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

Mar 23, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 23-Mar-10 08:00 ET

07:55

BPAX BioSante announces additional positive Leukemia vaccine results (1.71 )

Co announced positive GVAX AML Vaccine results and BioSante's receipt of Orphan Drug designation from the FDA's Office of Orphan Products Development for GVAX AML Vaccine in the treatment of acute myeloid leukemia (AML). This Orphan Drug designation is the second GVAX cancer vaccine from BioSante to secure FDA orphan drug designation. In a paper published in the peer-reviewed journal Blood, clinical investigators, led by investigators at Johns Hopkins University, reported on the results of a Phase II study of GVAX AML (immunotherapy) accompanied by immunotherapy-primed lymphocytes after autologous stem cell transplantation in hematologic malignancies. Fifty-four subjects were enrolled, with 28 (52%) receiving a pre-transplantation GVAX AML dose. A total of 46 (85%) subjects achieved complete remission during the treatment period. For all patients who achieved complete remission, the 3-year relapse-free survival (RFS) rate was 47.4% compared to 61.8% in the GVAX-treated group. While the overall survival rate in all subjects was 57.4%, it was 73.4% in the GVAX-treated group. The authors of the paper conclude, "...immunotherapy in combination with primed lymphocytes and autologous stem cell transplantation shows encouraging signals of potential activity in acute myeloid leukemia."

07:48

JEC Jacobs awarded contract from City of Killeen, Texas & gas plant infrastructure project by Storengy UK (43.40 )

Co announced that it received a contract from the City of Killeen, Texas to provide professional services for the Killeen-Fort Hood Regional Airport and Robert Gray Army Airfield. Officials did not disclose terms of the contract. Co also announced that it received a contract from Storengy UK. to provide engineering, procurement and construction management services for the above-ground infrastructure associated with the new gas storage facility located in Stublach, in the North West England ceremonial county of Cheshire. Jacobs will design and install new gas compression, gas treatment facilities, a control system and utilities for the project. The work will be executed from Jacobs' office in Manchester. The overall project at Storengy's Stublach site is expected to expand the natural gas storage capacity up to 400 mln cubic meters, making the facility one of the largest in the United Kingdom. Operations at the new facility are scheduled to begin in 2013 with total investment estimated at pounds Sterling 350 mln GBP (~$500 mln).

07:46

On The Wires

Magma Design Automation (LAVA) announces that it has entered into an expanded credit line with Wells Fargo Capital Finance, LLC, part of Wells Fargo & Company (WFC). The new $30 mln credit facility consists of a $15 mln term loan and a $15 mln line of credit, and it replaces a $15 mln credit facility the company entered into with Wells Fargo in October 2009... China Green Agriculture (CGA) announces that it has opened 16 directly-owned retail stores and selected 308 stores as "China Green Agriculture Authorized Retailer" of its Jinong branded HA compound fertilizer products... Reed's (REED) announces that CVS Pharmacy (CVS) will be carrying the new 'Reed's Rx' line in the digestive/stomach aisles of CVS Pharmacy stores nationwide. 'Reed's Rx' products are over-the-counter ginger-based remedies for nausea and motion sickness... Following a complaint by Emulex Corporation (ELX), counterfeiters of Emulex Fibre Channel Host Bus Adapters were recently convicted by a criminal court in the city of Shenzhen... AdMarvel announces that it has reached a new strategic partnership with PointRoll, wholly-owned subsidiary of Gannett (GCI). As a result of the partnership, the companies together launch the iPad Advertising Platform, which combines PointRoll's cutting-edge rich media technology with AdMarvel's mobile advertising capabilities... L.B. Foster Company (FSTR) and Portec Rail Products (PRPX) announce that they have each received a formal second request for additional information and documentary material from the Antitrust Division of the Department of Justice regarding the Agreement and Plan of Merger dated February 16, 2010 pursuant to which L.B. Foster proposed to acquire Portec through a tender offer and subsequent merger... Berkshire Hathaway (BRK.A) announces that its subsidiary, McLane Company, has entered into an agreement to acquire Kahn Ventures, parent company of Empire Distributors and Empire Distributors of North Carolina... Delta Air Lines (DAL) and US Airways (LCC) announce an agreement to transfer to four airlines 12% of the takeoff and landing slots involved in a previously announced transaction between the carriers at New York's LaGuardia and Washington's Reagan National airports. The transfers are contingent upon Federal Aviation Administration approval and the subsequent closing of the originally proposed Delta-US Airways transaction... Sendori, an operating business of IAC (IACI) and division of Ask Sponsored Listings announces that it has been granted approval on applications for two individual U.S. patents relating to its core web navigation redirect technology... Reed's (REED) announces that Jones Soda (JSDA) has received an unsolicited offer by a third party and has terminated the exclusivity provision of the Letter of Intent signed with Reed's, Inc. on March 9, 2010.

07:38

COMDX Gold and silver are trading at their lowest levels of the morning as the dollar index ticks to its best levels

Gold is currently lower by $3.50 to $1096.00; silver is down 14.5 cents to $16.79.

07:32

CRU Crude Carriers announced that on March 22, 2010, its Chairman and CEO, Evangelos Marinakis, purchased 70K shares of its common stock at a cost basis of $16.22/share (16.30 )

In addition, as already announced, on Friday, March 19, 2010, the Company's President, Mr. Ioannis Lazaridis, purchased 5,000 shares of Crude Carriers common stock at a cost basis of $16.25 per share and the Company's Chief Financial Officer, Mr. Jerry Kalogiratos, purchased 3,000 shares of common stock at a cost basis of $16.21 per share.

07:31

MNRO Monro Muffler announces acquisition of Import Export Tire stores; Raises 4Q EPS guidance range to $.23 to $.25 (36.65 )

Co announces that it has signed a definitive agreement to acquire the retail store assets of Import Export Tire, Co., a small independent tire chain in Pittsburgh, PA. The Company will purchase all five Import Export Tire stores, which focus solely on tires and automotive related services and generated annual net sales of approximately $10 million in 2009. Management expects the Import Export Tire stores to be slightly accretive in the first twelve months following the completion of the acquisition. The addition of the Import Export Tire stores will increase the Company's number of tire stores in the Pittsburgh market to 12. Additionally, these stores are expected to enhance the effectiveness of the Company's Black Gold initiative in many of its existing 45 service stores in the market. Black Gold is a program designed to increase sales in Monro's service stores, particularly of tires and related services. The acquisition is expected to close at the end of March and to be funded through the Company's existing line of credit. It is management's intention to retain the store employees of the acquired business. For the fourth quarter of fiscal 2010, the Company expects a comparable store sales increase of approximately 7.5%, which is above the high-end of the Company's previously anticipated range. This estimate is on top of an 11.2% comparable store sales increase in the prior year quarter. Additionally, the Company now expects diluted earnings per share for the fourth quarter to be in the range of $.23 to $.25, increased from its previously expected range of $.20 to $.23 (consensus $0.23). This estimate compares to $.15 in the prior year quarter and is based on 20.8 million weighted average shares outstanding. The impact of the acquisition of Import Export Tire is not included in the Company's guidance for fiscal 2010.

07:30

DOX Amdocs acquires MX Telecom for $104 mln to expand its openMarket business (30.20 )

Co announced that it has acquired MX Telecom Ltd. MX Telecom is a leading mobile payments and messaging aggregator with operations in Europe, United States and Australia. Under the terms of the agreement, Amdocs has acquired MX Telecom for approximately $104 million USD in cash, net of debt and cash. This announcement was made at International CTIA Wireless 2010 taking place this week.

07:02

ITMN InterMune: The European Medicines Agency completes validation stage for InterMune's marketing authorization application for pirfenidone (41.70 )

Co announces that the company's Marketing Authorization Application, submitted on March 2 seeking approval of pirfenidone for the treatment of idiopathic pulmonary fibrosis in adults, was validated by the European Medicines Agency. Validation of the MAA by the EMA indicates that the application is complete and that the review process will begin on March 24. The proposed trade name for pirfenidone in both the United States and Europe is Esbriet.

07:01

CNAM China Armco Metals secures supply of 749,000 metric tons of Brazilian Manganese ore (8.25 )

Co announced that Armco & Metawise, the co's wholly owned subsidiary, has entered into a contract to purchase 749,000 metric tons of Brazilian manganese ore fines over the next 16 months which could result in sales of up to $180 mln over the contract period based on current market prices for manganese ore of this type.

07:01

ALNY Alnylam Pharma completes technology transfer objectives in its Takeda alliance and earns $20 mln payment (17.99 )

Co announces that it has earned a $20 mln technology transfer payment from Takeda Pharma as part of the strategic alliance the companies formed in May 2008. This payment is related to the achievement of certain pre-defined objectives in the transfer of Alnylam's platform technology, including documents, materials, and know-how, to Takeda for the development of RNAi therapeutics. In addition to this current $20 million payment, Alnylam is eligible to receive an additional $10 mln in near-term technology transfer payments. Alnylam is also eligible to receive significant milestones and royalties related to the Takeda's advancement of RNAi therapeutic products, and has retained certain product opt-in rights in the U.S. market.

07:00

TSRA Tessera Tech licenses OptiML focus technology to AzureWave (20.48 )

Co announced that AzureWave Technologies Inc. has licensed Tessera's OptiML Focus image enhancement solution, which provides automatic focus capabilities in camera-enabled devices to deliver high-quality images with no moving parts. AzureWave, based in Taiwan, will integrate the innovative technology into its next-generation camera modules for laptop computers, webcams, cell phones and other camera-enabled devices.

06:52

PRGO Perrigo acquires Infant Formula Manufacturer PBM Holdings for $808 Million (51.13 )

Co announces it has signed a definitive merger agreement to acquire PBM Holdings for approx $808 mln in cash. Based in Gordonsville, Virginia, privately-held PBM manufactures and distributes over-the-counter store brand infant formula and baby foods sold by leading retailers in the mass, club, grocery and drug channels in the United States, Canada, Mexico and China. The acquisition is expected to close in the Company's fiscal 2010 fourth quarter pending regulatory approval. No PBM debt will be assumed in this transaction. Perrigo intends to fund the transaction using approx $175 mln of cash on hand and $300 mln available under the terms of its existing debt agreements. The balance is expected to be raised through one or more sources of new debt financing. To this end, as of the signing of the definitive agreement, the Company received a bank bridge financing commitment for up to $350 mln. Pursuant to the agreement, Perrigo and PBM expect to make an election under section 338(h)(10) of the Internal Revenue Code that will increase Perrigo's tax basis in the acquired assets. This increase in basis is expected to result in cash tax savings to Perrigo over the next 15 years. The estimated net present value of these savings is approx $150 mln. Acquisition expected to add approx $300 million of sales in first full fiscal year and anticipated to be at a minimum $0.10 accretive to GAAP EPS in the first full fiscal year and ROIC accretive in year two.

06:34

AOS A.O. Smith issues upside Q1 EPS guidance; raises FY10 EPS guidance (49.88 )

Co issues upside guidance for Q1 (Mar), sees EPS of $0.95-1.00 vs. $0.68 First Call consensus. Co raises guidance for FY10 (Dec), sees EPS of $3.20-3.40 vs. $3.15 consensus, up from $2.95-3.25 previously. "Both of our business segments are experiencing higher sales volumes than we originally expected. In addition, the results of our extensive cost reduction efforts and continuing strength in water heater sales in China will benefit the first quarter."

06:33

CLDA Clinical Data submits new drug application for Vilazodone for the treatment of major depressive disorder (21.45 )

Co announces it has submitted a New Drug Application FDA for vilazodone for the treatment of major depressive disorder. Vilazodone is a dual-acting potent and selective serotonin reuptake inhibitor and a 5-HT1A receptor partial agonist. The Company expects that the NDA submission, if accepted, will be subject to a standard review.

06:32

RMKR Rainmaker Sys awarded two-year agreement for contract sales in Canada by fortune 50 hardware client (1.22 )

Co announces it has been awarded a new two-year agreement by its Fortune 50 Hardware client to deploy its hosted channel contract sales solution in Canada, representing an expansion of its successful program for this client in the US.

06:22

S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +3.70.

06:22

Asian Markets

Nikkei...10774.15...-50.60...-0.50%. Hang Seng...20987.78...+54.50...+0.30%.

06:22

European Markets

FTSE...5686.84...+42.30...+0.80%. DAX...6017.38...+29.80...+0.50%.

06:17

GTXI GTx and Ipsen expand partnership (3.59 )

Ipsen and co announce the expansion of their partnership for the development and commercialization of toremifene 80 mg for the reduction of fractures in men with advanced prostate cancer on androgen deprivation therapy and toremifene 20 mg for the prevention of prostate cancer in high risk patients with High Grade Prostatic Intraepithelial Neoplasia lesions. Under the terms of the amended collaboration agreement, Ipsen will pay GTx up to EUR42 mln (approx $58 mln, based on current exchange rates) in milestone payments upon the initiation, enrollment and progression of the second toremifene 80 mg Phase III clinical trial.

06:14

DVAX Dynavax Technologies reports positive findings from safety analysis of HEPLISAV (1.27 )

Co will present for the first time a detailed analysis of safety data for HEPLISAV, an investigational adult hepatitis B vaccine, including two findings: The safety profile of HEPLISAV was comparable to that of Engerix-B, one of two currently licensed vaccines for the prevention of hepatitis B infection, and there is no difference in autoimmune adverse events or laboratory markers of autoimmunity between subjects vaccinated with HEPLISAV and Engerix-B.

06:11

On The Wires

PetroQuest Energy (PQ) announcesthat the co's bank group has completed its semi-annual re-determination of its borrowing base under its credit facility. As a result, the co's $100 million borrowing base has been reaffirmed... Uroplasty (UPI) announces the issuance of U.S. Patent No. 7,668,598 covering the stimulation method used in the Urgent PC Neuromodulation System.

06:09

TGI Triumph Group announces agreement to acquire Vought Aircraft Industries (61.22 )

Co announces the signing of a definitive agreement to purchase Vought Aircraft Industries from The Carlyle Group for cash and stock consideration of $1.44 bln including the retirement of Vought debt. The purchase consideration to Vought shareholders includes approx 7.5 million shares and $525 million of cash. Post-closing, Carlyle will own approximately 31% of the outstanding stock of Triumph and will be subject to certain lock up provisions. The transaction is subject to customary closing conditions including regulatory approvals and approval of Triumph shareholders and is expected to be completed in July, 2010. The acquired business will operate as Triumph Aerostructures -Vought Aircraft Division, LLC. On a full-year run-rate basis, earnings accretion is expected to be in excess of $1.00 per diluted share, reflecting initial estimates of purchase accounting adjustments and excluding synergies resulting from the acquisition and transaction-related expenses. Pro forma for the acquisition, Triumph will have approx $3.1 billion of revenue and Pro forma Adjusted EBITDA of approx $446 million, for the twelve months ended December 31, 2009. Pro forma total debt to Pro forma Adjusted EBITDA as of the twelve months ended December 31, 2009, will be approx 3.2x. Triumph expects to fund the transaction with a combination of current and new credit facilities and has obtained certain financing commitments that are subject to customary conditions.

06:06

HRB H&R Block announces preliminary tax season results through March 15 (17.13 )

Co announces preliminary tax season results for the interim period through March 15, 2010. Same-office tax returns prepared in retail operations for the March 1-15 period grew 7.0% compared to the prior-year, while total tax returns prepared increased 4.3%. Total retail returns prepared grew 4.4% and the net average retail fee per tax return increased 2.1%. Tax season-to-date through March 15, same-office tax returns prepared in retail operations fell 5.1% compared to the prior-year. Total tax returns prepared were down 6.3%. Total retail returns prepared tax season-to-date fell 7.6%, while the net average retail fee per tax return increased 2.3%. Digital returns prepared by H&R Block were down 3.4% while online returns grew 2.6%. The aggregate number of digital returns including the Free File Alliance fell 2.9%. Software-based returns declined by 10.2% due to the co's decision to exit two unprofitable distribution channels.

05:09

On The Wires

Linktone Ltd. (LTON) announces that it together with its major shareholder, PT Media Nusantara Citra Tbk, have completed the acquisition of 75% of the share capital of InnoForm Group... Ness Technologies (NSTC) announces a multi-million dollar contract with a Latin American government to install a command and control system in military helicopters and ground command posts.

01:29

On The Wires

APP Pharmaceuticals, a wholly owned subsidiary of Fresenius Kabi Pharmaceuticals Holding (APCVZ), announces that it has received approval from the FDA to market Indomethacin for Injection... ZBB Energy (ZBB) announces that it has received an order for a ZESS energy system which consists of, three (3) ZESS 50, zinc bromide flow batteries and the ZESS power and energy control center from NIDON Clean Energy, a division of NIDON Computer.

18:18

MVO MV Oil Trust: Vess Oil Corp announces hiring of new Chief Financial Officer (23.74 +0.16) -Update-

Vess Oil Corp (VOC) announced that Barry Hill has been hired as Vice President and Chief Financial Officer. Hill previously served as Vice President with Raymond James in the Energy Investment Banking group.

18:14

AMN Ameron International reappoints James S. Marlen as President, CEO and Chairman of the Board and Adopts Succession Plan (67.74 +3.74)

Co announced that it has entered into a new two-year employment agreement with James S. Marlen, current President, Chairman and Chief Executive Officer. Under terms of the new agreement, which will expire in March 2012, Marlen will remain in his current role until a successor is named. The Co plans to initiate a search for a new CEO in early 2011. As part of the Co's succession plan and to ensure a smooth transition, Mr. Marlen would continue to serve as Ameron's Executive Chairman when a new Chief Executive Officer is named and through the term of the new agreement.

17:44

CBKN Capital Bank increases capital through private offering by ~$8.5 mln (3.51 +0.03)

Co announced that it has successfully increased total regulatory capital by ~$8.5 mln through a private placement offering to qualified investors. The offering was structured in the form of Investment Units ("Units") of $10,000 each. Each Unit consisted of a subordinated promissory note with a principal balance of $3,997 and 1,730 shares of the Co's common stock valued at $6,003. As a result of the offering, the Co sold subordinated promissory notes with an aggregate principal amount of $3,393,368 and 1,468,770 shares of the Co's common stock valued at $5,096,632. The Co may elect to sell additional Units in one or more subsequent closings on or prior to June 16, 2010, unless the Co elects to extend the offering, provided that the aggregate number of all Units sold does not exceed 1,500.

17:40

ARIA Ariad Pharm and its co-plaintiffs announced that the U.S. Court of Appeals for the Federal Circuit has ruled in favor of LLY following an en banc rehearing last December (3.28 +0.09) -Update-

17:14

DXPE DXP Enterprises beats by $0.01, misses on revs (11.20 -0.05)

Reports Q4 (Dec) earnings of $0.19 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.18; revenues fell 28.8% year/year to $137.8 mln vs the $151 mln consensus.

17:12

ACGL Arch Capital Group Ltd. sees negative impact to Q1 pre-tax earnings of $35-50 mln due to Chilean Earthquake (75.16 +0.70)

Co announced that it expects pre-tax earnings for the 2010 Q1 to be negatively impacted by the effects of the Chilean earthquake in the range of $35-50 mln, net of reinsurance, retrocessions and reinstatement premiums. This preliminary net loss estimate for the Chilean earthquake is based on projected industry insured losses of $6-8 bln. In addition, the Company announced that it expects pre-tax earnings for the 2010 first quarter to be negatively impacted by the combined effects of European Windstorm Xynthia and the Australian hailstorms and floods in an aggregate amount of less than $15 mln, net of reinsurance, retrocessions and reinstatement premiums. This preliminary net loss estimate is based on projected industry insured losses of $2-4 bln for European Windstorm Xynthia and ~$1 bln for the Australian hailstorms and floods.

17:12

LINE LINN Energy announces private offering of senior Notes of $500 mln (25.99 -0.39) -Update-

Co announced plans to commence a private offering to eligible purchasers of $500 mln in aggregate principal amount of its senior unsecured notes due 2020. The Co intends to use the majority of the net proceeds from the proposed $500 mln notes offering to reduce debt under its revolving credit facility. A portion of the proceeds will also be used to unwind certain interest rate derivative contracts.

17:09

LINE falls 2.3% to $25.40 following 17:05 news

17:08

MPAA Motorcar Parts of America: Wynnefield urges Motorcar Parts of America Board to explore trategic alternatives (6.33 +0.03)

Co announced that Wynnefield Capital, a long-term investor in MPAA, released a letter urging the Board of Directors to commence a "process to explore strategic alternatives in order to enhance shareholder value including, but not limited to, a potential sale of the Company"

17:05

LINE LINN Energy announces acquisition of Antrim Shale Properties in Michigan for $330 mln, public offering of units and amended five-year $1.5 bln credit facility (25.99 -0.39)

Co announced today that the Company signed a definitive purchase agreement on March 21, 2010, to acquire natural gas properties in the Antrim Shale of northern Michigan from HighMount Exploration & Production LLC for a contract price of $330 million, subject to closing conditions. The Company anticipates that the acquisition will close on or before April 30, 2010. Co said, "The Antrim Shale properties are excellent additions to our asset base, with a low decline rate and current production of approximately 30 million cubic feet of natural gas per day. These properties also offer upside potential through low-risk drilling and optimization opportunities. Combining these quality assets with our high rate-of-return horizontal drilling program in the Granite Wash area and oil-focused projects in the Permian Basin balances our portfolio of opportunities moving forward. In addition, the equity offering and credit facility amendment announced today will provide us with the financial flexibility to continue pursuing growth through acquisition." To partially fund the acquisition, LINN Energy is extending a public offering of 12,000,000 units of its limited liability co interests pursuant to an effective shelf registration statement on Form S-3ASR filed with the Securities and Exchange Commission. In connection with the offering, LINN Energy has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 units. Co also announced that it has received commitments to amend its revolving credit facility. The amendment will provide a $1.5 billion facility with a $1.5 billion borrowing base and extend the maturity to March 2015, subject to final documentation. The covenants will be substantially unchanged from the prior facility

16:47

PVH Phillips-Van Heusen continues to climb in after hours... currently up over $0.50 (56.10 +1.74) -Update-

16:46

ISSI Integrated Silicon resumes trading (7.49 +0.19) -Update-

Current quote is 8.89 in thin after-hours trade.

16:37

JSDA Jones Soda resumes trading (0.52 -0.02) -Update-

16:35

ENER Energy Conversion Names William C. "Kriss" Andrews Interim CFO (7.58 -0.17)

Co announced that William C. "Kriss" Andrews, 57, has been named interim CFO, effective April 5. He succeeds Harry W. Zike, 55.

16:31

PLL Pall Corporation awarded contract by National Renewable Energy Laboratory for U.S. Department of Energy (39.07 +0.41)

Co announced that it has been contracted by the National Renewable Energy Laboratory to develop critical filtration and separation processes for a U.S. Department of Energy advanced biofuels project. The contract establishes Pall as a member of the National Advanced Biofuels Consortium, a federal initiative under the American Recovery & Reinvestment Act to drive the creation of a domestic biofuels industry, reduce U.S. reliance on fossil fuels and generate jobs. The initiative will deliver at least one pilot-ready process, design reports, and life cycle analysis demonstrating economics and environmental benefit. The $46 million project will be co-led by NREL and the Pacific Northwest National Laboratory (PNNL).

16:30

CCE Coca-Cola Ent unit to acquire outstanding equity securities of Coca-Cola Drikker AS and Coca-Cola Drycker Sverige AB for $822 million (27.48 +0.52)

Co discloses that as previously disclosed, on February 25, 2010, The Coca-Cola Company (KO), Coca-Cola Enterprises, International CCE (unit of CCE), and Cobalt Subsidiary, entered into a Business Separation and Merger Agreement. As contemplated by the Letter Agreement, on March 20, 2010, the cos entered into a Share Purchase Agreement (the Nordic SPA). Pursuant to the Nordic SPA, Buyer (a subsidiary of CCE which will be a subsidiary of SplitCo as of the closing of the Merger Transactions) will acquire 100% of the outstanding equity securities of Coca-Cola Drikker AS and Coca-Cola Drycker Sverige AB for $822 million. The purchase price is subject to adjustment based on (i) Closing Net Working Capital (as defined in the Nordic SPA) of the Norwegian and Swedish bottling operations as of the closing and (ii) the EBITDA (as defined in the Nordic SPA) of the Norwegian and Swedish bottling operations for the year ended December 31, 2010.

16:30

BEN Franklin Resources: Franklin Templeton Investments announces appointment of Jennifer Bolt as COO of Franklin Resources effective March 16, 2010 (111.42 +1.05) -Update-

16:30

TMH Team Health Holdings acquires Southwest Emergency Physicians (16.03 +0.03)

Co announced the expansion of its presence in Virginia with the acquisition of Roanoke-based Southwest Emergency Physicians, Inc. (SWEP). Through this relationship, TeamHealth will assume the management and staffing of Salem-based Lewis Gale Medical Center's emergency department, which cares for approximately 42,000 patients annually.

16:29

WEN Wendy's/Arby's Group announces increase in stock repurchase authorization by $50 million to a total of $250 million (4.68 -0.03)

16:23

MOS Mosaic: PhosChem announces six mln tonne DAP contract with Indian customers (59.19 +0.77)

Phosphate Chemicals Export Association, Inc. (PhosChem) has reached a three-year agreement to supply six million tonnes of diammonium phosphate (DAP) to Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Indian Potash Limited (IPL), two large Indian customers. PhosChem will ship approximately two million tonnes annually under the multi-year contract. Shipments will occur over the period of April 2010 through March 2013. Shipments for the first year of the contract are at a fixed market competitive price. "This historic three-year contract between PhosChem, IFFCO and IPL underscores PhosChem's long-term commitment to India's expanding crop nutrient industry," said Steve Paxton, President of PhosChem.

16:18

ISSI Integrated Silicon raises Q2 EPS and revs guidance, above current consensus (7.49 +0.19) -Update-

Co raises Q2 EPS guidance to $0.20-0.24 vs. $0.11 consensus, up from $0.08-0.12; raises revs guidance to $54-56 mln vs. $50.7 mln consensus, up from $48-52 mln. Co said, "During the March quarter to date, the Co has experienced better than expected end market demand and pricing, primarily for its DRAM products. As a result, the co is increasing its revenue and margin guidance for the quarter. In addition, due to higher than expected new product mask costs and non-executive employee compensation, the Co now expects its operating expenses to be higher than previously expected. The Co also expects its net income and EPS to be higher than its prior guidance... Demand in all of our markets has further strengthened in the March quarter exceeding our original expectations as the DRAM market continues to experience increasing demand while DRAM supplies remain constrained. Pricing for DRAM also improved helping to increase our gross margins and net income." (Stock is halted)

16:17

VSAT ViaSat announces 5.5 mln share common stock offering consisting of 2.5 mln shares by ViaSat and 3 mln shares by certain selling stockholders (33.70 -0.71)

16:17

RAVN Raven Industries announces a 14% increase in its cash dividend to 16 cents, payable on April 15, 2010 (30.75 +0.17)

16:16

VIVO Meridian Bioscience submits new illumigene molecular C. difficile test to U.S. FDA for marketing clearance (20.91 +0.48)

16:15

TRN Trinity Industries announces James E. Perry will assume the role of Vice President and Chief Financial Officer on May 3, 2010 (20.14 +0.37)

16:12

AVNW Aviat Networks and E-Band sigh OEM agreement for 70/80 backhaul solutions (6.60 +0.38)

Co announced that it has entered into an original equipment manufacturer (OEM) agreement with E-Band Communications. The strategic partnership enables both companies to jointly and independently market and support E-Band's radios worldwide. The agreement enables Aviat to provide its carrier and enterprise customers with a complete portfolio of end-to-end transformational 4G network solutions. Aviat's backhaul solutions now cover frequency ranges from 4 to 86 GHz.

16:12

NLY Annaly Mortgage declared the first quarter 2010 common stock cash dividend of $0.65 per common share, down from $0.75 prior dividend (18.60 -0.10)

Co distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will differ because of non-taxable unrealized and realized losses, differences in premium amortization, and non-deductible general and administrative expenses. "As expected, this dividend reflects the effects of the initial stage of the Agencies' delinquent-loan buyout program, which results in elevated prepayment levels. I believe there may be an increase in volatility as a result of the uncertainty surrounding these and other ongoing efforts by policymakers, and that the conservative approach of our portfolio management team has prepared the company for this period of uncertainty."

16:11

ISSI Integrated Silicon halted - news pending (7.49 +0.19)

16:07

MEE Massey Energy announces offering of 8.5 mln shares common stock (49.43 -0.48)

16:06

KALU Kaiser Alum announces proposed $130 mln private offering of cash convertible senior notes and authorization to repurchase shares of common stock up to $50 mln (37.07 +0.07)

16:06

JSDA Jones Soda to explore unsolicited transaction proposal (0.52 -0.02)

Co announced that it has terminated the exclusivity provisions of the letter of intent with Reed's in order to explore an unsolicited, nonbinding transaction proposal submitted by another third party. The company announced on March 9, 2010 that it and Reed's had entered into a letter of intent regarding a potential merger transaction. The company has informed Reed's that it continues to be interested in discussing a transaction with Reed's, but the Board of Directors also intends to investigate the third party proposal and any other strategic alternatives presented to the Board. In accordance with the letter of intent with Reed's, the company will reimburse Reed's for its third party out-of-pocket expenses (not to exceed $75,000). Jones Soda has not entered into a letter of intent with respect to the unsolicited transaction proposal, and there can be no assurance that a transaction with the third party will be consummated. The company does not intend to disclose developments with respect to evaluation of these or any other potential transactions unless and until its Board of Directors deems it appropriate.

16:00

SOMX Somaxon Pharma announces a 4 mln share common stock offering (8.30 +0.05)

16:00

COV Covidien prevails in patent litigation against Applied Medical (51.15 -0.15)

Co announced that its subsidiary won a patent infringement suit against Applied Medical Resources Corporation relating to certain of Applied Medical's Kii(TM) and Universal laparoscopic trocars.

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