21 Commercial Banking Stocks to Buy Now

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This week, 21 Commercial Banking stocks are improving their overall ratings on Portfolio Grader. Each of these stocks is rated an “A” (“strong buy”) or “B” overall (“buy”).

Pinnacle Financial Partners, Inc. (NASDAQ:) is bumping up its rating from a C (“hold”) to a B (“buy”) this week. Pinnacle Financial Partners is a holding company for Pinnacle National Bank. In Portfolio Grader’s specific subcategory of Earnings Revisions, PNFP also gets an A. .

This week, Taylor Capital Group, Inc. (NASDAQ:) is showing good progress as the company’s rating jumps from a B (“buy”) last week to an A (“strong buy”). Taylor Capital Group is a bank holding company for Cole Taylor Bank. .

This is a strong week for BSB Bancorp, Inc. (NASDAQ:). The company’s rating climbs to B from the previous week’s C. BSB Bancorp operates as a bank holding company. .

BNC Bancorp (NASDAQ:) improves from a C to a B rating this week. BNC Bancorp offers products and services to individuals and small- to medium-sized local businesses. .

This week, Wells Fargo & Company’s (NYSE:) ratings are up from a C last week to a B. Wells Fargo provides financial services in mainly wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance and commercial finance. .

PacWest Bancorp (NASDAQ:) shows solid improvement this week. The company’s rating rises from a C to a B. PacWest Bancorp is the holding company for Pacific Western Bank. The stock price has risen 11% over the past month, better than the 1.3% decrease the Nasdaq has seen over the same period of time. .

U.S. Bancorp’s (NYSE:) ratings are looking better this week, moving up to a B from last week’s C. U.S. Bancorp provides banking and financial services. .

Huntington Bancshares Incorporated (NASDAQ:) is seeing ratings go up from a C last week to a B this week. Huntington Bancshares is a multi-state bank holding company. .

Independent Bank Corp.’s (NASDAQ:) ratings are looking better this week, moving up to a B from last week’s C. Independent Bank is the holding company for Rockland Trust. .

This week, First Financial Bankshares, Inc. (NASDAQ:) pushes up from a C to a B rating. First Financial Bankshares is a multi-bank holding company. .

Pacific Continental Corporation (NASDAQ:) boosts its rating from a B to an A this week. Pacific Continental Bank is a bank holding company that provides commercial banking, financing, and mortgage lending in parts of Washington state and Oregon. .

This is a strong week for First Community Bancshares, Inc. (NASDAQ:). The company’s rating climbs to B from the previous week’s C. First Community Bancshares is the holding company for First Community Bank. .

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Bryn Mawr Bank Corporation (NASDAQ:) gets a higher grade this week, advancing from a C last week to a B. Bryn Mawr Bank offers a full range of personal and business banking services. .

Banco de Chile Sponsored ADR (NYSE:) shows solid improvement this week. The company’s rating rises from a C to a B. NonactiveBanco de Chile provides a wide customer base of individuals and corporations with general banking services. The stock has a dividend yield of 3.3%. .

BOK Financial Corporation (NASDAQ:) earns a B this week, jumping up from last week’s grade of C. BOK Financial provides a range of financial services to commercial and industrial customers, other financial institutions, and consumers in the United States. .

Glacier Bancorp, Inc. (NASDAQ:) improves from a C to a B rating this week. Glacier Bancorp is a regional multi-bank holding company providing commercial financial services to individuals and corporations. .

This week, Washington Trust Bancorp, Inc.’s (NASDAQ:) ratings are up from a C last week to a B. Washington Trust offers a range of financial services to individuals and businesses, including wealth management. .

The rating of First Connecticut Bancorp, Inc. (NASDAQ:) moves up this week, rising from a C to a B. First Connecticut Bancorp operates as the holding company for Farmington Bank that provides consumer and commercial banking services to businesses, individuals, and governments in central Connecticut. .

This is a strong week for First Financial Holdings, Inc. (NASDAQ:). The company’s rating climbs to A from the previous week’s B. South Carolina Bank and Trust is a bank holding company that provides retail and commercial banking, mortgage lending, consumer finance loans, and trust and investment services. .

Canadian Imperial Bank of Commerce (NYSE:) is seeing ratings go up from a C last week to a B this week. Canadian Imperial Bank of Commerce is a global financial institution that serves clients through CIBC retail markets and wholesale banking. The stock’s dividend yield is 3.6%. .

The Bank of Nova Scotia (NYSE:) boosts its rating from a C to a B this week. Bank of Nova Scotia offers various personal, commercial, corporate, and investment banking services in Canada and internationally. The current dividend yield is 2.4%. .

Louis Navellier’s proprietary Portfolio Grader stock ranking system assesses roughly 5,000 companies every week based on a number of fundamental and quantitative measures. Stocks are given a letter grade based on their results — with A being “strong buy,” and F being “strong sell.” Explore the tool here.

Why SCANA's Earnings May Not Be So Hot

Although business headlines still tout earnings numbers, many investors have moved past net earnings as a measure of a company's economic output. That's because earnings are very often less trustworthy than cash flow, since earnings are more open to manipulation based on dubious judgment calls.

Earnings' unreliability is one of the reasons Foolish investors often flip straight past the income statement to check the cash flow statement. In general, by taking a close look at the cash moving in and out of the business, you can better understand whether the last batch of earnings brought money into the company, or merely disguised a cash gusher with a pretty headline.

Calling all cash flows
When you are trying to buy the market's best stocks, it's worth checking up on your companies' free cash flow once a quarter or so, to see whether it bears any relationship to the net income in the headlines. That's what we do with this series. Today, we're checking in on SCANA (NYSE: SCG  ) , whose recent revenue and earnings are plotted below.

Source: S&P Capital IQ. Data is current as of last fully reported fiscal quarter. Dollar values in millions. FCF = free cash flow. FY = fiscal year. TTM = trailing 12 months.

Over the past 12 months, SCANA burned $200.0 million cash while it booked net income of $450.0 million. That means it burned through all its revenue and more. That doesn't sound so great. FCF is less than net income. Ideally, we'd like to see the opposite.

All cash is not equal
Unfortunately, the cash flow statement isn't immune from nonsense, either. That's why it pays to take a close look at the components of cash flow from operations, to make sure that the cash flows are of high quality. What does that mean? To me, it means they need to be real and replicable in the upcoming quarters, rather than being offset by continual cash outflows that don't appear on the income statement (such as major capital expenditures).

For instance, cash flow based on cash net income and adjustments for non-cash income-statement expenses (like depreciation) is generally favorable. An increase in cash flow based on stiffing your suppliers (by increasing accounts payable for the short term) or shortchanging Uncle Sam on taxes will come back to bite investors later. The same goes for decreasing accounts receivable; this is good to see, but it's ordinary in recessionary times, and you can only increase collections so much. Finally, adding stock-based compensation expense back to cash flows is questionable when a company hands out a lot of equity to employees and uses cash in later periods to buy back those shares.

So how does the cash flow at SCANA look? Take a peek at the chart below, which flags questionable cash flow sources with a red bar.

Source: S&P Capital IQ. Data is current as of last fully reported fiscal quarter. Dollar values in millions. TTM = trailing 12 months.

When I say "questionable cash flow sources," I mean items such as changes in taxes payable, tax benefits from stock options, and asset sales, among others. That's not to say that companies booking these as sources of cash flow are weak, or are engaging in any sort of wrongdoing, or that everything that comes up questionable in my graph is automatically bad news. But whenever a company is getting more than, say, 10% of its cash from operations from these dubious sources, investors ought to make sure to refer to the filings and dig in.

With questionable cash flows amounting to only 8.9% of operating cash flow, SCANA's cash flows look clean. Within the questionable cash flow figure plotted in the TTM period above, other operating activities (which can include deferred income taxes, pension charges, and other one-off items) provided the biggest boost, at 8.9% of cash flow from operations. Overall, the biggest drag on FCF came from capital expenditures.

A Foolish final thought
Most investors don't keep tabs on their companies' cash flow. I think that's a mistake. If you take the time to read past the headlines and crack a filing now and then, you're in a much better position to spot potential trouble early. Better yet, you'll improve your odds of finding the underappreciated home-run stocks that provide the market's best returns.

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STMicroelectronics Meets on the Top Line, Misses Where it Counts

STMicroelectronics (NYSE: STM  ) reported earnings on July 22. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended June 29 (Q2), STMicroelectronics met expectations on revenues and missed expectations on earnings per share.

Compared to the prior-year quarter, revenue dropped. Non-GAAP loss per share increased. GAAP loss per share grew.

Gross margins contracted, operating margins increased, net margins shrank.

Revenue details
STMicroelectronics booked revenue of $2.05 billion. The 11 analysts polled by S&P Capital IQ looked for revenue of $2.07 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at -$0.06. The three earnings estimates compiled by S&P Capital IQ forecast $0.00 per share. Non-GAAP EPS were -$0.06 for Q2 compared to -$0.05 per share for the prior-year quarter. GAAP EPS were -$0.17 for Q2 against -$0.08 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 32.9%, 140 basis points worse than the prior-year quarter. Operating margin was -3.1%, 430 basis points better than the prior-year quarter. Net margin was -7.4%, 390 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $2.12 billion. On the bottom line, the average EPS estimate is $0.07.

Next year's average estimate for revenue is $8.39 billion. The average EPS estimate is $0.04.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on STMicroelectronics is outperform, with an average price target of $10.42.

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Microsoft Surprises The Street With Good Earnings

Microsoft (Nasdaq:MSFT) has been out of fashion on Wall Street for a long time, which makes its better-than-expected quarterly earnings report issued yesterday especially shocking,

The Redmond, Wash. company earned $5.24 billion, or 62 cents per share, on revenue of $18.5 billion, well ahead of the 54 cent profit and $17.8 billion in sales analysts had expected. Not surprisingly, shares of the software giant traded up on the news and continued to surge today, gaining 6.7% to $35.97.

Though IBM (NYSE:IBM) and Oracle (Nasdaq:ORCL) both reported disappointing results because of lackluster spending by large corporate customers, Microsoft's business with large enterprises is booming. Revenue from commercial cloud computing, where companies run software on remote servers, more than doubled in the quarter. Demand was also strong for Office 365, Azure, and Dynamics CRM Online, the company said. Moreover, the PC business, whose decline has hobbled Microsoft for years, performed better than Microsoft expected. The company also has high hopes for its upcoming release of its latest Xbox gaming console and its newest Surface tablets.

"… we are executing better, getting our customers what they want and making meaningful progress through the early stages of our transformation," Chief Financial Officer Amy Hood said on the earnings conference call.

As for Microsoft's stock, even with the recent run-up, it remains too cheap for investors to ignore. The stock trades at a price-to-earnings multiple of about 13, which is under its average five-year high, according to Reuters. Wall Street firms are ratcheting up their price targets on the software giant. Nomura's is now at $40 and Jefferies is at $42, which implies an 18% upside from current prices.

Of course, one quarter does not make a trend. Investors have gotten burned before waiting for a Microsoft turnaround and some pundits remain skeptical that better times lie ahead. Analysts at Goldman Sachs noted that while the company's quarterly performance was good that it will take years for the company to transform. They reiterated a "sell" rating on the stock.

Indeed, there are many questions yet to be answered about Microsoft including who will replace CEO Steve Ballmer when he "retires" at the end of the year. Moreover, some investors disapprove Microsoft's planned $7.2 billion acquisition of Nokia's device and services business and others are trying to oust co-founder Bill Gates from the company's board of directors. Some pundits have advocated that the company split itself up, saying it is too unwieldy to manage.

The Bottom Line

Microsoft, which has a market capitalization of nearly $300 billion, isn't withering away anytime soon. The company should post solid numbers in the current quarter as well with revenue growth expected to top 7%. While that's hardly the double-digit growth that tech investors see in high-flying tech stocks, it proves that it is possible to teach an old dog new tricks. The time to buy Microsoft is now because if it becomes "fashionable" to like the company again, its share price will surely soar.

Disclosure - At the time of writing, the author did not own shares of any company mentioned in this article. Jonathan Berr does freelance writing for MSN, which is owned by Microsoft.

Tips for investors to achieve their financial goals

Investing and growing your money is a complex challenge and this requires attention from all investors. There are no easy routes to achieving success and this will require constant efforts. Often some simple steps are all that is required to achieve your goals and many people miss because they seem to be obvious. A new outlook and mindset is the key to ensure that you too move in the right direction.

Introduction

Every investment should be directed towards your specific financial goals. As an investor who has been investing for some time period you should check that you have started off well and will build on this position. One of the ways in which you can achieve this is by taking a long term approach to the entire investment process. The longer the time period for which you continue investing and then hold the investments especially when it belongs to asset classes like equities the greater the chance of success in the overall efforts.

Long term investing can be defined as putting money into an investment and then holding it for a period that can stretch for several years and in some cases even a decade or longer. There are two aspects of long term investing where the first one involves making the investment over a period of time. The other aspect involves maintaining the investment without making continuous buy and sell decisions. The time period in the term long term could vary significantly between a few years to a lot more and hence this is something that needs focus to determine the right period for you as an individual investor.

Reaching goals

Your financial goals have to be at the centre of all your saving and investment efforts. This will involve giving additional attention to the process of setting goals and then laying out a plan that will help in the achievement of the goals.  The ability to reach the goals will depend upon the choices that you exercise while setting up your investments. There will be multiple goals for you as an individual investor an! d each of them will require a separate effort to try and achieve them. There can be lots of reasons ranging from poor choice of instruments to overall weak market conditions that can hamper your efforts but this should serve as a reason for you to try even harder.

Tackling this tough challenge is possible by taking a long term approach. This will cover an effort to plan for the investments in a manner whereby you are willing to stay with them for a significant period of time. Once you do this the short term changes or effects will not remain relevant and these will have little impact on the overall situation. This is a way in which the risk in the investment goes down. Take an example where you have to reach a goal of accumulating a sum of Rs 1 lakh. After an initial investment of say Rs 25,000 there might be good progress towards the goals. A limited time period like 5 years for achieving the target would put pressure on you and when things get tough in the third year this could lead to some decisions that might not turn out to be effective. On the other hand if the time period is longer then this setback is evened out by additional growth in the next few years.  This will ensure that even with a small contribution in each year achieving the goal might not be a tough task.
 
Indian scenario

Equity markets in India are extremely volatile and there could be significant changes in the prices that can lead to gains or loss of capital in a short time period.  There is a high possibility that in the midst of sharp changes in value you as an investor are not able to make the right investment decisions. This can be tackled by investing amounts over a period of time as well as remaining invested for a long time period.  A way to reduce the risk is by using mutual funds to invest so that there is the benefit of diversification available. Consider the situation for large cap mutual funds that are present in the Indian market. These are mutual funds that invest their corpus! into lar! ge cap stocks and these are considered to be slightly less risky than mid cap mutual funds due to the nature of its investments.    

Short term movements in the equity markets can have a large impact on the results for the investors. In September 2012 there was a rally in the equity markets and this is reflected in the position for the last one year as 91 per cent of the funds ended up with returns of more than 10 per cent over this time period. This masks the tough position that was present as over the three and five year time period just a handful of funds managed this position. However by October 2013 around 30 per cent of the funds had a return of more than 10 per cent. The further you go the better it becomes as over a 10 year period all the funds managed an annual return of more than 10 per cent which is a significant amount. 

Reducing cost

Costs incurred while managing your money eat away at the total returns earned by your investments. A simple way to tackle the situation is by listing out each of the cost elements and then making efforts to reduce the amount spent. The final returns matter for you as an investor so a situation where you earn a gross return of 14 per cent and a net return of 12 per cent after reducing the 2 per cent expenses is better than a situation where the gross return is 15 per cent but expenses total 5 per cent taking the net return to 10 per cent. 

As a mutual fund investor sticking to long term investing will help you to reduce the overall costs. The initial expenses at the time of buying the mutual fund would include some small expense like brokerage or fees to a distributor if these services are used. When the holdings are sold there would be again some brokerage fees if this is sold through a stock exchange plus securities transaction tax if the investment is in an equity oriented fund. In the interim period there would be the annual running expenses of the fund. If the investment is held for a period of mo! re than a! year then the entire gains earned would be tax free in your hands in  case of an equity oriented fund or taxed at 10 per cent without indexation or 20 per cent with indexation in case of a debt fund.

On the other hand when it comes to a short term investment every time there is a transaction there would be a small part of the total figure eaten up by the transaction charges which would include the brokerage fees if transacted on a stock exchange or distributors fees if their services are used. There will be the running expense on the fund for the period that it is held.  Any short term gains that are earned will be taxed at 15 per cent for equity oriented funds or at the marginal rate after being added to the income for a debt oriented fund. 

All this could end up ensuring that there is a larger impact for you at the end of the day and that it might not be worth so much effort.

Compounding effect

The real benefit of investing for the long term lies in two separate areas. One of this involves a continuous investment over a period of time so that this would make even tough goals seem very easy to achieve. The breakup of the investment into small parts makes it seem affordable. A small investment of just Rs 5,000 a month growing at 8 per cent per annum started by you at age 25 can lead to increasing earnings over every additional 5 year time period. Investing a sum of Rs 5,000 per month for 10 years will result in the accumulated figure of Rs 9 lakh. Investing an additional sum of Rs 3 lakh over the next five years will lead to the capital jumping by over Rs 8 lakh to Rs 17 lakh. This figure increases and every additional investment keeps generating a larger amount of wealth for you so from age 45-50 the additional Rs 3 lakh investment lead to an accumulated gain of nearly Rs 27 lakh. 
 
The other aspect is to actually maintain the investment for a significant period of time so that due to the compounding or accumulation of the earnings the figu! re contin! ues to grow over a period of time.  If there is a sum of Rs 50,000 that is invested and this grows at 9 per cent per annum then the earnings in the first year would be Rs 4,500 but in the 15th year it would be equal to 30 per cent of the initial investment and by the 30th year it would be equivalent to the initial investment each year. The key is thus to remain invested over a period of time so that the money compounds and the real benefit is visible to you as an investor.
 
Use of long term investing

Achieve multiple goals
Your existing financial situation is one of the main reasons why you should adopt the strategy of long term investing. As an existing investor you will have several goals to be achieved so it is not a question of just one or two investments but a comprehensive look at your portfolio. This will include planning for your children plus your goals for retirement as well as spends in the regular course of events. Multiple goals fighting for a share of a lower investible amount can be tackled by a systematic approach. This is achieved by investing regularly and staying invested for a long period of time and as the period increases your confidence in the process will also go up making you a better investor.

Accumulation of wealth

The goal of many people is to ensure that they have accumulated wealth for various purposes like children's education or retirement planning and this is possible only when the long term investing approach is taken. Taking this view will enable you to slowly and steadily build your financial position using several assets and the accumulation of wealth will benefit future generations. Investing is not a smooth one way ride but comes along with pitfalls and dangers so long term investing will help you to ride out the tough times.

Suitable conditions

A growing economy like India raises the scope for appreciation in the value of various asset classes. It is difficult to predict which area will do well in the short ! term but ! over a period of time there will be rise in the value of various assets as the economy grows. As an existing investor you should make use of these favourable macro economic conditions and plan out your investments for the next several years to benefit.

How should I tackle this situation?

A few simple steps should help you to navigate the path around your finances in a simple and easy manner. As an existing investor you would face a huge amount of choices and this includes decisions about selling your existing investments to route the money to some other area.  A way to tackle this high pressure situation would be to use mutual funds for investing as professional fund managers who devote their entire time to managing money can help your money grow over a period of time.

Ensure that you are investing from an early period in your life as it gives you a longer time period to grow your money over your life.  Also invest consistently without any disruption in the process and this will be a way to build wealth over your life. Apart from this there will be tough times when your investments might seem to be stopped growing and in many cases this might have declined a bit. If you are convinced of your investment choices then brave this period and stay invested because you will be able to ride out the storm and emerge stronger and better than before. Ultimately you need to give yourself the chance in life to let your money compound to ensure a better chance of success.

ECB Banking Tests To Be Harder Than Anticipated

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The euro traded steadily above $1.37 as markets settled after being shaken up by news that China's largest banks had tripled their amount of bad debt write offs for the first half of 2013 in preparation for potential defaults.

The country's decision to allow banks to use their large reserves to erase bad loans indicated that China is shifting toward a more modern approach toward credit management.

Related: Market Primer: Thursday, October 24: Investors Switch Focus To Earnings

In the eurozone, policy makers were put in the hot seat after European Central Bank President Mario Draghi announced that the ECB's upcoming health checks will be more difficult than those performed in the past. According to Financial Times, Draghi said that some of the eurozone's banks will need to fail the stress tests in order to prove the assessment's credibility.

Draghi also warned that EU leaders will need to settle their disagreements over setting up public backstops, as they will likely be needed when the assessments are carried out. However, Germany has been firm on its opinion against allowing failing banks to access eurozone rescue funds. German leaders have pushed for losses to be taken by bondholders before EU taxpayers shoulder the burden.

Investors were concerned after Draghi's speech and Europe's share markets reflected the sense of uneasiness. Italian bank stocks plummeted as many worried that the historically cash strapped nation's banks would fail the ECB assessments. Banks in Spain, Germany and France also suffered losses and fell around 2 percent.

The ECB's review is intended to strengthen investor confidence and help sure up eurozone banks' balance sheets. The tests will include an asset quality review, which could force some banks to build up their capital reserves.

Posted-In: European Central Bank Mario DraghiNews Eurozone Forex Global Federal Reserve Pre-Market Outlook Markets Best of Benzinga

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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How Bank of America Defrauded America

Did Bank of America (NYSE: BAC  ) enrich itself by defrauding potentially millions of homeowners who requested loan modifications under the 2009 Home Affordable Modification Program, or HAMP? Yes, or at least that's what six of its former employees are claiming in a class action lawsuit being waged in a Massachusetts federal court. But while the allegations are stunning and disappointing, I'm sad to say that they aren't surprising.

When President Obama announced HAMP in a speech on Feb. 18, 2009, he said its purpose was to "create new incentives so that lenders work with borrowers to modify the terms of subprime loans at risk of default and foreclosure." While subprime loans made up only 12% of mortgages at the time, they accounted for roughly half of all foreclosures.

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In Obama's words:

Right now, when families with these mortgages seek to modify a loan to avoid this fate, they often find themselves navigating a maze of rules and regulations but rarely finding answers. Some subprime lenders are willing to renegotiate; many aren't. Your ability to restructure your loan depends on where you live, the company that owns or manages your loan, or even the agent who happens to answer the phone on the day you call.

My plan establishes clear guidelines for the entire mortgage industry that will encourage lenders to modify mortgages on primary residences. Any institution that wishes to receive financial assistance from the government, and to modify home mortgages, will have to do so according to these guidelines -- which will be in place two weeks from today.

If lenders and homebuyers work together, and the lender agrees to offer rates that the borrower can afford, we'll make up part of the gap between what the old payments were and what the new payments will be. And under this plan, lenders who participate will be required to reduce those payments to no more than 31% of a borrower's income. This will enable as many as 3 to 4 million homeowners to modify the terms of their mortgages to avoid foreclosure.

The reality, as we soon came to find out, was that HAMP wasn't passed with the intention of helping homeowners, but rather to serve as an additional backdoor bailout for the banking industry. Neil Barofsky, the former special inspector general in charge of the oversight of TARP, discussed this point in his book Bailout. Recounting a conversation he and Elizabeth Warren had with then-Treasury Secretary Tim Geithner, Barofsky noted (emphasis added):

Geithner apparently looked at HAMP as an aid to the banks, keeping the full flesh of foreclosures from hitting the financial system all at the same time. Though they could handle up to "10 million foreclosures" over time, any more than that, or if the foreclosures were too concentrated, and the losses that the banks might suffer on their first and second mortgages could push them into insolvency, requiring yet another round of TARP bailouts. So HAMP would "foam the runway" by stretching out the foreclosures, giving the banks more time to absorb the losses while the other parts of the bailouts juiced bank profits that could then fill the capital holes created by housing losses.

And it's here where the new allegations about Bank of America come into play. According to a handful of affidavits recently filed in the case by former employees of the bank, they were instructed to intentionally delay the loan modification process, and to deny otherwise qualified applicants for made-up reasons. They were even rewarded for sending homeowners to foreclosure. "[Supervisors] regularly told us that the more we delayed the HAMP modification process, the more fees Bank of America would collect," one former employee said. He went on to note:

Employees were rewarded by meeting a quota of placing a specific number of accounts into foreclosure, including accounts in which the borrower fulfilled a HAMP Trial Period Plan. For example, a [loan collector] who placed 10 or more accounts into foreclosure in a given month received a $500 bonus. Bank of America also gave employees gift cards to retail stores like Target or Bed Bath & Beyond as rewards for placing accounts into foreclosure.

My point here isn't to pile on top of Bank of America or even its purported partner-in-crime, the Treasury Department. For what it's worth, I both own Bank of America stock and am a relatively content customer.

My point is instead to highlight the unfortunate reality that most of the nation's largest banks aren't run for their customers, or, for that matter, their shareholders. And lest there be any doubt about the latter, over the past five years, Bank of America's stock has returned a negative-50% while the S&P 500 (SNPINDEX: ^GSPC  ) is up by 35%. It accordingly follows that while the executives responsible for policies like these will invariably receive their exorbitant salaries and bonuses, the responsibility to actually bear the financial consequences will fall to those who own its stock.

Many investors are scared about investing in big banking stocks after the crash, but the sector has one notable standout. In a sea of mismanaged and dangerous peers, it stands out as The Only Big Bank Built to Last. You can uncover the top pick that Warren Buffett loves in The Motley Fool's new report. It's free, so click here to access it now.

No Default, No Doubt: S&P 500 Hits Record High as Standoff Ends

When I was growing up, a new movie starring Sylvester Stallone or Arnold Schwarzenegger alone would have been a box office hit. The two of them together? That would have been mana from heaven for Hollywood. These days, not so much. The roll out of their new film, Escape Plan, is drawing little more than shrugs.

AFP/Getty Images How happy were markets that Washington made a deal? Almost as happy as the Afghanistan soccer team after beating Pakistan in August.

Still, Escape Plan seems like an appropriate film for this week’s stock market. Stallone plays a security expert who is paid to break out of jail–but gets stuck in a CIA prison…forever. The government shutdown and debt-ceiling fiasco had that feel. Like being stuck in jail with a hint of release or having to watch Arnold and Sly ham it up in 2013. Either way. Take your pick.

So when the deal was struck, the government reopened and the debt ceiling raised, stocks celebrated. The S&P 500 gained 2.4% to 1,744.50, a new record high and the 28th this year. The Russell 2000 rose 2.8% to 1,114.77, also a record high–its 54th this year. The Dow Jones Industrial Average rose just 1.1% to 15,399.65.

The short-term nature of the deal–the government is funded only through Jan. 15 and the debt ceiling extended until Feb. 7–means there’s a good chance we’ll be doing this all over again in three months. Won’t that be fun? RBC Capital Market’s Tom Porcelli and team explain why the short-term deal could push off tapering far into the future:

The timing on the debt ceiling extension in particular is interesting from a monetary policy perspective. Fed officials have been rather clear that the reason they decided against tapering in September was based on fear political negotiations would generate an adverse outcome. Our original stance was tapering had been pushed off to March, but this needs to be re-thought in light of the Feb 7 debt ceiling extension. In reality, thanks to the Treasury Department's ability to employ extraordinary accounting measures, we will not hit the ceiling until at least mid March and perhaps even as late as June. In the context of a Fed that decided to unload a massive surprise on the market by not tapering in September, if political turmoil awaits us early in the new year, perhaps we need to begin thinking of tapering as a Q2 event.

Earnings were a mixed bag this week. Thomson Reuters Greg Harrison explains:

20% of the S&P 500 companies have reported Q3 2013 EPS. Of the 98 companies in the S&P 500 that have reported earnings to date for Q3 2013, 62.2% have reported earnings above analyst expectations, 13.3% reported earnings in line with analyst expectations and 24.5% reported earnings below analyst expectations. In a typical quarter (since 1994), 63% of companies beat estimates, 17% match and 21% miss estimates. Over the past four quarters, 66% of companies beat estimates, 10% matched and 24% missed estimates.

Citigroup’s Tobias Levkovich argues that there is “more upside in the next year beyond EPS
growth.” He writes:

The approach taken to normalize the multiple by using cyclically adjusted P/E ratios and the futures contract on the bond yield provides an intriguing set of statistics that supports further equity index gains beyond the expected 6%-like profit growth. Indeed, the probability of a respectable upward market move is better than 90% while the P/E bull's-eye work also shows that stocks are poised for incremental appreciation.

Stocks have escaped Washington. Can they achieve escape velocity?

Some individual stocks certainly did this week. Chipotle Mexican Grill (CMG) rose 19% to $509.74–a new all-time closing high–despite missing earnings forecasts. Strong same-store sales will do that. Baker Hughes (BHI), meanwhile, gained 11% to $55.55 after the oil-services company reported far stronger earnings than analysts had expected thanks to its business in the Middle East and Asia Pacific. Advance Auto Parts (AAP) gained 20% after purchasing a competitor and making itself the largest auto-parts supplier by revenue.

Others, however, gave back six months of gains in one week. That was the case for Select Comfort (SCSS), which plunged 29% to $18.60 this week after missing earnings forecasts and cutting guidance for the second time in 2013. Stanley Black & Decker (SWK), meanwhile, fell 15% to $77.16 after it beat earnings but lowered its guidance. It blamed weak margins in its security business, emerging markets and…wait for it…the government shutdown.

There is no escape.

How to Avoid Common Winter Budget-Busters

Alamy From clothes to car repairs, things just seem to cost more in the winter. Add in holiday shopping, and even the most carefully-planned household budget can get crushed under the weight. But the winter months don't have to wreck havoc on your budget. We talked to the experts to find out how to plan for, and avoid, some common expenses. Season-Proof Your Wardrobe Back when seasons were predictable, switching out one wardrobe for another was a quarterly ritual. But now, there's no reason to invest year after year in winter clothes. A few, well-chosen, high-quality items can blend with fall and spring clothes for a year-round look. And heavy, and expensive winter coats? One or two will do. Ken Downing, the fashion director of Neiman Marcus, says, "We seldom have prolonged exposure to the elements these days. Many of us go from our homes to our cars to our offices. There's really no need for the sort of heavy layers we used to need." The same idea goes for a winter-only wardrobe. Skip buying heavy sweaters only practical a few weeks or months. Downing favors pieces that can be dressed up or down, or layered over, throughout the year. "I love seeing basic essentials like a nice dress or classy skirt and blouse, that work year-round, and can be dressed up with that season's color and accessory." For this fall, Downing recommends leopard accessories like a purse or heels, a belt or a scarf. Get a Jump-Start on Car Problems Bill Tatler, a Firestone mechanic in Brick, N.J., says that certain parts of a car are more likely to fail during the cold months, especially as a car repeatedly goes from being parked in below-freezing conditions to its standard operating temperature. "A battery will almost always go in the winter," Tatler says. "Hoses that are a little worn out should be replaced, because the changes in the temperature could cause them to blow." Tatler recommends coating windshields with a water repellent like Rain-X to help prevent ice from sticking to them, topping off windshield wiper fluid often, and replacing wiper blades. (It's not necessary to replace the arms.) If windshield wipers stop working altogether, it's probably just a blown fuse, which is easy and inexpensive to replace. For drivers of pick-up trucks, Tatler says, "Leave the snow in the bed. The extra weight will add some stability in cold weather, and when it gets warmer, and road conditions improve, the snow will naturally melt away." It may not be ideal for gas mileage, but that load of snow could mean the difference between a slide and an accident. You've Got to Give (a Little!) It's tempting to go overboard when holiday shopping for loved ones, but a bit of caution can save your from a budget blow-out. Skip the ultra-trendy items in favor of an "investment" piece; for example, a leather handbag for a new college graduate or an interview-appropriate tie for a jobseeker. Don't be afraid to ask what people want; sometimes the best gift is something that's truly needed. Alternatively, focus on creating memories rather than giving material items. Gift certificates to a movie (with enough included for popcorn), a night out for two, or a weekend away with the family (or from them!) will last much longer than the memory of a sweater that's pushed into the back of a closet, and never seen again.

Rieder: Can rich tech guys save journalism?

At a conference last month, journalist and entrepreneur Steve Waldman had an interesting suggestion for financing nonprofit news sites: How about if winners in the new economy reached for their checkbooks?

Waldman nominated Apple, Google and Verizon. But some new economy winners are already deeply involving themselves in trying to secure journalism's future.

Amazon founder and CEO Jeff Bezos has purchased The Washington Post. And now eBay founder Pierre Omidyar is planning to launch an entirely new news organization starring journalist Glenn Greenwald, of Edward Snowden leak fame.

Since the digital revolution blew up the economic model of traditional newspaper journalism, there has been endless discussion about where the money might come from to foster the public service journalism that's critical in a democracy.

Well, part of the answer seems to be: very rich dudes. And rich digital dudes look like a particularly promising subset. There is no shortage of Silicon Valley luminaries who have become very, very wealthy. And clearly some of them are journalistically inclined.

Omidyar's interest in journalism has been clear for quite some time. He has supported various initiatives through philanthropy and three years ago launched Honolulu Civil Beat, an online, for-profit news outlet that covers Hawaii.

In a post on his Omidyar Group website, Omidyar said that over the summer he, too, had explored the possibility of buying The Washington Post. That was the catalyst for his new venture. It got him thinking about what he could do if he used a similar amount of money not to buy the Post but rather to build something from scratch. (Bezos bought the Post for $250 million.)

And while Greenwald is a high-profile get, Omidyar is not thinking just about investigative reporting. He says the as-yet-unnamed news outlet "will cover general interest news, with a core mission around supporting and empowering independent journalists across many sectors and beats. The team will bui! ld a media platform that elevates and supports these journalists and allows them to pursue the truth in their fields."

Omidyar stresses that the initiative is in its early stages. He says he doesn't know yet "how or when it will be rolled out, or what it will look like."

As the eBay founder explored his plunge into news, he decided to talk to Greenwald to determine what journalists like him "needed to do their jobs well." While Greenwald has been reporting for the British newspaper The Guardian and previously wrote for the website Salon, he is much more an independent operative than a typical staff reporter.

Turned out that Greenwald, his collaborator Laura Poitras and Jeremy Schall of The Nation magazine were also contemplating creating a journalism entity. So it made perfect sense for Omidyar to team up with them.

Greenwald, who calls his new if undefined gig a "once-in-a-career dream journalistic opportunity," is an example of a relatively new digital era phenomenon, the journalist as franchise. In July, ESPN lured statistics whiz Nate Silver away from The New York Times. Silver had won acclaim for his spot-on predictions about the 2012 presidential election on his FiveThirtyEight blog. And speaking of dream jobs, Silver's mission is to put together a team to cover sports, culture, economics and tech, not to mention appear on ABC News in campaign season.

Omidyar told New York University journalism professor Jay Rosen, who writes the PressThink blog, that he and Greenwald haven't even talked about what the celebrity journalist's role will be. They just know they want to do this together.

Omidyar also told Rosen that the enterprise would be digital-only, and that his determination to launch it was intensified by concern over the Obama administration's harsh crackdown on leaks and the revelations of wholesale surveillance by the National Security Agency.

(I contacted Omidyar for an interview, but a spokeswoman told me that he wasn't granting any aside from h! is conver! sation with Rosen, whom he has consulted about the start-up. She referred me to Rosen's and Omidyar's posts.)

So, is this ownership by rich dudes a good thing or a bad thing? Depends on the rich dude. The Omidyar/Greenwald collaboration sounds very exciting. For one thing, $250 million is serious money. You can buy a lot of journalism with that.

Omidyar seems seriously interested in furthering the cause of good journalism. And Greenwald is obviously very smart and very driven. Yes, he has a political agenda, which is always troubling. But he has done an enormous public service with his work on the Snowden revelations about government snooping.

It reminds me of Bob Woodward's defense of using information from anonymous sources. The issue, he says, isn't the type of source, it's the quality of the information.

But the rich dude model certainly has its pitfalls. I started my journalism career at The Philadelphia Inquirer when it was owned by Walter S. Annenberg, later, the U.S. ambassador to the Court of St. James. It was a mediocre-at-best paper that Annenberg used to reward his friends and punish his enemies.

Top Gold Companies To Own In Right Now

Today, the Inquirer is owned by not just one but by six rich dudes. And the ugly situation there, with bitter infighting pitting owner against owner and publisher against editor, is truly disheartening.

But make no mistake: The Omidyar emergence, along with forays into the newspaper business by Bezos, investor nonpareil Warren Buffett and free-spending Orange County Register owner Aaron Kushner, are very hopeful signs.

IBM, eBay shares fall after earnings reports

SAN FRANCISCO (MarketWatch) — International Business Machines Corp. shares fell in the extended session Wednesday after the tech bellwether's earnings topped Wall Street estimates but revenue came in on the light side.

Bloomberg IBM's revenue falls short of analysts' targets.

IBM (IBM)  shares fell 6% to $175.56 on heavy volume after the company reported adjusted third-quarter earnings of $3.99 a share . Analysts polled by FactSet estimated $3.96 a share on revenue of $24.79 billion. The consensus estimate for earnings had held steady since late July, while revenue estimates had come down slightly over the same period.

Closing up 1.1% at $186.73 during the regular session Wednesday, IBM ranked as the second-largest component on the price-weighted Dow Jones Industrial Average (DJIA) , which finished up 1.4% on the day.

For the year, IBM said it expects adjusted earnings of at least $16.25 a share, or at least $16.90 a share excluding a second-quarter "workforce rebalancing" charge. Analysts surveyed by FactSet expect earnings of $16.87 a share.

Best Small Cap Companies To Watch For 2014

Recently, IBM shares were downgraded by Barclays, which warned all the tech bellwether's segments could get hit by the rise of cloud computing and software-as-a-service.

Earnings Wall

Discuss key earnings announcements before and after results come in. Learn more

Key earnings reports we're tracking right now:
BAC |  PEP | EBAY | AXP | IBM

/conga/story/misc/earnings_wall_threewide.html 283192

Shares of eBay Inc. (EBAY)  dropped 4.1% to $51.33 on heavy volume after the company's outlook for the fourth quarter disappointed.

Shares of Select Comfort Corp. (SCSS)  plunged 24% to $18.39 on heavy volume after the maker of Sleep Number beds reported disappointing third-quarter results and cut its outlook for the year.

Shares of eBay, IBM and Select Comfort were among the top 10 highest volume trades after hours Wednesday.

American Express Co. (AXP) shares rose 0.3% to $76.56 on moderate volume after the Dow component reported quarterly earnings of $1.25 a share on revenue of $8.3 billion.

Analysts expected third-quarter earnings of $1.22 a share on revenue of $8.23 billion. The consensus earnings-per-share figure has risen by a penny since late July, while the revenue consensus has declined slightly over the same period.

Xilinx Inc. (XLNX)  shares dropped 4.3% to $44.90 on moderate volume after the company reported fiscal second-quarter earnings.

Best Companies To Invest In 2014

Even the few remaining optimists who believe the PC isn't dead have to admit the old boy is breathing heavy. Another Asian manufacturer, Asus, recently inked a deal with Google (NASDAQ: GOOG  ) to manufacture a Chromebook later this year.

Chromebooks haven't caught on as fast as Google would like. But then again, neither has Microsoft's (NASDAQ: MSFT  ) Windows 8 operating system, says Tim Beyers of Motley Fool Rule Breakers and Motley Fool Supernova in the following video. At least one PC manufacturer, Acer, said Chromebooks accounted for between 5% and 10% of Q4 sales and that, as a product category, Windows 8 machines were "not successful" as of January.

Industry trends aren't the only factor here. According to trade magazine Computerworld, �Asus saw a fivefold increase in Android tablet shipments in the first quarter. Only the clinically unconscious wouldn't make a move to build more devices for Google's zero-cost operating systems after seeing numbers like that.

Best Companies To Invest In 2014: Tawana Resources NL(TAW.AX)

Tawana Resources NL engages in the exploration and evaluation of diamondiferous kimberlites and alluvials primarily in South Africa, Australia, and Botswana. The company also explores for gold and base metals in Liberia. It has interests in Daniel project, Kareevlei Wes, St Augustines, Lexshell, and Perdevlei properties in South Africa; Flinders Island and Eyre Peninsula properties in Australia; and Orapa property in Botswana. The company has a strategic alliance with Gryphon Minerals Ltd. Tawana Resources NL was incorporated in 1998 and is headquartered in Melbourne, Australia.

Best Companies To Invest In 2014: Avino Silver & Gold Mines Ltd. (ASM.V)

Avino Silver & Gold Mines Ltd. engages in the acquisition, exploration, and development of mineral properties in Canada and Mexico. It primarily explores for gold, silver, copper, zinc, and lead deposits. The company holds interest in the Avino Silver mine covering approximately 4,364 hectares located in Durango, Mexico. It also owns 100% interest in the Eagle property located in the Yukon, Canada; and the Aumax, Olympic-Kelvin, and Minto properties situated in British Columbia, Canada. Avino Silver & Gold Mines Ltd. was founded in 1968 and is headquartered in Vancouver, Canada.

Best Growth Stocks To Invest In Right Now: Tetra Tech Inc.(TTEK)

Tetra Tech Inc., together with its subsidiaries, provides consulting, engineering, program management, construction management, and technical services for water, natural resources, environment, infrastructure, and energy sectors. The company operates in four segments: Engineering and Consulting Services (ECS), Technical Support Services (TSS), Engineering and Architecture Services (EAS), Remediation and Construction Management (RCM). The ECS segment offers front-end science, consulting engineering, and project management services in the areas of surface water management, groundwater, waste management, mining and geotechnical sciences, arctic engineering, industrial processes, and information technology. The TSS segment provides management consulting and strategic direction in the areas of environmental assessments/hazardous waste management, climate change, international development/stabilization, energy services, and technical government staffing services. The EAS segment offers engineering and architecture design services, including leadership in energy and environmental design (LEED) and sustainability services, together with technical and program administration services for projects related to water infrastructure, buildings, and transportation and facilities. The RCM segment provides environmental remediation, infrastructure development, and alternative energy services. The company offers its services to the U.S. federal, state, and local government agencies, as well as to commercial and international clients. Tetra Tech, Inc. was founded in 1966 and is headquartered in Pasadena, California.

Advisors' Opinion:

• [By Rich Smith]

  The Department of Defense awarded a dozen separate contracts Thursday, worth more than $225 million in aggregate. Notable winners (among publicly traded companies) included:

Best Companies To Invest In 2014: Thermal Energy International In (TMG.V)

Thermal Energy International Inc., a technology company, provides various proprietary and proven energy efficiency, emission reduction, water efficiency, and bioenergy products and solutions to the industrial, commercial, and institutional markets worldwide. Its energy solutions portfolio includes FLU-ACE technology that enhances the fuel efficiency of boiler operations, and captures heat from paper machines and other dryers; Dry-Rex low temperature biomass dryers; GEM steam traps and condensate return systems; THERMAL-AUD program that allows energy managers to meet corporate energy cost and emission reduction mandates; and THERMALOZOMAX ozone generation technology, which has applications in water purification, waste water treatment, and treatment of air streams and hazardous air pollutants. In addition, the company offers business and project development, and business case analyses; and engineering, construction management, installation, and project financing services. Th e company was founded in 1991 and is headquartered in Ottawa, Canada.

Best Companies To Invest In 2014: SciQuest Inc.(SQI)

SciQuest, Inc. provides an on-demand strategic procurement and supplier enablement solution worldwide. The company?s solution integrates its customers with their suppliers for automating the source-to-settle process. Its solution include various modules, such as sourcing director, spend director, requisition manager, order manager, settlement manager, supplier contract management and authoring, total supplier manager, supplier diversity manager, and materials management. The company delivers its solutions over the Internet using a software-as-a-service model. It serves higher education, life sciences, healthcare, state and local government entities, and commercial customers through direct sales force. SciQuest, Inc. was founded in 1995 and is headquartered in Cary, North Carolina.

Advisors' Opinion:

• [By Holly LaFon]

  A second company that makes enterprise software is SciQuest (SQI), which provides procurements and spending management software on a subscription basis. Unlike one of its chief competitors, which targets everyday supply purchases made by big companies, SciQuest provides automated purchasing to a different segment by focusing on universities, hospitals, local and state governments, etc.

Best Companies To Invest In 2014: Hoku Corporation(HOKU)

Hoku Corporation operates as a solar energy products and services company primarily in the United States. It focuses on manufacturing polysilicon, a primary material used in the manufacture of photovoltaic (PV) modules; and designing, engineering, and installing turnkey PV systems and related services in Hawaii using solar modules purchased from third-party suppliers. The company was formerly known as Hoku Scientific, Inc. and changed its name to Hoku Corporation in March 2010. Hoku Corporation was incorporated in 2001 and is headquartered in Honolulu, Hawaii.

Best Companies To Invest In 2014: American Select Portfolio Inc.(SLA)

American Select Portfolio Inc. is a close ended fixed income mutual fund launched and managed by FAF Advisors, Inc. It is co-managed by Nuveen Fund Advisors, Inc. and Nuveen Asset Management, LLC. The fund invests in the fixed income markets of the United States. It primarily invests in mortgage-related assets that directly or indirectly represent a participation in or are secured by and payable from mortgage loans. The fund has an overall credit quality of BBB. It benchmarks the performance of its portfolio against the Lehman Brothers Mutual Fund Government/Mortgage Index. The fund will not invest in inverse floaters, principal-only securities, interest-only securities, inverse interest-only securities, Z-bonds. American Select Portfolio Inc. was formed on September 21, 1993 and is domiciled in the United States.

Best Companies To Invest In 2014: Qiagen N.V.(QGEN)

QIAGEN N.V., through its subsidiaries, provides sample and assay technologies worldwide. It offers approximately 500 core consumable products, such as sample and assay kits, and automated instrumentation systems that empower customers to transform raw biological samples into molecular information. The company?s consumable products are used for plasmid deoxyribonucleic acid (DNA) purification, and ribonucleic acid purification and stabilization; genomic and viral nucleic acid purification; nucleic acid transfection; polymerase chain reaction (PCR) amplification; reverse transcription; DNA cleanup after PCR and sequencing; and DNA cloning and protein purification. The company sells the digene HC2 HPV Test, a signal-amplified test for high-risk strains of the human papillomavirus. It also offers co-development services for companion diagnostics, technology licensing and patent sales services, and custom services, including whole genome amplification, DNA sequencing, and non- cGMP DNA production on a contract basis. The company?s instrumentation systems automate the use of sample and assay technologies into solutions for a range of laboratory needs enabling customers to perform nucleic acid sample preparation, assay setup, target detection, and other laboratory tasks. Its automated systems include QIAsymphony, a modular system; Rotor-Gene Q, a rotary real-time PCR cycler system; PyroMark, a high-resolution detection platform based upon the Pyrosequencing technology; QIAcube, a sample processing instrument; QIAxcel for nucleic acid separation in low- to high-throughput laboratories; and ESE-Quant Tube Scanners, an optical measurement device. The company serves customer classes, including molecular diagnostics laboratories; applied testing customers in fields, such as forensics, veterinary diagnostics, and food safety; pharmaceutical research and development groups, and academic researchers. QIAGEN N.V. was founded in 1986 and is headquartered in Venlo, the Netherlands.

Best Clean Energy Stocks To Invest In Right Now

My brother is one of the lucky individuals beta-testing the new Google (NASDAQ: GOOG  ) product Google Glass. I think they look a little ridiculous (even if they are wicked cool to play with), but I have not been too concerned with prime light-hogging wearable computing. Instead, I have been watching the tech giant quietly increase its investment in renewable energy. I would even argue that some of the technologies coming out of Google X have larger potential than Glass for shareholders and consumers alike.

Google X takes to the skies ... literally
Big G has invested more than $1 billion in wind and solar projects globally since rolling out its ambitious clean energy agenda. The projects will generate over 2 gigawatts of electricity, or enough to power 500,000 homes. Notable investments include a $280 million check cut to SolarCity�to assist in financing residential solar projects, and a 37.5% equity stake in the development of a 7,000 MW offshore wind farm in the Atlantic Ocean.

Best Clean Energy Stocks To Invest In Right Now: National Australia Bank Ltd (NAB.AX)

National Australia Bank Limited provides products, advice and services. In Australia, it operates through National Australia Bank, MLC and UBank. In the United Kingdom, it operates through Clydesdale Bank. In New Zealand, it operates through Bank of New Zealand. In the United States, it operates through Great Western Bank. Segments include Business Banking, Personal Banking, Wholesale Banking, UK Banking and NZ Banking, MLC and NAB and Great Western Ban. As of April 5, 2012, the Company and its associated entities ceased to be a substantial holder in BlueScope Steel Limited. On May 17, 2012, it ceased to be a substantial holder in Spark Infrastructure Group and Sandfire Resources NL. As of August 24, 2012, the Company and its associated entities ceased to be holder in Tabcorp Holdings Limited. In September 2012, the Company and its associated entities have ceased to be a substantial holder in Incitec Pivot Limited, as of August 30, 2012.

Best Clean Energy Stocks To Invest In Right Now: EXACT Sciences Corporation(EXAS)

Exact Sciences Corporation, a molecular diagnostics company, focuses on developing a molecular diagnostic technology for the early detection and prevention of colorectal pre-cancer and cancer. The company develops the Cologuard, a non-invasive stool-based DNA colorectal cancer screening test that is designed to detect each of the four stages of colorectal cancer, as well as pre-cancerous lesions. Its test includes proprietary and patented methods, which isolate and analyze the trace amounts of human DNA that are shed into stool every day from the exfoliation of cells that line the colon. The company?s Cologuard test is also used to detect blood in stool, utilizing an antibody-based fecal immunochemical test. It has a strategic alliance agreement with LabCorp under which it licenses its patents and patent applications relating to the stool-based colorectal cancer screening technology to LabCorp; a collaboration, license, and purchase agreement with Genzyme Corporation to d eliver intellectual property improvements through licenses; and a license agreement with MAYO Foundation for medical education and research. Exact Sciences Corporation was founded in 1995 and is headquartered in Madison, Wisconsin.

Advisors' Opinion:

• [By Keith Speights]

  Year-to-date gains of 25% don't really tell the full story for molecular diagnostics company Exact Sciences (NASDAQ: EXAS  ) . There have been plenty of big ups and downs to get to those 25% gains. Since late April, the stock is actually up almost 70%.

• [By Rick Munarriz]

  Tuesday
  Exact Sciences (NASDAQ: EXAS  ) steps up in the morning with fresh financials, but don't hold out for a profit. This is a molecular diagnostics company that's still early in the process of tackling colorectal cancer. If investors are eager for more information, Exact Sciences is hosting its annual shareholder meeting two days later.

Top 5 Small Cap Stocks To Invest In Right Now: Telecom Corporation of New Zealand Limited(NZT)

Telecom Corporation of New Zealand Limited, together with its subsidiaries, provides telecommunications services, as well as information, communication, and technology services in New Zealand and Australia. Its products and services include local, national, international, and value-added telephone services; mobile services; data, broadband, and Internet services; IT consulting, implementation, and procurement services; and equipment sales and installation services. The company also involves in the retail of telecommunications products and services. It serves residential, business, and government customers. Telecom Corporation of New Zealand Limited was founded in 1987 and is based in Auckland, New Zealand.

Best Clean Energy Stocks To Invest In Right Now: Alkaline Water Company Inc (WTER)

The Alkaline Water Company Inc., formerly Global Lines Inc, incorporated on June 6, 2011, is a developer of electrolysis beverage process, packaged and branded as Alkaline84. Alkaline84 is the Company's flagship product designed to encourage daily consumption of Alkaline Water through a consumer oriented bulk delivery system. The Company is engaged in the development of a national retail bulk distribution network delivering Electrochemically Activated Water (ECA) to consumers everywhere. The Company is focused on the business of distributing and marketing the retail sale of its packaged Alkaline84 branded beverage products.

Alkaline84 is available in two sizes: three liters and one gallon. Alkaline84 is a pH balanced bottled alkaline drinking water enhanced with 84 trace minerals and electrolytes. Alkaline84 is available for consumer sales at a number of major retail locations across the southwestern United States.

Advisors' Opinion:

• [By James E. Brumley]

  The initial thought may be that it's a bit of an awkward sales venue. The more one thinks about it - and digs - the more this relationship makes sense. And if you did really deep into the details (into a philosophical level), a "whole is greater than the sum of its parts" scenario surfaces. What's this not-really-unusual relationship? The Alkaline Water Company Inc. (OTCBB:WTER) is now selling its Alkaline88 brand of water through Amazon.com, Inc. (NASDAQ:AMZN). Take that Primo Water Corporation (NASDAQ:PRMW)!

Best Clean Energy Stocks To Invest In Right Now: Charm Communications Inc.(CHRM)

Charm Communications Inc. operates as an advertising agency in China. The company offers a range of advertising agency services from planning and managing the advertising campaigns to creating and placing the advertisements. It places advertisements for its clients on a range of television channels, including CCTV, and satellite and regional television channels, and on other media platforms, including Internet and out-of-home media. The company also engages in media investment management through identifying, securing, and selling of advertising resources. In addition, it provides branding and identity services, including design, development, and production of advertisements; and marketing consulting services. The company is headquartered in Beijing, the People?s Republic of China.

The Most Disturbing Fact About the U.S. Economy Today

There's a question no one wants to ask, but it's time we do:

What happens to the U.S. economy if American consumers get so financially strapped that they stop spending money?

You see, it's a well-known fact that 70% of the U.S economy depends on consumer spending. If consumer spending slips, it will weaken the U.S. economy, which means lower earnings - and lower stock prices.

And the household income trends that I'm about to show you suggest that this vital pillar of the U.S economy has some serious cracks in it...

The Dangerous Trend in Median Household Income

According to U.S. Census Bureau data, median household income - the level where exactly half take in more and half take in less - fell 0.2% in 2012 to an inflation-adjusted $51,017. And that's 8.3% lower than where the median household income stood in 2007, before the recession began.

What increases Americans have gotten over the years - about $11,000 since 2000 - have been more than negated by inflation.

The decline for 2012 puts inflation-adjusted median household income at a level not seen since the mid-1990s. In fact, a long-term chart of median income shows that families made less in 2012 than they did in 1989.

"The bleeding has stopped, I suppose, but incomes have yet to increase," Richard Fry, an economist at Pew Research Center told The Wall Street Journal. "Asset prices are rising, but when we look out at Main Street, at what households are getting, there isn't much growth."

It's a far cry from the years that followed the recession of the early 1990s, when the median household income rose 15%, from $48,884 in 1993 to $56,080 in 1999.

It's also worth pointing out that median household income is not median salary. Median household income includes all sources of income, including multiple wage earners. The median annual wage in the United States is much lower - just under $27,000.

So, what happened to our wages?

One reason so many Americans have seen no real income growth is the persistently high unemployment left over from the recession; 11 million Americans remain unemployed. Businesses feel no need to offer more pay when most workers are easily replaced.

And the bulk of the new jobs are in low-paying industries like retail, which means many of those who have found new jobs after the layoffs of the Great Recession are making less than they did before.

For those who ended up with lower-wage jobs, the news gets even worse.

According to the Labor Department, the average hourly pay for a nongovernment, non-supervisory worker has dropped to $8.77 from $8.85 in June 2009 - the end of the recession.

But as ominous as the decline in median income is, that's not the worst news. There's a related trend that's even more disturbing...

The Bigger Threat to the U.S. Economy

Remember, the decline in the median household income has come despite rising home prices, record highs in the stock market, and surging corporate profits.

But almost all of the gains in the U.S. economy of the past few years have gone to the very wealthy, with the top 1% collecting the lion's share, according to a recent study by the Department of Economics at the University of California at Berkeley.

The top 1% of households in 2012 were those with incomes above $394,000.

Since June 2009, an astounding 95% of the income gains have gone to the top 1%. The discrepancy has not been nearly as severe in past recoveries.

For instance, the top 1% snagged only 65% of the income gains following the 2001 recession, and just 45% of the income gains after the 1991 recession.

But the super-wealthy aren't getting massive raises. Most of the disproportionate increase in their incomes is coming from their investments.

The richest 10% of households own 90% of the stock, and so have been the primary beneficiaries of the market's 150% rebound since the bottom of March 2009.

These trends have created a widening gap between the rich and the poor in the United States. According to the Berkeley study, the top 1% of wage earners earned 19.3% of all U.S income last year - the biggest percentage since 1928. The top 10% took in a record 48.2% of all household income.

All of this is putting growing pressure on the household budgets of the average American family.

"People are making decisions and choices," National Retail Federation CEO Matthew Shay told CNBC. "They can spend on some of the things we're seeing, on autos and homes, or they can spend on other places. They're sort of choosing either/or."

With purchasing power going into reverse for most Americans, companies are going to have to compete harder for those dollars, or it will start to hit their own bottom lines.

In the past year consumer spending has hovered at about half the levels of where it usually sits during periods of typical growth in the U.S economy.

"With worker pay stagnant, why are so many surprised that consumer spending is going nowhere?" economist Joel Naroff at Naroff Economic Advisors asked in a recent note to clients. "How can consumers lead the way if they don't have the means to purchase more goods? They cannot."

Note: You can't force your boss to give you a raise, but you can boost your income through investing - just like the wealthy do. You just need the right strategy. Here Money Morning Chief Investment Strategist Keith Fitz-Gerald shares his secret to superior returns...

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Looking for a Raise? Good Luck with That Associated Press:
Top 1 Percent in US Took Biggest Share Since 1928

U.S. Stocks Slip as Global Creditors Watch With Trepidation

NEW YORK (TheStreet) -- Major U.S. stock markets were slipping Wednesday as fears of a U.S. default overshadowed promises of more stimulus under Janet Yellen, who is expected to be nominated to succeed Ben Bernanke at the central bank.

The S&P 500 was down 0.31% to 1,650.36 though short-term Treasury yields, that have been particularly sensitive to the activities in Washington, seemed to calm bond markets. The 1-month bill was rising 1/32, diluting the yield to 0.281%.

Yellen's previous statements in support of the Fed's stimulus program have lent support to investors pushing for the central bank to do all it can to assist in the country's economic recovery.

As for the government shutdown that began Oct. 1, Obama said he is willing to negotiate with Republican leaders. Obama said he would begin talks if Republicans move to promptly end the shutdown and raise the debt ceiling, even if it was only for a temporary four to six weeks. The Dow Jones Industrial Average was off 0.16% to 14,753.28. The Nasdaq was lower by 0.91% to 3,661.09. Prior to the Yellen announcement, the Fed is scheduled to release a summary of its September policy meeting, a gathering at which policymakers maintained the current pace of their bond-buying program amid concerns that current fiscal policy is restraining economic growth. The minutes will be released at 2 p.m. K12 Inc. (LRN) shares were plummeting 36.34% to $18.19 after shares of the online education services were cut to "neutral" from "outperform" at Baird and to "market perform" from "outperform" at BMO after the company said that average student enrollments rose 5.7% to 128,550 in the first quarter fiscal 2014 from a year ago, which was below management's own expectations. Ariad Pharmaceuticals (ARIA) shares were plunging 70.89% to $4.98 after the company admitted Wednesday that its leukemia drug Iclusig causes more blood clots and heart-related side effects than previously reported, forcing the company to halt enrollment in Iclusig clinical trials and advise patients currently on the drug to lower the dose. Yum! Brands (YUM) was surrendering 8.37% to $65.31 after the fast-food restaurant group reported third-quarter earnings that were lower than expected as same-store sales in China dropped 11% in the quarter. Men's specialty retailers JoS. A. Bank Clothiers (JOSB) and The Men's Wearhouse (MW) were both surging after JoS. A. Bank confirmed media reports that it has approached Men's Wearhouse to buy the company for $48 a share in cash in a $2.3 billion deal, representing a roughly 42% premium to the closing price of the acquisition target on September 17, the day before the proposal was made. However, The Men's Warehouse on Wednesday rejected the approach saying that it "significantly undervalues" the company. Men's Wearhouse shares were jumping 28.12% to $45.15 and Jos. A. Bank was advancing 8.5% to $45.20. Alcoa (AA) was popping 3.84% to $8.25 after the largest U.S. aluminum producer posted profits that beat analyst forecasts. Follow @atwtse -- Written by Andrea Tse in New York >To contact the writer of this article, click here: Andrea Tse.>

Despite debt ceiling debate, now is not the time to exit markets

Even though the partial shutdown of the federal government is set to give way to a prolonged — and probably nasty — debt-ceiling debate, now is not the time to bail from the markets.

That said, put your seat belt on.

“It's folly to try and Washington-proof your portfolio,” said Doug Cote, chief investment strategist at ING U.S. Investment Management. “This kind of thing can turn on a dime and the market can go up a lot faster than it goes down. So if you sell now, you're just locking in losses.”

With the government shutdown wrapping up its first week, investors have gotten increasingly nervous, primarily because the longer it lasts, the more it looks like a long-term prospect.

Practically speaking, a short-term partial government shutdown won't have a major drag on economic growth, even though it is drawing a lot of attention, which in turn has been driving market volatility.

The real threat at this point is of a gridlocked Washington grinding into another debt-ceiling battle, which some say could trigger a new level of market fears if it looks as though the U.S. is on the brink of default.

Treasury Secretary Jacob Lew has stated that the federal government has only enough credit available to meet the Oct. 17 debt payment of approximately $30 billion. Other analysts have suggested that the October payment date is less significant than a larger November payment deadline.

Either way, the current scenario has created a messy start to the fourth quarter.

“We came into the fourth quarter with a U.S. economy doing OK, and with a better tone coming from the rest of the world, and I thought we were kind of aligning for a global expansion,” said Joel Huffman, a senior portfolio manager at the Private Client Reserve of U.S. Bank Wealth Management.

“If the shutdown continues for several weeks, it will become more noticeable,” he added. “There's enough momentum in the economy that we won't fall completely off the rails, but the longer it goes on, the more impact it will have at the margins.”

Financial advisers, for their part, are taking it all in stride.

“I don't think it has any impact on the markets,” said Paul Schatz, president of Hertitage Capital LLC. “We're not going to default.”

Top 10 Gold Companies To Watch For 2014

Mr. Schatz said none of his clients have contacted him with concerns about the shutdown.

Theodore Feig! ht, an adviser at Creative Financial Design, meanwhile, heard from two anxious clients on Thursday.

“I'm telling them all that the average shutdown is about five days and that, historically, the market usually responds with an 18% increase over the next six months,” he said.

While it is nearly impossible to handicap Washington politics, professional investors are finding themselves drawn begrudgingly into the mix.

“A lot of what we do now has so much to do with government because government has a bigger reach than it has had in the past, so it's something you have to pay attention to,” said Brian Frank, president and portfolio manager at Frank Capital Partners.

“Right now, it's still about taking advantage of the situation if people are going to sell based on the shutdown,” he added. “Unless the shutdown lasts for months, it is not going to have a big impact on the economy, but the market should be much more concerned about the debt ceiling issue.”

As the deadline for raising the $16.7 trillion U.S. debt limit draws nearer, the fight over a continuing resolution to fund the government is likely to morph into a larger and more complex grand bargain scenario that could further complicate matters.

In that context, there is talk of default risk.

“A default would be really bad, much worse than the shutdown, but right now I'd say there is only about a 25% chance of a default,” said Uri Landesman, president of Platinum Partners LP.

Mr. Landesman, who was negative on the equity markets even before the shutdown began, said: “In this market, I would be advising people to sell.”

From his perspective, the colliding of the shutdown with the debt-ceiling fight will not produce many winners.

“Once you get into it, Congress' historically low approval rating will go even lower,” he said. “But now they can fight about what they really care about, which is Obamacare.”

In terms of the market's reaction to! it all, ! Mark Travis, manager of the Intrepid Capital Fund (ICMBX), cited a similar market reaction in August 2011 when U.S. debt was downgraded and stocks saw a few single-day drops of up to 5% over the following week.

“We've been through a very benign period this year with very low volatility,” he said. “Right now, you've got equity indexes that are up more than 20%, so it's not inconceivable that some people will decide they're happy with that return, and they want to take some of the profits.”

Another point to ponder from the 2011 battle is that in the months leading up to August, the rating agencies all sounded the alarm of risk of a U.S. credit downgrade.

“Look at the bigger picture right now — you haven't heard a peep from the rating agencies,” Mr. Cote said. “If the rating agencies are not saying anything, then what are you worried about?”

3 Cheap Health Care Dividend Stocks with Huge Potential to Grow Dividends

I love the combination of low debt with low payout ratios. The debt situation is one of the most important issues in corporate finance. It also expresses the ability to grow sales and earnings by enlarging the balance sheet with bank loans.

Only a low leveraged corporation has potential to boost sales without taking new investors into the boat that dilute the current earnings per share.

Today I would like to start an article series about low leveraged stocks from several sectors with currently small dividend payouts. I believe it's good to see what companies have the biggest potential to give shareholders huge amounts of money back in the near future and believe me, the tech sector is not the only place to be.

My criteria are a low dividend payout ratio of less than 20 percent as well as a debt-to-equity ratio under 0.5. Only twelve stocks fulfilled these very tight defined criteria.

One result is a high-yield, and nine stocks are recommended to buy or better. Most of the results come from the medical appliances and supplies or equipment industry.

These are the three cheapest results by forward P/E:

Humana (HUM) has a market capitalization of $14.92 billion. The company employs 43,400 people, generates revenue of $39.126 billion and has a net income of $1.222 billion. Humana's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $2.354 billion. The EBITDA margin is 6.02 percent (the operating margin is 5.15 percent and the net profit margin 3.12 percent).

Financial Analysis: The total debt represents 14.69 percent of Humana's assets and the total debt in relation to the equity amounts to 33.18 percent. Due to the financial situation, a return on equity of 14.45 percent was realized by Humana. Twelve trailing months earnings per share reached a value of $9.40. Last fiscal year, Humana paid $1.03 in the form of dividends to shareholders. The dividend payout ratio of HUM amounts to 11.1 percent.

Market Valuation: Here a! re the price ratios of the company: The P/E ratio is 10.14, the P/S ratio is 0.38 and the P/B ratio is finally 1.70. The dividend yield amounts to 1.14 percent and the beta ratio has a value of 1.02.

Chemed (CHE) has a market capitalization of $1.34 billion. The company employs 14,096 people, generates revenue of $1.430 billion and has a net income of $89.30 million. Chemed's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $199.24 million. The EBITDA margin is 13.93 percent (the operating margin is 10.94 percent and the net profit margin 6.24 percent).

Financial Analysis: The total debt represents 20.34 percent of Chemed's assets and the total debt in relation to the equity amounts to 38.58 percent. Due to the financial situation, a return on equity of 20.60 percent was realized by Chemed. Twelve trailing months earnings per share reached a value of $4.41. Last fiscal year, Chemed paid $0.68 in the form of dividends to shareholders. The dividend payout ratio of CHE amounts to 16 percent.

Market Valuation: Here are the price ratios of the company: The P/E ratio is 16.34, the P/S ratio is 0.91 and the P/B ratio is finally 2.85. The dividend yield amounts to 1.15 percent and the beta ratio has a value of 0.40.

Zimmer Holdings (ZMH) has a market capitalization of $13.97 billion. The company employs 9,300 people, generates revenue of $4.471 billion and has a net income of $752.90 million. Zimmer Holdings earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $1.661 billion. The EBITDA margin is 37.16 percent (the operating margin is 23.42 percent and the net profit margin 16.84 percent).

Financial Analysis: The total debt represents 20.20 percent of Zimmer Holdings assets and the total debt in relation to the equity amounts to 31.07 percent. Due to the financial situation, a return on equity of 13.28 percent was realized by Zimmer Holdings. Twelve trailing months earnings per share reached a value of $4.06. La! st fiscal! year, Zimmer Holdings paid $0.54 in the form of dividends to shareholders. The dividend payout ratio of ZMH amounts to 18.60 percent.

Market Valuation: Here are the price ratios of the company: The P/E ratio is 20.32, the P/S ratio is 3.10 and the P/B ratio is finally 2.39. The dividend yield amounts to 0.98 percent and the beta ratio has a value of 1.18.

Take a closer look at the full list of low debt healthcare dividend stocks with big potential to boost dividends. The average P/E ratio amounts to 20.22 and forward P/E ratio is 17.66. The dividend yield has a value of 1.16 percent. Price to book ratio is 2.90 and price to sales ratio 3.76. The operating margin amounts to 23.72 percent and the beta ratio is 0.75. Stocks from the list have an average debt to equity ratio of 0.22.

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Related Stock Ticker Symbols:
DXR, RMD, HUM, CHE, ATRI, ZMH, MLAB, TMO, IVC, AGN, CMN, COO

Selected Articles:
· 17 High Momentum Healthcare Dividend Stocks
· The Best Healthcare Dividend Stocks And Which Of Them Are The Cheapest
· 13 Highly Shorted Healthcare Dividend Stocks
· 20 Best Yielding Healthcare Stocks Less Volatile Than The Market

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