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NASDAQ OMX Expands Agreement With Morningstar To Provide Comprehensive Equity Research Coverage On NASDAQ-Listed Companies
January 11, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange company, is expanding its previously announced agreement with Morningstar, Inc. (Nasdaq:MORN), a leading provider of independent investment research, to provide comprehensive analyst research reports on NASDAQ-listed companies. In June 2009, NASDAQ OMX and Morningstar entered into an exclusive agreement for Morningstar to provide basic equity research profile reports on all NASDAQ-listed companies.
Now, qualified companies have the option to contract with NASDAQ OMX for a full Morningstar analyst research report. Some of the companies that have contracted with NASDAQ OMX for a full research report thus far include: Famous Dave's of America (Nasdaq:DAVE), Athersys (Nasdaq:ATHX), Integrated Silicon Solution (Nasdaq:ISSI), Life Partners Holdings (Nasdaq:LPHI), PLX Technology (Nasdaq:PLXT), Synalloy Corporation (Nasdaq:SYNL), QCR Holdings (Nasdaq:QCRH), TOP Ships (Nasdaq:TOPS), IRIDEX (Nasdaq:IRIX), and DRI Corporation (Nasdaq:TBUS).
"For the past six months we've been providing our listed companies with basic profile reports from Morningstar, and we've received a great response. The profile reports have helped fill a void for under-covered companies. Based on customer demand and industry dynamics, we want to offer full Morningstar analyst research reports," said Bruce Aust, executive vice president of NASDAQ OMX. "This second phase of our collaboration with Morningstar reinforces our ongoing commitment to providing investors and issuers with transparency, valuable services and access to important market information."
"Many companies, particularly small- and mid-cap firms, have seen their research coverage shrink or disappear altogether. This information gap makes it challenging for investors to conduct timely due diligence," said Catherine Odelbo, president of equity research for Morningstar, Inc. "NASDAQ OMX selected Morningstar because of our analyst expertise and our track record of providing objective, credible, and comprehensive research across industry groups. By working with NASDAQ OMX, we can fulfill our mission of helping investors and NASDAQ OMX can broaden its offerings and fill a need in the market for research on under-covered companies."
"Solid independent research is critical to a company's ability to attract and retain investors, improve liquidity in trading, and lower a company's cost of capital," said Diana Purcel, chief financial officer of Famous Dave's of America. "We believe that NASDAQ's innovative approach in offering Morningstar research will help accomplish these goals."
NASDAQ OMX began offering Morningstar's basic profile reports at no cost to the issuer in the third quarter of 2009 for both NASDAQ- and Nordic-listed companies. The profile report includes a lengthy company profile, comprehensive data about the company and its industry, and industry context written by a Morningstar analyst. As part of the expanded service offered by NASDAQ OMX, companies may contract with NASDAQ OMX for Morningstar's institutional analyst research report. NASDAQ will serve as the intermediary and will pay Morningstar a fee for the service. The service will include a comprehensive initiation report and a minimum of three quarterly updates. Morningstar's institutional equity analyst reports provide thorough qualitative and quantitative analysis, including an investment thesis and discussions about valuation, management, risks, and competitive advantage. It also includes the Morningstar Rating(TM) for Stocks, a Fair Value Estimate, Consider Buying and Consider Selling prices, Uncertainty Rating, Economic Moat(TM) Rating, and full pro-forma analyst forecasts.
Issuers may not review the content of Morningstar's analyst research or ratings prior to publication. The reports will include disclosure noting that the listed company has commissioned the exchange for the research.
Morningstar's full analyst reports will be available on Morningstar.com; Morningstar Advisor Workstation, its Web-based investment research platform for financial advisors; Morningstar Direct, its Web-based investment research platform for institutions; Nasdaq.com; and NASDAQ OMX's Web site, Nasdaq Online. An institutional version of the report will be available to institutional investors through Morningstar's Select Equity Research service and selected third-party research portals.
Source: Morningstar
NASDAQ OMX Announces Proposed Senior Notes Offering and Proposed New Senior Unsecured Credit Facility
January 11, 2010--The NASDAQ OMX Group, Inc.
(Nasdaq:NDAQ) today announced that it plans to commence a public
offering of $700 million of senior notes pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission.
The senior notes are expected to be comprised of two series
with substantially identical terms other than pricing and maturity.
NASDAQ OMX today also announced that it intends to enter into new
senior unsecured credit facilities providing for up to $1,250 million
in borrowings, of which $1,000 million will be a funded term loan and
$250 million will be an unfunded revolver.
NASDAQ OMX intends to simultaneously use the net proceeds from the notes offering together with borrowings from the proposed new senior unsecured credit facilities and cash on hand to repay all amounts outstanding under its existing senior secured credit facilities and terminate the associated credit agreement, as well as to pay fees and expenses related to these transactions.
The exact terms and timing of the refinancing will depend upon market conditions and other factors.
Banc of America Securities LLC, J.P. Morgan Securities Inc. and Wells
Fargo Securities, LLC will act as joint book-running managers of the
notes offering.
Source: NASDAQ OMX
Six New iShares ETFs List on NYSE Arca
January 8, 2010--NYSE Euronext announced that its wholly-owned subsidiary, NYSE Arca, today began trading and six new ETFs. The funds are advised by BlackRock Fund Advisors.
iShares 2012 S&P AMT-Free Municipal Series (MUAA)
The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P AMT-Free Municipal Series 2012 Index, which measures the performance of investment-grade U.S. municipal bonds maturing in 2012.
iShares 2013 S&P AMT-Free Municipal Series (MUAB)
The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P AMT-Free Municipal Series 2013 Index, which measures the performance of investment-grade U.S. municipal bonds maturing in 2013.
iShares 2014 S&P AMT-Free Municipal Series (MUAC)
The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P AMT-Free Municipal Series 2014 Index, which measures the performance of investment-grade U.S. municipal bonds maturing in 2014.
iShares 2015 S&P AMT-Free Municipal Series (MUAD)
The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P AMT-Free Municipal Series 2015 Index, which measures the performance of investment-grade U.S. municipal bonds maturing in 2015.
iShares 2016 S&P AMT-Free Municipal Series (MUAE)
The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P AMT-Free Municipal Series 2016 Index, which measures the performance of investment-grade U.S. municipal bonds maturing in 2016.
iShares 2017 S&P AMT-Free Municipal Series (MUAF)
The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P AMT-Free Municipal Series 2017 Index, which measures the performance of investment-grade U.S. municipal bonds maturing in 2017.
The funds’ prospectuses and other information are available at www.ishares.com.
Source: NYSE Euronext
ETF Securities Lists ETFS Physical Platinum Shares and ETFS Physical Palladium Shares on NYSE Arca
January 8, 2010 –- NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading the ETFS Physical Platinum Shares (Ticker: PPLT) and the ETFS Physical Palladium Shares (Ticker: PALL). These products are sponsored by ETF Securities USA LLC.
The ETFS Physical Platinum Shares and ETFS Physical Palladium Shares (individually, the “Shares”) each represent units of fractional undivided beneficial interest in and ownership of the trusts that issued them. The investment objective of each trust is for their Shares to respectively reflect the performance of the price of physical platinum (in the case of the ETFS Physical Platinum Shares), or physical paladium (in the case of the ETFS Physical Paladium Shares), less the expenses of the trust’s operations.
Source: NYSE Arca
FactorTrust files an with the SEC
January 8, 2010--FactorShares Trust has files an amended request for exemptive relief with the SEC.
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Source: SEC.gov
Platinum, palladium prices expected to rise on ETF launch
January 8, 2010--ETF Securities Ltd. launched the first U.S. platinum and palladium exchange-traded funds (ETFs) Friday, a move that market sources say will significantly drive up prices for the precious metals.
Any ETF that allows investors to go ahead and take positions in metals is a bullish event," said James DiGeorgia, editor of investment newsletter Gold & Energy Advisor.
The funds—ETFS Palladium Trust (PALL) and ETFS Platinum Trust (PPLT)—are physically backed by plate and ingot, meaning that as more shares are sold less physical metal will be available to the global marketplace. And in an already tight market for platinum group metals (PGMs), such a supply constriction could send prices through the roof, sources said.
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Source: AMM.com
Schwab Throws a Lure Into Asset Pool
January 8, 2010--In a move aimed at getting more of its customers' assets, Charles Schwab Corp. said it will cut online-trading commissions 31% to a flat $8.95 for investors who have small accounts or trade infrequently.
The pricing change, which could reduce the company's first-quarter revenue by $15 million to $20 million, is the latest in a series of initiatives the firm has rolled out to lure investors. In recent years, Schwab eliminated account minimum fees and reduced expenses on certain mutual funds.
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Source: Wall Street Journal
Morningstar Quarterly Commentary: Investors should toast the markets in 2009
January 8, 2010--Markets put in an unexpectedly strong performance during 2009. Despite starting the year with barely a pulse, the global economy finished stronger, showing signs of robustness late in the year. Equity investors were rewarded handsomely, as the Morningstar US Market Index posted a gain of 28%, and the Global ex-US Index notched a 41% hike.
Bonds turned in a mixed performance. The Corporate Bond Index posted one of its best years, adding 17% for the year. However, the Government Bond Index turned in a decidedly more muted performance, ending the year with a decline of almost 3%.
In our quarter-end review, Travis Pascavis, Morningstar's director of equity indexes, provides insight into the market's performance.
view comentary
Source: Morningstar
Javelin files prospectus with SEC
January 7, 2009--Javelin has filed a prsopectus with the SEc for
JETSSM Contrarian Opportunities Index Fund
Investment Objective
The Fund, an exchange-traded fund, seeks performance results that, before fees and expenses, correspond generally to the performance of a benchmark index that measures the investment return of securities that are consistent with contrarian principles.
view filing
Source: SEC.gov
Russell files amended application with the SEC
January 7, 2010--Russell Investment Management Company has filed an ameded application for exemptive relief from the SEC.
view filing
Source: SEC.gov