Eaton Corp. employees collect $1,200 worth of food for food banks

During the December Christmas Season the 36 Sales and Engineering Services employees of Eaton collected over $1,200 worth of food and paper goods in their SouthPark Circle, Littleton office for a local food bank. Enough to fill a pickup truck.

Eaton Corporation is a multifaceted global technology leader in electrical and hydraulics components, aerospace fuel, hydraulics and pneumatic systems for commercial and military use; together with truck and automotive drive train systems.

On the Friday before Christmas, they loaded the truck and drove it to South Fellowship on South Broadway in Littleton where managers Sam Shortino and Keith Negri unloaded the truck and filled the rear hall of South Fellowship Church.

Senior Pastor Brad Strait said the food items would be especially helpful to over 160 families in the Littleton area living from paycheck to paycheck during the hard times they are presently facing the next few months. These families stretch every cent to its limit and some might have gone hungry except for the generous spirit of those willing to share with those in need. Now these families can sit down to a warm meal and enjoy the season of giving and sharing that comes during Christmas time.

The South Fellowship King's Pantry Food Bank offers food each Saturday to those Littleton area families in need regardless of their situation, background, or faith without any strings attached. This helps those families in need have a few dollars left over to put toward other necessities such as rent and utilities ... or maybe a little toy.

The season of sharing is a beautiful happening. "God bless us everyone."

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Warren Buffett sells 2.7 mln Moody's shares

Billionaire investor Warren Buffett sold about 2.7 million shares of credit rating agency Moody's Corp earlier this week, according to a regulatory filing.

Berkshire Hathaway holds about 35.4 million, or about 15 percent, of Moody's shares following the transaction, assuming 236.5 million shares outstanding as of Sept. 30.

Berkshire, which holds these shares through some units, sold about 2 million shares at a weighted average price of $25.04 each and the rest at $24.8 each.

Moody's shares were trading up 1 percent at $25.25 in late morning trade Thursday on the New York Stock Exchange. They touched a high of $25.42 earlier in the session

Berkshire Hathaway now holds 15 pct in Moody's

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Becton Dickinson Applauds PEPFAR's Broadened Emphasis on Strengthening Health Systems

BD (Becton, Dickinson and Company) a leading global medical technology company, has praised the recent announcement that the U.S. President's Emergency Plan for AIDS Relief (PEPFAR) will increase its emphasis over the next five years on strengthening health systems in developing countries.

BD currently collaborates with PEPFAR on three separate initiatives that promote the long-term sustainability of healthcare delivery throughout sub-Saharan Africa. The programs focus on strengthening laboratory systems, protecting healthcare workers, and improving blood collection practices in the region.

On December 1, 2009, World AIDS Day, Ambassador Eric Goosby, the U.S. Global AIDS Coordinator, announced that the United States would launch a new five-year strategy that will move PEPFAR "from an emergency response to one of durable health systems that are designed to serve the medical needs of people with HIV/AIDS and the communities where they live," as reported in an article posted on the U.S. State Department's America.gov website.

"We're going to begin transitioning from an emergency response to a sustainable one through greater engagement with and capacity building of governments," said Ambassador Goosby.

Similarly, on November 30, 2009, Secretary of State Hillary Rodham Clinton said that PEPFAR's second five-year phase will witness a "transitioning from emergency response to sustainable health systems that help meet the broad medical needs of people with HIV and the communities in which they live."

BD's three public-private collaborations with PEPFAR are focused on different areas of health system strengthening. The laboratory strengthening program involves extensive training of laboratory technicians in quality control systems and specific testing procedures for diagnosing and monitoring HIV/AIDS and tuberculosis. The Wellness Center initiative, pursued in collaboration with the International Council of Nurses, provides essential services to health workers and their families including discreet HIV testing and treatment. Most recently, BD and PEPFAR announced the launch of a third program focused on safe blood sampling and handling practices. It is anticipated that as many as 10,000 health workers will be trained in this program.

About BD

BD is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people's health throughout the world. BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD's capabilities are instrumental in combating many of the world's most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in approximately 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. For more information, please visit www.bd.com.

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Shares of Gannett and N.Y. Times Co. hit 52-week highs

Shares of Gannett Co. and New York Times Co. hit 52-week highs today after a Wells Fargo & Co. analyst said advertising sales were improving and upgraded both publishers’ shares.

Gannett, the McLean, Va.-based parent of the Democrat and Chronicle, USA Today and more than 80 other U.S. newspapers, rose as much as $1.09, or 7.6 percent, to $15.50 in New York trading.

The Times Co., based in New York City, gained as much as 96 cents, or 8.7 percent, to $11.99. The company's biggest holdings are The New York Times and The Boston Globe.Wells Fargo analyst John Janedis, who previously had given both companies a rating of “underperform,” upgraded Gannett to “outperform” and Times to “market perform.”

“It appears as though the newspaper ad market is improving more quickly than we previously anticipated, particularly in December,” Janedis said in a note to clients today.

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NRG Energy - World's First Power Plant Retrofit

Alter NRG entered into a technology license agreement with NRG Energy, Inc. – one of the largest independent power producers in the United States – on April 3, 2007. Under the terms of the License Agreement, Alter NRG granted NRG a five-year exclusive license to use the Westinghouse Plasma Corporation proprietary gasification technology in the United States, primarily to produce electric power using coal and other feedstocks.

Together with our strategic partner, NRG Energy, we have identified over 320 retrofit opportunities in North America for 100 MW to 300 MW facilities. Each retrofit would generate an estimated $30 million to $75 million in technology sales to Alter NRG.

NRG Energy has a full-time team dedicated to power plant retrofits and the company believes innovative technologies such a plasma gasification will play a significant role in meeting America's growing energy needs.

NRG Energy Somerset, Massachusetts Retrofit Project

In November, 2009, the NRG Energy Somerset Massachusetts 110 megawatt coal retrofit project using Westinghouse Plasma Technology was selected to proceed into the detailed due diligence phase of the US Department of Energy (DOE) Loan Guarantee Program. NRG Energy continues to advance the renewable energy project, which will use up to 35% to 100% biomass. The proposed coal retrofit project would provide enough electricity to support approximately 100,000 homes in southeast Massachusetts.

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The Travelers Companies Inc (NYSE:TRV) to Release Q4 Earnings January 26

The Travelers Companies, Inc. (NYSE:TRV) will release its fourth quarter earnings for 2009 on Tuesday, January 26. The company will post the financial results on the company’s investor website at http://investor.travelers.com/. A conference call will be held at 9:00 am ET that morning to discuss the financial results. Interested parties may access the call via webcast on the company’s investor site. The webcast, accompanying slide presentation and supportive material will be archived on the site following the conclusion of the call.

The Travelers Companies, Inc. (TRV) is a holding company principally engaged, through its subsidiaries, in providing a range of commercial, and personal property and casualty insurance products and services to businesses, government units, associations and individuals. The Company is organized into three business segments: Business Insurance; Financial, Professional & International Insurance, and Personal Insurance. The Business Insurance segment offers an array of property and casualty insurance and insurance-related services to its clients primarily in the United States. The Financial, Professional & International Insurance segment includes surety and financial liability coverages, which require a primarily credit-based underwriting process. Personal Insurance writes a range of property and casualty insurance covering personal risks. In December 2008, the Company completed the sale of Unionamerica Holdings Limited.

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WalMart Stores Inc. (WMT) Vice Chairman Wright Eduardo Castro sells 17,000 Shares

Vice Chairman of WalMart Stores Inc. (WMT) Wright Eduardo Castro sells 17,000 shares of WMT on 12/29/2009 at an average price of $54.06 a share.

Wal-Mart Stores, Inc. is the world's largest retailer. They are engaged in the operation of mass merchandising stores, which serve their customers primarily through the operation of three segments, which are the Wal-Mart Stores segment, the SAM'S Club segment and the International segment. Walmart Stores Inc. has a market cap of $209.43 billion; its shares were traded at around $54.3 with a P/E ratio of 15.4 and P/S ratio of 0.5. The dividend yield of Walmart Stores Inc. stocks is 2%. Walmart Stores Inc. had an annual average earning growth of 13.3% over the past 10 years.

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KRAFT FOODS (NYSE: KFT) NEW PRODUCT OFFERINGS FOR 2010

Kraft Foods Inc. (NYSE: KFT) is making some bold new product moves in 2010! As consumers seek culinary inspiration, Kraft Foods is delivering more than 20 new foods and beverages in the first few months of the new year that boast trendy, restaurant-inspired flavors. And just in time for January's diet season, Kraft Foods also is adding several new portion-controlled options to its portfolio.

"We are focused on the consumer from the moment we first dream up a new product to the time it hits store shelves," explains John Li, Director, Culinary Center, Kraft Foods. "We start with a deep dive into consumers' eating habits and flavor preferences. It's part art and part science, but ultimately, our goal is to create the best and most flavorful products possible."For 2010, Kraft Foods took a cue from the top ten flavors consumers would like to see more often on restaurant menus(1). "Many of our new items reflect consumers' interests in bold flavors, especially those that are Italian-inspired or have a Mexican flair," said Li. "Hot and spicy is big so chipotle and garlic are key flavor notes while berry-infused items remain on-trend. The increasing desire for bolder flavors is not limited to a single age group. Everyone is asking for more adventurous taste experiences." Kraft Foods is answering the call for extraordinary and authentic flavors with the unveiling of Planters Flavor Grove Nuts in five delicious almond and cashew varieties. Uniquely roasted and seasoned with real herbs & spices, the new Planters Flavor Grove skinless almonds are enhanced with the fresh flavors of Sea Salt & Olive Oil, Cracked Pepper with Onion & Garlic, and Chili Lime. Planters Flavor Grove cashew varieties include Chipotle and Sea Salt & Cracked Pepper. The pep of chipotle and kick of spicy flavors are revving up a new line of Kraft Sandwich Shop Mayo reduced fat mayonnaise featuring Chipotle, Garlic & Herb, and Horseradish-Dijon (made with Grey Poupon mustard) varieties, all with half the fat and calories of regular mayonnaise. Even the dairy case is getting a flavor lift. Kraft Deli Deluxe cheese slices will debut 3 Cheese Garlic & Herb, Bacon Cheddar, and Jalapeno American taste sensations which are perfect for sandwiches or melting on vegetables or casseroles. And no matter how you slice it, bacon is a sizzling trend at restaurants. In fact, a recent Kraft Foods survey of 4,500 restaurants found bacon is one of the fastest growing menu items. So the launch of Oscar Mayer Super Thick Cut Applewood Smoked Bacon is particularly timely. Berries are bountiful in the better-for-you line of Planters NUT-rition which will now include Antioxidant Mix with almonds, bananas, peaches, blueberries, cranberries and cashews, and Omega-3 Mix with walnuts, cranberries and dark chocolate-covered soy nuts. Chocolate has not lost its appeal among consumers and Back to Nature is adding its own twist with wholesome and chewy Granola Cookies that feature whole grain wheat flour and semisweet chocolate with cocoa from Rainforest Alliance Certified(TM) farms. The new Dark Chocolate and Oats variety is on-trend with the more intense flavor of dark chocolate. "We also are building on our health and wellness commitments and evolving to meet today's consumer expectations in this area," adds Li. "When it comes to portion control, we know consumers want indulgence without overindulging! Gone are the days of thinking you can't have your cake and eat it too." That's why Kraft Foods has several great new portion control options brimming with flavor while being short on calories. Mousse Temptations by Jell-O feature Dark Chocolate, Chocolate and Caramel Creme flavor experiences for 60 calories per serving. And the 100 Calorie Pack platform that Kraft pioneered is now in the cheese and dairy case with Kraft 100 Calorie Packs Cheese Bites.

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GE aims to turn Turkey into a wind turbine base

General Electric, a U.S. conglomerate that also produces wind power plant equipment, is closely monitoring the Turkish market for the opportunity to establish a plant and perhaps turn the country into a supply base.

The Gökçedað wind power plant, which was set up by Zorlu Holding with an investment of 210 million euros, will start to operate at full capacity in the first quarter of the year.

Nearly 50 of the 54 turbines at the wind farm have been completed, according to Gökmen Topuz, assistant general manager of the investments department. “With 23 of these wind turbines we will produce the first 57.5 megawatts of electricity and transfer it to the national grid,” he said.

The wind turbines set up for the power plant are the largest in Turkey, according to Topuz. “Each wind turbine has the capacity to produce 2.5-megawatts of electricity. Each blade is 50 meters long and the torso of the turbine is as high as a 30-story building,” he said. “We aim to produce 500 million kilowatt-hours of energy each year.”

Aiming to supply equipment in Turkey, GE has launched a feasibility study


GE is watching for an increase of incentives and the launch of wind energy investments to implement its project. GE considers Europe as a growth zone, GE Energy Turkey Managing Director Mete Maltepe told business daily Referans. “Particularly, the Mediterranean and Black Sea regions are very attractive. It would be reasonable to have a supply base in the region to reduce transportation costs and Turkey is a good candidate for this. We are conducting feasibility studies concerning the use of Turkey as a supply base.”

Noting that GE also needs to evaluate costs for the plant, Maltepe said the market needs to mature with incentives. “Turkey is a large market. In order for the production to take place in Turkey, its market conditions should mature. Offering strong measures to wind energy will trigger the shift to production.”

Maltepe said renewable energy base tariffs should be amended and investments should increase. “If the Turkish market sees wind turbine investments of 1,500 to 3,000 megawatts annually, it may become attractive for suppliers to produce turbines here. And this may help reduce transportation costs.”

Turkey’s electricity consumption will increase each year following the global crisis, according to Maltepe. With the proper conditions, the goal should be to reach an installed wind power of 20,000 MW within 10 years, he said, adding that GE plans to exist in the market through partnerships with Turkish firms. GE has over 11,600 wind turbine installations with more than 18,000 MW of capacity worldwide.

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COMCAST ANALYZEING NEW LIBEVALUED WI-FI REPAIR

Comcast Corp. is contrast a giveaway wireless Internet make use of for a wire subscribers in tools of New Jersey, following in a footsteps of a associate wire operator.

Comcast shadowed Cablevision Systems Corp., which is charity Wi-Fi in a Long Island, Connecticut as good as Westchester markets as good as will finish a wireless rollout by early 2010.

The partnership is meant to magnify a strech of any wire operator's Wi-Fi; a Comcast patron can entrance his wire operator's Wi-Fi in sure Cablevision markets as good as clamp versa.

Comcast mouthpiece Mary Nell Westbrook pronounced Wi-Fi speeds will be 1.5 Megabits per second, allied to DSL during home. Users will be asked for a username as good as cue they make use of for Comcast's Internet make use of prior to they can entrance Wi-Fi.

If all goes well, Comcast could confirm to hurl out a giveaway make use of nationwide, to be accessed by laptops as good as alternative Wi-Fi devices. But Westbrook cautioned which a hearing is still in a really early stages.

Philadelphia-based Comcast pronounced a Wi-Fi hearing is apart from a mobile wireless corner try with Clearwire Corp. as good as alternative companies regulating WiMax technology. Cablevision motionless to go a Wi-Fi route, given it wasn't concerned in a Clearwire deal.

So it won't remove business to phone companies, wire operators have been seeking to supplement wireless to their video, Internet as good as phone services.

Comcast, a nation's largest wire operator, has set up apparatus during about 100 New Jersey Transit commuter rail stations as good as parking lots.

They have been in a Main-Bergen County area, Glen Rock, a Montclair-Boonton area, Morris, Essex, a North Jersey Coast, Pascack Valley, Raritan Valley as good as along a Northeast Corridor.

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Will it be a Happy New Year for Bank of America (NYSE:BAC) and Brian Moynihan?

When you look at what Brian Moynihan inherits with his role as CEO of Bank of America (NYSE:BAC) today, you do wonder whether the recent joke made by outgoing CEO Kenneth Lewis to employees about Moynihan, saying, “another unique characteristic about him is he wanted the job,” was in fact really a joke.

All the outsiders asked to lead the banking giant knew better than to accept the CEO position, which for them would probably be a no-win situation.

For Moynihan, he probably represents a neutral situation, as he no doubt is considered a sacrifice lamb as far as the board of directors go, because the short-term expectations of Wall Street and shareholders demand immediate results; something Moynihan or anyone else in his position wouldn’t be able to deliver.

There will be the usual short grace period given to Moynihan, but it won’t be long before the vultures start circling and pressure put on Moynihan to deliver results which aren’t realistic expectations, but will be demanded anyway.

What Moynihan faces is huge loan losses in 2010, which will come from their disastrous credit card portfolio, mortgages, and many other niches they serve.

All of this stems from the overly aggressive growth strategy, which included both high internal and external risks, which obviously the company wasn’t able to handle. Especially harmful was the acquisition of lenders who gambled big and lost in one of the worst credit bubbles in American history. Countrywide Financial Corp. was the most troubling of those for Bank of America because of their size and exposure in the mortgage market.

The bank at one time was even offering lines of credit to start-up businesses for up to $100,000.

Bank of America’s credit card business will also be a major challenge in 2010, as major problems which plagued the company in 2009 will continue on into the new year.

Much of this will come from the consequence of acquiring the huge credit-card company MBNA in 2006, which at the time was considered a great move, but has proved to be anything but that.

What was thought of as great risk management at that time, was in fact, just MBNA allowing their customers to be given large credit lines simply because the money was easy to get hold of. This eventually worsened when bank tellers at Bank of America were given the tools used by MBNA to sell pre-approved credit cards to a majority of their customers entering any branch of the bank, making the situation even worse.

Of the major banks in America, Bank of America has recorded the highest rate of credit card defaults, and that should continue into 2010, although Moynihan claims things have been stabilizing some since August. Still, he has stated in the past that it will take a “substantial number of quarters until we see charge-off rates return to levels which we are more comfortable with.” Moynihan also said the credit card business will never be as profitable as in the past for the company.

While the larger banks won’t be hit as hard as community banks for commercial loans, it will still be a big factor in 2010, where defaults are expected to peak sometime in the latter half of the year.

So that’s what Brian Moynihan is stepping into. It’s one of those situations where he will try to survive long enough to turn things around enough to give him some room to work with.

They will need a huge year on the investment banking side to give him the needed slack, and will all these negative factors weighing in, it’s hard to see how that could come about, but you never know.

The final factor as far as it relates to Moynihan as it relates to him personally, is he will get a better professional reception if he fails than someone coming in from the outside of the business who would be considered more of a rescuer. Moynihan won’t have that burden in the way an outsider would, so may be in a win/win situation going forward.

And if he’s lucky enough to extend things out long enough for Bank of America to eventually thrive, he’ll be able to name his job and price anywhere in the industry, and outside of it as well.

For Bank of America the future is cloudy and hazy, and it could be some time before any type of sustainable growth and profits are part of its experience going forward. Anything more than that will be a feather in Moynihan’s cap and a big boost for the bank.

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Nike (NYSE: NKE) Co-Founder Phil Knight Places $1.32B in Trusts

Nike Inc. (NYSE: NKE) co-founder and Chairman Phil Knight dispersed about $1.32 billion worth of his shares in the company into three trusts, according to a filing with the Securities and Exchange Commission on Wednesday.

Knight, who co-founded the company in 1968, placed 20 million shares into the grantor retained annuity trusts. He still retains about 65.7 million shares, about 13.5 percent of the company, worth about $4.35 billion, according to the filing.

These trusts, which are commonly used for estate planning, are being overseen by Pat Kilkenny, a former University of Oregon athletic director and former chairman and CEO of Arrowhead General Insurance Agency.

The company's revenue rose 3 percent to $19.2 billion in fiscal 2009.

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Horizon Bancorp to acquire American Trust & Savings

Horizon Bancorp. will expand its northwest Indiana footprint via the acquisition of local competitor American Trust & Savings Bank for roughly $2.6 million.

Michigan City, Ind.-based Horizon announced late Tuesday, Dec. 29, that it will acquire roughly $110 million in assets and about $112 million in deposits and federal home loan bank advances from privately held Whiting, Ind.-based American Trust. The buyer will pay a roughly 3% premium on the bank's core deposits -- which tend to include checking and savings deposits -- amounting to about $2.1 million plus $500,000 in additional consideration.

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Comcast would pay $16 million in proposed Internet settlement

One million Comcast Corp. high-speed Internet customers could be eligible for rebates under a $16 million proposed class-action settlement stemming from the cable company's disruption of peer-to-peer Web traffic. The rebates could be $16 per customer.

The settlement, disclosed in federal court in Philadelphia, still needs final approval by U.S. District Judge Legrome D. Davis. A hearing on the settlement is scheduled for June. Six individual suits were consolidated into one case in Philadelphia, court documents show. Plaintiffs' attorneys could claim up to $3 million from the $16 million in fees.

Comcast did not admit wrongdoing, and the company believes its Internet practices were correct - although Comcast dropped them under political pressure in 2008.

The number of 1 million Comcast customers is an estimate contained in court documents. Comcast Internet customers will have to say they used peer-to-peer software programs between 2006 and 2008 to collect the rebates or refunds. The most popular of these software programs was BitTorrent; others were Ares, eDonkey, FastTrack, and Gnutella.

Mark Todzo, a lawyer with the Lexington Law Group in San Francisco who represented plaintiff Jon Hart, said yesterday that he was pleased with the settlement. Hart, a California resident and Comcast Internet customer, contacted Todzo's law firm after he could not share video of Grateful Dead concerts, Todzo said.

Comcast said it disrupted the traffic of some heavy Internet users - so-called Internet hogs - to maintain speeds for millions of others. The Philadelphia cable giant, the nation's largest provider of residential Internet, called the practice "reasonable network management." But critics claimed that Comcast viewed peer-to-peer online video as competition for cable TV and was making the peer-to-peer software difficult to use.

In August 2008, the Federal Communications Commission, then with Kevin Martin as its chairman, ordered Comcast to give the agency more details of its Internet practices, submit a plan on how it intended to stop interfering with Internet traffic, and disclose the new Internet management practices to customers. No fine was levied.

Comcast has appealed the FCC enforcement action to a federal court. A hearing on the case is scheduled for Jan. 8. Comcast said the proposed $16 million settlement would end the class-action part of the controversy.

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Lowe's Companies Inc. (LOW) President & COO Larry D Stone sells 316,912 Shares

President & COO of Lowe's Companies Inc. (LOW) Larry D Stone sells 316,912 shares of LOW on 12/15/2009 at an average price of $24 a share.

Lowe's Companies Inc. is a retailer of home improvement products in the world, with specific emphasis on retail do-it-yourself and commercial business customers. Lowe's specializes in offering products and services for home improvement, home decor, home maintenance, home repair and remodeling and maintenance of commercial buildings. Lowe's principal customer groups are do-it-yourself retail customers and commercial business customers. Lowe's Companies Inc. has a market cap of $34.99 billion; its shares were traded at around $23.69 with a P/E ratio of 19.7 and P/S ratio of 0.7. The dividend yield of Lowe's Companies Inc. stocks is 1.5%. Lowe's Companies Inc. had an annual average earning growth of 21.4% over the past 10 years. GuruFocus rated Lowe's Companies Inc. the business predictability rank of 3.5-star.

LOW is in the portfolios of Wallace Weitz of Weitz Wallace R & Co, Richard Snow of Snow Capital Management, L.P., Robert Olstein of Olstein Financial Alert Fund, First Pacific Advisors of First Pacific Advisors, LLC, George Soros of Soros Fund Management LLC, David Dreman of Dreman Value Management, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, Richard Pzena of Pzena Investment Management LLC, Tom Gayner of Markel Gayner Asset Management Corp, Jeremy Grantham of GMO LLC, Warren Buffett of Berkshire Hathaway, PRIMECAP Management, Paul Tudor Jones of The Tudor Group, Charles Brandes of Brandes Investment, Donald Yacktman of Yacktman Asset Management Co., John Buckingham of AL FRANK ASSET MANAGEMENT INC, Kenneth Fisher of Fisher Asset Management, LLC.

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IT Infrastructure: Iron Mountain Predicts 7 Records-Management Trends for 2010

Iron Mountain's track record of document and data security is hard to beat. The company has been building its storage safety reputation since 1951, and has been known for two generations for carting away physical and digital records on tapes and storing them in underground vaults. In recent years it has established the Iron Mountain Digital division, which supplies storage management software such as the Connected Backup for PC and LiveVault Server Backup packages, as well as online storage. In 2007, Iron Mountain acquired RMS Services-USA, a $27 million records management company and a major provider of file-room outsourcing services for hospitals.


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Only the Strongest Retailers Will Survive in 2010 as U.S. Consumers Continue to Battle Back

The early returns on the 2009 holiday shopping season show a minor gain over last year's abysmal retail sales, and next year will affirm that retailers are successfully adapting to a consumer environment that's very different from years past.

However, 2010 will be difficult for retailers as they contend with high unemployment, tight credit, and aggressive competition.

Retail sales gained 3.6% year-on-year from Nov. 1 through Dec. 24, SpendingPulse, a unit of MasterCard Advisors (NYSE: MA) said earlier this week. But an extra day between Thanksgiving and Christmas this year may have skewed the data anywhere from 2% to 4%, SpendingPulse said. Sales in the same period last year declined 2.3% as consumers reeled from the financial meltdown that occurred in the fall.

"The latest holiday shopping season wasn't a rip-roaring success, but at least it met or slightly exceeded expectations," John Lonski, chief economist of Moody's Capital Markets Research Group (NYSE: MCO) told The Associated Press. "Consumer spending is indeed in a recovery mode, which brightens prospects for 2010."

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Four People Arrested For Home Depot Robbery

Two men and two women were arrested in connection with a robbery at the Home Depot near Goodman Road and Interstate 55.

It happened about 7:15 p.m. Police say there were a handful of customers inside at the time.

Horn Lake Police say the two male suspects went to the back of the store and flashed a gun at a manager and demanded money. They also pushed that manager to the ground. He was taken to the hospital for minor injuries.

The suspects took off with an undisclosed amount of cash. They sped away in a black Volvo, but didn't make it very far. Police say they got caught up in traffic, not far from the store.

They arrested two females inside the vehicle as well as a male who tried to run away. The second male suspect was caught hiding in a pick-up truck at a nearby hotel.

Police are getting conflicting reports, but they say there may be a fifth suspect on the run.

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NRG Energy Commences Commercial Operations at Langford Wind Power Project

NRG Energy has started its commercial operations at the Langford Wind Power Project. The 150-MW wind farm project is located 25 miles south of San Angelo, Texas. Padoma Wind Power, a subsidiary unit of NRG energy has developed the project that possesses the ability to supply clean power to more than 10,000 homes in Texas.

David Crane, President and CEO of NRG Energy, remarked that the company’s renewable portfolio will be expanded by the Langford Wind Power Project providing the company more emission-free generation capacity in Texas. This emission-free generation capacity according to Crane will bring about reductions in the total intensity of greenhouse gas of NRG’s fleet and it will enables the company to supply zero-emission energy to Reliant Energy.

More than 525,000 MW hours of wind energy are expected to be generated every year by the project’s 100 General Electric 1.5 MW turbine generators. This generated wind energy will be sold into the ERCOT system. This project had provided 200 jobs during construction. It will provide 10 full-time jobs during its operation.

Jan Paulin, Chief Executive and President of Padoma Wind Power, remarked that this project has invested a lot in the community through creation of jobs, land lease payments, investments in local materials and services.

NRG Energy had commenced production in two wind farms in the year 2008. The first wind farm is Sherbino I that is owned and operated in collaboration with BP Wind Energy. Sherbino I is a 150-MW wind project near Fort Stockton, Texas. Elbow Creek is the second wind farm owned by NRG Energy and Big Spring. Elbow Creek is a 122-MW wind farm near Big Spring, Texas. NRG owns a wind generating capacity of 350 MW in Texas along with Langford.

Langford is part of NRG’s repowering program to develop efficient and clean energy sources in order to meet the increasing energy demands. The clean energy sources include solar thermal and PV fields, nuclear power generation facilities and land-based and offshore wind farms.

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GlaxoSmithKline receives positive EU opinion for Eltrombopag

GlaxoSmithKline has revealed that the European Medicines Agency's (EMA's) Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion for Revolade (eltrombopag) ? a drug intended to treat reduced platelet count, or thrombocytopenia, in adults with the blood disorder chronic immune thrombocytopenic purpura (ITP).

Marketing authorisation has been granted by the CHMP for eltrombopag in the EU for the treatment of ITP in adults who have had their spleen removed and later fail to respond to corticosteroids and immunoglobulins therapies.

The oral compound may also be considered as a second-line therapy for adult patients where surgery to remove their spleen is contraindicated, the firm added.

Paolo Paoletti, senior vice-president and global head of oncology research and development at GlaxoSmithKline, commented: "Eltrombopag is an innovative treatment for thrombocytopenia in patients with chronic ITP. This once-a-day tablet is able to stimulate platelet production and reduce the risk of bleeding in a difficult-to-treat disease."

Earlier this week, GlaxoSmithKline announced that it will work alongside NanoBio to develop the latter firm's over-the-counter cold sore treatment NB-001.

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Morgan Indicted for CDO Fraud

Morgan Stanley (MS) was reportedly accused by the Employees’ Retirement System of the Virgin Islands of swindling its investors by promoting $1.2 billion of risky low-quality mortgage-related notes in 2007 that it had already perceived to be non-profitable. The lawsuit filed on Dec 24, 2009 in Manhattan Federal Court stated that Morgan Stanley has deliberately raised the rating of the mortgage notes to fulfill the collateralized-debt obligation (CDO) known as Libertas.

According to the claim made by the Virgin Islands pension fund, Morgan marketed the fund on a CDO comprising subprime mortagages, which are known to have a larger-than-average risk of defaulting in the market. For this, the company teamed up with credit rating agencies such as Moody's Investors Service, a division of Moody’s Corp. (MCO) and Standard & Poor's (S&P), a division of McGraw-Hill (MHP) to obtain "triple-A" ratings for debt-securities marketed in 2007. The low-quality securities issued by subprime lenders included New Century Financial Corp., which quickly went bankrupt, and Option One Mortgage Corp, then owned by H&R Block Inc. (HRB).

CDO typically repackage bonds and other assets into new securities. According to the allegation, the Libertas CDO entered into credit-default swaps that referenced mortgage-backed securities without actually buying these mortgage-backed securities. Credit-default swaps are financial instruments that function as insurance for bondholders. As the credit-protection buyer, Morgan Stanley was recklessly shorting the securities in response to a decline in their market value.

It appears that the gradual market recovery may now unveil hidden deeds that the companies may have used in the past to paint an overall favorable picture of their business operations. The Libertas CDO matter has highlighted the arguably reckless strategies that investment banks might adopt. This is not the first instance; many banks have reportedly faced similar allegations of misleading investors by inflating or disguising securities that are actually tied to risky subprime mortgages.

We believe that issues like these could severely shatter investors’ confidence as a giant of the ilk of Morgan Stanley is believed to be well-positioned to realize the full benefits of its strategic cost-balancing initiatives and attractive business mix. However, if the CDO charges are proved justified, Morgan Stanley will have to initiate damage control. This could raise a furor in the company’s financials and its market reputation.

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Wells Fargo Refinance Mortgage Rates – Time to Refinance is 2010?

Wells Fargo refinance mortgage rates have been on quite the roller coaster ride over the last two months. With this being the case many people are wondering if the time to refinance is in 2010. Over the last two month we have seen the 30 year fixed mortgage rate go from 4.49% to over 5.25%. This drastic increase comes as the 10 year treasury rate yield has moved much higher.

Since the beginning of December we have seen the 10 year treasury rate yield move from 3.2% up to 3.85%. The strong move higher is one of the main reasons that we have seen mortgage rates move above 5%. If you are hoping to refinance your home loan under 5% in 2010 then you better get it done early. If you continue to wait you could be looking at 6% or 7% interest rates before you know it.

The Federal Reserve Bank plans to stop buying mortgage-backed securities at the end of March of 2010. Many analysts have predicted that an increase of one full percentage point is likely to happen after mortgage-backed securities are not being purchased by the Fed. This may come on the heels of an increase in mortgage rates due to ten-year yields moving higher as well.

Wells Fargo has positioned themselves very well for low interest rate environment but no one knows what will happen as mortgage interest rates increase. There is no doubt that many of the big banks have benefited from this low interest environment because they have gained customers and have been allowed to borrow money at extremely low rates.

Wells Fargo continues to advertise mortgage rates around 5% but this may change very quickly. If you’ve been thinking about refinancing or locking in at a low mortgage interest rate then it might be time to get your mortgage application submitted now. If you continue to wait you may lose the opportunity at these near all-time low mortgage interest rates.

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Cadbury Gets Three-Day Extension to Post Results Amid Kraft Bid

Cadbury Plc, fighting a 10.7 billion-pound ($17 billion) hostile offer from Kraft Foods Inc., got a three-day extension from the U.K. takeover panel to publish material new information. Cadbury’s deadline to disclose “detailed estimated trading results” for 2009 is no later than Jan. 15, the takeover panel said in a Regulatory News Service statement today. ‪

“We note the decision of the Takeover Panel and are pleased that our shareholders will be given the opportunity to review the most up-to-date information available on our trading performance as they evaluate the Kraft offer,” Uxbridge, England-based Cadbury said in an e-mailed statement today.

‪ Shareholders of Cadbury, the maker of Dairy Milk chocolate, have until Jan. 5 to accept Kraft’s Dec. 4 offer, which currently values Cadbury at 748 pence a share. Kraft has until Jan. 19, or 46 days after the initial offer was made, to make a revised bid, the takeover panel repeated today. Kraft, the world’s second-largest foodmaker, has said its offer represents the best value to Cadbury, which also makes Trident chewing gum. Kraft, based in Northfield, Illinois, makes Ritz crackers and Oreo cookies.


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Johnson & Johnson expands voluntary recall of Tylenol Arthritis Pain caplets

Johnson & Johnson, the makers of Tylenol Arthritis Pain caplets, is expanding a voluntary recall of the product because of consumer complaints of a strange, moldy smell that has caused nausea and other ailments.

The health care company, based in New Brunswick, N.J., is now recalling all 100-count bottles of the arthritis caplets with the red E-Z Open Cap. Last month, Johnson & Johnson recalled five lots of the pain medicine after consumers complained of a mildew-like odor from the pills that produced nausea, vomiting, stomach pain and diarrhea.

The pills’ musty odor comes from trace amounts of a chemical known as 2, 4, 6-tribromoanisole, according to the company, which is believed to be from the breakdown of another chemical in wooden pallets used to transport and store the drugs.

To date, the health complaints have been “temporary and nonserious,” according to a press release by McNeil Consumer Health Care, the division of J&J that sells Tylenol, although the health effects of the chemical have not been studied.Johnson & Johnson will move production of the caplets to a new facility and return the product to the market by January.

Consumers are advised to stop using the product and call the company at (888) 222-6036 for a refund.

In September, Johnson & Johnson voluntarily recalled certain lots of Children's and Infants' Tylenol as a "precautionary measure" over concerns of a potential manufacturing problem.

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Conveyor problems halt coal shipments from Norfolk Southern terminal

Two mishaps at Norfolk Southern Corp.'s Lamberts Point Coal Terminal in Norfolk brought coal shipments to a halt over the weekend.

On Saturday, an overheated bearing ignited a fire on a couple of rollers on the coal conveyors, said Robin Chapman, a spokesman for the Norfolk-based railroad. The fire melted a hole in the rubber conveyor belt, shutting down that ship loader. Then Sunday, the conveyor belt on the second coal loader ripped apart, rendering that unit useless, Chapman said.

The company is repairing both conveyors and expects to restore service at both loaders by Thursday, he said. The mishaps came a week after winter storms in Kentucky, West Virginia and western Virginia slowed delivery of coal to the Lamberts Point terminal.

Norfolk Southern sent out a notice Tuesday morning that "force majeure" was still in effect on coal shipments, referring to a contractual clause that exempts the company from liability if weather or other natural events prevent delivery of coal.

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WellPoint To Hold Conference Call and Webcast To Discuss Fourth Quarter Results on January 27, 2010

WellPoint, Inc. (NYSE: WLP) will release fourth quarter 2009 financial results on January 27, 2010, at 6:00 a.m. Eastern Standard Time ("EST"). Management will review these results and its outlook during a conference call at 8:30 a.m. EST that same morning. The conference call should be accessed at least 15 minutes prior to its start with the following numbers:

         888-423-3268 (Domestic)        800-475-6701 (Domestic Replay)
        651-291-5254 (International)   320-365-3844 (International Replay)

An access code is not required for the January 27, 2010, conference call. The access code for the replay is 123543. The replay will be available from 1:45 p.m. EST on January 27, 2010, until the end of the day on February 10, 2010. The call will also be available through a live webcast at www.wellpoint.com under "Investor Info." A webcast replay will be available following the call.

About WellPoint, Inc.

WellPoint works to simplify the connection between Health, Care and Value. We help to improve the health of our communities, deliver better care to members, and provide greater value to our customers and shareholders. WellPoint is the nation's largest health benefits company, with approximately 34 million members in its affiliated health plans. As an independent licensee of the Blue Cross and Blue Shield Association, WellPoint serves members as the Blue Cross licensee for California; the Blue Cross and Blue Shield licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (as the Blue Cross Blue Shield licensee in 10 New York City metropolitan and surrounding counties and as the Blue Cross or Blue Cross Blue Shield licensee in selected upstate counties only), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.), and Wisconsin. In a majority of these service areas, WellPoint does business as Anthem Blue Cross, Anthem Blue Cross Blue Shield or Empire Blue Cross Blue Shield (in the New York service areas). WellPoint also serves customers throughout the country as UniCare. Additional information about WellPoint is available at www.wellpoint.com.

SOURCE WellPoint, Inc.

Morgan Stanley sued over failed $1.2 billion CDO

Morgan Stanley (MS.N) has been sued by a Virgin Islands pension fund that accused the Wall
Street bank of defrauding investors by marketing $1.2 billion of risky mortgage-related notes that it expected to fail.

The lawsuit filed Dec. 24 in Manhattan federal court said Morgan Stanley collaborated with credit rating agencies Moody's Investors Service and Standard & Poor's to obtain "triple-A" ratings for notes marketed in 2007 as part of a collateralized debt obligation (CDO) known as Libertas.

According to the complaint, the CDO was backed by low-quality assets, including securities issued by subprime lenders New Century Financial Corp, which quickly went bankrupt, and Option One Mortgage Corp, then owned by H&R Block Inc (HRB.N).

The complaint alleged Morgan Stanley knew the CDO's assets were far riskier than the ratings suggested, but was "highly motivated to defraud investors" with pristine ratings because it was simultaneously "shorting" almost all the assets. This was a bet that their value would fall, which they did in 2008.

"Morgan Stanley was betting the entire investment it was promoting would fail," according to the complaint, which was made available on Tuesday. "The firm achieved its objective."

Alyson Barnes, a Morgan Stanley spokeswoman, declined to comment. S&P spokesman Frank Briamonte had no immediate comment. Moody's did not immediately return a call seeking comment. Moody's, a unit of Moody's Corp (MCO.N), and S&P, a unit of McGraw-Hill Cos (MHP.N), were not named as defendants.

Many banks face lawsuits from investors who say they were misled into investing in securities they believed were safe but which were in fact tied to risky subprime mortgages.

Morgan Stanley is also a defendant in a closely watched case in the same Manhattan court that concerns whether rating agencies deserve free speech protection for their opinions.

The Dec. 24 complaint said Morgan Stanley knew securities in the Libertas CDO were suffering a dramatic rise in delinquencies, but provided a misleading "risk factor" in a prospectus that rising delinquencies "may" hurt values in the $1 trillion residential mortgage-backed securities market.

It called this representation "analogous to Captain Smith's telling passengers of the Titanic that some ships have 'recently sunk' in the Atlantic and therefore 'our ship may sink,' without mentioning the facts that his ship struck an iceberg, had a hole in it, and was filling with water."

The lawsuit seeks class-action status, and also seeks compensatory and punitive damages, among other remedies. It was filed by Coughlin Stoia Geller Rudman & Robbins LLP, a law firm specializing in securities class-action lawsuits.

NRG Energy To Provide Energy Services To New University Medical Center Of Princeton

NRG Energy, Inc., ( its subsidiary NRG Thermal signed a contract to provide comprehensive, high-efficiency energy services to the new University Medical Center of Princeton at Plainsboro, which is expected to open by the end of 2011.

Under the 13-year contract, NRG will provide services from its Combined Heat and Power Plus program that integrates conventional, proven energy sources and leverages them with leading efficiency and environmental technologies.

Costco Wholesale Corp. (COST) Chairman of the Board Jeffrey H Brotman sells 50,000 Shares

Chairman of the Board of Costco Wholesale Corp. (COST) Jeffrey H Brotman sells 50,000 shares of COST on 12/28/2009 at an average price of $60.54 a share.

Costco Wholesale Corp. operates membership warehouses based on the concept that offering members very low prices on a limited selection of nationally branded and selected private label products in a wide range of merchandise categories will produce high sales volumes and rapid inventory turnover. This rapid inventory turnover enables Costco to operate profitably at significantly lower gross margins than traditional wholesalers, discount retailers and supermarkets. Costco Wholesale Corp. has a market cap of $26.4 billion; its shares were traded at around $60.56 with a P/E ratio of 24.2 and P/S ratio of 0.4. The dividend yield of Costco Wholesale Corp. stocks is 1.2%. Costco Wholesale Corp. had an annual average earning growth of 8.3% over the past 10 years. GuruFocus rated Costco Wholesale Corp. the business predictability rank of 5-star.

COST is in the portfolios of Chris Davis of Davis Selected Advisers, Bill Gates of Bill & Melinda Gates Foundation Trust, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, Bruce Kovner of Caxton Associates, Richard Aster Jr of Meridian Fund, PRIMECAP Management, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Warren Buffett of Berkshire Hathaway, Paul Tudor Jones of The Tudor Group, George Soros of Soros Fund Management LLC, Tom Russo of Gardner Russo & Gardner, Tom Gayner of Markel Gayner Asset Management Corp, Ron Baron of Baron Funds, Jeremy Grantham of GMO LLC.

Directors and Officers Recent Trades:

• Sell:: Executive VP Dennis R Zook sold 5,000 shares of COST stock on 12/16/2009 at the average price of 59.09, the price of the stock has increased by 2.49% since.


• Sell:: Principal Accounting Officer David S Petterson sold 3,689 shares of COST stock on 11/09/2009 at the average price of 60, the price of the stock has increased by 0.93% since.


• Sell:: Principal Accounting Officer David S Petterson sold 1,838 shares of COST stock on 10/29/2009 at the average price of 57.68, the price of the stock has increased by 4.99% since.


• Sell:: Principal Accounting Officer David S Petterson sold 7,500 shares of COST stock on 10/14/2009 at the average price of 58.64, the price of the stock has increased by 3.27% since.

Taiwanese solar panel company will buy GE plant slated for closureTaiwanese solar panel company will buy GE plant slated for closure

Motech Industries, a Taiwanese solar photovoltaic company, announced this week that it will buy General Electric's PV plant in Glasgow, Delaware.

GE decided earlier this year to shutter the crystalline silicon panel plant, citing high production costs. The company added that it will shift its solar development into thin-film technology, which is far cheaper to produce; it bought thin-film company PrimeStar Solar in 2008.

"We are pleased to announce this agreement to purchase the solar module operation from GE Energy," noted Motech chairman and CEO Dr. Simon Tsuo.

The Glasgow facility can produce 34 megawatts of solar panels each year. Seventy-five employees currently work there, Motech said. The Taiwanese firm will be able to use GE's module trademark for two years, and it will assume responsibility for warranty services on GE-produced panels.

In the last few decades, Western companies sought to produce goods in China. Now renewable energy companies are shifting production the other way: in November, Chinese solar PV maker Suntech said it would open a plant in Arizona.

Foreign firms are seeking to both bolster their image and avoid a potential tariff hike. Tariffs on solar panels may be increased 2.5 percent

American Express Adds British Airways as ‘Points Partner’

For the first time, U.S. American Express card members can transfer their membership rewards points into British Airways’ frequent flyer program for travel on BA and Oneworld partner airlines, AmEx has announced.

“With this added choice and flexibility, it is even easier for card members to redeem points for travel to the 150 destinations around the world serviced by British Airways – one of the leading global airlines,” American Express said in a statement.

British Airways, through its Executive Club Frequent Flyer program, is the 17th airline to join the growing roster of AmEx points transfer partners, which currently includes Delta, JetBlue and Continental.

The credit card giant has been boosting and heavily promoting its “points transfer” program, which gives card members the ability to transfer points directly into airline and/or hotel frequent flier/guest programs.

All major credit card issuers have been pumping up rewards programs and features in recent months ahead of reform laws set for full effect Feb. 22 that restricts when and how to raise interest rates or impose fees. Optional rewards credit card programs are not directly affected by language in the new legislation, although the Federal Reserve has yet to finalize rules for all fee provisions.

American Express card members can visit http://www.membershiprewards.com/ to redeem points for travel or transfer points.

If Burlington Northern Is 'Fully Valued', Is Berkshire Overvalued?

In an amended filing of the proxy for Berkshire Hathaway’s (BRK.A) proposed acquisition of Burlington Northern Santa Fe (BNI), new details have been provided regarding Burlington Northern’s management forecasts of future results based on a number of different macroeconomic assumptions. The restrained nature of the forecasts and the fact that management projections for 2010 net income are lower than Wall Street consensus forecasts, even under the most optimistic scenario, was the subject of an article in Barron’s over the weekend.

In addition, Warren Buffett’s comment during negotiations that Burlington Northern is worth approximately mid-$90s per share has attracted attention particularly given Berkshire’s use of stock to fund part of the transaction. Let’s take a brief look at some of the more interesting information in the latest proxy filing.

Excess Conservatism or Better Insights?

As the Barron’s article points out, Burlington Northern forecasts earnings per share of $5.04 in 2010 under its most optimistic scenario. This falls short of the Wall Street consensus of $5.50 for 2010 earnings per share. Furthermore, since Burlington Northern management indicates that they believe a 2011 recovery is more likely, earnings per share might be even lower. For full details regarding the four scenarios presented by Burlington Northern, please refer to pages 42 to 44 of the proxy document.

The Barron’s article implies that Burlington Northern’s management prepared the scenarios and estimates after the merger was proposed in November. However, the proxy statement indicates that the management cases were prepared in September prior to an annual board meeting devoted to a discussion of long term plans. These management cases were provided to Goldman Sachs and Evercore Group in late October as inputs into the independent valuation analysis these firms performed for Burlington Northern during the board’s deliberations on Berkshire’s proposed acquisition.

Management came up with four scenarios: 2010 Recovery, 2011 Recovery, No Recovery, and Deeper Recession. The Board instructed Goldman Sachs and Evercore to regard the 2011 Recovery case as the most probable. This scenario calls for earnings per share to increase from $4.41 in 2010 to $9.35 in 2014. The more optimistic 2010 Recovery case projects earnings per share to increase from $5.04 in 2010 to $10.96 in 2014. The No Recovery case calls for essentially flat earnings on average over the five year period while the Deeper Recession case obviously projects even worse results.

Does this imply that Burlington Northern’s management is being much more conservative than Wall Street analysts? It seems that the answer is yes given that the “most likely” scenario is the 2011 Recovery case rather than the 2010 Recovery case. As we have discussed in the past, railroads are a “derived demand” industry meaning that business trends can provide great insight into overall economic conditions. Since rail indicators continue to show relatively weak results, it seems prudent for management to exercise caution when making long term plans.

“Fair Value” for Burlington Northern: Mid-$90s Per Share?

On pages 36 to 39 of the proxy, a detailed account of the merger discussions is provided. One portion of the discussion is particularly interesting for Berkshire Hathaway shareholders:

Mr. Buffett expressed his belief that fair value for BNSF’s common stock was in the mid−$90s per share, and that therefore the $100 per share price he was contemplating was, in Mr. Buffett’s view, as high as Berkshire could pay.

If fair value for Burlington Northern was in the mid 90s per share, then why did Mr. Buffett agree to offer $100 per share? As he stated at the time, the transaction is obviously a major bet on the United States economy. This does not mean that a recovery is imminent in 2010 or even in 2011, but obviously Mr. Buffett believes that rail traffic will be substantially higher five to ten years from now.

One aspect of the transaction that troubles many Berkshire shareholders is the fact that stock is being used to fund 40% of the purchase price. As we discussed in coverage of the transaction at the time of the announcement, Mr. Buffett does not believe in issuing Berkshire stock unless Berkshire is receiving as much or more intrinsic value in return. If Burlington Northern shares are “fully valued” in the mid-$90s per share range and Berkshire is using stock to fund part of the $100 per share acquisition, then are Berkshire shares fairly valued or overvalued?

While it is certainly possible that Mr. Buffett regards Berkshire shares as fairly valued, two points must be made that could lead to a different conclusion: First, in any merger transaction, the acquirer is obviously not going to brag about obtaining terms that undervalue the acquisition target. While Mr. Buffett may regard Burlington Northern as worth no more than $100 share today as a stand alone publicly traded company, he apparently has a positive view of the United States economy that can support a much higher valuation for Burlington Northern five to ten years from now. Second, it is possible that Mr. Buffett believes that Burlington Northern is worth more as a Berkshire subsidiary than as a stand alone public company. The fact that Berkshire has significant cash flow from operations to invest each year along with the ability to borrow at very low cost is a great match for a business that requires steady capital investment.

The definitive answer to the question of whether Berkshire is overpaying for Burlington Northern will not be known for several years. However, use of Berkshire Hathaway stock as a funding source at a time when Berkshire’s share price is clearly “on sale” based on a number of measures we have discussed in the past is cause for legitimate concern. The stakes are high and macroeconomic factors, rather than the execution of Burlington Northern’s management, will play the predominant role in determining the outcome.

American Express: Time to Get Out?

As the financial markets collapsed in 2008, American Express(AXP Quote) fell further and faster than its big credit card competitors MasterCard(MA Quote) and Visa(V Quote). The company collected $3.4 billion in TARP funds amid concerns about rising defaults and debt.

This year, the company repaid the money it received from the Troubled Asset Relief Program, and the stock has quadrupled. As stores tally their holiday sales, investors are waiting to find out if American Express shares hit their peak or have room to grow.

Regardless of the outcome, American Express stock does not look like a bargain now. Investors who rode the recovery may do well to count their blessings and get out with sizable gains. Others looking to get into a credit card stock should consider MasterCard and Visa, which have less leverage and a wider appeal to merchants and customers.

New York-based American Express has warned investors that it probably won't be as profitable next year as it has in the past. The company usually aims for a return on equity of 34%, but recently forecast a rate closer to 20%. Its ROE is hovering around 13%, still far from the reduced target. Weak liquidity in the credit markets has made securitization difficult, hurting credit card companies who resell their loans.

While the three major credit card companies have price-to-earnings ratios in the high teens, MasterCard's ROE of 56% trounces American Express's return. While Visa's 10% ROE lags American Express's, Visa has a more attractive PEG ratio of 1.2 vs. American Express's lofty 2.66. MasterCard's PEG ratio is also 1.2, which suggests that analysts predict stronger growth rates for MasterCard and Visa than for American Express. It might mean there's little value left in the stock after this year's gain.

Berkshire Hathaway trims Moody’s stake further

Berkshire Hathaway on Friday offloaded nearly 88,000 shares of Moody’s Corp at $26.7682 apiece, a regulatory filing revealed, marking the sixth divestment in the ratings agency since July by Warren Buffett’s conglomerate.

The latest divestiture, which raised less than $2.4m (€1.7m), brought down Berkshire's stake in Moody’s to 13.4%, or almost 31.8 million shares.

Eaton's hybrid commercial truck system gets good review

UPS delivery trucks using Eaton Corp.'s hybrid system were significantly more fuel efficient than diesel models, and maintenance costs were lower, a new federal study reported this month.

The Department of Energy's National Renewable Energy Laboratory compared a fleet of Eaton hybrids to diesel trucks at two Arizona UPS delivery centers. With about 13 miles per gallon, the hybrids were 29 percent more fuel efficient than the lighter diesel models. Maintenance costs were about 8 percent lower for the hybrids.

In a news release, UPS director of maintenance and engineering Robert Hall said he hopes the test results will help popularize hybrid commercial vehicles.

The federal report said while the plain diesel and the hybrid fleets were used in the same market, UPS used the vehicles differently. UPS used the hybrids in urban routes where they were more likely to make frequent stops. It used the traditional diesel trucks for longer trips that included highway driving. Had the company used the diesel trucks on the more-demanding city routes, the fuel-economy differences would have been higher, the report said.

UPS bought 50 hybrid systems from Eaton in 2007. The parcel company has said several times that it liked the performance of the vehicles, and it ordered another 200 this year. The federal study also showed how much of a work-in-progress the hybrid systems are. While maintenance costs were low for the hybrids, the trucks were out of service for repairs longer than their diesel counterparts because it took more time to get replacement parts.

The vehicle recharges its batteries by capturing energy normally lost during braking.

Coca-Cola 'Freestyles' A Smarter Soda Machine

The Coca-Cola Company has launched a Twitter and Facebook page to bring awareness to a new soft drink dispenser that relies on radio frequency identification (RFID) technology. It has begun to test in the southern California market at a variety of restaurants, such as Carl's Jr., El Pollo Loco, Jack in the Box, and Subway. The smart-machine collects extremely detailed information about drink choices (the dispenser can mix up to 100 different soft drinks) and continually relays it to the company -- the Terminator of vending machines.

The Facebook fan page has more than 1,000 members since the launch at the end of July. Social media will drive traffic to participating outlets.

Coca-Cola Freestyle, the brand name for the fountain dispenser, dispenses more than 100 beverage brands from one unit. While it took more than four years to plan, the platform's design taps RFID technology from Seattle, Wash.-based Impinj.

Monza tag chips and Indy reader chips provide the core RFID capability for the system. It uses RFID to monitor, track and maintain dispenser operations as well as to provide real-time business analytics about product consumption and preferences.

There are 15 dispensers on the market. The network will include 75 by the end of September. Each unit will connect to the Internet and talk back and forth to the main system.

Coke Smart, will let customers who use the machine in their store order from an e-commerce site on the Internet. Coca-Cola also can download new recipes direct to the machine.

Freestyle will let Coca-Cola test new drink flavors, such as adding various vitamin combinations to flavored waters and juices. The dispensers contain 30 flavor cartridges tagged with RFID that mix up 100 different drink combinations. Each dispenser unit contains an RFID reader. The dispensers collect data on customer choice. The systems will collect data on sales, which in turn will give marketers information on where to best market specific products.

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Coca Cola's Bioplastic PlantBottle Coming Later this Year

The Coca-Cola Company recently took the first steps to eventually introduce bottles made with materials that are 100 percent recyclable and renewable. Company's new PlantBottle is due sometime later this year in select markets holding their Dasani brand bottled water and sparking brands.

Coke's Vitaminwater is expected to follow - being packaged in the PlantBottle sometime next year. The PlantBottle is currently made through an innovative process that turns sugar cane and molasses, a by-product of sugar production, into a key component for PET plastic. Manufacturing the new plastic bottle is more environmentally efficient as well. A life-cycle analysis conducted by Imperial College London indicates the PlantBottle with 30 percent plant-based material reduces carbon emissions by up to 25 percent, compared with petroleum-based PET. According to the company, another advantage to the PlantBottle is that, unlike other plant-based plastics, it can be processed through existing manufacturing and recycling facilities without contaminating traditional PET.

Consumers can identify the innovative bottles through on-package messages and in-store point of sale displays. Web-based communications will also highlight the bottles' environmental benefits.

Coca Cola faces a challenge with its new bottle concept from the recycling industry who have long been concerned about contamination from bio and other types of plastics. Industry groups are concerned the current recycling system in the US is not equipped to adequately handle bio plastics.

Was Warren Buffett buying stocks during the second quarter?

Later this week we'll find out whether Warren Buffett was buying stocks for Berkshire Hathaway during the second quarter as U.S. markets rallied.

Berkshire is likely to file its quarterly Form 13F with the SEC late this week, probably after the market closes Friday afternoon. The form, which is required of many institutional investors, will reveal Berkshire's stock holdings as of June 30. Berkshire's last 13F showed the firm's stock holdings as of March 31.

We already know from Berkshire's second-quarter earnings release Friday that the company sold part of its position in ConocoPhillips during the second quarter and continued selling in July. Berkshire also sold some of its stake in Moody's Corp. during the third quarter.

An analysis of the Form 10-Q filed Friday also indicates that Berkshire bought additional shares of Johnson & Johnson and Wells Fargo during the second quarter, as this report also notes.

We'll have the results of Berkshire's Form 13F filing shortly after it's made public this week.

Berkshire Hathaway Bought More Johnson & Johnson and Wells Fargo Company, Sold ConocoPhllips, Held on American Express Company, The Coca-Cola Company

The much anticipated 2Q09 Berkshire Hathaway earning report was release last night. It is “Solid Result in Difficult Times”. This Blog readers would be anxious to know what stock Warren Buffett bought for Berkshire Hathaway for the quarter. We can determine that he bought some more shares of Johnson & Johnson and Wells Fargo, sold more shares of ConocoPhllips, but kept steady on American Express Company, The Coca-Cola Company, Kraft Food, Procter & Gamble.

1. Johnson & Johnson (JNJ)
Johnson & Johnson is engaged in the manufacture and sale of a broad range of products in the health care field in many countries of the world. The company's worldwide business is divided into three segments: Consumer; Pharmaceutical; and Professional. Johnson & Johnson has a market cap of $165.06 billion; its shares were traded at around $59.9 with a P/E ratio of 13.3 and P/S ratio of 2.6. The dividend yield of Johnson & Johnson stocks is 3.2%. Johnson & Johnson had an annual average earning growth of 12.5% over the past 10 years. Berkshire owned 32.5 million shares as of 1Q09 and 38.3 million shares as of 2Q09, so it may have bought 5.8 million shares.

2. Wells Fargo & Company (WFC)
Wells Fargo & Company is a diversified financial services company providing banking insurance investments mortgage and consumer finance services through stores its Internet site and other distribution channels across North America as well as internationally. Wells Fargo & Company has a market cap of $135.31 billion; its shares were traded at around $28.76 with a P/E ratio of 32.2 and P/S ratio of 2.6. The dividend yield of Wells Fargo & Company stocks is 0.8%. Wells Fargo & Company had an annual average earning growth of 10.8% over the past 10 years. Berkshire owned 302.6 million shares as of 1Q09 and 316.8 million shares as of 2Q09, so it may have bought 14.2 million shares.

3. ConocoPhillips (COP)
ConocoPhillips is a major international integrated energy company with operations in some 49 countries. ConocoPhillips has a market cap of $65.29 billion; its shares were traded at around $44.07 with a P/E ratio of 7.3 and P/S ratio of 0.3. The dividend yield of ConocoPhillips stocks is 4.2%. ConocoPhillips had an annual average earning growth of 19% over the past 10 years. Berkshire owned 71.2 million shares as of 1Q09 and 64.5 million shares as of 2Q09, so it may have sold 6.7 million shares.

Other Top Holdings
The 10-Q Listed the other four top holding positions: American Express, CoCa-Cola, Kraft Foods, and Procter & Gamble. It appears he has held those positions steady.

American Express Company is primarily engaged in international credit card and banking services throughout the world. American Express Company has a market cap of $38.17 billion; its shares were traded at around $32.69 with a P/E ratio of 24 and P/S ratio of 1.4. The dividend yield of American Express Company stocks is 2.2%. American Express Company had an annual average earning growth of 1.3% over the past 10 years. Berkshire holds 151.6 million shares.

The Coca-Cola Company is the world's largest beverage company and is the leading producer and marketer of soft drinks. The CocaCola Company has a market cap of $114.22 billion; its shares were traded at around $49.34 with a P/E ratio of 16.3 and P/S ratio of 3.6. The dividend yield of The CocaCola Company stocks is 3.3%. The CocaCola Company had an annual average earning growth of 5.3% over the past 10 years. Berkshire Hathaway has 200 million shares.

Kraft Foods Inc. is the largest branded food and beverage company headquartered in the U.S. and the second largest in the world. Kraft Foods Inc. has a market cap of $42.27 billion; its shares were traded at around $28.7 with a P/E ratio of 15.1 and P/S ratio of 1. The dividend yield of Kraft Foods Inc. stocks is 4.1%. Berkshire owns over 130 million shares of KFT.

The Procter & Gamble Company manufactures and markets a broad range of consumer products in many countries throughout the world. The Procter & Gamble Company has a market cap of $151.65 billion; its shares were traded at around $52.03 with a P/E ratio of 14.5 and P/S ratio of 1.7. The dividend yield of The Procter & Gamble Company stocks is 3.5%. The Procter & Gamble Company had an annual average earning growth of 10.8% over the past 10 years. Berkshire owns over 90 million shares of PG.