Finding stocks with a clear long term upward pattern is pretty exciting for most investors and Zacks shows three stocks that you can invest in right now. You can ride the on going momentum now and/or short the stocks at a later time. See the full article at Breakout Stocks
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The J. M. Smucker Company (NYSE: SJM) today announced that the Board of Directors has approved an increase in the quarterly dividend from $0.44 to $0.48 per common share. The change represents an increase of nine percent, adding to the ten percent increase approved by the Board earlier this calendar year. The dividend will be paid on Thursday, September 1, 2011, to shareholders of record at the close of business on Friday, August 12, 2011.
About The J. M. Smucker Company
For more than 110 years, The J. M. Smucker Company has been committed to offering consumers quality products that bring families together to share memorable meals and moments. Today, Smucker is a leading marketer and manufacturer of fruit spreads, retail packaged coffee, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk, and health and natural foods beverages in North America. Its family of brands includes Smucker’s®, Folgers®, Dunkin’ Donuts®, Jif®, Crisco®, Pillsbury®, Eagle Brand®, R.W. Knudsen Family®, Hungry Jack®, Cafe Bustelo®, Cafe Pilon™, White Lily® and Martha White® in the United States, along with Robin Hood®, Five Roses®, Carnation®, Europe’s Best® and Bick’s® in Canada. The Company remains rooted in the Basic Beliefs of Quality, People, Ethics, Growth and Independence established by its founder and namesake more than a century ago. The Company has appeared on FORTUNE Magazine’s list of the 100 Best Companies to Work For in the United States 13 times, ranking number one in 2004. For more information about the Company, visit www.smuckers.com.
The J. M. Smucker Company is the owner of all trademarks, except Pillsbury, the Barrelhead logo and the Doughboy character are trademarks of The Pillsbury Company, LLC, used under license; Carnation is a trademark of Societe des Produits Nestle S.A., used under license; and Dunkin’ Donuts is a registered trademark of DD IP Holder, LLC, used under license. Borden and Elsie are trademarks used under license.
American Standard Energy Corp. (OTCBB: ASEN) (“American Standard” or the “Company”) today announced that it has closed a private placement with certain accredited investors, pursuant to which such investors have agreed to purchase 2,260,870 units from the Company at a price of $5.75 per unit for gross proceeds of approximately $13.0 million. Each unit will consist of one share of common stock, one-half of a Series A warrant to purchase one share of common stock, and a Series B warrant exercisable for additional shares of common stock upon the occurrence of certain dilutive events or in the event the market price of the common stock falls below the offering price prior to the shares being registered for resale or eligible to be sold pursuant to Rule 144 of the Securities Act of 1933, as amended. The Series A warrants, which represent the right to acquire up to an aggregate of 1,130,435 common shares, will be exercisable within the 5-year anniversary of the closing date of the private placement. The warrant exercise price of $9.00 per share is 113% of the average closing price of the Company’s common shares on the OTCBB for the five days ended July 11, 2011. Canaccord Genuity Inc. acted as the lead placement agent for the offering. Northland Capital Markets acted as co-placement agent for the offering.
American Standard intends to use the net proceeds from the offering to acquire additional oil and natural gas acreage and for general working capital purposes.
The securities to be sold in this private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and accordingly may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. American Standard has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock to be issued in this private placement as well as the common stock underlying the warrants issued in this private placement.
This release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. Any offering of the securities under the resale registration statement will only be by means of a prospectus.
This press release contains forward-looking statements regarding future events and our future results. All statements other than statements of historical facts included in this report, such as statements regarding the closing of the private placement and American Standard’s expectations regarding the use of proceeds from the private placement are forward-looking statements. Forward-looking statements are based on our current expectations and assumptions about future events and involve inherent risks and uncertainties. Important factors (many of which are beyond our control) could cause actual results to differ materially from those set forth in the forward-looking statements, including those described in our public filings with the Securities and Exchange Commission. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. American Standard undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in American Standard’s expectations.
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|Andrew Wall, General Counsel|
Comerica Incorporated (NYSE: CMA) (“Comerica”) today announced that its application to acquire Sterling Bancshares, Inc. (Nasdaq: SBIB) (“Sterling”) has been approved by the Board of Governors of the Federal Reserve System. The Texas Department of Banking has also approved Comerica’s acquisition of Sterling. Subject to the terms and conditions of the merger agreement, and following the expiration of the required 15-day Department of Justice waiting period associated with the Federal Reserve Board’s approval order, Comerica expects that the closing of the acquisition will be effective as of 12:01 a.m. CT on July 28, 2011.
Under terms of the agreement, announced on January 18, 2011, each outstanding share of Sterling will be exchanged for 0.2365 shares of Comerica stock at closing, subject to payment of cash in lieu of fractional shares.
As previously announced by Sterling, its shareholders approved the merger with Comerica on May 5, 2011.
“We continue to be excited about the opportunity to significantly boost our Texas presence with the acquisition of Sterling,” said Ralph W. Babb Jr., chairman and chief executive officer, Comerica Incorporated and Comerica Bank. “Sterling’s branch network is very appealing, and the bank has a very attractive deposit base. We believe these positive attributes give us the ability to leverage additional marketing capacity to offer a wide array of products through a larger distribution network, particularly to middle market companies and small businesses. We are pleased with the timing of this acquisition as we are gaining momentum in our Texas market. We anticipate a smooth and seamless transition. The more work we do and the better we get to know Sterling, the more confident we are in the fit of our two organizations. We look forward to welcoming Sterling customers and employees to Comerica as we begin this new chapter in our Texas banking history.”
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Dallas-Fort Worth, Houston and Austin, Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $55.0 billion at March 31, 2011. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
Any statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “feels,” “expects,” “estimates,” “seeks,” “strives,” “plans,” “intends,” “outlook,” “forecast,” “position,” “target,” “mission,” “assume,” “achievable,” “potential,” “strategy,” “goal,” “aspiration,” “opportunity,” “initiative,” “outcome,” “continue,” “remain,” “maintain,” “trend,” “objective,” “pending,” “looks forward” and variations of such words and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may” or similar expressions, as they relate to Comerica, Sterling, the proposed transaction with Sterling or the combined company following the transaction often identify forward-looking statements. These forward-looking statements are predicated on the beliefs and assumptions of management based on information known to management as of the date of this news release and do not purport to speak as of any other date. Forward-looking statements may include descriptions of the expected benefits and costs of the transaction; forecasts of revenue, earnings or other measures of economic performance, including statements of profitability, business segments and subsidiaries; management plans relating to the transaction; the expected timing of the completion of the transaction; the ability to complete the transaction; the ability to obtain any required regulatory or other approvals; any statements of the plans and objectives of management for future or past operations, products or services, including the execution of integration plans; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Such statements reflect the view of management as of this date with respect to future events and are subject to risks and uncertainties. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, actual results could differ materially from those anticipated by the forward-looking statements or historical results. Factors that could cause or contribute to such differences include, but are not limited to, the possibility that expected benefits may not materialize in the timeframe expected or at all, or may be more costly to achieve; that the transaction may not be timely completed, if at all; that prior to the completion of the transaction or thereafter, Comerica’s and Sterling’s respective businesses may not perform as expected due to transaction-related uncertainty or other factors; that the parties are unable to successfully implement integration strategies; that required regulatory or other approvals are not obtained or other closing conditions are not satisfied in a timely manner or at all; reputational risks and the reaction of the companies’ customers to the transaction; diversion of management time on merger-related issues; and those factors referenced in Comerica’s and Sterling’s filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the date they are made. Comerica and Sterling do not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. For any forward-looking statements made in this news release or in any documents, Comerica and Sterling claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Additional Information for Shareholders
In connection with the proposed merger transaction, Comerica has filed with the SEC a Registration Statement on Form S-4 that includes a Proxy Statement of Sterling and a Prospectus of Comerica, and Sterling mailed the definitive Proxy Statement/Prospectus to its shareholders on or about April 6, 2011. Each of Comerica and Sterling may file other relevant documents concerning the proposed transaction. SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
A free copy of the definitive Proxy Statement/Prospectus, as well as other filings containing information about Comerica and Sterling, may be obtained at the SEC’s Internet site (http://www.sec.gov). You may be able to obtain these documents, free of charge, from Comerica at www.comerica.com under the tab “Investor Relations” and then under the heading “SEC Filings” or from Sterling by accessing Sterling’s website at www.banksterling.com under the tab “Investor Relations” and then under the heading “SEC Filings.”
If you have trading experience and have actually studied the data, you should know that Rising Volatility and Declining Volume on rallies are always associated with Bear Markets Rallies. Bull Markets are always accompanied by Rising Volume and steadily Increasing Prices.
For nearly 100 years, there was a standard rule for gauging long term Entry and Exit points in the Stock Market. If the DJIA Dividend Yield fell to 3%; sell and don’t come back until it was over 6%. This simple Rule of Thumb worked wonderfully until Doctor Greenspan became Wall Street’s Keynesian Master Bubble Maker in 1987. What ever happened to his belief in the GOLD STANDARD that he held up until he became Chairman? At the top of the 2000 Bull Market, the DJIA was only yielding 1.32%, not that anyone but me and a few others cared or even noticed. It’s a scary thought, but at the March 2009 Bottom, the DJIA Dividend Yield had only increased to 4.6%, and now it’s back below 3%. Dividends matter, especially during Bear Markets. When Capital Gains and decent Bond Yields become Distant Memories, the only logical reason for investors to buy stocks is to get higher and safer dividend yields than can be had from Treasuries because below the surface, there is nothing positive going on.
THE FRANK – DODD, SCREW AMERICA, BILL EXAMINED
Without blinking an eye the Administration did more yesterday to guarantee the next financial crisis than FDR did with his New Deal. With the single stroke of a pen, President Barack Obama set in motion 243 new formal rule-making bodies and 11 different federal agencies. Each of the 243 new bodies will create employment for hundreds of banking lobbyists as they try to shape what the final laws will actually look like. And when the rules are finally written, thousands of lawyers will bill millions of hours as the richest incumbent financial firms that caused the last crisis figure out how to manipulate the new system.
Yesterday, the Washington law firm, Jones Day snapped up the Securities and Exchange Commission head enforcement division lawyer, and J.P. Morgan Chase assigned more than 100 teams to examine the legislation. By delegating so much to the regulators, Congress is inviting everyone interested in the outcome to make more and more campaign contributions, as they will try and succeed in intervening in the regulatory process to influence the regulators. Nothing is settled.
Guess?, Inc. (NYSE: GES) today announced that it has entered into a five-year $200 million secured revolving credit facility with a global and strategic syndicate of banks led jointly by J.P. Morgan Securities LLC and Bank of America Merrill Lynch. This new credit facility, which includes an additional $100 million accordion feature, replaces the Company’s existing $85 million revolving line of credit which was scheduled to mature September 30, 2011.
Commenting on the announcement, Maurice Marciano, Chairman of the Board, stated, “The favorable terms of the new facility capitalize on the Company’s solid financial position and our consistent track record of strong performance. We have assembled a premier group of banks with a presence in all the major markets of the world where we operate and we value their continued support as they have all been key relationships for the Company.”
Mr. Marciano continued, “Our credit facility, combined with the Company’s operating cash flows and strong balance sheet and cash position, provide us the platform to access well over $1 billion of potential capital to pursue our global expansion efforts and any other opportunities.”
At the time of closing, there were no borrowings due under the prior credit facility other than normal letter of credit obligations.
Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other related consumer products. Guess? products are distributed through branded Guess? stores as well as better department and specialty stores around the world. As of April 30, 2011, the Company directly operated 484 retail stores in the United States and Canada and 202 retail stores in Europe, Asia and Latin America. The Company’s licensees and distributors operated an additional 735 retail stores outside of the United States and Canada. For more information about the Company, please visit www.guess.com.
Except for historical information contained herein, certain matters discussed in this press release, including statements concerning the Company’s global expansion strategies, strategic growth opportunities, and potential access to capital, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are only expectations, and involve known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from what is currently anticipated. Factors which may cause actual results in future periods to differ materially from current expectations include, among other things: domestic and international economic conditions, including economic and other events that could negatively impact consumer confidence and discretionary consumer spending and result in increasingly difficult competitive conditions; our ability to, among other things, anticipate consumer preferences, protect our brand image, effectively operate our various retail concepts, manage inventories, address potential increases to product costs and successfully execute our strategies, including our supply chain and international growth strategies; and risks associated with changes in economic, political, social and other conditions affecting our global operations, including currency fluctuations and global tax rates. In addition to these factors, the economic, technology, management, litigation-related and other risks identified in the Company’s most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission, including but not limited to the risk factors discussed therein, could cause actual results to differ materially from current expectations.
|VP Investor Relations|