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Monthly Archives: July 2011

Western Union buys Travelex

NEW YORK (AP) — The Western Union Co. said Tuesday it has agreed to acquire Travelex Global Business Payments for about $973.8 million in cash, in a deal that will allow it to expand rapidly in the business of international payment processing.

The Travelex division provides international payments services to business clients, mostly small and medium-sized companies and distribution partners.

Western Union is paying 606 million pounds for the Travelex business. It is expected to boost Western Union’s earnings by 2 cents per share this year and 4 cents per share in 2012. The company expects acquisition related noncash amortization expenses of about $40 million per year beginning in 2012.

The acquisition is expected to close later this year.

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July 5 S&P ratings actions

‘AA’ Rating Assigned To Frisco, TX’s $122.965 Million Series 2011 GO Bonds; Outlook Is Stable 05-Jul-2011
13:15 EST

General Dynamics Corp.’s Proposed Notes Rated ‘A’ 05-Jul-2011
13:04 EST

Caddo Parish Industrial Development Board, La. Bonds Series 2003 (Sealy Industrial) Rating Raised To ‘AAA/A-1+’ 05-Jul-2011
12:38 EST

S&P Corrects Eight Ratings From Two U.S. RMBS Transactions 05-Jul-2011
12:35 EST

Lincoln Consolidated School District, MI Outlook Revised To Negative On Weak Finances; ‘A-‘ ICR Affirmed 05-Jul-2011
11:52 EST

Ratings Raised On U.K. CMBS Transaction Windermere VIII’s Class A2 To C Notes Following Prepayments 05-Jul-2011
11:41 EST

Nara Cable Funding €300 Mil. Senior Secured Notes Assigned ‘B’ Issue Rating 05-Jul-2011
11:36 EST

Devon Energy Corp.’s Senior Unsecured Proposed Five-, 10-, and 30-Year Notes Rated ‘BBB+’ 05-Jul-2011
11:29 EST

Insurer Swiss Life Outlook Revised To Positive On Successful Steps Toward Strategic Change; ‘BBB+’ Ratings Affirmed 05-Jul-2011
11:26 EST

African Export-Import Bank’s Euro Medium-Term Note Program Assigned ‘BBB-/A-3’ Ratings 05-Jul-2011
11:23 EST

Ratings Assigned To Norwegian ABS Transaction SCL2’s Notes 05-Jul-2011
11:16 EST

Various Rating Actions Taken In Cash Flow CDO Of ABS Transaction ZOO ABS II 05-Jul-2011
10:54 EST

Arizona City Fire District’s Series 2007 GO Bonds Rating Raised To ‘A-‘ On Sustained Growth In Financial Position 05-Jul-2011
10:32 EST

Spanish Bank Kutxa ‘A’ Long-Term Rating On Watch Developing, ‘A-1’ Short-Term Rating On Watch Neg After Merger Agreement 05-Jul-2011
09:07 EST

Russian Government Nanotechnology Investment Vehicle RusNano Affirmed At ‘BB+/B’ And ‘ruAA+’; Outlook Stable 05-Jul-2011
05:11 EST

BNP Paribas Securities Services Assigned ‘AA/A-1+’ Ratings, Reflecting Ratings On Parent; Outlook Negative 05-Jul-2011
04:12 EST

CLP Power Hong Kong Ltd.’s Proposed U.S. Dollar-Denominated Notes Rated ‘A’ 05-Jul-2011
02:45 EST

S&P Corrects Issue Rating Information On Chi Mei Corp. And Shin Kong Financial Holding Co. Ltd. 05-Jul-2011
02:27 EST

Powerlong Real Estate Holdings Ltd.’B+’ Rating Affirmed, Outstanding Notes Lowered To ‘B’ From ‘B+’; Outlook Stable 05-Jul-2011
01:16 EST

JHF’s ¥131.9 Billion Series 50 Structured Issuance Assigned ‘AAA (sf)’ Rating 05-Jul-2011
01:07 EST

Transpower New Zealand Ratings Affirmed On Announced Revised Dividend Policy; Standalone Credit Profile Weaker 05-Jul-2011
01:06 EST

Ratings On RESIMAC Premier Euro 2006-1E Notes Placed On CreditWatch Negative 05-Jul-2011
00:46 EST

Preliminary Ratings Assigned To HBS Trust 2011-1 Prime RMBS 05-Jul-2011
00:35 EST

Ratings On Classes L-2 And A Of OTB Housing Loan Trust Certificates No. 1 Affirmed At ‘AAA (sf)’ 05-Jul-2011
00:22 EST

Preliminary Ratings Assigned To IMPALA Trust No. 1 – Sub Series 2011-1 Asset-Backed Securities 05-Jul-2011
00:18 EST

Ratings On OTB Housing Loan Trust Certificates No. 6 Affirmed At ‘AAA (sf)’ 05-Jul-2011
00:17 EST

Rating On Mezzanine Class Of OTB Housing Loan Trust Certificates No. 5 Raised; Seven Classes Of Nos. 2 To 5 Affirmed 05-Jul-2011
00:15 EST

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Today’s Biggest Winners

No. Ticker % Change
1 BLUD 30.25
2 AMN 27.42
3 RXII 19.63
4 JVA 15.71
5 BQI 12.40
6 REDF 12.39
7 NOAH 12.18
8 INO 11.28
9 KIPS 11.01
10 ZLCS 10.73
11 SVM 10.56
12 CNTF 10.05
13 MGH 10.00
14 NG 9.92
15 AXAS 9.81
16 FENG 9.73
17 OSBC 9.57
18 EXK 9.51
19 ZAGG 9.49
20 ALTI 9.30
21 BORN 9.14
22 TZOO 8.81
23 DRL 8.65
24 ATRN 8.54
25 GENE 8.49

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Jim Rogers: China Bears Have it Wrong

Chinafotopress | Getty Images
Jim Rogers during a visit to Wenzhou, Zhejiang Province of China. Rogers says he’s long Chinese stocks and the currency even though he thinks the property sector may be in a bubble.

“Those guys have been dead wrong for two years. Chanos said two years ago he was shorting China and it’s going to collapse,”


Full article

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Upgrades and Downgrades This Morning


GOOG  – Google upgraded to Overweight from Equal Weight at Evercore

QCOM – Qualcomm target raised to $65 at Sterne Agee

CHKP – Check Point Software target raised to $63 at Oppenheimer

HXL – Hexcel target raised to $30 from $25 at Stifel Nicolaus

EMR – Emerson upgraded to Outperform at Bernstein

NYT – New York Times upgraded to Neutral at UBS

FSL – Freescale Semi initiated with an Outperform at Bernstein

EE – El Paso Electric upgraded to Buy from Neutral at Goldman

LTC – LTC Properties initiated with a Outperform at RBC Capital Mkts

SAVE – Spirit Airlines initiated with a Buy at Citigroup

DRI – Darden Restaurants target raised to $59 from $57 at RBC Capital Mkts

FARO – FARO Techs target raised to $50 from $47 at Needham

MTW – Manitowoc upgraded to Buy from Neutral at Sterne Agee

ACTV – Active Network initiated with a Outperform at RBC Capital Mkts

CLWR – Clearwire upgraded to Outperform from Neutral at Credit Suisse


SAI – SAIC downgraded to Negative from Neutral at Susquehana

AUO – AU Optronics downgraded to Neutral from Buy at Goldman

COG – Cabot Oil & Gas removed from Conviction Buy List at Goldman

PEGA – Pegasystems initiated with a Neutral at Collins Stewart

BBBB – Blackboard downgraded to Neutral at JPMorgan

POR – Portland Gen Elec downgraded to Neutral from Buy at Goldman

MTB – M&T Bank initiated with a Neutral at Rochedale

IMAX – IMAX ests revised downward at Stifel Nicolaus

THS – TreeHouse Foods downgraded to Neutral from Buy at Janney

RGC – Regal Entertainment downgraded to Sell from Neutral at Janney Montgomery Scott

MDT – Medtronic downgraded to Market Perform from Outperform at Wells Fargo

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Gapping Up and Down This Morning

Gapping Up

INO +11.5%, RIO +1.6%, AU +1.3%, BIDU +2.4%, AG +1.9%, CLWR +8.1%, GLD +1%, IAG +0.9%, GOLD +0.5, ALU +2%, RIO +1.6%, RDS.A +1.5%, GOOG +1.1%, AEM +1.9%,  SNDK +2.8%, EGO +1.9%,RCL +1%, KKR +8.6%, AUY +3.3%, ABX +2.3%, INO +8.2%, SLV +2.2%, DEO +2.6%, HL +2.0%,

Gapping Down

AIXG -4.6%,  MT -0.7%, JOE -3.2%, BBVA -2.7%,DB -1.3%, CS -1.3%, UBS -1%, 

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