Source Gold Corp. (OTCBB: SRGL) is pleased to announce that it has acquired 100% ownership in further claims in the Beardmore Geraldton area of Thunder Bay in Northern Ontario, Canada.

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Secure Path Technology Inc. (SPHT), a data services company for the media and entertainment industry, today announced a multi-year ISAN code registration agreement with NBC Universal (NBCU).

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MainLand Resources (MNLU) Beacon Equity Research Rated MNLU a Speculative Buy with a target price of $9.10! MNLU is currently at $1.29 Mainland Resources, Inc. is an independent oil and gas exploration, development and production company formed in early 2008. The Company is developing the natural gas potential of leases in the northern Louisiana Haynesville Shale play and intends to immediately explore the potential for further extensions of the Haynesville shale in Mississippi.

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Gen2Media Corporation (OTCBB: GTWO), Amazon.com, Inc. (NASDAQ: AMZN), CBS Corporation (NYSE: CBS) and American Express Co. (NYSE: AXP). Yesterday, Gen2Media Corporation (OTCBB: GTWO) issued a press release announcing that its Online Video Network is one of the fastest growing interactive networks already reaching 10 million viewers a month. Gen2Media is an innovative full service video technology and production company. The Gen2Media Online Video Network includes Read more…

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PrimeGen Energy Corporation (PINKSHEETS: PGNE), Chesapeake Energy Corporation (NYSE: CHK), Bank of America Corp. (NYSE: BAC) and Apollo Group, Inc. (NASDAQ: APOL). Yesterday after the markets closed, PrimeGen Energy Corporation (PINKSHEETS: PGNE) issued a press release announcing that the drilling of Rod 10-22 well has reached total target depth December 13, 2009. PrimeGen will be advised as to the commercial viability of the well and Read more…

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Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quote data delayed 15 minutes for Nasdaq, NYSE and Amex. Real-Time continuous streaming quotes are available through our premium service. You may turn streaming quotes on or off. All information provided “as is” for informational purposes only, not intended for trading purposes or advice. Yahoo! is not an investment adviser and does not provide, endorse or review any information or data contained herein. See the rest here: Facebook creates dual-class stock structure (AP)

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WASHINGTON (AP) — The Federal Reserve doesn’t expect the recovery will be strong enough to quickly drive down the jobless rate, and acknowledged its efforts to keep the rebound going could feed a new speculative bubble. AP – FILE – In this May 24, 2008 file photo, the headquarters of the Federal Reserve Bank is seen … Record-low interest rates “could lead to excessive risk-taking in financial markets,” according to documents released Tuesday of the Fed’s closed-door meeting earlier this month. It also could cause consumers, investors and businesses to worry about inflation taking off. Although Fed officials saw the current likelihood of that as “relatively low,” they pledged to “remain alert to these risks.” At the Nov. 3-4 meeting, Fed Chairman Ben Bernanke and his colleagues kept the target range for its bank lending rate at zero to 0.25 percent. Fed policymakers also pledged to hold rates at such super-low levels for an “extended period,” to ensure the recovery gains traction. Most analysts predict that means rates will stay where they are through the rest of this year and into part of 2010. On the economy, the Fed expects the unfolding recovery will be gradual, as modest growth keeps the nation’s unemployment rate elevated over the next several years. Most Fed policymakers said it could take “five or six years” for the economy and the labor market to be consistently healthy. High unemployment, slow income growth and hard-to-get credit will weigh on consumer spending “for some time to come,” the Fed said. Troubles in the commercial real-estate market also will restrain the recovery, according to minutes of the November meeting. Fed officials expected the pace of the recovery “would be rather slow, relative to historical experience.” Recoveries after steep economic downturns are usually robust, the Fed said. In updated economic projections, the Fed said the economy’s contraction for all of this year won’t be as deep as it thought in a forecast released in the summer. That’s because the second half of this year is shaping up better than anticipated. Under a range of new projections, the economy will shrink 0.5 percent or be flat this year. The old forecast called for a contraction of anywhere from 0.6 to 1.6 percent. Growth next year should turn out slightly better than the Fed previously projected– ranging from 2 to 4 percent — up from 0.8 to 4 percent. But that won’t be enough to quickly drive down the unemployment rate, which now stands at 10.2 percent. It’s only the second time in the post-World War II period the rate has topped 10 percent. The central bank predicted the jobless rate could hover between 8.6 and 10.2 percent next year, based on a range of forecasts from Fed policymakers. It’s a tad better than its previous forecast, where the Fed said the jobless rate could rise as high as 10.6 percent. The postwar high was 10.8 percent at the end of 1982 when the country had suffered through a severe recession. Looking ahead to 2011, the Fed said the unemployment rate could drop to anywhere from 7.2 to 8.7 percent. That would still be considered well above normal, which is between 5 and 6 percent. “Most members projected that over the next couple of years, the unemployment rate would remain quite elevated,” according to the Fed minutes. Inflation, meanwhile, should stay under control, the Fed said. Prices this year should increase between 1 and 1.7 percent, and rise a bit higher next year. The new projections were little changed from the old forecast. The new projections buttressed economists’ beliefs that Fed policymakers won’t be in any rush to boost rates. “So long as unemployment remains high and inflation expectations subdued, the Fed has little desire to lift rates,” said Sal Guatieri, economist at BMO Capital Markets. “Since the November meeting, Fed speakers have turned decidedly dovish” likely because unemployment spiked to 10.2 percent just days after that gathering. View original post here: Fed: super-low rates could fuel speculative bubble (AP)

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NEW YORK, Nov 24 (Reuters) – U.S. gold futures ended higher in very heavy trade Tuesday, driven by option-related buying and fund interest, and investors continued see pullbacks in the metal as buying opportunities, traders said. For the latest detailed report, click on [GOL/]. GOLD * COMEX December gold GCZ9 settles up $1.10 at $1,165.80 an ounce on the NYMEX. * Ranged from $1,157.70 to $1,171.70. December hit an all-time high $1,174 on Monday. * Gold futures supported by options-related buying after Monday’s option expiration – George Gero at RBC. * Bullion holds gains in spite of a slight dollar rise amid an equities market retreat. * Gold market sees drops as opportunities to buy absent a major correction – Miguel Perez-Santalla at Heraeus. * Ethiopia signed a deal for a Saudi firm to extract an estimated 20 tonnes of recoverable gold found in the Horn of African country last month. [ID:nGEE5AN1WS] * Gold-to-oil ratio above 15. It was last at 15.34, up from the previous session’s 15, as oil drops 2 percent. * COMEX estimated final volume at a very busy 323,712 lots, driven by options-related buying. * Spot gold XAU= at $1,167.50 an ounce at 3:23 p.m. EST (2023 GMT), compared with $1,165.85 late in the previous session in New York. * London’s afternoon gold fix XAUFIX= at $1,163.25 an ounce. * For a gold price interactive graphic: here > SILVER * December silver SIZ9 ends down 15.5 cents at $18.455 an ounce, as investors lock in profits. * Technical resistance seen at breaking above the $19 an ounce level – traders * Ranged from $18.330 to $18.680. * COMEX estimated final volume at a heavy 78,379 lots, partially due to December option expiration on Monday. * Spot silver XAG= was at $18.52, against $18.59 in the previous session in New York. * London silver fix XAGFIX= at $18.57. PLATINUM * January platinum PLF0 finishes down $23.80, or 1.6 percent, at $1,443.80 an ounce as the market takes a breather after Monday’s rally. * Spot platinum XPT= $1,446.50 an ounce. PALLADIUM * December palladium PAZ9 closes down $4.05, or 1.1 percent, at $369.25 an ounce on platinum’s weakness. * Spot palladium XPD= $369.75 an ounce. Close Change Pct 2008 YTD Chg Close % Chg US gold GCZ9 1165.80 1.1 0.1 884.3 31.8 US silver SIZ9 18.455 -0.155 -0.8 11.295 63.4 US platinum PLF0 1443.80 -23.80 -1.6 941.50 53.4 US palladium PAZ9 369.25 -4.05 -1.1 188.70 95.7 Prices at 3:21 p.m. EST (2021 GMT) Gold XAU= 1167.00 1.15 0.1 878.20 32.9 Silver XAG= 18.50 -0.09 -0.5 11.30 63.7 Platinum XPT= 1443.50 -11.00 -0.8 924.50 56.1 Palladium XPD= 369.75 0.750 0.2 184.50 100.4 Gold Fix XAUFIX= 1163.25 -7.00 -0.6 836.50 39.1 Silver Fix XAGFIX= 18.57 -19.00 -1.0 14.76 25.8 Platinum Fix XPTFIX= 1458.00 5.00 0.3 1529 -4.6 Palladium FixXPDFIX= 371.00 0.50 0.1 365.0 1.6 (Reporting by Frank Tang ; Editing by Lisa Shumaker) ((frank.tang@thomsonreuters.com; +1 646 223 6126; Reuters Messaging: frank.tang.reuters.com@reuters.net)) ((For help: Click “Contact Us” in your desk top, click here [HELP] or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546)) © Thomson Reuters 2009 All rights reserved Originally posted here: US gold ends up on options-related buying, funds (at Reuters)

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LONDON (AFP) – The Bank of England admitted Tuesday it lent a total of 61.6 billion pounds to Royal Bank of Scotland and HBOS in secret during last year’s financial crisis, adding that the cash had been repaid. The British central bank revealed the loans, equivalent to 68 billion euros or 102 billion dollars, in a statement to coincide with governor Mervyn King’s appearance before a Treasury Select Committee hearing. The BoE said that in autumn 2008 it had offered emergency lending to Royal Bank of Scotland (RBS) and HBOS bank, which is now part of Lloyds Banking Group (LBG). The bank said the loans could now be revealed because it judged that there was no longer a risk of a “potentially systemic disturbance” to the financial system. “Now that RBS has signed up for the asset protection scheme and Lloyds has embarked on its alternative strategy for capital raising, the bank judges that there is no longer a need for the assistance to remain secret,” the BoE said. RBS borrowed a maximum of 36.6 billion pounds on October 17, 2008, and HBOS borrowed a maximum of 25.4 billion pounds on November 13, 2008. The groups repaid the cash in December and January respectively. Junior finance minister Paul Myners defended the move, and declined to say if other secret loans had been made to banks. “This is precisely what a central bank does in terms of providing lender of last resort facilities to support the banking system,” he told Channel 4. “The future of the banks matters to parliament and parliament recognises that the Bank of England occasionally needs to act covertly and has given the Bank of England the legal power to do that.” Struggling HBOS was bought by rival Lloyds TSB in a government-brokered deal that created Lloyds Banking Group earlier this year. However, LBG fell under state control as a result of the global financial crisis and is now 43-percent owned by the taxpayer. Royal Bank of Scotland was also ravaged by the credit crunch and the takeover of Dutch giant ABN Amro at the top of the market in 2007. The state now owns 84 percent of RBS after an enormous bailout. Another British bank, Northern Rock, was nationalised in February 2008 after it ran into severe funding problems because of the global credit crunch. Read more: Bank of England reveals huge secret loans to RBS, HBOS

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* Says Fort Hills remains core holding * Will hang onto Lease 421 stake OTTAWA, Nov 24 (Reuters) – Teck Resources Ltd ( TCKb.TO ) is comfortable with Suncor Energy Inc’s ( SU.TO ) decision not to fast track development at the planned Fort Hills oil sands project, Chief Executive Don Lindsay said on Tuesday. Lindsay told reporters that he still considers its 20 percent stake in the Fort Hills project to be a core holding for the mining company, though Suncor, the project’s operator, has put off making a development decision on the project for at least another year. “We are very supportive of Suncor’s decision,” Lindsay told reporters following a speech in Ottawa. The Fort Hills oil sands mine was delayed a year ago by Petro-Canada when costs skyrocketed. Suncor, which assumed a 60 percent Fort Hills stake when it bought Petro-Canada in August, said earlier this month that it did not yet know when it would resume work at the site, opting to complete work on other projects that had been halted during the economic crisis. The expected cost of the Fort Hills mine, once pegged at C$14 billion ($13.4 billion), has dropped sharply since the recession and falling oil prices forced most operators in the oil-rich region of northern Alberta to suspend construction on new projects, freeing up scarce labor and materials. UTS Energy Corp ( UTS.TO ), which holds the remaining 20 percent stake in Fort Hills, said earlier this year that it may cost only C$8 billion to build a facility capable of producing 160,000 barrels per day, with further savings available if the size of the project was halved. Teck and UTS have also teamed up to acquire other leases in Alberta’s oil sands region, which contains more than 170 billion barrels of oil, the biggest reserves outside the Middle East. Earlier this month, UTS sold its half share in what it calls the Lease 421 area to Imperial Oil Ltd ( IMO.TO ) and Exxon Mobil Corp ( XOM.N ) for C$250 million. However Teck, which is trying to cut a debt load that ballooned due largely to last year’s acquisition of coal producer Fording, plans to keep its stake in the property. “We think it’s an excellent lease and we’ll be hanging onto it,” Lindsay said. (Reporting Randall Palmer, writing by Scott Haggett; Editing by Jeffrey Hodgson) ((scott.haggett@thomsonreuters.com; Reuters Messaging: scott.haggett.reuters.com@reuters.net; +1 403 531-1622)) Here is the original post: UPDATE 1-Teck content with Suncor’s Fort Hills delay

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Oil prices fell to around $76 a barrel Tuesday with new data showing a slow U.S. economic recovery and consumer confidence that remains lukewarm at best. AP – FILE – In this Sept. 19, 2007 file photo, an oil pump is seen at dusk in Sakhir, … {”s” : “ung,uso”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} The dollar also gained against other major currencies, which can keep energy prices in check. Benchmark crude for December delivery fell $1.54 to settle at $76.02 a barrel on the New York Mercantile Exchange. The Commerce Department said the economy grew at a rate of 2.8 percent between July and September, short of estimates for 3.5 percent growth released just a month ago. Consumers are not spending much, commercial construction was weak, businesses trimmed inventories. The lack of consumer spending was partly explained in another report released Tuesday. Americans’ confidence in the economy improved slightly in November from October, but shoppers remain gloomy heading into the holiday shopping season, according to the monthly survey released by the Conference Board. The lack of industrial and consumer activity has played out in weekly oil inventory reports from the Energy Department, with supplies of crude in storage growing. The next weekly report arrives Wednesday, and expectations are that crude and gasoline supplies grew again last week. Retail prices edged lower again, falling less than a penny to $2.638 per gallon Tuesday. That’s a lot more than last year at this time, when gasoline prices plunged to about $1.91 as the economic crisis unfolded. Gasoline consumption for the week ended Friday declined 1.6 percent from the previous week and 1.4 percent from a year ago, according to the weekly MasterCard SpendingPulse report. Year-to-date consumption for 2009, however, is still up 0.6 percent. MasterCard’s report is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check. Still, gasoline prices are being supported by crude, which has traded between $76 and $82 for more than a month. That is largely being blamed on the dollar because oil is bought and sold in the U.S. currency. Investors holding euros or other currencies can buy more oil when the dollar falls. Crude prices rose Monday when the dollar fell. On Tuesday, the dollar gained against the euro, yen, and British pound. Oil prices fell as much as 2 percent. In other Nymex trading, heating oil fell less than a penny to settle at $1.9497 a gallon. Gasoline for December delivery fell almost 4.04 cents to settle at $1.939 a gallon. Natural gas for December delivery rose 1.3 cents to settle at $4.486 per 1,000 cubic feet. In London, Brent crude dropped $1 to settle at $76.46 on the ICE Futures exchange. Associated Press Writers Alex Kennedy in Singapore, Barry Hatton in Lisbon, Portugal, and Jeannine Aversa in Washington contributed to this report. Continued here: Crude prices sink to $76 per barrel (AP)

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By Paritosh Bansal NEW YORK (Reuters) – Deal advisers are searching hard for unorthodox ways to pull off mergers of healthy U.S. banks in the face of a gloomy prognosis for such transactions. As capital raisings and auctions of failed institutions dominate the U.S. banking sector, deal advisers said it also makes sense in some cases for strong banks to buy one another. The financial crisis, economic uncertainty and fears about asset quality have made it nearly impossible to go about doing bank deals as one would in normal times, these experts said. So some of the country’s roughly 8,200 banks and their advisers are putting on their creative hats to come up with deals that can account for factors such as future losses in a weak economy and doubts about a target’s assets. These structures could involve separating out bad assets, fixing payouts based on performance and even seeking some help from regulators. “These are all things that are being kicked around in different forms and fashions,” said Joseph Moeller, a managing director at investment bank Keefe, Bruyette & Woods. “These are theoretical things that have not been ironed out yet.” If a buyer doesn’t like certain parts of the seller’s loan portfolio, for instance, the deal could be structured so that the problem assets are separated out into another subsidiary, Moeller said. The subsidiary would then become part of the deal consideration depending on how the loan portfolio worked out, Moeller said. But he added that there are problems that need to be addressed in a situation like that: the subsidiary will have to be capitalized and someone will have to service the loans. Valuation of assets, particularly those related to commercial real estate, is still very much a subjective process, said Rob McCarthy, a senior director in Alvarez & Marsal’s transaction advisory group. “The sellers and the buyers will take their own independent views, which are often mismatched,” McCarthy said. “I don’t think the market’s found itself yet as far as commercial real estate goes,” he said. “That remains an impediment to pricing and structuring of deals.” Chip MacDonald, a financial institutions lawyer at Jones Day, said they had been working on some deals involving payouts depending on the performance of problem loan portfolios. But he added that some other structures such as those where the payout is based on earnings performance or includes clawbacks for future losses on loans are harder to put together. Once the banks are merged it is more difficult to isolate and track such performance measures. Some discussions also revolve around seeking help from regulators such as the Federal Deposit Insurance Corp for a potential deal involving an open bank.  Continued… See original here: Advisers get creative in quest for healthy bank M&A

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WASHINGTON (AFP) – Shoppers are expected to come out in force but cling a bit tighter to their wallets for the kickoff of the holiday gift-giving season this weekend, new surveys showed Tuesday. The National Retail Federation said it expects 134 million people to be out shopping on “Black Friday,” the big shopping day after Thursday’s Thanksgiving Day holiday, and the following Saturday and Sunday. “Regardless of what we?ve already seen these last few weeks in terms of promotions, retailers still have a few tricks up their sleeves to excite Black Friday shoppers,” said Tracy Mullin, NRF president and chief executive. “With retailers fully aware that shoppers are looking for incredible deals, Americans can expect huge sales on popular items like toys, electronics and apparel.” The retail group confirmed its forecast calling for a one percent decline in holiday spending to 437.6 billion dollars. A separate report by the International Council of Shopping Centers showed 26 percent of US households will see members out shopping on Friday, including 36 percent of consumers aged between 18 and 34 years old. The ICSC survey showed one third of shoppers may be at the stores for early-bird specials between 4 am and 8 am. “Bargain Friday shopping has become a tradition in America when consumers search for the best bargains that retailers offer,” said Michael Niemira, ICSC director of research and chief economist. “Bargain Friday’s performance typically is not a precursor of the entire holiday season’s sales picture — which ICSC projects will post a modest gain — yet ICSC anticipates a very strong Bargain Friday.” ICSC predicts a rise in overall holiday retail sales of between one and two percent for 2009. A Western Union survey meanwhile found that 65 percent of Americans plan to skip Black Friday holiday shopping this year, citing crowded stores as a major reason. The survey also found that 51 percent of Americans said cash is the gift they would most like to receive this year. Continue reading here: More shoppers, cautious spending seen for Black Friday

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By Malcolm Morrison, The Canadian Press TORONTO – The Toronto stock market was negative Tuesday afternoon with buyers discouraged by data showing weaker than expected U.S. economic growth and tepid consumer sentiment just before the start of the holiday shopping season. Toronto’s S&P/TSX composite index dropped 50.2 points to 11,573.8 after the U.S. Commerce Department reported the economy grew at an annual rate of 2.8 per cent in the third quarter, compared with a previous government estimate of 3.5 per cent. The new reading was weaker than the 2.9 per cent revised growth rate economists had expected. “It’s the U.S. government doing everything and the consumer doing nothing,” observed John Stephenson, portfolio manager at First Asset Funds.. “If you look at the growth in the last quarter, (government stimulus) had a lot to do with it. We don’t have a solution to replace that except more stimulus so there’s really no exit strategy other than the government continues to print money.” The Canadian dollar was down 0.29 of a cent to 94.42 cents US. The financial sector was the leading advancer, up 0.4 per cent after the Bank of Montreal (TSX: BMO.TO ) reported its fourth-quarter net income rose 16 per cent from year-ago levels to $647 million. Earnings per share were $1.11, easily beating analyst estimates of 98 cents, compared with $1.06 a year earlier. Total revenue in the quarter increased by 6.3 per cent to $176 million while its provision for credit losses decreased to $386 million during the quarter, down $79 million from last year. Its shares moved up 39 cents to $53.94. “Well, I would say BMO has just done a stellar job. It was a great quarter, there is no way to say anything negative about it,” said Stephenson, adding the results bode well for earnings reports from the rest of the sector. Elsewhere on the Canadian earnings front, George Weston Ltd. (TSX: WN.TO ) said Tuesday that its profit dropped 52 per cent to $86 million or 56 cents a share in the most recent quarter, down from $180 million or $1.29 a share a year ago. Results at North America’s largest baker were hurt by foreign exchange charges. Revenue at the company, which holds a controlling interest in supermarket chain Loblaw Companies, slipped one per cent to $9.78 billion and its shares ticked 59 cents higher to $59.69. The TSX energy sector was off 0.12 per cent as the January crude contract on the New York Mercantile Exchange declined $1.63 to US$75.93 a barrel. Canadian Natural Resources (TSX: CNQ.TO ) climbed 87 cents to $71.86. Mining stocks were also negative. The gold sector was down 1.13 per cent even as the December bullion contract on the Nymex gained $1.10 to a record high close of US$1,165.80 an ounce. Goldcorp Inc. (TSX: G.TO ) faded 97 cents to $45.88. The base metals sector stepped back 1.27 per cent with December copper off one cent to US$3.12 a pound. Teck Resources (TSX: TCK-B.TO ) moved back 96 cents to C$36.40. The TSX Venture Exchange moved 2.36 points lower to 1,414.27. New York markets were also negative in the wake of the economic data with the Dow Jones industrials down 46.4 points to 10,404.5. The Nasdaq composite index was off 14.81 points to 2,161.2 while the S&P 500 index declined four points to 1,102.25 after the U.S. Conference Board said that its Consumer Confidence Index edged up to 49.5 from a revised reading of 48.7 in October. Economists surveyed by Thomson Reuters had expected a reading of 47.7. One component of the Conference Board’s confidence gauge that measures consumers’ assessment of the current economy fell slightly to 21.0, compared with 21.1 in October. Consumer spending accounts for more than two-thirds of all U.S. economic activity and a rebound in shopping is considered vital for a strong recovery. Other data out Tuesday morning showed that U.S. home prices rose slightly in September, the fourth straight monthly increase. Investors have been battling mixed signals on the economy in recent months. Areas like housing have shown modest improvements, but others like consumer confidence and employment are lagging. That has investors worried that their bets on an economic recovery over the past eight months may have been overdone. The main Toronto index is up about 50 per cent while the Standard & Poor’s 500 index is up 63.5 per cent since early March. In other corporate news, Manulife Financial Corp. (TSX: MFC.TO ) is expanding its Chinese operations with a deal to buy Fortis Bank’s 49 per cent interest in China-based ABN AMRO TEDA Fund Management Co. for 105 million euros, or US$156 million. Its shares declined 21 cents to $18.57. Kingsway Financial Services Inc. (TSX: KFS.TO ) shares fell 13 cents or 7.69 per cent to $1.56 after it said credit ratings agency A.M. Best has downgraded its issuer credit rating to Triple-C from Single-B. The financial strength ratings of several other insurers in which Kingsway has a major interest were also downgraded. Shares in Alimentation Couche-Tard Inc. (TSX: ATD-B.TO ), which operates convenience stores throughout Canada and the United States, gained 65 cents to $20.75 after it said says its latest quarterly profit was down nearly 10 per cent from a year earlier. But revenue was up 5.3 per cent. Western Coal Corp. (TSX: WTN.TO ) shares declined three cents to $2.72 after it said Monday a proposed class action lawsuit has been filed in Ontario Superior Court alleging inaccurate disclosure in company’s second-quarter financial report in 2007. Continued here: TSX lower on U.S. growth, consumer data; BMO earns boost financial sector

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By The Canadian Press VANCOUVER, B.C. – A B.C. judge has decided Rogers Communications Inc. (TSX: RCI-B.TO ) cannot continue to claim it has “Canada’s Most Reliable” wireless network without qualification. The judge’s ruling is largely a victory for Telus Corp. (TSX: T.TO ), which asked for the court to prevent Rogers from continuing to make the long-standing claim. Telus argued that new networks put in place this month by it and Bell Canada had made it impossible for Rogers to claim superiority. Justice Grauer says in his ruling that he agreed with Telus when it argued that Rogers couldn’t make the claim based on information that has become outdated. However, the judge says he won’t go as far as to order Rogers to pull any advertising or promotional material with the claim and said he wanted to make the scope of the limitation on Rogers as narrow as possible. The judge ordered the two parties to work on the wording for a court order and adjourned the matter until Friday. Follow this link:

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* Deal valued at about $468 million By Tom Hals WILMINGTON, Del., Nov 24 (Reuters) – Capmark Financial Group Inc [CPFNG.UL] said on Tuesday that it agreed to sell its mortgage loan servicing business to a joint venture between Berkshire Hathaway and Leucadia, which raised its bid on Monday to value the unit at about $468 million. Capmark Financial Group Inc filed for bankruptcy in October with a plan to sell its mortgage servicing business, one of the world’s largest, to Berkshire Hathaway Inc( BRKa.N ) and Leucadia National Corp ( LUK.N ) and then opened the agreement to higher bids. A Capmark attorney, Michael Kessler of Dewey & LeBoeuf, said the company also negotiated with a unit of PNC Financial Services Group Inc ( PNC.N ), which never put forward a proposal that met the requirements of a qualifying bid. Kessler said the Friday bid deadline was extended several times right through to Monday night to give more time for PNC’s Midland Loan Services to qualify. “During the course of the day, Berkadia also increased its bid to, I believe, have us cut off the bid extendsion deadline to PNC,” said Kessler. On Monday, the Berkshire-Leucadia venture, known as Berkadia, increased its bid to a value of about $468 million. Capmark’s prebankruptcy agreement with Berkadia was worth about $408 million, according to Kessler. Capmark services $288.6 billion in loans, the third-largest commercial and multifamily residential loan portfolio. The case is in re: Capmark Financial Group, U.S. Bankruptcy Court, District of Delaware, No. 09-13684. ((thomas.hals@thomsonreuters.com; 1-302-993-6283; Reuters Messaging: thomas.hals.reuters.com@reuters.net)) Read the original: UPDATE 1-Berkshire venture tops PNC for Capmark servicing

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RBC has calculated that gold-related shares are currently pricing in a long-term gold price of $940, according to a chart highlighted by FTAlphaville . While such excel-model calculations always need to be taken with a grain of salt, by RBC’s numbers Barrick Gold (ABX) appears as relatively under-valued. It would be interesting to see by what model RBC arrives at these valuations. Barrick, for example, doesn’t only produce gold. See the rest here: Get Gold Exposure For Just $940 An Ounce

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After buying into the rally late last year, institutions have been selling into the rally since August according to the latest investor confidence survey from State Street.   At a reading of 100 institutions are no long allocating capital towards equities and have clearly moved to a more defensive posture since late summer.   Investors in Asia have turned decidedly more bearish as institutions reallocate capital from stocks to less risky assets.  The reading of 91.2 in the Asia represents a high level of pessimism regarding the recent move in equities.    This change in risk tolerance has also been evident in the underperformance of small cap stocks compared to large caps . The founders of the index, Ken Froot and Paul O’Connell had these comments on this morning’s reading: “Across all regions, institutional investors are largely treading water; neither increasing nor reducing their aggregate holdings of risky assets,” commented Froot. “However, the aggregate figures mask some country- and region-specific views. This month, for example, institutional investors aggressively pared their holdings in selected markets, such as Australia, while continuing to add to their emerging markets holdings. Overall, investors are displaying some caution about the current level of equity valuations, and a desire to see more evidence of real economic activity and aggregate demand, particularly in the US, before adding to equity exposures.” “European investors displayed some increased optimism this month, but elsewhere the evidence is that investors are in a consolidating mood,” added O’Connell. “There is an awareness that structural issues such as the US current account deficit, the Asian current account surplus, and the long-run decline of manufacturing employment will need time to be worked out. In the interim, governments continue to support demand, but investors have an eye on both the temporary nature of the stimulus, and its impact on the overall debt burden.” The big money is becoming skeptical of the rally. Along with the recent increase in insider selling this data becomes difficult to ignore particularly considering their prescience in allocating capital in late 2008 and early 2009. Original post: INSTITUTIONS TURN NEUTRAL ON THE RALLY, CONFIDENCE FADES

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LONDON, Nov 24 (Reuters) – European shares closed lower on Tuesday after data showed the U.S. economy grew at a slower rate than forecast in the third quarter and home prices in the United States rose less than expected in September. The pan-European FTSEurofirst 300 .FTEU3 index of top shares provisionally closed 0.6 percent lower at 1,017.87 points after rising to a high of 1,025.17 earlier in the session. The index has gained nearly 58 percent since falling to a record low in early March and is up 22 percent for the year. Banks featured among the worst performers. HSBC ( HSBA.L ), BNP Paribas ( BNPP.PA ), Societe Generale ( SOGN.PA ), UBS ( UBSN.VX ) and Credit Suisse ( CSGN.VX ) were down 1.9 to 3.2 percent. “There has been some mixed economic data and the market has taken a more pessimistic view on it. Wall Street is going down with Europe in pursuit,” said Philippe Gijsels, strategist at Fortis Bank. “The market has been a little bit volatile but that is also probably because volumes are quite low. The U.S. is about to go into its Thanksgiving holiday weekend, so there are big swings in the market and that is what you are typically seeing today.” The U.S. economy grew at a slower pace than forecast in the third quarter, while Standard & Poor’s/Case-Shiller indexes showed home prices rose less than expected in September. [ID:nN23258482] [ID:nN24298560] But, U.S. consumer confidence edged higher in November after an unexpected drop in October, with less consumers expressing doubt about the a worsening jobs market, according to a report. [ID:nN24300840] (Reporting by Joanne Frearson) ((joanne.frearson@thomsonreuters.com; +44 207 542 2773, Reuters Messaging:joanne.frearson.thomsonreuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Visit link: European shares close lower; U.S. data weighs (at Reuters)

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STURTEVANT, Wis. & NEW YORK–(BUSINESS WIRE)–JohnsonDiversey, Inc. and Clayton Dubilier & Rice, LLC (“CD&R”) today announced the completion of a previously announced agreement under which CD&R-managed funds are investing $477 million for an approximate 46 percent equity interest in the company as part of a broader recapitalization transaction valued at $2.6 billion. In addition, the company will be simplifying its name to “Diversey, Inc.,” preserving the strong global brand equity in the current name and retaining the depiction of a water lily in its logo, a reflection of the Johnson Family heritage of environmental leadership. The name change is expected to take effect in early 2010. The recapitalization provides the company with the financial flexibility to accelerate growth in the global commercial cleaning and hygiene market. In addition to the CD&R fund investment, the transaction includes a debt financing package of approximately $1.9 billion. The new financing package includes $400 million of privately placed senior notes, $250 million of privately placed holding company PIK notes and $1.25 billion of senior secured credit facilities with a $250 million revolving credit facility. The Johnson Family of Racine, Wisconsin, retains approximately 50 percent ownership in the company. Unilever retains a 4% ownership interest. “The recapitalization and equity investment by CD&R gives us both financial flexibility as well as access to the firm’s significant operating expertise to help us grow our business and expand our capabilities in delivering products, services and solutions that contribute to a cleaner, healthier future,” said JohnsonDiversey Chairman S. Curtis Johnson. CD&R looks forward to helping the company achieve new levels of growth, added CD&R Partner Richard J. Schnall. “The transaction exemplifies many elements required today for successful private equity investing – insight to understand value in an uncertain economic environment, strong relations with financing sources, and a high level of credibility with sellers of businesses,” Schnall said. JohnsonDiversey President and CEO Ed Lonergan added, “CD&R has an outstanding track record of creating value in the companies in which it invests. We’re confident this transaction will be a success for all stakeholders.” JohnsonDiversey recently announced two new initiatives to reinforce its leadership position in the global commercial cleaning and hygiene market and its commitment to public health. The company announced yesterday the creation of an Internet-based resource, www.outbreakcontrol.com , to address the H1N1 global pandemic by providing valuable information on disinfection and facility hygiene. Earlier in November, JohnsonDiversey announced it had tripled to 25% its pledge to reduce the company’s greenhouse gas emissions by 2013 under the World Wildlife Fund Climate Savers program (see prior press release dated November 5, 2009). These actions further reinforce JohnsonDiversey’s commitment to providing cleaner, healthier and more sustainable facilities for its customers in the building management, lodging, food service, retail, health care, and food and beverage sectors. Advisors Goldman, Sachs & Co. and Citigroup Global Markets Inc. served as financial advisors to JohnsonDiversey on the transaction. Jones Day served as the company’s legal advisor. Barclays Capital Inc., HSBC Securities (USA) Inc., Natixis, Rabobank Securities, Inc. and RBC Capital Markets served as financial advisors to CD&R. Debevoise & Plimpton LLP served as CD&R’s legal advisor. Serving the Johnson Family shareholders were BDT Capital Partners, Inc. and the law firm of McDermott Will & Emery LLP. Further information about the transaction is contained in various current reports on Form 8-K, filed with the Securities and Exchange Commission and available at www.johnsondiversey.com . ABOUT CLAYTON, DUBILIER & RICE Founded in 1978, Clayton, Dubilier & Rice, Inc. is a private equity firm with an investment strategy predicated on producing superior financial returns through building stronger, more profitable businesses. The Firm’s professionals include a combination of financial and operating executives. Since inception, CD&R has managed the investment of more than $12 billion in 45 U.S. and European businesses representing a broad range of industries with an aggregate transaction value of approximately $70 billion and revenues of nearly $100 billion. CD&R’s portfolio investments include global market leaders such as Hertz (NYSE: HTZ – News ), Sally Beauty (NYSE: SBH – News ), U.S. Foodservice and ServiceMaster. The Firm is based in New York and London. www.cdr-inc.com . ABOUT JOHNSONDIVERSEY JohnsonDiversey Inc. is committed to a cleaner, healthier future. Its products, systems and expertise make food, drink and facilities safer and more hygienic for consumers and for building occupants. With sales into more than 175 countries, JohnsonDiversey is a leading global provider of commercial cleaning, sanitation and hygiene solutions. The company serves customers in the building management, lodging, food service, retail, health care, and food and beverage sectors. JohnsonDiversey is headquartered in Sturtevant, Wisconsin, USA. www.johnsondiversey.com . Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6107574&lang=en MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6107574 Read more from the original source: JohnsonDiversey and Clayton, Dubilier & Rice Announce Closing of Equity Investment and Company Recapitalization (Business Wire)

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By Ka Yan Ng TORONTO (Reuters) – Toronto’s main stock index was lower on Tuesday morning due to weakness in commodity shares and evidence of a slow recovery in the U.S. economy. Strength in banking stocks stemming from firm Bank of Montreal quarterly results cushioned the fall. The top five spots the market’s list of risers were held by big banks. Bank of Montreal reported a higher-than-expected 16 percent increase in quarterly profit and said it was buying the Diners Club North America credit card business, a deal that would double its corporate card portfolio. BMO shares gained 0.5 percent to C$53.80. Toronto-Dominion Bank was up 0.27 percent at C$67.53. Resource shares were big decliners on Tuesday, led by a 1.7 percent drop in fertilizer company Potash Corp to C$118.25. Lower oil prices and a recent run-up in commodity stocks also put pressure on companies such as diversified miner Teck Resources , down 2.2 percent at C$36.55, and oil producer EnCana Corp , down 0.54 percent at C$55.60. “I think it’s just an overall sell off in the market today. It had a pretty nice run in some of these commodities so it was ripe for some profit-taking,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. At 10:40 a.m., the S&P/TSX composite index was down 25.50 points, or 0.22 percent, at 11,599.28, after opening higher. The U.S. economy grew more slowly than first thought in the third quarter, but house prices rose for the fifth straight month in September and U.S. consumer confidence was up in November, suggesting a slow economic recovery is still intact. “I think it just confirms that we’re in a slow recovery here. It’s good to see a positive but it wasn’t as positive as people were expecting,” Nakamoto said. ($1=$1.06 Canadian) (Editing by Peter Galloway) See the original post here: TSX falls on commodities, but banks rise

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* Lower U.S. Q3 GDP lifts yen vs dollar * Firmer Ifo helps euro reverse earlier losses * U.S. consumer confidence higher than expected, (Recasts, updates prices, adds comment, U.S. data) By Gertrude Chavez-Dreyfuss NEW YORK, Nov 24 (Reuters) – The yen rose to six-week highs against the dollar on Tuesday, while the greenback climbed versus higher-yielding currencies after economic growth and consumer confidence data suggested a U.S. recovery could be slower and less robust than previously thought. The reports rekindled the safe-haven allure of both the dollar and yen and reduced appetite for riskier assets such as stocks and commodity currencies with higher yields such as the Australian and New Zealand dollars. Data on Tuesday indicated that the U.S. economy in the third quarter grew at a slower pace than previously thought, while a consumer confidence report still pointed to weak labor market sentiment. “The (consumer confidence) breakdown is less encouraging with the main components that broadly track PCE (in coincident fashion) generally weak,” said Alan Ruskin, chief currency strategist at RBS Global Banking and Markets in Stamford, Connecticut. “That includes the present situation numbers, and the labor market indicators that show jobs hard to get remaining at extraordinary high levels…This has…triggered profit-taking on short dollar exposure.” For U.S. consumer confidence report, see [ID:nN24300840]. The dollar fell to session lows against the yen at 88.36 JPY= , the lowest since early October, according to Reuters data. By mid-morning, the dollar was last at 88.44, down 0.6 percent on the day. The euro, meanwhile, was slightly down at $1.4964 EUR= , in choppy trading. Earlier it had gained versus the greenback as firmer-than-expected German sentiment survey offset concerns about the country’s banking sector. The euro, which has become one of the proxies for risk appetite, also had slipped earlier after data showed the U.S. economy grew 2.8 percent, lower than the government’s first estimate of a 3.5 percent growth rate a month ago. The figure was also slightly lower than market forecasts. For GDP data, click on [ID:nN23258482]. “This number is slightly negative for risk appetite because of the downgrade in the personal consumption number. But overall, this is an old number and it should have limited impact going forward,” said Jacob Oubina, senior currency strategist at Forex.com in Bedminster, New Jersey. In line with the market’s diminished market appetite, the Australian dollar fell 0.6 percent to US$0.9180 AUD= , while the New Zealand dollar slid more than 1 percent to US$0.7252 NZD= . (Editing by Diane Craft)) ((gertrude.chavez@thomsonreuters.com; +1 646 223 6322; Reuters Messaging: gertrude.chavez.reuters.com@reuters.net)) The rest is here: FOREX-Yen rises to 6-wk high vs dollar; high-yielders fall (at Reuters)

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NEW YORK (AP) — Stocks retreated from 13-month highs after a lackluster reading on consumer confidence and a report showing slower economic growth sapped the market’s optimism. Major indexes were slightly lower Tuesday after the Conference Board said its Consumer Confidence Index increased to 49.5 in November from a revised reading of 48.7 in October. While better than expected, the report shows that consumers remain gloomy heading into the holiday season. A reading above 90 means the economy is on solid footing. Stocks had already been falling in morning trading after the government revised its calculation of third-quarter economic growth down to 2.8 percent from its original estimate of 3.5 percent, the latest sign that the recovery is likely to be slow and bumpy. The decline in stocks came after a big rally on Monday carried the Dow Jones industrials up 133 points to their highest level in just over a year. A weakening dollar and an upbeat report on housing lured investors back into stocks after a three-day losing streak. The dollar bounced back on Tuesday, hurting stock market sentiment. The dollar’s weakness has been a big driver behind higher stock prices this year. Investors have been taking advantage of record-low interest rates to invest in assets other than cash that can earn them better returns. As the end of the year approaches, however, investors have become hesitant to take on more risk and potentially upset the big gains they’ve amassed since stocks began rallying in March. That desire for safety helps push up the dollar and other safe-harbor investments like Treasurys at the expense of the stock market. The Dow fell 22.68, or 0.2 percent, to 10,428.27. The Standard & Poor’s 500 index lost 1.03, or 0.1 percent, to 1,105.21, while the Nasdaq composite index fell 8.63, or 0.4 percent, to 2,167.38. About two stocks fell for every one that rose on the New York Stock Exchange, where volume came to a relatively low 240.8 million shares, compared with 284.4 million at the same time on Monday. Analysts expect trading to be choppy this week amid light trading volume heading into the Thanksgiving holiday. A report earlier Tuesday showing the fourth straight month of improving house prices in September did little to shore up investor confidence. The Standard & Poor’s/Case-Shiller home price index rose 0.3 percent in September from the previous month. Investors have been battling mixed signals on the economy in recent months. Areas like housing have shown modest improvements, but others like consumer confidence and employment are lagging. That has investors worried that their bets on an economic recovery over the past eight months may have been overdone. The Standard & Poor’s 500 index is up 63.5 percent since early March. A stronger dollar put pressure on the shares of commodities and materials producing companies. When the dollar rises, it makes commodities and commodities-related products more expensive for buyers overseas. The ICE Futures US dollar index, a widely used measure of the dollar against other currencies, rose x percent in morning trading. Oil prices fell $1.24 to $76.32 a barrel on the New York Mercantile Exchange. Gold prices rose slightly. Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.35 percent from 3.36 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.05 percent from 0.03 percent. In other trading, the Russell 2000 index of smaller companies fell 5.41, or 0.9 percent, to 589.40. Overseas, China’s Shanghai index fell 3.5 percent, its biggest decline in three months, while Japan’s Nikkei stock average fell 1 percent. In afternoon trading, Britain’s FTSE 100 rose 0.3 percent, Germany’s DAX index gained 0.1 percent, and France’s CAC-40 slipped 0.1 percent. View original post here: Reports on consumer confidence, GDP tug at stocks (AP)

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WASHINGTON (AP) — The summer’s trend of rising home prices is flattening as the traditional home shopping season ends, two reports Tuesday showed. AP – In this Oct. 15, 2009 photo, a sign for a newly-constructed home advertises a financing rate in Chagrin … {”s” : “bac,c,fnm,fre,jpm,wfc”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} The Standard & Poor’s/Case-Shiller home price index of 20 major cities rose 0.3 percent to 144.96 in September, the fourth monthly increase in a row. The seasonally adjusted index is now up more than 3 percent from its bottom in May, but still 30 percent below its peak in April 2006. Another reading of home prices published by the Federal Housing Finance Agency held steady from August to September. Analysts expect prices to dip again this winter as foreclosures increase. “As long as the unemployment rate stays elevated, you’re going to see pressure on the pace of foreclosures, which are going to find their way back onto the market, depressing prices,” said Dan Greenhaus, chief economic strategist with Miller Tabak & Co. Home prices are a key ingredient to rebuilding the economy. Homeowners feel wealthier when their property appreciates in value and are more likely to spend money. Rising prices also help millions of homeowners who owe more to the bank than their homes are worth. Currently, roughly one in four homeowners are in that situation, according to First American CoreLogic. While prices nationally are likely to keep rising through November, “we are very worried about the potential for a huge wave of supply next year, both from private sellers and banks,” wrote Ian Shepherdson, chief U.S. economist at High Frequency Economics. “Prices could easily reverse their recent gains.” Home prices rose in 11 major cities with the strongest gains in San Francisco and Minneapolis, according to the Case Shiller report. Prices fell by the most in Las Vegas and Cleveland. Compared with a year earlier, the 20-city index was down 9.4 percent, the smallest year over year decline since January 2008. “With housing remaining an albatross around the economy’s neck, nothing would perk things up more than some increases in home prices,” wrote Joel Naroff, chief economist at Naroff Economic Advisors. “That seems to be happening.” The price reports came a day after the National Association of Realtors said home resales surged by more than 10 percent in October as buyers took advantage of a special tax credit for first-time owners. Read this articl e: Home prices rise for 4th month in a row (AP)

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NEW YORK (AP) — Americans’ confidence in the economy improved slightly in November from October, but shoppers remain gloomy heading into the traditional start of the holiday shopping season amid a weak job market, according to a monthly survey. AP – In this photo made Thursday, Oct. 15, 2009, Antionette Harris shops at a Target store in Philadelphia. Americans’ … The Conference Board, based in New York, said Tuesday that its Consumer Confidence Index edged up to 49.5, up from a revised reading of 48.7 in October. Economists surveyed by Thomson Reuters expected a reading of 47.7. The index, which hit a historic low of 25.3 in February, had enjoyed a three-month climb from March through May, fueled by signs that the economy might be stabilizing. The road has been bumpier since June as rising unemployment has taken a toll on consumers. A reading above 90 means the economy is on solid footing. Above 100 signals strong growth. One component of the Conference Board’s confidence gauge that measures consumers’ assessment of the current economy fell slightly to 21.0, compared with 21.1 in October. The other that measures shoppers’ outlook over the next six months increased slightly to 68.5 from 67.0 in October. “Income expectations remain very pessimistic and consumers are entering the holiday season in a very frugal mood,” said Lynn Franco, director of The Conference Board Consumer Research Center in a statement. Economists watch consumer sentiment because spending on goods and services for consumers accounts for about 70 percent of U.S. economic activity by federal measures. While the reading doesn’t always predict short-term spending, it does serve as a barometer of spending levels over time, especially for big-ticket items. Retail sales showed some signs of life in September and October, with major merchants collectively posting two consecutive monthly gains in sales in more than a year, according to the International Council of Shopping Centers-Goldman Sachs Index. That followed more than a year of declines as shoppers shut their wallets tight. But business still remains weak and shoppers are still focused on necessities like socks, coats and underwear. Experts say depressed spending is likely to persist for several years amid stubbornly high unemployment. The unemployment rate is now at 10.2 percent, the highest in 26 years, and 15.7 million Americans out of work. Meanwhile, the housing market has showed signs of improvement, but overall the sector is still tepid. A housing report announced Tuesday showed home prices improved for the fourth straight month in September, though only in 11 out of 20 major metropolitan areas. The Standard & Poor’s/Case-Shiller home price index, which tracks prices in 20 major metropolitan markets, rose 0.3 percent in September. The Conference Board’s confidence survey, which is based on a representative sample of 5,000 U.S households, showed that shoppers’ assessement of the job market remains weak. The cutoff for the preliminary results wsa Nov. 17. Those claiming jobs are “hard to get” increased to 49.8 percent from 49.4 percent, while those claiming jobs are “plentiful” decreased to 3.2 percent from 3.5 percent. Consumers’ short-term outlook improved slightly in November, but that’s because those expecting conditions to worsen decreased to 15.1 percent from 18.2 percent, Franco said. The percentage of consumers expecting an improvement in business conditions over the next six months decreased slightly to 20.0 percent from 20.8 percent. Those anticipating more jobs in the months ahead declined to 15.2 percent from 16.8 percent. But those expecting fewer jobs declined to 23.1 perent from 26.1 percent. The proportion of consumers expecting an increase in their incomes decreased to 10.0 percent from 10.7 percent. Read the r est here: Consumer confidence improves slightly in November (AP)

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Researchers at Harvard University have uncovered what could be a confounding problem facing the healthcare industry: Digitalizing healthcare records and deploying new technologies fails to provide cost benefits. For years, hardware and software vendors have been touting the return on investment (ROI) when enterprises, including healthcare facilities, streamline and eliminate inefficient, manual processes through technology deployments. But the new Harvard University research study shows that introducing technology into hospitals and doctor offices actually increases costs associated with configuration management, upgrading systems and deploying and maintaining healthcare IT security technologies. “Most of the systems are being sold principally to make sure the institution collects every penny it can,” said the report’s lead author Dr. David Himmelstein, an associate professor at Harvard Medical School. “The guts of the system are distorted by the need to make sure it’s a billing system at heart.” Himmelstein and his team reviewed about 4,000 hospitals from 2003 to 2007 and found that while many had digitialized patient records to eliminate paper, administrative costs actually rose, even among the most high-tech institutions. The hospital computing and costs study, published in The American Journal of Medicine , doesn’t point to specific costs such as security and configuration management, but it does find that ongoing IT administrative costs add to the bottom line once new systems are deployed. “Clearly there are some examples of quality of care being worse because of computers and some examples where it’s been better. But overall they’re not saving money,” Himmelstein said in an interview with SearchSecurity.com. “Introducing technology has a trivial effect.” The researchers analyzed hospital Medicare insurance program data and several other reports that compile government data on healthcare costs at patient facilities. They found administrative costs increased slightly from 24.4% in 2003 to 24.9% in 2007, with facilities with the fastest technology deployments seeing the highest cost increases. For systems to be beneficial and provide a true ROI, they need to focus on patient care and be deployed more slowly across an organization, Himmelstein said. The introduction of new technologies also introduces some uncertainties about healthcare privacy and security into an organization. Privacy and security are ongoing concerns that need to be addressed during all stages of a deployment. For example, some hospitals and patient care facilities may be investigating cloud computing in which data center management is outsourced to a third-party provider. “There are still significant issues about security and those issues need to be handled as part of clinical computing and any other setting where technology is introduced,” Himmelstein said. “At this point there are hundreds of hospitals and practices putting enormous amounts of patient data online, but we’ve yet to see the cost benefit or the benefit of patient care.” For now, healthcare facilities continue to modernize systems and eliminate manual processes, buoyed by financial incentives from technology vendors and the federal government’s push to modernize the healthcare system. The economic stimulus package approved by Congress earlier this year offers up to $19 billion in incentives to modernize healthcare systems. The goal is to prevent errors and allow greater coordination among caregivers and patients. Still, security spending in the healthcare industry remains sluggish at best, according to a recent survey. Despite the incentives, security accounts for 3% or less of overall IT spending in a substantial majority of healthcare organizations, virtually unchanged from last year. The survey indicated that healthcare organizations may be first focusing on converting paper records into electronic healthcare records. Himmelstein does have some optimism for future technology deployments if they are handled correctly. He lauded the way Indianapolis’ Ronald Reagan Institute of Emergency Medicine, Boston’s Brigham and Women’s Hospital and the Veterans Administration handled some of its technology investments in recent years, and said many of the organizations knee deep in new technology that use electronic health records, such as Kaiser Permanente and the Mayo Clinic, may deserve further study to understand the long term effects on cost. The Health Insurance Portability and Accountability Act (HIPAA) has also been recently strengthened and forced healthcare organizations to conduct data discovery in current systems and tighten access controls. Despite being online, patient records are protected by HIPAA rules, which make it difficult for some doctors to access patient health records online. Healthcare data security is a unique problem, said analyst Ramon Krikken of the Burton Group. “In this case you’re talking about people’s lives so you don’t want a system to lock out a doctor when the patient needs a life saving procedure,” Krikken said. “Security is very different because the fail-over must grant access when time is essential in a life or death decision.” More: Cost of security, IT management add up at healthcare facilities, study finds

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WORCESTER, Mass.–(BUSINESS WIRE)–Advanced Cell Technology, Inc. (OTCBB: ACTC – News ), a biotechnology company applying cellular technology in the field of regenerative medicine, announced today that it will present at the LD Micro Conference on Thursday December 3, 2009 at 4:30 p.m. (PST) at the Luxe Hotel in Los Angeles. ACT’s Chairman and CEO, William M. Caldwell IV, will present a corporate overview and provide an update on clinical activities. The Company recently filed an IND application with the FDA to initiate a Phase I/II multicenter study using embryonic stem cell derived retinal cells to treat patients with Stargardt’s Macular Dystrophy (SMD),. The Conference brings together 75 presenting companies with over 100 institutions focused on investing in small and micro cap companies across a breadth of industries. About Advanced Cell Technology, Inc. Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the field of regenerative medicine. For more information, visit http://www.advancedcell.com . Forward-Looking Statements Statements in this news release regarding future financial and operating results, future growth in research and development programs, potential applications of our technology, opportunities for the company and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of our intellectual property, and economic conditions generally. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in the company’s periodic reports, including the report on Form 10-QSB for the quarter ended September 30, 2007. Forward-looking statements are based on the beliefs, opinions, and expectations of the company’s management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change. Forward-looking statements are based on the beliefs, opinions, and expectations of the company’s management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change. Follow this link: Advanced Cell Technology to Present at LD Micro Conference in Los Angeles (Business Wire)

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NEW YORK (AP) — Medtronic reported a surprising 59 percent boost in second-quarter profit Tuesday, as increased sales of implantable heart devices defied reports of weakening demand from competitors. AP – FILE – In this Aug. 16, 2005, the “Rising Man” symbol stands in front of the Fridley, Minn., … {”s” : “bsx,mdt,stj”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} The sales gains during the quarter prompted the world’s largest medical device maker to boost its full-year guidance, sending its shares up more than 7 percent in morning trading. The Minneapolis company earned $868 million, or 78 cents per share, in the quarter ended Oct. 30, up from $547 million, or 48 cents per share, a year ago. Excluding a litigation gain and other items, adjusted income totaled $850 million, or 77 cents per share. Revenue jumped 8 percent to $3.84 billion from $3.57 billion. Analysts expected profit of 74 cents per share on revenue of $3.75 billion, according to a survey by Thomson Reuters. It was the second consecutive quarter in which the company beat Wall Street expectations. “Sales outperformance could suggest market share stabilization after several consecutive quarters of erosion in these business,” Leerink Swann analyst Rick Wise wrote in a note to investors. Sales growth for the company’s cardiac-pacing division, its largest, have been sluggish following safety concerns and reduced spending by hospitals. Analysts largely expected another quarter of slow sales after rivals St. Jude Medical and Boston Scientific Corp. reported weakening demand for heart implants earlier this fall. But Medtronic reported a 3 percent rise in sales of heart devices to $1.28 billion, including $754 million in sales of implantable cardioverter defibrillators, the company’s best-selling products. Defibrillators use electrical shocks to correct abnormal heart beats that could be deadly. Sales of pacemaker products, which use low-voltage electrical currents to keep hearts beating, were $498 million. Wise said the company’s results suggest device sales were impacted by a summer slowdown, but that overall demand remains strong. Robust stent sales helped the company’s cardiovascular revenue grow 17 percent to $696 million. Stents are tiny mesh-metal tubes used to prop open arteries after they have been cleared of fatty plaque. Meanwhile, spinal revenue rose 4 percent to $862 million, and sales in the neuromodulation unit rose 12 percent to $384 million. Neuromodulation implants are designed to treat pain and other conditions through by stimulating the nervous system. Diabetes revenue rose 10 percent to $300 million, surgical technologies revenue grew 5 percent to $224 million, and physio-control revenue grew 25 percent to $94 million. Looking ahead, Medtronic expects full-year profit between $3.17 and $3.22 per share. Analysts expect $3.15 in fiscal 2010 profit. Medtronic shares rose $2.73, or 6.8 percent, to $43.03 in morning trading. Earlier the stock set a 52-week high of $43.65. Visit link: Medtronic 2Q profit rises 59 percent on sales (AP)

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WASHINGTON (AFP) – US Airways said Tuesday it had delayed the delivery of 54 Airbus aircraft as part of spending cuts over the next three years aimed at returning the struggling airline to profitability. US Airways said the delivery of the planes, previously scheduled for between 2010 and 2012, would occur in “2013 and beyond.” The deferral will reduce the company’s aircraft capital expenditures over the next three years by approximately 2.5 billion dollars, and pare obligations to Airbus and others by 132 million dollars in the near and medium term, the Tempe, Arizona-based airline said in a statement. US Airways said the aircraft deferrals would not “significantly” alter the airline’s capacity plans as aircraft originally scheduled to be replaced will be retained until the rescheduled new aircraft delivery dates. US Airways said the moves were taken with key business partners to improve its near-term and future liquidity, estimating they would generate 150 million dollars by year end and 450 million dollars by the end of 2010. “These moves are part of our continuing efforts to improve our balance sheet and return the company to profitability,” said Doug Parker, US Airways chairman and chief executive. In late October the airline said it would cut about 1,000 jobs during the first half of 2010 and reduce service to Europe to battle weak demand amid the global economic crisis. “With these strategic initiatives behind us, we believe US Airways is well-positioned to take full advantage of the recovering economy,” Parker said. The company said it would take delivery from Airbus of two A320 and two A330 aircraft in 2010 and an additional 24 A320 family aircraft in 2011 and 2012. “We have financing commitments for all 28 aircraft and believe this is a more manageable delivery rate given the current economic environment,” said Derek Kerr, US Airways chief financial officer. US Airways also announced that it would delay the start of its operations of the long-range Airbus A350 XWB (Extra Wide Body) aircraft, originally set for 2015, to 2017. Airbus, a division of the European aerospace giant EADS, intends to launch the A350 as a rival to Boeing’s new 787 Dreamliner. The two aircraft projects have encountered delays, with Airbus now planning to deliver its first A350 XWB in 2017, while the first delivery of the Boeing 787 is due in late 2010. US Airways posted a net loss of 80 million dollars in the quarter ended September 30. Originally posted here: US Airways delays delivery of 54 Airbus aircraft

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By Andrea Hopkins TORONTO (Reuters) – Bank of Montreal reported a higher-than-expected quarterly profit on Tuesday and said it was buying the Diners Club North America credit card business to double its corporate card portfolio. The deal, combined with a 16 percent rise in quarterly earnings, emphasizes the relative strength of Canada’s big lenders as they emerge from the financial crisis with excess capital and solid balance sheets. BMO, Canada’s fourth-largest bank, kicked off the earnings season for the big banks with net income of C$647 million ($610 million), or C$1.11 a share, for its fourth quarter ended October 31, up from C$560 million, or C$1.06, a year earlier. That was well above analysts’ average estimate of 98 Canadian cents a share, according to Thomson Reuters I/B/E/S, and BMO shares rose at the open on the Toronto Stock Exchange before sinking back along with those of the other big banks. BMO shares were down 0.3 percent at C$53.32 in early trade. The Toronto exchange’s financial index was down 0.5 percent. “Earnings were ahead of our expectations on better-than-expected revenues and lower loan loss provisions than expected,” RBC Dominion Securities analyst Andre-Philippe Hardy wrote in a note to clients. Minutes before announcing the surprisingly strong results, Toronto-based BMO said it was buying Diners Club North America credit cards from Citigroup Inc [ID:nN24290954]. The deal, part of Citigroup’s strategy to shed non-core or unwanted assets, gives BMO exclusive rights to issue Diners Club cards in the United States and Canada. It will also more than double BMO’s corporate card business, as many business travelers use Diners Club cards. The terms of the deal were not disclosed. While BMO said the deal would add nearly $1 billion of receivables and $7.8 billion of card transactions, Barclays Capital analyst John Aiken said the acquisition was more about BMO’s attempts to make further inroads in the U.S. market than about a grab for earnings power. “While this may not be overly material to earnings — representing less than 2 percent of BMO’s business lending portfolio — we do view it as an opportune expansion that leverages its Canadian/U.S. platforms,” Aiken said in a research note. Diners Club is well-known to U.S. consumers, while BMO is far from a household name, despite its big presence in the U.S. Midwest through its Chicago-based Harris Bank unit. The companies expect the deal to close before the end of the March, pending regulatory approvals. “This acquisition will immediately enhance our competitive position by placing us among the top commercial card issuers in North America,” said Frank Techar, the head of BMO’s personal and commercial banking business. RESPECTABLE PROFITS Earnings for the fourth quarter showed strength across most of BMO’s business lines and geographies, and the bank’s Tier I capital ratio climbed to 12.2 percent from 11.7 percent in the third quarter. That’s well above that of many global rivals, and suggests BMO is well-positioned for future acquisitions. Macquarie analyst Sumit Malhotra said BMO’s “beat” in the quarter was driven by expense management, noting that total expenses of C$1.9 billion were down 5 percent from the third quarter. “We view this as another ‘grind-it-out’ quarter of respectable profitability for BMO,” Malhotra wrote in a research note. The amount the bank set aside to cover bad loans fell to C$386 million from C$465 million, a sign that credit woes may be easing as the recession recedes, at least in Canada. The dividend was unchanged at 70 Canadian cents per common share, as expected. Net income in Canadian retail banking rose 22 percent to C$394 million in the quarter from a year earlier, as revenue increased across personal, commercial and cards businesses. Income on the capital markets side was stagnant. It edged down to C$289 million from C$290 million, ending a string of big quarterly increases. Net interest income rose 2 percent to C$1.44 billion from C$1.41 billion BMO is the first of Canada’s big six banks to report fourth-quarter earnings, with the others presenting results over the next three weeks. ($1=$1.06 Canadian) (Additional reporting by Euan Rocha in Toronto and Dan Wilchins in New York; Editing by Peter Galloway) Visit link: BMO profit up 16 pct, to buy Diners Club business

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DALLAS, Nov. 24, 2009 (GLOBE NEWSWIRE) — BeaconEquity.com announces an investment report featuring Origin Agritech Ltd. (Nasdaq: SEED – News ). The report includes financial, comparative and investment analyses, and pertinent industry information you need to know to make an educated investment decision. The investment report on Origin Agritech Ltd. (Nasdaq: SEED – News ) should be of particular interest to other crop seed and agricultural companies: Monsanto Co. (NYSE: MON – News ), Syngenta AG (NYSE: SYT – News ) and Bunge Ltd. (NYSE: BG – News ). It is available at: http://www.beaconequity.com/i/SEED Get our alerts BEFORE the rest of the market. Follow us on Twitter: http://twitter.com/BeaconEquity Origin Agritech Limited (SEED) is a technology-focused crop seed company serving mainland China. The Company’s activities include specialization in the research and development, production, and sales and marketing of crop seeds (corn, rice, cotton and canola) throughout the People’s Republic of China. SEED, together with State Harvest Holdings Limited, conducts operations in China primarily through its People’s Republic of China (PRC) Operating Companies. In the report, the analyst notes: “The corn hybrids, which SEED produces and distributes include self-developed Aoyu, Deyu series, and some other licensed hybrids, can be classified into two categories, conventional and specialty corn. To date, 68 corn products have entered into state or provincial trial, among which 45 products obtained government approval including 12 with state approval. The Company’s Linao 1 and Yuyu 22 were awarded ‘Houji Golden Prize’ and ‘Second Prize for State Advance Science & Technology’ respectively. “The Company’s corn hybrids cover the spring planting region in northeast, central and southwest, and the summer planting region in Yellow river and Huai river and central area of China. SEED’s sales area covers all corn producing areas from northeast to southwest. Sales volume is among Top 3 in the mainland market.” To read the entire report visit: http://www.beaconequity.com/i/SEED See what investors are saying about these stocks at: http://www.stockhideout.com/ BeaconEquity.com is one of the industry’s largest small-cap report providers. Beacon strives to provide a balanced view of many promising small-cap companies that would otherwise fall under the radar of the typical Wall Street investor. We provide investors with an excellent first step in their research and due diligence by providing daily trading ideas, and consolidating the public information available on them. For more information on Beacon Research, please visit http://www.BeaconEquity.com Beacon Equity Disclosure DO NOT BASE ANY INVESTMENT DECISION UPON ANY MATERIALS FOUND ON THIS REPORT. We are not registered as a securities broker-dealer or an investment adviser either with the U.S. Securities and Exchange Commission (the “SEC”) or with any state securities regulatory authority. We are neither licensed nor qualified to provide investment advice. Beacon Equity Research nor its affiliates have a beneficial interest in the mentioned company; nor have they received compensation of any kind for any of the companies listed in this communication. The information contained in our report is not an offer to buy or sell securities. We distribute opinions, comments and information free of charge exclusively to individuals who wish to receive them. Link: Beacon Equity Issues Technical Trading Overview for Origin Agritech Ltd. (GlobeNewswire)

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(Money Magazine) — You might think your bank would be rolling out the red carpet for you right now. Barely a year ago the biggest players nearly obliterated themselves and the economy with freewheeling lending practices and needed your tax dollars to bail them out. And with investment banking and commercial lending shaky for now, banks need your retail business more than ever. Yet financial institutions seem to be alienating customers in droves. Just 35% of people feel highly committed to their bank, down six percentage points from 2007, according to a recent J.D. Power & Associates study. The most common reasons people now switch? High fees and poor service, reports Javelin Strategy & Research. But given the importance of retail business to the industry, “banks have to make their customers’ lives easier. The ones that recognize that will have an enormous competitive advantage,” says Greg McBride of Bankrate.com. Besides, the things that would make your life easier are far from outrageous requests. They’re innovations that some banks and credit unions have already shown it’s possible to deliver, like lower fees, smarter technology, and help from a live human being. Take note, banks: You want happy customers who will gladly hand you their cash? Grant them the five things on this wish list. Wish no. 1: Help you manage your money These days you’re more likely to take advantage of tools that can help you keep an eye on your finances. That’s why Mint.com , which lets you see all your financial accounts at a glance, tripled its membership in the past year to 1.7 million. By falling short on offering similar services, banks are missing out on a big opportunity: Consumers are twice as likely to trust their banks with sensitive data as independent web-based services, according to a Javelin survey. Banks that get it: Bank of America’s website lets you see all your financial accounts in one place — including those from other institutions — and helps you create budgets, track spending, and monitor everything from investments to reward points. PNC Bank’s Money Bar tool allows users to whisk cash between Spend (checking), Reserve (interest checking), and Growth (savings) accounts in real time. And several hundred smaller institutions are offering financial management tools in partnership with software makers such as Intuit and Jwala. Wish no. 2: Make it easier to save The credit crisis has certainly reinforced the idea that your parents’ way of saving for a big item before buying it is solid financial practice. So what would help you put that plan into action? A forthcoming study by University of Toronto marketing professor Dilip Soman shows that when people set specific savings goals, they are far more likely to achieve them. So you want to be able to earmark accounts for certain savings purposes. Banks that get it: ING Direct lets you create unlimited sub-accounts, or buckets, for your dough. That beats opening different accounts for say, “emergency savings,” “college tuition,” and “trip to Europe,” which is a major hassle and an easy way to rack up fees. At SmartyPig , an online service affiliated with West Bank, users can designate only a single purpose for each account, but outsiders are allowed to see what they’re saving for. So if you wanted to give your daughter’s new-car kitty a boost, you could deposit cash directly into the SmartyPig account tagged for that goal. A big yield is always a good motivation to save, of course. SmartyPig and Bank of Internet offer a 2.01% and 1.75% annual yield on their savings accounts, respectively, far above the national average of 0.31%. Wish no. 3: Deliver real service Banks say they are focused on retail, which means they’ve spent a lot on sprucing up their lobbies. But you’d probably prefer to get helpful services instead of cushier seats. Banks that get it: Many are credit unions. In the most recent American Customer Satisfaction Index, they scored nine points more than banks on the index’s 100-point scale. Credit unions also boast higher average rates than banks on checking, savings, and money-market accounts, and many of them offer free financial counseling or seminars in money management. One of the best credit unions out there, the San Francisco Fire Credit Union, lets members get their FICO score free four times a year and deposit checks on an honor system: When a check is entered online or over the phone, it will be posted immediately to a customer’s account (it just has to be mailed within seven days). Some banks are at least making it easier to connect to a real person. FNBO Direct’s toll-free service line is staffed with agents 24/7. And several credit unions, such as Freedom near Philadelphia, offer live web chat. But great customer service means providing tools that smooth everyday banking processes too. A case in point: Many banks, including Chase and Wells Fargo, now offer envelopeless ATMs that print a scan of the checks deposited; no more searching for an account number to fill out a deposit slip or waiting in line for the cashier. HSBC Direct will alert you via e-mail if the interest rate changes on its bank accounts. Most TD Bank lobbies are furnished with free Penny Arcade machines: Anyone can walk in, dump in spare change, and get cash for no fee. (Rival Coinstar charges 8.9¢ for every dollar counted.) Wish no. 4: Let you bank on the go You can get driving directions, download music, take photos, and play BrickBreaker on your cell. So why can’t you do your banking too? Banks that get it: Most big banks are developing decent mobile offerings that let users do the same things they can using their PCs. But a few also have services unique to the mobile device. Wells Fargo’s mobile service lets you send short text messages to find out your balances and recent account activity. Bank of America customers who have a souped-up smartphone such as an iPhone or a BlackBerry can use its GPS to instantly locate the nearest Bank of America ATM. One of the most useful mobile innovations comes from USAA : iPhone users can snap a photo of a check, push a button on the USAA app, and funds are deposited right away. (BlackBerry users will be able to do this in 2010.) Wish no. 5: Get real about fees You know “free checking” is a come-on, and an old one at that. Of course, no one expects to get great service and novel tech apps for free. But when banks make you pay for them through gotcha practices like sky-high overdraft charges and soaring ATM fees, they’re just stoking your fury. One in three customers who switched banks in the past year did so because of higher fees, says Michael Beird of J.D. Power. True, the threat of banking reform has reined in some of the worst practices. Chase has stopped automatically approving overdrafts and doesn’t charge them at all for those under $5; Bank of America now lets customers overdraw up to $10 a day penalty-free. Banks that get it: ING and EverBank have a sensible policy about overdrafts: Your checking account can be linked to a line of credit that carries an interest rate of 9% or less. Charles Schwab has a similar approach. Checking overdrafts are “borrowed” from the customer’s brokerage account (you must have a Schwab brokerage account to use its checking services). Schwab also refunds ATM fees, like many online banks. But unlike other banks, it doesn’t impose a maximum on the number of withdrawals it will reimburse you for each month. It’s not perfection, but it’s a big step in the right direction. Ready to switch? Only 11% of customers change banks each year, according to Javelin Strategy. It’s no wonder: Besides the hassle factor, one wrong move could trigger a missed payment and late fees. If you’re thinking about dumping the one you’re with, follow this checklist. 1. Open your new account and fund it, leaving enough cash in the old account to cover any outstanding automatic bill payments. Then stop using your current account so that all checks and debit card transactions can clear. Some banks offer a “switch kit” that outlines the steps for you. 2. Transfer direct deposits to your new institution. To redirect your paycheck, contact your HR department. Make sure you reroute other deposits, such as investment income, pension, and Social Security payments (ssa.gov/deposit or call 800-772-1213 to change Social Security deposits by phone). 3. Move automatic payments such as loans and recurring bills to the new account at least two weeks before the next payment is due. If you can’t make the change online, send a note to your biller indicating when the change should occur. At that point, you can close your old account. Bye-bye.   Send feedback to Money Magazine Continue reading here: 5 reasons banks don’t get it

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By The Canadian Press OTTAWA – A new independent economic analysis shows Canada’s recession has been longer and deeper than the official record indicates. The report from Dale Orr Economic Insight shows that Canadians have been on a downward spiral in terms of their standard of living since 2007. Orr estimates that Canadians have seen a 4.3 per cent falloff in their standard of living since 2007, in terms of real gross domestic product per capita,. And individuals living in most of the larger provinces, with the exception of Quebec, have fared worse. The report estimates Albertans’ standard of living has fallen 6.2 per cent since 2007, and Ontarians’ by 5.8 per cent. Economists measure recessions based on gross domestic product movements, and by that measure the recession began in the fall of 2008 and likely ended in June, resulting in a 2.4-per-cent contraction of the economy this year. But economist Dale Orr argues the usual analysis of GDP doesn’t take into consideration that there were more Canadians producing less product. Since Canada’s population has been increasing by about 1.1 per cent a year, the economic output per person has contracted even more. Here is the original post: Slump chops 4.3 per cent from Canadian living standards: report

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NEW YORK (AP) — Barnes & Noble on Tuesday posted a loss in the fiscal second quarter and lowered its guidance due to expected weak holiday sales and higher-than-expected costs to ramp up production of its electronic book reader, the Nook. AP – FILE – In this May 18, 2009 file photo, a customer reads magazines inside the Barnes and Noble … {”s” : “bks”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} Barnes & Noble launched its e-reader Nook, a competitor with Amazon.com’s popular Kindle, last month and said the device would begin to ship in late November. Last week, it said the Nook had sold out and orders placed beginning Nov. 20 would be fulfilled Jan. 4. On Tuesday, the company said it was ramping up production for the Nook, causing higher-than expected production costs, and said it would increase future investment in its digital strategy. The bookseller’s fiscal second-quarter loss totaled $24 million, or 43 cents per share. That compares with a loss of $16 million, or 34 cents per share, last year. Excluding costs related to purchasing its college bookstore unit from its chairman, the loss totaled 30 cents per share. Revenue rose 4 percent to $1.16 billion from $1.11 billion last year for the period ended Oct. 31. Best sellers included Dan Brown’s “The Lost Symbol,” Jeff Kinney’s “Dog Days” from the “Diary of a Wimpy Kid” series and Mitch Albom’s “Have a Little Faith.” Sales in stores open at least one year, considered a key retail measurement because it excludes the effect of adding or closing stores, fell 3.2 percent. The company, based in New York, now expects fiscal-year earnings of 33 to 63 cents per share, down from previous guidance of 59 to 89 cents per share. Analysts predict a profit of 99 cents per share. It expects sales in stores open at least a year to fall 1 to 3 percent. Traditional bookstores have had rough going because of increased competition from online sellers and discounters. Consumers have also shifted away from discretionary purchases amid tough economic times. Smaller rival Borders Group said lost $38.5 million, or 64 cents per share, in the third quarter. That compares with a loss of $172.2 million, or $2.85 per share, during the same period a year earlier. Its revenue fell 13 percent to $602.5 million. Here is the original post: Barnes & Noble reports 2Q loss, cuts guidance (AP)

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By Diana Mehta, The Canadian Press TORONTO – Bank of Montreal (TSX: BMO.TO ) said Tuesday its latest quarterly profit rose 16 per cent from the year-earlier level as revenues increased, provisions for loan losses were reduced and its Canadian operations showed strong profit growth. BMO, the first of Canada’s big banks to report its fourth-quarter and year-end results for 2009, reported overall net income of $647 million or $1.11 for the quarter ended Oct. 31. That was up from $560 million or $1.06 a year ago. Total revenue for the quarter increased $176 million or 6.3 per cent to $2.99 billion from $2.81 billion last year. The revenue was $10 million ahead of analyst estimates which predicted revenue of $2.98 billion, according to Thomson Reuters. “Our businesses gained strength over the course of 2009 as we have achieved strong revenue growth while keeping a firm grip on expenses,” said Bill Downe, BMO’s president and chief executive officer. The bank said growth in all operating groups and a reduction in corporate services helped boost its revenue during the fourth quarter of fiscal 2009, which ended Oct. 31. This was offset however by the weaker U.S. dollar which decreased revenue growth by $20 million from a year ago. Downe added, however, that tight control over staffing levels and supplier costs helped bolster earnings. “While we expect credit losses to remain elevated into 2010, we believe that we are well positioned for further growth as the economy improves,” Downe said in a statement. The bank’s provision for credit losses, which occur when its clients don’t repay loans, decreased to $386 million during the quarter. That was down $79 million from last year. The provision for general losses was unchanged. BMO added that Canadian personal and commercial banking, its largest business unit, reported a net income of $394 million, which was an increase of 22 per cent from a year ago. “Our efforts to reach out to customers and help them save money and choose the best products for them are working,” said Downe. “We have narrowed the gap to the industry leader on both personal and commercial loyalty scores relative to a year ago.” BMO said its commercial banking sector continues to experience strong growth while the bank’s market share for loans to small and medium size businesses increased from the prior year. BMO announced a first-quarter 2010 dividend of 70 cents per common share, a figure which was unchanged from the previous quarter. For fiscal 2009, BMO said its net income decreased 9.7 per cent to $1.8 billion. The bank said its annual net income was lowered by $474 million after-tax due to notable items. These were made up of $355 million in charges related to the capital markets environment, $80 million in severance costs and a $39 million increase in the general allowance for credit losses. Annual revenue totalled $11.1 billion compared to $10.2 billion in fiscal 2008. Expense control helped boost revenue growth in 2009, but was offset by increased provisions for credit losses and higher income taxes, BMO said. Also on Tuesday, BMO announced separately it has agreed to buy the Diners Club North American franchise from Citigroup. The deal gives BMO exclusive rights to issue Diners Club cards to corporate and professional clients in the United States and Canada BMO said the deal will more than double its corporate card business, representing US$7.8 billion in card transactions annually and net receivables of almost US$1 billion. BMO’s shares closed at $53.55 Monday on the Toronto Stock Exchange. Visit link: Bank of Montreal Q4 profit rises to $647 million; revenue rises to $3 billion

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BRUSSELS (AFP) – Factories in the 16-nation eurozone reported a rise of new orders in September, although more recent data has suggested economic recovery in Europe may be peaking. Industrial new orders compared to August 2009 rose by 1.5 percent in the euro area after a 0.6 percent increase the previous month, according to figures released on Tuesday by the European Union’s statistics agency. However, when the volatile ships, railway and aerospace equipment sectors are stripped out, the increase turned into a decrease of 1.2 percent. New orders for durable consumer goods such as fridges and televisions rose by 1.5 percent in the eurozone, with capital goods orders up 3.7 percent and non-durable consumer goods orders rising 1.5 percent. Across the 27-nation EU as a whole, which includes Britain and Poland, new orders were up 1.7 percent — but only down 0.6 percent when ships, railway and aerospace equipment were taken out of the equation. Overall orders were down by more than 16 percent across the EU compared to one year earlier. Private sector business activity across the eurozone grew at the fastest rate for two years in November, but sent signs that growth may be “peaking,” a survey showed on Monday. Europe officially shook off its deepest downturn since World War II in the third quarter, but with growth lower than expected. Read the original here: Eurozone factory orders rise in September

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LONDON (AP) — World stock markets fell Tuesday following big gains on Monday, with China’s main index posting its biggest drop in three months after the country’s central bank warned commercial banks to control their lending. European shares tracked their Asian counterparts lower, with the FTSE 100 index of leading British shares down 15.92 points, or 0.3 percent, at 5,339.58 and Germany’s DAX 32.73 points, or 0.6 percent, lower at 5,768.75. The CAC-40 in France was 25.52 points, or 0.7 percent, lower at 3,787.65. On Monday, Europe’s main indexes closed over 2 percent higher amid further hopeful signs about the global economic recovery, particularly out of the U.S. Wall Street is also poised to open lower after Monday’s gains of over 1 percent. Dow futures were down 18 points, or 0.2 percent, at 10,404 while the broader Standard & Poor’s 500 futures fell 1.5 points, or 0.1 percent, to 1,102.30. “After a bumper start to the week, there’s perhaps no surprise to see a degree of profit taking in the short term although there still seems to be upward momentum in the market, confounding the pessimists at least for the time being,” said Ben Potter, research analyst at IG Markets. Financial stocks led the retreat in Europe after big gains on Monday, with Commerzbank AG down 2.5 percent, making it the biggest faller on the DAX. Deutsche Bank AG was also down just under 2 percent. Meanwhile, Switzerland’s UBS AG was down 2 percent. Sentiment towards the banks in Asia was dented by the warning from China’s central bank that commercial banks need to control their lending. As a result, China’s Shanghai index tumbled 115.14 points, or 3.5 percent, to 3,223.53 — its biggest retreat in three months — as investors fretted over the warning. The index had been up 11.4 percent so far this month. The warning comes ahead of the government’s annual economic planning meeting and could foreshadow more measures to reduce liquidity in the months ahead. In Britain, Lloyds Banking Group PLC shares rose even though it confirmed it is planning to raise a British record of 13.5 billion pounds ($22.3 billion) via a rights issue in order to shore up its capital position and not take part in the government’s Asset Protection Scheme. The rights issue has been priced at 37 pence, which is a 60 percent discount to Monday’s closing share price. Even so, Lloyds shares were up 1.4 percent at just below 93 pence a share. The retreat in Europe was cushioned somewhat by further encouraging economic data, which cemented market expectations that growth is picking during the fourth quarter. Germany’s Ifo Institute said business confidence rose for an eighth consecutive month in November to its highest level since August 2008, while the EU’s statistics office Eurostat reported that industrial orders in the 16 countries that use the euro rose by 1.5 percent in October, double market expectations. Attention later will focus on the second estimate of U.S. economic growth in the third quarter — analysts are expecting a downward revision from the preliminary estimate of annualized growth of 3.5 percent after softer than anticipated trade and retail sales data. Elsewhere in Asia, Hong Kong’s Hang Seng index slid 348.25, or 1.5 percent, to 22,423.14 on weakness in Chinese financial stocks. Bank of China slumped 4 percent. Japan’s Nikkei 225 stock average dropped 96.10, or 1 percent, to a fresh four-month low of 9,401.58. South Korea’s Kospi dropped 0.8 percent to 1,606.42 and Australia’s S&P/ASX 200 index declined 0.7 percent to 4,685 on losses in banks and miners. Markets in Singapore and Thailand also fell. Oil slipped to near $77 a barrel amid mixed signs about crude demand. Benchmark crude for January delivery was down 40 cents to $77.16 a barrel. The contract rose 9 cents to settle at $77.56 on Monday. In currencies, the dollar fell 0.3 percent to 88.68 yen while the euro dropped 0.2 percent to $1.4941. AP Business Writer Stephen Wright in Bangkok contributed to this report. See the rest here: Banks weigh on world markets after China warning (AP)

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BERLIN (AFP) – General Motors has repaid the 1.5 billion euros (2.2 billion dollars) in bridging loans it received from Germany to keep its troubled European unit Opel afloat, Chancellor Angela Merkel said on Tuesday. “I can tell you that the last funds (received by) General Motors have been paid back, which means that the Opel operation has not cost the German taxpayer a cent,” Merkel said in a speech in Berlin. She added that she expected “a comprehensive thank-you letter from General Motors in a few years.” And she defended her decision to offer the huge loan to the US firm, saying: “It was absolutely right … to build a bridge.” GM agreed in September to sell a majority stake in Opel, which includes Vauxhall in Britain, to Canadian auto parts maker Magna and Russian state-owned lender Sberbank. But it has since decided that it wants to keep the loss-making unit and restructure itself, with the loss of around 10,000 jobs across Europe. It has not yet said where the jobs will be cut and which plants will be closed. The news infuriated Germany and Merkel, who had invested a lot of political capital in the deal with Magna-Sberbank. Earlier Tuesday, GM Europe head Nick Reilly said the firm expected to keep open its plant in Bochum in western Germany. The plant, employing almost 5,200 people near Essen will remain “an important location in the future,” Reilly said after talks with the premier of the German state of North Rhine-Westphalia where the site is located. Astra and Zafira cars are assembled at the plant, which also makes axles and gearboxes, according to Opel’s website. It is one of four Opel plants in Germany, employing between them around 25,000 people, half the European total. Read the r est here: GM has paid back Opel loans to Germany: Merkel

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‘Tis the season to take cheap shots at other pundits, it would seem. Let’s see. You’ve got Peter Schiff and Niall Ferguson vs. Roubini . You’ve got David Rosenberg throwing haymakers at cheery Jim Paulsen. And you’ve got Raymond Jamess strategist Jeff Saut, who in his latest letter wrote: The call for this week: As the S&P 500 traded out to new reaction “highs” in the first part of last week we heard a cacophony of crybabies. First was Meredith Whiney, banking analyst now turned strategist, who stated, “I have not been this bearish in over a year!” One-upping her was Nouriel Roubini who exclaimed, “The worst is yet to come.” Then there was Timothy Geithner’s statement that, “I can’t take responsibility for the legacy of crises you (read: Republicans) bequeathed the country.” While I think Tim Geithner has done a really good job, excuse me Mr. Secretary but wasn’t it you that resided over NY Fed as President from 2003 through January 2009, which also brings the privilege of being Vice-Chairman of the FOMC? Accordingly, it was you who served as regulator of the country’s large financial institutions. Thus, it was on your watch that the big banks ran amok. Despite such cantankerous cries, we have indeed entered the strongest seasonality of the year and we remain constructive. As the sagacious Bespoke Investment Group writes, “Since 1941, the Dow has averaged a gain of 0.50% in the week before Thanksgiving.” That said, we would not like to see the S&P 500 break below 1083. And speaking of breaking down, the Japanese stock market is breaking down and we are close to “uncle points” on those recommendations. View original post here: Saut: Market Keeps Pushing Higher Despite A “Cacophany Of Crybabies”

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(Reuters) – U.S. stock index futures pointed to a lower opening on Wall Street on Tuesday, following the previous session’s sharp gains, with futures for the S&P 500 down 0.18 percent, Dow Jones futures down 0.26 percent and Nasdaq 100 futures down 0.38 percent at 0925 GMT (4:25 a.m. EST). Hewlett-Packard Co said it has tripled the size of its share repurchase program to $12 billion as China sales and better profit margins on its services boosted quarterly earnings. The fiscal fourth-quarter results released on Monday were in line with preliminary figures that HP gave two weeks ago, which had topped Wall Street’s estimates at the time. HP shares traded in Frankfurt were up 0.9 percent. Microchip maker Analog Devices Inc on Monday reported higher than expected quarterly sales and forecast higher profit margins and busier factories by the end of fiscal 2010. Network equipment maker Brocade Communications Systems Inc on Monday reported a higher than expected quarterly profit, despite concerns about competition amid a series of mergers and acquisitions among rivals. Shares in Japan Airlines Corp slid to a record low on Tuesday on growing investor worries that Asia’s largest airline by revenue could face bankruptcy as it struggles to agree pension cuts. The European Commission said on Tuesday it had closed formal anti-trust proceedings against U.S. chip maker Qualcomm as complaints against the firm had been dropped. Oil slipped toward $77 a barrel on Tuesday, held down by a firmer dollar, but trade was thin ahead of the U.S. Thanksgiving holiday and data that was expected to show crude stocks rising in the United States. The dollar rose as some investors bought the currency or closed dollar-short positions before Thanksgiving. Hong Kong and China stocks sank on Tuesday, with Shanghai’s SSE composite index dropping 3.5 percent, dragged down by banks as investors took profit after a recent rally, while concerns about capital-raising plans by lenders sparked fears of shareholder dilution. European stocks were down 0.7 in morning trade, led lower by banks, while miners such as Xstrata dropped along with metal prices. The day’s economic agenda includes the Commerce Department’s preliminary (second) estimate of Q3 Gross Domestic Product (GDP) growth, due at 1330 GMT (8:30 a.m. EST). Investors will also keep an eye on monthly consumer sentiment data, due at 1500 GMT (10 a.m. EST). On the earnings front, H.J. Heinz Co. , Medtronic and Hormel Foods Corp. are among the few companies due to report on Tuesday. Kenneth Feinberg, the Obama administration’s pay czar, is being pressed by federal officials to relax executive compensation restrictions at American International Group Inc for 2010, the Wall Street Journal reported, citing people familiar with the matter. U.S. stocks snapped a three-day losing streak on Monday as stronger than expected home sales data fueled optimism while a weaker dollar boosted commodity-linked stocks. The Dow Jones industrial average gained 132.79 points, or 1.29 percent, to end at 10,450.95. The Standard & Poor’s 500 Index rose 14.86 points, or 1.36 percent, to 1,106.24. The Nasdaq Composite Index added 29.97 points, or 1.40 percent, to close at 2,176.01. (Reporting by Blaise Robinson; Editing by Greg Mahlich) See original here: Stock futures signal losses; HP eyed

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