Briefing.com: Hourly In Play (R) – 01:00 ET

Sep 02, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 02-Sep-10 01:00 ET

18:28

PDE Pride Intl is trading 6.7% lower at $23.52 on light volume following news that the co reached an agreement with BP (see 18:26 comment) (25.20 +1.66) -Update-

18:26

PDE Pride Intl announced that it has reached agreement with BP Exploration & Production to amend the contract for the Deep Ocean Ascension (25.20 +1.66)

Co announced that it has reached agreement with BP Exploration & Production to amend the contract for the Deep Ocean Ascension to provide for a special standby dayrate prior to the startup of the previously agreed five-year term. The Ascension, the first of four new drillships in Pride's ultra-deepwater expansion, is currently in the Gulf of Mexico undergoing integrated acceptance testing with BP. The special standby dayrate of $360,000 is effective beginning August 23, 2010, and gives consideration to the existing drilling moratorium in the U.S. Gulf of Mexico.

18:24

TLEO Taleo announced it has signed a definitive agreement to acquire strategic partner Learn.com for ~$125 mln in cash (26.90 +1.27)

18:22

TNB Thomas & Betts announced that the co's Board has approved a new share repurchase program of up to 3 mln shares of the co's common stock (38.52 +1.57)

18:06

BXC Bluelinx: Cerberus extends cash tender offer of $3.40 for the outstanding shares in BlueLinx Holdings not owned by its affiliate (3.40 )

Cerberus ABP Investor LLC ("CAI"), an affiliate of Cerberus Capital Management, L.P., and owner of a 55.37% majority stake in BXC, announced that CAI and Cerberus have extended the expiration date of their cash tender offer of $3.40 per share for all of the outstanding publicly held shares of BXC not owned by CAI until midnight, New York City time, on Friday, September 17, 2010.

18:01

KGC Kinross provides additional information on Red Back Transaction (16.76 -0.16)

Co announced that, based on analyst consensus, production estimates for Kinross and Red Back, forecast pro forma gold production for the combined co would be ~3.9 mln ounces in 2015. KGC believes there is significant upside potential for Red Back's assets beyond this estimate, based on its evaluations and the potential for exploration and production expansion.

18:00

CE Celanese announces ethylene vinyl acetate price increases (28.05 +1.35)

Co announced today that its subsidiary, Celanese EVA Performance Polymers, will increase the price of all grades of Ateva(R) EVA by $0.06/pound and all grades of LDPE by $0.04/pound effective October 1, 2010, or as contracts allow.

17:52

Futures are trading higher after hours: S&P 500 futures are +2.36 from fair value of 1079.34 and Nasdaq100 futures +2.31 points from fair value of 1817.69

17:37

FCEL FuelCell Energy reports EPS in-line, revs in-line (1.16 +0.03)

Reports Q3 (Jul) loss of $0.15 per share, in-line with the Thomson Reuters consensus of ($0.15); revenues fell 17.8% year/year to $18.9 mln vs the $18.8 mln consensus.

17:19

CAL Continental Airlines reports August 2010 operational performance (23.17 +0.83)

Co reported an August consolidated (mainline plus regional) load factor of 86.5%, 0.7 points above the August 2009 consolidated load factor, and a mainline load factor of 87.2%, 0.6 points above the August 2009 mainline load factor. Both load factors were records for the month. The carrier reported an August domestic mainline load factor of 88.4%, 0.4 points below the August 2009 domestic mainline load factor, and a record international mainline load factor of 86.1%, 1.5 points above August 2009.

17:16

BKI Buckeye announces $140 mln redemption of notes (1269 +0.71)

17:11

HWD Harry Winston Diamond beats by $0.14 (10.26 +0.18)

Reports Q2 (Jul) earnings of $0.18 per share, excl gain, $0.14 better than the Thomson Reuters consensus of $0.04; revenues rose 62% year/year to $153.7 mln (No consensus).

17:06

HPY Heartland Payment Systems and Discover agree to $5 mln intrusion settlement (14.84 +0.069)

Co announced a settlement agreement with Discover Financial Services (DFS) related to the 2008 criminal intrusion of Heartland's payment system environment. Under the agreement, HPY will pay DFS $5 mln, resolving all issues related to the 2008 intrusion.

17:01

YONG Yongye International announces RMB 400 mln revolving credit facilities (7.82 +0.02)

16:56

CWST Casella Waste beats by $0.06, reports revs in-line; reaffirms FY11 revs in-line (4.54 +0.10)

Reports Q1 (Jul) loss of $0.11 per share, $0.06 better than the Thomson Reuters consensus of ($0.17); revenues rose 5.5% year/year to $139.8 mln vs the $141 mln consensus. Co reaffirms guidance for FY11, sees FY11 revs of $532-542 mln vs. $540.35 mln Thomson Reuters consensus.

16:53

HOV Hovnanian Entrpr misses by $0.40, misses on revs (3.68 +0.26)

Reports Q3 (Jul) loss of $0.92 per share, $0.40 worse than the Thomson Reuters consensus of ($0.52); revenues fell 1.7% year/year to $380.6 mln vs the $386 mln consensus. "On the positive side, July sales were modestly better than June and we saw August sales improve even more significantly compared to June. However, we still did not reach the sales pace we saw in July and August of the prior year. While far from a normal sales pace, we are hopeful that the stronger selling environment will continue into September and October."

16:52

RSCR Res-Care continues acquisition discussions proposed by Onex Corporation on August 16, 2010 (12.42 -0.01)

The board of directors cautions co's shareholders that no decisions have been made by the board with respect to a response to the proposal. There can be no assurance that any agreement will be executed or that this or any other transaction will be approved or consummated.

16:45

LLY Eli Lilly: Actavis received FDA approval to market Atomoxetine HCl capsules (34.20 +0.61) -Update-

No release date for Atomoxetine, Actavis' generic equivalent to Eli Lilly's Strattera has been set. Court of Appeals for the Federal Circuit is reviewing an Aug. 12 ruling that

16:42

NOEC New Oriental responds to NASDAQ request for plan to achieve minimum shareholder equity requirement (0.84 -0.01)

Co plans include conversion of certain outstanding debt to common equity and plans to encourage conversion to common stock of certain additional debt and outstanding warrants. Mgmt also may contribute paid-in capital. Co anticipates achieving a profit in its fiscal year fourth quarter as prices of fertilizer and alternative fuels continue to improve; Co says that its planned new coal venture with Shanxi Coal Transport & Sale expected to create new revenue streams.

16:41

KCI KCI's LifeCell and Novadaq Technologies enter North American sales and marketing agreement for exclusive distribution of SPY Imaging System (32.46 +0.54)

Co LifeCell, a business unit of Kinetic Concepts (KCI), and Novadaq Technologies (TSX: NDQ) announced the signing of an exclusive sales and marketing agreement for distribution of Novadaq's SPY Imaging System in North American surgical markets.

16:36

GRMH Graymark Healthcare reaches definitive agreement with Walgreens (WAG) to sell assets of 18 ApothecaryRx pharmacies; terms not disclosed (1.09 -0.15)

16:34

SORL SORL Auto Parts announced that on August 31, 2010, it purchased the assets from the Ruili Group for RMB 170 mln, or ~$25 mln; co expects the transaction to be accretive to both revenues and earnings (8.65 +0.09)

16:30

BLL Ball Corp announces plans to consolidate salmon can plant production; Co expects to record a largely noncash, after-tax charge of ~$7 mln (57.76 +1.68)

Co announced plans to consolidate the production equipment in its Richmond, British Columbia, plant into other company manufacturing facilities. The Richmond plant, which produces steel food cans, will cease production during the first quarter of 2011 and its customers will be served by other Ball facilities. The company expects to record a largely noncash, after-tax charge of ~$7 million related to the plant closure, of which ~$3 million will occur in the third quarter of 2010. After the final disposition of the land and building, the closure is expected to be cash positive by ~$8 million.

16:30

CI CIGNA names Thomas McCarthy acting Chief Financial Officer (33.57 +1.35)

Co announced the appointment of Thomas McCarthy, currently co's vice president and treasurer, to the position of acting chief financial officer, effective immediately. As acting chief financial officer, McCarthy will replace Annmarie Hagan whose departure is effective today.

16:28

AKS AK Steel announces October 2010 surcharges for electrical and stainless steels (13.33 +0.01)

Co has advised its customers that a $350 per ton surcharge will be added to invoices for electrical steel products shipped in October 2010.

16:26

GEF Greif beats by $0.13, beats on revs; guides FY10 EPS in-line (58.07 +1.22)

Reports Q3 (Jul) earnings of $1.34 per share, excluding non-recurring items, $0.13 better than the Thomson Reuters consensus of $1.21; revenues rose 28.4% year/year to $921.3 mln vs the $899.9 mln consensus. Co raises EPS guidance for FY10, sees EPS of $4.15-4.35, excluding non-recurring items, vs. $4.22 Thomson Reuters consensus, up from $4.05-4.30. For Q4 of 2010, the Co anticipates sequential improvement in sales volumes despite some moderation in the growth trajectory, additional productivity improvements from the Greif Business System, contributions from acquisitions and full realization of the permanent cost reductions implemented in 2009.

16:20

AJG Arthur J. Gallagher acquires Old Greenwich Consulting Group; terms not disclosed (25.57 +0.72)

16:15

CRME Cardiome Pharma resumes trading and pops over $0.50 in afterhours (6.19 +0.14) -Update-

16:12

IESC Integrated Electrical awarded contract from Mortenson Construction to provide electrical services at the Lakefield Wind Farm in southwestern Minnesota (3.65 +0.15)

16:10

AMIE Ambassadors Intl (AMIED) granted request by Nasdaq for continued listing (2.35 -0.30)

16:09

WXS Wright Express signs private label fleet card services agreement with ConocoPhillips (COP) (33.20 +1.09)

Co signed a 5 year agreement to provide private label fleet card services for ConocoPhillips (COP). Co will issue fleet cards and provide related services to all three brands affiliated with ConocoPhillips' motor fuels; Conoco, Phillips 66 and 76. Cos will closely collaborate in building a comprehensive sales and marketing program for direct sales as well as to support the local efforts of independent marketers and dealers who represent these brands through over 7500 sites.

16:09

SAI SAIC beats by $0.09, misses on revs; guides FY11 revs in-line (15.37 +0.49)

Reports Q2 (Jul) earnings of $0.42 per share, $0.09 better than the Thomson Reuters consensus of $0.33; revenues rose 1.6% year/year to $2.79 bln vs the $2.85 bln consensus. Co issues in-line guidance for FY11, sees FY11 revs growth of 3-6%, which calculates to ~$11.2-11.5 bln vs. $11.38 bln Thomson Reuters consensus. Co expects to grow EPS from continuing operations from 14-18%.

16:08

MATK Martek Biosci beats by $0.02, beats on revs; guides Q4 EPS inline, revs below consensus; guides FY10 revs in-line (22.41 +0.59)

Reports Q3 (Jul) earnings of $0.38 per share, ex-items, $0.02 better than the Thomson Reuters consensus of $0.36; revenues rose 50.6% year/year to $117.2 mln vs the $115.6 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.35-$0.39, ex-items, vs. $0.39 Thomson Reuters consensus; sees Q4 revs of $108-$113 mln vs. $113.94 mln Thomson Reuters consensus. Co issues in-line guidance for FY10, sees FY10 revs of $439-$444 mln vs. $443.23 mln Thomson Reuters consensus.

16:08

HNSN Hansen Medical confirms first sale of its Lynx Irrigated Ablation Catheter and successful treatment of first patients using device (1.48 +0.10)

16:06

ANGN Angeion restructured its Board of Directors; Mark Sheffert elected to serve as its new chairman (4.31 0.00)

Mark Sheffert, Chairman and Chief Executive Officer of Manchester Companies, has been appointed to the board and elected to serve as its new chairman. Robert Munzenrider has been elected as a director of the Company and will serve as chair of the board's Audit Committee.

16:06

OI Owens-Illinois acquires Brazilian glass company for $603 mln; O-I expects the acquisition will boost regional net sales by ~$200 mln (26.48 +1.42)

Co announced the acquisition of Brazilian glassmaker Companhia Industrial de Vidros. Under the terms of the agreement, O-I is purchasing CIV's glass container business for $603 mln, which includes future tax benefits with an estimated present value of $140 mln. In the first full year of operation, O-I expects the acquisition will boost regional net sales by ~$200 mln. The return on investment is expected to exceed O-I's cost of capital. The purchase price reflects a 5.8 times EBITDA multiple for the first year of operation, excluding the present value of future tax benefits and including estimated net cost savings.

16:04

OXM Oxford Industries beats by $0.09, misses on revs; guides Q3 EPS below consensus, revs in-line; raises FY11 guidance (21.38 +1.66)

Reports Q2 (Jul) earnings of $0.44 per share, $0.09 better than the Thomson Reuters consensus of $0.35; revenues fell 3.3% year/year to $186.5 mln vs the $189.9 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.25-0.30 vs. $0.41 Thomson Reuters consensus; sees Q3 revs of $195-205 mln vs. $200.35 mln Thomson Reuters consensus. Co raises guidance for FY11, sees EPS of $1.82-1.92 up from $1.70-1.80 vs. $1.79 Thomson Reuters consensus; sees FY11 revs of $800-815 mln up from $790-805 mln vs. $801.43 mln Thomson Reuters consensus.

16:03

HT Hersha Hospitality Trust acquires Hampton Inn Washington, DC for $73 mln (4.87 +0.13)

The purchase price of $73.0 mln represents a forward capitalization rate of approximately 8.3% on the hotel's projected 2011 net operating income, and an unlevered IRR of approximately 11.7%. Co funded the purchase with cash and a draw on its revolving credit facility. The acquisition is accreative.

16:03

CRME Cardiome Pharma and Merck (MRK) announce that the nitravenous formulation of BRINAVESS has been granted marketing approval in the EU, Iceland and Norway (6.19 +0.14)

Co and Merck (MRK) announces that the intravenous formulation of BRINAVESS (vernakalant) has been granted marketing approval in the EU, Iceland and Norway for the rapid conversion of recent onset atrial fibrillation to sinus rhythm in adults: for non-surgery patients with AF of seven days or less and for post-cardiac surgery patients with AF of three days or less.

16:02

BRO Brown & Brown Announces the Acquisition of Crowe Paradis; terms not disclosed (19.38 +0.34)

Crowe Paradis has annual revenues of approximately $23 million and is a national provider of Social Security and Medicare advocacy services, and second injury fund recovery services.

16:02

ASTI Ascent Solar says Chairman Mohan Misra will be retiring from the Board of Directors, effective Dec 31, 2010; to be replaced by Amit Kumar (2.08 unch)

16:01

PSS Collective Brands misses by $0.13, misses on revs (13.74 +0.81)

Reports Q2 (Jul) earnings of $0.32 per share, $0.13 worse than the Thomson Reuters consensus of $0.45; revenues rose 0.6% year/year to $841.3 mln vs the $862.8 mln consensus. The Co intends to reduce its leverage ratio of Net Debt to EBITDA to near 1x by the end of fiscal 2010.

16:01

PKOH Park-Ohio acquires Assembly Component Systems; to be immediately accretive to ParkOhio's earnings with annual revenues expected to exceed $50 mln per year (12.29 +1.15)

Co announced that its Supply Technologies (ST) business has acquired substantially all of the assets of Assembly Component Systems (ACS), a wholly owned subsidiary of Lawson Products (LAWS). In connection with the above transaction, ST and Lawson Products have entered into a strategic alliance to collaborate on common interests relative to certain MRO products in a variety of industries. Co stated " Annual revenues from this transaction are expected to exceed $50 million per year and be immediately accretive to ParkOhio's earnings."

16:00

MXIM Maxim Integrated Signs Russian Distribution Agreement With the Symmetron Group (16.36 +0.49)

Co announced that it has added the Symmetron Group as a new franchised distributor in Russia, Ukraine, and Belarus, effective September 1, 2010. This agreement bolsters Maxim's presence in these markets, making it easier for system designers to benefit from Maxim's high-performance engineering solutions. Maxim's solutions address a wide range of consumer, computing, communications, industrial, medical, and automotive applications.

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