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http://ymlp287.net/z3Qjau ——————————————————————————– December 2, 2012 Week & Month In Review…
Week In Review For November 26 to November 30, 2012 Canadian Technical Penny Stocks To Watch This Week:
* Torex Gold Resources Inc. (TSX:TXG) * High River Gold Mines Ltd. (TSX:HRG) * Amaya Gaming Group Inc. (TSX-Venture:AYA) U.S. Technical Penny Stocks To Watch This Week:
* Article Published, November 27, 2012: Liquid Nutritional Group Shares Up on New Store Location in Bahamas (http://www.allpennystocks.com/aps_ca/special-reports/312/liquid-nutritional-group-shares-up-on-new-store-location-in-bahamas.htm) (CDN Companies) * Article Published, November 29, 2012: Massive Dynamics Shares Reach New Heights with Cutting Edge Technology (http://www.allpennystocks.com/aps_us/special-reports/312/massive-dynamics-shares-reach-new-heights-with-cutting-edge-technology.htm) (U.S. Company) * Article Published, November 30, 2012: Shares of DragonWave Soaring on News and a Technical Bottom (http://www.allpennystocks.com/aps_ca/special-reports/313/shares-of-dragonwave-soaring-on-news-and-a-technical-bottom.htm) (CDN / U.S. Company) Video charts for the week:
* November 28th Technical Video Chart For TXG:CA. A technical stock to watch this week, Torex Gold is in a solid uptrend and sitting just above the 200 day moving average. The chart is at a key point to hold the moving average and the uptrend with resistance at $2.20 on the way to try and make new highs. view:
( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/yuzbphMNym8 ).
* November 28th Technical Video Chart For ASTI. The Ascent Solar Technologies chart is sitting on a strong support level at 70 and giving signs that the selling pressure has subsided. The MACD is showing a positive divergence, lending to the chance that the stock may push upward towards resistance at 95 cents. view:
( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/AhuuGRRVewc ).
Follow AllPennyStocks.com on Twitter: Click here: ( http://www.allpennystocks.com/aps_common/twitter.asp ) to join AllPennyStocks.com on Twitter. Find out about the penny stocks to watch before anyone else, only on Twitter. Following AllPennyStocks.com is free, get all the details here: ( http://www.allpennystocks.com/aps_common/twitter.asp ).
WEEKLY & MONTHLY UPDATE – STOCKS IN WAIT AND SEE MODE AS FISCAL CLIFF TALKS CONTINUE Stocks in North America were once again at the mercy of rhetoric about the upcoming fiscal cliff in the United States, a series of automatic tax hikes and spending cuts that will hit the US economy to the tune of about $600 billion at the start of 2013 if a new budget plan can`t be agreed upon by lawmakers in Washington, D.C. The countdown to Christmas is normally the main focus at this time as analysts watch consumer spending and for manufacturing increases that can bolster the economy, but in 2012, it`s the countdown to “Cliff-mas” that has the markets entrenched in volatility with only 29 days left to the plunge over the edge.
Earnings news was fleeting, but investors got a full dose of economic data, including third quarter gross domestic product information from both Canada and the US. The GDP stats hit both ends of the spectrum with Canada being told that their economy was stagnant while the US economy was growing faster than originally expected, although still showing signs of weakness as new orders – a key proxy of future demand – fell more than the government originally said. Information about the US housing market still recovering was once again delivered, but that has become “old hat` to the investment community to a certain degree. Manufacturing information was basically in line with predictions, keeping any moods tempered.
The main cue to sentiment came from Washington as posturing between Democrats and Republicans reached new highs pertaining to the so-called cliff. The main culprits in driving markets one way or the other: President Obama and House Speaker John Boehner. After a stellar performance by the markets the week prior on optimism about a pact being reached, blue chip stocks were falling early in the week until the President stepped-up to express his confidence that the two parties would cross the impasse by Christmas. Boehner lashed-out in a press conference on Wednesday, though, saying that the Democrats were “not serious” about offering budget cuts, calling negotiations a stalemate on Capitol Hill. President Obama followed by traveling to a Pennsylvania toy factory and calling-out Republicans who were being resistant to tax cuts for the wealthy. Ahhh….politicians.
With the market roller coaster ride this past week, blue chip stocks finished not too far from where they began the week. The TSX Composite, Dow Jones Industrial Average and S&P 500 recorded losses no more than one-half of one percent.
North of the US border, Bank of Canada Governor Mark Carney was unexpectedly appointed by Chancellor of the Exchequer George Osbourne as the next Governor of the Bank of England. Carney has been hailed for his risk-aversive strategies that helped Canada avert the steep financial crash felt by other countries in recent years. He is expected to incorporate his know-how as the leader of the central bank of England to steer the country in the right direction as its four main banks are facing enormous losses and new regulatory requirements.
Speaking of the east side of the Atlantic, a deal was finally struck last week to Greece`s bailout package back in motion after months of deliberation between finance ministers. The deal includes lower interest rates on loans to Greece and longer maturity rates, amongst other things to help the embattled country try to get its debt to output ratios on a more even keel. The package still is facing heavy scrutiny from critics, including German Chancellor Angela Merkel as it relies on Greece maintaining fiscal austerity, a fact that many do no believe is possible. All that aside, the International Monetary Fund and European finance ministers finally coming to an agreement unlocked desperately needed loans of 43.7 billion euros ($56.7 billion) for Greece.
In the Middle East, Israel and Hamas are still at this point observing the truce that ended eight days of bloody battle which saw Israel showered by more than 1,500 Palestinian rockets. Senior Hamas official Khaled Meshaal is set to visit Gaza this week to congratulate its fighters it their battle with Israel in his first-ever visit to the country. Meshaal had previously been prohibited for visiting the coastal city by Egyptian leader Hosni Mubarak, who was removed from power last year by new Muslim leadership that has formed a new alliance with Hamas.
As December gets underway, investors are left with little direction as to what will happen with the fiscal cliff. It is presumable that no politician wants to see the US deal with all the economic repercussions of not averting the cliff through budgetary concessions, but they could hold-off on striking a deal until the last possible minute as each side leverages to get the most of their demands. As such, this first week of the last month of 2012 will clearly keep the fiscal cliff as a market driver. Market moving economic data will arrive late in the week with the latest unemployment statistics coming from Canada and the States.
The US dollar fell against nearly all its global counterparts, except the yen, for which it climbed to its highest level since Spring as the Japanese government passed another stimulus package, devaluing its currency. Against the Canadian dollar, the week was basically flat as the loonie gave-up some ground gained earlier in the week after Canadian GDP data showed the economy contracting more than expected during the third quarter. Further pressuring the Canadian dollar was a drop in US consumer spending, hinting that demand may be slowing from Canada`s largest trade partner. The US Dollar Index, which measures several of the word`s most traded currencies, slipped lower for the second straight week (-0.05%). On the week, the Canadian dollar faded by 0.09 percent against the US dollar, so next week will begin with one Canadian dollar buying US$1.0066. For the month of November, however, the loonie gained 0.43% versus the greenback.
* Gold futures were tossed-about as metal investors jockeyed positions around activity surrounding the fiscal cliff. Large losses on Wednesday and Friday far exceeded any upward pressure that bullion felt during the week with analysts blaming steep drops of $36 per ounce on Wednesday and $17 per ounce on Friday largely on a fluctuating USD, future contract expirations and deflationary concerns that hang in the balance with Capitol Hill trying to reach some type of agreement. The volatility shook gold to its lowest close since the start of the month to end up with losses for the week and last 30 days. December contracts, the most actively traded this past week, unloaded 2.31%, or $40.50 per ounce, to close the week at $1,710.90 on the Comex division of the New York Mercantile Exchange. For the month, December contracts for gold were lower by $1.00, or 0.06 percent.
* Silver futures were equally volatile as their higher-priced cousin with Wednesday and Friday showcasing swings of more than $1 per ounce that dug the white metal lower for the week. Weakness in global demand coupled with broad market volatility based upon growing US concerns about rising taxes and spending cuts provided the cues for silver to swing wildly as the month drew to a close and contracts expired. Silver for December delivery was the most actively traded; declining 2.67%, or $0.912, to $33.204 per ounce. For November, silver was a better performer than gold, with an appreciation of $1.168 per ounce, or 3.65 percent.
* Copper prices were strong for the week as optimism grew that demand will be increasing from China, the world`s largest consumer of copper.
Copper traders have been optimistic that new leader Xi Jinping will be good for the economy as confidence in the Chinese economy rises to one-year highs. Investors were also betting that a weekend report would show an increase in manufacturing (which it did), lofting copper to its highest prices in more than one month. December contracts were the most actively traded on New York`s COMEX exchange during the week; advancing $0.1015 cents, or 2.88%, to $3.6295 per pound, adding to more than 2 percent gains from the week prior. The sharp upward movement in the past two weeks erased losses from earlier in the month to push copper 2.24%, or 7.95 cents, per pound higher than the close for October.
* Oil prices got a lift as traders continued to monitor manufacturing data in the US that was inline with expectations and the conflict in the Middle East for any hints of supply constraints. The US approved additional sanctions on Iran as Syrians continue to wage war with regime troops near the capital, lending for increased appetite for the black gold this past week and, ultimately, on the month. Egypt is also hot-button with a draft constitution now sitting before President Mohammed Morsi, escalating tensions overseas and serving as a potential threat to supply channels. January 2013 contracts for West Texas Intermediate crude were the most actively traded; rising $0.63, or 0.71%, to $88.91 per barrel. On the month, crude prices increased 2.51 percent, or $2.18, per barrel.
Equity Market Snapshot:
(All percentages on a weekly basis unless otherwise noted) * Major gold miners faced an uphill battle with gold futures tumbling. Kinross Gold (TSX:K, +0.30%) managed to eke-out gains, but Yamana Gold (TSX:YRI, -3.26%), Agnico-Eagle Mines (TSX:AEM, -0.45%), Goldcorp (TSX:G, -5.08%), Barrick Gold (TSX:ABX, -1.99%) and Newmont Mining (TSX:NMC, -0.42) all slipped lower.
* In some big mining news, Inmet Mining Corp. (TSX:IMN, +25.35%) said that it is rejecting an unsolicited $4.9-billion, combination cash and share takeover offer by First Quantum Minerals Ltd. (TSX:FM, -6.59%).
* After strong performances the week prior, energy stocks limped despite crude prices rising. Canadian Natural Resources (NYSE:CNQ, +0.25%) edged upward as Talisman Energy (NYSE:TLM, -3.94%), Imperial Oil Ltd. (NYSE:IMO, -2.31%), Suncor Energy (NYSE:SU, -3.48%), Cenovus Energy (NYSE:CVE, -0.45%) and Exxon Mobil (NYSE:XOM, -1.07%) faded back.
* Imperial Oil reported that it will invest $1.55 billion to acquire a half interest in the assets of Calgary-based Celtic Exploration Ltd.
(TSX:CLT, -0.08%), a company currently in the process of being acquired by Imperial parent ExxonMobil Canada Ltd. in a $3.1-billion bid disclosed in October.
* Also in the energy sector, Canada`s Environmental Minister Peter Kent denied an Alberta gas project planned by Cenovus Energy, citing the project would endanger wildlife in the CFB Suffield national wildlife area.
* The biggest of banks struggled to hold traction from the week earlier. UBS AG (NYSE:UBS, -0.95%), Goldman Sachs Group (NYSE:GS, -1.68%), Bank of America (NYSE:BAC, -0.40%), Citigroup (NYSE:C, -4.05%), JPMorgan Chase (NYSE:JPM, -0.02%) and Wells Fargo & Co.
* The biggest banks in Canada continued upward to outpace their US peers. National Bank of Canada (TSX:NA, +0.94%), Canadian Imperial Bank of Commerce (TSX:CM, +0.50%), Toronto-Dominion Bank (TSX:TD, +1.94%), The Bank of Nova Scotia (TSX:BNS, +2.75%), Royal Bank of Canada (TSX:RY, +1.64%) and Bank of Montreal (TSX:BMO, +1.22%) all moved upward.
* Canada`s banking stocks were supported by a strong earnings report from the Royal Bank of Canada, the largest bank in the country, and by optimism that other leading banks will report strong earnings next week. Royal Bank of Canada reported a 22% jump in fourth-quarter profit on rising fixed income trading revenue and steady loan growth.
* Research in Motion (TSX:RIM, -0.17%) is starting to get the scent of becoming Canada`s tech darling once again, despite closing tepidly lower last week. The BlackBerry maker got an upgrade from CIBC World Markets to “sector outperform” from “sector perform” and a new $17 price target and an upgrade from Goldman Sachs to “buy” from “neutral.” Following last week`s 25% climb, upgrades and optimism are rising around the new BB10 operating systems and new phones readying to debut early in 2013. News also hit that RIM lost a case with Nokia, stripping it of any ability to manufacture or sell WLAN products without signing a royalty agreement with Nokia first.
* Record sales on so-called “Cyber Monday” and strong sales on “Black Friday” proved a boon for e-commerce business. Shares of Ebay (NASDAQ:EBAY, +7.77%) and Amazon.com (NASDAQ:AMZN, +5.07%) closed near highs for the week. Research released by International Business Machines Corp. (NYSE:IBM, -1.77%) and ComScore Inc. (NASDAQ:SCOR, -0.89%) showed sales jumped about 30 percent on Cyber Monday and shoppers spent about $1.7 billion snagging deals.
* McGraw-Hill Cos. (NYSE:MHP, +2.75%) got a lift as the owner of Standard & Poor`s said that it is selling its education business to private equity company Apollo Global Management for $2.5 billion.
* ConAgra Foods (NYSE:CAG, +5.10%), the maker of Banquet, Chef Boyardee and Marie Callenders, said that it has come to terms to buy Ralcorp (NYSE:RAH, +24.81%), the largest U.S. manufacturer of private label food, for $90 U.S. a share in cash in a deal worth about $5 billion.
* Shares of St. Jude Medical Inc. (NYSE:STJ, +7.02%) rebounded from three heavy down weeks (and six out of the last seven) upon news that its board had authorized a $1 billion share buy-back program.
* Hudson`s Bay Co. (TSX:HBC) shares made their return to the Toronto Stock Exchange as Canada`s oldest company completed its C$365.1 million initial public offering. HBC, the owner of its namesake stores in Canada as well as Lord & Taylor in the US, began trading on the low-end of its $17 to $18 per share range and closed the week with a whimper at $16.80 per share. The price gives the company, which began as a fir-trading outfit in 1670, a market cap around $2 billion.
* Rumors of Knight Capital Group (NYSE:KCG, +35.34%) possibly selling its market-making business were confirmed with a $3.50 per share merger offer put on the table by Getco LLC. The offer by Getco could trigger a bidding war as rival Virtu Financial is also reported interested in buying Knight`s largest and most profitable business arm.
* Bombardier Inc. (TSX:BBD.B, +13.96%) flew higher upon announcing the biggest contract in its history, a firm order by charter company VistaJet for 56 Bombardier Global jets valued at $3.1 billion along with options for 86 others. If all options are exercised the deal is worth a whopping $7.8 billion.
* Facebook, Inc. (NASDAQ:FB, +16.68%) received several upgrades this past week to continue a rally three-week rally that has taken shares to the highest level since mid-July. Shares closed at the high of the week at $28 each and have risen more than 50 percent in the last 14 trading days. Facebook was also in the news via reports that it had struck a new deal with game-maker Zynga (NASDAQ:ZNGA, +6.03%) that reduces Zynga`s dependence on the social media giant. Shares of Zynga fell from highs on the report, but still notched gains on the week.
* Also on the Webfront, shares of Verisign (NASDAQ:VRSN, -16.44%), the primary manager of the Internet-address database, fell hard on Friday after saying that a new contract with the US Commerce Department allowing the company to continue to control websites ending in .com handcuffs future price increases. Shares of Verisign have fallen from $50 each at the beginning of October to current levels around $34.
* Canadian conglomerate Onex Corp. (TSX:OCX, +0.37%) said that it is spending $2.3 billion to buy the privately-held US insurance company USI from the Goldman Sachs Capital Partners fund.
* Big box retailer Costco (NASDAQ:COST, +6.13%) became the latest in a string of companies to announced a special dividend, which will pay shareholders a total of $3 billion U.S. on Dec. 18. Part of the fiscal cliff includes increases in taxes on dividend payments, so several companies have moved dividends forward to before the fiscal cliff as it arrives at the start of 2013.
* Kroger (NYSE:KR, +5.04%), the largest grocer chain in the US, grew in value with a more than 50 percent rise in third-quarter profit compared to the year prior. Topping estimates on that front, the company also boosted its full-year guidance.
* Shares of SNC-Lavalin Group (TSX:SNC, -5.15%) slipped after Swiss public broadcaster RTS said the former head of construction of the Canadian engineering firm has been formally charged by Swiss officials on allegations of money laundering.
Weekly Indices Results:
The S&P TSX Composite Index grew taller for the second straight week; advancing 26.12 points, or 0.21%, to 12,239.36. The TSX Venture Exchange moved the other direction; dropping 38.07 points, or 3.02%, to 1,220.90 on the week.
In the States, the Dow Jones Industrial Average squeaked ahead; forging modest gains of 15.90 points, or 0.12%, to 13,025.58 this past week. The much-broader S&P 500 rose as well; adding 7.03 points, or 0.50%, to close at 1,416.18. The tech-rich NASDAQ Composite paced the main exchanges; muscling-up 43.39 points, or 1.46%, to 3,010.24.
Canadian Economic Data:
* The Industrial Product Price Index (IPPI) was down 0.1% in October compared with September. Economists were expecting a 0.2% fall. In September, the IPPI had advanced 0.5%, but the drop in October brought the IPPI back to the same level as January. The largest contributor to the IPPI decrease in October was petroleum and coal products (-1.1%). General price declines were observed for gasoline and fuel oil products, especially gasoline (-3.1%), which was down for the first time in four months. The IPPI excluding petroleum and coal products rose 0.2%. The decrease of the IPPI was moderated primarily by motor vehicles and other transportation equipment (+0.7%), which rose for the first time since June. Compared with October 2011, the IPPI was down 0.2%, its third consecutive year-over-year decline.
* The Raw Materials Price Index (RMPI) was unchanged in October, following three straight monthly increases. Economists expected a 1.0% decline. The decline in non-ferrous metals (-2.3%) was primarily because of lower prices in copper concentrates (-3.3%), radioactive concentrates (-5.6%) and zinc concentrates (-3.8%). Those losses were offset by increases in mineral fuels, specifically crude oil (+0.5%), which posted its fourth consecutive increase. Compared with October 2011, the RMPI fell 2.8%, its eighth consecutive year-over-year decrease.
* Canada`s economy slowed to a 0.6% annual growth rate during the third quarter, the slowest pace in over a year and behind the 0.8% growth rate predicted by economists. Meanwhile, Statistics Canada also revised the second quarter pace from 1.9 percent growth to 1.7 percent growth during its latest GDP report. Canada relies heavily on exports and slow demand from Europe, the US and China put the crunch on exports during the quarter, causing a 7.8 percent decline, the largest quarterly drop since the second quarter of 2009. The drop in exports offset gains in consumer spending, which rose to a 3.8 percent annualized pace from a 0.6 percent rate in Q2. Equally concerning, the growth during the third quarter was bolstered by gains in July.
During August, GDP contracted 0.1 percent and the September figures showed no growth.
This week, economic data will include the Bank of Canada Interest Rate decision on Tuesday; Building Permits and Ivey Purchasing Managers Index on Thursday; and the Labour Force Survey on Friday.
U.S. Economic Data:
* The Commerce Department reported that the US economy grew by 2.7% annual rate in the third quarter, outstripping its previous estimate of 2.0% growth, as increases in exports, inventories and government spending were greater than expected. Inventories surged about 50% from the original estimate of $41.4 billion to $61.3 billion during the quarter while exports rose 1.6% versus the original estimate of 1.1% expansion. Counterbalancing those gains to a certain extent were larger drops than originally thought in consumer spending (-2.2% versus -1.3%) and business investments (down to +1.4% from +2.0%).
Excluding the sharp growth in inventories, GDP only grew at a 1.9% annual clip, underscoring concerns about weak consumer demand.
* New Home Sales slumped in October, according to the Commerce Department, hamstringed by a 32% decline in the Northeast region.
Sales of new single-family homes dropped 0.3% to a seasonally adjusted annual rate of 368,000. The government also downwardly revised September`s rate from 389,000 to 369,000. The latest figure was shy of analyst predictions of an annual rate of 390,000 for October.
There was debate over the impact of Hurricane Sandy leveling the East Coast, but the government said it did not have much of an impact because it hit on the 29th of the month. Compared to 2011, sales are ahead by 20.4 percent, but still far-below the 700,000 unit pace considered healthy by economists.
* The National Association of Realtors said that pending home sales, those for which contracts have been signed, but deals not yet closed, increased in October to their highest level since March 2007, signaling the housing market continues to recover. Pending home sales rose 5.2 points to 104.8 from an upwardly revised 99.6 reading in September. Pending home sales have risen now for 18 straight months.
* The Dallas Fed Manufacturing Index, a measure of business activity amongst manufacturers in the Texas area, weakened to a reading of -2.8 in November from a 1.8 mark in October, according to the Federal Reserve Bank of Dallas. Readings above zero show expansion, while negative readings show contraction in activity. Texas is a key barometer of the nation`s growth as it is responsible for 9% of all goods produced in the country, making it the second largest state in the union, behind California. The report from the Dallas fed was the first of five regional reports given that did not come from regions impacted by Hurricane Sandy. The New York and Philadelphia reports showed slowing manufacturing, but it was attributed to the storm. The Dallas report indicates a greater country-wide weakness.
* The Chicago Purchasing Manager`s Index, a gauge of business activity in the Chicago area, rose from 49.9 in October to 50.4 in November. Readings above 50 indicate expansion. Economists were expecting a rise to 50.5. Pacing the gainers was a rise in production from 51.8 to 54.7, a 6.9 point jump in deliveries to 57.3 and a 4.9 point rise in employment to 55.2. Paring the gains was a drop in new orders (-5.3 points to 45.3) to the lowest levels in more than two years and a contraction in inventories to their lowest level since February 2010.
* Bookings for durable goods, items meant to last more than three years, were flat during October, largely because of a pull-back in demand in the transportation and defense sectors. Economists were calling-for a 0.4% drop in total orders. Core durable goods orders – those that don`t include the volatile transportation and defense markets – rose by 1.7 percent during the month. Core orders are flat compared to the first ten months of 2011, indicating stagnant demand.
* For the sixth straight month, prices for homes rose in September, according to the S&P/Case-Shiller Home Price Index. The 20-city composite of prices rose 0.3% on a non-seasonally adjusted basis, marking the highest level in three years. On a yearly basis, home prices were up 3 percent from September 2011, including a 20.4% rise in prices in the Phoenix area.
* The effects of Hurricane Sandy began to fade related to initial jobless claims, according to the latest report from the Labor Department for the week ended November 24. Applications of Americans filing for first-time jobless benefits dropped by 23,000 to 393,000 for the week, just above economists` expectations of 390,000. The prior week`s numbers were upwardly revised from 400,000 to 416,000.
The four-week moving average, regarded as a better gauge of labor trends, rose to 405,250 from 397,750.
* After a 0.8 percent increase in September, consumer spending dropped by 0.2 percent in October, according to the Commerce Department. It was the lowest reading since May and blamed, in part, on Hurricane Sandy as work interruptions cut wages and salaries by approximately $18 billion on an annual rate basis. Inflation-adjusted spending declined by 0.3%, the largest drop in three years, while savings upticked from 3.3% in September to 3.4% in October. The underlying weakness in consumer spending is closely-watched as it drives nearly three-quarters of all economic activity in the country.
This week, data in the States will include ISM Manufacturing Index on Monday; the ADP Employment Reports, Factory Orders and ISM Non-Manufacturing Index on Wednesday; Initial Jobless Claims on Thursday; and the latest Employment Situation update on Friday.
Technical Penny Stocks to Watch & Company Spotlight Results:
Amongst our “Daily Technical Penny Stocks to Watch,” we found another solid winner in Amaya Gaming Group Inc. (TSX-Venture:AYA) which was picked as it was looking to breakout to new highs after a consolidation following a run. Shares closed on November 27 at $3.8928 and promptly surged to a high of $4.3778 for gains of 12.46% before closing Friday at $4.35. For more info on this Company and its recent run-up, click here: ( http://www.bullishinvestor.com/markets/stock_quote/s=v.aya ).
Congratulations to all the technical traders that witnessed gains again this past week from our technical penny stocks to watch feature.
On the Company Spotlight front, clinical-stage biotech Pacific Therapeutics Ltd. (CNSX:PT) said that it has signed a letter of intent to license a sublingual formulation (dissolves under the tongue) for drugs for erectile dysfunction (ED). This is a huge market opportunity! In 2006 the total market for drugs for ED exceeded $3.1 billion. Sales of the market leader alone exceeded $1.9 billion in 2011. The sublingual formulation improves on existing drugs for erectile dysfunction by acting faster and with fewer side effects. As large pharmaceutical companies lose their patents on these drugs, a massive opportunity has developed for innovative formulations of drugs for ED. This is a very exciting development for Pacific Therapeutics as it shortens the time to market for the company`s first product and may add significantly to future revenues.
Intertainment Media Inc. (TSX-Venture:INT) (TCQX”>OTCQX:ITMTF) announced that it has entered into an agreement with a well-funded, Toronto-based technology company to collectively bid for the assets of Poynt Corporation, a company newly assigned to bankruptcy. The group is prepared to enter a cash bid together with Intertainment`s secured lender`s position valued at CDN $1.7 Million. At that point, the deadline for submission of the bid was November 29, 2012. If the group is successful in its bid to acquire Poynt`s assets, Intertainment and its partner will provide additional details on their relationship and go forward plans.
Intertainment maintains that the Poynt application and its assets may have significant value well in excess of its secured creditor position of approximately CDN $1.7 Million plus costs and unsecured position of CDN $150,000. Based on Poynt`s last reported unaudited interim financial statements released on August 29, 2012 for the period ended June 30, 2012, non-cash assets were reportedly valued in excess of CDN $21.5 Million.
Separately, Intertainment said that it has entered into a letter of intent to sell its stake in the itiBiti platform for a total value of $3.5 million to a private technology group which is expected to provide up to $4.5 Million in additional equity value in the form of system development and enhancements. The transaction will take the form of cash, debt conversion as well as equity participation and will provide Intertainment with a 40% equity stake in the operating company. This operating company will be managed by the private technology group owning a 60% stake and will undertake the day to day management, operations and development of the platform including the KNCTR application. The deal also calls for Intertainment to receive one board seat as well as a secured perpetual revenue share of 40% for the first 2 years and declining to 20% annually at year 5 and beyond from the independently managed operation. Should a future liquidity event occur, where the new enterprise is sold privately or transferred to a public vehicle, Intertainment will receive the initial 30% of the proceeds, up to $5 Million CDN, and 40% of the balance of the value of the transaction.
We`d also like to remind our members to keep their eyes on their inboxes as we are ready to disclose our newest corporate profile this coming week. We`re buttoning-up our due diligence, but we think that this play is ready to move quickly, so be on the lookout! The Month at a Glance – November The most recent month marched to the same drum as months prior, only with a slightly different beat to it. The movement of stocks in prior months has been predicated upon the financial crisis in Europe and largely upon quantitative easing efforts by the Federal Reserve in the United States. Economic data, per se, has been cast aside unless it falls under the realm of being deemed as influential related to decisions coming from lawmakers in Washington. Verbal battles between Democratic President Obama saying that a deal will get done and meetings being “constructive” have been offset by comments by people like Republican House Speaker John Boehner saying that nothing productive has effectively happened.
The month started with the major influence being the presidential election in the United States pitting Republican candidate Mitt Romney against incumbent President Barrack Obama with strong undertones about the influence of each candidate on government policy, especially the fiscal cliff. The markets generally felt that Romney would have a more positive impact on Wall Street and did not respond favorably when Obama won the election, leading to the Dow Jones unloading more than 600 points across the next eight trading days. As so often happens, the markets do not have a long memory and began a recovery the next two weeks to essentially close the month flat as the fiscal cliff alone moved firmly into focus. As discussed above, volatility has entered the scene again with the markets based upon dialogue offering a settlement to the issues in the nation`s capitol and its budget arguments.
By-in-large, economic data has been pretty much as expected by economists. Manufacturing and hiring has slowed, but Hurricane Sandy coming ashore at the end of October and lambasting the East Coast has been factored-in as a culprit, despite any commentary from the data providers to the contrary. Regardless of the cause, some economic data appeared impacted, which opened the door to explanations that moderated any disappointment.
Also keeping traders cautious was the latest round of earnings as companies disclosed performance from the third quarter of 2012.
Earnings were relatively strong, but the majority of companies offered guidance that was lower than expected for upcoming quarters as they contemplate the influence of the unresolved fiscal cliff. It is worth noting that IF a resolution is found shortly regarding the cliff, these lowered guidance`s could play well for outperforming projections in the future.
Overseas, growth concerns continued to stem from Europe. ECB President Mario Draghi warned of a slowdown in Germany, the euro zone`s largest economy that has been helping to carry overall GDP.
France also warned of fourth quarter weakness, sparking concerns of a recession. Information from Eurostat, the official bean-counter of the euro zone, showed that GDP in the 17-nation euro zone fell by 0.1 percent in the third quarter after a 0.2 percent contraction in the second quarter, officially putting the region back into a recession (generally regarded as consecutive quarters of GDP contraction).
Europe cannot be mentioned without a reference to Greece, a debt-riddled country in dire need of additional bailout funds. After three straight attempts at negotiations amongst European leaders, this past week featured a deal being penned to finally get Greece its next round of capital.
November also featured the most violent conflict between Israel and Palestine in more than three decades. Palestine launched missiles at Jerusalem, marking the first time that Jerusalem had been fired upon since wars in 1967. After eight vicious days of bombings by both sides, a ceasefire was reached and is still being observed by the two countries, although it is evident that tensions are still hair-trigger.
Elsewhere, Moody`s stripped France of its pristine Triple A credit rating, downgrading the second biggest economy in the EU to Aa1, citing concerns over slow growth.
China is always a top priority amongst investors as the second-biggest economy in the world and major consumer of metals. Growth in China has been slowing for seven straight quarters, which weighed on the markets early in the month, but there are signs of life for the economy. Retail sales, manufacturing activity and industrial output all beat expectations, which helped to bolster investors` appetite for commodities like copper. Further exports rose to five-month highs, far surpassing economist expectations.
The simple fact is that the markets seem to want to push higher, even though it could be counterintuitive to logic given plenty of economic uncertainty. Fed Chairman Ben Bernanke has repeatedly stated the negative impact of the US going over the fiscal cliff and that the Fed Reserve does not have the tools to combat the impact on unemployment or inflation should regulators not come to terms. It seems that the market is very confident that a new budget deal will happen by the end of the year (and probably rightfully so). China looks to be turning a corner which is huge in the eyes of the market. Clearly, though, the fiscal cliff is at center stage at the start of December as it was throughout November. The reality that economic data is past-thinking plays a role, but the markets are far more forward thinking about the cliff than anything else at this time. Investors will be closely monitoring a deal and the details and expecting it to come this month.
Monthly Indices Results:
* S&P TSX Composite: down 1.48% (-183.55 pts.) * TSX-Venture: down 7.12% (-93.58 pts.) * Dow Jones Industrial Average: down 0.54% (-70.88 pts.) * S&P 500: up 0.28% (+4.02 pts.) * NASDAQ: up 1.11% (+33.01 pts.) Monthly Equity Market Snapshot:
(All percentages on a monthly basis unless otherwise noted) November featured plenty of news of earnings and noteworthy events, but the growing pace of merger and acquisition activity as the year winds down is especially notable. Some of the headlines from the month:
* Apple (NASDAQ:AAPL, -1.24%) pulled-up from lows, although it notched its second straight red month that featured plenty of losses get overcome by the single best, dollar gain in one day during a week that finally stopped a slide of eight consecutive down weeks. Early in the month, the company reported that it sold three million iPads in the first three days after the debut of the new iPad mini and fourth generation iPad. The figures topped old sales records set in March of 1.5 million iPads sold in three days when Apple launched the third generation iPad.
* Research in Motion (TSX:RIM, +47.08%) has closed green for three consecutive months on the back of a series of upgrades as analysts and investors are putting a lot of faith in the BlackBerry 10 operating system and new line of mobile phones. Shares have basically doubled in that time.
* Inmet Mining Corp. (TSX:IMN, +31.55%) announced that it would not be buying any shares of Petaquilla Minerals Ltd. (TSX:PTQ, -25.78%) after a hostile takeover bid failed to garner enough support by its deadline.
* Sherwin-Williams Co. (NYSE:SHW, +7.25%) said it will spend $2.34 billion to acquire Consorcio Comex SA de CV, a Mexico-based coatings maker. Precision Castparts Corp. (NYSE:PCP, +5.96%) reported to that it spend $2.9 billion in cash to acquire Titanium Metals Corp.
(NYSE:TIE, +41.93%), sending shares of TIE soaring.
* Shares of Gilead Sciences (NASDAQ:GILD, +11.65%) rose after reporting positive results from tests of its hepatitis C treatment over the prior weekend. The drug maker said that clinical tests showed a cocktail of drugs using sofosbuvir, an inhibitor known as GS-5885 and ribavirin rendered hepatitis C undetectable after four weeks after completing 12 weeks of therapy.
* Coal producers took a hit partially because of President Obama staying in office with his anti-fossil fuel attitude. Alpha Natural Resources (NYSE:ANR, -12.92%), Peabody Energy Corp. (NYSE:BTU, -10.00%) and James River Coal Co. (NASDAQ:JRCC, -26.20%) doffed-off points.
* Consumer electronics chain Best Buy Co. (NYSE:BBY, -13.81%) said that former Williams-Sonoma executive Sharon McCollam will become its new chief financial officer in December. Founder Richard Schulze is reported still exploring a buyout offer for the big-box retailer and will probably be asking for a 30-day extension to conduct further due diligence on the opportunity. The retailer missed estimates again in the third quarter with net losses of $10 million as it plunged ten-year lows.
* News Corp (NASDAQ:NWSA, +2.97%) said that it will buy a 49 percent stake in the YES Network, the station that features live TV coverage of the New York Yankees and the Brooklyn Nets. The agreement would allow News Corp. to buy up to an 80% interest in the Network in 2015.
The deal is still subject to approval by Major League Baseball. Terms weren`t disclosed, but sources have valued the deal at $3 billion.
* Boston Scientific Corp. (NYSE:BSX, +7.78%) said that it will pay up to $425 million to acquire privately-held Vessix Vascular Inc., primarily to gain access to Vessix`s V2 Renal Denervation System to treat uncontrollable hypertension. BSX will pay $125 million initially and up to $300 million in milestone payments based on clinical and sales targets.
* Astral Media Inc. (TSX:ACM.A, +11.91%) climbed after a report that BCE Inc. (TSX:BCE, -3.66%) was planning to make a new takeover offer for the broadcasting and advertising company. Last month, the Canadian Radio, Television and Telecommunications Commission squashed a $3.4-billion deal, saying it wasn`t in the best interests of Canadians.
* J.C. Penney Co. (NYSE:JCP, -25.28%) reported a much larger than expected loss, marking the third straight quarter of bigger than forecast losses at the retailer as new CEO Ron Johnson struggles to restructure the embattled company. For the quarter, JCP reported a 26.6 percent drop in revenue, to $2.93 billion, and a loss of $0.56 per share; far more than the 15 cent per share loss that Wall Street was expecting.
* Leon`s Furniture (TSX:LNF, +2.76%) agreed to buy smaller rival Brick Ltd. (TSX:BRK, +62.12%) for $5.40 per share in a deal valued at about $700 million.
* Dell, Inc. (NYSE:DELL, +4.33%), the world`s third biggest PC maker, reported a 47 percent drop in profit, citing weak macro-economic conditions and fleeting demand for PC’s and laptops in general. Net profit during the third quarter was $475 million, or 27 cents per share, compared to about $890 million in the year prior quarter.
Revenue doing the third quarter was down 11 percent to $13.72 billion versus $15.36 billion in last year’s third quarter. Adjusted earnings for the quarter were 39 cents per share. Analysts were expecting earnings of 40 cents per share and revenue of $13.9 billion.
Monthly Penny Stocks To Watch Leaders & Company Spotlight Results:
Among the stocks that we watched as we introduced our latest feature on AllPennyStocks.com that features daily technical charts poised to make a move, the biggest play for the month was Frontier Rare Earths Ltd. (TSX:FRO). While it is commendable that every pick we had recorded gains of some nature immediately after we posted, Frontier jumped to quick 24.01% gains with a rise from our initial price of $0.5114 to highs of $0.6342. At this point FRO is consolidating and still holding the majority of those gains, so it could be worth a continued watch for continued upward pressure, but (as always) that is merely our interpretation of the stock chart and we encourage all of our investors to consult with a qualified financial advisor prior to making any trades and to do their own due diligence before making any investments.
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