Aug 25, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 25-Aug-10 05:00 ET
EEE Evergreen Energy agrees to exchange a portion of its outstanding 2007 convertible debt (1.53 )
Co signs an agreement with certain holders of its 2007 Convertible Notes to exchange and retire ~$3.1 mln in outstanding debt and accrued interest for 981,250 shares of common stock on a post-split basis. This transaction reduces the $27.4 mln of notes due in August 2012 to $24.4 mln. The co is continuing its discussions with other 2007 bondholders to evaluate options for further reducing the remaining balance.
BERK Berkshire Bancorp to be acquired by Customers USA Bank (4.88 )
Customers USA Bank today announces that it has entered into a definitive agreement to acquire Berkshire Bancorp and its subsidiary Berkshire Bank. This will be an all common stock transaction valued at tangible book value at the month end prior to closing. The merger is expected to close in the first quarter of 2011 with Customers USA Bank as the surviving institution and will require both regulatory and each Bank's shareholder approval. It is expected that this transaction will be mildly accretive to Customers USA Bank's earnings and will enhance its franchise.
Futures mixed in electronic trade after Nasdaq moves back into pos territory: S&P 500 futures -0.52 points from fair value of 1050.22; Nasdaq 100 futures +0.97 points from fair value of 1772.53
GLD December gold just under the unchanged line, currently down 0.90 cents at $1232.50 per ounce (120.36 +0.58)
USO October crude oil modestly lower in electronic trading, currently -0.18 cents at $71.45 per barrel (31.77 -0.66)
PCX Patriot Coal announced that Paul H. Vining is stepping down as President & Chief Operating Officer, effective immediately (10.39 -0.75)
Vining has agreed to continue in a senior advisory role at Patriot for a period which could extend through the end of this year. The Co also announced that Charles A. Ebetino, Jr. will assume the position of Senior Vice President & Chief Operating Officer, with responsibility for all of Patriot's mining operations. Mr. Ebetino has served as Patriot's Senior Vice President - Corporate Development since its 2007 spin-off.
PMC PharMerica announces share repurchase program of up to $25 mln (6.93 -0.34)
Futures edge lower after hours: S&P 500 futures -1.52 points from fair value of 1050.22 and Nasdaq 100 futures -0.53 points from fair value of 1772.53
NI NiSource: NIPSCO, OUCC, other parties reach agreement on natural gas rate case settlement (16.68 +0.12) -Update-
NIPSCO will reduce its overall natural gas rates by $14.8 mln, based on a $5 mln reduction for residential customers and a $9.8 mln reduction for commercial and industrial customers. For NIPSCO's 660,000 residential natural gas customers, the reduction equates to a savings of ~$7.50 per year per customer. Rates for commercial and industrial classes will also be lower.
VAR Varian Medical Systems announces $225 mln accelerated stock repurchase; increases its revolving credit facility (52.08 -1.83)
Co announced that it has entered into an agreement to repurchase $225 mln of its common stock. Concurrently, the co amended its revolving credit facility with Bank of America N.A. to increase its borrowing capacity from $150-225 mln. Co said, This program will be accretive to earnings going forward, but will have a minimal impact on FY10.
BBX BankAtlantic Bancorp announces termination of offers to purchase and consent solicitations for all non-publicly traded trust preferred securities (1.25 -0.08)
Co announced that it is terminating its previously announced cash offers to purchase, and consent solicitations relating to, its twelve series of non-publicly traded trust preferred securities ("TruPS"), with an aggregate principal amount of $230 mln. Co also announced that it is dismissing the currently pending lawsuit it filed against The Bank of New York Mellon, as trustee under an indenture of an issuer of collateralized debt obligations which holds $25.2 mln principal amount of TruPS.
NXG Northgate Minerals and BNP Paribas sign engagement letter for $100 mln project debt facility (2.83 )
Co announce that it has entered into an engagement letter with BNP Paribas for the purpose of establishing a $100 mln seven-year project debt facility for construction of Northgate's Young-Davidson Mine, located in northern Ontario.
VECO Veeco announced that its Board of Directors has authorized the repurchase of up to $200 mln of the Co's common stock over the next year (31.02 -0.09) -Update-
EPAY Bottomline Technologies awarded U.S. patent for invoice data capture capabilities (13.95 +0.02)
Co announced the issuance of a United States Patent for advanced image data capture technology facilitating the manner in which customers digitize paper invoices, reduce costs and streamline accounts payable processing.
GNK Genco Shipping & Trading Limited Takes Delivery of Two Drybulk Vessels (15.62 -0.41)
Co also announced that it has reached an agreement to enter into a time charter for the Genco Bourgogne with Setaf Saget SAS for 15-17.5 months at a rate of $19,900/day. Co has signed a novation agreement for Genco Bay's current spot market-related time charter with Cargill International S.A. for an initial duration of 34.5-37.5 months and the spot market-related time charter will have a floor of $8,500 and a ceiling of $13,500 daily
ORBC Orbcomm announced that Caterpillar (CAT) has renewed its agreement with ORBCOMM for satellite communication services for Product Link (1.98 +0.01)
AGAM AGA Medical files suit against W.L. Gore alleging patent infringement (14.58 -0.26)
Co filed a patent infringement lawsuit against W.L. Gore & Associates (Gore). Co is alleging that Gore is infringing AGA Medical's U.S. Patent No. 5,994,738 which covers certain transcatheter occlusion products for the treatment of structural heart defects. AGA Medical is seeking damages against Gore and a permanent injunction prohibiting them from manufacturing and selling the Gore HELEX Septal Occluder both in the United States and abroad.
CSTR Coinstar signs definitive agreement to sell its money transfer business to Sigue Corporation for $41.5 mln (46.45 -0.85)
Co and Sigue Corporation announced the signing of a definitive agreement for Sigue to purchase Coinstar's money transfer business. The aggregate purchase price is expected to be $41.5 million, which will be subject to a post-closing net working capital adjustment. The closing of the transaction is expected next year, subject to certain closing conditions and required regulatory approvals.
FMR First Mercury Financial extends existing Share Repurchase Program through August 19, 2011 (8.74 -0.01)
Co authorized the extension of existing Share Repurchase Program through August 19, 2011. The Share Repurchase Program authorizes the repurchase of up to 1.0 mln shares of outstanding common stock, which represents ~6 percent of outstanding shares at August 3, 2010. Prior to this extension, the Share Repurchase Program was set to expire on August 20, 2010.
QKLS QKL Stores provides update to its private label products; encouraged with development of private label business (4.22 -0.08)
Co announced an update to its private label products which are sold in co's existing retail stores. Co continues to focus on the development of its own company-owned, private label store brands which enhance gross profit margin, distinguishes it from its competitors, and improves the brand image of its stores. "With the existence of our new DC, we are now able to ensure that our private label brands are kept in stock at all times at our retail stores. Our private label business sells a wide array of items from far away locations that our customers really enjoy, including vinegar from the Shanxi Province, bedding materials from Nantong located in the Jiangsu Province, stainless steel accessories from Jieyang in the Guangzhou province and plastic products from Huangyan in the Zhejiang Province. We are encouraged with the development of our private label business and believe that the QKL's private label operations will become a major driver of additional sales and margin growth over the next several years."
PSUN Pacific Sunwear announces agreement to license the MODERN AMUSEMENT brand (4.05 -0.007) -Update-
ROVI Rovi signs Sky to an extended IPG patent license agreement (41.58 -1.72)
Co announces Sky (British Sky Broadcasting Limited) has extended the term of its existing license agreement with Rovi for interactive program guide patents. The multi-year agreement provides Sky with a license to the Rovi IPG patent portfolio for Sky's pay television service platforms. Specific terms of the agreement were not disclosed.
KBR KBR Inc. awarded two contracts by the Republic of Iraq Ministry of Oil (23.18 +0.50)
Co awarded two contracts by the Republic of Iraq Ministry of Oil through the South Refineries Company. KBR will provide licensing and basic engineering services for the construction of Fluid Catalytic Cracking and Solvent Deasphalting units at the planned grassroots Maissan Refinery in Maissan, Iraq.
TOPS Top Ships announces preliminary agreement with DVB Bank (0.69 -0.05)
Co announced that it has entered into a preliminary agreement with DVB Bank pursuant to which the co will obtain waivers for covenant breaches until the end of the year 2010 and will restructure the loan relating to the acquisition of the product tankers the M/T Ionian Wave and M/T Hongbo part of which was due to be repaid on July 30, 2010. Following this preliminary agreement, the co has made a partial repayment of $7.7 mln out of which $3.7 mln was funded by cash on hand and $4.0 mln by two unsecured bridge loan financing facilities with unrelated third parties. The preliminary agreement and restructuring of the DVB loans is subject to definitive documentation which is expected to provide, among other things, for repayment of the remaining amount of the DVB bridge loan in quarterly installments through June 2015 and termination of the pledge to DVB of 12.5 mln shares of the co's common stock.
DY Dycom reports EPS in-line, beats on revs (8.50 +0.09)
Reports Q4 (Jul) earnings of $0.12 per share, in-line with the Thomson Reuters consensus of $0.12; revenues rose 4.4% year/year to $281.5 mln vs the $273.8 mln consensus.
GYRO Gyrodyne Co. of America: Court of claims enters judgment in condemnation case; finding in favor of Gyrodyne of $125 million plus statutory interest (80.37 +1.37)
Co announced that the Court of Claims entered judgment on August 17, 2010 with respect to the Court's recent finding in favor of Gyrodyne of $125 million plus statutory interest. deadline for serving a notice of appeal in this case is September 20, 2010. The gross amount of recovery calculated by the Court in the judgment includes the $26,315,000 advance payment previously made by the State plus interest thereon. Accordingly, the State would be required to pay Gyrodyne $98,685,000 plus statutory interest through the date of payment.
PSUN Pacific Sunwear drops 5.7% to $3.82 following earnings/guidance (4.05 -0.07) -Update-
PAY Verifone beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs above consensus (22.42 -0.01)
Reports Q3 (Jul) earnings of $0.36 per share, $0.06 better than the Thomson Reuters consensus of $0.30; revenues rose 23.7% year/year to $261 mln vs the $248.8 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.35-0.36 vs. $0.31 Thomson Reuters consensus; sees Q4 revs of $258-263 mln vs. $253.09 mln Thomson Reuters consensus.
CERS Cerus signs agreement to acquire INTERCEPT blood system Asian commercial rights from BioOne; BioOne will receive approximately 1.17 mln shares of Cerus' common stock valued at approximately $3.08/share (2.92 -0.06)
Co announces that it has signed an agreement to acquire BioOne Corporation's commercialization rights for the INTERCEPT Blood System for platelets and plasma, subject to approval of the transaction by BioOne's shareholders. Under terms of the agreement, BioOne will receive approximately 1,170,000 shares of Cerus' common stock valued at approximately $3.08 per share, and Cerus will relinquish its equity interest in BioOne.
PSUN Pacific Sunwear misses by $0.13, beats on revs; guides Q3 EPS in-line (4.05 -0.07)
Reports Q2 (Jul) loss of $0.36 per share, $0.13 worse than the Thomson Reuters consensus of ($0.23); revenues fell 10.3% year/year to $218 mln vs the $213.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of ($0.09- 0.16), excluding non-recurring items, vs. ($0.11) Thomson Reuters consensus; Same-store sales decline of 4% to 9%; Gross margin rate, including buying, distribution and occupancy costs, of 24% to 26%.
NSPH Nanosphere acquires the rights to intellectual properties for $4 mln; settles patent litigation (3.06 -0.02)
Co announced that Nanosphere has acquired certain patents and patent rights of Eppendorf on a global basis for $4 million, while providing a limited license back to service existing Eppendorf customers and licenses previously issued that relate to the purchased patents and patent rights. As part of the transaction, the companies settled a patent litigation dispute.
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