Percentage of Stocks Above 50-Day Moving Averages


This post is by Paul Hickey from Bespoke Investment Group


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As shown below, the percentage of stocks above their 50-day moving averages in the S&P 500 has dropped to 35%. This is the lowest level seen since mid-2009. Clearly breadth has gotten weak on this pullback. No sectors have more than 50% of stocks above their 50-days, and Consumer Discretionary has the highest reading at 48%. Materials is the weakest…

Percentage of Stocks Above 50-Day Moving Averages


This post is by Paul Hickey from Bespoke Investment Group


Click here to view on the original site: Original Post




As shown below, the percentage of stocks above their 50-day moving averages in the S&P 500 has dropped to 35%. This is the lowest level seen since mid-2009. Clearly breadth has gotten weak on this pullback. No sectors have more than 50% of stocks above their 50-days, and Consumer Discretionary has the highest reading at 48%. Materials is the weakest…

GlassHouse Files for $75 Million IPO


This post is by editor from PE Hub News: All News


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GlassHouse Technologies Inc., a Framingham, Mass.-based provider of storage consulting and services, has filed for a $75 million IPO. It plans to trade on the NYSE, with Goldman Sachs and Credit Suisse serving as co-lead underwriters.

The company reports $65 million in revenue for the first three quarters of 2009, compared to $62 million over the same period in 2008.

GlassHouse has raised over $72 million in VC funding, from firms like Sigma Partners (25.81% pre-IPO stake), GrandBanks Capital (12.49%), Kodiak Venture Partners (10.75%), Paladin Capital Group (9.3%), Jafco, Cisco Systems, Montagu Newhall Associates, Shiprock Capital and Dell Computer.

The company had filed for a $100 million IPO in 2007, but withdrew in early 2008 due to “current public market conditions.” Goldman Sachs was lead underwriter on the offering, which would have had GlassHouse listing on the Nasdaq.www.glasshousetech.com


Movie Gallery Hires Restructuring Lawyers


This post is by editor from PE Hub News: All News


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WILMINGTON, Del. (Reuters) – U.S. video rental chain Movie Gallery Inc (MVGR.PK) has hired the law firm of Sonnenschein Nath & Rosenthal to prepare for a possible bankruptcy filing and is reviewing bids from liquidators to close 800 stores, sources said on Thursday.

John Bicks, a partner at Sonnenschein, is working on the restructuring, according to two sources with direct knowledge of the situation. In Movie Gallery’s 2007 bankruptcy, Bicks represented Sopris Capital Advisors, which ended up as one of the principal owners of the company when it emerged from bankruptcy in 2008.

Bicks was not available for comment.

Movie Gallery is facing pressure on its business from Blockbuster Inc (BBI.N), as well as from Netflix Inc (NFLX.O), which delivers rentals by mail and Internet streaming, and Redbox, a unit of Coinstar Inc (CSTR.O) that runs movie rental kiosks.

Movie Gallery has also asked liquidators for their proposals to run “going out of business sales” at about 800 stores, according to a third source. The source said Great American and Gordon Brothers were likely bidders for that work.

The third source also said the company’s problems have intensified in recent months and it stopped paying rent in the final months of 2009.

A Gordon Brothers spokesman did not immediately respond to requests for comment. A spokesman for Great American declined to comment. Movie Gallery also did not respond for comment

The Wall Street Journal first reported on Thursday that the company was preparing to file for bankruptcy as early as Tuesday of next week.

The company filed for bankruptcy in 2007 and used the opportunity to swap debt for equity and to slim down its number of stores to about 3,300 from 4,200. The company’currently has more than 3,000 stores, according to its web site.

By Tom Hals
(Additional reporting by Emily Chasan, Chelsea Emery and Caroline Humer, editing by Leslie Gevirtz)


Amazon Trades Lower Despite Topping Estimates for Third Quarter


This post is by Michael Fowlkes from BloggingStocks


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Amazon Fourth Quarter EarningsShares of e-commerce giant Amazon.com, Inc. (AMZN) are trading lower in after hours trading despite posting better than expected earnings this afternoon for its fourth quarter.

Going into this afternoon’s earnings release, analysts were expecting to see Amazon show earnings of 72 cents per share, on revenues of $9.04 billion in revenues.

Continue reading Amazon Trades Lower Despite Topping Estimates for Third Quarter

Amazon Trades Lower Despite Topping Estimates for Third Quarter originally appeared on BloggingStocks on Thu, 28 Jan 2010 18:00:00 EST. Please see our terms for use of feeds.

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Intrawest To Sell Panorama Ski Resort


This post is by editor from PE Hub News: All News


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VANCOUVER (Reuters) – Canadian ski resort operator Intrawest, which is trying to refinance its debt, said on Thursday it has agreed to sell its Panorama Mountain ski resort in eastern British Columbia to a group of local businessmen.

The deal does not involve Intrawest’s Whistler-Blackcomb resort near Vancouver, which will play host to the Winter Olympics’ alpine and nordic ski events next month.

Financial terms of the Panorama sale were not announced, but the deal also includes land around the ski resort that is available for real estate development and a half stake in the Greywolf Golf Course, Intrawest said.

Intrawest, which is owned by private equity firm Fortress Investment Group (FIG.N), has been negotiating with lenders over the $1.7 billion debt Fortress took on when it bought the resort operator and real estate firm in 2006.

Intrawest said it expects the Panorama deal to close next month, and operations at the resort in the Rocky Mountains continues as usual. The company agreed to sell its Copper Mountain resort in Colorado in November.

The Vancouver Organizing Committee has said it is not worried that Intrawest’s financial situation will disrupt Olympic events to be held at Whistler. (Reporting Allan Dowd, Editing by Peter Galloway)


A gold star for contributors to earthquake relief…


This post is by Sonya Hubbard from footnoted.org


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Last week’s celebrity telethon and other appeals raised a lot of money for relief efforts in Haiti, where current estimates are that the January 12 earthquake in Port-au-Prince affected 3 million people and killed more than 112,000.

We wondered if any publicly-traded companies had filed SEC documents that mentioned efforts to help the beleaguered nation, where there’s a notorious lack of industry and unemployment rates of about 70 percent.

In fact, there have been, and today we’d like to honor them with footnoted’s gold star.   Here are the recipients and a brief summary of their contributions:

  • Case New Holland (CNH), which manufactures agricultural and construction equipment, for deploying excavators, wheel loaders, and other equipment to the disaster site within 24 hours, and for offering the use of other heavy construction equipment to the United Nations.  The company also made a cash donation of $50,000 and offered to match employee donations (dollar-for-dollar) up to $100,000.
  • Hanesbrands, Inc. (HBI), for supplying humanitarian aid to contract workers and relief agencies. The company has garment factories in Haiti and reported that operations at its plants have resumed. According to its web site, Hanesbrands, Inc. has donated $2.2 million worth of underwear (at wholesale value) to aid agencies for distribution to earthquake victims.  It is also providing food, water, and relief supplies to its Haitian workers.
  • Trailer Bridge, Inc. (TRBR), which provides integrated trucking and marine freight service to (among numerous other places) the Dominican Republic.  This company partnered with a shipping customer to provide free transportation and trailers for donated medical supplies to Port-au-Prince.  (It also leased one of its vessels to the Military Sealift Command (MSC), the transportation provider for the United States Department of Defense’s relief efforts; however, this is a contract, not a donation).
  • Delta Air Lines (DAL), for partnering with the American Red Cross’s relief efforts in Haiti.
  • Dennis Brovarone, a director at Pure Bioscience (PURE), who donated 1,000 shares of common stock to Oxfam Haiti Emergency Relief.

To these companies and Mr. Brovarone, as well as to other companies and individuals who have contributed to the relief efforts – this gold star is for you.


Fed’s MBS Program

Q. What happens to the proceeds from maturing securities and prepayments ?

A. The Manager of the System Open Market Account has said that the System’s holdings of securities will tend to decline gradually after the completion of the asset purchase programs, reflecting maturing issues and prepayments on holdings of MBS. The Manager noted that the Committee would likely wish to discuss in detail its policy for reinvesting the proceeds of maturing issues and prepayments; he proposed, as an interim approach, continuing the practice of NOT reinvesting the proceeds of maturing agency securities or MBS prepayments. Meeting participants supported that interim approach pending further discussion at future meetings.

note: answer is excerpt from f.o.m.c. minutes

Related:
US MBS: End To NY Fed’s MBS Program Being Closely Followed

Today’s Appearance on InvestedCentral.com


This post is by Chip Anderson from StockCharts.com - Blogs


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Today I stopped by for a web-based video chat with Tom and John over at InvestedCentral.com.  I was able to demonstrate how to recreate the "mysterious" EOPCR indicator that Tom referred to in last weeks ChartWatchers newsletter.  Here’s a link to the recorded version of my presentation:

http://www.investedcentral.com/public/department55.cfm

– Chip

Movie Gallery Prepares Yet Another Bankruptcy Filing


This post is by Zac Bissonnette from BloggingStocks


Click here to view on the original site: Original Post




Shares of Netflix, Inc. (NFLX) jumped more than 20% Thursday after the company posted strong quarterly earnings and an impressive outlook.

Meanwhile, Movie Gallery is preparing to file for bankruptcy. Again.

The Wall Street Journal reports (subscription required) that this latest restructuring could come next week, and involve the closure of two-thirds of the company’s 1,800 locations. The company will seek to swap a significant amount of its $600 million debt load for equity, wiping out the current equity stakes held by Sopris Capital Advisors LLC and Aspen Advisors LLC.

Continue reading Movie Gallery Prepares Yet Another Bankruptcy Filing

Movie Gallery Prepares Yet Another Bankruptcy Filing originally appeared on BloggingStocks on Thu, 28 Jan 2010 17:30:00 EST. Please see our terms for use of feeds.

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