raises their CVLT tgt to $44 from $37 saying they believe CVLT is demonstrating strong vision as a leading provider of next generation data and information management software. Firm says factors which should drive growth include: improving macro/IT spending and evidence of datacenter refresh projects; growing percentage of CVLT sales in these enterprise class deals; new product cycles (Simpana 9); strong growth in non-backup (ADIM) products; and new strategic distribution relationships.

No. Ticker % Change
1 CKXE 22.58
2 TRAK 20.23
3 CPE 19.42
4 SREV 18.71
5 MED 16.43
6 SPA 16.31
7 PTRY 13.96
8 GENE 12.82
9 ARCI 12.63
10 FFHL 12.57
11 YAVY 12.50
12 TRNX 12.41
13 PERF 12.24
14 FOSL 12.21
15 TGI 12.03
16 DF 11.84
17 ZLCS 11.16
18 HELE 10.50
19 SNHY 10.20
20 MR 10.17
21 BLKB 10.04
22 MDVN 9.63
23 YONG 9.59
24 GNOM 9.49
25 LFT 9.33
—————————–
No. Ticker % Change
1 BMTI -34.95
2 HEAT -27.30
3 PAL -27.03
4 NSPH -22.87
5 PANL -17.91
6 RCON -17.79
7 LEXG.OB -17.16
8 MOBI -16.29
9 USNA -15.19
10 MNKD -13.86
11 AERG -12.80
12 HRZ -12.64
13 VRML -11.68
14 ETM -11.08
15 USAT -11.02
16 AMCN -10.80
17 ENER -10.57
18 GAIA -10.46
19 CIIC -10.05
20 IIG -9.90
21 BSX -9.66
22 ITMN -9.62
23 BID -9.58
24 DIOD -9.56
25 IOSP -8.50

Ticker CKXE, parent of American Idol, sold out to Apollo Global for $509 mill.

Full article

Everyone with a series 7 or right to manage money is bearish on bonds. However, despite the prevailing sentiment, they’ve managed to outperform over the past three months. Here are some 3 month performance stats, excluding dividends, of some of the more prominent closed end bond funds.

No. Ticker 3-month Return Watchlist
1 RCS 14.53 Risk Appetite
2 BBF 9.25 Risk Appetite
3 TLT 8.76 Risk Appetite
4 MLN 8.04 Risk Appetite
5 PWZ 7.48 Risk Appetite
6 TIP 7.24 Risk Appetite
7 AWF 6.16 Risk Appetite
8 MNE 5.62 Risk Appetite
9 PCY 5.21 Risk Appetite
10 BWZ 5.14 Risk Appetite
11 EMB 4.83 Risk Appetite
12 LQD 4.79 Risk Appetite
13 EVV 4.72 Risk Appetite
14 EIM 4.16 Risk Appetite
15 PGF 3.96 Risk Appetite
16 PEY 3.81 Risk Appetite
17 PGX 3.80 Risk Appetite
18 GHI 3.79 Risk Appetite
19 MBB 3.67 Risk Appetite
20 PFF 3.52 Risk Appetite
21 CYE 3.52 Risk Appetite
22 PCK 3.31 Risk Appetite
23 JNK 2.77 Risk Appetite
24 PHB 2.75 Risk Appetite
25 HYG 2.68 Risk Appetite

Data provided by The PPT

Spreads have eclipsed $14, or 14%.

Spreads are now approaching $34.

This time they raised the margin requirement for crude. As a result, crude is down more than $1.60 in late trading.

Spreads are up another 4% to $32- unchartered territory.

Reports Q1 (Mar) earnings of $0.03 per share, $0.01 worse than the Thomson Reuters consensus of $0.04; revenues rose 17.4% year/year to $119.6 mln vs the $119.5 mln consensus.

Reports Q1 (Mar) earnings of $0.47 per share, in-line with the Thomson Reuters consensus of $0.47; revenues rose 18.1% year/year to $161.6 mln vs the $159.8 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $170-178 mln vs. $167.97 mln Thomson Reuters consensus. Co expects gross margin to be comparable to the first quarter. Operating expenses are expected to be down slightly from the first quarter levels on a percent of revenue basis. They expect income tax rate to range between 17 and 23%. Shares used to calculate GAAP EPS for the second quarter are anticipated to be approximately 47.5 million.

No. Ticker % Change
1 AGQ 13.74
2 UCO 9.15
3 DYY 8.04
4 PSLV 8.04
5 DBS 7.13
6 SLV 6.87
7 DAG 5.88
8 UGA 5.81
9 ERX 5.20
10 BNO 5.19
11 OLEM 5.09
12 OLO 4.84
13 USO 4.76
14 DBO 4.71
15 OIL 4.60
16 DBE 4.25
17 GLTR 3.83
18 GSG 3.76
19 SIL 3.64
20 SGG 3.59
21 GSP 3.51
22 DBC 3.43
23 DIG 3.39
24 USL 3.38
25 PXJ 3.24

——————————-

No. Ticker % Change
1 ZSL -15.62
2 SCO -9.46
3 DTO -6.29
4 TVIX -5.98
5 ERY -5.50
6 GAZ -4.20
7 SMN -3.58
8 DUG -3.45
9 SZO -3.30
10 BXDC -3.09
11 GLL -3.08
12 DUST -3.05
13 TZA -2.97
14 SRTY -2.90
15 VXX -2.86
16 SKK -2.63
17 VIXY -2.62
18 DZZ -2.59
19 XRU -2.03
20 TWM -2.01
21 UNG -2.00
22 MWN -1.99
23 MZZ -1.98
24 EPU -1.97
25 SQQQ -1.80

2 ARTX 49.61
3 FFHL 30.58
4 SCEI 20.48
5 ROSE 19.98
6 SIHI 18.06
7 PRST 17.72
8 GAIA 16.02
9 MSHL 14.75
10 CYCC 13.48
11 DTG 13.10
12 SMI 12.39
13 AERG 12.21
14 LIOX 12.15
15 ONTY 12.08
16 WTW 11.83
17 GHM 11.65
18 QSURF 11.59
19 SYY 11.36
20 HCKT 10.55
21 CRD-B 10.10
22 NAT 10.05
23 MDTH 9.99
24 SSN 9.86
25 PRKR 9.68
26 ABAT 9.59

————————-

No. Ticker % Change

2 HW -15.50
3 OINK -13.96
4 REVU -12.84
5 GKK -12.22
6 TNCC -11.38
7 RCON -11.32
8 BLTI -11.07
9 ZRAN -10.91
10 PETS -10.87
11 CLWT -10.34
12 MPET -9.68
13 LFT -9.10
14 EFOI -8.91
15 GTXI -8.89
16 SPMD -8.49
17 DHRM -8.41
18 MOBI -8.24
19 TELK -8.19
20 TOPS -8.11
21 TBUS -7.95
22 LRAD -7.69
23 HRB -7.42
24 DEXO -7.39
25 DDSS -7.20

She is leaving the FDIC on July 8th.

Spreads are up another 3% to $30.

Up $1.65 to $98.78, as the dollar dips.

+0.5% to $29.33