Recent Articles
FTC May Sue Google Over AdMob
When Google (GOOG) offered to buy privately-held mobile advertising network provider AdMob for $750 million, the California-based start-up took the money. That was last November, not long after AdMob had turned down a rumored offer from Apple (AAPL). Now the FTC may be mounting a lawsuit to sue Google.
China Orders Closure of Small Steel Mills
The Chinese government has ordered the closure by the end of 2011 of steel mills with blast furnace capacities of less than 400 cubic meters. China's 2009 steel production capacity was listed as 700 million tons, and the country's mills produced less than 568 million tons in that year. Closing the mills is intended to improve both steel pricing and margins. China buys iron ore from BHP Billiton (BHP), Rio Tinto (RTP), and Vale (VALE), and all of these stocks have been affected by the move.
Monsanto Earnings Wilt (MON, MOS, POT, SYT, CF, TRA, MOO)
When a company's flagship product hits the skids, almost nothing good can come of it. Monsanto Corp. (MON) reported second quarter 2010 earnings this morning, and its glyphosate-based products, including best-selling Roundup weed killer, showed a negative gross profit of -$1 million. That's a change of -$438 million in one quarter in just one segment of the company's business. Competitor Mosaic Co. (MOS) missed estimates last week and shares fell 4%. Potash Corp. (POT) and Syngenta (SYT) share prices have remained essentially flat for the past 3 months.
One Oil Company Moves Away From Gas (SD, ARD, XOM, XTO, FST, OXY, CVX)
At the end of December, SandRidge Energy Co. (SD) estimated that it held 1.3 trillion cubic feet equivalent of natural gas reserves. Of that amount, 52% was estimated natural gas reserves and the rest was oil. Today that calculation changed with a merger with Arena Resources, Inc. (ARD) in a transaction worth about $1.6 billion in cash and stock. SandRidge's action runs counter to the current drive by oil companies. Think Exxon Mobil Corp. (XOM) paying $40 billion for XTO Energy (XTO).
China Counters Iron Ore Price Hike with Boycott
The move by the world's three largest iron ore producers to shift from annual to quarterly prices has resulted in a doubling of iron ore prices for the April-June 2010 quarter. Chinese steelmakers feel this price rise most acutely because they lead the world in imports of iron ore.
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