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

07:01

TSYS TeleComm Sys: U.S. Army funds $2 mln to procure TeleCommunication Systems Deployable Satellite Systems maintenance (4.49 )

Co announced that it has received an additional $2 mln in funding from the U.S. Army for the maintenance of Secret Internet Protocol Router and Non-secure Internet Protocol Router Access Point Very Small Aperture Terminal Satellite Systems deployed outside the United States. This award is part of the U.S. Army Communications-Electronics Life Cycle Management Command order that was announced in August 2008.

07:00

IR Ingersoll-Rand expects to report second quarter revenues and EPS above prior company guidance (34.93 )

Co raises guidance for Q2 (Jun), sees EPS of $0.74-0.76, up from $0.62-0.72, vs. $0.70 Thomson Reuters consensus; sees Q2 (Jun) revs to increase ~7% to ~$3.7 bln vs. $3.65 bln Thomson Reuters consensus (prior guidance was for revs to increase 3-6%) ."We successfully leveraged the higher volumes with productivity improvements to significantly increase our year-over-year operating margins and surpass our prior earnings forecast."

06:49

QLIK Qlik Tech prices 11.2 mln share IPO at $10.00 per share, above the $8.50-9.50 expected range

06:35

GE General Electric beats by $0.03, misses on revs (15.25 )

Reports Q2 (Jun) earnings of $0.30 per share, excluding $0.02 in discontinued operations, $0.03 better than the Thomson Reuters consensus of $0.27; revenues fell 4.3% year/year to $37.44 bln vs the $38.37 bln consensus. impacted by lower GE Capital assets, industrial dispositions and lower equipment sales as expected. "Equipment orders increased 17%, including 20% growth in the Energy Infrastructure segment and 14% at Technology Infrastructure. Oil & Gas and Healthcare orders were particular bright spots and helped hold total co orders backlog roughly flat, excluding the impact of foreign exchange... Our Energy and Technology Infrastructure businesses performed as expected, Home & Business Solutions and NBCU turned in good revenue and earnings growth, and GE Capital delivered 93% net income growth as losses have peaked and earnings are rebounding... Segment profit increased 8% compared with 2Q09, as 93% growth at GE Capital, 13% growth at NBC Universal and 59% growth at Home & Business Solutions, more than offset an 11% earnings decline at Technology Infrastructure."

06:28

S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: -12.30.

06:28

Asian Markets

Nikkei...9408.36...-277.20...-2.90%. Hang Seng...20250.16...-5.50...0.00.

06:28

European Markets

FTSE...5258.03...+46.70...+0.90%. DAX...6179.68...+30.30...+0.50%.

06:12

MAT Mattel misses by $0.01, reports revs in-line (23.00 )

Reports Q2 (Jun) earnings of $0.14 per share, $0.01 worse than the Thomson Reuters consensus of $0.15; revenues rose 13.4% year/year to $1.02 bln vs the $1.02 bln consensus.

04:26

AMED Amedisys issues open letter to shareholders (26.76 )

Co announces that it has posted an open letter to shareholders on its website relating to recent events surrounding the co.

04:24

RLD RealD prices 12.5 mln IPO at $16.00/share, above the $13.00-15.00 range estimated in filing

Co increases offering to 12.5 mln shares from estimated 10.75 mln shares.

04:18

On The Wires

Honeywell (HON) announces it has received antitrust clearance from the FTC for its pending all cash tender offer to acquire the shares of Sperian Protection for EUR 117 (dividend attached) per Sperian Protection share, which opened on July 12, 2010... Petroleum Development (PETD) announces that effective July 15, 2010 it will do business as PDC Energy... Sunbelt Holdings announces the acquisition of select real estate assets from the Arizona portfolio of SunCor Development Co., a subsidiary of Pinnacle West Capital (PNW)... Dole Food (DOLE) announces the Los Angeles Superior Court dismissed Tellez v. Dole, the last remaining lawsuit brought by Nicaraguan plaintiffs claiming to have been banana workers on Dole-contracted farms in Nicaragua during the 1970s. The dismissal came as a result of the Court's finding that plaintiffs and their representatives engaged in "blatant fraud, witness tampering, and active manipulation."

04:14

EEE Evergreen Energy appoints William G. Gibson Chairman of the Board (0.10 )

18:44

T AT&T and Rainbow Media reach programming agreement (25.00 +0.04)

18:43

LSBX Lawrence Savings Bank is trading 38.2% higher after hours at $19.51 following M&A news (14.12 +0.29) -Update-

18:17

Futures are slightly higher after hours with S&P 500 futures 0.42 points above fair value of 1093.18 and Nasdaq 100 futures 0.16 points above fair value of 1855.34

18:11

VVUS Vivus trading 57% lower at $5.22 following news that VVUS Qnexa drug was not approved (12.11 ) -Update-

18:01

GS Goldman Sachs is trading 5.7% higher at $153.53 in after hours activity (145.22 +6.16) -Update-

17:57

TCK Teck provides additional update on Greenhills incident (32 -0.52)

Co reported that work continues at the Greenhills mine's coal dryer building. The investigation into the cause of the accident that occurred on June 28 continues with review of the data and evidence although no conclusion has been reached yet. The building has now been made safe for entry, and the mechanical inspection of the building has concluded that most of the exhaust side of the dryer system will need to be replaced. An engineering firm has been contracted and is on site as project manager for the rebuild, and they are currently establishing a scope of work and timeline for the rebuild. The current plan is to activate the bypass system around the dryer which will allow the company to produce and ship wet coal for blending with dry coal from other mines. Power is currently being established to the bypass system so the mechanical integrity and operational control of this system can be determined.

17:44

FUN Cedar Fair announces pricing of $405 mln senior unsecured notes (13.00 ) -Update-

Co announced that it priced $405 mln aggregate principal amount of 9.125% senior unsecured notes due 2018 (the "Notes") in a private placement. The Notes will be guaranteed by Cedar Fair's wholly-owned subsidiaries.

17:40

VVUS VIVUS comments on FDA advisory committee panel meeting on QNEXA (phentermine/topiramate) controlled release capsules for the treatment of obesity (12.11 ) -Update-

Co announced that the Endocrinologic and Metabolic Drugs Advisory Committee of the U.S. Food and Drug Administration (FDA) voted against the following question: "Based on the current available data, do you believe the overall benefit-risk assessment of PHEN/TPM (QNEXA) is favorable to support its approval for the treatment of obesity in individuals with a BMI > 30 kg/m2 or > 27 kg/m2 with weight-related co-morbidities?" The three co-morbidities included hypertension, diabetes and dyslipidemia. The vote from the Endocrinologic and Metabolic Drugs Advisory Committee is a recommendation. The FDA will take the Committee's recommendation into consideration during its review of the current application and will make a determination. The FDA may or may not follow the Committee's recommendation.

17:31

ORN Orion Marine Group announces a project award of ~$26 mln (13.23 +0.12)

17:30

ELN Elan Corporation, plc reaches agreement in principle for settlement of investigation of past Zonegran sales and marketing activities (5.08 -0.21)

Co announced that it has reached an agreement in principle with the United States Attorney's Office for the District of Massachusetts with respect to the previously disclosed U.S. Department of Justice's investigation of sales and marketing practices for Zonegran (zonisamide), an antiepileptic prescription medicine that Elan divested in 2004. If the agreement in principle is finalized, Elan expects to pay $203.5 mln as part of a comprehensive settlement for all U.S. federal and related state Medicaid claims. Elan has established a reserve of $206.3 mln for this expected settlement and related costs.

17:07

VITC Vitacost.com: Great Hill's consent solicitation succeeds at Vitacost.com (9.21 )

Great Hill Equity Partners received and delivered to Vitacost.com written consents from more than the requisite majority of the outstanding shares of common stock of Vitacost necessary to adopt all three of its proposals in its pending consent solicitation. As a result, following certification of the consents, which is expected to occur promptly, Eran Ezra, Stewart L. Gitler, David N. Ilfeld and Lawrence A. Pabst will be removed as directors of Vitacost and Christopher S. Gaffney, Mark A. Jung, Michael A. Kumin and Jeffrey M. Stibel will be elected to Vitacost's board.

17:06

MTX Minerals Tech announces Douglas Dietrich as Senior Vice President and Chief Financial Officer (50.11 -0.33)

Douglas T. Dietrich joined the co as head of Corporate Development and Treasury in August 2007. Before joining co, Mr. Dietrich was vice president, Alcoa Wheel Products--Automotive Wheels, a global division with six manufacturing facilities located in the U.S., Canada, Venezuela, and Russia.

17:05

CJR Corus Entertainment intends to voluntarily delist its Class B Non-Voting Shares from the New York Stock Exchange (18.72 +0.22)

The NYSE accounts for approximately 9% of Corus' global trading volume and, as such, the Company believes its shareholders are provided with sufficient liquidity through the TSX listing.

17:01

PCBC Pacific Capital Bancorp announces appointment of Mark Olson as Chief Financial Officer (0.71 -0.02)

Mr. Olson has more than 20 years of financial services industry experience. He held a number of senior financial management positions prior to joining co. Most recently, Mr. Olson served as Vice President and Finance Director at Goldman Sachs Bank, USA, a commercial banking subsidiary of Goldman Sachs.

17:01

OHI Omega Health announces 12.5% increase in common stock dividend to $0.36/share (20.87 -0.44)

17:00

SE Spectra Energy announces acquisition of Bobcat Gas Storage assets and development project for $540 mln (21.21 -0.01)

Co announced it has entered into a definitive agreement to purchase the Bobcat Gas Storage assets and development project (Bobcat) from Haddington Energy Partners III LP and GE Energy Financial Services for $540 mln. In addition to the purchase price, the company expects to invest an additional $400-450 mln to fully develop the facility by the end of 2015. Once fully operational, the high-deliverability salt dome storage caverns in southeastern Louisiana will have a total working gas storage capacity of 46 billion cubic feet (Bcf).

16:57

WPZ Williams Partners and Williams Pipeline Partners L.P. (WMZ) scheduled special meeting to consider the proposed merger on Aug. 31 (45.57 +0.23)

16:56

TGP Teekay LNG Partners announces direct equity placement of approx $51 mln (32.02 +0.62)

Co announced that it has agreed to sell approximately 1.7 mln common units to an institutional investor for net proceeds, including its general partner's proportionate capital contribution, of approximately $51 mln. The partnership intends to use the net proceeds from the sale for general partnership purposes, which may include funding newbuilding deliveries or future vessel acquisitions. After this sale, the partnership will have approximately 54.1 mln common units outstanding.

16:41

LSBX Lawrence Savings Bank to resume trading at 16:45 ET (14.12 +0.29) -Update-

16:37

GS Goldman Sachs: SEC confirms, in press release, that Goldman will pay $550 mln to settle charges related to subprime mortgage CDO charges (145.22 +6.16) -Update-

The SEC announced that GS will pay $550 million and reform its business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse... Goldman agreed to settle the SEC's charges without admitting or denying the allegations by consenting to the entry of a final judgment that provides for a permanent injunction from violations of the antifraud provisions of the Securities Act of 1933. Click here for the full text.

16:33

LSBX Lawrence Savings Bank: People's United (PBCT) aquires LSBX for $96 mln in cash (14.12 +0.29) -Update-

Under the terms of the transaction, approved by the board of directors of both companies, shareholders of co will be entitled to receive $21 mln cash in exchange for each share of co common stock, representing approximately 153% of co's tangible book value of $13.77 per share at March 31, 2010.

16:31

TXIC Tongxin International updates shareholders on 2009 audit; co will not meet 20-F filing deadline (4.71 -0.06)

Co is unable to publish its Audited Consolidated Financial Statements for the year ended December 31, 2009 within the extended timeframe of July 15, 2010. The Co is in the process of obtaining adequate documentation to support and determine the appropriate accounting treatment of certain related-party transactions of ~US $7.7 mln with a related party, Meihua Bus. Co expects to report 2009 revenues of $121.6 mln (Thomson Reuters consensus is $122.1 mln).

16:31

OME Omega Protein announces update on 2010 fish catch and Gulf oil spill; has filed a claim with BP for reimbursement (4.97 -0.09)

Co's total fish catch (Gulf of Mexico plus Atlantic) was at approximately 89% of the Company's total 2010 fish catch plan. However, the Company's Gulf of Mexico fish catch was at approximately 68% of its Gulf of Mexico 2010 fish catch plan. The Company also has filed a claim with BP for reimbursement of any costs or lost profits resulting from the Deepwater Horizon incident.

16:30

MHGC Morgans Hotel Group successfully refinances London debt in full (6.49 +0.22)

Morgans Hotel Group, the operator and 50% owner of the London joint venture that owns Sanderson and St Martins Lane, today announced that it has successfully refinanced in full the mortgage debt secured by the hotels with a new loan maturing in July 2015. The old loan was scheduled to mature in November 2010. The new financing is a 100 mln pounds Sterling loan secured by the two London hotels and is non-recourse to MHG. The joint venture also entered into a swap agreement that effectively reduced the interest rate by ~100 basis points, due to the currently fav

16:28

SMTB Smithtown Bancorp, Inc. to resume trading at 16:40 ET (3.79 -0.08) -Update-

16:20

CAW CCA Industries reports Q2 ($0.13) vs. $0.10 in the prior year's quarter; revs grew 0.7% to $14.9 mln (5.49 -0.09)

16:18

AMD Advanced Micro beats by $0.05, beats on revs (7.41 -0.03)

Reports Q2 (Jun) earnings of $0.11 per share, excluding non-recurring items, $0.05 better than the Thomson Reuters consensus of $0.06; revenues rose 5.1% year/year to $1.65 bln vs the $1.55 bln consensus. AMD sees Q3 rev up seasonally vs the +7.3% consensus.

16:17

PWX Providence & Worcester RR confirms certain matters with respect to MBTA and Motive Power (12.40 )

Co confirmed part of yesterday's press release by MBTA regarding P&W's agreement with Motive Power concerning its bid to supply MBTA with 20 diesel electric locomotives. Under the terms of a confidentiality agreement dated September 23, 2009, P&W agreed to keep confidential P&W's role as a potential supplier to Motive Power. With award of the work to Motive Power, Inc. the next step is to finalize the terms by which P&W will complete certain services for Motive Power, Inc., including pre-delivery inspection, preparation and the commission of support services.

16:15

NIHD NII Holdings announces the convertibility of its 2.75% convertible notes due 2025 (35.84 +0.97)

Co announced today that its 2.75% convertible notes due 2025 issued pursuant to an indenture issued pursuant to the co and Wilmington Trust Company, as Trustee, dated August 15, 2005, have become convertible today, July 15, 2010, pursuant to section 14.01(a)(iii) of the indenture. Subject to the terms of the Indenture, holders of the Notes may convert the notes into shares of the co's common stock at any time on or after July 15, 2010 at the applicable conversion rate then in effect.

16:14

GOOG Google now trading at $479 after sinking below $471 in wake of EPS miss (494.02 +2.68) -Update-

16:13

DUCK Duckwall-ALCO Stores: Donny Johnson resigned from position as EVP-CFO - 8-K (50.88 +0.98)

In an 8-K out after the close, the co reports on July 12, 2010, Donny Johnson resigned from his position as Executive Vice President-Chief Financial Officer, effective as of August 13, 2010. Mr. Johnson has decided to relocate his family to Tahlequah, Oklahoma in order to be near to his parents and extended family.

16:13

SMTB Smithtown Bancorp announces agreement to merge with People's United Financial for ~$4/share (3.79 -0.08)

The co and People's United Financial (PBCT) announced a definitive agreement under which People's United will acquire Smithtown Bancorp in a cash and stock transaction valued at approx $60 mln, or $4.00 per share. Under the agreement, People's United will acquire Smithtown Bancorp for approx $30 mln in cash and 2.14 mln shares of People's United common stock, valued in the aggregate at approx $30 mln based on the 5-day average closing price of People's United common stock for the period ended July 14, 2010. With respect to second quarter results, the Company announced a loss of $29.2 mln for the second quarter of 2010, or $1.95 per fully diluted share. The loss includes a valuation allowance during the quarter of $15.7 mln against the Company's deferred tax asset at June 30, 2010.

16:07

OKE ONEOK increases the quarterly dividend to 46 cents per share of common stock from 44 cents per share (45.99 +0.30)

16:06

PLCM Polycom beats by $0.02, beats on revs (31.96 +0.51)

Reports Q2 (Jun) earnings of $0.34 per share, $0.02 better than the Thomson Reuters consensus of $0.32; revenues rose 27.7% year/year to $295 mln vs the $287.5 mln consensus.

16:06

ANGO AngioDynamics beats by $0.01, beats on revs; guides FY11 EPS, revs above consensus (15.44 +0.12)

Reports Q4 (May) earnings of $0.14 per share, ex-items, $0.01 better than the Thomson Reuters consensus of $0.13; revenues rose 14.2% year/year to $60.3 mln vs the $58 mln consensus. Co issues guidance for FY11, sees GAAP EPS of $0.53-$0.56, may not compare to $0.57 Thomson Reuters consensus; sees FY11 revs of $230-235 mln vs. $229.95 mln Thomson Reuters consensus. Sees gross margin of 58-59%.

16:06

AJG Arthur J. Gallagher announces new $500 mln credit facility (25.77 -0.04)

16:05

KBR KBR Inc. awarded contract for engineering and construction management services at carbo ceramics plant in Georgia (21.35 -0.31)

Co announced that it has been awarded a contract to provide engineering and construction management services for the construction of a new ceramic proppant manufacturing line at the CARBO Ceramics Inc. plant in Toomsboro, Ga. The proppant manufacturing line is designed to produce 250-million pounds-per-year of product at completion. Construction is expected to be completed before the end of 2011. The total installed cost of the project is $62 million.

16:05

GOOG Google misses by $0.07, beats on revs (494.02 +2.68)

Reports Q2 (Jun) earnings of $6.45 per share, $0.07 worse than the Thomson Reuters consensus of $6.52; revenues ex-TAC rose 25.0% year/year to $5.09 bln vs the $4.99 bln consensus. GOOG aggregate paid clicks -3% q/q, Q1: +5%; average cost per click +2% q/q, Q1: +4%. Non-GAAP operating income in the second quarter of 2010 was $2.67 billion, or 39% of revenues. This compares to non-GAAP operating income of $2.17 billion, or 39% of revenues, in the second quarter of 2009.

16:04

ADLR Adolor announces restructuring; to take $2 mln charge in Q3 (1.07 -0.02)

The co announces a reduction in force of 30 employees, or nearly 30% of its workforce, as well as other cost saving initiatives. As a result of the restructuring and other cost savings initiatives, the Company expects to significantly reduce its annualized cash burn. Cash and investments at June 30, 2010 were approximately $62.3 million, which the Company believes will fund currently anticipated operating activities through 2012... Separately, the Company announced that net product sales of ENTEREG for the three months ended June 30, 2010 were $6.3 million, compared to $2.4 million in the second quarter of 2009.

16:04

JBHT JB Hunt Trans beats by $0.04, beats on revs (34.78 -0.23)

Reports Q2 (Jun) earnings of $0.40 per share, $0.04 better than the Thomson Reuters consensus of $0.36; revenues rose 22.5% year/year to $942.7 mln vs the $911.6 mln consensus.

16:03

JOEZ Joes Jeans reports EPS in-line, beats on revs (2.11 -0.06)

Reports Q2 (May) earnings of $0.01 per share, in-line with the Thomson Reuters consensus of $0.01; revenues rose 50.6% year/year to $25.9 mln vs the $23.1 mln consensus. Co said, "As we continue to grow our new product categories for the Fall of 2010 through the Spring of 2011, we expect to see a meaningful lift in gross margins as we anticipate being able to take advantage of volume thresholds with our factories."

16:03

TCAP Triangle Capital invests $5.5 mln in Hatch Chile (14.61 -0.19)

Co announced that it closed a $5.5 mln investment in Hatch Chile, consisting of subordinated debt with warrants. Hatch Chile is a food products company that distributes branded, green chile based cooking sauces and related canned chile and tomato products for retail customers, primarily in the Southwestern United States.

16:03

CBST Cubist Pharma beats by $0.03, beats on revs (21.60 -0.26)

Reports Q2 (Jun) earnings of $0.45 per share, $0.03 better than the Thomson Reuters consensus of $0.42; revenues rose 28.8% year/year to $168.5 mln vs the $160.9 mln consensus. CBST reports Q2 Cubicin sales of $161.6 mln vs. $153.6 mln Thomson Reuters consensus.

16:02

FTEK Fuel-Tech appoints David Collins as Senior Vice President, Treasurer and Chief Financial Officer (6.28 -0.20)

Mr. Collins joins co with over 22 years of auditing experience with international public accounting firms. Most recently, he served as Audit Partner at Grant Thornton LLP, where he was responsible for assisting companies in capital transactions, mergers and acquisitions, public company filings, and internal control audits.

16:02

TNK Teekay Tankers makes accretive investment in first priority ship mortgage loans; transaction is expected to increase TNK's annual dividend by ~$0.20 per share (12.09 -0.02)

Co announced that it has made a $115 mln investment in 2 three-year term, fixed-rate term loans, which are secured by first priority mortgages on two 2010-built Very Large Crude Carrier (VLCC) newbuildings (the Vessels) owned by a shipowner based in Asia. The term loans will earn an annual interest rate of 9% and includes a repayment premium feature which provides a total investment yield of ~10% per annum. The transaction is expected to increase TNK's annual dividend by ~$0.20 per share during the period of the investment. Subsequent to this transaction, the Co's remaining liquidity will total in excess of $115 mln. Deutsche Bank AG acted as structuring agent and remains engaged as facility agent and security trustee in the transaction.

16:02

CO China Cord Blood announces cancellation of nine million management incentive warrants (5.05 +0.03)

Co announced the cancellation of its nine mln management incentive warrants plan, which was approved prior to the business combination in 2008.

16:01

CENT Central Garden approves $100 mln share repurchase program (9.96 +0.07)

16:00

GEOY GeoEye Announces exchange offer of up to $400 mln for its senior secured notes due 2015 (32.04 -1.45)

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