Gold and the Federal Reserve's Quantitative-Easing Program

Gold is the most well-known commodity, and it unfortunately hinges on the Federal Reserve's controversial quantitative-easing program, which could be tapered in the near future. In her confirmation before the Senate banking committee, Janet Yellen, nominee for the Federal Reserve chair, voiced strong support and defense for the continuation of massive bond-buying stimulus.

To date, the Fed's QE program has pumped more than $3.6 trillion into the financial market. Since the bank's QE kicked off in 2008, gold prices have benefited greatly, increasing more than 60% from the 2008 price point of $840 an ounce. QE1 and August 2010's second round of QE set off waves of buying that turned gold into a one-way for the next three years, culminating in September of 2011 with an all-time high of $1,921 per ounce. At the end of November 2011, the Fed once again stepped in with a bond buying program, driving the gold price back above $1,800 per ounce from $1,600 per ounce in September. In February 2012, gold plunged $75 per ounce within an hour following comments from the U.S. Federal Reserve indicating that a third round of QE3 was off the table. This was a prime example of the positive correlation between gold prices and the Fed's balance sheet.

This trend seemed to come to an abrupt halt in December of 2012, when a $45 billion increase in Fed bond buying to $85 billion per month could not move the gold market. Gold prices became more sensitive to the Fed's statements, rather than its actions. At the end of June 2013, gold hit a three-year low of $1,200 per ounce following statements and speculation that a tapering of asset purchases could come as early as September. Though the Fed's latest meeting did not support tapering the current stimulus program, gold prices are still plunging due to the optimistic view of the U.S. economy and the speculation that QE3 will be cut soon.

Top 5 Gold Stocks To Buy For 2014

Although the Fed doubled its bond buying last September, the top gold exchange-traded funds, or ETFs, including SPDR Gold Shares (NYSEMKT: GLD  ) , iShares Gold Trust (NYSEMKT: IAU  ) , and ETFS Physical Swiss Gold Shares (NYSEMKT: SGOL  ) , have dropped around 25% each over the last 12 months, which speaks to gold's extreme vulnerability to QE tapering. Even the mere mention of tapering seems to send gold into a tailspin, as seen with SPDR Gold Shares, which has plunged 24% year to date and also suffered massive losses with its physical holdings. Market Vectors Gold Miners ETF (NYSEMKT: GDX  ) has suffered a massive drop of 48% so far in 2013, making it one of the worst-performing ETFs this year.

Could QE3 be tapered soon?
The Fed's upcoming decision on whether and when to taper its bond buying program is a highly concerning issue for investors. Even though there is speculation that the bond buying program may be abridged this year if the U.S. economy recovers sufficiently, I believe the Fed will not reduce its asset purchases until at least 2014 or may even inject more money into the market. The final meeting of 2013 is in December, and doubts are rising about whether the economy is doing well enough to persuade the Fed to pare back QE3.

Janet Yellen's recent comments show strong support for the program to be continued until we can confidently say that the economy has recovered enough to sustain job development. There is no guarantee that QE3 will continue into the new year, but if we look at the history of QE, it would stand to reason that QE3 still has a significant amount of time left.

This is the third round of money being injected into the financial marketplace. The Fed came back with QE2 after stopping QE1, and the same happened when QE3 was established to rescue another round of financial issues. Each time the Fed has attempted to cut the program, it has had to evaluate a new set of financial results. The most the Fed has ever said in regard to the proposed tapering plan is that it will reduce the asset purchases when the U.S. economy has a better outlook. Given the current state of the U.S. economy, the unemployment rate of 7.3%, and underwhelming GDP growth, it seems the outlook is still fairly grim at this point. It has been more than four years since QE1 started, and there is still not enough evidence to confirm a significant enough recovery in the economy.

Where does gold go from here?
Gold prices have fallen about 20% this year in expectation of QE tapering. Whether it is reaching the bottom is still in question. Gold prices and the U.S. dollar usually move in opposite directions, but if the Fed doesn't begin to draw down QE, a rise in inflation could drive gold prices up on a technical basis. In this case, you likely will not want to hold U.S. dollars when the U.S. central bank is on its way to money inflation to manage its substantial debt burden, making gold a viable investment to consider.

Whether the Federal Reserve is going to extend its quantitative-easing plan to resolve its debt crises or taper it in the near term, I am of the opinion that gold still has some major supporters, as there does not seem to be a strong enough commitment from the Fed to curb QE3 in the near future. If the Fed does not have the evidence that the economy is doing well enough to cut monetary-easing programs, then QE could continue indefinitely.

Although gold prices seem to rise and fall with the mere mention of tapering, I believe that gold can still be a solid investment during these uncertain times. Once the meeting in December determines the fate of QE3, and a tapering plan is either confirmed or put to bed, gold prices should stabilize and start to climb back to the previous figures seen in the beginning of the QE program.

It's Never Too Late to Pick a Winner
The market stormed out to huge gains across 2013, leaving investors on the sidelines burned. However, opportunistic investors can still find huge winners. The Motley Fool's chief investment officer has hand-picked one such opportunity in our new report: "The Motley Fool's Top Stock for 2013." To find out which stock it is and read our in-depth report, simply click here. It's free!

Is Bank Of America a Buy Now?

With shares of Bank of America (NYSE:BAC) trading around $15, is BAC an OUTPERFORM, WAIT AND SEE, or STAY AWAY? Let's analyze the stock with the relevant sections of our CHEAT SHEET investing framework:

T = Trends for a Stock’s Movement

Bank of America is a financial institution serving individual consumers, small- and middle-market businesses, corporations, and governments with a range of banking, investing, asset management, and other financial and risk management products and services. With its banking and various non-banking subsidiaries throughout the United States and international markets, the company provides a range of banking and non-banking financial services and products through several business segments: consumer and business banking, consumer real estate services, global banking, global markets, global wealth, investment management, and other.

Even though a jury rendered a verdict that Bank of America was liable for fraud regarding the sale of defective mortgages by its Countrywide Financial unit, the bank's attorneys urged U.S. District Judge Jed Rakoff in Manhattan to impose no penalty. The Justice Department is seeking $863.6 million of damages from the company over losses that Fannie Mae and Freddie Mac incurred after purchasing home loans in 2007 and 2008. But the request came to no avail: In a court filing on Wednesday night, four weeks after the jury verdict, Rakoff told Bank of America that under applicable law, it must pay the maximum $1.1 million.

T = Technicals on the Stock Chart Are Strong

Bank of America stock has been flying higher in recent quarters. The stock is currently surging higher and looks set to continue this path. Analyzing the price trend and its strength can be done using key simple moving averages. What are the key moving averages? The 50-day (pink), 100-day (blue), and 200-day (yellow) simple moving averages. As seen in the daily price chart below, Bank of America is trading above its rising key averages, which signal neutral to bullish price action in the near-term.

(Source: Thinkorswim)

Taking a look at the implied volatility (red) and implied volatility skew levels of Bank of America options may help determine if investors are bullish, neutral, or bearish.

	Implied Volatility (IV)	30-Day IV Percentile	90-Day IV Percentile
Bank of America options	23.01%	53%	50%

What does this mean? This means that investors or traders are buying a significant amount of call and put options contracts as compared to the last 30 and 90 trading days.

	Put IV Skew	Call IV Skew
December Options	Flat	Average
January Options	Flat	Average

As of today, there is an average demand from call buyers or sellers and low demand by put buyers or high demand by put sellers, all neutral to bullish over the next two months. To summarize, investors are buying a significant amount of call and put option contracts and are leaning neutral to bullish over the next two months.

On the next page, let’s take a look at the earnings and revenue growth rates and the conclusion.

E = Earnings Are Mixed Quarter-Over-Quarter

Rising stock prices are often strongly correlated with rising earnings and revenue growth rates. Also, the last four quarterly earnings announcement reactions help gauge investor sentiment on Bank of America’s stock. What do the last four quarterly earnings and revenue growth (Y-O-Y) figures for Bank of America look like and more importantly, how did the markets like these numbers?

	2013 Q3	2013 Q2	2013 Q1	2012 Q4
Earnings Growth (Y-O-Y)	20.00%	68.42%	233.30%	-77.15%
Revenue Growth (Y-O-Y)	-1.52%	3.46%	4.13%	-25.02%
Earnings Reaction	2.24%	2.80%	-4.72%	-4.24%

Bank of America has seen increasing earnings and mixed revenue figures over the last four quarters. From these numbers, the markets have had conflicting feelings about Bank of America’s recent earnings announcements.

P = Excellent Relative Performance Versus Peers and Sector

How has Bank of America stock done relative to its peers, JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and sector?

	Bank of America	JPMorgan Chase	Wells Fargo	Citigroup	Sector
Year-to-Date Return	36.82%	31.21%	29.80%	34.43%	33.06%

Bank of America has been a relative performance leader, year-to-date.

Conclusion

Bank of America is a bank and financial services giant that operates in a recovering financial industry, the backbone of the United States economy. The Justice Department is seeking $863.6 million of damages from the company. The stock has been exploding to the upside in recent quarters and is currently surging higher. Over the last four quarters, earnings have been rising while revenues have been mixed, which have produced conflicting feelings among investors about earnings announcements. Relative to its peers and sector, Bank of America has been a year-to-date performance leader. Look for Bank of America to OUTPERFORM.

Should I Buy MSFT? 3 Pros, 3 Cons

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With its fiscal first quarter earnings report, Microsoft (MSFT) showed it can still find ways to get investors excited. In early trading, the stock shot up more than 6%.

The past few months have been tumultuous for the software giant. Shares of Microsoft stock have zig-zagged as the company announced the retirement of CEO Steve Ballmer, along with a disappointing fourth-quarter earnings … which included a $900 billion write-down for the Surface RT tablet.

No doubt, MSFT is taking aggressive moves to get things back on track, including announcing a major reorganization of its divisions. That should mean more consolidation, a focus on mobile and hopefully even more upside for Microsoft stock.

So is it time to buy shares of MSFT? Let’s take a look at the pros and cons:

MSFT Pros

Broad Platform: MSFT has strong product lines in massive market categories, which should continue to experience nice growth. For the cloud, the company has offerings like Skype, Outlook, Dynamics ERP and Dynamics CRM. But perhaps the biggest advantage is the massive MSFT cloud infrastructure, called Azure. Only a few players have this kind of scale, namely Amazon (AMZN) and Google (GOOG). MSFT is also poised to benefit from the Big Data megatrend. Its SQL database business crossed above $5 billion last year and is now the No. 2 player behind Oracle (ORCL).

Growth: Even though the perception is that MSFT has lost its creative edge, that assessment seems misplaced. The fact is that the company continues to develop breakout products. One is the recent launch of Outlook.com, which now has more than 400 million users. Then there’s SkyDrive, which has more than 250 million users. Or take a look at Office 365; it’s the fastest-growing business in MSFT history and recently hit an annual sales rate of $1 billion.

Financial Strength: Microsoft stock is an exemplar of financial stability. For the 12 months ending June 30, MSFT cranked out nearly $37 billion in operating cash flow. As a result, it has ample resources to pay an attractive 3.3% dividend. Plus, the valuation of MSFT stock is also fairly cheap. Shares are trading for just 12 times forward earnings and 14 times trailing earnings. Rival SAP (SAP), for example, has a forward P/E of 21 and trailing P/E of 25.

MSFT Cons

PC Decline: The shift from traditional desktops and laptops to tablets and smartphones is ongoing. According to a recent report from Gartner, PC shipments in Q3 dropped by 9% to 80.3 million on a worldwide basis — the sixth consecutive quarterly decline. The problem, of course, is that the Windows operating system is mostly PC-focused. And MSFT has been slow to figure out mobile.

IT Spending: Last week, IBM (IBM) announced a terrible earnings report. It missed expectations on revenue by a stunning $1 billion. But IBM's weakness was more than just about poor execution. With the overall uncertainty in global economies, we’re seeing a general resistance to make to make commitments for IT purchases. And the recent budget showdown in DC was also no help. IBM also felt pressure in China. While the company blamed this on the government's reform efforts, there may also be indications of a harder line on technology imports. These combined headwinds will all affect MSFT stock as well.

Leadership: Ballmer’s tenure at MSFT has been a mixed bag. While he pulled off successful deals like Skype and built the Xbox franchise, he still failed to capitalize on mobile. Instead, the spoils went to companies like Apple (AAPL), Google, Qualcomm (QCOM) and Samsung (SSNLF). And when he announced his retirement, MSFT stock shot up 7%. This is why the choice for the next CEO of MSFT will be critical. The successor needs to understand how to manage a complex organization, and how to aggressively fight for market share in the mobile space. If Wall Street thinks the candidate doesn’t fit the bill, MSFT stock is likely to come under lots of pressure.

Verdict

On paper, the mobile strategy for MSFT looks hopeful. In terms of market share, however, it’s negligible.

But Microsoft can certainly become a player in the market by leveraging its massive assets, such as Office, and its tools and infrastructure. For example, the company is already making strides in the high-growth area of mobile device management for enterprises. And more importantly, MSFT has shown that it can find ways to catch up in key markets.

So should you buy MSFT stock? Yes, given that MSFT is trading at an attractive valuation, and that the company has tremendous resources to devote to mobile, the pros outweigh the cons.

Tom Taulli runs the InvestorPlace blog IPO Playbook. He is also the author of High-Profit IPO Strategies, All About Commodities and All About Short Selling. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.

Cognizant Technology Solutions Corp (CTSH): Diminishing Immigration Overhang Should Favor Stock

Shares of Cognizant Technology Solutions Corporation (CTSH) could see an upside in the coming days due to low probability of immigration bill passing this year. More importantly, the support for outplacement restriction, which is the key draconian provisions in the immigration bill has waned.

The immigration bill has been the key overhang on the shares of Cognizant, which is among the leading companies receiving H-1B visas to bring immigrant workers to the United States. As of June 30, 2013, Cognizant employed about 164,300 people and its has over 100,000 employees working in India.

Immigration reform has into the limelight again after the government shutdown ended as President Obama renewed his call to Congress to take on immigration reform and the Speaker John Boehner didn't rule out the possibility of taking up immigration reform in 2013.

However, given that there are only seven legislative days in November and the Congress is off in December, there is a extremely low likelihood of immigration legislation in 2013.

"With mid-term elections next year, house republicans may not take up the immigration in early 2014 at least till after their nominations are confirmed in the primaries as they risk being challenged by more conservative candidates," Deutsche Bank analyst Bryan Keane said in a client note.

Although, there is potential for Congress to take up the immigration reform in mid-to-late 2014 in order to appease the minority voters, the path to citizenship remains the core issue of contention between the two parties.

If the immigration bill gets pushed out after 2014, there will be a fresh set of congressmen in 2015 which could potentially reset the efforts on the immigration reform.

In addition, two republicans namely Congressmen John Carter and Sam Johnson dropped out of the bipartisan group of "Gang of Seven" which is a setback for the immigration reform in the House.

"No republicans have signed up for the bill and we believe it was just a messagin! g effort and don't expect the version of the bill to proceed," Keane noted.

Minority house leader, Nancy Pelosi and 120 other House Democrats introduced the Senate version of the immigration bill except for the revised border security provisions on Oct 2, 2013.

Meanwhile, the super committee may consider parts of the immigration reform within the budget deal considering revenue potential highlighted by the CBO. However, checks suggest minimal likelihood of getting through.

"In the event immigration reform does get passed, we believe the support for outplacement restrictions has waned as India rolled back two protectionist measures namely Preferred Market Access (PMA) and transfer pricing which will help the US multinationals interested in expanding their operations in India," Keane wrote.

Hot Clean Energy Companies To Own For 2014

Also, the Indian government has been lobbying actively, and the issue has been raised by Prime Minister Manmohan Singh in a meeting with Obama and Wipro chairman Azim Premji met US vice-president Joe Biden to raise his concerns.

In addition, Nasscom and US-India Business Council (USIBC), a trade lobby comprising top US and Indian companies as well as the Indian offshore companies have increased their lobbying efforts. Five former US ambassadors to India have written to Senate urging them to rollback the outplacement restrictions.

"We believe the efforts of these lobbying activities along with support from the Fortune 2000 US companies likely diminish the potential for outplacement restrictions in the final bill," Keane said.

Cognizant's headcount grew 1 percent quarter-over-quarter (13.2 percent year-over-year) in the second quarter, with the company adding about 1,600 people. 48 percent of additions were direct college hires with the remaining being experienced hires from within the industry. The company's headcount growth rate could pi! ck up wit! h solid demand environment.

Solid demand environment for IT Services has been driven by regulatory, transformation services, channel strategy and digital marketing as well as emerging technologies namely, cloud, analytics, and mobility.

Given the solid demand environment and waning overhang of immigration bill, the company's ability to gain share and grow faster than the market are solidified.

"We believe CTSH can deliver 20% growth in FY13, above company's current guidance of 19%," Keane added.

Shares of Cognizant have gained 17 percent this year and traded between $60.92 and $90.01 during the past 52-weeks. The stock trades 19 times its 2014 consensus earnings estimate. 

5 Best Safest Stocks To Watch For 2014

Pipeline blaze in the Gulf. Photo credit: AP Photo/US Coast Guard, Petty Officer 3rd Class Carlos Vega.

So far, 2013 isn't shaping up to be the energy industry's safest year. A number of disasters have occurred, which have brought unwanted attention to the industry. Here's a look at the industry's five biggest blunders so far this year.

A Herculean disaster averted in the Gulf
Just this past week, a blowout occurred on a Hercules (NASDAQ: HERO  ) -owned rig operating in the shallow waters of the Gulf of Mexico. Natural gas leaking from a well off the coast of Louisiana caught fire and spread to the Hercules rig. Fortunately, all 48 personnel in the rig were safely evacuated. However, the incident underscores the risks of drilling offshore. It could have been a lot worse, as no one was hurt, and this is a natural gas well so the environmental threats are far less than if it were an oil well. While the well is not yet under control, Hercules investors appear to have caught a break, which is why stock was down only about 4% on the week.�

5 Best Safest Stocks To Watch For 2014: Under Armour Inc.(UA)

Under Armour, Inc. develops, markets, and distributes performance apparel, footwear, and accessories for men, women, and youth primarily in the United States, Canada, and internationally. It offers products made from moisture-wicking synthetic fabrics designed to regulate body temperature and enhance performance regardless of weather conditions. The company provides its products in three fit types: compression (tight fitting), fitted (athletic cut), and loose (relaxed) extending across the sporting goods, outdoor, and active lifestyle markets. Its footwear offerings comprise football, baseball, lacrosse, softball, and soccer cleats; slides; performance training footwear; and running footwear. The company also provides baseball batting, football, golf, and running gloves, as well as licenses bags, socks, headwear, custom-molded mouth guards, and eyewear that are designed to be used and worn before, during, and after competition. Under Armour sells its products through retai l stores, as well as directly to consumers through its own retail outlets and specialty stores, Website, and catalogs. The company was founded in 1996 and is headquartered in Baltimore, Maryland.

Advisors' Opinion:

• [By Jon C. Ogg]

  Under Armour Inc. (NYSE: UA) was raised to Neutral from Underweight at J.P. Morgan.

  Here are the iPhone 5 suppliers getting a solid boost in demand.

• [By Sam Cicotello]

  Cole Campell is a freshman at St. Albans School in Washington, D.C. He recently spent a day with us at Fool HQ learning more about the stock market. He chose to focus on Under Armour (NYSE: UA  ) for the day and discussed it with our analysts and editors. Here he shares his unique perspective as a young investor watching an upstart company challenge an older, dominant brand.

• [By Steve Symington]

  Back in February, up-and-coming performance-apparel specialist Under Armour (NYSE: UA  ) raised some eyebrows when it filed a lawsuit against its biggest competitor and global powerhouse Nike (NYSE: NKE  ) .

• [By Andrew Marder]

  Can VF scale the peak?
  The bar is high, and VF is now committed to hitting its impressive goal. Competitors are certainly not going to back down, and VF is going to be under pressure for the next five years. On its main front, expect VF to see a siege from rival brand Columbia Sportswear (NASDAQ: COLM  ) and sporting champion Under Armour (NYSE: UA  ) .

5 Best Safest Stocks To Watch For 2014: Goldman Sachs Group Inc.(The)

The Goldman Sachs Group, Inc., together with its subsidiaries, provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals worldwide. Its Investment Banking segment offers financial advisory, including advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense, risk management, restructurings, and spin-offs; and underwriting securities, loans and other financial instruments, and derivative transactions. The company?s Institutional Client Services segment provides client execution activities, such as fixed income, currency, and commodities client execution related to making markets in interest rate products, credit products, mortgages, currencies, and commodities; and equities related to making markets in equity products, as well as commissions and fees from executing and clearing institutional client transactions on stock, options, and fu tures exchanges. This segment also engages in the securities services business providing financing, securities lending, and other prime brokerage services to institutional clients, including hedge funds, mutual funds, pension funds, and foundations. Its Investing and Lending segment invests in debt securities, loans, public and private equity securities, real estate, consolidated investment entities, and power generation facilities. This segment also involves in the origination of loans to provide financing to clients. The company?s Investment Management segment provides investment management services and investment products to institutional and individual clients. This segment also offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services to high-net-worth individuals and families. In addition, it provides global investment research services. The company was founded in 1869 and is headquartered in New York, New York.

Top 10 Undervalued Stocks To Watch Right Now: Petroleo Brasileiro S.A.- Petrobras(PBR)

Petroleo Brasileiro S.A. primarily engages in oil and natural gas exploration and production, refining, trade, and transportation businesses. The company?s Exploration and Production segment involves in the exploration, production, development, and production of oil, liquefied natural gas (LNG), and natural gas in Brazil. This segment supplies its products to the refineries in Brazil, as well as sells surplus petroleum and byproducts in domestic and foreign markets. Its Supply segment engages in the refining, logistics, transportation, and trade of oil and oil products; export of ethanol; and extraction and processing of schist, as well as holds interests in companies of the petrochemical sector in Brazil. The Gas and Energy segment involves in the transportation and trade of natural gas produced in or imported into Brazil; transportation and trade of LNG; and generation and trade of electric power. In addition, the segment has interests in natural gas transportation and d istribution companies; and thermoelectric power stations in Brazil, as well engages in fertilizer business. The Distribution segment distributes oil products, ethanol, and compressed natural gas in Brazil. The International segment involves in the exploration and production of oil and gas, as well as in supplying, gas and energy, and distribution operations in the Americas, Africa, Europe, and Asia. Further, the company involves in biofuel production business. Petroleo Brasileiro was founded in 1953 and is based in Rio de Janeiro, Brazil.

Advisors' Opinion:

• [By Arjun Sreekumar]

  Several oil majors have even plowed billions of dollars into prospecting areas offshore Africa, despite the risk of unexpected actions by conflict-ridden governments. For instance, Chevron (NYSE: CVX  ) has acquired exploration blocks in Liberia and Sierra Leone, while Royal Dutch Shell (NYSE: RDS-A  ) and Brazilian oil giant Petrobras (NYSE: PBR  ) are jointly exploring deepwater acreage off the coast of Tanzania.

5 Best Safest Stocks To Watch For 2014: Fluor Corporation(FLR)

Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, maintenance, and project management services worldwide. Its Oil & Gas segment offers design, engineering, procurement, construction, and project management services to upstream oil and gas production, downstream refining, chemicals, and petrochemicals industries. This segment also provides consulting services comprising feasibility studies, process assessment, and project finance structuring and studies. The company?s Industrial & Infrastructure segment offers design, engineering, procurement, and construction services to the transportation, wind power, mining and metals, life sciences, manufacturing, commercial and institutional, telecommunications, microelectronics, and healthcare sectors. Its Government segment provides engineering, construction, logistics support, contingency response, management, and operations services to the United States government focusing on the Departme nt of Energy, the Department of Homeland Security, and the Department of Defense. The company?s Global Services segment offers operations and maintenance, small capital project engineering and execution, site equipment and tool services, industrial fleet services, plant turnaround services, temporary staffing services, and supply chain solutions. Its Power segment provides engineering, procurement, construction, program management, start-up and commissioning, and operations and maintenance services to the gas fueled, solid fueled, plant betterment, renewables, nuclear, and power services markets. The company also offers unionized management and construction services in the United States and Canada. Fluor Corporation was founded in 1912 and is headquartered in Irving, Texas.

Advisors' Opinion:

• [By The Energy Report]

  JH: One of the areas where the U.S. for decades has been the leading technological power is in small nuclear reactors. We've used them on our aircraft carriers and on our nuclear submarines safely and efficiently. The U.S. has an advantage in understanding small modular nuclear reactors. One of the companies that we have followed for a long time that's working on that is Babcock & Wilcox Co. (BWC). There's also Fluor Corp. (FLR), which is working on small modular nuclear reactors. President Obama and the Department of Energy are funding research on the implementation of small modular nuclear reactors.

Nine-year prison term for tax-avoidance scam

Six years ago, William Reed was a Nevada businessman listed as the corporate officer for more than 1,000 companies purportedly headquartered in a lone Las Vegas office suite.

Now he has a new title: federal prison inmate, sentenced to nine years behind bars.

Nevada Senior U.S. District Judge Philip Pro imposed the sentence Tuesday after Reed pleaded guilty to tax conspiracy, attempted tax evasion and aggravated identity theft in a case involving his part in a thriving mini-industry that helps an untold number of clients attempt to hide financial assets from the IRS and other government agencies, creditors and courts.

Pro also ordered Reed, 63, to pay nearly $4.2 million in restitution as part of the sentence.

A Feb. 2007 USA TODAY report showed that Reed and his company, Asset Protection Group, took advantage of gaps in domestic incorporation laws and virtually non-existent government oversight to promote some U.S. states as secrecy rivals of traditional offshore tax havens.

Asset Protection Group attracted clients in part with a promotional video in which actor Robert Wagner warned that without asset protection, "You could lose everything you've worked so hard for, in a flash." Clients paid as much as $9,800 for the firm's asset protection program and became company consultants.

Reed and the firm typically formed new Nevada corporations for the clients that listed him, not them, as the sole officer. The procedure took advantage of laws in Nevada and other states that often do not require the actual owners of corporations to be disclosed.

"Our consultants purchased the corporations, resold them, and I never knew who actually used them," Reed wrote in a statement filed with the court last week. "Some of our customers used the corporations to hide their assets or income from the IRS."

Reed personally owes more than $34.4 million in taxes, and Asset Protection Group transactions add an additional $14 million in tax liabilities, federal court records show.

!

Reed's sentence was more lenient than the 12-year term recommended in a presentencing report. But it was harsher than the six-year term defense attorney attorney Paola Armeni urged in a Oct. 8 sentencing memorandum.

While acknowledging that Reed had "failed to pay his own taxes" and continued to engage in activities that "deprived the IRS from collecting money from many others," Armeni argued in the memo that he deserved a lighter sentence based on his help recovering nearly $3 million for the IRS.

Armeni also cited Reed's help providing evidence against alleged co-conspirators, his age and need to assist with care of his 88-year-old mother.

"As someone with no prior criminal activity, I am humbled and humiliated. I'm truly ashamed," Reed wrote in his court statement.

However, Assistant U.S. Attorney J. Gregory Damm argued in a court filing last week that Reed should get no leniency for satisfying a fraction of his overdue tax bill. "The government has made a good faith evaluation of the defendant's assistance to date and has concluded that he has not yet provided "substantial assistance to authorities," Damm wrote.

7 Ways To Successfully Settle A Dispute With Your Bank

Hot Undervalued Stocks For 2014

By Shirley Pulawski

Have you ever had an error on your bank statement? Have you been charged fees you weren't expecting? Or maybe you made a mistake and an overdraft occurred, and you would like to have the penalty removed. In some cases, a simple visit to your local branch can quickly resolve a problem, but sometimes, more effort is required to work out a dispute with your bank and successfully resolve a problem. According to U.S. News, banks came in at No. 7 of the top 10 industries for consumer complaints and inquiries with the Better Business Bureau. Whether the problem is a small one or something serious enough to harm your credit rating, handling a dispute with tact and using the proper channels can save time and aggravation.

1. Act quickly If you find an error in your account, it's important to act quickly, and to stay on top of the issue, even if you don't get a resolution from the first person you contact. Putting it off won't help your case - you have a much better chance of resolving the issue if you act quickly and are persistent.

2. Identify contacts Before you get started, identify all of the contact methods for your bank's customer service departments. If the problem is related to a mortgage payment or investment, you don't want to start out speaking to someone who handles checking accounts, and then end up getting bounced around in a loop of phone transfers from one department to another. Take a look at the contacts on your bank's website first, and write down all which seem relevant to the problem.

3. Visit in person A good first step is to visit your local branch, if you have one. Bring the contact numbers with you to verify the proper channel for the problem if the local representative can't or won't help with the issue. By bringing the contact information with you, the representative will know you are serious about escalating the problem and may be more likely to take care of the problem if they are able. Also inquire as to whether the bank has a retention or escalation department. Bank employees whose job it is to resolve disputes and keep customers loyal to the bank may have more authority to make account changes.

4. Keep calm Don't begin the conversation with bank representatives from a point of anger. Stay in control and cool-headed. While they may sense your frustration, yelling, swearing, or making unreasonable statements won't help you, no matter how justified you may feel. It could also put you into trouble with authorities, so don't let the issue get the better of you or allow it to become personal. If you aren't being treated well by one representative, seek out another. Make it clear you are not going to give up until you get results. If you treat the representative as an ally instead of an adversary, you may get faster results.

5. Understand the issue While it may seem as though the bank is at fault initially, make sure you fully understand the issue and how it happened. Be open to accepting that you may have been at fault, or that the terms of your account are different than the way you understood the terms. This will help you avoid the problem again in the future, and may result in the bank representative being more open to resolving the issue in your favor while allowing the incident to act as a warning. If the bank does provide some leniency in a matter, be sure to show appreciation for the act as that can have a lasting impact on future policies.

6. Tweet it out Some large banks have a social media strategy which includes customer retention. Bank of America has an official customer service handle on Twitter, @BofA_Help, which is staffed with representatives and checked during regular business hours. Like some other companies, they also have a Facebook presence for customer service issues, and a response is usually promised to be issued within one business day. While making contact in a public forum can influence a company concerned about its reputation, you obviously won't want to share private information in a social media newsfeed, and some banks may not have staff to actively monitor social media accounts. The bottom line is that putting your message out in a public way may be worth trying, but may just result in the need to take extra steps.

7. Move along If the issue isn't resolved favorably, you need to let it go and move on unless you feel it is worth taking up with an attorney. Moving on can be in the form of simply putting the issue in the past mentally, or physically closing your accounts. Before making a quick decision to end your business relationship with your bank, make sure it is in your best interest to do so. If you need to refinance a loan, you may end up paying unwanted fees or a higher rate. You may not get better terms and could be stuck with terms that led to the original problems. Make sure it's worth your time and effort before packing it in with the bank and doing business elsewhere. If you'd like to share your experience with your bank, write a review here!

Is Sony an Attractive Investment?

With shares of Sony (NYSE:SNE) trading around $18, is SNE an OUTPERFORM, WAIT AND SEE, or STAY AWAY? Let's analyze the stock with the relevant sections of our CHEAT SHEET investing framework:

T = Trends for a Stock’s Movement

Sony is involved in the electronics, games, entertainment, and financial businesses. The company operates in several different segments: Consumer Products Services, Professional Device Solutions, Movie, Music, Finance, Mobile, and Other. Through its segments, Sony is able to provide a wide range of products and services. These products include televisions, cameras, personal computers, game consoles, navigation systems, audio and video equipment, software, phones, and media platforms. The company bring new technologies to the hands of your average player as well as professional users. Look for Sony to continue to be a top choice for avid technology adopters worldwide.

Sony sold 1 million units of its new PlayStation 4 video game consoles within the first 24 hours the device was on sale, according to a report from Reuters, giving Sony a big boost before Microsoft Corp. (NASDAQ:MSFT) releases its competing Xbox One on Friday. Sony is counting on the console to help revive its consumer electronics business. The company previously said that it received 1 million preorders for the devices, and it expects to sell 5 million units through March.

T = Technicals on the Stock Chart Are Weak

Sony stock has seen its fair share of struggles over the last few years. The stock is currently trading sideways and looks set to continue. Analyzing the price trend and its strength can be done using key simple moving averages. What are the key moving averages? The 50-day (pink), 100-day (blue), and 200-day (yellow) simple moving averages. As seen in the daily price chart below, Sony is trading below its rising key averages, which signal neutral to bearish price action in the near-term.

(Source: Thinkorswim)

Taking a look at the implied volatility (red) and implied volatility skew levels of Sony options may help determine if investors are bullish, neutral, or bearish.

	Implied Volatility (IV)	30-Day IV Percentile	90-Day IV Percentile
Sony Options	30.87%	30%	28%

What does this mean? This means that investors or traders are buying a minimal amount of call and put options contracts as compared to the last 30 and 90 trading days.

	Put IV Skew	Call IV Skew
December Options	Steep	Average
January Options	Steep	Average

As of today, there is an average demand from call buyers or sellers and high demand by put buyers or low demand by put sellers, all neutral to bullish over the next two months. To summarize, investors are buying a minimal amount of call and put option contracts and are leaning neutral to bullish over the next two months.

On the next page, let’s take a look at the earnings and revenue growth rates and the conclusion.

E = Earnings Are Mixed Quarter-Over-Quarter

Rising stock prices are often strongly correlated with rising earnings and revenue growth rates. Also, the last four quarterly earnings announcement reactions help gauge investor sentiment on Sony’s stock. What do the last four quarterly earnings and revenue growth (Y-O-Y) figures for Sony look like and more importantly, how did the markets like these numbers?

	2013 Q3	2013 Q2	2013 Q1	2012 Q4
Earnings Growth (Y-O-Y)	22.71%	82.50%	125.35%	93.93%
Revenue Growth (Y-O-Y)	10.64%	-8.96%	-5.41%	-4.07%
Earnings Reaction	-11.17%	4.37%	0.78%	-4.36%

Sony has seen increasing earnings and improving revenue figures over the last four quarters. From these numbers, the markets have been pleased with Sony’s recent earnings announcements.

P = Excellent Relative Performance Versus Peers and Sector

How has Sony stock done relative to its peers, Microsoft (NASDAQ:MSFT), Canon (NYSE:CAJ), Dolby Laboratories (NYSE:DLB), and sector?

	Sony	Microsoft	Canon	Dolby Laboratories	Sector
Year-to-Date Return	67.23%	39.95%	-17.30%	20.39%	28.56%

Sony has been a relative performance leader, year-to-date.

Conclusion

Sony is a provider of innovative technology products to consumers and companies worldwide. The company sold 1 million units of its new PlayStation 4 video game consoles within the first 24 hours the device was on sale. The stock has struggled in recent years and is now trading sideways. Over the last four quarters, earnings have increased while revenues are improving leaving investors pleased with the company. Relative to its peers and sector, Sony has been a year-to-date performance leader. WAIT AND SEE what Sony does this quarter.

Australian Dollar Falls Sharply Amid RBA Intervention Risk

The Australian dollar fell to its lowest levels in over two months on Thursday, as a variety of fundamental data pressured the currency.

Fed Minutes

The minutes the Federal Reserve's latest meeting released yesterday suggested that a tapering of $85 billion in monthly bond purchases could begin in the "coming months", bolstering the US dollar and triggering weakness in the Australian dollar.

The news comes in contrast to the dovish remarks made by Janet Yellen, President Obama's nominee to lead the Federal Reserve, in her testimony before the Senate Banking Committee last week.

Related: Euro Falls on Negative Deposit Rate Chatter

China PMI

On Thursday the Aussie saw continued selling after the release of disappointing Chinese manufacturing data.

The Purchasing Managers' Index (PMI) released yesterday by HSBC Holdings PLC and Markit Economics showed that China's manufacturing expanded at a slower pace, adding pressure to Australia's commodity exports. China is Australia's biggest trading partner and largest export market.

RBA Intervention Risk

Reserve Bank of Australia Governor Glenn Stevens, speaking to the Australian Business Economists annual dinner in Sydney on Thursday, said he was "open minded" on intervening to weaken the Australian dollar.

"Overall, in this episode so far, the Bank has not been convinced that large-scale intervention clearly passed the test of effectiveness versus cost. But that doesn't mean we will always eschew intervention."

He added, "Our position has long been, and remains that foreign exchange intervention can, judiciously used in the right circumstances, be effective and useful."

IMF Comments

In a preliminary statement on Wednesday the IMF recommended accommodative monetary policy, stating "With growth currently on the soft side, the real exchange rate still overvalued and weighing on the non-mining sector, and inflation within the target range, monetary policy should remain accommodative."

Related: Iran Deal Looking Less Likely, Brent Gets a Boost

In an interview on Thursday, Min Zhu, deputy managing director of the IMF said "The Australian dollar is overvalued by around 10 per cent from a medium-term point of view."

AUD/USD Daily Chart

Looking at the AUD/USD daily chart we can see that price has fallen through major support at 0.9277. Potential support lies below at 0.9114.

Posted-In: Australia Barack Obama Glenn Stevens HSBC Holdings Janet Yellen Markit Senate Banking CommitteeForex Economics Federal Reserve Markets Best of Benzinga

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

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Honda Motor Revs up Returns

Based in Tokyo, our latest stock recommendation is one of the world's leading sellers of automobiles, with a well-deserved reputation for quality and reliability, suggests Mark Skousen in High-Income Alert.

Sales for Honda Motor (HMC) exceeded $130 billion during the last 12 months. Under the Honda and Acura brands, the firm sells autos, trucks, motorcycles, and all-terrain vehicles.

However, many consumers put off purchasing a new vehicle during the recent worldwide economic slowdown. That situation is about to change.

The age of the average vehicle on US roads recently hit an all-time record: 11.4 years. There is enormous pent-up demand for new cars and trucks. And we are beginning to see that demand show up in the Honda sales numbers.

Best Cheap Companies For 2014

In the most recent quarter, sales jumped 16.3%. And they are likely to climb sharply higher in the months ahead. Honda will earn approximately $2.50 a share in 2013. But I estimate net income will climb 40% in the year ahead.

One reason is new model introductions. Another is the weaker yen. A declining currency makes Japanese cars more competitively priced in foreign markets.

And most of Honda's sales, of course, are exports. We got a sign of what is ahead when Toyota reported unexpectedly strong sales and earnings. Plus, Honda yields 5%. And that dividend should rise with earnings in the weeks ahead.

In short, rising demand, a falling yen, and new model introductions should drive this Japanese blue chip sharply higher.

So, pick up Honda shares at market today. And place a protective stop at $32. If you prefer to play this one more aggressively, try the April $45 calls, which last traded at $0.60.

Subscribe to High-Income Alert here…

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5 Best Biotech Stocks To Buy Right Now

From the impact of Obamacare to cutting-edge research, biotech buyouts to FDA decisions, The Motley Fool's health-care team sits down each week�to discuss the most fascinating developments in health care, and their implications for long-term investors. In this week's edition, the team talks about a potentially landmark Supreme Court ruling, the impact of President Obama's budget on health-care stocks, the next wave of innovation for the pharma industry, and why investors need to pay attention to a small research company from upstate New York.

In the following segment, health-care analyst David Williamson takes a closer look at Obama's budget. There are definite winners and losers as the administration looks to protect certain parts of the sector while hitting others as Obamacare continues its�rollout.�

What macro trend was Warren Buffett referring to when he said "this is the tapeworm that's eating at American competitiveness"? Find out in our free report: "What's Really Eating at America's Competitiveness." You'll also discover an idea to profit as companies work to eradicate this efficiency-sucking tapeworm. Just click here for free, immediate access.

5 Best Biotech Stocks To Buy Right Now: Cubist Pharmaceuticals Inc.(CBST)

Cubist Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the research, development, and commercialization of pharmaceutical products that address unmet medical needs in the acute care environment. The company markets CUBICIN (daptomycin for injection), a once-daily, bactericidal, intravenous, antibiotic with activity against gram-positive organisms, including methicillin-resistant staphylococcus aureus. Its clinical development product pipeline consists of CXA-201, which is in the phase III clinical trial for patients with complicated urinary tract infections; and in phase II clinical trial for patients with complicated abdominal infections. The company is also developing CXA-201 for the treatment of hospital acquired pneumonia. In addition, its product under development comprises CB-183,315, an oral, bactericidal lipopeptide with in vitro bactericidal activity against C. difficile, for the treatment of clostridium difficile-associated diarrhea (CDAD). Further , the company?s pre-clinical programs include therapies to treat various bacterial infections and agents to treat acute pain. Additionally, it promotes MERREM I.V. (meropenem for injection), a carbapenem class intravenous antibiotic, in the United States under a commercial services agreement with AstraZeneca Pharmaceuticals, LP; and DIFICID as the treatment for CDAD in adults under the co-promotion agreement with Optimer Pharmaceuticals, Inc. The company also has collaborations with Forma Therapeutics, Inc. to discover and develop antibacterial compounds; an agreement with the Broad Institute to transform natural products discovery; a collaboration with Hydra Biosciences, Inc., to develop ion channel drugs; and a collaboration agreement with Alnylam Pharmaceuticals, Inc., for the development and commercialization of Alnylam's RNAi therapeutics as a therapy for the treatment of respiratory syncytial virus. The company was founded in 1992 and is headquartered in Lexington, Mas sachusetts.

Advisors' Opinion:

• [By Alyssa Oursler]

  Another company with a megatrend in its corner is Cubist Pharmaceuticals (CBST) — the midcap stock that will replace Smithfield Foods in the S&P 400.

• [By Jake Keator]

  Shares of Cubist Pharmaceuticals (NASDAQ: CBST  ) exploded upward on Friday, finishing up over 9%. The company reported strong second-quarter results Thursday, beating average analyst estimates for both revenue and EPS. Total net revenues were $258.8 million, up 12.2% over Q2 2012, while non-GAAP diluted EPS was $0.42. Average analyst estimates were $254.73 million for revenue and EPS of $0.38.

• [By Jon C. Ogg]

  Cubist Pharmaceuticals Inc. (NASDAQ: CBST) was raised to Outperform from Market Perform at Leerink Swann.

  Diamondback Energy Inc. (NASDAQ: FANG) was downgraded to Hold from Buy at Canaccord Genuity.

• [By Rich Bieglmeier]

  Cubist Pharmaceuticals Inc. (CBST) share price is the beneficiary of an upgrade yesterday. Leerink Swann analyst Marko Kozul believes the biotech is headed to $76.

5 Best Biotech Stocks To Buy Right Now: Scancell Holdings PLC (SCLP.L)

Scancell Holdings PLC is a United Kingdom-based company. The Company�� principal activity of the consists of the discovery and development of monoclonal antibodies and vaccines for the treatment of cancer. In April 2012, the Company completed recruitment to the Phase 1 clinical trial of SCIBI. In May 2012, the Company commenced recruitment and treatment of the first patient in the second part of it Phase 1/2 clinical trial of SCIBI. The Phase 2 part of the trial is conducted in five United Kingdom centers in Nottingham, Manchester, Newcastle, Leeds, and Southampton. On August 15, 2012, the Company announced the development of a platform technology, Moditope.

Best Biotech Stocks To Watch Right Now: Transition Therapeutics Inc.(TTHI)

Transition Therapeutics Inc., a biopharmaceutical company, develops novel therapeutics for various disease indications primarily in Canada. Its lead products include ELND005 (AZD-103), a Phase II clinical trial product for the treatment of Alzheimer?s disease; TT-301 and TT-302, which are Phase I clinical trial products, for the treatment of rheumatoid arthritis, Alzheimer?s disease, traumatic brain injury, and intracerebral hemorrhage; and TT401/402, a preclinical stage product to treat diabetes. The company also has an emerging pipeline of preclinical and clinical drug candidates for the treatment of anti-inflammatory and metabolic indications. It has strategic collaborations with Elan Pharma International Limited to develop and commercialize ELND005 (AZD-103); and a licensing and collaboration agreement with Eli Lilly and Company to develop and commercialize gastrin based therapies, and the preclinical compound TT401/402. The company was formerly known as Transition T herapeutics and Diagnostics Inc. and changed its name to Transition Therapeutics Inc. on December 2000. Transition Therapeutics Inc. was founded in 1987 and is headquartered in Toronto, Canada.

5 Best Biotech Stocks To Buy Right Now: Inovio Pharmaceuticals Inc (INO)

Inovio Pharmaceuticals, Inc., incorporated on June 29, 1983, is engaged in the development of a new generation of vaccines, called synthetic vaccines, focused on cancers and infectious diseases. The Company's SynCon technology enables the design of universal vaccines capable of providing cross-protection against existing or changing strains of pathogens, such as influenza and human immunodeficiency virus (HIV). The Company's electroporation delivery technology uses brief, controlled electrical pulses to increase cellular uptake of the vaccine. Its clinical programs include cervical dysplasia (therapeutic), avian influenza (preventive), prostate cancer (therapeutic), leukemia (therapeutic), hepatitis C virus (HCV) and HIV vaccines. It is advancing preclinical research and clinical development for a universal seasonal/pandemic influenza vaccine, as well as preclinical work for other products, including malaria and prostate cancer vaccines. Its partners and collaborators include University of Pennsylvania, Drexel University, National Microbiology Laboratory of the Public Health Agency of Canada, Program for Appropriate Technology in Health/Malaria Vaccine Initiative (PATH/MVI), National Institute of Allergy and Infectious Diseases (NIAID), Merck, ChronTech, University of Southampton, United States Military HIV Research Program (USMHRP), the United States Army Medical Research Institute of Infectious Diseases (USAMRIID) and HIV Vaccines Trial Network (HVTN). As of December 31, 2011 it owned 16.1% interest in VGX Int��.

Inovio�� Solution

The Company�� synthetic vaccine platform consists of its SynCon vaccine design process and electroporation delivery technology. It has developed a preclinical and clinical stage pipeline of vaccines. The Company�� synthetic vaccines are designed to prevent a disease (prophylactic vaccines) or treat an existing disease (therapeutic vaccines). Its synthetic vaccine consists of a deoxyribonucleic acid (DNA) plasmid encoding a selected antigen! (s), which is introduced into cells of humans or animals with the purpose of evoking an immune response to the encoded antigen. The Company�� synthetic vaccines are designed to generate specific antibody and/or T-cell responses.

The Company�� SynCon technology provides processes that employ bioinformatics, which combine extensive genetic data and sophisticated algorithms. Its design process uses the genetic make-up of a common antigen(s) from multiple strains of a virus within a viral sub-type or taxonomic group (family) of pathogens, such as HIV, hepatitis C virus (HCV), human papillomavirus (HPV), influenza and other diseases to synthetically create a new antigen for the desired pathogen target that does not exist in nature. Its synthetic vaccine candidates are being delivered into cells of the body using its electroporation (EP) DNA delivery technology.

Cancer Synthetic Vaccines

The Company has two broad types of cancer vaccines: preventive (or prophylactic) vaccines, which are intended to prevent cancer from developing in healthy people, and treatment (or therapeutic) vaccines, which are intended to treat an existing cancer by strengthening the body�� natural defenses against the cancer. Two types of cancer preventive vaccines are available in the United States. The United States Food and Drug Administration (the FDA) has approved two vaccines, Gardasil and Cervarix that protect against infection by the two types of HPV-types 16 and 18-that cause approximately 70% of all cases of cervical cancer worldwide. In addition, Gardasil protects against infection by two additional HPV types, 6 and 11, which are responsible for about 90% of all cases of genital warts in males and females but do not cause cervical cancer.

Cervarix manufactured by GlaxoSmithKline, is composed of virus-like particles (VLPs) made with proteins from HPV types 16 and 18. Cervarix is approved for use in females��ages 10 to 25 for the prevention of cervical cancer caused by! HPV type! s 16 and 18. Gardasil manufactured by Merck, is approved for use in females for the prevention of cervical cancer, and some vulvar and vaginal cancers, caused by HPV types 16 and 18 and for use in males and females for the prevention of genital warts caused by HPV types 6 and 11. The vaccine is approved for these uses in females and males ages 9 to 26. The FDA has also approved a cancer preventive vaccine that protects against hepatitis B virus (HBV) infection.

Inovio�� VGX-3100 is designed to raise immune responses against the E6 and E7 genes of HPV types 16 and 18 that are present in both pre-cancerous and cancerous cells transformed by these HPV types. E6 and E7 are oncogenes that play an integral role in transforming HPV-infected cells into cancerous cells. In March 2011, it initiated a randomized, double-blind Phase II study of VGX-3100 delivered using the CELLECTRA intramuscular electroporation device in women with HPV Type 16 or 18 and diagnosed with, but not yet treated for, cervical intraepithelial neoplasia (CIN) 2/3. The study is designed to enroll 148 subjects. In January 2011, it announced the publication of a scientific paper in the journal Human Vaccines detailing potent immune responses in a preclinical study of its SynCon vaccine for prostate cancer targeting two antigens, prostate specific antigen (PSA) and prostate specific membrane antigen (PSMA).

In January 2011, the Company announced the regulatory approval of a Phase II clinical trial (WIN Trial) to treat leukemia utilizing its new ELGEN 1000 automated vaccine delivery device. The single dose level, Phase II study, called WT1 immunity via DNA fusion gene vaccination in haematological malignancies by intramuscular injection followed by intramuscular electroporation. Cancer Vaccines encodes for hTERT, an antigen related to non-small cell lung, breast and prostate cancers. The vaccine is delivered using its electroporation delivery technology.

Infectious Disease Synthetic Vaccines

In Marc! h 2011, the Company announced the initiation of a follow-on open label, single dose Phase II clinical study in collaboration with ChronTech of the ChronVac-C HCV DNA vaccine delivered using its electroporation technology in treatment naive HCV infected individuals. Its HIV vaccines consist of candidates for HIV prevention, as well as therapy or treatment. PENNVAX-B is designed to target HIV clade B (most commonly found in the United States, North America, Australia and the European Union (EU). PENNVAX-G is designed to target HIV clades A, C and D, which are more commonly found in Asia, Africa, Russia and South America. This Phase I clinical study of PENNVAX-B (HVTN-080) vaccinated 48 healthy, HIV-negative volunteers to assess safety and levels of immune responses generated by Inovio�� PENNVAX-B vaccine delivered with its CELLECTRA electroporation device. PENNVAX-B is a SynCon vaccine that targets HIV gag, pol, and env proteins.

The Company�� VGX-3400X targets H5N1. The vaccine consists of three distinct DNA plasmids coded for a consensus hemagglutinin (HA) antigen derived from different H5N1 virus strains; a consensus neuraminidase (NA) antigen derived from different N1 sequences; and a consensus nucleoprotein (NP) fused to a small portion of the m2 protein (m2E) based on a broader cross-section of influenza viruses in addition to H5N1 and H1N1. Conventional vaccines are strain-specific and have limited ability to protect against genetic shifts in the influenza strains they target. They are therefore modified annually in anticipation of the next flu season�� new strain(s). It is focused on developing DNA-based influenza vaccines able to provide broad protection against known as well as newly emerging, unknown seasonal and pandemic influenza strains.

Animal Health/Veterinary

VGX Animal Health, Inc. (VGX AH), a majority-owned subsidiary, has licensed LifeTide, a plasmid-based growth hormone releasing hormone (GHRH) technology for swine. LifeTide is one of onl! y four DN! A-based treatments approved for use in animals and is the only DNA-based agent delivered using electroporation that has been granted marketing approval (Australia). VGX AH is also developing a GHRH-based treatment for cancer and anemia in dogs and cats. It is developing a synthetic vaccine for foot-and-mouth disease (FMD) administered by its vaccine delivery technology. The FMD virus is one of the most infectious diseases affecting farm animals, including cattle, swine, sheep and goats, and is a serious threat to global food safety.

The Company competes with Crucell N.V, Sanofi-Aventis, Novartis, Inc., GlaxoSmithKline plc, Merck, Pfizer, AstraZeneca, Inc., Novartis, Inc., MedImmune and CSL.

Advisors' Opinion:

• [By Sean Williams]

  No fairytale ending
  Fairytale endings work great in the movies, but you rarely see them come to fruition in the real world. Small-cap biopharmaceutical Inovio Pharmaceuticals (NYSEMKT: INO  ) has seen shares nearly triple since April on the heels of multiple intriguing studies, but will the glass slipper fit over the long term?

5 Best Biotech Stocks To Buy Right Now: Hemispherx Biopharma Inc (HEB)

Hemispherx Biopharma, Inc. (Hemispherx) is a specialty pharmaceutical company engaged in the clinical development of new drugs therapies based on natural immune system enhancing technologies for the treatment of viral and immune based chronic disorders. Hemispherx focuses on two core pharmaceutical technology platforms Ampligen and Alferon N Injection.The commercial focus for Ampligen includes application as a treatment for Chronic Fatigue Syndrome (CFS) and as an influenza vaccine enhancer (adjuvant) for both therapeutic and preventative vaccine development. Alferon N Injection is a United States Food and Drug Administration (FDA) approved product with an indication for refractory or recurring genital warts. Alferon LDO (Low Dose Oral) is a formulation under development targeting influenza. It has three subsidiaries BioPro Corp., BioAegean Corp., and Core BioTech Corp. The Company's foreign subsidiary is Hemispherx Biopharma Europe N.V./S.A.

Ampligen

Ampligen is an experimental drug, which is undergoing clinical development for the treatment of Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS). Over 1,000 patients have participated in the Ampligen clinical trials representing the administration of more than 90,000 doses of this drug. The Company is also engaged in ongoing, experimental studies assessing the efficacy of Ampligen against influenza viruses.

Alferon N Injection

Alferon N Injection is the registered trademark for the Company's injectable formulation of natural alpha interferon. Interferons are a group of proteins produced and secreted by cells to combat diseases. The Company's natural alpha interferon is produced from human white blood cells. Alferon N Injection [Interferon alfa-n3 (human leukocyte derived)] is a highly purified, natural-source, glycosylated, multi-species alpha interferon product.

Alferon LDO (Low Dose Oral)

Alferon LDO [Low Dose Oral Interferon Alfa-n3 (Human Leukocyte Derived)]! is an experimental low-dose, oral liquid formulation of Natural Alpha Interferon and like Alferon N Injection should not cause antibody formation, which is a problem with recombinant interferon. It is an experimental immunotherapeutic that works by stimulating an immune cascade response in the cells of the mouth and throat, enabling it to bolster systemic immune response through the entire body by absorption through the oral mucosa.

The Company competes with Pfizer, GlaxoSmithKline, Merck, AstraZeneca, Baxter International, Fletcher/CSI, AVANT Immunotherapeutics, AVI BioPharma and Genta.

Magic Carpet Ride

While rising interest rates are dampening the housing market in general, the high-end segment of the market continues to be resilient. In addition to new housing, remodeling activity remains on the uptrend, which is positive for the carpet and floor covering niche of the home-furnishing industry.

Investors should look at small-cap carpet manufacturer Dixie Group (NASDAQ: DXYN), for a potential 60 percent stock price increase over the next year.

Dixie Group has delivered 37 percent sales growth in 2013 and is projected to increase earnings per share (EPS) by 190 percent over the next two years. Despite this expected growth, the stock trades at a 65 percent discount to its enterprise value.

Dixie Group is a manufacturer and marketer of carpet and rugs to high-end residential customers through the Fabrica International, Masland Residential and Dixie Home brands. The company began its operations in 1920 and transitioned from textiles to floor covering in the 1990s. In 2004, it refined its focus on upper-end markets including both commercial and residential. The company is known for its innovative styling, design and colors.

Following a disappointing year in 2012, Dixie Group has beaten analyst estimates for three straight quarters. The company is delivering results from investments made in new products, processes, businesses and sales coverage during the last two years. The investment in growth initiatives has positioned Dixie Group to continue outperforming the industry at the high end of the marketplace in the coming years.

In the third quarter of 2013, the company had sales of $90.2 million and income from continuing operations of $1,432,000, or $0.11 per diluted share, compared with sales of $65.8 million and income from continuing operations of $269,000, or $0.02 per diluted share for the third quarter of 2012.

The third quarter sales improvement was a robust 37 percent over the pr! ior year’s quarter. Company residential products grew 35 percent, compared to the same period a year ago. Analysts believe that the residential market grew in the high single digits during the quarter and should continue to improve over the next year. Sales for commercial products increased nearly 40 percent versus the third quarter of 2012.  All of the Dixie Group product categories were up, showing the broad nature of the market momentum.

Year to date through November 1, the S&P Home Furnishings Index rose 32.6 percent, compared to a 24 percent increase for the S&P 1500 Index. In comparison, Dixie Group is up an astounding 270 percent year to date. While the company has produced exceptional sales and earnings growth, it trades at only 0.46 times sales in the most recent quarter.

Dixie Group currently has a total market cap of $166 million but has an enterprise valuation of $273 million. This indicates that the stock is trading at a 65 percent discount to its enterprise valuation.

Dixie Group had a loss of $0.5 per share in 2012 but improved its EPS to $0.35 in 2013. Dixie Group is projected to grow EPS by 91 percent to $0.67 in 2014. In 2015, EPS is projected to grow another 50 percent to $1.01. In summary, EPS will grow from $0.35 in 2013 to $1.01 in 2015, an increase of 190 percent in two years.

Thomson Reuters consensus has a strong buy rating of 1.0 on the stock. Dixie Group has a 12-month price target of $20, an increase of 60 percent.

Greg Pugh, an income-investing expert, publishes a newsletter called Investing for Monthly Income.

Big Banks: Summers Bye-Bye Winners (Update 1)

Top 5 Stocks For 2014

Updated from 4:27 p.m. ET with comment from Ron Beasley, and investment advisor in Houston.

NEW YORK (TheStreet) -- Morgan Stanley (MS) was the winner among the largest U.S. banks on Monday, with shares rising over 2% to close at $53.14.

Bank stocks fared even better than the broad market Monday, as investors cheered the withdrawal by former Treasury Secretary Lawrence Summers from consideration to be President Obama's nominee to succeed Ben Bernanke as Federal Reserve chairman.

The KBW Bank Index (I:BKX) rose 0.8% to close at 64.17, with all 24 index components showing gains. The Dow Jones Industrial Average was up 0.8%, while the S&P 500 (SPX.X) rose 0.6% and the Nasdaq Composite ended with a slight decline. Big banks seeing shares rise nearly 2% included Goldman Sachs (GS), which closed at $67.03, and Wells Fargo (WFC), which closed at $$42.89. Shares of JPMorgan Chase were up 1% to close at $53.14, after Reuters and the Wall Street Journal separately reported that the company would agree to pay fines of "at least" $700 million, springing from the compliance and risk-management failures that led to the "London Whale" hedge trading losses that amounted to at least $6.2 billion during 2012. Both reports cited unnamed sources. JPMorgan CFO Marianne Lake at a conference last Monday said the bank's third-quarter legal expenses could exceed $1.5 billion. The Journal on Friday reported that JPMorgan's second-half expenses from regulatory expenses could rise by an additional $4 billion, including the cost for an additional 5,000 employees "to clean up its risk and compliance problems The Next Fed Chair Bernanke's term ends on Jan. 31 of next year, leaving plenty of time for the Senate to confirm a nominee, however, Obama may face difficulty in finding a candidate who can clear the Senate Banking committee, before heading to the Senate floor for a confirmation vote. Summers has been critical of the Federal Reserve's accommodative monetary policy, while the other highest-profile candidate -- current Federal Reserve System Vice Chair Janet Yellen -- is favored by investors who wish for the central bank to maintain the course it has taken under Bernanke's leadership. Summers had faced plenty of opposition from Democratic members of the Senate Banking Committee, including Jon Tester (D., Mont.), who had gone on the record saying he was against Summers's potential nomination, and Jeff Merkley (D., Ore.), Sherrod Brown (D.,-Ohio) and Elizabeth Warren (D-Mass.), who were widely expected at least to question the suitability of Summers for the role. Some of the criticism springs from his support of the Commodity Futures Modernization Act of 2000, which prevented direct regulation of derivatives trading between large banks.

Obama may also face a tough time if he nominates Yellen, since Senate Banking Committee member Richard Shelby (R., Ala.) stands out for having voted against Yellen's nomination to be Fed Vice Chair in 2010.

This is a very high-profile week for the Federal Reserve. The Federal Open Market Committee meets Tuesday and Wednesday, after which the committee will release its policy statement and Ben Bernanke will hold a press conference. The FOMC is widely expected to begin tapering the central bank's bond purchases.

The Fed has been making net monthly purchases of $40 billion in long-term mortgage-backed securities and $45 billion in long-term U.S. Treasury bonds since last September, as part of its "QE3" policy to hold-down long-term interest rates. The market has been anticipating an end to the Fed's balance sheet expansion, sending the yield on 10-year Treasury bonds up by over 100 basis points since the end of April.

In light of mixed signals in recent economic reports, the FOMC may decide to wait again before it begins reducing the Fed's bond purchases, but even if the tapering begins, the committee is expected to make no policy change for the federal funds rate, which is the central bank's main policy tool. The Fed has kept the federal funds rate in a range of zero to 0.25%, and the FOMC has repeatedly said this "highly accommodative" policy was likely to remain appropriate at least until the national unemployment rate drops below 6.5%. The August unemployment rate was 7.3%, improving slightly from 7.4% in July. "We find that there is little compelling evidence that the labor market has improved meaningfully in the past six months, despite the drop in the unemployment rate to 7.3%," KBW analyst Frederick Cannon wrote in a note to clients Sunday. "Therefore, we think the most likely outcome for the Fed decision will be either a very modest tapering of their bond buying (a $5-$10 billion monthly reduction) or a postponement of tapering." Short-Term Traders Beware Cannon also believes this may be a good time for investors holding financial stocks to take profits, especially those whose stellar returns this year have been the most correlated with the rise in the yield on 10-year Treasury bonds. Among the financial stocks with year-to-date gains must correlated with the rising rate for the 10-year, according to Cannon, are TD Ameritrade (AMTD), U.S. Bancorp (USB), M&T Bank (MTB), Prudential Financial (PRU) and Charles Schwab (SCHW). A Longer-Term View Then again, short-term volatility can be quite a benefit for long-term investors looking to load up on favored names. "it's a silly notion that the considerable long term values in bank shares are somehow irrelevant for the next three months," says Ron Beasley, an investment advisor in Houston, who's portfolio as of June 30 included Wells Fargo and U.S. Bancorp (USB). "Over-reactions that are amplified by high-volume trading activity provide opportunities that wouldn't exist in a value-based market," Beasley says, adding that "being a value investor now is actually easier than it used to be, with all this noise surrounding the activity in the markets." Wells Fargo and U.S. Bancorp have generated by far the strongest and steadiest returns on equity among the largest 10 publicly traded U.S. banks over the past five years. Shares of both companies trade for significant discounts to their valuations before the credit crisis of 2008. Wells Fargo trades for 10.7 times the consensus 2014 earnings estimate of $4.01 a share, among analysts polled by Thomson Reuters. U.S. Bancorp's shares closed at $37.51 Monday and trade for 11.7 times the consensus 2014 EPS estimate of $3.21. RELATED STORIES: Bank of America May Have $20B Resting on This Controversial Report Fed Trends Could Bring Down Bank Stocks for 2013 Summers Withdrawal Greatest Liberal Victory Since Crisis Jim Cramer: Thank You, Larry Summers Blackstone's GSO Tops Among New Kodak Shareholders as Listing Looms Reich: Don't Taper Fed Stimulus JPMorgan to Suffer $4B Compliance Hit in 2013: Report -- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email. Follow @PhilipvanDoorn

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

Benzinga Weekly Preview: PMI Data In Focus

Several important PMI reports are due out next week including data from the US, China and the eurozone.

Now that US Federal Reserve taper worries have been postponed until 2014, investors are looking to China for any indication that the nation's economy is picking up. Most expect to see better figures from both China and the US next week as the two largest economies gain momentum.

Key Earnings Reports

Next week investors will be waiting for several key earnings reports including J.C. Penney Company (NYSE: JCP), Campbell Soup Company (NYSE: CPB), Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR), Salesfore.com, Inc. (NYSE: CRM), and Home Depot, Inc. (NYSE: HD).

J.C. Penney Company

JC Penney is expected to report a third quarter loss of $1.75 on revenue of $2.08 billion, compared to last year's loss of $0.93 on revenue of $2.93 billion.

The analyst team at Oppenheimer had a Perform rating on JC Penney with a $7.00 price target on November 7. The firms report was based on a "surprise release" issued by JC Penney which detailed the company's progress on its turnaround efforts.

"Comp-store sales in October improved to +0.9%. Gross margin pressures have eased as JCP has worked through clearance merchandise. We view better trends at JCP as a meaningful step forward for the chain. The company's turnaround, however, still has a long ways to go. We indicated recently that sales/sq. ft at JCP need to reach about $130 (from $108 currently) in order for the company's business model to prove "cash sustainable."

Best Oil Stocks To Watch Right Now

Sterne Agee's report from the same day gave the company a similar Neutral rating with a price target of $9.00. Analysts at Sterne Agee believe the company is not improving at an acceptable rate and chose to maintain its Neutral rating despite the JC Penney release.

"In the release, JCP reported that SSS improved 490 bps sequentially from -4.0% in September to 0.9% in October - exactly as it had forecasted back in mid-August and once again in early October. At the same time, sales on jcp.com continue to improve, increasing 37.6% YOY relative to a 25.3% lift in September. On the positive side, average transaction value and UPT improved. On the negative side, both AUR and traffic declined – the latter of which is both disturbing and surprising."

Campbell Soup Company

Campbell Soup is expected to report third quarter EPS of $0.87 on revenue of $2.29 billion, compared to last year's EPS of $0.88 on revenue of $2.34 billion.

Morgan Stanley had an Underweight rating on Campbell Soup Company with a $41.00 price target at the end of October. The report was issued shortly after a meeting with Campbell's management at which the company remained positive about the sustainability of Soup growth.

"We recently met with NA President Mark Alexander and SVP Finance Anthony DiSilvestro, and – despite our continued concerns regarding structural headwinds in several key CPB categories – came away with increased conviction that the company is committed to and making some tangible progress in its efforts to return to profitable growth."

On November 11, Deutsche Bank had a Hold rating with a $45.00 price target. The analyst team at Deutsche Bank said acknowledged the long term possibilities for the company, but remained cautious as it will likely face several headwinds in the short term.

"We expect a focus on core soup trends vs. a tough US industry backdrop. Investors will also look for an update on other key businesses incl. the solid baking & snacking vs. troubled beverages and foodservice. Last, commentary around recent M&A activity (Plum/Kelsen acq., EU soup divestiture) or prospects will likely be of interest."

Green Mountain Coffee Roasters, Inc.

Green Mountain Coffee is expected to report third quarter EPS of $0.75 on revenue of $966.27 million, compared to last year's EPS of $0.64 on revenue of $946.74 million.

Merrill Lynch had a Neutral rating on Green Mountain Coffee Roasters with an $85.00 price objective on September 11. The report was issued after Green Mountain's investor meeting at which management expressed plans to enhance its hot beverage platforms as well as expand into cold beverages.

"Key initiatives for expanding hot beverages are 1) Enhanced retail presence emphasizing the Keurig umbrella brand, 2) expanding the away from home channels, 3) convert unlicensed brands and expand brand offerings (enabled by the introduction of Keurig 2.0 which could effectively re-close the system, 4) sharpen marketing and make a regional push, and 5) begin international expansion."

At the same time, Canaccord Genuity had a more aggressive stance, with a Buy rating and a $95.00 price target.

"We expect several years of strong revenue and earnings growth driven by rising penetration of Keurig single-cup coffee makers in North American households and expanded use into adjacencies such as cold beverage and soups."

Salesfore.com, Inc.

Salesforce.com is expected to report third quarter EPS of $0.09 on revenue of $1.05 billion, compared to last year's EPS of $0.08 on revenue of $788.40 million.

Goldman Sachs has a Buy rating on Salesforce.com with a $60.00 price target and expects the company to provide better than expected projections for FY15.

"We reiterate our CL-Buy. Given the scarcity value of strong secular growth opportunities with expanding addressable markets, we see salesforce.com as well positioned as we move closer to CY14. Further, not only do we expect another strong quarter, but we see 30% bookings growth in FY15. Our 12-month price target is $60 (DCF, EV/bookings, P/CFO). At around $56, CRM trades at 43x and 35x our CY13 and CY14 CFO per share estimates of $1.31 and $1.59 (consensus $1.35 and $1.65)."

Oppenheimer has an Outperform rating on Salesforce.com with a $60.00 price target, citing strong business trends and upcoming innovations for their optimism.

"Recent checks point to healthy demand trends for salesforce.com and suggest the force.com platform business is "taking off," with ASPs on the rise, partially aided by a price increase instituted from bundling of products. On balance, some partners experienced softer close rates last month as a byproduct of the federal shutdown. We therefore think 3Q results and guidance could provide less upside than seen last quarter. Bottom Line: CRM remains the best long-term growth investment in our software universe, in our view, and continues to benefit from an escalating SaaS opportunity in the enterprise market. We believe strong growth in 2014 with less M&A will lift CRM's margins, while new sales leadership should improve productivity and put upward pressure on billings."

Home Depot, Inc.

Home Depot is expected to report third quarter EPS of $0.89, compared to last year's EPS of $0.74.

JP Morgan has an Overweight rating on Home Depot with an $86.00 price target on November 13, citing positive sales performance as well as favorable seasonality for their confidence.

"Overall, we believe trends were generally (and relatively) strong throughout the quarter and the category has many favorable dynamics at its back including favorable macro tailwinds, depressed share (Figures 3-6) in a durable goods category (that is subject to maintenance and replacement cycle dynamics, e.g., appliance shipments up DD YTD), and the duopolistic nature of the industry. Indeed, HD and LOW should continue to have some of the best comps in mid to large cap, exgrowth retail."

As of November 7, Merrill Lynch had Home Depot a $90.00 price objective and reiterated its Buy rating.

"Our 12-month price objective of $90 is based on 20x our 2014E EPS. Over the past five years, Home Depot shares have traded between approximately 10x and 20x. We believe the shares should trade at the upper end of this range based on further upside to our estimates given consistent execution and strong industry fundamentals. Downside risks are further weakening in the housing market, deterioration in the competitive landscape, unseasonable weather and poor execution in supply chain upgrades. Upside risks are a noticeable acceleration in the housing market or further acceleration in same-store sales trends."

Economic Releases

European data will be closely followed next week after data from last week showed that the eurozone's recovery was sputtering. Several important PMI figures will be released from nations like Germany and France and investors will be watching for the region's November data for fresh clues about the bloc's economic health.

Daily Schedule

Monday

Earnings Releases Expected: Tyson Foods, Inc. (NYSE: TSN), UGI Corporation (NYSE: UGI), Salesforce.com Inc (NYSE: CRM Economic Releases Expected: Hong Kong unemployment rate, eurozone current account, Spanish current account

Tuesday

Earnings Expected From: Home Depot, Inc. (NYSE: HD), Campbell Soup Company (NYSE: CPB), Valspar Corporation (NYSE: VAL) Economic Releases Expected: German ZEW economic sentiment, US Redbook, Norwegian GDP, Japanese trade balance, New Zealand PPI

Wednesday

Earnings Expected From: J.C. Penny Company (NYSE: JCP), Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) Economic Releases Expected: German PPI, US CPI, US retail sales, US existing home sales, Chinese manufacturing PMI

Thursday

Earnings Expected From: No notable releases expected Economic Releases Expected: French manufacturing and services PMI, German manufacturing and services PMI, eurozone manufacturing and services PMI, US PPI, US manufacturing PMI, eurozone consumer confidence

Friday

Earnings Expected From: Epizyme (NASDAQ: EPZM), Dyax Corp (NASDAQ: DYAX) Economic Releases Expected:   German GDP, German business climate index, Italian retail sales.

Get all the #premarket info by listening in to Benzinga's morning show at 8:00 am EST Monday-Friday!

Posted-In: Federal Reserve HSBC PMINews Eurozone Commodities Previews Global Econ #s Economics Federal Reserve Pre-Market Outlook Markets Trading Ideas Best of Benzinga

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