Briefing.com: Hourly In Play (R) – 08:00 ET

Dec 21, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 21-Dec-09 08:00 ET

07:56

CF CF Industries: Agrium extends exchange offer for CF Industries to Jan 22, 2010 (86.44 )

Agrium (AGU) announced that it has extended the expiration date of its offer to acquire CF for $45.00 in cash plus one Agrium share per CF share until 12:00 midnight, New York City time, on January 22, 2010. AGU also announced that it has replaced its financing commitments with 'highly confident' letters from Royal Bank of Canada and the Bank of Nova Scotia. Agrium's offer for CF is now conditioned on Agrium having available to it proceeds of financing that are sufficient, together with cash on hand, to purchase all outstanding shares of common stock of CF and to pay the related expenses.

07:55

GIGM GigaMedia reports Q2 and Q3 results, misses ests on both (4.15 )

Reports Q2 (Jun) non-GAAP earnings of $0.01 per share, ex-share-based compensation, may not be comparable to the First Call consensus of $0.09; revenues fell 22.9% year/year to $37.7 mln vs the $42.7 mln consensus. Co also reports Q3 non-GAAP EPS of $0.03, ex-share-based compensation, may not be comparable to the First Call consensus of $0.12, Q3 revs fell 19% YoY to $37.2 mln vs the 45.8 mln consensus. The year-period decrease was primarily due to lower contributions from the company's gaming software business reflecting the impact of strong competitive pressures and the global economic downturn on player activities in the industry, the latter of which resulted in decreased player spending. Quarter-over-quarter results reflected traditional seasonality effects on the gaming software and the Asian online games businesses. Gaming software business: the co expects continued challenging operating conditions in the fourth quarter of 2009 and the first quarter of 2010, partially offset by the impact of favorable seasonal trends in the European online gaming markets. Asian online games business: While the co expects year-over-year top-line growth, management anticipates a small double-digit quarterly sequential decrease in revenues due to the lack of new games in the fourth quarter.

07:52

DDSS Labopharm announces intention to draw down CDN $1 million on standby equity distribution agreement (2.00 )

Co announces it has provided YA Global Master S.P.V. with notice of its intention to draw down $1 mln under its previously announced standby equity distribution agreement. (All currency figures are in Canadian dollars.) In accordance with the terms of the SEDA, the common shares to be issued to YA under the drawdown will be priced at a discount of up to 5% to the daily volume weighted average price over the ten consecutive trading days following Labopharm's notice of its intention to draw down on the SEDA. The drawdown and issuance of shares is subject to a minimum share price of $2.00 per share, below which price Labopharm will not be issuing shares pursuant to the drawdown notice. Based on the minimum share price, the maximum number of shares to be issued under this drawdown is 500,000.

07:51

CVS CVS Caremark taking an increased ownership interest in Generation Health (31.18 )

Co said it is taking an increased ownership interest in Generation Health, a genetic benefit management company (GBM). The two companies last month announced a strategic partnership to expand pharmacogenomic (PGx) clinical and testing services for CVS Caremark pharmacy benefit management (PBM) clients to improve care for patients who either are non-responsive to their medications or who have adverse reactions. The announcement today illustrates CVS Caremark's intent to further strengthen its work on applying pharmacogenomic medicine to its benefit management product suite.

07:37

On The Wires

Kraft Foods (KFT) filed a Definitive Proxy Statement with the SEC with respect to its shareholder vote on all proposals to approve the issuance of Kraft Foods shares in connection with its offer for Cadbury plc (CBY)... Insight Enterprises (NSIT) entered into an agreement with Delaware North Companies to serve as the "Official Technology Partner of the TD Garden" and a "Proud Sponsor of the Boston Bruins"... Kforce Government Solutions, a wholly-owned subsidiary of Kforce (KFRC), received Notice from the Department of Interior that it has been suspended from participating in new or renewed business with U.S. federal government agencies as a result of the proposed debarment of KGS from participating in federal contracts. KGS may continue performing work under existing contracts as of the date of this suspension. The Notice relates to a $78,892.32 fixed price task order issued to KGS in 2008 by the Bureau of Land Management... United Security Bancshares (USBI) has extended the existing share repurchase program in which USBI may repurchase up to 642,785 shares of its common stock to expire on December 31, 2010... Lantronix, Inc. (LTRX) announced that its one-for-six reverse stock split was completed effective the close of business on December 18, 2009. Trading of Lantronix common stock on The NASDAQ Capital Market will begin on a split-adjusted basis at the open of trading on December 21, 2009... Thomas Properties Group (TPGI) announced that the company's Board of Directors has voted to suspend its regular quarterly dividends to common stockholders... Eagle Bancorp (EGBN) will redeem 15,000 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, $1,000 liquidation amount per share issued to the Treasury in December 2008 pursuant to the Troubled Asset Relief Program Capital Purchase Program... Nevada Gold & Casinos (UWN) announced that Oceans Casino Cruises, owner of SunCruz Casinos, decided to cease operations of its casino cruises effective December 15, 2009. In November of 2008, Nevada Gold was engaged by Oceans Casino Cruises to provide management services to SunCruz Casinos... Harvest Energy Trust (HTE) announced Ministry of Industry has notified Korea National Oil Corporation ("KNOC") that he is satisfied that theannounced plan of arrangement is likely to be a net benefit to Canada, as required by the Investment Canada Act. The Arrangement provides for the acquisition of all the issued and outstanding trust units by KNOC's Canadian subsidiary, KNOC Canada, for C$10.00 per unit.

07:37

JAS Jo-Ann Stores initiated with a Buy at KeyBanc Capital Mkts; tgt $40 (33.35 )

KeyBanc Capital Mkts initiates JAS with a Buy and price target of $40. The firm views JAS as an exciting margin and cash flow story, complemented with modest, stable revenue growth potential. Moreover, Jo-Ann offers a dominant, economically-resilient fabric offering, coupled with further growth potential into crafts. The firm believes that Wal-Mart's gradual exit from the fabric business continues to offer a unique sales and market share opportunity. Meanwhile, recent investments in systems, stores and distribution have helped position the Co for continued margin expansion. Looking ahead, the firm sees an inexpensive stock with strong cash flow generation and potential upside to consensus EPS estimates. Further, looking to 2010, where overall growth in consumer spending may be challenged, the firm believes JAS has a number of opportunities to drive profitability regardless of the macroeconomic backdrop.

07:37

UPL Ultra Petroleum announces that it has signed a purchase and sale agreement to acquire approximately 80,000 acres in the Pennsylvania Marcellus Shale (51.06 )

Co announces that it has signed a purchase and sale agreement to acquire approximately 80,000 (net) acres in the Pennsylvania Marcellus Shale, from a private company. Following the acquisition, Ultra Petroleum will hold approximately 250,000 net acres in this region, with the potential for 1,800 net drilling locations. Ultra Petroleum expects to pay roughly $400.0 million for the assets which will be financed using debt.

07:35

ROP Roper Inds announces a 2.3 mln share common stock offering, being made in conjunction with the its inclusion in the S&P 500 (54.19 )

07:35

CAG ConAgra beats by $0.05, misses on revs; raises FY10 EPS guidance (22.16 )

Reports Q2 (Nov) earnings of $0.52 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.47; revenues fell 2.4% year/year to $3.17 bln vs the $3.33 bln consensus. The co raises guidance for FY10, co now expects FY10 EPS from continuing operations, ex-items impacting comparability, to approach $1.73, up from approaching $1.70 previously, reflecting the strong performance in the first half of the fiscal year. In a change from prior guidance, the co now expects the Slim Jim business interruption insurance recovery, estimated in the range of $0.05 per diluted share, to be recognized in FY11 instead of FY10. "Our strong performance this quarter reflects continued momentum in the Consumer Foods segment and gives us heightened confidence in our fiscal 2010 EPS outlook. Success with innovation and marketing drove significantly improved market shares and top-line progress in the Consumer Foods segment for the quarter, while a more favorable input cost environment and strong cost savings substantially contributed to profit growth. We are very pleased with our success this year and with the increased EPS outlook, and expect to continue demonstrating the earnings power of our company with consistent and sustainable growth."

07:34

WAG Walgreens beats by $0.04, reports revs in-line (36.64 )

Reports Q0 (Nov) earnings of $0.52 per share, ex-items, $0.04 better than the First Call consensus of $0.48; revenues rose 9.5% year/year to $16.36 bln vs the $16.3 bln consensus. Co states, "Like every Christmas season, our performance is driven by the final days, which makes this an important week. The calendar works in our favor this year, with Christmas falling on a Friday...We see big opportunities to deliver preventive services including pharmacist-delivered immunizations and vaccinations as we continue to expand our capabilities in this area. It's a great illustration of the accessibility of our pharmacists on the front lines of health care."

07:32

CVA Covanta announces that its subsidiary has amended its existing service agreement with the City and County of Honolulu, HI to include its activities as the designer, builder and operator of a $302 mln expansion of the H-POWER Energy-from-Waste facility (17.39 )

07:31

LLY Eli Lilly and Incyte announce collaboration for development and commercialization of oral anti-nflammatory and autoimmune therapies; reconfirms FY09 EPS guidance

Eli Lilly and Incyte Corporation announce that they have entered into an exclusive worldwide license and collaboration agreement for the development and commercialization of Incyte's oral JAK1/JAK2 inhibitor, INCB28050, and certain follow on compounds, for inflammatory and autoimmune diseases. The lead compound, INCB28050, is currently being studied in a six-month dose-ranging Phase II trial for rheumatoid arthritis. Under the terms of the agreement, Lilly will receive worldwide rights to develop and commercialize INCB28050 as an oral treatment for all inflammatory conditions. In exchange for these rights, Incyte will receive an initial payment of $90 mln and is eligible for up to $665 mln in additional potential development, regulatory, and commercialization milestones, as well as tiered, double-digit royalty payments on future global sales with rates ranging up to twenty percent if a product is successfully commercialized. As a result of this transaction, Lilly expects to incur a charge to earnings in the fourth quarter of 2009 of approximately $.05 per share. The company reconfirmed its full-year 2009 earnings-per-share guidance of $3.90 to $4.00 per share on a reported basis, or $4.30 to $4.40 (consensus $4.42) per share on a pro forma non-GAAP basis.

07:28

OHB Orleans Homebuilders announces limited waiver and amendment extension (1.79 )

Co announced that it and its lenders have now executed a Limited Waiver and Amendment extensionto its $375 million Second Amended and Restated Revolving Credit Loan Agreement dated September 30, 2008 (as amended, the "Credit Facility"), effective immediately. The Temporary Amendment, which effectively extends the maturity of the Credit Facility from December 20, 2009 to January 29, 2010, generally provides, among other things, the Company with the ability, subject to compliance with conditions precedent and covenants, to continue existing amendments to the determination of borrowing base availability as provided in the Third Amendment to the Credit Facility and to immediately permit the extension of letters of credit issued under the Credit Facility to February 26, 2010.

07:27

NCT Newcastle Investment has elected not to pay a common stock or preferred stock dividend for the fourth quarter of 2009. (1.62 )

07:25

On The Wires

Intel (INTC) announced new Intel Atom processors today that feature integrated graphics built directly into the CPU, enabling improved performance and smaller, more energy-efficient designs in a new generation of netbooks and Atom-based entry level desktop PCs... Technip (TKPPY), in association with JGC and Modec, has been awarded by Petrobras a lump sum contract for the front-end engineering design of a proposed floating liquefied natural gas unit, as part of a design competition. This FLNG project is being conducted by the joint venture formed between Petrobras (PBR), BG, Repsol (REP) and Galp Energia for the challenging pre-salt reservoirs of the Santos basin offshore Brazil... Novartis International AG (NVS) announced that all three Novartis A(H1N1) 2009 influenza vaccines prequalified by World Health Organization for use in developing world processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement... Quixote Corporation (QUIX) announced that it has sold the stock of the companies comprising its Inform segment to Vaisala, a subsidiary of Vaisala Oyj, a global leader in environmental and industrial measurement systems, in an all cash transaction valued at $20 million. The Inform segment recorded revenue of $22.6 million, or 24% of total revenue, in fiscal 2009... Trintech Group Plc (TTPA) announced that RONA has selected its ReconNET software for financial process compliance. ReconNET is a component of Trintech's Unity platform, a suite of modular software that enables companies to meet their financial governance, risk management and compliance goals... Citadel Broadcasting Corporation (CTDB) announced that it has reached an accord with over 60% of its senior secured lenders on the terms of a pre-negotiated financial restructuring that would extinguish ~$1.4 billion of indebtedness. To implement the terms of the pre-negotiated restructuring on an expeditious basis, Citadel and certain of its subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York... Denny's Corporation (DENN) announced that it has made several management changes. Two officers announced their resignations, Mark Chmiel, Executive Vice President and Chief Marketing and Innovation Officer and Janis Emplit, Executive Vice President and Chief Operating Officer. Both resignations are effective prior to year end. Denny's has launched a national executive search to fill the positions, both internal and external candidates will be considered. In the interim Chmiel's and Emplit's responsibilities will be allocated amongst the marketing and operations teams, respectively.

07:24

NOK Nokia: Fitch downgrades Nokia to 'A-'; outlook stable (12.45 )

Fitch Ratings has today downgraded Nokia's Long-term Issuer Default Rating (IDR) and senior unsecured rating to 'A-' from 'A' respectively. The Short-term IDR has been downgraded to 'F2' from 'F1'. The Outlook on the Long-term IDR is Stable. The downgrade follows the update to the company's strategy and revised financial guidance provided at Nokia's Capital Markets Day ('CMD') on 2 December, which continue to signal margins in the core Devices & Services division are unlikely to quickly regain the levels formerly reported by the company's handsets business. Coupled with what is potentially now a rebasing of the devices business, to lower albeit good levels of profitability, the company's network infrastructure JV with Seimens, 'NSN,' continues to face significant challenges. The JV lost market share in 2009 and is now expected to generate considerably weaker earnings than projected at the time of the merger in 2007. With a non-IFRS operating profit target of between breakeven and 2% in 2010, and with earnings in this business currently still negative,, NSN is taking longer to integrate and generate the scale synergies that were expected at the time it was formed. (Margin guidance at the 2007 CMD, was for the operating margin to grow to 10% by the end of 2009).

07:22

CHTT Chattem and Sanofi-aventis confirm that Sanofi-aventis will acquire Chattem for $93.50/share (69.99 ) -Update-

Sanofi-aventis (SNY) and CHTT announced that they have entered into a definitive agreement under which SNY is to acquire 100% of the outstanding shares of CHTT in a cash tender offer for $93.50 per share, or approximately $1.9 billion... Under the terms of the agreement, SNY will commence a tender offer for all outstanding shares of CHTT at $93.50 per share in cash. The offer price represents a 34% premium above the closing price of CHTT's shares on December 18, 2009. The tender offer is conditioned on the tender of a majority of CHTT's shares calculated on a diluted basis, as well as the receipt of certain regulatory approvals and other customary closing conditions. Following the successful completion of the tender offer, a wholly owned subsidiary of SNY will merge with CHTT and the outstanding CHTT shares not tendered in the tender offer will be converted into the right to receive the same $ 93.50 per share in cash paid in the tender offer. The tender offer will commence in January 2010 and the companies anticipate the transaction will close in the first quarter of 2010. CHTT's Board of Directors has unanimously approved the transaction. The transaction is expected to be accretive to SNY' earnings as early as year one. This acquisition will allow SNY to optimize and retain the full value of the Allegra switch to an OTC product. Also, significant revenue synergies should be obtained through the expansion of CHTT's products into geographic markets where SNY has a strong operating presence, particularly in emerging markets. ...SNY also announced today that it will seek to convert its antihistamine brand known as Allegra in the United States from a prescription medicine to an OTC product. (CHTT is halted)

07:20

LLNW Limelight Networks announces agreement to acquire EyeWonder (3.79 )

Co announces a definitive agreement to acquire privately held EyeWonder, Inc. The transaction is expected to close in the first half of 2010. The consideration to be paid to EyeWonder's shareholders at Closing will equal approximately $110 million, comprised of approximately $62 million in cash and approximately 12.74 million shares of Limelight common stock. Up to approximately 4.86 million additional shares of Limelight common stock will be issuable in 2011 if EyeWonder achieves certain financial results in 2010.

07:16

PALM Palm upgraded to Hold at Morgan Joseph based on valuation (10.17 )

Morgan Joseph upgrades PALM to Hold from Sell based on valuation. The firm continue to believe that management's guidance of $1.6-1.8bn is overly optimistic, however, since management offered this guidance, the stock has dropped more than 33%. With shares having penetrated their former $10 price target intraday on Friday, to as low as $9.60, the firm believes that the Street is more than discounting management's ability to meet that guidance. The firm also anticipates that the Street is once again questioning whether or not Palm is a viable company given the expectations for $80 mln in expected cash burn for F3Q10 even with the additional $360 mln in net proceeds raised back in September, as high marketing spend may keep cash burn at high levels. Even though Pre numbers were disappointing in F2Q10, Palm shares are currently trading at 1.5x the firm's estimates, which are low on the Street, compared to RIM's 2.2x CY2010 EV/Sales. The firm nows feel that Palm is fairly valued and that the risk reward is no longer on the side of the shorts.

07:02

RBA Ritchie Bros. sets records for online sales, bidders and items sold in 2009 (23.17 )

Co announces that it sold $3.5 bln of equipment at 327 unreserved auctions around the world in 2009, including a record nearly $830 mln of equipment sold to online bidders. Ritchie Bros. set many other new company records in 2009, including total bidder registrations and number of lots sold.

07:01

NTWK Netsol issues upside guidance for FY10 (Jun), sees FY10 (Jun) revs of $33-35 mln vs. $31.46 mln First Call consensus. (0.75 )

Co issues upside guidance for FY10 (Jun), sees FY10 (Jun) revs of $33-35 mln vs. $31.46 mln First Call consensus, co also sees a return to GAAP net income for fiscal year 2010, versus a GAAP net loss of $0.30 per diluted share for fiscal year 2009. License revenues for fiscal year 2010 are projected to increase more that 100% versus fiscal year 2009. Increased sales and pipeline activity driving improved financial performance, including rising demand for NetSol Financial Suite, particularly in key markets such as China and North America. Cost efficiency measures and corporate restructuring activities completed in recent quarters improving gross and net margins. Any potential positive future impacts related to the previously disclosed large governmental contract opportunities the company is currently pursuing would be incremental to the aforementioned guidance.

07:01

SGEN Seattle Genetics announces antibody-drug conjugate collaboration with GlaxoSmithKline (9.17 )

Co announced today that it has entered into a collaboration agreement with GlaxoSmithKline (GSK) under which GSK will pay an upfront fee of $12 million for rights to utilize Seattle Genetics' antibody-drug conjugate (ADC) technology with multiple antigens to be named by GSK. GSK is responsible for research, product development, manufacturing and commercialization of all ADC products under the collaboration. Seattle Genetics is eligible to receive from GSK up to $390 million in milestones if all ADCs in the collaboration are commercialized as well as mid-single digit royalties on worldwide net sales of any resulting ADC products. Seattle Genetics also will receive material supply and annual maintenance fees as well as research support payments for assistance provided to GSK under the collaboration.

07:01

VSEC VSE Corp awarded second task order to manage and operate TACOM/TARDEC corrosion prevention and control program; potential revs of up to ~$19.2 mln (43.54 )

Co announced today that it has been awarded its second Task Order under the PEO CS&CSS Omnibus Contract to manage and operate the TACOM/TARDEC Corrosion Prevention and Control (CPAC) program. The total contract value over the base period and two option years is $19.2 million, with the base period valued at $5.37 million. VSE has been the prime contractor for the Army's CPAC program since 2005.

07:01

FSLR First Solar and EDF Energies Nouvelles in exclusive talks with Blanquefort (135.67 )

First Solar and EDF Energies Nouvelles announce that they are in the final stages of exclusive negotiations with the town of Blanquefort, near the city of Bordeaux, to locate a new solar panel manufacturing plant. The plant, co-financed by First Solar and EDF Energies Nouvelles, will be operated by First Solar and sell its entire production of innovative, thin-film photovoltaic panels to EDF EN for its first 10 years of operation. Construction is expected to begin in the second half of 2010 and a full production capacity of more than 100 megawatts a year is to be reached in early 2012. The plant is expected to create up to 400 jobs in the region of Aquitaine and represent a total investment of approximately EUR100 million. The decision to focus on Blanquefort for the manufacturing plant follows an extensive review of potential sites throughout the country. First Solar and EDF EN expect to finalize all remaining agreements in the coming weeks. First Solar and EDF EN believe that France will become a major market for solar electricity in Europe thanks in large part to forward-looking French solar policies.

06:56

RSO Resource Capital upgraded to Outperform at FBR Capital; tgt raised to $6 (4.91 )

FBR Capital upgrades RSO to Outperform from Mkt Perform and raises their tgt to $6 from $4 following RSO's successful capital raise on December 7. The firm believes that at current levels, shareholders are being handsomely paid in cash dividends for the relative risk associated with RSO's commercial real estate portfolio. RSO's CRE CDOs continue to be in compliance with all covenants, and because of RSO's direct origination of the majority of the assets held in the CDOs, the company has the ability to continue to work with borrowers, which should ensure a continued cash flow stream. To this point, the firm expects RSO's current $0.25 per quarter cash dividend to be money-good for the foreseeable future. At the firm's new $6.00 price target, RSO shares would trade at nearly a 17% dividend yield, which they think is an appropriate yield heading into 2010. However, the firm believes that if the economy begins to rebound in 2010 and/or the commercial real estate market finds reasonable price discovery over the course of the year, RSO shares may warrant trading at a tighter dividend yield and closer to book value, which was $6.80 at September 30.

06:53

PROV Provident Fincl reinitiated with a Mkt Perform at FBR Capital; tgt $2.50 (2.50 )

FBR Capital reinitiates coverage of PROV with a Mkt Perform and sets target price at $2.50. The firm notes that at the current valuation, they believe that the shares' risk/reward profile is balanced, as credit headwinds are likely to limit near-term upside. Longer-term upside remains attractive but bears a higher-than-average degree of uncertainty, given the potential need for additional capital. Although base-case credit losses, according to their estimates, are likely not severe enough to force a capital raise, if PROV were to face a more adverse economic scenario, higher losses and/or regulatory action could materially increase the probability of a capital raise, which would likely pressure trading multiples considerably. Yet, the firm believes that if the company is able to avoid raising additional common equity over the next two years, shareholder returns could prove significant longer term.

06:28

S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +7.80.

06:28

Asian Markets

Nikkei...10183.47...+41.40...+0.40%. Hang Seng...20948.10...-227.80...-1.10%.

06:28

European Markets

FTSE...5238.16...+41.30...+0.80%. DAX...5863.24...+32.20...+0.60%.

06:21

ATHX Athersys enters into global agreement with Pfizer to develop and market MultiStem for treatment of inflammatory bowel disease (1.00 )

Co announces that it has entered into an agreement with Pfizer (PFE) to develop and commercialize MultiStem for the treatment of Inflammatory Bowel Disease. Under the terms of the agreement, Athersys will receive an up-front cash payment of $6 mln from Pfizer, as well as research funding and support during the initial phase of the collaboration. In addition, Athersys is also eligible to receive milestone payments of up to $105 mln upon the successful achievement of certain development, regulatory and commercial milestones.

06:18

NVMI Nova Measuring Instruments announces additional bookings of $10 mln (4.82 )

Co announces that it has recently received $10 mln of new bookings. The orders during the quarter were received from several customers for stand-alone optical CD, integrated metrology and software products. Most of these orders are scheduled for delivery in the first quarter of 2010.

06:17

CLNE Clean Energy's BAF subsidiary receives second 463-CNG-vehicle conversion order from AT&T for 2010 (14.03 )

AT&T (T) has awarded to BAF Technologies, a wholly owned subsidiary of Clean Energy Fuels, an order to convert 463 Ford E-250 vans to run on compressed natural gas to be fulfilled during 2Q10. The new order is in addition to a 463-unit order from AT&T for vehicles to be delivered during the 1Q10. Additionally, although no formal order has been made, AT&T has requested that BAF procure on AT&T's behalf CNG cylinders for 463 additional conversions to be completed in 3Q10.

05:57

ENSG Ensign Group raises quarterly dividend to $0.05/share (15.00 )

02:07

RAIL FreightCar America appoints Edward J. Whalen as President and Chief Executive Officer, effective immediately (19.96 )

02:06

TEX Terex agrees to sell mining business to Bucyrus for $1.3 bln (19.21 )

Co announces that it has signed a definitive agreement to sell its mining business to Bucyrus International (BUCY 50.84), for $1.3 bln in cash. The products to be divested by Terex in the transaction include hydraulic mining excavators, electric drive mining trucks, track and rotary blasthole drills, and the highwall miner, as well as the related parts and aftermarket service businesses, including the co-owned distribution locations. The transaction, which is subject to customary regulatory approvals, is expected to close in the first quarter of 2010.

02:05

On The Wires

Cell Therapeutics (CTIC) announces that the European Medicines Agency has granted pixantrone orphan drug designation for the treatment of DLBCL which accounts for about 80% of aggressive non-Hodgkin's lymphoma; co expects to file the Marketing Authorization Application in Europe for approval of pixantrone in mid-2010 and would be granted 10 year market exclusivity if it is approved... Quixote (QUIX) announces that it has sold the stock of the companies comprising its Inform segment to Vaisala, a subsidiary of Vaisala Oyj, a provider of environmental and industrial measurement systems, in an all cash transaction valued at $20 mln... City National (CYN) announces that its wholly owned subsidiary, City National Bank, has acquired the banking operations of Imperial Capital Bank in a purchase and assumption agreement with the FDIC; co expects acquisition to be immediately accretive to EPS... Eagle Bancorp (EGBN) announces that on December 23, 2009 it will redeem 15.0 mln shares of its Fixed Rate Cumulatieve Perpetual Preferred Stock, Series A, $1,000 liquidation amount per share issued to the Treasury in December 2008 purusant to TARP Capital Purchase Program... Hancock Holding (HBHC) announces the co has acquired the banking operations of Peoples First Community Bank through a loss-sharing agreement with the FDIC... Geokinetics (GOK) announces that its wholly-owned subsidiary, Geokinetics Holdings USA, priced an offering of $300 mln in aggregate principal amount of 9.75% senior secured notes due 2014.

17:15

DM Dolan Media files $200 mln mixed securities shelf offering in an S-3 (10.62 +0.14)

17:11

MRK Merck files automatic debt securities shelf in an S-3ASR (37.40 +0.12)

16:01

SVBI Severn Bancorp to suspend fourth quarter common stock dividend (2.50 -0.03)

The co announces that its Board of Directors has suspended the common stock dividend for the fourth quarter of 2009. This represents a reduction of $.03 per share from the common stock dividend declared for the third quarter of 2009. "The decision to not declare a common stock dividend for the fourth quarter signals our commitment to maintaining a strong balance sheet as we work through this unprecedented economic turmoil," said Alan Hyatt, president and chief executive officer. "While we may be through the worst part of this recession, and our capital remains well above regulatory requirements to be considered well capitalized, we have taken this further action to conserve our capital. We realize the value of the common stock dividend to many of our shareholders, but we believe this is a prudent decision and ultimately in the long-term best interests of these shareholders. We look forward to continuing to improve the bank's position and ultimately returning to distribution of dividends as market conditions improve."

16:01

LUNA Luna Innovations could emerge from bankruptcy as early as January 12 (1.74 -0.07)

Co announced that a bankruptcy court hearing has been set for January 12, 2010, to decide whether to confirm Luna's Plan of Reorganization and allow Luna to emerge from bankruptcy. If the court confirms Luna's Plan, Luna could emerge from bankruptcy as early as January 12 or 13. Under the Plan, Luna proposes to pay 100% of its due and payable valid claims, and Luna stockholders will retain their shares of Luna's Common Stock. As previously announced, the Plan also includes the settlement of Luna's dispute with Hansen Medical, Inc., which is subject to various conditions.

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