Russ McCutcheon

March 23 – Overview
— US-based Elizabeth Arden has had positive operating results over the
past year and sustained improved credit metrics.
— We are raising our corporate credit rating on Elizabeth Arden to BB-
from B+.
— We are raising the issue-level rating on their senior unsecured debt
to BB- from B+. The recovery rating remains unchanged at 4.
— The outlook is stable, reflecting our expectation that the companys
operating performance will continue to be steady and credit metrics to remain
near current levels.

Rating Action
On March 23, 2012, Standard Poors Ratings Services raised its corporate
credit rating on Miramar, Fla.-based Elizabeth Arden Inc. to BB- from
B+. The outlook is stable.

In addition, we raised our issue-level rating on Elizabeth Ardens senior
unsecured notes due 2021 to BB- from B+, driven by the corporate credit
rating upgrade. The recovery rating is unchanged at 4, indicating our
expectation of average (30% to 50%) recovery for debt holders in the event of
payment default.

Rationale
Todays rating actions reflect the companys good operating performance since
2010. Credit metrics have improved through a combination of margin expansion
and lower debt levels. Adjusted leverage decreased to 2.3x for the 12 months
ended Dec. 31, 2011, from 2.9x in the prior year, and adjusted EBITDA interest
coverage increased to 5.1x from 4.2x in the prior year. We expect the company
will be able to sustain credit metrics at current levels over the next year.

The ratings on Elizabeth Arden incorporate Standard Poors assessment of the
companys business profile, which we continue to characterize with the
descriptor weak (as our criteria define the term), based on its sales
concentration in the highly competitive fragrance category and the seasonal
nature of its core businesses; and its financial risk profile, which we
believe will remain intermediate.

Our intermediate financial risk profile assessment on Elizabeth Arden reflects
the companys ability to generate positive cash flow and our expectation that
the company will maintain its current credit measures within the indicative
financial ratios for the intermediate descriptor.

Elizabeth Ardens operating results have performed in line with our
expectations, with a positive key holiday season and overall moderate sales
growth and improved operating margins. Sales growth has been driven by good
performance from fragrances and Elizabeth Arden-branded products across the
companys North America and international regions. EBITDA margin has recovered
to historical levels, as the company continues to benefit from its operating
efficiency initiatives and favorable product mix.

Our assumptions for Elizabeth Arden over the next year include the following:
— Low- to mid-single-digit sales growth, driven by North America and
travel retail sales, and tempered by the repositioning of the Elizabeth Arden
brand over the next couple quarters.
— We believe new product launches across key distribution channels and
expansion in international markets could be the primary drivers of growth in
fiscal 2012.
— We believe there is still room for margin expansion and that EBITDA
margin could be about 11% to 12% over the next year.
— Modest share repurchasing activity.

Based on these base case assumptions, we expect continued cost-savings
initiatives and improvements in working capital management to help adjusted
leverage stay in the low- to mid-2x area, and the ratio of funds from
operations (FFO) to total debt to be over 30% over the next year (excluding
seasonal peak working capital periods). We project credit metrics will remain
in line with the intermediate indicative financial ratios, which include
leverage between 2x and 3x and FFO to total debt between 30% and 45%. The
current rating does not incorporate flexibility for significant debt-financed
acquisitions.

The company continues to benefit from its portfolio of well-known brands,
solid market position in fragrances, and its diverse distribution channels. We
believe the beauty industry is highly competitive, and that Elizabeth
Arden–which competes with The Estee Lauder Cos. Inc., LOreal, Coty Inc., and
Inter-Parfums Inc.–maintains diverse channels of distribution, selling
through the mass retail channel and department stores. The company also sells
via the travel retail channel, which includes airport boutiques and duty-free
shops. Reduced traffic and inventory destocking in these two channels during
the recent recession weakened the companys operating performance, but they
have begun to rebound. Elizabeth Arden generates about 35% of its sales
outside of North America, providing some geographic diversity.

The seasonality in the companys core business remains a risk factor, in our
view. The companys sales and EBITDA are weighted toward the first half of its
fiscal year (which ends June 30), as retailers increase purchases in advance
of the holiday season. The companys product portfolio is highly concentrated
in fragrances, which we estimated in fiscal 2011 to be about 77% of total
sales.

Liquidity
Elizabeth Arden has adequate liquidity (as our liquidity criteria define the
term). As of Dec. 31, 2011, Elizabeth Arden had $208 million in availability
on its $300 million asset-based revolving credit facility that matures in
2016. Revolver borrowings typically peak from September to November, and
Elizabeth Arden uses them to fund seasonal working-capital needs as it builds
inventory levels in advance of the winter holiday season. The facility also
provides for an additional $25 million of borrowing base availability during
its peak borrowing season. Such borrowings, along with cash on hand ($62
million at Dec. 31, 2011) and ongoing cash flow generation, should be
sufficient to fund the companys operating needs. We believe the company can
generate FFO of about $100 million over the next year.

Our view of the companys liquidity profile incorporates the following
expectations:

— We see liquidity sources covering uses by in excess of 1.2x for the
next 12 months.
— We expect net sources would be positive even with a 15% drop in EBITDA.
— Elizabeth Arden does not have any maintenance financial covenants and
only needs to comply with a minimum debt service coverage ratio of 1.1x if
average availability under the revolving credit facility is less than $25
million (or $35 million from Sept. 1 through Jan. 31). The covenant was not
applicable during the recent December quarter and we do not expect the
covenant to apply over the next year.
— Capital expenditures of about $30 million.
— The company has no debt maturities until 2021, when the companys $250
million senior unsecured notes become due.
— We believe the company generally has sound relationships with its
banks.

Recovery analysis
The issue-level rating on the companys senior unsecured notes is BB-, the
same as the corporate credit rating on Elizabeth Arden, and the recovery
rating is 4, indicating our expectation that lenders would receive average
(30% to 50%) recovery in the event of a payment default. For the complete
recovery analysis, see Standard Poors recovery report on Elizabeth Arden to
be published shortly on RatingsDirect.

Outlook
The outlook is stable. We expect the company will continue to generate
adequate cash flow and that credit metrics will remain in line with the
intermediate indicative financial ratios. We could lower the rating if
global macroeconomic conditions weaken, causing the companys operating
performance to deteriorate and leading leverage to increase to over 4x. This
could occur if EBITDA decreases 42% (assuming debt levels do not materially
change from current levels). Alternatively, we could raise the rating if the
company further expands its margins, possibly due to continued cost savings
from its efficiency initiatives, and also diversifies its geographical reach
and product segments. We view this as unlikely over the outlook period.

Related Criteria And Research
— Methodology And Assumptions: Liquidity Descriptors For Global
Corporate Issuers, Sept. 28, 2011
— Key Credit Factors: Criteria For Rating The Global Branded Nondurable
Consumer Products Industry, April 28, 2011
— Business Risk/Financial Risk Matrix Expanded, May 27, 2009
— 2008 Corporate Criteria: Analytical Methodology, April 15, 2008
— Standard Poors Encyclopedia Of Analytical Adjustments For Corporate
Entities, July 9, 2007

Ratings List
Upgraded; Recovery rating unchanged
To From
Elizabeth Arden Inc.
Corporate credit rating BB-/Stable/– B+/Positive/–
Senior unsecured BB- B+
Recovery rating 4 4

Complete ratings information is available to subscribers of RatingsDirect on
the Global Credit Portal at www.globalcreditportal.com. All ratings affected
by this rating action can be found on Standard Poors public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left
column.

SACRAMENTO, Calif. — California lawmakers waded into the ongoing battle over corporate money in politics Thursday with a resolution that supports overturning the US Supreme Courts decision in the Citizens United case, which has led to a flood of money from deep-pocketed donors in this years presidential race.

People are tired of getting beat up by a few corporations that sometimes have a fringe point of view, said Assemblyman Bob Wieckowski, D-Fremont, who introduced the resolution with Assemblymen Michael Allen, D- Santa Rosa.

The Assembly passed the resolution on a 48-22 vote. It rejects the notion of corporate personhood and calls on Congress to pursue a constitutional amendment overturning Citizens United v. Federal Election Commission, the 2010 decision saying corporations can spend unlimited sums to influence elections.

Democrats said the resolution is an important first step toward overturning the ruling that granted personhood rights to corporations, which they say has made it harder for ordinary citizens to have a voice in the political process.

The New Mexico and Hawaii legislatures have passed similar resolutions with the support of the groups Public Citizen and Common Cause.

Several Republican lawmakers spoke against the resolution, saying corporations have a right to influence elections because they are subject to government regulations. They echoed the Supreme Courts ruling that political contributions are a form of speech.

What is a corporation? Its an assembly of people, said Assemblyman Tim Donnelly, R-Twin Peaks. And doesnt the first amendment say that we have a right to lawfully assembly and seek redress from out government for our grievances?

Republicans also argued that the state has no business weighing in on the federal issue.

Rather than criticize a Supreme Court decision over which we have no control, I think we ought to concentrate on what we can do as a Legislature, said Chris Norby, R-Fullerton.

Democrats acknowledged that a constitutional amendment process would take years, but emphasized the importance of joining with other states to demand a limit on corporate spending.

I see the resolution as the beginning of a long and arduous process, Allen said. The discussion has to start somewhere.

The Citizens United decision has rewritten the rules of campaign donations for individuals as well as corporations. An Associated Press review found that more than half of the $60 million collected so far by independently run political action committees supporting presidential candidates, the so-called super PACs, came from 24 wealthy Americans.

Opponents of the ruling are pursuing a ballot initiative that would reject the notion of corporate personhood in California. Proponents of the Corporations Are Not People Act could not be reached for comment.

In the northern California town of Arcata, residents are gathering signatures for a symbolic Corps Aint Peeps initiative.

Another measure, which has already been approved for the November ballot, would prohibit corporations and unions from donating to state and local campaigns. The Stop Special Interest Money Now initiative bills itself as a campaign finance reform measure, but critics say it actually aims to hobble organized labor.

The initiative would stop unions from deducting money from members paychecks for political activity.

The Assembly resolution has been passed to the Senate, where it is expected to be heard in the coming weeks.

Allen and Wieckowski, along with Assemblyman Mike Gatto, D-Los Angeles, also have introduced a resolution that would formally apply to Congress for a constitutional convention to address the issue of corporate personhood.

Japans Elpida Memory, the worlds third-largest maker of DRAM, said Friday it will officially begin reorganization proceedings and submit a final plan by August, amid reports that several large semiconductor makers would bid to offer funds and become partners.

Elpida filed for bankruptcy in February in a Tokyo court, saying it had accumulated debts of 448 billion (US$5.4 billion) as of March of last year. The court approved the reorganization plan on Friday, and the companys stock is to be delisted on March 28.

Company President Yukio Sakamoto said in a statement Friday that Elpida would seek to maintain the companys corporate value and maximize the value of its assets.

The Japanese company has said it will search for outside investors and attempt to turn its business around. The Nikkei, Japans largest business daily, reported earlier this week that it was in discussions with Micron, long rumored to be a potential partner, and that chip giant Intel was also a candidate.

The Japanese company was unable to recoup large investments it made to boost capacity in 2006 and 2007, as a global oversupply sent prices lower. It was subsequently battered by the global economic downturn, the strong Japanese yen, and flooding in Thailand that led to production halts for many electronics makers.

Elpida, Japans only major DRAM manufacturer, has had struggles with the volatile chip market before. In 2009, it had similar troubles and secured 110 billion yen in loans from large Japanese banks and a government entity.

NEW YORK, March 23, 2012 /PRNewswire via COMTEX/ –
A motion for leave to appeal a Federal Court order in the current MF Global “Corporate Personhood” case was filed on Tuesday by former MF Global customer, Adam Furgatch of Hawaii. Mr. Furgatch’s originally filed motion, which raised the issue of “corporate personhood” in the ongoing MF Global bankruptcy case, was denied by Judge Martin Glenn after being heard in Federal Bankruptcy Court on March 6th.

Mr. Furgatch, through his attorney, indicated that an appeal is warranted because there are similarities between his motion and the high-profile Kiobel v. Shell Oil corporate personhood case, the Nigerian human rights violations case currently being considered by the Supreme Court. The Kiobel case seeks to hold corporations responsible for their actions in the same manner that a human person would be held responsible for his or her own criminal actions.

A prominent legal expert on the corporate personhood issue, Carl Mayer of New York, in response to a request for comment on MF Global and the Furgatch Motion, wrote that “the Shell Oil case is similar to the Furgatch case in that Shell Oil turns on the question of whether corporations can be considered ‘persons’ under the Alien Tort Claim Act, while the Furgatch case turns on the question of whether corporations can be considered ‘persons’ under the Bankruptcy Code. The fact that the Supreme Court heard the Shell Oil case and then asked for further argument on the issue, shows how important and relevant the issue of corporate personhood is.”

The Furgatch Motion asserts that because the U.S. Supreme Court has ruled that corporations are to be treated as “persons”, then the “parent” corporate person, MF Global Holdings, by definition, must have a “child” corporate person, MF Global, Inc., the subsidiary brokerage whose 35,000 customers are still missing at least $1.6 billion in what was universally believed to be secured, segregated funds. The motion then cites specific statutes in the Bankruptcy Code that mandate that a child’s support claims shall have super-priority status over all other unsecured creditors, including financial institutions such as JP Morgan Chase Bank.

“In essence, in human terms, the MF Global parent recklessly gambled away the family’s money and then looted the brokerage child’s trust fund and piggy bank to support a destructive gambling habit,” said Mr. Furgatch in a recent interview. “The child is still missing 20% of its corporate body and is effectively maimed — by its own parent, no less — and needs to be made whole again. The remedy is simple and readily available with the restitution of funds, and now the parent should not be allowed to avoid its parental responsibilities in bankruptcy. A human being would never get away with such irresponsible behavior.”

Mr. Furgatch added, “This issue of corporate personhood and how it affects human beings is fundamental and critical for everyone to understand. And the issue is not going away,” he emphasized. “We will make sure that these important questions get answered to the satisfaction of the large and growing number of Americans who are genuinely concerned about unchecked corporate power.”

The Court order denying the Furgatch Motion stated that applicable Bankruptcy Code statutes and legal precedents consider that some parts of the Code are expressly reserved for corporations and some parts for individual human persons. Thus, the Court said, the motion’s attempts to treat corporations the same as individuals are unfounded.

Mr. Furgatch responded, “No matter how the Court may have ruled so far, the Fourteenth Amendment constitutional issue cannot be ignored. If the MF Global corporations are defined as ‘persons’ in the Bankruptcy Code, then the Fourteenth Amendment guarantees equal legal protection and no discrimination among all types of ‘persons,’ be they a black, white, female, male, or corporate person, as defined. The bankruptcy laws must apply equally to corporate persons and individual persons, or perhaps the existing laws are unconstitutional and corporations are not really persons after all. Imagine that.”

The Furgatch Motion also points out that in the wake of Supreme Court decisions such as Citizens United, which effectively grant human rights and privileges to corporations, the concept of “personhood” has become significantly blurred and all Federal statutes written prior to 2010 may be subject to new interpretations of corporate rights and responsibilities.

Paraphrasing a popular criticism of corporate personhood, Mr. Furgatch stated, “We’ll believe that corporations are persons when they are made to pay child support or are prosecuted for child neglect.”

Procedurally, Mr. Furgatch’s attorney also filed with the Court a notice of appeal, concurrently with the motion for leave to appeal.

Mr. Furgatch, a fresh, creative voice in financial and political commentary, has published copies of all legal filings and additional background information concerning this legal action on his website:
www.AdamFurgatch.com

The Furgatch Motion was brought in the case of MF Global Holdings Ltd., 11-bk-15059, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

Referenced Cases cited above: 1) Kiobel v. Royal Dutch Petroleum (Shell Oil), U.S. Supreme Court Docket # 10-1491 and 2) Citizens United v. Federal Election Commission, 558 U.S. 08-205 (2010).

Contact: Lia Martin: 310-464-6225Lia.Martin@digitalmediaminds.com

SOURCE Adam Furgatch

Copyright (C) 2012 PR Newswire. All rights reserved

The cost of insuring corporate and
bank debt fell in Europe, according to credit-default swaps
prices.

The Markit iTraxx Crossover Index of swaps linked to 50
companies with mostly high-yield credit ratings dropped 5.5
basis points to 592.5 as of 8:27 am in London, according to
BNP Paribas SA. The gauge had risen each day since a new series
of the index started on March 20.

The Markit iTraxx Financial Index linked to the senior debt
of 25 banks and insurers dropped 1.5 basis points to 203.5,
snapping three days of increases, while a gauge of subordinated
debt risk fell 3.5 basis points to 319.5, BNP Paribas prices
show.

The Markit iTraxx SovX Western Europe Index of swaps on 15
governments fell 1.5 basis points to 277.5 after climbing for
the past two days.

The Markit iTraxx Europe Index of 125 companies with
investment-grade ratings was unchanged at 117 basis points.

A basis point on a credit-default swap protecting 10
million euros ($13.2 million) of debt from default for five
years is equivalent to 1,000 euros a year. Swaps pay the buyer
face value in exchange for the underlying securities or the cash
equivalent should a borrower fail to adhere to its debt
agreements.

To contact the reporter and
editor responsible for this story:
Paul Armstrong in London at
Parmstrong10@bloomberg.net

• LinkedIn
• Google +1

• COMMENTS

• Print

WALLDORF, Germany, March 23, 2012 /PRNewswire via COMTEX/ –
SAP AG

/quotes/zigman/126928/quotes/nls/sap SAP
-0.51%

today announced it has been positioned by Gartner Inc. in the leaders quadrant of the “Magic Quadrant for Corporate Performance Management (CPM) Suites” report. SAP is recognized as a market leader for both its “ability to execute” and its “completeness of vision.”

As companies need to decide and act with increasing speed, they should see that all decision-makers are guided by the same game plan and have a full understanding of potential risks involved. The 10.0 release of SAP® BusinessObjects(TM) enterprise performance management (EPM) solutions fills this need by helping companies align decisions and actions with business aims. The latest release moves EPM best practices beyond the finance department to managers throughout the company, helping people make risk-aware decisions that can positively impact enterprise-wide performance.

SAP recently announced support for the SAP® BusinessObjects(TM) Planning and Consolidation 10.0 application, version for SAP NetWeaver® powered by the SAP HANA® platform. The application dramatically enhances unified planning, budgeting, forecasting and consolidation processes. In line with its mobile-first strategy, SAP also delivered the SAP® Strategy Management mobile app, available on iTunes. The app is a purpose-built mobile EPM solution that enables executives to collaborate on key initiatives while away from the office.

“We believe our position in the leaders quadrant further recognizes the combined capabilities of our business analytics portfolio, our vision, execution against our road map and the success of our customers,” said John Schweitzer, senior vice president and general manager, Analytics, SAP. “The 10.0 release of our EPM solutions is the latest example of how we are working to deliver solutions that help individuals, teams and entire business networks unlock valuable knowledge. By doing so, they can uncover new opportunities, anticipate change and make better decisions as a whole to achieve remarkable results.”

Read the full Gartner report here. For more information, visit the SAP Newsroom. Follow SAP on Twitter at @sapnews.

For more information, visit the SAP Newsroom. Follow SAP on Twitter at @sapnews.

About the Magic QuadrantGartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose

Media Contact:Susan Miller, SAP, +1 (610) 661-9225, susan.miller@sap.com, EDTJeff Shadid, Burson-Marsteller, +1 (214) 224-8419, jeff.shadid@bm.com, CDT

SOURCE SAP AG

Copyright (C) 2012 PR Newswire. All rights reserved

/quotes/zigman/126928/quotes/nls/sap

Add to portfolio

SAP

SAP AG ADS

US

: NYSE Euronx

$
69.85

-0.36
-0.51%

Volume: 1.33M
March 29, 2012 4:04p

P/E Ratio17.36
Dividend Yield1.22%

Market Cap$86.26 billion
Rev. per EmployeeN/A

NEW YORK, NY, Mar 23, 2012 (MARKETWIRE via COMTEX) –
Corporate Profile’s financial website
www.CPreports.com announces
Ray Dirks article on Lithium Exploration Group, Inc.

/quotes/zigman/3046436 LEXG
+9.99%

(otcqb:LEXG).

To view report go to:
www.CPReports.com or

http://www.cpreports.com/?p=1956

About CPreports.com

www.CPReports.com features Ray Dirks, Gene
Marcial and Robert Goldman. The website and newsletter provide
readers and subscribers fresh, original, and highly informative ideas
and market commentary that they won’t get anywhere else. Content is
focused on what is going on in the stock market and on Wall Street.

About Corporate Profile.com

www.CorporateProfile.com is a
broadcasting website where Fashion meets Finance, merging two
mainstream industries results in the unique platform for today’s
hottest tips and market info.

About Ray Dirks Research
Ray Dirks came to Wall Street with Goldman,
Sachs & Co. in 1963 where he was established as the leading insurance
stock analyst dealing with institutional investors and high-net worth
investors both in the U.S. and internationally. Ray’s research
includes Healthcare Stocks and Special Situations. Ray has written
two books, “The Great Wall Street Scandal” and “Heads You Win, Tails
You Win,” published by McGraw-Hill and Bantam Books respectively. He
continues to provide research to institutions and individuals.

Safe Harbor Disclaimer
Under The Private Securities Litigation
Reform Act of 1995: Except for historical information contained
herein, the statements in this news release are forward-looking
statements that are made pursuant to the safe harbor provisions of
the Private Securities Act of 1995. Forward-looking statements
involve known and unknown risks and uncertainties, which may cause a
company’s actual results, performance and achievement in the future
to differ materially from forecasted results, performance, and
achievement. These risks and uncertainties are described in the
Company’s periodic filings with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly release
the results of any revisions to these forward-looking statements that
may be made to reflect events or circumstances after the date hereof,
or to reflect the occurrence of unanticipated events or changes in
the Company’s plans or expectation.

SOURCE: Corporate Profile LLC

Copyright 2012 Marketwire, Inc., All rights reserved.

/quotes/zigman/3046436

Add to portfolio

LEXG

Lithium Exploration Group Inc.

$
0.76

+0.07
+9.99%

Volume: 564,306
March 29, 2012 3:59p

By Michael Aneiro

If Treasury rates are rising but corporate balance sheets remain pretty healthy, where does that leave corporate bonds?

Barclays takes a look at the topic on Thursday, pondering how low corporate bond yields can go. Barclays notes that the Barclays Corporate Index reached an all-time low yield-to-worst of 3.27% this month before the backup in rates pushed it modestly higher. Such levels seemingly leave little room for corporate yields to fall further, but spreads to Treasuries are well above their all-time tights. Meanwhile, changing fundamentals of the credit market have raised the bar for spread compression, as financial bonds seem set to trade wide of industrials for the foreseeable future after trading tight before the credit crisis.

Barclays says strong inflows into corporate bond funds, due to a lack of alternative safe assets, have been balanced by a behavioral bias against buying anything that isn&’t perceived as risk-free at such low yields. &“The post-crisis period has seen a shrinking pool of &‘safe&’ assets and lower net issuance of spread products that are alternatives to credit,&” Barclays writes. &“The recent flight to quality has clearly benefited perceived risk-free assets such as Treasuries and Bunds, but we believe it is also filtering down to investment grade credit as MBS and certain European sovereigns are now viewed as riskier assets.&”

Barclays says the booming market for new corporate bond issuance may extend the current benign default period even longer, while new issuance is also helpful in quelling concerns about bonds being overpriced as it replaces premium bonds with par bonds. The last word from Barclays:

Our conclusion is that the increased volatility and lower liquidity in the market should prevent spreads from rallying back to anywhere near their lows and this in a way will create a yield floor for the market.

RENO, Nev., March 23, 2012 /PRNewswire via COMTEX/ –
International Game Technology

/quotes/zigman/230150/quotes/nls/igt IGT
-0.47%

announced today it is the recipient of the inaugural Corporate Global Citizen of the Year award presented by The Northern Nevada International Center.

“We are honored to be recognized as the Corporate Global Citizen of the Year for our long-standing dedication to northern Nevada,” said Patti Hart, IGT chief executive officer. “As an employer and as a partner with essential organizations that support their local residents, we take great pride in the investments we make in our neighboring communities.”

The award is designed to recognize a local business, non-profit or educational institution for its role in building global partnerships, international initiatives and for improving the local economy.

“I cannot think of a better choice for this first-ever award,” said Claudia Ortega-Lukas, president of NNIC’s Board of Directors. “IGT is a world leader in the development and manufacturing of gaming machines and systems with a significant impact on the local economy. That’s exactly what we were looking for and it’s why we selected them for this honor.”

IGT is committed to delivering unrivaled gaming experiences to its casino customers both locally and globally. IGT’s product innovation reflects a combination of customer research, design experience and engineering excellence utilizing the Company’s game design resources, IP portfolio and next-generation game development tools.

The Company takes its role as a responsible global citizen seriously in the numerous countries and communities where it conducts business. IGT is committed to providing a positive impact through the funding of organizations that benefit the communities in which the Company operates. More information on how IGT supports charities in northern Nevada and around the globe can be found on the Company’s Charitable Contributions website.

NNIC will present IGT with the award at the Global Gala on March 30 at the Atlantis Hotel Casino in Reno, Nev.

About IGT

International Game Technology

/quotes/zigman/230150/quotes/nls/igt IGT
-0.47%

is a global leader in the design, development and manufacture of gaming machines and systems products, as well as online and mobile gaming solutions for regulated markets. More information about IGT is available at
www.IGT.com or follow IGT on Twitter at @IGTNews or Facebook at
www.facebook.com/IGT .

SOURCE IGT

Copyright (C) 2012 PR Newswire. All rights reserved

/quotes/zigman/230150/quotes/nls/igt

Add to portfolio

IGT

International Game Technology

$
17.03

-0.08
-0.47%

Volume: 4.15M
March 28, 2012 4:01p

/quotes/zigman/230150/quotes/nls/igt

Add to portfolio

IGT

International Game Technology

$
17.03

-0.08
-0.47%

Volume: 4.15M
March 28, 2012 4:01p

First, for some time, we have been looking at transferring funds into corporate bonds. Indeed, the biggest mistake we made in the FRED Report last year was selling TLT too early — but we transferred those funds into LQD, the corporate bond ETF. We show daily charts of these both below. Readers can see that LQD remains in an uptrend, while TLT is rolling over.

However, readers can also see that LQD has declined off the recent all-time high. Are there any other income ideas that could do well if rates rise a bit? Lets take a look at high-yield bonds. These have been trading more like stocks than bonds, due to the level of fear in the markets. This should start to change – and if this is the case high yield might even advance as treasuries decline. Another area of the market that may do well is preferred stocks. High levels of fear caused some volatility in preferred stocks last summer, but they are acting well in the current environment also. We show charts of both PHB and PGX, below.

The technical picture is becoming clearer — the market is slowly moving away from safety and income to a philosophy of income plus possibilities for growth. Fixed income investors should look carefully at their portfolios and talk to their financial advisors to make sure that they are properly positioned for a rise in rates over the course of 2012. We have seen the first wave down in treasuries — a bounce is possible over the next few months, so now is the time to consider alternatives. For those that have an aggressive bent, one should consider playing TBT after the bounce in treasury prices take place.

At the time of publication Fred Meissner had no position in the ETFs mentioned above.

>To order reprints of this article, click here: Reprints