Briefing.com: Hourly In Play (R) – 04:00 ET
Mar 18, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 18-Mar-10 04:00 ET
18:14
PPDI PPD and Southern Research Institute sign agreement for Pandemic and Seasonal Influenza Vaccine Clinical Research Services (22.34 +0.08)
PPD and Southern Research Institute announced they have formed a collaborative agreement in pandemic and seasonal influenza vaccine research and development to provide clients a full spectrum of influenza vaccine development services by collaborating on client bids and projects.
17:41
CAH Cardinal Health is being awarded a maximum $150,000,000 contract (35.49 0.17) -Update-
Co is being awarded a maximum $150,000,000 firm-fixed-price, indefinite-quantity, prime vendor contract for pharmaceutical items for the U.S. Naval fleet, USNS Mercy, and USNS Comfort. Other locations of performance are Massachusetts, North Carolina, Texas, Florida, Washington, New Jersey and California. Using service is the Department of Defense. The original proposal was solicited on the Federal Business Opportunities Web site with two responses. Contract funds will not expire at the end of the current fiscal year. The date of performance completion is Feb. 28, 2012. The Defense Supply Center Philadelphia, Philadelphia, Pa., is the contracting activity.
17:41
CAH Cardinal Health is being awarded a maximum $206,434,187 contract (35.49 +0.17)
Co is being awarded a maximum $206,434,187 requirements-type, prime vendor contract for distribution of pharmaceutical items. Other locations of performance are North Carolina and California. Using service is the Department of Defense. The original proposal was solicited on the Federal Business Opportunities Web site with four responses. Contract funds will not expire at the end of the current fiscal year. This contract is a 20-month base with two 20-month option periods. The date of performance completion is Feb. 28, 2012. The Defense Supply Center Philadelphia, Philadelphia, Pa., is the contracting activity (SPM2DX-10-D-0027).
17:36
GVA Granite Construction, in joint venture, awarded $542 mln World Trade Center contract (30.05 +0.97)
Co announced that the joint-venture team composed of Granite Construction Northeast Inc. and Skanska USA has been awarded a $542 mln contract by the Port Authority of New York and New Jersey to build the new Port Authority Trans-Hudson (PATH) train station at the site of the World Trade Center. The new station will be part of the PATH system that links New Jersey to lower Manhattan. Granite's share of the contract is 20 percent, or ~$108 mln. Granite will book the project into backlog during the first quarter of 2010.
17:31
BLL Ball Corp prices $500 mln aggregate principal amount of notes (54.81 +0.33) -Update-
Co announced that it priced an underwritten public offering of $500 mln, $50 mln more than previously announced, in aggregate principal amount of 6.75 percent senior notes due Sept. 15, 2020. The offering is expected to close on March 22, 2010, subject to market conditions and other factors. Ball intends to use the net proceeds from the offering, together with borrowings under its revolving credit facility or accounts receivable securitization facility or cash on hand, to retire all of its currently outstanding 6.875% senior notes due in 2012, whether by redemption, tender offer, open market purchases, privately negotiated transactions or otherwise. The retirement of the 6.875% senior notes due in 2012 is expected to result in a one-time, after-tax charge of ~$4.7 mln relating to the payment of a call premium and write off of unamortized debt issuance costs.
17:25
TSL drops 3.7% to $22.24 following news on follow-on public offering of 7,900,000 American Depositary Shares
17:23
TSL Trina Solar announces follow-on public offering of 7,900,000 American Depositary Shares (23.08 +0.19)
Co announced that it intends to offer, subject to market and other conditions, 7,900,000 American depositary shares ("ADSs"), each representing 50 ordinary shares of the Company. Trina Solar intends to grant the underwriters an option to purchase up to additional 1,185,000 ADSs. Trina Solar plans to use the net proceeds of the offering to expand manufacturing facilities for the production of PV cells and modules, for research and development purposes, including the expansion of its research and development center, and for downstream projects and general corporate purposes. The Company's management will retain broad discretion over the use of proceeds, and the Co may ultimately use the proceeds for different purposes than what it currently intends.
17:16
AXAS Abraxas Petroleum reports Q4 ($0.12), including items, vs. ($1.15), including items in the prior year's quarter; revs grew 11.4% to $16.1 mln (2.11 +0.02) -Update-
Abraxas' proved reserves at December 31, 2009 were 24.9 MMBoe. In addition, DeGolyer and MacNaughton ("D&M"), Abraxas' independent reservoir engineering firm, estimated 7.4 MMBoe of probable reserves and 5.1 MMBoe of possible reserves on certain properties. Of Abraxas' proved reserves, 65% were natural gas and 56% were classified as proved developed. AXAS operates over 82% of its proved reserves (by volume) and its reserve life index exceeds 15 years. D&M estimated ~92% of Abraxas' proved reserves (by volume) and the residual reserves were estimated internally
17:13
NBL Noble Energy expands deepwater position in Central Gulf of Mexico lease sale 213 (76.16 +2.096)
Co announced it was the apparent high bidder on 16 deepwater lease blocks in the Central Gulf of Mexico Lease Sale 213. The Co joined with partners on one of the high bids and bid alone on the remainder. Noble Energy's share of the lease bonuses on its apparent high bids totaled ~$37.7 mln.
17:10
AET Aetna and Stony Brook University Hospital reach new network agreement (31.74 -0.21)
Aetna (AET) and Stony Brook University Hospital (SBUH) are pleased to announce today a new agreement for the hospital's participation in the Aetna network. The agreement is effective through April 30, 2011, and will enable Stony Brook physicians currently participating with Aetna to continue their participation uninterrupted.
17:07
CNC Centene's Arizona Behavioral Health Unit awarded expanded contract; co sees agreeement generating $40-45 mlmn in annual revs (19.66 +0.47)
Co announced today that one of its subsidiaries, Cenpatico Behavioral Health of Arizona (Cenpatico), has been awarded an expanded contract by the Arizona Department of Health Services. Based on current projections, Centene expects the expanded agreement to generate additional annualized revenues of between $40-$45 million.
17:05
MHP McGraw-Hill Construction and the Associated General Contractors of America sign two year publishing agreement (35.78 +0.45)
Co has signed an agreement with the Associated General Contractors of America (AGC) to publish Constructor, the official magazine of the AGC, and the AGC Online Membership Directory for the next two years. The contract was announced today at AGC's 91st Annual Convention and Pavilion in Orlando, Florida.
17:03
RWT Redwood Trust's George Bull plans retirement as Chief Executive Officer (14.91 +0.09)
Co announced that George E. Bull, III will retire as Chief Executive Officer effective on May 18, 2010. He will remain a Director and Chairman of the Board of Directors of the company. In connection with Mr. Bull's retirement, the Board of Directors has announced that Martin S. Hughes will be promoted to Chief Executive Officer and President on May 18, 2010. In addition, Brett D. Nicholas will be promoted to sole Chief Operating Officer and Executive Vice President, while continuing in his capacity as Chief Investment Officer.
17:00
LTC LTC announces increase to unsecured credit agreement (27.16 -0.11)
Co announced that Bank of America, N.A. has signed a $30 mln Commitment Amount Increase Request that will add Bank of America, N.A. to LTC's three-year Unsecured Credit Agreement, dated July 17, 2008. This additional commitment provides LTC a total availability of $110 mln under its Unsecured Credit Agreement.
17:00
SPWRA Sunpower to build 1-megawatt solar power system for Yolo County (21.90 +0.66)
Co announces that SunPower will design and construct a 1-megawatt solar power system at the Yolo County Justice Center in Woodland, Calif. Yolo County, which will own the system and associated renewable energy credits, is financing the purchase using multiple funding sources, including clean renewable energy bonds and qualified energy conservation bonds available through the American Recovery and Reinvestment Act of 2009. "With the funding we secured as a result of the federal stimulus bill and the California Energy Commission loan, Yolo County has no out-of-pocket expenses to build the project, and will be net cash flow positive from the first day of the system's operation, expected to be later this year," said Yolo County General Services Director Ray Groom. "We estimate that savings over the next 25 years will be about $8.8 million, directly benefiting Yolo County residents and businesses. State and federal funding has helped make solar power an easy, affordable means to reduce county operational costs as well as our dependence on fossil fuels."
16:59
KNDL Kendle announces new revolving credit facility of $35 mln (17.80 +0.12)
Co announced that it has entered into a new $35 mln secured revolving credit facility as of March 15, 2010 with JPMorgan Chase Bank N.A., as administrative agent, which replaces the Co's previous revolving credit facility. The new facility contains provisions allowing the Co to request an increase of up to $15 mln in capacity, subject to the consent of the current lender or additional lenders. The new revolving facility matures on January 15, 2012 and is automatically extended to March 31, 2015 if certain conditions are met related to the Company's convertible notes.
16:55
AXAS Abraxas Petroleum adopts tax benefits preservation plan (2.09 +0.02)
Co announced that its board of directors has adopted a tax benefits preservation plan designed to preserve Abraxas' ability to use its net operating loss carryforwards (NOLs) under Section 382 of the Internal Revenue Code. As of December 31, 2009, Abraxas had NOLs amounting to ~$121.7 mln. Abraxas can utilize these NOLs in certain circumstances to offset future U.S. taxable income and reduce its U.S. federal income tax liability.
16:52
CLC CLARCOR misses by $0.02, misses on revs; reaffirms FY10 EPS in-line, reaffirms revs above consensus (34.63 +0.49)
Reports Q1 (Feb) earnings of $0.29 per share, $0.02 worse than the First Call consensus of $0.31; revenues rose 0.7% year/year to $215.1 mln vs the $222.8 mln consensus. The impact of foreign currency exchange rates positively influenced its net sales by $5.1 mln and its operating profit by $0.8 mln compared to Q1 of 2009. Co issues EPS in-line guidance for FY10, sees EPS of $1.55-1.70 vs. $1.70 consensus. Co reaffirms upside revs guidance; co reaffirms FY10 revs growth of 6-8%, which equates to ~$962.2-980.4 mln vs. $956.60 mln consensus.
16:37
SASR Sandy Spring Banc announces $83 mln common stock offering (13.97 -1.04) -Update-
16:37
WMCO Williams Controls is opening a wholly owned manufacturing facility in Pune, India (7.94 0.00)
Co is opening a wholly owned manufacturing facility in Pune, India, July 1, 2010. The plant will manufacture electronic pedals for Williams' growing base of customers in India's truck, bus, off-road and automotive markets. Williams Controls also operates global manufacturing plants in Suzhou, China, and Portland, Oregon, home to its corporate headquarters.
16:34
CBC Capitol Bancorp receives approval to consolidate two Indiana Banks, Elkhart Community Bank and Goshen Community Bank (2.55 -0.01)
16:32
MNOV MediciNova reports positive preliminary results from a Phase Ib clinical trial of MN-221 in moderate to severe COPD patients (8.00 -0.27)
Co reported positive preliminary results from a Phase Ib clinical trial to evaluate the safety and efficacy of MN-221 in patients with stable, moderate to severe chronic obstructive pulmonary disease (COPD). There were no clinically significant safety concerns noted. Preliminary results demonstrated clinically significant improvements in percent change in forced expiratory volume in one second (FEV(1)). This randomized, double-blind, placebo-controlled Phase Ib study involved 48 moderate-to-severe COPD patients who received a one (1) hour intravenous infusion of MN-221 at three different escalating dose levels (300 micrograms, 600 micrograms, or 1200 micrograms) or placebo. Based on preliminary findings, all doses of MN-221 produced a clinically significant improvement in FEV(1)(L) as compared to the baseline and placebo.
16:31
NGD New Gold Cerro San Pedro mine receives explosives permit and resumes full operations (4.56 -0.03)
Co announces that the restrictions to the Cerro San Pedro mine's explosives permits have been removed which allows full operations to resume. The restrictions were lifted following a ruling by a Federal District Court in San Luis Potosi that overturns an earlier court order prohibiting the use of explosives at the mine. The renewal of the explosives permit was originally challenged by a group opposed to the mine.
16:19
NKE Nike beats by $0.12, beats on revs (70.88 +0.50)
Reports Q3 (Feb) earnings of $1.01 per share, $0.12 better than the First Call consensus of $0.89; revenues rose 6.6% year/year to $4.73 bln vs the $4.6 bln consensus. The Company reported worldwide futures orders for NIKE Brand athletic footwear and apparel, scheduled for delivery from March through July 2010, totaling $7.1 bln, 9% higher than orders reported for the same period last year. Excluding currency changes, orders would have increased 6%.
16:17
XL XL Capital announces preliminary loss estimates for Chilean earthquake and European windstorm Xynthia (19.46 +0.28)
Co announced preliminary net loss estimates for the earthquake in Chile and European Windstorm Xynthia. The co's preliminary loss estimates related to the Chilean earthquake, pretax and net of reinsurance and reinstatement premium, range from ~$140 mln to $205 mln, of which $75 mln to $85 mln is attributable to the insurance segment and $65 mln to $120 mln to the reinsurance segment. XL's preliminary loss estimates related to windstorm Xynthia, pretax and net of reinsurance and reinstatement premium, range from ~$20 mln to $25 mln, and the co expects that these losses will be borne almost exclusively by the reinsurance segment. The co's estimates are based on its review of individual treaties and policies expected to be impacted and client data received to date and has taken into account current total insured market loss estimates, both from published sources and the co's internal analysis. These preliminary loss estimates correspond to expected insured market losses in the range of $6 bln to $8 bln for the earthquake in Chile and $1.5 bln to $3 bln for Windstorm Xynthia.
16:16
ELMG EMS Tech announces arbitrator's interim award on claims by purchaser of the former EMS Wireless division (15.97 -0.14)
Co announces announced that it has received an arbitrator's interim decision on claims by Andrew Corporation arising from its 2006 purchase of the former EMS Wireless division. While the arbitrator dismissed or reduced the amount of various of the purchaser's claims, he awarded the purchaser a total of approximately $9.2 million under the warranty provisions of the purchase agreement. The liability for this interim award will be accrued in discontinued operations for the 2009 fiscal year, increasing the previously reported loss for the year from discontinued operations, before income taxes. The Company is in the process of determining the related tax effects. The arbitrator's award does not affect either 2009 earnings from continuing operations before income taxes, or guidance for 2010 earnings from continuing operations
16:11
FCAL First California Financial Group commences an offering of 10 mln shares of its common stock (3.07 -0.02)
16:11
UAUA UAL Corp. launches $25 door-to-door baggage service campaign with FedEx (FDX) (19.47 -0.71)
16:07
GES Guess beats by $0.12, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY11 EPS in-line, revs above consensus; raises dividend (46.68 +0.07)
Reports Q4 (Jan) earnings of $0.93 per share, $0.12 better than the First Call consensus of $0.81; revenues rose 14.4% year/year to $642 mln vs the $601.7 mln consensus. GES raises quarterly dividend by 28% to $0.16. Co issues guidance for Q1, sees EPS of $0.46-0.48 vs. $0.47 consensus; sees Q1 revs of $495-570 mln vs. $484.16 mln consensus. Co issues guidance for FY11, sees EPS of $2.87-2.95 vs. $2.92 consensus; sees FY11 revs of $2.30-2.35 bln vs. $2.29 bln consensus. "Our performance in the fourth quarter exceeded our expectations in almost every measure, with each business posting strong top line growth and solid margin improvements. We delivered great product that resonated well with our customers and drove a double-digit revenue increase. We managed the business well and controlled our costs and our inventories effectively. These results set a new record and closed a strong year for Guess?, in spite of the many challenges posed by a difficult economic environment. This was a year in which we expanded our international business, improved the profitability of our new businesses, fully restored our operating margin structure and generated strong cash flows."
16:05
THRX Theravance announces 7.5 mln proposed public offering of common stock (12.35 -0.22)
16:05
IHS IHS reports EPS in-line, misses on revs; guides FY10 EPS below consensus, reaffirms FY10 revs guidance (56.07 -0.01)
Reports Q1 (Feb) earnings of $0.62 per share, in-line with the First Call consensus of $0.62; revenues rose 2.0% year/year to $240.1 mln vs the $247.4 mln consensus. Co issues mixed guidance for FY10, sees EPS of $2.87 vs. $2.91 consensus; reaffirms FY10 revs of $1.04-$1.08 bln vs. $1.06 bln consensus.
16:03
ETRM EnteroMedics extends neuroblocking technology research and development collaboration (0.56 -0.01)
Co announces that it has extended its 2005 collaboration agreement with the Mayo Clinic for an additional two years. The collaboration will continue to focus on the research and development of vagal-blocking technology for the treatment of obesity and other gastrointestinal disorders. EnteroMedics will retain exclusive rights to obesity-related devices developed through this collaboration. Mayo Clinic has licensed technology to EnteroMedics and holds equity in the Company.
16:02
HURN Huron Consulting announces the Board of Directors has elected John McCartney to the position of non-executive chairman of the Board effective May 3, 2010 (21.73 -0.52)
16:02
AVCA Advocat announces new revolving credit facility (6.79 +0.17)
The co announces that it has entered into an agreement with a bank for a new $15 million revolving credit facility, replacing its current bank revolving credit facility which was to expire in August 2010. In addition to replacing the existing revolving credit facility, the Company used $3.2 million in proceeds from the new facility to retire an existing bank term loan. The new revolver is secured by accounts receivable, has a term of three years and bears interest at the Company's option of LIBOR (subject to a floor of 3.0%) plus 3.5% or the bank's prime lending rate... The Company's interest expense is expected to decrease by approximately $200,000 during 2010 compared to 2009.
16:02
MLHR Herman Miller misses by $0.03, misses on revs (20.07 +0.19)
Reports Q3 (Feb) earnings of $0.15 per share, excluding items, $0.03 worse than the First Call consensus of $0.18; revenues fell 7.0% year/year to $329.6 mln vs the $334.6 mln consensus.
16:01
IHS IHS acquires CSM Worldwide for ~$27 mln (56.07 -0.01)
16:01
CMA Comerica repays $2.25 bln TARP investment (38.24 +0.49)
Co announced that it has redeemed the $2.25 bln of preferred stock issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program's Capital Purchase Program (TARP), five days after completing the public issuance of $880 mln of its common stock. In addition to the $2.25 bln redemption payment, Comerica paid the U.S. Treasury a total of $150.9 mln in dividends on the preferred stock since the date it was issued in November 2008. By repaying the TARP investment, Comerica will eliminate the annual $134 mln negative impact to net income to common shareholders related to the preferred stock.
16:00
SRDX SurModics licenses ophthalmology technology to ForSight Labs (22.28 +0.21)
Co announces that it has entered into an agreement with ForSight Labs, to license certain non-core ophthalmology technology. The technology licensed in this agreement does not include the Company's I-vation drug delivery technology. While the license agreement contains an up-front license fee, milestone payments and royalties, specific terms of the agreement were not disclosed.
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Senate panel approves KEMI surplus bill: policyholders would share $62 million [The Lexington Herald-Leader, Ky.]
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