Not even two months into 2010, the number of banks closed this year has already reached 20, not far behind the full-year result of 25 in 2008 and ahead of the three in 2007. On Friday, four banks were shut down by regulators, carrying forward the momentum from 2009's 140 bank failures. In only one week, the number of bank failures this year spiked 25%.

La Jolla Bank FSB in California was taken over by the Federal Deposit Insurance Corp. It had 10 branches, $3.6 billion in assets and $2.8 billion in deposits. Its deposits and assets were taken over by OneWest Bank in Pasadena in a deal that is expected to cost the insurance fund $882.3 million. OneWest and the FDIC will share the losses on failed bank loans and other assets of approximately $3.3 billion.

Continue reading Bank Failures Surge 25% in One Week

Bank Failures Surge 25% in One Week originally appeared on BloggingStocks on Sun, 21 Feb 2010 09:40:00 EST. Please see our terms for use of feeds.

MOST NOTEWORTHY:

• JP Morgan started Nokia Corp (NYSE: NOK) with an Overweight rating, believing the handset market is strong and expects gross profits to rise in 2007.

• Soleil wants to wait on the sidelines of Fortune Brands Inc (NYSE: FO), initiating shares with a Neutral rating, given the potential acquisition of Sweden's V&S Group along with the softness in the home and hardware segment.

• Soleil also started Whirlpool Corp (NYSE: WHR) with a Hold rating based on valuation, which they believe reflects the company's outlook through 2009.

• Nollenberger expects Dick's Sporting Goods (NYSE: DKS) will continue to outperform its peers, starting shares off with a Buy rating, and believes the recent pullback provides a compelling buying opportunity.

• KeyBanc is positive on Kona Grill's (NASDAQ: KONA) differentiated brand, compelling unit economics, positive SSS opportunity and growth, starting shares with a Buy rating...

• Ceva, Inc (NASDAQ: CEVA) was initiated at CIBC with a Sector Outperform rating.

• Black & Decker Corp (NYSE: BDK) and Briggs & Stratton Corp (BGG) were initiated with Hold ratings at Soleil.

• La Jolla Pharmaceutical Co (NASDAQ: LJPC) was started with a Sell rating at Lazard.

• Aviza Technology, Inc (NASDAQ: AVZA) was initiated with a Hold rating at Needham.

Analyst initiations 6-13-07: BDK, DKS, FO and NOK originally appeared on BloggingStocks on Wed, 13 Jun 2007 11:03:00 EST. Please see our terms for use of feeds.

MOST NOTEWORTHY:

• CIBC is positive on the pharmacy benefit managers group given increasing generic utilization, continued growth in specialty pharmacy, improving mail-order penetration and share repurchases. CIBC initiated Express Scripts, Inc (NASDAQ: ESRX) with a Sector Outperformer and $104 target as the firm expects continued strong performance as the company benefits from positive secular industry trends, and initiated Medco Health Solutions (NYSE: MHS) with a Sector Performer and $82 target on valuation.
• BMO capital started E*Trade Financial Corp (NASDAQ: ETFC) and TD Ameritrade Holdings Corp (NASDAQ: AMTD) with Outperform ratings.
• Cathay Financial started J.B. Hunt Transport (NASDAQ: JBHT) and Knight Transportation (NYSE: KNX) with Neutral ratings.

• BMO started Charles Schwab Corp (NASDAQ: SCHW) with a Market Perform rating
• Citigroup started NYSE Euronext (NYSE: NYX) with a Buy rating and $113 target.
• AG Edwards initiated shares of La Jolla Pharmaceutical Co (NASDAQ: LJPC) with a Buy rating and $11 price objective.

Analyst initiations 4-10-07: ESRX, JBHT and NYX were initiated today originally appeared on BloggingStocks on Tue, 10 Apr 2007 11:31:00 EST. Please see our terms for use of feeds.

There's a very interesting feature over at The Motley Fool and I find it very useful . The CAPS community stock rating pages give highly understandable insight plus gems of investor feedback which help to bring the knowledge about individual stocks to a layman's level. Investment players like me benefit from this feature.

La Jolla Pharmaceutical Company (NASDAQ:LJPC) has the CAPS number one spot this weekend based on a 43.1% stock value spike fueled by moderately positive interim results in a phase III study of its number one product Riquent. The drug in question shows promise in the treatment of Lupus, a chronic inflammatory disease that can cause organ malfunction. However, analysts are skeptical regarding the value of this phase III test result as a basis for developing a strong position in the company.

Even those investors who express a positive mood, unwittingly show reservations about whether or not the LJPC spike can be supported. Analyst consensus is "hold" on LJPC stock and neutral on the company. It is worthy of note that an Associated Press news release regarding the LJPC test results states: "Several drug makers are in advanced stage trials for lupus drugs. To date, no specific lupus drug has been approved in the United States."(emphasis mine)

I myself expect LJPC share value to recede quickly and I would base my choices on that belief. I see nothing else of interest in the company's fundamentals... at least not to the positive side. If I had shares of JLPC which I purchased at bargain, I'd be tempted to unload half of them immediately to reap some of the current gain. If I had bought those shares for a higher price, I'd be comfortable holding on to them for a while just to see what develops.

La Jolla Pharma: What are the Fools saying? originally appeared on BloggingStocks on Mon, 12 Mar 2007 14:30:00 EST. Please see our terms for use of feeds.