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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Progressive Waste Solutions ([[BIN]] +2.4%) is no garbage stock, RBC says in raising its rating to Top Pick from Outperform. The selloff in shares on concerns of a "price war" in the waste management industry are unwarranted, the firm…

Category : Stocks

Progressive Waste Solutions (BIN +2.4%) is no garbage stock, RBC says in raising its rating to Top Pick from Outperform. The selloff in shares on concerns of a “price war” in the waste management industry are unwarranted, the firm says; with BIN trading at historical lows, “we believe a contrarian view will be well rewarded.” Post your comment!

Go here to see the original: Progressive Waste Solutions ([[BIN]] +2.4%) is no garbage stock, RBC says in raising its rating to Top Pick from Outperform. The selloff in shares on concerns of a "price war" in the waste management industry are unwarranted, the firm…

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CA (CA) has begun preparing for the succession of CEO Bill McCracken and will consider internal and external candidates. McCracken, 69, has no specific retirement date, with his contract due to expire in March 2013. “They’re not in any rush to get…

Category : Stocks, World News

CA (CA) has begun preparing for the succession of CEO Bill McCracken and will consider internal and external candidates. McCracken, 69, has no specific retirement date, with his contract due to expire in March 2013. “They’re not in any rush to get this done tomorrow,” says RBC analyst Matthew Hedberg said. “Bill’s accomplished a lot in the two years he’s been there. He’s increased the dividend, (and) he’s increased the buyback.” Post your comment!

See the article here: CA (CA) has begun preparing for the succession of CEO Bill McCracken and will consider internal and external candidates. McCracken, 69, has no specific retirement date, with his contract due to expire in March 2013. “They’re not in any rush to get…

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RIM faces another writedown on unsold smartphones and tablets

Category : Business

BlackBerry maker expected to make third huge writedown on unsold smartphones and PlayBook tablets, say analysts

BlackBerry-maker RIM faces having to make a third huge writedown on unsold stocks of smartphones and PlayBook tablets when its financial quarter ends on Saturday, analysts say. It would be the third large writeoff in three quarters.

Analysts also expect to see falling revenues and profits as the group struggles against Apple’s iPhone at the high end and Android devices in the rest of the market, as well as a resurgent Nokia, which has begun to attack the western smartphone market in earnest.

RIM said on Tuesday night it had engaged JP Morgan Securities and RBC Capital Markets to help with a review of the business, confirming reports earlier in the week that there would be “significant” job cuts.

Canada’s Globe and Mail had reported at least 2,000 posts would go while Reuters cited a source saying cuts could hit up to 6,000. The company said financial performance would “continue to be challenging” for the next few quarters.

RIM took a $485m (£310m) writedown against unsold stock of the PlayBook for its third fiscal quarter, ending in November 2011. For the fourth quarter, ending in February 2012, it wrote off $267m on unsold BlackBerry 7 handsets which it had launched the previous summer.

Wall Street consensus forecasts are for the company to have shipped 10.5m handsets, down 20% from 13.2m a year ago – at the same time as the smartphone market has grown by 50%. Revenues are forecast at $3.7bn, a 24% fall compared with a year ago. That would be in line with the 24% fall in the previous quarter, but smaller than at any time since summer 2009.

Mark Sue of RBC Capital Markets was even gloomier, suggesting that the company will only have shipped 9m handsets – a 30% fall year-on-year as its share erodes in the US – with revenues of $3.2bn, lower than at any time.

RIM’s chief executive officer Thorsten Heins said: “These advisers [JP Morgan Securities and RBC Capital Markets] have been tasked to help us with the strategic review we referenced on our year-end financial results conference call and to evaluate the relative merits and feasibility of various financial strategies.

“RIM is going through a significant transformation as we move towards the BlackBerry 10 launch, and our financial performance will continue to be challenging for the next few quarters.”

Neeraj Monga, an analyst at Veritas Investment Research in Toronto, said the writedowns were inevitable in the face of consumer and business indifference, notably to the PlayBook tablet.

“Clearly this stuff isn’t selling,” he told Bloomberg. “Despite all the writedowns they’re taking on the inventory, these inventory levels are not dropping.”

Monga maintains a buy recommendation on RIM’s stock – currently at an eight-year low – in anticipation of the company being sold.

RBC’s Sue said the promise later in the year of the new BB10 software was not obviously a “silver bullet” for the business to return to growth, and that it might even have to withdraw from some markets as cheap Android phones undercut margins.

Colin Gillis, an analyst at BGC Partners LP in New York, told Bloomberg that it was hard for customers to show interest in older phones when there was the promise – but only that – of the new one: “Until you have a new product, there’s nothing to transition to,” said Gillis, who advises selling RIM’s stock. “It’s still very much in the early stages.”

Though RIM did not specify whether its previous writedowns have been to zero value or to expected sale value, at the start of the current quarter in March 2012 it still had $1bn in inventory, which is stock in its own warehouses and not shipped to suppliers. That compared with just $618m at the same period a year ago, in February 2011.

• RIM is losing another senior executive. Its chief legal officer is retiring after 12 years, joining an exit roster that includes the global head of sales Patrick Spence earlier this week, and the former co-CEOs and co-chairmen Mike Lazaridis and Jim Balsillie who departed in February.

RIM Slashes Guidance, Hires Bankers

Category : Stocks

NEW YORK (TheStreet) — Shares of Research In Motion were sharply lower in late trades on Tuesday after the BlackBerry maker forecast an operating loss for its fiscal first quarter and said it’s hired bankers to help with its review of its strategic options.

The company, which also announced plans to reduce its workforce, has hired JPMorgan and Royal Bank of Canada to assist with the review of its operations and business.

The stock was last quoted at $9.84, down 12.4%, on volume of nearly 800,000, according to Nasdaq.com. …

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The rest is here: RIM Slashes Guidance, Hires Bankers

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Argentina’s appears to be making an already difficult environment worse for attracting investors to develop its Vaca Muerta shale fields, after revoking licenses from YPF SA ([[YPF]] +8.3%) and Petroleo Brasileiro SA ([[PBR]] +2.5%) over an…

Category : Stocks, World News

Argentina’s appears to be making an already difficult environment worse for attracting investors to develop its Vaca Muerta shale fields, after revoking licenses from YPF SA (YPF +8.3%) and Petroleo Brasileiro SA (PBR +2.5%) over an investment dispute. The deposit holds over 23B boe in an area roughly the size of Connecticuit. Unfortunately, says RBC’s Peter Hutton, “None of the majors would want to step into a field that’s been expropriated from a fellow major.” 3 comments!

Continue reading here: Argentina’s appears to be making an already difficult environment worse for attracting investors to develop its Vaca Muerta shale fields, after revoking licenses from YPF SA ([[YPF]] +8.3%) and Petroleo Brasileiro SA ([[PBR]] +2.5%) over an…

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Polycom’s ([[PLCM]] -3.8%) sales challenges are probably of its own making, RBC says as it downgrades shares and cuts its target price to $19 from $26 following last week’s Q1 warning. PLCM has been revamping its sales force in North America, RBC…

Category : Stocks

Polycom’s (PLCM -3.8%) sales challenges are probably of its own making, RBC says as it downgrades shares and cuts its target price to $19 from $26 following last week’s Q1 warning. PLCM has been revamping its sales force in North America, RBC notes, adding “poor execution and inconsistent messaging” seem to raise the likelihood of worst-case forecasts. Post your comment!

See the rest here: Polycom’s ([[PLCM]] -3.8%) sales challenges are probably of its own making, RBC says as it downgrades shares and cuts its target price to $19 from $26 following last week’s Q1 warning. PLCM has been revamping its sales force in North America, RBC…

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Bank of America Dividend Surprise?

Category : Business, Stocks

NEW YORK (TheStreet) — Bank of America has been seen by many analysts as unlikely to raise its dividend following Federal Reserve “stress tests” next week but at least one analyst thinks the bank will get the okay.

After being embarrassed last year when it sought Fed approval for a dividend increase and didn’t get it, Bank of America has said it won’t seek such approval this time around.

That has led some analysts to simply assume no near-term dividend hike. For example, in a recent research note RBC Capital Markets analyst Gerard Cassidy assumed no dividend hike for Bank of America, noting it “did not request approval of any return of capital strategies.”

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The rest is here: Bank of America Dividend Surprise?

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XOMA (XOMA) announces a shelf offering to sell an undisclosed number of shares of its common stock and corresponding warrants to purchase one half of a share of common stock for each share purchased. RBC Capital Markets and Cowen will act as joint…

Category : Stocks

XOMA (XOMA) announces a shelf offering to sell an undisclosed number of shares of its common stock and corresponding warrants to purchase one half of a share of common stock for each share purchased. RBC Capital Markets and Cowen will act as joint book-runners. Shares -10.3% AH. Post your comment!

Read more: XOMA (XOMA) announces a shelf offering to sell an undisclosed number of shares of its common stock and corresponding warrants to purchase one half of a share of common stock for each share purchased. RBC Capital Markets and Cowen will act as joint…

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Bank Deals are Proving Profitable (Update 1)

Category : Stocks

Updated to include additional analyst comments and earnings estimates.

NEW YORK (TheStreet) — Bank of Montreal’s $4.1 billion acquisition of Midwestern lender Marshall and Ilsley is turning out to be a big earnings driver, proving the benefits of U.S. bank deals.

That is good news for Capital One,PNC Financial and First Niagara as they try to close billion dollar-plus acquisitions.

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View post: Bank Deals are Proving Profitable (Update 1)

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