United Fire Announces Preliminary Loss Estimate of $30M to $35M for Spring Storms
by Insider Scoop - May 31st, 2011 4:46 pm
Courtesy of Benzinga
United Fire & Casualty Company (Nasdaq: UFCS) today announced that it expects its second-quarter results through May to include pre-tax catastrophe losses, net of reinsurance, of approximately $30-35 million. These losses include $7-9 million in storm losses previously reported in the Company’s first quarter news release; $5-6 million from storms that hit southern states in late April; and $15-20 million from a devastating May storm in Joplin, Missouri.
The estimated losses for these catastrophe events are expected to contribute between 21.9 and 25.5 percentage points to the second-quarter property casualty combined ratio. The impact on after-tax earnings is estimated to be between $0.75 and $0.87 cents per share.
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DiggUPDATE: Supreme Industries Settles Litigation with The Armored Group
by Insider Scoop - May 31st, 2011 4:40 pm
Courtesy of Benzinga
Supreme Industries, Inc. (NYSE: STS) today announced that on May 25, 2011, Supreme settled its long-standing litigation with The Armored Group. On Jan. 21, 2009, The Armored Group filed a complaint against affiliates of Supreme Industries, Inc. alleging breach of oral contract, unjust enrichment and other claims, including that the Company had an obligation to pay TAG a 10% commission on all sales of armored vehicles to the United States Department of State under a contract with the United States Department of State providing for up to $98 million in sales.
On May 25, 2011, the Company and TAG signed a Civil Settlement Agreement, under the terms of which this lawsuit will be dismissed and the Company will: (i) pay to TAG the cash sum of $1.1 million ($400,000 payable on or about May 25, 2011, and the balance of $700,000 payable over the next 12 months in the principal amount of $58,333 per month plus accrued interest at 5.75% simple interest); and (ii) issue and deliver to TAG on or about May 25, 2011, 350,000 shares of Supreme’s Class A Common Stock and an additional 350,000 shares on Jan. 15, 2012.
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The S&P 500: Up for the Day, Down for the Month
by Chart School - May 31st, 2011 4:35 pm
Courtesy of Doug Short
The S&P 500 closed up 1.06% for the day but down 1.35% for the month. The index is 98.8% above the March 2009 closing low but 14.1% below the nominal all-time high of October 2007. Below are two charts of the index — with and without the 50 and 200-day moving averages.
For a better sense of how these declines figure into a larger historical context, here’s a long-term view of secular bull and bear markets in the S&P Composite since 1871.
For a bit of international flavor, here’s a chart series that includes an overlay of the S&P 500, the Dow Crash of 1929 and Great Depression, and the so-called L-shaped “recovery” of the Nikkei 225. I update these weekly.
These charts are not intended as a forecast but rather as a way to study the current market in relation to historic market cycles.
Banner Corporation Announces Effectiveness of Reverse Stock Split
by Insider Scoop - May 31st, 2011 4:32 pm
Courtesy of Benzinga
Banner Corporation (Nasdaq: BANR) today announced that it had filed an amendment to its Amended and Restated Articles of Incorporation with the Secretary of State of the State of Washington to effect the previously announced 1-for-7 reverse stock split. The reverse stock split will take effect prior to the opening of the NASDAQ Global Select Market on June 1, 2011 and will be effective with respect to shareholders of record at the close of business on May 31, 2011 (the “Effective Time”). At the Effective Time, every seven shares of Banner’s pre-split common shares will automatically be consolidated into one post-split share.
It is expected that Banner’s shares of common stock will continue to trade on the NASDAQ Global Select Market under the symbol “BANR” with the letter “D” added to the end of the trading symbol for a period of 20 trading days to indicate that the reverse stock split has occurred. Following the 20 day period, the ticker symbol will revert to “BANR.” In addition, Banner’s shares of common stock will also trade under a new CUSIP number effective June 1, 2011.
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RANsquawk Market Wrap Up – Stocks, Bonds, FX etc. – 31/05/11
by Zero Hedge - May 31st, 2011 4:31 pm
Courtesy of RANSquawk Video
World Health Organization Says Cellphones Cause Cancer … Oh, And They're Killing Off the Bees As Well
by Zero Hedge - May 31st, 2011 4:30 pm
Courtesy of George Washington
The World Health Organization just issued a report stating that cellphones are “possibly carcinogenic to humans”.
Specifically, WHO found “an increased risk for glioma, a malignant type of brain cancer, associated with wireless phone use”.
The WHO report notes that a previous study showed increased risk with increased cellphone use, and recommends taking actions – such as using hands-free equipment – to reduce exposure to the electromagnetic fields produced by cellphones.
CNN points out:
The agency now lists mobile phone use in the same “carcinogenic hazard” category as lead, engine exhaust and chloroform.
***
The type of radiation coming out of a cell phone is called non-ionizing. It is not like an X-ray, but more like a very low-powered microwave oven.
“What microwave radiation does in most simplistic terms is similar to what happens to food in microwaves, essentially cooking the brain,” Black said. “So in addition to leading to a development of cancer and tumors, there could be a whole host of other effects like cognitive memory function, since the memory temporal lobes are where we hold our cell phones.”
***
Results from the largest international study on cell phones and cancer was released in 2010. It showed participants in the study who used a cell phone for 10 years or more had doubled the rate of brain glioma, a type of tumor. To date, there have been no long-term studies on the effects of cell phone usage among children.
“Children’s skulls and scalps are thinner. So the radiation can penetrate deeper into the brain of children and young adults. Their cells are at a dividing faster rate, so the impact of radiation can be much larger.” said Black of Cedars-Sinai Medical Center.
***
Manufacturers of many popular cell phones already warn consumers to keep
…
World Health Organization Says Cellphones Cause Cancer … Oh, And They’re Killing Off the Bees As Well
by Zero Hedge - May 31st, 2011 4:30 pm
Courtesy of George Washington
The World Health Organization just issued a report stating that cellphones are “possibly carcinogenic to humans”.
Specifically, WHO found “an increased risk for glioma, a malignant type of brain cancer, associated with wireless phone use”.
The WHO report notes that a previous study showed increased risk with increased cellphone use, and recommends taking actions – such as using hands-free equipment – to reduce exposure to the electromagnetic fields produced by cellphones.
It should be noted that WHO’s findings are not strictly limited to cellphones. Specifically, the report discusses:
radio frequency electromagnetic fields, such as those emitted by wireless communication devices.
As such, the WHO report may give ammunition to those who oppose non-essential rf em fields, such as California residents who oppose the installation of “smart meters” by the local power company.
The smart meters wirelessly beam electric usage information to the power company. The utility installed the smart meters on all customers’ homes (without their consent) in order to save the cost of having workers manually check electric meters.
For those who are surprised that an electromagnetic fields can affect the human body, you are behind the times. As I noted last month:
It is well-known that humans and animals have many electric currents inside of us, and that we interact with electric fields and electric currents outside of our bodies. For example, the pumping of our hearts is driven by an electrical system, and EKGs measure the electrical activity in our heart:
The [EKG]works mostly by detecting and amplifying the tiny electrical changes on the skin that are caused when the heart muscle “depolarizes” during each heart beat.
Electrocution can kill by disrupting the heart’s electrical system.
Our brains are also largely electrical systems, and EEGs measure electrical activity in our brain:
Electroencephalography (EEG) is the recording
…
Phillips-Van Heusen Beats, Guides Higher
by Insider Scoop - May 31st, 2011 4:28 pm
Courtesy of Benzinga
Shares of Phillips-Van Heusen (NYSE: PVH) are rising in the after-hours trade following the release of its Q1 earnings results. Currently, shares are higher by 0.86%, trading at $66.54; they closed the regular session lower by 0.92%, at $65.97.
Phillips-Van Heusen reported Q1 EPS of $1.23 on revenues of $1.37 billion; the Street was looking for $1.16 per share on revenues of $1.34 billion.
The company also issued upside guidance for Q2; it now sees Q2 EPS of $0.93-0.95 on revenues of $1.27-1.29 billion. The Street was looking for $0.91 per share on revenues of $1.19 billion.
Phillips-Van Heusen Corporation is an apparel company. The Company’s portfolio of brands includes its owned brands, Calvin Klein Collection, ck Calvin Klein, Calvin Klein, Van Heusen, IZOD, ARROW, G.H. Bass & Co., Bass and Eagle, and its licensed brands
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Chairman Martinez Sells 18,990 Of Deckers Outdoor Corp, Worth over $1.7M
by Insider Scoop - May 31st, 2011 4:21 pm
Courtesy of Benzinga
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Positive Outlook from LDK Chief Boosts Solar Stocks and Options
by Option Review - May 31st, 2011 4:17 pm
Today’s tickers: LDK, BP, ASH & VIA
LDK - LDK Solar Co. Ltd. – The prospects look brighter for solar panel maker according to its president who told Taiwanese electronics website DigiTimes that the industry hit its low point in the first quarter. LDK’s chief also told the website not only to expect a second-quarter rebound but that the industry was not playing out investors’ currently pessimistic scenario. Adding fuel to a rally across shares in the renewable energy sector was confirmation from Germany that its last nuclear power station would close in 2022. One investor struck to make a bullish play on LDK by writing put options expiring in less than three weeks raking in a total premium of $145,000. The investor sold 5,000 put options for 29 cents apiece guaranteeing to take delivery of 50,000 shares at $7.00 each by June 17. Just two weeks ago LDK’s share price meaningfully breached $10.00 for the first time since September on fears for earnings across the industry. Last week they traded as low as $6.14 before today’s rally took hold and kicked them back to as high as $7.24. Currently the speculative strategy is an at-the-money investment, but by taking in the 29 cent premium the investor is effectively lowering his buy price to $6.71 and presumably is banking on June 7 earnings to help vilify his stance.
BP - BP Plc – Shares in Europe’s second-largest oil company have performed strongly in recent weeks, shrugging off a disastrous outcome with its Russian subsidiary that left it floundering without an expansion policy. Nevertheless investors have warmed to recent news of possibly less financial liability resulting from the Gulf of Mexico spillage one year ago. Shares reached the highest since May 2 on Tuesday in early going although have pared gains throughout…
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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...
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coordinator for PSW. She manages the Favorites backup site
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