Briefing.com: Hourly In Play (R) – 00:00 ET

Dec 26, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 26-Dec-09 00:00 ET

13:12

EFII Elec For Imaging announces final results of its modified Dutch auction tender offer (12.28 +0.03)

Co announced the final results of its previously announced modified "Dutch Auction" tender offer, which expired at 12:00 midnight, New York City time, on December 18, 2009. Based on the final count provided by Mellon Investor Services LLC, the depositary for the tender offer, 8,326,662 shares were validly tendered and delivered and not withdrawn in connection with the tender offer. EFI accepted for purchase 5,490,196 shares, at a price of $12.75 per share, for a total cost of approximately $70 million, excluding fees and expenses related to the tender offer.

13:08

COMDX NYMEX Energy Closing Prices

Feb crude oil closed higher by $0.73 to $77.40, Jan nat gas finished down 19.1 cents to $5.630, Jan heating oil settled higher by 1.32 cents to $2.0250 and Jan RBOB gasoline gained 1.44 cents to end at $1.9810.

13:04

COMDX COMEX Metals Closing Prices

Feb gold closed higher by $10.80 to $1104.80, March silver rose 25 cents to end at $17.44 and March copper rose 8.9 cents to finish at $3.2925.

13:00

QCOM Qualcomm announced that Len Lauer, chief operating officer, has resigned and accepted a CEO role at another company (46.10 +0.15)

12:58

SPY S&P 500 sets another 52 week closing high as price continues to edge out above the nearly two-month trading range-- See SPX Daily Chart -Technical-

Although volume remained below average for the week, quite typical this time of year, there is no denying the recent price/chart action of the broad market proxy S&P 500 (SPX). Although not nearly as strong/powerful as peer COMPQ/NDX, price has set higher highs each day this week, with the last three sessions marking consecutive higher closing prices for 2009. Technical indicators do show that price is 'overbought' on both the daily & weekly timeframes signalling a pause or pull back may be imminent, but for now the daily chart clearly shows a short-term breakout is underway as resistance/supply near the 1117~1120 mark has been eliminated.

SPX Daily Chart

12:44

Earnings Preview for the week of Dec 28th-Jan 1st

No companies are currently confirmed to report the week of Dec 28th-Jan 1st.

12:21

CCNE CNB Financial announces Joseph Bower will be assuming the role of President and Chief Executive Officer at CNB Bank and CNB Financial Corporation effective January 1, 2010 (16.18 +0.24)

Dennis Merrey, Chairman of the Board of CNB Financial and CNB Bank announced that Mr. Joseph Bower will be assuming the role of President and Chief Executive Officer at CNB Bank and CNB Financial Corporation effective January 1, 2010. The Board of Directors announced in July, 2009 that Mr. Bower would be assuming this role with the pending retirement of William Falger on December 31, 2009.

12:16

PMI PMI Group sells entire investment in RAM Holdings (2.67 +0.28)

Co announces the sale of its entire investment in RAM Holdings. Terms and conditions of the sale were not disclosed. The Company had impaired its investment in RAM Holding in 2008 and reduced the carrying value of the investment to zero. The completion of this sale continues the Company's focus on its core U.S. mortgage insurance operations and the proceeds from the sale will add to PMI Mortgage Insurance Co.'s liquidity position.

12:03

European Markets Closing Prices: FTSE: 5402.4 +30.0 +0.6%, DAX: Closed, CAC: 3912.7 +2.0 +0.1%

11:39

VLY Valley National repays remaining TARP funds to U.S. Treasury (14.08 +0.08)

Co announces it has repaid the U.S. Department of the Treasury the final 100,000 shares of Valley's Series A Preferred Stock outstanding that was held by the Treasury under the Capital Purchase Program. As announced on December 22, 2009, Valley had received approval from the U.S. Treasury to repay the remainder of the outstanding TARP funds. On Wednesday, December 23, 2009, that transaction was consummated, ending Valley's participation in the Capital Purchase Program.

10:51

IBM IBM follow up (129.58 -.42) -Update- -Technical-

Highlighting the recent action here, IBM saw a high volume pop just above the strong res. @ 130 before reversing quickly to session lows nearly .50 off the 130.05 HoD.

LoD now @ 129.48

IBM -.30% versus INDU +.35%

See 9:54 comment regarding the widely watched level in play.

10:37

OIH Oil Service HOLDRS Trust slides to fresh morning lows belw $121-level (120.62 -0.13) -Technical-

Price opened higher above its 50-day simple moving average (120.74), but has recently slipped lower back towards yesterday's close of 120.75.

10:35

RIMM Research In Motion still relatively weak versus NDX 100 index as price tries to hold a retest of yesterday's low point are surrounding 66.71 (66.84 -.77) -Technical-

We see 66.77 print before edging up slightly off session lows.

RIMM -1.1% vs. NDX 100 +.60%

10:35

UMPQ Umpqua Holdings: Downgrade details (13.26 -0.02) -Update-

<p>As mentioned earlier, D.A. Davidson downgraded UMPQ to Neutral from Buy and maintained their tgt of $13.50 as the firm believes that the upside potential now appears limited. The firm notes that the bank's above average credit quality, healthy capital levels and relative outperformance so far in this banking environment are commendable. However, indications point to a challenging 2010 for Pacific Northwest banks and a return to normal long term average valuations for the industry will not be achieved until the landscape improves.

10:13

CNX CONSOL Energy shares pull back from a very daily 'overbought' state based on stochastic readings after trading to 52 week highs within a band of technical resistance surrounding 53.05~53.30 (52.52 -.35) -Technical-

52wk/HoD now @ 53.28 before reversing into negative territory here and underperforming the SPX.

CNX -.85% vs. SPX +.40%

09:54

IBM IBM shares trade back into notable daily chart technical resistance surrounding 130 (129.99 -.01) -Technical-

The 130 area has clearly been a line of supply/sellers this month. A breakout above the 130 mark accompanied with volume could spur some upside momentum.

HoD mow @ 130

09:47

TGT Target-- Retailers shares slide to session lows in recent trade as price demonstrates some relative weakness versus the SPX early on (48.85 0.00) -Technical-

09:43

AAPL Apple launches higher off the opening, extending this week's upward momentum twards its late-November reaction highs near $206 (205.5 +3.55) -Update- -Technical-

09:42

AAPL Apple shares lead the NDX 100 push here as shares see some good volume on the push to session highs (205.83 +3.73) -Update- -Technical-

09:39

YRCW YRC Worldwide: In press release dated 12/23, co announces it will extend the expiration date for its previously announced exchange offers until 11:59 PM EST, on 12/28/09 (0.95 )

09:13

S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +5.30.

Stock futures suggest a flat to slighter higher start to the holiday-shortened session.

09:05

GSI General Steel announces $25.0 mln securities offering (5.79 )

Co announces it has entered into definitive agreements to sell 5,555,556 shares of the Company's common stock and warrants to purchase up to 2,777,778 shares of Common Stock to institutional investors for aggregate gross proceeds of $25.0 mln. General Steel intends to use the net proceeds from the offering for general corporate purposes which may include working capital, capital expenditures, acquisitions of new businesses and investments. The securities are being offered in "units" at a price of $4.50 per unit. Each unit consists of one share of Common Stock and a two and one half year warrant to purchase 0.50 of an additional share of Common Stock. The warrants have an exercise price of $5.00 per share and are exercisable commencing six months and one day after closing.

09:00

OSTK Overstock.com announces receipt of NASDAQ extension letter (13.71 )

Co announces it received a letter from the NASDAQ Stock Market granting Overstock.com an exception to enable the company to regain compliance with NASDAQ's listing rules. In response to a compliance plan submitted by the company, NASDAQ is requiring that the company file its Form 10-Q for the period ended September 30, 2009 by May 17, 2010.

08:52

S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +5.30.

Trade remains subdued, with the major indices sticking to extremely tight trading ranges. The dollar index is trading lower, down 0.3%, which is a slight improvement from this sessions low.

08:35

MOS Mosaic downgraded to Hold at Standpoint Research; tgt maintained at $70 (60.30 )

Standpoint Research downgrades MOS to Hold from Buy and maintains their tgt of $70 based on valuation and lower potash prices. The firm notes that year-to-date MOS is up 74% versus 52% for POT, 42% for SYT, 16% for MON and 25% for the S&P. Furthermore, the shares are up 30% since November 2 and the good news seems to be priced in at this point. The firm would consider reinstating the recommendation on a pullback to the low $50s.

08:32

MAXY Maxygen announces preliminary results of Dutch auction tender offer (5.92 )

Co announces based on the preliminary count by the depositary for the tender offer, the co expects to accept for payment an aggregate of approx 7,345,103 shares of its common stock at a purchase price of $5.30 per share, for a total cost of approximately $38.9 mln, excluding fees and expenses related to the tender offer.

08:31

S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +5.00.

Stock futures have a limited reaction as the durable goods orders and jobless claims readings are released. Initial jobless claims came in at 452K, which was better then the consensus of 470K. Meanwhile, November durable goods orders rose 0.2% m/m (consensus +0.5%) and durable goods orders ex transportation rose 2.0% m/m (consensus +1.1%).

08:31

GG Goldcorp matches competing proposal to acquire Canplats Resources (40.03 )

Co announces that it has delivered to Canplats Resources Corporation an amendment to Goldcorp's proposal to acquire all of the issued and outstanding shares of Canplats that matches the proposal made on December 21, 2009 by Minera Penmont S. de R.L. de C.V.. Under the terms of the Goldcorp Proposal, Goldcorp will pay consideration of C$4.40 per Share comprised of C$4.20 cash per share plus shares of a newly-formed company which will hold Canplats' exploration properties with a notional value of C$0.20 per Share. Goldcorp believes that these amendments to the transaction make the Penmont Proposal not a "Superior Proposal" within the meaning of the Business Combination Agreement dated November 16, 2009 between Canplats and Goldcorp. Since Goldcorp has matched the Penmont Proposal, Canplats must enter into an agreement with Goldcorp to reflect the amended terms of the transaction and must recommend that the Canplats Security holders approve the business combination with Goldcorp. Under the terms of the Penmont Proposal, the Penmont Proposal is of no further effect because Goldcorp has exercised its right to match.

07:56

S&P futures vs fair value: +2.10. Nasdaq futures vs fair value: +5.50.

Stock futures suggest a slightly higher start ahead of the opening bell of the holiday-shortened session. It is expected to be a slow session as many market participants have taken the day off. There has not been much in terms of corporate data, although two economic releases are due at 8:30ET. Weekly initial jobless claims are expected to slip 10,000 to 470,000 and durable goods orders are expected to show a rise of 0.5% in November. Meanwhile, Reuters reported that the Senate has approved its healthcare overhaul, as expected, and now the Senate must reconcile its version with the House version in January.

07:29

COMDX Weakness in the dollar is leading to strength in precious metals; crude relatively unchanged

The dollar index is currently down 0.4% at 77.60. Feb gold is up 0.9% at $1103.70 while March silver is up 0.9% at $17.34. Feb crude oil has pared overnight gains and is down $0.20 (or 0.3%) at $76.47; Jan nat gas is up 1.0% at $5.87.

07:02

OSK Oshkosh Defense awarded $54 mln delivery order for M-ATV armor kits (37.41 )

Oshkosh Defense, a division of Oshkosh Corporation, has received an order valued at more than $54 mln from the U.S. Army Tank-automotive and Armaments Command Life Cycle Management Command to supply more than 970 add-on protection kits for the MRAP All-Terrain Vehicle. Under the delivery order, Oshkosh will supply more than 170 explosively formed penetrator kits through April 2010 and 800 rocket-propelled grenade kits through May 2010. To date, Oshkosh has received awards valued at $3.52 bln to deliver 6,619 M-ATVs, as well as spare kits and aftermarket in-theater support.

06:42

BG Bunge to become 100% owner of Usina Moema Participacoes SA (61.97 )

Co announces that it has entered into an agreement to become the 100% owner of Usina Moema Participacoes S.A. Moema Par is a holding co that wholly owns one sugarcane mill in Brazil and has ownership interests in five others. With this transaction, Bunge will have a 60% effective share of the total capacity, representing Moema Par's wholly owned mill and its interests in four of the five other mills. The transaction will be structured as a share exchange, and under the terms of the agreement, shareholders in Moema Par will be entitled to receive approxi 7.3 mln common shares of Bunge Ltd, which includes a payment of approx $36 mln in respect of working capital. Based on yesterday's closing price of Bunge's common shares, the value of the transaction is approx $896 mln, including approx $480 mln of net debt and excluding this working capital amount. If, in addition to completing the Moema Par transaction, Bunge secures 100% of the remaining outstanding interests in the Moema Group mills, shareholders in Moema Par and other shareholders in the mills would receive a total of approx 13.4 mln common shares of Bunge Ltd. Co expects that all of these transactions would be accretive to EPS in first 12 months.

06:36

QCOR Questcor Pharma announces FDA accepts for review Questcor's filing of its Supplemental New Drug Application for H.P. Acthar Gel for treatment of infantile spasms (4.32 )

Co announces the FDA now considers that Questcor has provided a complete response to all prior action letters for its supplemental New Drug Application to market H.P. Acthar Gel (repository corticotrophin injection) for the treatment of infantile spasms. The FDA has set the user fee goal date (PDUFA) of June 11, 2010 for this sNDA.

06:33

S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +7.00.

06:33

Asian Markets

Nikkei...10536.92...+158.90...+1.50%. Hang Seng...21517.00...+188.30...+0.90%.

06:33

European Markets

FTSE...5386.88...+14.60...+0.30%. DAX...Holiday.........

01:23

PFE Pfizer Lyrica receives Complete Response Letter from FDA for generalized anxiety disorder monotherapy treatment (18.58 )

Co announces the FDA issued a Complete Response letter regarding the PFE's New Drug Application for Lyrica capsules CV as a monotherapy treatment for generalized anxiety disorder. The FDA determined that the data contained in the NDA were insufficient to support approval. The application was a resubmission in response to a "not-approvable" letter issued by the FDA in August 2004. The FDA continues to review a separate application for Lyrica as adjunctive therapy for the treatment of GAD.

01:11

VQ Venoco CEO adopts 10b5-1 plan (13.01 )

01:10

On The Wires

Teva Pharmaceutical Industries (TEVA) announces that Teva-KOWA Pharma Co., Ltd., the co's joint venture in Japan with KOWA Co, Ltd., has signed a definitive agreement to acquire a majority of the outstanding shares of Taisho Pharmaceutical Industries, Ltd. Under the terms of the agreement, Teva-KOWA Pharma will purchase at least 66.7% of Taisho's outstanding shares; financial terms weren't disclosed... Provident Energy Trust (PVX) announces it has reached an agreement with a private co, Storm Ventures International, to sell Provident's oil and natural gas assets in West Central Alberta for cash consideration of $190 mln, prior to normal closing adjustments... Superior Well Services (SWSI) announces that it entered into an amendment to the credit agreement evidencing its credit facility on December 18, 2009... Boeing (BA) and Air Austral announce an order for two Next-Generation 737-800s; order is valued at $152 mln at list prices... Central Valley Community Bancorp (CVCY) raises $8 mln in private placement of common and preferred stock to institutional investors... Cascade Bancorp (CACB) announces withdrawal of $93 mln common stock offering.

17:27

POL PolyOne announces specialty healthcare acquisition; co expect New England Urethane will be accretive to earnings, adding a penny to earnings per share in 2010 (7.42 +0.14)

Co announced it has acquired substantially all of the assets of specialty healthcare engineered materials provider New England Urethane, Inc. (NEU). The purchase price of $12 million includes an earn-out payable in 2011. Co said, "At a purchase price of ~4.9 times estimated 2009 EBITDA, we expect NEU will be accretive to earnings, adding a penny to earnings per share in 2010."

17:26

SNY Sanofi-Aventis: FDA licenses new influenza vaccine designed specifically for people 65 years of age and older (39.70 +0.28)

Co announced that the U.S. Food and Drug Administration has approved the company's supplemental biologics license application (sBLA) for licensure of Fluzone High-Dose (Influenza Virus Vaccine). The new vaccine, for adults 65 years of age and older, will be available to health-care providers for immunizations administered this fall in preparation for the upcoming 2010-2011 influenza season.

17:17

CNXT Conexant retires remaining senior secured debt, Establishes New Credit Facility (2.38 -0.10)

Co announced that it completed the previously announced planned redemption of the remaining $61.4 mln of outstanding aggregate principal amount of its floating rate senior secured notes due in November 2010. The co also announced that its special purpose entity, Conexant CF, LLC, established a new accounts receivable credit facility with Silicon Valley Bank for $15 mln through November 30, 2010.

17:01

LINTA Liberty Media announced that its Board of Directors has approved a new employment arrangement with President and CEO Gregory B. Maffei that will secure his services through 2014 (10.71 +0.15)

17:00

OMG OM Group to acquire advanced battery manufacturer EaglePicher Technologies, LLC for $171.9 mln (32.00 -0.04)

Co announced that it has signed a definitive agreement to purchase EaglePicher Technologies LLC, (EaglePicher) a wholly owned subsidiary of EaglePicher Corporation for $171.9 mln. In FY09, EaglePicher recorded revenues of ~$125 mln.

16:34

JOE The St. Joe Company announced that it has increased the commitments on its revolving credit facility from $100 mln to $125 mln (30.15 +0.10)

16:32

SLXP Salix Pharm: Suits commenced against maker of prescription cleansing drug (25.42 +0.57)

Suits were commenced Dec. 23, 2009 in North Carolina for four users who allege kidney damage due to the use of OsmoPrep, a prescription drug used to cleanse the intestines in preparation for a colonoscopy. (Holshouser et al v. Salix Pharmaceuticals, Ltd. and Salix Pharmaceuticals. Inc.) The actions are against two Morrisville, N.C., pharmaceutical companies, Salix Pharmaceuticals, Ltd., and Salix Pharmaceuticals (SLXP). The co, which specializes in marketing gastrointestinal drugs, began selling OsmoPrep in 2006. ? It had over $30 million in sales in 2008.

16:30

TRMS Trimeris receives request from Arigene for extension of tender offer period (3.11 -0.02)

Arigene has requested an extension of the expiration date of the tender offer to January 15, 2010.

16:30

BRC Brady Corp acquires custom-label and nameplate manufacturer in Brazil (30.20 +0.43)

Co announced that it has acquired Stickolor Industria e Comercio de Auto Adesivos Ltda., Sao Paulo, Brazil. Details of the transaction are not being disclosed. Founded in 1978, Stickolor manufactures screen-printed custom labels, overlays and nameplates for automobiles, tractors, motorcycles, electronics, white goods and general industrial markets. With sales of ~$9 mln (US), the co currently employs about 90 people.

16:17

BSX Boston Scientific announces settlement of DOJ onvestigation relating to post-market surveys conducted by Guidant (8.82 +0.02)

Co announced that it has entered into a civil settlement with the U.S. Department of Justice regarding the Department's investigation relating to certain post-market surveys conducted by Guidant Corporation before BSX acquired Guidant in 2006. BSX had previously disclosed the investigation, which was conducted by the United States Attorney's office in Boston. This civil settlement brings to a conclusion an investigation that began in 2005 and involves no admission of wrong doing by the co. Under the terms of the settlement, the co has agreed to pay $22 mln, which was previously fully accrued.

16:09

ARNA Arena Pharm announces Merck discontinues development of investigational niacin receptor agonist program for atherosclerosis (3.79 -0.05)

Co announced Merck and Co., Inc.'s decision (through an affiliate) to discontinue development of MK-1903, an investigational niacin receptor agonist to treat atherosclerosis being developed under its research collaboration with Arena. Merck also informed Arena that the company will not continue the collaboration. Merck made the decision to discontinue development of MK-1903 following evaluation of the results of a recently completed Phase 2a clinical trial. The randomized, double-blind, placebo-controlled trial evaluated the safety, tolerability and potential efficacy in patients with dyslipidemia. According to Merck, elevation of HDL cholesterol relative to placebo did not meet the trial's pre-specified primary objective for efficacy; no safety signals were implicated as drivers of the decision to discontinue development.

16:04

MRM Merrimac Industries: Crane Co. to Acquire Merrimac Industries for $16.00 (11.54 +0.12)

Co Crane (CR), a diversified manufacturer of highly engineered industrial products, and Merrimac Industries (MRM), a leader in the design and manufacture of RF Microwave components, assemblies and micro-multifunction modules (MMF), announced that they have signed a definitive agreement for the acquisition of Merrimac by Crane. Crane will pay $16.00 cash per share of common stock of MRM and associated common stock purchase rights. Under the terms of the agreement, Crane will commence a tender offer to acquire all of the outstanding shares of common stock of Merrimac, and this transaction, which is subject to the satisfaction of customary conditions, is expected to close in Q1 of 2010. CR says, "We expect this acquisition will have a very slight dilutive impact on our 2010 earnings but will be accretive in 2011."

16:02

MGYR Magyar Bancorp announces resignation of President and CEO, effetive immediately (3.90 +0.25)

16:01

NM Navios Maritime announces delivery of two Capesize vessels (6.18 +0.21)

Co announces that the Capesize vessels Navios Phoenix and Navios Stellar were delivered from a Japanese and a South Korean shipyard respectively to Navios Holdings' owned fleet. The Navios Phoenix is a Capesize vessel of 180,242 dwt. She was delivered to Navios Holdings' fleet on December 21, 2009. ~$52.5 mln was used to finance the purchase from the escrow established under the 8 7/8% First Priority Ship Mortgage Notes.

16:00

DLLR Dollar Financial announces the settlement of its $600 mln 10 3/8% senior note offering (23.16 +0.47)

Co announces completion of its $600.0 million offering of senior notes by its indirect wholly owned Canadian subsidiary, National Money Mart Company. The notes pay interest semi-annually at a fixed rate of 10.375% per annum. The co used a portion of the net proceeds of the offering to prepay $350.0 mln of the approx $369.6 mln outstanding under the term loan portion of its senior secured credit facility, which reduces the outstanding balance to approx $19.6 mln. In addition, the Company also used a portion of the net proceeds of the offering to complete concurrently the previously announced acquisition of Dealers' Financial Services, LLC. DFS is an establis

16:00

UAUA United, All Nippon Airways and Continental apply to U.S. DOT for approval of antitrust immunity & trans-pacific joint venture (13.09 +0.16)

United Airlines (UAUA), All Nippon Airways and Continental Airlines (CAL) today filed an application with the U.S. Department of Transportation for antitrust immunity to enable the three carriers to create a more efficient and comprehensive trans-Pacific network, generating substantial service and pricing benefits for consumers. The trans-Pacific joint venture is the first of its kind between the U.S. and Asia and also would enable United, ANA and Continental to compete more effectively with other global alliances, each of which has a significant presence in Tokyo. Upon DOT approval of the companies' immunity application, United, ANA and Continental will be able to jointly manage trans-Pacific activities including scheduling, pricing and sales, offering customers a greater selection of routings and a wider range of fare and service options.

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