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Follow on Google News |  OTCMarketbulls.com Presents Daily Market News for 7/8/2010OTCMarketbulls.com Presents Daily Market News for JC Penney (NYSC: JCP), Abercrombie & Fitch Company , First Bancorp , Sulphco Inc , New Dragon Asia
By: Otcmarketbulls.com Looking to make higher-yielding returns? Interested in real-time trading ideas? Struggling to find your comfort zone in the equity market? Your first step is becoming a member! Join for FREE by subscribing at the following page: http://www.otcmarketbulls.com/ ************************************************************ Mentionable News: UPDATE 1-First BanCorp to exchange $400 mln Treasury preferreds Wed, Jul 7 2010 * Says to convert $400 mln Treasury preferreds with new * Expects to issue new series of preferreds in 30 days July 7 (Reuters) - First BanCorp (FBP.N: Quote, Profile, Research, Stock Buzz) said it signed a pact with the U.S. Treasury to exchange $400 million of preferred stock issued as part of the Capital Purchase Program and the accrued dividend with a new series of convertible preferred stocks. If Treasury or a subsequent holder converts the preferreds, its exchange value will be $260 million, a discount of 35 percent, First BanCorp said in a statement. Last month, the Federal Deposit Insurance Corp and the Office of the Commissioner of Financial Institutions of Puerto Rico asked the company to attain certain capital levels and to reduce non-performing and classified assets. First BanCorp has been battered by a decline in value of residential and commercial real estate properties in Florida and Puerto Rico in the wake of the financial crisis. It has been seen as a takeover target for Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz). [ID:nSGE6430IP] The company expects to issue the shares of series G preferred stock to the U.S. Treasury within the next 30 days, it said. As part of the capital plan, First BanCorp earlier said it plans to raise $500 million in equity. [ID:nSGE6530GG] Shares of the lender closed at $0.42 Wednesday on the New York Stock Exchange. (Reporting by Archana Shankar in Bangalore; Editing by Vyas Mohan) © Thomson Reuters 2010. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. This copy is for your personal, non-commercial use only. To order presentation- ************************************************************ Follow OTCMarketbulls.com on Twitter for intraday market commentary, updates, and streaming trading ideas: http://www.twitter.com/ Disclaimer Release Of Liability: OTCMarketBulls.com is an independent electronic publication, which provides industry data and information on publicly traded companies for the use of our readers. All material herein is information supplied by the company or other sources believed to be reliable. OTCMarketBulls is not a licensed broker, broker dealer, market marker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on www.otcmarketbulls.com. OTCMarketBulls and/or its affiliates have received one hundred thousand dollars from a third party for advertising. OTCMarketBulls affiliates, officers, directors and employees may also have bought or may buy the shares discussed in this profile and may profit in the event those shares rise! in value. OTCMarketBulls does not and will not offer any opinion as to when others should sell; each investor must make that decision. # # # OTCMarketbulls.com is an online financial destination where money managers, analysts, and individual investors can converge to discover new and exciting investment news, opportunities, and ideas. OTCMarketBulls.com is focused on finding emerging growth companies that do not necessarily have widespread analyst coverage on Wall Street. We are not licensed brokers or financial consultants. The information here is believed to be reliable, but not guaranteed to be accurate by OTCMarketBulls.com. Please be advised that the information contained may or may not be complete and is solely for informational purposes only. This is not to be construed as an offer to sell, hold or the solicitation of an offer to buy. Investors are encouraged to seek opinions by their registered brokers or financial advisors after extensive due diligence is performed. For full disclaimer/disclosure: Visit Us On Twitter: http://twitter.com/ End
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