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InvestSource Inc.: FIMA, Inc. Expands Sphere of Operations Into the
Caribbean With Acquisition of Islandwide Development Corp.
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:02052008
Stocks in the News: FIMA, Inc. (PINKSHEETS: FIMA), Apple, Inc. (NASDAQ:
AAPL), Tyco International Ltd.'s (NYSE: TEL), ANSYS, Inc. (NASDAQ:
ANSS), Williams Cos, Inc. (NYSE: WMB), and Patterson-UTI Energy, Inc.
(NASDAQ: PTEN)
May 1, 2008 - FIMA, Inc. (PINKSHEETS: FIMA), an emerging land
development company incorporating resource exploration and mining, oil
and gas exploration and extraction, and commercial and luxury
residential real estate development in Central and South America,
announced today that the Company has reached an agreement to acquire a
controlling interest in Island Wide Development, Inc., a Caribbean land
development group based on the island of St. Lucia. As a result of this
acquisition, FIMA, through its subsidiary, Islandwide Development, will
now be able to pursue additional opportunities and targets in the
Caribbean. According to a Company spokesperson, "This is an exceptional
opportunity for FIMA. Through our new subsidiary, we are now in a
position to take advantage of the legal and regulatory environment in
the Caribbean that grants special exemptions and privileges to those
companies that are based in the Caribbean. In addition, this recent
acquisition is a natural extension of our current operations, and we
are confident that we will be able to reduce or eliminate redundancies
and enhance operation efficiency as we move into this exciting region."
May 1, 2008 - Apple, Inc. (NASDAQ: AAPL) today announced that new movie
releases from major film studios and premier independent studios are
available for purchase on the iTunes(R) Store (http://www.itunes.com)
on the same day as their DVD release. New releases and catalog titles
will be available from 20th Century Fox, The Walt Disney Studios,
Warner Bros., Paramount Pictures, Universal Studios Home Entertainment,
Sony Pictures Entertainment, Lionsgate, Image Entertainment and First
Look Studios. Movies purchased from iTunes can be viewed on an iPod(R)
with video, iPhone(TM), Mac(R) or PC or on a widescreen TV with Apple
TV(R), with new releases priced at $14.99 and most catalog titles at
$9.99. "We're thrilled to bring iTunes Store customers new films for
purchase day-and-date with the DVD release," said Eddy Cue, Apple's
vice president of iTunes. "We think movie fans will love being able to
buy their favorites from major and independent studios."
May 1, 2008 -Tyco International Ltd.'s (NYSE: TEL) fiscal
second-quarter profit tumbled 67 percent, mainly due to the loss of
substantial profits from now-discontinued operations. Despite the large
hit, the company still beat Wall Street expectations significantly. The
diversified manufacturer, best known for its ADT alarm systems, said
Thursday that its net income fell to $280 million, or 57 cents per
share, in the quarter ended March 28. A year ago -- before the
conglomerate split into three companies to sharpen their focus -- it
posted net income of $835 million, or $1.66. The "new Tyco," as one
executive termed it, posted income from continuing operations of $273
million, or 56 cents per share. Excluding some charges, earnings at the
trimmed-down company amounted to 67 cents per share.
May 1, 2008 - ANSYS, Inc. (NASDAQ: ANSS), a global innovator of
simulation software and technologies designed to optimize product
development processes, today announced a new Company record for first
quarter non-GAAP operating results. "ANSYS is off to a strong start in
2008, as evidenced by our record first quarter financial performance.
As our products and solutions continue to gain traction, adoption
levels continue to increase. Customers are realizing the value our
expanded portfolio of advanced technologies can provide. These are
certainly exciting times at ANSYS, with continued record performance,
the recent announcement of our signing a definitive agreement to
purchase Ansoft Corporation, and the continued execution of our
long-term strategic vision," stated Jim Cashman, ANSYS President and
CEO. "I am very proud of the ANSYS team for delivering another solid
quarter, while at the same time planning and finalizing the logistics
related to the upcoming closing of the Ansoft acquisition, which is
currently anticipated to occur during the second quarter."
May 1, 2008 - Williams Cos, Inc. (NYSE: WMB) announced first-quarter
2008 unaudited net income of $500 million, or 84 cents per share on a
diluted basis, compared with net income of $134 million, or 22 cents
per share on a diluted basis, for first-quarter 2007. Strong
performances in the company's exploration & production, midstream and
gas pipeline businesses were the key drivers of the increase in net
income for the first quarter. Key factors were higher net realized
average natural gas prices and strong natural gas production growth,
natural gas liquid (NGL) margins remaining at historically high levels,
and higher gas pipeline revenue. The first-quarter 2008 results also
benefited from a $118 million pre-tax gain on the sale of certain
international interests and increased income from discontinued
operations. Income from discontinued operations in first-quarter 2008
included pre-tax income of $128 million related to the Williams' former
Alaska operations, while first-quarter 2007 primarily reflects the
results of the company's former power business.
May 1, 2008 - Patterson-UTI Energy, Inc. (NASDAQ: PTEN) today reported
net income of $77.4 million, or $0.50 per share, for the three months
ended March 31, 2008, compared to net income of $116 million, or $0.73
per share, for the three months ended March 31, 2007. Revenues for the
first three months of 2008 were $505 million, compared to $547 million
for the first three months of 2007. The Company also declared a
quarterly cash dividend on its Common Stock of $0.16 per share, to be
paid on June 27, 2008, to holders of record as of June 12, 2008.
Commenting on the first quarter's results, Douglas J. Wall,
Patterson-UTI's Chief Executive Officer, stated, "Average revenue per
operating day for the first three months of 2008 was $18,900, compared
to $19,250 for the three months ended December 31, 2007. Average direct
operating costs per operating day for the quarter decreased to $10,990,
compared to $11,110 for the fourth quarter of 2007.
Thursday the stock market closed at its session high of 1409, which is
the first time since January that the stock market closed above 1400.
The S&P 500 is now 12% off its 52-week low, which was hit in March, but
still almost 11% off its 52-week high, which was hit in October 2007.
The financial sector (+3.9%) and the energy sector (-2.2%) finished in
opposite fashion. Financials provided leadership to the market,
receiving particular help from regional banks (+5.1%) and consumer
finance firms (+6.5%). Dow Jones components Bank of America, American
International Group, and JPMorgan Chase were the most influential
leaders in the financial sector. Energy, on the other hand, was the
worst performing sector of the session. Industry stalwart Exxon Mobil
announced it earned $2.03 per share for its most recent quarter,
missing the consensus earnings per share estimate by $0.11. In similar
fashion, energy exploration and production company Apache (APA 126.23,
-8.45) announced this morning it missed the consensus earnings
estimate. Energy was also knocked lower by a drop in oil prices. Oil
traded more than 2.0% lower during the session, partly fueled by
strength in the dollar. The dollar index rose more than 1.0% Thursday
to its best level in more than a month. Strength in the greenback also
pushed commodities lower, causing the CRB Commodities Index to reach
its lowest level in four weeks. In turn, the materials sector (-0.7%)
also underperformed the rest of the market, but finished off its
session low. Gold finished the day down $13.70 to $851.40 per ounce.
Although the precious metal is up 1.5% this year, it has plummeted 18%
from its all-time nominal high of $1033.90 per ounce that was reached
on March 17. Large-cap tech players fared well as the Nasdaq 100
finished more than 3.0% higher. Particular strength came from Apple and
Microsoft. Various reports indicated Microsoft may be willing to raise
its offer to acquire Yahoo! (YHOO 26.81, -0.60) to as much as $33 per
share. Microsoft's CEO, Steve Ballmer, is remaining stern in his offer.
Equities were the primary focus for the session, pushing Treasuries out
of favor. The benchmark 10-year Treasury Note fell 10 ticks to yield
3.77%. April's ISM Manufacturing survey posted a reading of 48.6, which
is a bit above the 48.0 reading that was widely anticipated. The
reading was unchanged from the prior month, seemingly indicating that
manufacturing conditions have not worsened. Construction spending
during March took a dip, however. According to government data released
today, construction spending for March slipped 1.1% month-over-month.
The decline was more pronounced than the 0.7% decline that economists
expected. Initial jobless claims for the week ending April 26 totaled
380,000. The consensus estimate pegged jobless claims at 365,000.
Though reported claims exceeded expectations, we continue to note that
the average weekly claims never breached levels often associated with a
recession. Personal spending continues to rise, despite challenging
macro trends. March's personal consumption expenditures, announced this
morning, increased 0.4% in March, which is more than the expected 0.2%
increase. Core PCE increased 0.2%, exceeding the estimated 0.1%
increase. The increase was not much of a surprise as many already
concluded that a rise in consumer spending helped first quarter GDP
increase modestly. DJ30 +189.87 NASDAQ +67.91 SP500 +23.75 NASDAQ
Dec/Adv/Vol 894/1956/2.35 bln NYSE Dec/Adv/Vol 928/2217/1.40 bln ABOUT
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that involve risks and uncertainties. This material is for
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prepared all material herein based upon information believed to be
reliable. The information contained herein is not guaranteed by
InvestSource, Inc. to be accurate, and should not be considered to be
all-inclusive. The companies that are discussed in this release have
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InvestSource, Inc. is not a licensed broker, broker dealer, market
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InvestSource, Inc. affiliates, officers, directors and employees may
also have bought, or may buy the shares discussed in this opinion and
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