Briefing.com: Hourly In Play (R) – 09:00 ET

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

Updated: 21-Dec-09 09:00 ET

08:58

RXII RXi Pharmaceuticals initiated with a Mkt Outperform at Rodman & Renshaw; tgt $8 (4.12 )

Rodman & Renshaw initiates RXII with a Mkt Outperform and price target of $8. The firm considers RNA interference to be among the most significant recent discoveries in biology, and they believe that its translation into medicines could provide answers for multiple therapeutic areas, given the technology's potential to address diseases that are considered "undruggable" by currently available therapeutic modalities. The firm views RXII as being among a very small number of second-generation or "follow-on" young companies in the space, since it possesses the unique combination of singular focus on RNAi, top notch scientific advisors, and expertise in the development of RNA-based therapeutics. The firm believes that this combination of characteristics, make RXII part of a handful of companies with the potential to follow on a path similar to Alnylam in its early days, and a company that could eventually become one of the few early winners in the space of RNA-based therapeutics.

08:55

UXG US Gold Corp announces "good" exploration results from Nevada (2.31 )

Co announces "good" exploration results from Nevada. The best results continue to come from West Pick, including 0.06 opt (2.05 gpt) gold over 75 ft (22.9 m) and 0.027 opt (0.94 gpt) gold over 180 ft (54.9 m). US Gold has planned major drill programs to expand, delineate, and explore projects in Mexico and Nevada in 2010. For the next five months, most of the drilling will occur at El Gallo (Mexico). US Gold will deliver a Preliminary Economic Assessment (PEA) and NI 43-101 resource estimate on the Gold Bar Project by the end of Q1, and an initial NI 43-101 resource estimate on El Gallo early in Q2.

08:55

FLWS 1-800-FLOWERS initiated with a Neutral at Global Hunter Securities; tgt $4

Global Hunter Securities initiates FLWS with a Neutral and price target of $4. The firm notes that while the consumer is currently under pressure due to the economic environment, they believe the consumer still has a need to express themselves for special events, and could be more willing to do so as the economy turns around next year. The firm believes that 1-800-Flowers.com is positioned well to take advantage of this through its existing product offerings and future expansion organically and through acquisitions, which should drive top line growth and operating leverage. With a liquid balance sheet and an experienced management team, the firm feels that the company is in a strong position to execute.

08:45

DKS Dick's Sporting Goods upgraded to Outperform at Wedbush Morgan; tgt raised to $29 (23.67 )

Wedbush Morgan upgrades DKS to Outperform from Neutral and raises their tgt to $29 from $24. The firm notes that their checks indicate that positive Q3 traffic trends have continued into Q4, giving the firm confidence in DKS' ability to beat conservative earnings guidance. The firm also believes merchandise margins continue to improve and Q4 could produce flat to up margins for the first time this year. Longer term, the firm views DKS as uniquely positioned in the industry to accelerate market share gains via organic expansion in the Pacific Northwest and West Coast regions.

08:36

On The Wires

BNY Mellon (BK) announces that it has acquired Portsmouth Financial Systems, a developer of modeling and analytics of structured credit transactions. The acquisition of Portsmouth Financial Systems will allow BNY Mellon to offer a new service with a variety of features, including allowing clients and investors to review actual or predictive security cash flows, to access loan level historical data analysis and cash-flow scenarios, and to plug-in default and prepayment modeling. Financial terms were not disclosed... Harman International Industries (HAR) has been selected to provided the branded audio systems for Chrysler Group's next generation of SRT Series vehicles. The new systems will be available on Chrysler 300, Dodge Charger and Dodge Challenger SRT models beginning with the 2012 model year... CPEX Pharmaceuticals (CPEX) announces that the ongoing Phase 2a clinical trial of Nasulin, the intranasal insulin candidate, has now completed enrollment. The study was initiated in February of this year and randomized 94 subjects. Results are expected at the end of the first quarter or beginning of the second quarter of 2010.

08:35

ECPG Encore Capital announces a $150 mln mixed shelf offering (17.51 )

08:34

VSH Vishay raises Q4 rev guidance driven by higher than anticipated demand for both discrete semiconductors and passive components (7.54 )

Co issues upside guidance for Q4 (Dec), sees Q4 (Dec) revs of $580-600 mln vs. $557.87 mln First Call consensus, up from $530-570 mln previously. The strong revenue recovery in the current quarter was driven by higher than anticipated demand for both discrete semiconductors and passive components. Vishay is still capacity constrained, especially in some of its semiconductor lines.

08:32

HGRD Health Grades expects 2010 total revenue to increase 20% y/y; equates to ~$62.2 mln vs. $62.42 mln consensus (4.20 )

Co issues FY10 guidance, expects 2010 total revenue to increase 20% compared with 2009 total revenue, which equates to ~$62.2 mln vs. $62.42 mln consensus. Although the company's Professional Services business through the nine months ended September 30, 2009 grew at 10% and, as stated previously, is expected to finish 2009 with revenue growth slightly under 10%, the company does expect this business to grow in excess of 10% in 2010. The company expects its 2010 Internet Business Group revenue to grow at a rate substantially above the company's revenue guidance of 20%. HGRG expects its operating margin for 2010 to be in the range of 19% to 22%. The company is currently adding a significant number of sales team members. In addition, the company has been adding staffing during 4Q09 to drive a number of business initiatives related to consumer experience and product development for its web properties. Finally, the company is embarking on several major information technology initiatives.

08:32

ADES ADA-ES joint venture successfully installed and commenced operations of two CyClean facilities (4.29 )

Co announced that Clean Coal Solutions, its joint venture with NexGen Refined Coal, an affiliate of NexGen Resources , has successfully installed and commenced operations of two CyClean facilities that produce Refined Coal thus meeting the year-end placed-in-service requirement for the Section 45 tax credits. The two systems were installed at power plants with cyclone boilers burning Powder River Basin coal from Wyoming. While burning CCS's Refined Coal, tests were conducted using protocols provided in the interim guidance notice issued by the IRS on December 7, 2009. These tests demonstrated that the Refined Coal that was produced meets the requirements for the tax credits by reducing emissions of nitrogen oxide (NOx) by greater than 20 percent and reducing mercury emissions by greater than 40 percent. Based upon these results, the Company believes that CCS's Refined Coal will qualify for the approximately $6.20 per ton tax credit, which is available for the next ten years.

08:31

CW Curtiss-Wright acquires Skyquest Systems for ~$16 mln (30.15 )

Co announces that it has acquired Skyquest Systems Ltd. for 10 mln pounds Sterling, or ~$16 mln. Skyquest is a leading supplier of aircraft video displays, recorders, and video/radar converters for surveillance aircraft applications in the aerospace and defense markets. The business will become part of Curtiss-Wright's Motion Control segment.

08:31

ATRN Armatron International announces that Thomas Plotts has been appointed to the position of Interim CFO; Andrew Zaref, the co's CFO prior to the appointment of Mr. Plotts, has resigned (0.52 )

08:28

IMAX Imax announced that Avatar grossed a record breaking $9.5 million from 178 IMAX theatres domestically (12.54 )

The co and Twentieth Century Fox announced that Avatar grossed a record breaking $9.5 million from 178 IMAX theatres domestically from December 18 through December 20, 2009, registering ~13% of the film's total domestic gross of $73 million on less than 3% of the screens. The IMAX release also posted a record international opening, generating an estimated total of approximately $4.1 million from 58 IMAX screens, for a per screen average of approximately $70,500. The film is scheduled to open on 25 additional IMAX screens internationally in the coming weeks, including in Japan and China. The worldwide IMAX opening weekend box office total is estimated to be $13.6 million as of the end of day Sunday, December 20, 2009.

08:22

TRH Transatlantic Hldngs announces a $200 mln share repurchase program (50.59 )

08:21

NOK Nokia downgraded to Hold at Argus (12.45 )

Argus downgrades NOK to Hold from Buy. The firm notes that in their view, the company's failure to develop a compelling set of applications for its smart phones, a broad-based developer community, and most important, a loyal coterie of smart phone customers will cause the company to continue losing smart phone share. That in turn will keep the pressure on margins. At some point, the firm expects the Nokia board to lose patience with CEO Olli-Pekka Kallasvuo and move to replace him; the company has already cycled out its long-time CFO.

08:18

IAAC International Assets Hldg completed the renewal of two revolving credit facilities (15.79 )

Co announced that it has completed the renewal of two revolving credit facilities totaling $60 million that were arranged and fully underwritten by Bank of America N.A. The facilities will continue to be used to finance working capital needs of International Assets Holding Corporation and also to finance the trading activities of the group's subsidiary, INTL Global Currencies Limited.

08:18

HPY Heartland Payment Systems entered into an agreement to settle the consumer cardholder class actions (13.47 )

Co has entered into an agreement to settle the consumer cardholder class actions consolidated in the United States District Court for the Southern District of Texas. These actions relate to claims arising from the criminal breach of Heartland's payment system announced on January 20, 2009. Under the terms of the settlement, Heartland will pay a minimum of $1,000,000 and up to a maximum of $2,400,000 to class members who submit valid claims for losses as a result of the intrusion. The settlement resolves all actions and proceedings that were asserted or could have been asserted against Heartland in relation to the intrusion by all persons in the United States who had payment cards used in the United States between December 6, 2007 and December 31, 2008 and who allege or may allege they suffered losses. Any person who validly requests exclusion from the settlement class will be excluded from the settlement.

08:15

ISIS ISIS Pharm to receive $10 mln from OncoGenex' license of OGX-011 to Teva (9.94 )

Co announces that it will receive a $10 mln payment from OncoGenex Pharmaceuticals (OGXI) as a result of OncoGenex' license of OGX-011 to Teva Pharmaceutical Industries (TEVA). OGX-011 is a second-generation antisense drug co-discovered by Isis and OncoGenex that has completed a successful Phase 2 program in patients with advanced prostate cancer and advanced non-small cell lung cancer. Teva and OncoGenex will collaborate on a global Phase 3 clinical program for OGX-011 in patients with prostate and non-small cell lung cancer. Under the terms of OncoGenex' agreements with Teva, Isis will receive $10 mln of the upfront monies paid. This constitutes 30% of the $20 mln license fee and 30% of the premium on Teva's equity investment in OncoGenex as well as a portion of the $30 million prepaid development costs that OncoGenex will subsequently contribute to the development of OGX-011. Isis will also receive 30% of the up to $370 mln in milestone payments OncoGenex is eligible to receive in addition to 5.5 - 7% royalties on all sales of OGX-011.

08:14

TMS Thomson Multimedia's restructuring plan is approved by the Suppliers' committee and the Lenders' committee (1.21 )

The co announces that both the Suppliers' committee and the Lenders' committee under the syndicated credit facility (Lenders' committee), which were convened today under the aegis of the Administrateur Judiciaire's office, voted to approve the Restructuring Plan made public by Thomson on 9 December 2009. The Committee of the Suppliers approved the Restructuring Plan at 100%, and the Lenders' Committee at 100%, thus providing their clear support to the Plan. The committee of Thomson's noteholders (Noteholders' committee) is scheduled to be convened tomorrow, Tuesday 22 December 2009, and will be the final group of creditors to vote on the Restructuring Plan. Should the Restructuring Plan be approved tomorrow at a majority of the two thirds, the Restructuring Plan will be submitted to the vote of Thomson's shareholders at the Ordinary and Extraordinary Shareholders' Meeting to be convened on 27 January 2010 (First call: 19 January 2010). Should the Restructuring Plan not be approved tomorrow at a majority of the two thirds, the Company will submit an alternative Court-imposed plan in accordance with French commercial code provisions. Thomson will communicate tomorrow on the outcome of the Noteholders' committee.

08:13

FMER FirstMerit Corp initiated with a Hold at Stifel Nicolaus (20.18 )

Stifel Nicolaus initiates FMER with a Hold. In the firm's view, CEO Paul Greig and his management team have orchestrated an impressive fundamental turnaround since 2007. The firm believes FirstMerit is currently seeing much greater relationship-building opportunities because of the dislocation within its markets and management's ability to execute. In a regulated, homogenous product industry such as banking, the firm believes that management talent is a crucial determinant of operating success and the firm thinks FirstMerit's team is one of the Midwest's best. In addition, the firm believes that FMER's solid balance sheet should comfortably support future growth.

08:12

ING ING Group completes rights issue and state repayment (9.72 )

The co announces that it has completed its planned repurchase of EUR 5 billion of the Core Tier 1 securities issued in November 2008 to the Dutch State and its EUR 7.5 billion rights issue. Jan Hommen, CEO of ING said: "Today we have successfully completed a major first part of the measures we announced in October to chart a clear course forward and return our focus to the business and what matters most to our customers. With the support of our investors we have paid back half of the funds we received last year from the Dutch State."

08:09

On The Wires

UTStarcom (UTSI) announces the signing of of a definitive agreement to sell its facility in Hangzhou, China for RMB 950 mln to the Zhongnan Group of Companies. The transaction is subject to customary closing conditions and is expected to close before the end of first quarter of 2010. Net of taxes, the payment to UTStarcom will be RMB 900 mln. UTStarcom expects to record an impairment charge in its fourth quarter 2009 financial statements as a result of the agreement to sell the asset... Celanese (CE) announces the acquisition of the long-fiber reinforced thermoplastics business of FACT GmbH... Cavico (CAVO) announces that its subsidiary Cavico Industry and Minerals received an exploration license from Vietnam's Ministry of Natural Resources and Environment for the Thung San Mineral Mine... Globalstar (GSAT) announces that it and its wholly owned subsidiary, Spot LLC, have acquired substantially all of the assets of Axonn. Globalstar and Spot LLC acquired certain assets and assumed certain liabilities of Axonn in exchange for $1.5 mln in cash, subject to a working capital adjustment, $5.5 mln in shares of the Company's voting common stock and up to an additional $11 mln for earnout payments based on sales of existing and new products... Natural Resource Partners L.P. (NRP) announces that it has acquired ~ 220 acres of mineral and surface rights related to sand and gravel reserves in southern Arizona for $3.75 mln. These reserves are currently producing... MEMC Electronic Materials (WFR) announces that it has taken an ownership interest in Eversol Corporation, a solar wafer manufacturer in Taiwan... Longtop Financial Technologies (LFT) announces that it has signed a contract with the headquarters of a Policy Bank in China to develop a customized Performance Management System.

08:07

IAG IAMGOLD announces positive results from Westwood development project Preliminary Assessment Study (15.67 )

Co announces positive results from an updated Preliminary Assessment Study on its 100% owned Westwood development project located two kilometres from the Company's Doyon Gold Mine in the Abitibi region of Northern Quebec. The Study was completed by IAMGOLD's Project Development Group. The results of the Study provide further confidence to move forward on Westwood with production targeted in early 2013. Capital expenditures of $102 million are expected in 2010.

08:05

ETFC E*TRADE names Robert Druskin Chairman and Interim CEO (1.78 )

Co announces that the The Board of Directors of E*TRADE FINANCIAL have named Lead Independent Director Robert Druskin Chairman and interim Chief Executive Officer of the Company effective December 31, 2009. Mr. Druskin, who has served on E*TRADE FINANCIAL Corporation's Board of Directors since February 2008, will assume both positions from Don Layton, who is retiring as planned at year end when his contract expires. Mr. Druskin has chaired the Finance and Risk Oversight Committee and served on the Nominating and Governance Committee while on E*TRADE FINANCIAL's Board. Mr. Druskin is a former Chief Operating Officer of Citigroup, where he was also a member of the Office of the Chairman.

08:04

ARW Arrow Elec raises Q4 EPS guidance; narrows Q4 revenue guidance (27.88 )

Co issues mixed guidance for Q4 (Dec), sees EPS of $0.57-0.63 vs. $0.52 First Call consensus, up from $0.44-0.56 previously; sees Q4 (Dec) revs of $3.8-4.2 bln vs. $4.01 bln consensus, narrowed from $3.65-4.25 bln previously. The co noted that the improved outlook was a result of stronger than expected growth in the components business. The company did not change its outlook on the global enterprise computing solutions business since sales in the last few weeks of December, which typically account for a significant portion of the quarter's revenue, would be a determining factor in the actual revenue and earnings achieved.

08:04

MANT ManTech to acquire Sensor Technologies for $242 million in cash (45.71 )

Co announced that it has signed a definitive agreement to acquire Sensor Technologies for $242 million in cash. Sensor Technologies is a provider of mission-critical systems engineering and Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) services and solutions to the Department of Defense. STI's largest customer is the U.S Army through several contracts, including its prime position on the S3 Indefinite Delivery/Indefinite Quantity contract, on which it has received more than $2.5 billion in task orders to date. The transaction is expected to be accretive to ManTech's earnings per share in 2010. Sensor Technologies generates solid operating margins and expects to produce approximately $340 million in revenue in 2009 and $450 million in revenue in 2010.

08:03

DRCO Dynamics Research awarded Air Force work supporting weapon systems management information system valued at $7.4 mln (10.37 )

08:03

XING Qiao Xing reports Q3 revs of $74.4 mln and gross profit of $16.4 mln (2.13 )

For the third quarter of 2009, the Company's newly acquired subsidiary, China Luxuriance Jade started commercial operation in early July 2009. For the third quarter of 2009, Haozhou mined and processed 119,180 tons of ore, and recorded net revenue of RMB97.3 million (US$14.2 million), gross profit of RMB51.4 million (US$7.5 million) and net profit of RMB30.7 million (US$4.5 million), respectively... "This is the first quarter that our molybdenum mine started commercial operation and actual operating results are better than our initial forecast. With continuous improvement in operation and management, we anticipate that financial results including sales revenue and profit margin will improve gradually," commented Mr. Wu Ruilin, Chairman and Chief Executive Officer of the Company. "We believe, even without considering additional acquisitions in the future and after we spin off all of our telecommunication terminal businesses, the molybdenum business alone can support our current market capitalization."

08:02

OGXI OncoGenex Pharma and Teva announce they have entered into a global license and collaboration agreement to develop and commercialize OGX-011 (29.65 )

Teva Pharmaceutical (TEVA) and OGXI announced that they have entered into a global license and collaboration agreement to develop and commercialize OGX-011, as well as an agreement to purchase shares in OncoGenex. Under the terms of the collaboration and share purchase agreements, Teva will provide OncoGenex with a $60 million initial cash payment, which includes a $10 million equity investment in OncoGenex common stock at a price of $37.38 per share, upfront payment of $20 million and prepayment of $30 million for OncoGenex's contribution to the development costs of OGX-011. OncoGenex will be eligible to receive up to $370 million in additional cash payments upon achievement of various milestones, including regulatory milestones and sales targets. In addition, OncoGenex will receive tiered royalties on sales of the product with the royalty percentage ranging from the mid-teens to the mid-twenties, depending upon the amount of net sales. Teva is responsible for all commercialization and development expenses. OncoGenex retains an option to co-promote OGX-011 in the U.S. and Canada.

08:01

PJC Piper Jaffray announces significant expansion of its asset management business (46.73 )

Co announced a significant expansion of its asset management business. Co signed a definitive agreement to purchase Advisory Research, an asset management firm with ~$5.5 billion in assets under management, which are mainly focused in equity strategies. Advisory Research, Inc. is based in Chicago. The transaction is expected to close in the first quarter of 2010 and is subject to customary regulatory approvals and client consents. Assuming the transaction occurred on Sept. 30, 2009, asset management would have comprised ~12% of Piper Jaffray total net revenues and 24 percent of pre-tax operating income for the nine months ending Sept. 30, 2009. The transaction is valued at $218 million, payable at closing, composed of $178 million in cash and $40 million of restricted stock. Employee owners will receive approximately 40 percent of consideration in restricted stock.

08:01

ATV Acorn Intl declares special dividend (4.87 )

Co announces that on December 18, 2009, its board of directors approved and declared a one-time cash dividend of $0.33 per ordinary share on its outstanding shares to shareholders of record as of the close of trading on December 31, 2009. Holders of ADSs, each representing three ordinary shares of Acorn, are accordingly entitled to the one-time cash dividend of $0.99 per ADS.

08:01

SA Seabridge Gold Reports on progress of KSM preliminary feasibility study (22.96 )

Co announces that that the Preliminary Feasibility Study on its 100% owned KSM Project in northwestern British Columbia, Canada remains on schedule for completion at the end of March, 2010. Work to date has confirmed several significant design improvements which are likely to reduce capital and operating costs for the project.

08:00

IDRA Idera Pharma announces "positive interim data" from Phase 1 clinical trial of IMO-2125 in Chronic Hepatitis C patients (4.73 )

Co announces positive interim results from a Phase 1 clinical trial of IMO-2125 in patients with chronic hepatitis C virus infection. IMO-2125 is an agonist of Toll-like Receptor 9 that Idera designed to treat H.C.V. by inducing endogenous interferon-alpha and other Th1-type cytokines and chemokines. In this four-week trial, IMO-2125 was well tolerated and induced dose-dependent increases in endogenous interferon-alpha and other cytokines. IMO-2125 also demonstrated a treatment-related decrease in viral load at escalating dose levels. All patients enrolled in the trial are null responders, which is defined as patients who have failed to achieve a 2 log10 reduction in viral load during previous 12 to 24 weeks of treatment with pegylated recombinant interferon-alpha plus ribavirin, the current standard of care treatment. "The interim data in the difficult-to-treat null responder HCV patient population through the first four dose levels of IMO-2125 in this four-week trial are very encouraging," said Tim Sullivan, Ph.D., Vice President of Development Programs. "Based on these data, we are extending the trial to a fifth dose level and beginning to recruit patients in this cohort."

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 1Q10 (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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