| Global 1 Provides Investors Update and Organization Plans
ATLANTA--(BUSINESS WIRE)--Global 1 Investment Holdings Corp. (OTCBB: GOIHE), www.global1inc.com, we are in the process of completing our annual audit and will have the audit completed shortly. We have changed the certifying auditor and there was a slight delay in completing the audit. We will implement the business plan in stages over the next several months with the goal to have complete implementation during 2007. Organizational Plans for 2007: Once we complete the audit we will move rapidly to implement new financing plans and initiate the business plan we have previously announced. We have developed a financing mechanism that will allow us to raise capital rapidly any place in the world in any currency. Our internal investment banking team has developed a credit default arbitrage instrument that allows us to raise large amounts of capital with minimum risk in any currency without currency fluctuations.
Fitch Revises Duke Realty Corp. Outlook to Negative; Affirms IDR ...
NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed its Issuer Default Rating of Duke Realty Corp. (NYSE:DRE) at 'BBB+' and Duke's preferred stock at 'BBB'. Likewise, Fitch has affirmed its senior unsecured debt rating of Duke Realty Limited Partnership, the principal operating subsidiary of Duke at 'BBB+'. The Rating Outlook is revised to Negative from Stable. The ratings reflect Duke's ability to continue to produce growing operating earnings throughout varying economic cycles. The company has demonstrated financial flexibility through access to the unsecured debt market, a high percentage of unencumbered properties, substantial availability from its credit facility, and a reasonably manageable debt maturity schedule. Duke is fairly well-balanced with regard to geography and asset concentration with exposure to two separate property types (57% office, 43% industrial by same-store net operating income) located in 17 different markets.
China eager to invest $2.7b in Olefin 12: NPC
TEHRAN (PIN) - National Petrochemical Company (NPC) Managing Director Gholam-Hossein Nejabat here Tuesday said that China was keen to make a 2.7 billion dollar investment in Olefin 12 plan in Iran. Talking after an East Asia-Pacific states forum, he said the Iranian and Chinese officials held new round of negotiations, whose main topics revolved around a 2.7 billion dollar investment in Olefin 12 plan and investment in downstream and upstream oil projects in Iran. Nejabat said, China is the first country the Iranian party will pay a visit to hold official talks. According to the NPC chief, the companys output in the current Iranian calendar year (started March 21, 2007) will reach 23 million tons. To this end, Irans presence in foreign countries with the aim of doing marketing of petrochemical products plays a determining role, he added.
Sector Snap: Airline Stocks Dip
NEW YORK (AP) - Airline stocks dipped Tuesday, after crude oil prices regained some of the prior day's losses, and Bear Stearns trimmed first-quarter estimates for much of the industry. The Amex Airline Index slipped about three-quarters of 1 percent in midday trading, with eight of 11 component stocks declining. Hurting all shares was a barrel of oil gaining 57 cents to $62.08 on the New York Mercantile Exchange, a day after it slid nearly $3. Higher crude prices tend to weigh on shares of airlines, which count jet fuel among their top costs. .
In Firms With Possible Solutions
As worries mount over how the world's 6.5 billion people will share the planet's finite supplies of clean water, companies that make everything from water-purification systems to delivery valves have attracted attention in recent years. But fund managers and analysts say many U.S. and European water stocks have climbed too high too fast, and they are increasingly looking for opportunities in Asia, where valuations are lower and water shortages are already acute in some places. Asian companies will be well-positioned to win more contracts as governments spend ... .
American Home Mortgage Shares Fall on Profit Forecast (Update4)
April 9 (Bloomberg) -- American Home Mortgage Investment Corp. shares fell 15 percent after the company's loans attracted few bids from investors, fueling concern that losses at subprime lenders are spreading to higher-rated credits. First-quarter profit will be 40 cents to 60 cents a share, the Melville, New York-based company said in a statement on April 6. It was expected to earn $1.06, the average estimate of eight analysts compiled by Bloomberg. The quarterly dividend was cut to 70 cents from $1.12. Earnings for 2007 will probably be $3.75 to $4.25 a share, the company said, instead of the $5 analysts predicted in the Bloomberg survey. American Home reported few bids and lower-than-expected prices for its Alt-A mortgages, granted to people with strong credit ratings who don't meet all the criteria for conventional loans.
StreetInsider.com Pre-Open Movers 04/10
Adolor Corporation (Nasdaq: ADLR) 54% LOWER; The company and GlaxoSmithKline (NYSE: GSK) announced negative preliminary results from Phase 3 Safety study of Alvimopan. Current development program for OBD on-hold while findings from long-term safety study are evaluated. Serious adverse events reported. Memory Pharmaceuticals Corp. (Nasdaq: MEMY) 31% HIGHER; continued momentum in small-cap biotechs. Gasco Energy Inc. (AMEX: GSX) 16% LOWER; today announced that it has priced a public offering of 10,000,000 shares of its common stock for gross proceeds of approximately $19.3 million Renovis Inc. (Nasdaq: RNVS) 14% HIGHER; Pfizer and Renovis Extend Research Collaboration to Identify Small Molecule VR1 Antagonists DivX, Inc. (NASDAQ: DIVX) 14% HIGHER; expects that Q1 revenue and pre-tax earnings for the quarter ended March 31, 2007 will be higher than previous guidance.
SL Green Announces Sale of 125 Broad Street
NEW YORK--(BUSINESS WIRE)--SL Green Realty Corp. (NYSE: SLG) announced today that it has entered into an agreement to sell its condominium interests at 125 Broad Street in downtown Manhattan to Mack-Cali Realty Corporation. In a related transaction, SL Green has agreed to acquire an office property located at 500 West Putnam Avenue in Greenwich, Connecticut from Mack-Cali. The two transactions are expected to close during the second quarter of 2007. The condominium units at 125 Broad Street are being sold for a total of $273 million, or $520 per square foot. The units include floors 2-16, and collectively comprise 39.6% of the property. 125 Broad Street, which was built in 1970 by renowned architects Kahn & Jacobs and Carson Lundin & Shaw, is a 40-story Class A building located on Broad Street in the heart of the Downtown Financial District of Manhattan.
Stocks Edge Up Ahead of Earnings Season
Major stock indexes remained slightly higher in the final hour of trading Monday as market players returned from the three-day Easter holiday. Transportation stocks were lifted by news that Warren Buffett bought a stake in a railroad company. A press report of a possible $50 billion LBO bid for Dow Chemical (DOW) was also stirring the market, says S&P. The Dow Jones industrial average rose 10.07 points, or 0.08%, to 12,570.27. The broader Standard & Poor's 500 index edged up 1.51 points, or 0.11%, to 1,445.27. The tech-heavy Nasdaq composite gained 1.69 points, or 0.07%, to 2,473.03. Caution over first-quarter earnings and new trade complaints against China were apparently offsetting optimism over stronger-than-expected March jobs data from Friday and the continued strength in M&A activity, notes S&P.
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