For Immediate Release
Chicago, IL – January 14, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: XL Capital (XL), Willis Group Holdings (WSH), Aviva (AV), ACE Limited (ACE) and Monsanto Company (MON).
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Here are highlights from Wednesday’s Analyst Blog:
XL Capital Headed for Clover
Insurance and reinsurance group XL Capital (XL) yesterday announced its intention of shifting its place of incorporation to Ireland from the Cayman Islands. The company has had significant operations in that country and has grown them in recent years.
XL Capital would change its name to XL Group but will keep trading on the New York Stock Exchange under the existing ticker symbol “XL.” The company will continue with its registration under the U.S. Securities and Exchange Commission (SEC) and will also maintain compliance with SEC reporting norms, reporting its financial results in U.S. dollars.
The existing company’s shareholders will receive one share of the new company for every share held. Post-incorporation, the company will have to hold more than half of its board meetings in Ireland as per the requirement.
The transaction, which is expected to be completed by mid-2010, is contingent upon approval by XL Capital’s ordinary shareholders and the Grand Court of the Cayman Islands, as well as satisfaction of other conditions. The transaction is not expected to have any material effect on the financial results. Many companies have been incorporated in the Caribbean for some time now, due to the tax benefits places like the Caymans provide. However, increased scrutiny by both U.S. and European lawmakers aimed at cracking down on abuses and collecting more tax revenue from multinational operations has rendered the place less lucrative. Moreover, the recession has hurt revenue for many islands in the British Caribbean, which could lead to higher taxes for companies based there.
The incorporation will bring many benefits, including the protection of XL Capital’s officers and directors from personal liability, asset protection, tax benefits and increased ability to effectively value and market the company. Ireland has recently experienced a boom in its technology and manufacturing industries, and its growing insurance market. Many businesses are looking into the requirements for incorporating a business here.
Recently, a number of insurance companies, including Willis Group Holdings (WSH), Aviva (AV) and ACE Limited (ACE) have considered similar moves.
Monsanto Signs Licensing Deal
Monsanto Company (MON) and Limerick, Ireland-based biotechnology firm Stokes Bio Limited entered into a licensing agreement and R&D collaboration. Under the agreement, Monsanto has exclusive rights to Stokes Bio’s patented technology for use in agriculture.
In-plant breeding, genotyping — or gene analysis — is used to identify seeds or plants with the most desirable characteristics, such as better yield or disease resistance. Currently, Monsanto’s gene analyses are limited by the number of samples that can be processed at one time and the turnaround time per sample.
Stokes Bio’s system utilizes microfluidic technology that can provide the same evaluations using much smaller sample sizes –- as little as 1/1000th of what is currently required -– which continually flow through the system in nanoliter-size droplets.
The instrument can evaluate up to 100,000 data points per hour, making it more efficient than any method of gene analysis currently used. It is capable of generating more data in less time, using less sample and reagent, and at a cost lower than existing technologies. Stokes Bio will deliver a number of these next-generation genotyping instruments to Monsanto in 2011.
The new technology has applications in areas ranging from plant genetics through the entire spectrum of human healthcare, which will help boost productivity.
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