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

Jan 21, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 21-Jan-10 09:00 ET

08:55

GILT Gilat Satellite extends service agreements with Colombian Ministry of Communications (5.64 )

The co announces that the Ministry of Communications in Colombia has extended and amended the agreements for the provision of services under the Rural Communitarian Telephony (Compartel II) and Telecentros projects for an additional one-year term, through December 2010. Gilat had previously announced that these agreements were to end December 31, 2009 and as such, the Company could not anticipate further revenues from these projects. The current extension for continued service provides for a government subsidy of approximately $1 million per month, which is dependent upon meeting certain installation schedules, performance indicators and providing similar services to those provided over the past year. Under the terms of the amended agreement, Gilat has also agreed to transfer 300 telecenters from their present location to other sites, where no other means of communication are available.

08:40

On The Wires

EasyLink Services International (ESIC), announces that Gemalto has signed a two year contract to utilize EasyLink's EDI Value Added Network... Cardica (CRDC) announces that Brian E. Farley has agreed to be a strategic, financial and business consultant to the company... New Gold (NGD) announces that it has provided an update on its Cerro San Pedro mine and the upcoming hearing dates related to the appeals filed at various courts by the company resulting from a Mexican Federal Court's September 21, 2009 ruling that nullified the Environmental Impact Statement for the company's Cerro San Pedro mine. January 28, 2010 a hearing is scheduled to commence in the First District Court in San Luis Potosi, related to New Gold's filing that seeks to overturn PROFEPA's, the Mexican environmental enforcement agency, November 18, 2009 shutdown order. On February 3, 2010 a hearing is scheduled to commence in the Third District Court in Mexico City, related to New Gold's filing that seeks to overturn the decision by a Federal Court of Fiscal and Administrative Justice that ordered SEMARNAT, the Mexican government's environmental protection agency, to cancel the company's Environmental Impact Statement.Viking Modular Solutions, a division of Sanmina-SCI Corp (SANM), announces that it has selected SandForce high performance processors for its solid state drive products... URS Corporation (URS) announces that it has been awarded four new contracts by the Department of Defense to provide engineering services and maintenance support to the U.S. Army and U.S. Navy. The four contracts have a combined maximum value of $316 mln over five years if all options are exercised... AEterna Zentaris (AEZS) announces that updated results from a Phase 2 clinical trial of perifosine in combination with capecitabine conducted by its partner and licensee for this compound in the United States, Canada and Mexico, Keryx Biopharmaceuticals.

08:38

LPTH LightPath gives Q2 guidance; says strength due to Asian markets (2.30 )

The co gives Q2 guidance: backlog scheduled to ship within the next 12 months is $4.0 million, an increase of $900,000 or 29% as compared to the backlog of $3.1 million on December 31, 2008 and an increase of $1.7 million or 74% as compared to the backlog on June 30, 2009; cash on hand as of December 31, 2009 was $906,000 as compared to $524,000 on December 31, 2008 and $580,000 on June 30, 2009; revenue for the second quarter of fiscal 2010 was $2.2 million compared to $1.9 million for the same period in fiscal 2009 and up $600,000 or 38% from the previous quarter. Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "During the second quarter of fiscal 2010 we saw for the second consecutive quarter a significant increase in our backlog. We also experienced revenue growth of 38% over the previous quarter. The order strength continues to come from our work in the Asian markets in industrial laser tools and telecom applications." (Note, there are no estimates for LPTH)

08:36

DLR Digital Realty Trust commences a private placement of Notes due 2020 (50.45 )

08:36

LXP Lexington announces pricing of $100.0 million of convertible guaranteed notes (6.03 )

Co announced it has priced a private offering of $100.0 million aggregate principal amount of 6.0% Convertible Guaranteed Notes due January 15, 2030, to qualified institutional buyers.

08:35

IIIN InSteel Industries misses by $0.05, misses on revs (11.83 )

Reports Q1 (Dec) net of breakeven, excluding $0.07 pre tax charge relates to inventory write down, $0.05 worse than the First Call consensus of $0.05; revenues fell 33.3% year/year to $41.2 mln vs the $50.2 mln consensus. "As we move into the second quarter, we expect business conditions to remain challenging. The downturn in nonresidential construction, particularly for commercial projects, appears to be in its early stages, with minimal improvement anticipated until there is an overall recovery in the economy and in the labor market. There continues to be uncertainty regarding the resolution of a new multi-year federal highway funding authorization. Any favorable impact from the additional infrastructure-related funding provided for under the federal stimulus package is likely to be mitigated by widening budget gaps at the state and local levels."

08:34

IMMU Immunomedics: New blood test for detecting early stage pancreatic cancer presented at cancer conference (4.23 )

The co reports reported that initial studies indicate that a new blood test using the Company's proprietary antibody, clivatuzumab (PAM4), may identify patients with early-stage pancreatic cancer. Results were presented in a presscast as part of the seventh annual Gastrointestinal (GI) Cancers Symposium in Orlando, Florida, by Dr. David V. Gold of the Garden State Cancer Center, in Belleville, New Jersey, who was the developer of clivatuzumab. The blood assay for PAM4-protein was evaluated in 68 patients who had pancreatic cancer surgery and in 19 healthy controls. It was found that the test was 62% sensitive for detecting stage-1 pancreatic cancer (disease confined to pancreas), 86% for stage 2 disease, and 91% for stage 3/4 (local and distant spread) cancers.

08:34

WES Western Gas Partners declared a cash distribution of $0.33 per unit, up from $0.32 per unit (20.60 )

08:33

NEP China North East Petroleum Subsidiary Tiancheng signs contract with PetroChina Jilin to drill 25 new wells (9.71 )

Co announces that its oilfield services subsidiary, Song Yuan Tiancheng Drilling Engineering, has signed a contract with PetroChina's Jilin branch to drill 25 new wells in PTR's FuYu field. This is the company's first drilling contract announced with PTR this year and the second signed drilling contract since Dec 2009. Drilling of the 25 wells is expected to commence this month and is expected to be completed by the end of 2010. The value of this contract with PTR will be contingent upon the drilling depth of each of the 25 wells drilled.

08:32

FNFG First Niagara reports EPS in-line (14.47 )

Reports Q4 (Dec) earnings of $0.17 per share, in-line with the First Call consensus of $0.17. "We have the balance sheet strength, talent, and mindset to seize on our competitive advantages and drive the franchise further. Early results after hitting the ground running in Western Pennsylvania are very favorable. Deposit retention and strong new business generation are exceeding our expectations, validating the market opportunity as well as the great energy and commitment of our employee team. The success of our equity offerings and the solid debt ratings recently received are important external signs of confidence. Our pride in our accomplishments is only matched by our excitement and enthusiasm as we look to even greater opportunities in the year ahead."

08:32

BX Blackstone unit to acquire the Collateral Management Agreements for all nine CDO and CLO funds (13.69 )

GSO / Blackstone Debt Funds Management, a business unit of GSO Capital Partners, which is an affiliate of The Blackstone Group, entered into a definitive purchase agreement with Callidus Capital Management to acquire the Collateral Management Agreements for all nine CDO and CLO funds currently managed by Callidus. Callidus is a portfolio company of Allied Capital Corporation (ALD). The nine funds managed by Callidus invest primarily in leveraged loans and high yield bonds. Total assets within the Callidus funds are approximately $3.2 billion. Completion of the acquisition will not be finalized until certain necessary consents are received. The purchase price was not disclosed.

08:31

URS URS awarded four new contracts by the Department of Defense (46.37 )

Co awarded four new contracts by the Department of Defense (DoD) to provide engineering services and maintenance support to the U.S. Army and U.S. Navy. The four contracts, which have a combined maximum value of $316 million to URS over five years if all options are exercised.

08:31

CPHI China Pharma completes clinical trials for candesartan anti-hypertension drug (3.95 )

The co announces that the Company has completed clinical trials for Candesartan, an anti-hypertension drug, and submitted the generic drug production application to the SFDA. Analysis of the clinical trial results shows that Candesartan Cilexetil is a prodrug of Candesartan. It is 10-fold stronger in effect than Losartan, has good selectivity (Candesartan has much greater affinity (>10,000-fold) for the AT1 receptor than for the AT2 receptor), and has long effective time (one administration per day in low dosage). As a prodrug, it also enables smooth release via an oral solution, which makes it an ideal hypertension drug.

08:30

AMAT Applied Materials and Advanced Micro-Fabrication Equipment settle litigation and resolve all outstanding disputes (13.80 )

The co and Advanced Micro-Fabrication Equipment, Inc. (AMEC) today jointly announced that they have settled all litigation between the respective companies and that all outstanding disputes have been resolved. Among other things, there was a dispute over the ownership of certain patent families filed by AMEC. In the settlement the parties agreed that those patent families will be jointly owned. AMEC also made a payment to Applied Materials of an undisclosed amount, and in light of that, the parties agreed to collaborate on projects in the future.

08:30

SPY E~mini index futures decline on data -Technical-

ES -25

NQ +25

YM -12

08:30

MRNA MDRNA announces allowance of European patent covering formulations for rapid acting insulin (1.05 )

The co announces that the European Patent Office intends to grant a patent for application EP06826368 covering formulations for the intranasal delivery of rapid acting insulin, and its use for the treatment of diabetes. "While our focus remains the development of RNAi-based therapeutics, we believe that the intranasal assets from our predecessor company, Nastech Pharmaceuticals, have considerable value," said J. Michael French, President and CEO of MDRNA. "Specifically, we believe that our insulin intellectual property assets, with the positive results from the Phase II clinical trial completed in 2008, have out-licensing potential."

08:30

CYTR CytRx announces 2010 clinical and development milestones

"Among our 2010 plans, we intend to broaden our tamibarotene program by evaluating it in a combination therapy as a first-line treatment for acute promyelocytic leukemia. Preparations are also underway to begin three Phase 2 clinical trials with INNO-206 in advanced pancreatic cancer, advanced gastric cancer and advanced soft tissue sarcomas. Also, last week we announced plans to begin testing bafetinib in patients with high-risk B-cell chronic lymphocytic leukemia. INNO-206 and bafetinib have demonstrated results in treating multiple cancers in animal studies. Our development strategy is to test these compounds in advanced-stage cancers, which could allow for rapid indications of efficacy, with the potential for data as early as the fourth quarter of this year. We believe these drug candidates could represent blockbuster opportunities for CytRx with potential revenue exceeding $2 billion."

08:25

TGT Target says focused on strategic growth (50.72 )

Co says it remains strongly committed to innovation and continued strategic growth, and will outline its growth opportunities for the next five to 10 years during a meeting today with members of the financial community. Those opportunities include both traditional and new focus areas for growth. Specifically, Target plans to focus on: 1) continued growth within existing stores, which will be achieved through a substantial store remodel effort. Target expects to invest approximately $1 billion in the renovation of about 340 existing stores in 2010, incorporating a variety of new merchandise initiatives, including expanded grocery content in general merchandise stores; and enhanced layout, assortment, and in-store experience in a variety of other merchandise areas including Beauty, Home, Electronics and video games; 2) new construction of traditional Target store formats in existing trade areas. Target's plans include fewer than 10 additional locations in 2010, net of closings and relocations, with the opportunity to increase that number in 2011 and beyond. The exact number and pace of these new store openings beyond this year will depend on a number of factors, including the economic and real estate environment, as well as internal operational performance; 3) development of a smaller store format with an edited merchandise assortmentwhich meets the needs of guests in dense urban markets, and fits within the real estate constraints of these areas. Target plans to test this concept within the next few years; and 4) expansion outside the United States, with initial growth most likely in Canada, Mexico or Latin America beyond a 3- to 5-year horizon.

08:23

PPG PPG Industries beats by $0.13, beats on revs (63.13 )

Reports Q4 (Dec) earnings of $0.86 per share, $0.13 better than the First Call consensus of $0.73; revenues fell 2.3% year/year to $3.12 bln vs the $3.04 bln consensus. "Led by our coatings and Optical and Specialty Materials segments, we have continued to realize positive momentum in our financial performance. These segments performed well and delivered higher year-over-year earnings in the quarter." Co notes, however, that due to challenging economic conditions, results from the co's Performance Glazings business and Commodity Chemicals segment weakened in comparison with the prior year's quarter and the seasonally stronger third quarter. "As we begin 2010, we are guardedly optimistic. While recovery in the global economy remains gradual, PPG is well-positioned in several ways. Our strong and growing presence in Asia will continue to yield benefits based on economic growth in the region. We will also realize an incremental $100 million of savings from our completed restructuring actions that will enable us to fully leverage anticipated higher full year global activity levels. And we have a strong cash position of just over $1 billion to support earnings growth opportunities."

08:13

ECONX Reminder: Initial Claims and Continuing Claims data due out in about 17 min at 8:30ET

08:12

SMTS Somanetics reports Q4 results, misses on revs; guides FY09 revs above consensus (17.69 )

Reports Q4 (Nov) earnings of $0.22 per share, including $0.10 of upfront license fees relating to the acquisition of two technology firms, which may not be comparable to First Call consensus of $0.18; revenues rose 5.8% year/year to $14.5 mln vs the $14.7 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $56.00 mln vs. $50.21 mln consensus. Gross margin was 87%, the same as in the fourth quarter of 2008. FY10 gross margins to be approximately 87 percent and operating margin to be approximately 17 percent, excluding litigation expense.

08:10

BPOP Popular Inc misses by $0.09 (2.11 )

Reports Q4 (Dec) loss of $0.33 per share, $0.09 worse than the First Call consensus of ($0.24). BPOP's allowance for loan losses increased to $1.3 bln as of December 31, 2009, an increase of $54 mln from September 30, 2009. The Corporation's allowance for loan losses represented 5.32% of loans held-in-portfolio as of December 31, 2009, compared with 4.95% as of September 30, 2009 and 3.43% as of December 31, 2008. As compared to the previous quarter, the allowance for loan losses increased during the fourth quarter of 2009 despite the decrease of $683 mln in loans held-in-portfolio. The provision for loan losses totaled $352.8 mln or 118% of net charge-offs for the quarter ended December 31, 2009, compared with $331.1 mln or 123% of net charge-offs for the quarter ended September 30, 2009, and $388.8 mln or 174% of net charge-offs for the fourth quarter of 2008. The higher provision for loan losses for the fourth quarter of 2009 when compared to the third quarter of the same year was the net result of a $37.9 mln increase in the provision related to the U.S. mainland loan portfolios mainly due to higher reserves and higher net charge-offs. This was offset by a decrease of $16.2 mln in the Puerto Rico operations primarily attributed to a decrease in reserves and to lower net charge-offs in construction, consumer, mortgages, and leases.

08:09

TWIN Twin Disc reports a net loss of ($0.04) vs. $0.13 First Call consensus; revenue fell 32.3% y/y to $55.2 mln vs. $62.2 mln consensus (10.00 )

08:09

GS Goldman Sachs beats by $3.00, reports revs in-line (167.79 )

Reports Q4 (Dec) earnings of $8.20 per share, $3.00 better than the First Call consensus of $5.20. Net revenue was $9.62 bln compared to First Call consensus of $9.65 bln. Annualized ROE was 31.7% for the fourth quarter of 2009. The firm's Tier 1 capital ratio under Basel I was 15.0% as of December 31, 2009. Book value per common share increased 23% to $117.48 and tangible book value per common share increased 27% to $108.42. Blankfein comments: "Throughout the year, particularly during the most difficult conditions, Goldman Sachs was an active adviser, market maker and asset manager for our clients. Our strong client franchise across global capital markets, along with the commitment and dedication of our people drove our strong performance. That performance, as well as recognition of the broader environment, resulted in our lowest ever compensation to net revenues ratio. Despite significant economic headwinds, we are seeing signs of growth and remain focused on supporting that growth by helping companies raise capital and manage their risks, by providing liquidity to markets and by investing for our clients." Net revenues in Investment Banking were $1.64 billion, 58% higher than the fourth quarter of 2008 and 82% higher than the third quarter of 2009. Net revenues in Trading and Principal Investments were $6.41 billion, compared with negative net revenues of $4.36 billion for the fourth quarter of 2008 and net revenues of $10.03 billion for the third quarter of 2009. FICC operated in an environment characterized by generally lower client activity levels than earlier in the year, continued tightening of corporate credit spreads and improving asset values. Net revenues in Asset Management and Securities Services were $1.57 billion, 10% lower than the fourth quarter of 2008 and 8% higher than the third quarter of 2009. Compensation and benefits expenses were $16.19 billion for the year and were 35.8% of net revenues. This ratio of compensation and benefits to net revenues was down from 48.0% for 2008 and represented the firm's lowest annual ratio of compensation and benefits to net revenues. Non-compensation expenses were $2.76 billion, 10% higher than the fourth quarter of 2008 and 24% higher than the third quarter of 2009. The increase compared with the fourth quarter of 2008 reflected the impact of charitable contributions of approximately $620 million (included in other expenses) during the fourth quarter of 2009.

08:09

PCP Precision Castparts misses by $0.03, reports revs in-line (113.30 )

Reports Q3 (Dec) earnings of $1.61 per share, $0.03 worse than the First Call consensus of $1.64; revenues fell 14.8% year/year to $1.37 bln vs the $1.38 bln consensus. "On the power side, we have established a solid base in all of our end markets. We continue to gain market share at our European industrial gas turbine customers; however, they began to destock in the third quarter, and this activity is expected to extend into the first quarter of fiscal 2011. Seamless pipe sales are holding their own, and demand in the oil and gas market continues to see some slow, but steady sales growth."

08:05

TCB TCF Financial beats by $0.02, beats on revs (14.92 )

Reports Q4 (Dec) earnings of $0.15 per share, $0.02 better than the First Call consensus of $0.13; revenues rose 15.0% year/year to $312.8 mln vs the $293.2 mln consensus. Average consumer real estate loan balances for4 Q09 compared to 4Q08, and 3Q09, as well as all of 2009 compared to all of 2008 were relatively flat reflecting less demand for home equity financing due in part to declines in home values and reductions in consumer spending in the weak economy. Average commercial loan balances in 4Q09 increased $265.7 mln, or 7.8%, from 4Q08 and were essentially flat from 3Q09.

08:05

FSIN Fushi Intl unit to acquire Dalian Jinchuan Electric Cable (9.49 )

Co announced that its subsidiary, Fushi InternationalBimetallic Cable, has entered into a definitive agreement to acquire Dalian Jinchuan Electric Cable for approximately $10.2 million. Dalian Jinchuan, a leading Northeastern Chinese manufacturer of low- and medium-voltage power cables using copper, aluminum and copper-clad center conductors, reported 2008 revenues as audited under Chinese GAAP of approximately $18 million. The purchase price of $10.2 million may be made, at the option of the Company, in cash and restricted stock of the Company over the next year. Upon closing, the Company expects the acquisition of Dalian Jinchuan to be immediately accretive to earnings. Fushi expects the transaction to be finalized during the course of the first quarter 2010 and the consummation of the acquisition is subject to customary closing conditions.

08:05

UNP Union Pacific beats by $0.04, reports revs in-line (63.73 )

Reports Q4 (Dec) earnings of $1.08 per share, $0.04 better than the First Call consensus of $1.04; revenues fell 12.4% year/year to $3.75 bln vs the $3.77 bln consensus. Business volumes, as measured by total revenue carloads, were down 5 percent versus the fourth quarter 2008: Automotive was down 1 percent. Intermodal was down 3 percent. Agricultural was down 7 percent. Chemicals was down 7 percent. Energy was down 22 percent. Industrial Products was down 28 percent. Operating ratio was 73.3 percent, a new quarterly record versus 73.4 percent in 2008. "Although still uncertain, the economic picture for 2010 looks somewhat more favorable than it did a year ago."

08:04

IAG IAMGOLD delivers on 2009 guidance; provides 2010 operating outlook (15.61 )

Co announced 2009 gold production of 939,000 ounces in line with guidance. IAMGOLD also provided its operating outlook for 2010 including production, cash cost and capital expenditure guidance... Co sees gold production to be between 940,000 and 1,000,000 ounces at an average cash cost of $490 to $510 per ounce. Niobium production for 2010 is expected to be between 4.2 and 4.4 million kilograms with an operating margin in the $17 to $19 per kilogram range. Capital expenditures of $373 million and aggregate grassroots and near- mine exploration expenditures of $60 million are planned for 2010.

08:03

FCX Freeport-McMoRan beats by $0.42, beats on revs (83.52 )

Reports Q4 (Dec) earnings of $2.15 per share, $0.42 better than the First Call consensus of $1.73; revenues rose 123.0% year/year to $4.61 bln vs the $4.22 bln consensus. Projected sales volumes for 2010 approximate 3.8 billion pounds of copper, 1.8 million ounces of gold and 60 million pounds of molybdenum, including 890 million pounds of copper, 490 thousand ounces of gold and 15 million pounds of molybdenum in the first quarter of 2010. The sequencing in mining areas with varying ore grades, primarily at Grasberg, causes fluctuations in the timing of ore production, and is expected to result in fluctuations in quarterly sales of copper and gold in 2010. The achievement of FCX's sales estimates will be dependent on the achievement of targeted mining rates, the successful operation of production facilities, the impact of weather conditions and other factors.

08:03

MDP Meredith beats by $0.04, reports revs in-line; guides Q3 EPS in-line; guides FY10 EPS in-line (33.16 )

Reports Q2 (Dec) earnings of $0.49 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.45; revenues fell 6.6% year/year to $337 mln vs the $335.6 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.55-0.60 vs. $0.55 consensus. Co issues in-line guidance for FY10, sees EPS of $1.90-$2.05 vs. $1.95 consensus.

08:03

SPY E~mini index futures uptick, but the ES stalls just below the 1139.25 GLOBEX HoD on reaction to GS quarterly earnings -Technical-

ES +2.75

NQ +3.0

YM +11

08:02

APH Amphenol beats by $0.03, beats on revs; guides Q1 EPS above consensus, revs above consensus (44.10 )

Reports Q4 (Dec) earnings of $0.52 per share, ex-items, $0.03 better than the First Call consensus of $0.49; revenues rose 0.4% year/year to $758.3 mln vs the $736.4 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.49-$0.51 vs. $0.48 consensus; sees Q1 revs of $735-$750 mln vs. $724.30 mln consensus. Co states, "While overall economic conditions remain less than certain, we believe we have seen both an improvement in demand levels as well as a stabilization of demand patterns in most markets. As such, in 2010, we expect to see a return to more traditional seasonality."

08:02

BBG Bill Barrett announces 18% increase in 2009 proved reserves, 16% increase in 2009 production and provides 2010 guidance (32.87 )

Co announces certain unaudited operating results for year-end 2009 and certain operating guidance for 2010. Highlights from 2009 include: Proved reserve growth of 18% to 964.8 Bcfe; Production growth of 16% to 89.7 Bcfe; Total estimated capital expenditures of $406 mln, within cash flow; Maintained flat long-term debt while increasing availability on line of credit to $588 mln ChairCo says "2009 was another year in which our team demonstrated excellent execution as a low cost operator. Given a back-drop of poor economic conditions and particularly low natural gas prices, we delivered strong reserve and production growth, generated cash flow in excess of our capital program, as well as ended the year with a strong balance sheet and $588 million in available liquidity. Our reserve growth under a low commodity price scenario reflects the quality of our assets and these results translate into a fourth consecutive year of lower finding and development costs, which were approx $1.69 per thousand cubic feet equivalent for 2009, including the $60 mln Cottonwood Gulch acquisition, or $1.44 per Mcfe excluding this acquisition. Record production along with our hedging program drove solid revenue that, combined with lower per unit costs for lease operating and general and administrative expenses, supported solid cash flow despite the low price environment. "Looking to 2010, we have a capital expenditure budget of $400 to $425 mln, before acquisitions, which we plan to allocate approximately 95% to our development programs and approximately 5% towards exploration. However, spending will remain flexible should circumstances allow us to increase activity at West Tavaputs, Cottonwood Gulch or Yellow Jacket. Capital expenditures will again be aligned with cash flows. We are projecting production of 97 to 100 bln cubic feet equivalent for 2010, which reflects an 8% to 12% increase over 2009. Currently, the Company has approx 60% of 2010 projected production hedged at an average floor price of approx $7.55 per Mcfe and may continue to layer on hedges up to 70% of production in order to ensure predictable cash flows in 2010. We are well positioned to have another great year, to be opportunistic and to drive operational excellence that delivers continued growth and higher returns throughout 2010."

08:01

KEY KeyCorp beats by $0.10, beats on revs (6.96 )

Reports Q4 (Dec) loss of $0.30 per share, $0.10 better than the First Call consensus of ($0.40). Net interest margin improves to 3.04%,up 24 basis points from the prior quarter. Nonperforming assets decline by $289 million from the prior quarter. Loan loss reserve increased to $2.5 billion, or 4.31% of total loans. Capital and liquidity positions remain strong -- Tier 1 risk-based capital ratio of 12.68%; Tier 1 common equity ratio of 7.46%. $7.5 billion in new or renewed lending commitments originated. During the fourth quarter, Key continued to increase its loan loss reserves by recording a $756 million provision for loan losses, which exceeded net charge-offs by $48 million. At the end of the quarter, Key's allowance for loan losses was $2.5 billion, or 4.31% of total loans, up from $1.6 billion, or 2.24%, one year ago. The loss for the current quarter is largely the result of an increase in the provision for loan losses, write-downs of certain commercial real estate related investments, the provision for losses on lending-related commitments and costs associated with other real estate owned . Key's estimated Tier 1 risk-based capital and Tier 1 common equity ratios were 12.68% and 7.46%, respectively, at December 31, 2009.

08:00

EEI Ecology and Environment Awarded Long-Term Contract With Florida Department of Environmental Protection (15.03 )

Co was recently awarded a new five-year contract to provide petroleum cleanup management services for Florida's Department of Environmental Protection (DEP). Under this new contract the team will continue to provide the petroleum cleanup management services. Ecology and Environment's Team 6 will provide technical and support staff to assist the DEP in management and oversight of the cleanup of petroleum contamination in accordance with DEP rules and guidance and Florida law. Work under the contract includes negotiation of cleanup costs and scopes of work; review, comment, and approval of technical reports; approval of payment to cleanup contractors; and many other routine and specialized services. The Florida DEP manages a trust fund with an annual budget in excess of 100 million dollars for the cleanup of petroleum contamination from leaking storage tanks. Funding for the cleanup program is contingent upon annual appropriations from the state legislature. The contract does not have a cap, and the actual dollar value will be dependent on the program needs of the DEP, which are driven by annual legislative appropriations.

07:57

AMZN Amazon.com announces Kindle Development Kit; software developers can now build active content for Kindle (125.78 )

For the past two years, Amazon has welcomed authors and publishers to directly upload and sell content in the Kindle Store through the self-service Kindle publishing platform. Today, Amazon announced that it is inviting software developers to build and upload active content that will be available in the Kindle Store later this year. The new Kindle Development Kit gives developers access to programming interfaces, tools and documentation to build active content for Kindle.

07:46

WPI Watson Pharm sees 2010 total revs of approx $3.5 bln (vs $3.44 bln consensus); EPS of $3.05-3.30 (vs $3.14 consenus) (41.54 )

Co provided a detailed overview of its expanded global operations, enhanced supply chain capabilities and commercial and pipeline developments in its Brand and Generics businesses during an Investor Day meeting. Watson management predicted continued growth in its Generics, Brand and Distribution businesses, with 2010 revenues expected to be approximately $3.5 billion and double-digit annual cash earnings per share growth projected for 2010-2012. The company forecast 2010 Generics segment revenues to be approximately $2.3 billion, a record level which includes the addition of $600 million in international revenue. The company forecast Brand segment revenues to be approximately $460 million in 2010. For 2010, the co sees EPS of $3.05-3.30 (vs $3.14 consensus); total revs of approx $3.5 bln (vs $3.44 bln). Co sees adjusted EBITDA is expected to be between $760 million and $810 million.

07:42

EDU New Oriental Education & Technology downgraded to Hold at Signal Hill (76.44 )

Signal Hill downgrades EDU to Hold from Buy as they believe the that overall competition is tightening and that the company's entry into the tutoring market, where it is not the current market leader, is pressuring margins in the short term. In addition, the firm believes that the next two upcoming quarters are likely to be lackluster on the topline/enrollment side, with Q3 facing the residual impact from H1N1 and impact from a later Chinese New Year timing. Q4 should be better on a top-line basis, however, the co's announcement that it would incur an incremental $4-5 mln in expenses to accelerate the rollout of its tutoring offering will further pressure margins for the rest of the year.

07:39

TYG Tortoise Energy Infrastructure announced a 2.5 mln share common stock offering (33.02 )

07:36

On The Wires

MOCON (MOCO) announces that it had completed its acquisition of a minority equity interest in Luxcel Biosciences effective January 15, 2010. MOCON invested EUR2,500,000 for a 16.9% equity interest in Luxcel...Elbit Systems (ESLT) announces that it was awarded contracts in an aggregate amount of ~$50 mln to supply various types of laser based systems to the Israeli Ministry of Defense and to North American customers. The Israeli MoD will be supplied with laser systems, while in North America, Elbit Systems will supply two different customers with airborne laser systems. The orders were received by Elbit Systems Electro-Optics Elop Ltd. and are to be delivered over the next two years... Sunesis Pharmaceuticals (SNSS) reports that it has completed enrollment in its Phase 1b/2 clinical trial evaluating voreloxin, the company's lead compound, in combination with cytarabine in patients with relapsed or refractory acute myeloid leukemia... Comverge (COMV) announces a new ten-year agreement to provide demand response services to all University of Maryland campus facilities and other Maryland state agencies... Siemens Enterprise Communications and Polycom (PLCM) announce a a strategic alliance and global resale agreement that will enable customers to leverage the productivity and cost-saving benefits of Polycom telepresence, high definition video conferencing solutions and desktop video collaboration applications through seamless integration with the OpenScape UC environment.

07:36

MATK Martek Biosci announces agreement to purchase Amerifit Brands for $200 mln; expected to be accretive to earnings in FY10 (19.00 )

Co announces that it has entered into an agreement to purchase Amerifit Brands, a consumer health and wellness company, from Charterhouse Group, in an all-cash transaction valued at $200 mln, subject to working capital adjustments. Amerifit Brands develops, markets and distributes branded consumer health and wellness products focused on women's and digestive health benefits. Under the terms of the transaction, MATK will pay consideration of $200 mln, subject to working capital adjustments, of which $120 mln will be paid from MATK's current cash reserves and the remainder from a new credit facility which has been established by Martek. The transaction is expected to be accretive to MATK's earnings in fiscal 2010. Expense synergies are not expected.

07:33

ESI ITT Educational beats by $0.20, beats on revs; guides FY10 EPS above consensus (97.91 )

Reports Q4 (Dec) earnings of $2.56 per share, $0.20 better than the First Call consensus of $2.36; revenues rose 33.8% year/year to $374.4 mln vs the $370.6 mln consensus. Co reports Bad Debt Expense as a Percentage of Revenue of 6.9% vs 4.9% YoY. Co issues upside guidance for FY10, sees EPS of $10-10.50 vs. $9.48 consensus. Sees bad debt expense as a percentage of Rev for 2010 of 4%-6% and sees 2010 Days Sales Outstanding at December 31st of 10 days to 15 days.

07:33

VIVO Meridian Bioscience reports Q1 EPS of $0.22, in line with First Call consensus; net sales increased 24% y/y to $42.5 mln, First Call consensus $38.9 mln

For the fiscal year ending September 30, 2010, management expects net sales to be in the range of $160 million to $165 million (First Call consensus $163 mln) and per share diluted earnings to be between $0.90 and $0.95 (First Call consensus $0.93). The sales and earnings guidance provided in this press release does not include the impact of any acquisitions the Company might complete during fiscal 2010.

07:33

FCS Fairchild Semi beats by $0.06, beats on revs; guides Q1 revs above consensus (9.26 )

Reports Q4 (Dec) earnings of $0.23 per share, $0.06 better than the First Call consensus of $0.17; revenues rose 10.5% year/year to $354.5 mln vs the $340.9 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of roughly $370 mln vs. $335.78 mln consensus. Adjusted gross margin was 30.3 percent, up 340 basis points sequentially and 380 basis points higher than in the fourth quarter of 2008. Adjusted gross margin excludes accelerated depreciation and inventory write-offs/reserve releases related to fab closures. "Our scheduled backlog for first quarter shipments is currently about $369 million which is roughly $33 million higher than this point a quarter ago. Included in this amount is approximately $20 million of backlog that we booked in the first three and a half weeks of this quarter. We expect that both distributor sell through and OEM demand will continue to track above seasonal levels in Q1. Given the solid order rates this quarter and our starting backlog position, we expect first quarter sales to be roughly $370 million while further improvements in product mix help drive adjusted gross margin to a range of 31 to 32 percent. We expect R&D and SG&A spending to be approximately $78 million in Q1. Interest expense for the first quarter is expected to be roughly $3 million while our adjusted tax rate should be in the range of 15 to 20 percent. We remain disciplined in our capital investment plans with spending forecast to be between 6 to 7 percent of sales in 2010. We anticipate recording approximately $2 million in charges and $2 million of accelerated depreciation in the first quarter associated with previously announced fab closure actions. As with last quarter, we are not assuming any obligation to update this information, although we may choose to do so before we announce first quarter results."

07:31

STKL SunOpta BioProcess signs contract with major ethanol producer in China (3.10 )

Co announces that SunOpta BioProcess has been awarded a contract to supply a major ethanol producer in China with the Company's proprietary fiber preparation and pretreatment equipment for use in the production of cellulosic ethanol. Under the terms of the contract, which was obtained with the assistance of Pacitec, Inc., SBI's exclusive agent in China, the Company will realize revenues of approximately $6.5 mln from supply of equipment and a technology license as well as certain design and engineering services.

07:31

LIFE Life Technologies: Applied Biosystems Forensic DNA Kit approved for use by the National DNA Index System (49.31 )

Applied Biosystems, part of Life Technologies Corporation announces that its AmpF STR MiniFiler PCR Amplification Kit has been approved for inclusion in the National DNA Index System (NDIS), a United States Federal Bureau of Investigation database that facilitates the electronic comparison and exchange of DNA profiles between participating local, county, state, and federal law enforcement agencies and forensic laboratories. The MiniFiler kit, designed to obtain DNA results from compromised or degraded samples, has proven its utility globally in a wide range of investigations, including cold cases, missing person cases, exonerations and historical and archeological cases.

07:30

RJF Raymond James beat by $0.02, beat on revs (25.13 )

Reported last night Q1 (Dec) earnings of $0.39 per share, $0.02 better than the First Call consensus of $0.37; revenues rose 1.0% year/year to $702.7 mln vs the $682.3 mln consensus. "In summary, conditions in the securities business are improving, albeit slowly, as unemployment levels and memories of recent losses are still fresh in investors' minds. Moreover, the bank appears to be on the road to higher profits. Consequently, I anticipate improvement in operating results, although the risk of quarterly aberrations related to market or economic volatility is still present."

07:30

HBOS Heritage Finl increased cash dividend to $0.09 per share from the previous level of $0.08 per share (8.31 )

07:30

C Citigroup announces offer to purchase any and all of approximately $7.32 billion principal amount of certain series of its outstanding notes (3.46 )

Co announces the commencement of an offer to purchase for cash any and all of the series of its notes. The Notes have an aggregate principal amount outstanding of approximately $7.32 billion, based on U.S. dollar exchange rates as of January 20, 2010. This action is part of a liability management strategy that utilizes excess cash to retire generally older vintage debt nearing maturity and is expected to have no impact on Citi's structural liquidity.

07:29

LUV Southwest Air beats by $0.03, reports revs in-line (11.33 )

Reports Q4 (Dec) earnings of $0.10 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.07; revenues fell 0.8% year/year to $2.71 bln vs the $2.69 bln consensus.

07:26

CMA Comerica beats by $0.08 (33.57 )

Reports Q4 (Dec) loss of $0.41 per share, $0.08 better than the First Call consensus of ($0.49). Fourth quarter 2009 included TARP dividends and a $257 mln provision for loan losses, compared to $311 mln for the third quarter 2009 and $192 mln for the fourth quarter 2008, and net securities gains of $10 mln, compared to $107 mln for the third quarter 2009 and $4 mln for the fourth quarter 2008. Net credit-related charge-offs were $225 mln, or 2.10% of average total loans, for the fourth quarter 2009, compared to $239 mln, or 2.14% of average total loans, for the third quarter 2009. The provision for loan losses was $257 mln for the fourth quarter 2009, compared to $311 mln for the third quarter 2009, and the period-end allowance to total loans ratio increased to 2.34% at December 31, 2009, from 2.19% at September 30, 2009. FY10 outlook: Based on no increase in the Federal Funds rate, mgmt expects an average full-year net interest margin between 3.15% and 3.25%, reflecting the benefit, compared to full-year 2009, from improved loan pricing, lower funding costs and a lower level of excess liquidity. Mgmt expects full-year net credit-related charge-offs to decrease to between $775 mln and $825 mln. The provision for credit losses is expected to be slightly in excess of net charge-offs. Management expects flat noninterest income, after excluding $243 mln of 2009 net securities gains. "We were pleased to see broad-based improvement in credit quality in the fourth quarter, with declines in net charge-offs, nonperforming assets and the provision for loan losses. We also saw inflows to nonaccrual loans slow in the fourth quarter, and our watch list loans decreased, as well. We believe these improved credit metrics are the result of our diligent management of credit throughout this economic cycle."

07:20

VLY Valley National reports Q4 EPS of $0.19 vs. $0.19 First Call consensus (15.42 )

Co reports total loans past due 30 days or more on our entire loan portfolio of $9.4 bln were 1.61% at December 31, 2009 compared to 1.6% at September 30, 2009. The provision for credit losses totaled $12.2 mln for 4Q09 as compared to $12.7 mln for 3Q09 and $11.6 mln for the 4Q08. The company's total risk-based capital, Tier I capital, and leverage capital were 12.54%, 10.64%, and 8.14%, respectively at December 31, 2009.

07:16

NOK Nokia releases new version of Ovi Maps for smartphones at no extra cost (13.00 )

The co announces it plans to release a new version of Ovi Maps for its smartphones that includes high-end walk and drive navigation at no extra cost. This move has the potential to nearly double the size of the current mobile navigation market. The new version of Ovi Maps includes high-end car and pedestrian navigation features, such as turn-by-turn voice guidance for 74 countries in 46 languages, and traffic information for more than 10 countries, as well as detailed maps for more than 180 countries. (GRMN)

07:12

PNC PNC Bank beats by $0.12, beats on revs (58.79 )

Reports Q4 (Dec) earnings of $0.90 per share, excluding a gain related to the BlackRock acquisition of Barclays Global Investors and integration costs $0.12 better than the First Call consensus of $0.78. Loans and commitments originated and renewed totaled approximately $27 billion in the fourth quarter. The net interest margin increased 29 basis points linked quarter to 4.05 percent for the fourth quarter of 2009. The pace of credit quality deterioration continued to ease during the fourth quarter. Nonperforming assets increased $.7 billion over the third quarter to $6.3 billion, a lower increase compared with the $1.0 billion increase in the third quarter. The allowance for loan and lease losses of $5.1 billion combined with $4.9 billion of marks on acquired impaired loans represented approximately 6 percent of loans outstanding at December 31, 2009. Estimated Tier 1 common equity ratio increased by 50 basis points to 6.0 percent at December 31, 2009. An 84 percent loan to deposit ratio at December 31, 2009. The provision for credit losses was $1.049 billion for the fourth quarter of 2009 compared with $914 million in the third quarter of 2009. Net charge-offs for the fourth quarter of 2009 increased to $835 million, or 2.09 percent of average loans on an annualized basis, compared with $650 million, or 1.59 percent, for the third quarter of 2009. The company increased the allowance for loan and lease losses during the fourth quarter to $5.1 billion at December 31, 2009 from $4.8 billion at September 30, 2009. The allowance for loan and lease losses to total loans increased to 3.22 percent at December 31, 2009 compared with 2.99 percent at September 30, 2009.

07:10

SBIB Sterling Banc misses by $0.02 (5.42 )

Reports Q4 (Dec) earnings of $0.02 per share, $0.02 worse than the First Call consensus of $0.04. At December 31, 2009, the total allowance for credit losses was $77.6 mln or 2.39% of period-end total loans, up from $50.8 mln or 1.34% of period-end total loans at December 31, 2008, and from $72.9 mln or 2.18% of period-end total loans at September 30, 2009. The increase in the allowance for loan losses during 2009 was due in part to increases in both nonperforming and classified loans. Net charge-offs for the fourth quarter of 2009 were $6.3 mln or 0.76% of average total loans, compared to $37.4 mln or 4.27% of average total loans for the third quarter of 2009. Net charge-offs for the year ended December 31, 2009 were $60.9 mln or 1.72% of average total loans, up from $14.5 mln or 0.40% for the same period in 2008. The primary increase in net charge-offs during 2009 was due to the $15.9 mln of charge-offs related to collateral-based nonperforming loans, $11.8 mln related to the sale of certain nonperforming loans and an $11.6 mln charge-off related to Semgroup (a previously disclosed nonperforming energy loan relationship) which had previously been provided for in our allowance for loan losses. Co's tier 1 capital to risk weighted assets was 11.61% vs 11.20% in Q3.

07:06

On The Wires

Scientific Games Corporation (SGMS) and Playtech Limited announce the formation of a number of important strategic partnerships to jointly develop and market next-generation internet and land-based gaming products and services to regulated gaming operators... F5 Networks (FFIV) announces that it has joined the NetApp (NTAP) Alliance Partner Program as an Advantage Alliance Partner. F5 is collaborating with NetApp to provide customers with unified application and data delivery solutions to enable more agile and dynamic data centers... Neuralstem (CUR) announces the first ALS patient was treated with its spinal cord stem cells yesterday at the Emory ALS Center at Emory University, in Atlanta, GA. A total of up to 18 patients is planned to be treated in this first U.S. clinical trial to evaluate human neural stem cells for the treatment of ALS... Pharmasset (VRUS) announces the initiation of a 28-day Phase 2a study with PSI-7977, a chirally pure isomer form of PSI-7851, a nucleotide analog polymerase inhibitor in development for the treatment of chronic hepatitis C. The trial will evaluate various doses of PSI-7977 in combination with Pegasys and Copegus in patients with HCV genotype 1 who have not been treated previously.

07:05

LM Legg Mason misses by $0.03, beats on revs (31.43 )

Reports Q3 (Dec) earnings of $0.28 per share, including $0.11 in real estate losses, $0.03 worse than the First Call consensus of $0.31; revenues fell 4.1% year/year to $690.5 mln vs the $682.1 mln consensus. This reflects an increase in performance fees earned in the quarter and higher average AUM. Assets Under Management were $681.6 billion, down 3% from $702.7 billion at September 30, 2009, driven by outflows, and were down 2% from December 31, 2008 AUM of $698.2 billion. Operating margin was 11.5% as compared to 11.8% in second quarter of fiscal 2010. Operating margin, as adjusted, was 17.9% as compared to 21.0% in the second fiscal quarter. The impact of the real estate lease losses on the operating margin, as adjusted, was 5.5%.

07:05

ETR Entergy sees Q4 EPS of $1.74 vs $1.40 First Call consensus; Entergy sees FY10 EPS of $6.40-7.20 vs $6.69 First Call consensus (81.06 )

The increase in fourth quarter 2009 operational earnings was due primarily to higher results at Utility, Parent & Other, partially offset by lower earnings at Entergy Nuclear. Non-Nuclear Wholesale Assets business' earnings also improved over fourth quarter 2008.

07:04

NITE Knight Capital Group releases December 2009 volume statistics (15.08 ) -Update-

Co reports average daily dollar value traded in December 2009 was $21.9 billion, down ~11.0 percent from $24.6 billion in November 2009 and up approximately 19.9 percent from $18.3 billion in December 2008. Average daily U.S. equity trade volume in December 2009 was 3.2 million, down approximately 11.6 percent from 3.6 million in November 2009, and down approximately 4.0 percent from 3.4 million in December 2008. Average daily U.S. equity share volume was 11.1 billion in December 2009, down approximately 15.4 percent from 13.1 billion in November 2009, and up approximately 154.9 percent from 4.3 billion in December 2008.

07:03

ABAX Abaxis receives FDA 510K clearance for a new clinical assay, C-Reactive Protein (25.10 )

07:02

TLGD Tollgrade enters OEM agreement with Mariner to deliver proactive IPTV Service Assurance Solutions (6.33 )

Co announced its OEM agreement with Mariner Partners for a customized Tollgrade version of the IPTV service assurance solution, xVu TV Care. With this agreement, Tollgrade gains the ability to deliver to its customers a critical test solution for ensuring a positive quality of experience (QoE) for IPTV subscribers globally.

07:01

WBC WABCO Holdings obtains approval in EU for roll stability support for trailers (28.46 )

Co announces that WABCO's roll stability support for trailers has been certified by TUV Nord Germany, an accredited technical service, which leads to the approval by the German Federal Authority for Road Transport. As a result, WABCO RSS for trailers is the industry's first trailer roll-over control approved for use in all 27 countries of the European Union and in 20 other countries worldwide in accordance with the United Nations Economic Commission for Europe's Regulation 13 for braking.

07:01

TSL Trina Solar commences module supply to Australia's largest distributor, RFI (24.01 -0.97)

Co announced it has made initial shipments to RF Industries Pty Ltd ("RFI"), Australia's leading renewable energy distributor in January 2010. This is in conjunction with the Company's intention to finalize with RFI a national distribution agreement to supply up to 10 MW of PV modules in 2010.

07:01

AUXL Auxilium Pharma and Pfizer announce Commencement of European Regulatory Review of XIAFLEXTM for the Treatment of Dupuytren's Contractur (29.06 )

Pfizer (PFE) and Auxilium Pharmaceuticals (AUXL) announce that Pfizer received notification from the European Medicines Agency that the Marketing Authorization Application for XIAFLEX (collagenase clostridium histolyticum), a novel, first-in-class, biologic for the treatment of Dupuytren's contracture (a condition resulting in the contracture of the fingers into the palm), has completed the validation phase successfully. As a result, the scientific/technical review procedure commenced on 21 January 2010. Based on the completion of the validation phase and today's confirmation from the European Medicines Agency of the start of the regulatory review procedure, Auxilium will receive a $15 million milestone payment from Pfizer.

06:56

XRX Xerox beats by $0.03, beats on revs; guides FY10 EPS above consensus (8.89 )

Reports Q4 (Dec) earnings of $0.25 per share, ex-$0.05 in acquisition related costs, $0.03 better than the First Call consensus of $0.22; revenues fell 3.5% year/year to $4.22 bln vs the $3.92 bln consensus; equipment sale revenue declined 11% or 15% in constant currency. Co issues upside guidance for FY10, sees EPS of $0.75-0.85, excluding non-recurring items, vs. $0.72 consensus. Post-sale and financing revenue was flat, or declined 4% in constant currency. Gross margin was 39.9% in the fourth quarter, an increase of two points from the prior year. "We're encouraged by improving trends in our post-sale revenue and continued strong signings for Xerox's managed print services that help our clients reduce their document costs. The increasing demand for services supports the benefits of our acquisition of Affiliated Computer Services. We're on track to close the acquisition next month. Once completed, Xerox will be the world leader in business process and document management."

06:41

WNS WNS misses by $0.03, misses on revs; reaffirms FY10 guidance (15.05 )

Reports Q3 (Dec) earnings of $0.26 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.29; net revs fell 2.8% year/year to $96.8 mln vs the $98.3 mln consensus. The revenue less repair payments decline was largely the result of the decline in transaction volumes in the travel and insurance segments and the second year pricing terms of the Aviva Global Services (AGS) contract. Co reaffirms guidance for FY10, sees FY10 revs of more than $390 mln vs. $398.52 mln consensus; with adjusted net income of more than $52 mln (may not compare to the $54 mln consensus). "As a result of this year's sales and expansion activity, despite a challenging quarter, our longer term growth prospects look strong and we are reaffirming that we will beat the top end of our original guidance range for fiscal 2010 on net revenues and ANI. We are in the ramp up stage for recent sales, and our pipeline is strong. While this resulted in some pressure on our margins in the third quarter, the fourth quarter should benefit from the expansion of our client base. Our operations remain on track, which we demonstrated by achieving the fifth straight quarter of adjusted operating margins of above 18 percent."

06:31

ISPH Inspire Pharm announces results of phase 3 PROLACRIA trial for dry eye (6.61 )

Co announces that its Phase 3 clinical trial (Trial 03-113) of PROLACRIA 2% for the treatment of dry eye disease did not meet its primary endpoint (p = 0.526) or its secondary endpoint (p = 0.368). "We have provided the top-line results from this trial to our partner Allergan (AGN) and we will be conducting a thorough review of the program before determining next steps, if any," stated Christy L. Shaffer, Ph.D., President and CEO of Inspire.

06:27

S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -3.30.

06:26

Asian Markets

Nikkei...10868.41...+130.90...+1.20%. Hang Seng...20862.67...-423.50...-2.00%.

06:26

European Markets

FTSE...5415.22...-5.40...-0.10%. DAX...5863.80...+12.30...+0.20%.

06:22

HNR Harvest Natural provides operational update and 2010 plans (5.23 )

Co provided an operational update and overview of its 2010 exploration and production plans for its 32% owned Venezuelan affiliate, Petrodelta, S.A. as well as for Harvest's U.S. and international exploration portfolio. Petrodelta produced ~7.8 mln barrels of oil in 2009; an increase of 42.3% over 2008. Production was initiated from the El Salto field with the drilling and completion of the ELS-31 well which has produced 364,000 barrels of oil in the past six months. Petrodelta's combined proved, probable and possible reserves net to Harvest increased by ~59% to 211.1 mln barrels of oil equivalent at August 31, 2009 from 132.4 MMBOE at December 31, 2008. A self-funded capital budget of $205 mln has been approved for Petrodelta primarily for infrastructure costs for further developing the Temblador and El Salto oil fields; Petrodelta's production target for 2010 is 30,000 barrels of oil per day with a first quarter average of 23,500 BOPD. In regards to exploration and production in the United States, Harvest commenced production from an eight well appraisal and development drilling program in the Green River formation in the southern portion of Harvest's Antelope land position in late 2009. Three wells are currently on production and produced at a combined average gross production rate of 1,600 BOPD and 1.8 MMCFD over the last seven days of production. Contingent upon successful test results in Utah and Indonesia, Harvest has planned capital expenditures of up to $111.0 mln to evaluate and develop the Company's prospect portfolio in the United States and international locations, excluding Venezuela's self funding program.

06:17

NITE Knight Capital Group beats by $0.02, beats on revs (15.08 )

Reports Q4 (Dec) earnings of $0.33 per share, excluding non-recurring tax benefit of $0.12, $0.02 better than the First Call consensus of $0.31; revenues fell 4.0% year/year to $301.6 mln vs the $293 mln consensus. The firm says "While the intense trading activity and historic market volatility produced outstanding results in the fourth quarter of 2008, revenues declined only four percent on a consolidated basis in the fourth quarter of 2009. Knight separated the Global Markets segment into two new segments, Equities and FICC, to reflect the growth and diversification of the firm over the past year. In Equities, the decrease in revenues was partially offset by market share gains in Listed and NASDAQ securities. In FICC, we continued to build momentum from new clients and increased trade volumes in fixed income and foreign exchange."

06:16

CAL Continental Air beats by $0.04, reports revs in-line (20.62 )

Reports Q4 (Dec) loss of $0.03 per share, excluding non-recurring items, $0.04 better than the First Call consensus of ($0.07); revenues fell 8.3% year/year to $3.18 bln vs the $3.19 bln consensus. Passenger revenue for the fourth quarter fell 9.5 percent ($296 million) compared to the same period in 2008 due to lower yields. Consolidated revenue passenger miles (RPMs) for the fourth quarter of 2009 increased 3.5 percent on a capacity (available seat mile, ASM) decrease of 0.6 percent year-over-year. Consolidated load factor was a fourth quarter record 82.0 percent, 3.3 points higher than the fourth quarter of 2008. Consolidated yield for the quarter decreased 12.6 percent year-over-year. As a result, fourth quarter 2009 consolidated passenger revenue per available seat mile (RASM) decreased 9.0 percent year-over-year.

06:12

UNH UnitedHealth beats by $0.08, beats on revs; reaffirms FY10 EPS guidance (34.55 )

Reports Q4 (Dec) earnings of $0.81 per share, $0.08 better than the First Call consensus of $0.73; revenues rose 6.5% year/year to $21.8 bln vs the $21.72 bln consensus. Co reaffirms guidance for FY10, sees EPS of $2.90-3.10 vs. $3.06 consensus, and cash flows from operations in the range of $4 to $4.4 bln.

05:45

ORCL European Commission unconditionally approves Oracle's acquisition of Sun (25.06 )

Co announces that it had received regulatory approval from the European Commission for its acquisition of Sun Microsystems (JAVA). Oracle expects unconditional approval from China and Russia and intends to close the transaction shortly.

05:22

SCHW Charles Schwab prices 26.316 mln common share offering at $19.00/share (19.02 )

02:24

AMAG AMAG Pharma prices 3.6 mln common shares at $48.25/share (49.28 )

The number of shares reflects an increase of 600,000 shares over the number of shares anticipated to be sold as previously announced.

02:22

SNEN Sinoenergy reports going concern qualification in auditor's report (1.83 )

Co announces that its independent registered public accounting firm has included a going concern qualification in its report on the co's financial statements for the year ended September 30, 2009. For the year ended September 30, 2009, SNEN incurred a substantial operating and net loss, and, as of September 30, 2009, the co had negative working capital of approx $9.1 mln. Furthermore, the co has incurred a substantial amount of bank debt and other term debt that it is contractually obligated to pay in the near term, and the ability to meet these obligations is dependent upon certain factors outside of its control.

02:11

ITMN InterMune prices 7.0 mln common shares at $14.10/share (14.60 )

02:10

NARA Nara Bancorp appoints Alvin D. Kang to position of Chief Executive Officer (9.96 )

Co announces that Min Kim has submitted her resignation as President, Chief Executive Officer and Director of Nara Bancorp to pursue personal interests. Following acceptance of Ms. Kim's resignation, the co further announced that it has appointed Alvin D. Kang to the position of President and Chief Executive Officer.

02:09

On The Wires

Anadarko Petroleum (APC) announces the Tweneboa-2 appraisal well, offshore Ghana, encountered more than 105 feet of net pay in stacked reservoir sands that was contained within a gross reservoir interval of more than 500 feet. The pay consists of approx 56 feet of net oil pay and approx 49 feet of net natural gas condensate pay.

18:28

EL spikes 4% to $51.00 after raising Q2 EPS and revs guidance

18:22

EL Estee Lauder Companies raises Q2 EPS guidance well above consensus, raises revs guidance (49.04 -0.945)

Co raises Q2 EPS guidance to $1.23-1.30 vs. $0.89 First Call consensus, up from $0.80-0.87. Co also raises Q2 revs guidance to up 10-11%, up from 0-3% in constant currency. Co said, "Charges associated with restructuring activities are expected to be minimal for the quarter. The higher-than-anticipated results stem from stronger net sales, favorable product mix and the positive effect of continued cautious spending. The improved sales reflected continued strong growth in Asia, successful new innovation, and better-than-expected results from the co's travel retail business and the holiday season in the United States. Sales also benefited from further favorability in foreign currency translation. The lower spending versus plan, which continued from Q1, reflected the co's measured approach to investing, particularly in advertising and promotion, in light of the global economic downturn, and several external potential risks, such as the H1N1 pandemic, which have not materialized in the quarter. In Q2 results, we expect to include impairment charges related to two of the Company's underperforming business units. To sustain competitiveness, for the remainder of the fiscal year, the co plans to accelerate investment spending well above first-half levels behind its brands and key priorities."

18:00

NFX Newfield Exploration announces pricing of $700 mln of 6 7/8% senior subordinated notes due 2020 at 99.10% of par (52.52 -0.82) -Update-

Co announced that it has priced $700 mln of 6 7/8% Senior Subordinated Notes due 2020. The notes were issued at 99.109% of par to yield 7%. The co intends to use the net proceeds from the offering to fund its pending tender offer and consent solicitation for its existing 7 5/8% Senior Notes due 2011, to fund its previously announced pending acquisition of certain of TXCO Resources Inc.'s assets in the Maverick Basin, to repay outstanding borrowings under its credit facility and for general corporate purposes, including its 2010 capital program.

17:39

ATW Atwood Oceanics announces contract award to the Atwood Southern Cross (37.56 -0.55) -Update-

Co announced that the ATWOOD SOUTHERN CROSS (owned and operated by our wholly-owned subsidiary Atwood Oceanics Pacific Limited) has been awarded a contract (at a dayrate of $154,500) by AuDAX Resources Ltd, to drill one (1) firm well plus one option is available until March 1, 2010 to drill from one (1) to four (4) additional wells offshore Tunisia. The rig is expected to go on dayrate around June 6, 2010 during mobilization with an expected commencement of drilling on June 15, 2010. The drilling of the one (1) firm well is expected to take around forty (40) days to complete.

17:37

BBI Blockbuster sees 2009 GAAP net loss in the range of $183-193 mln (0.73 -0.03)

Co now anticipates adjusted EBITDA for the 2009 year ended January 3, 2010 will be in the range of $195-205 mln, which corresponds to GAAP net loss in the range of $183-193 mln, excluding any impairment of goodwill and other long-lived assets. The co is updating its expectation for its FY09 financial results based on current information related to lower than expected results for Q4, particularly the 2009 holiday season. Co said, "During Q4 we redirected our efforts to restore top line performance, especially for the month of December as we tried to leverage the holiday season. We increased inventory levels to support a higher in stock availability and invested in advertising to drive traffic in stores and online. In spite of these efforts, our performance during the holidays was well below expectations and anticipated adjusted EBITDA was affected, specifically in the month of December where as much as 30% of our full year EBITDA has historically been generated. Lower than expected international results also contributed to the change in our expectations."

17:32

WTW Weight Watchers granted temporary restraining order against Jenny Craig (29.09 +0.07)

United States District Court for the Southern District of New York granted Weight Watchers International a temporary restraining order in its lawsuit against Jenny Craig, Inc. ("Jenny Craig"). The order prohibits Jenny Craig from broadcasting, publishing or disseminating claims of superiority over the Weight Watchers program, finding that such claims are not supportable. "We are extremely pleased with this outcome."

17:25

TNB Thomas & Betts to acquire JT Packard & Associates (34.84 -0.68)

Co announced that it has agreed to acquire the net assets of JT Packard & Associates, an independent service provider for critical power equipment used by industrial and commercial enterprises in a broad array of markets, for an estimated net purchase price of $22 mln. The transaction is expected to close on January 26, 2010. In 2009, JT Packard sales were ~$60 mln.

17:25

SVA Sinovac announces plan to launch offering of 8,650,000 common shares (7.51 +0.02) -Update-

Co plans to grant the underwriters an option to purchase up to an additional 1,297,500 common shares to cover overallotments. SVA plans to use the net proceeds of the offering to fund the acquisition and expansion of production facilities, the enhancement of production lines, the research and development of product candidates, the expansion of product pipeline, and general corporate purposes (including an undetermined amount for potential acquisitions).

17:22

MBTF MBT Financial anticipates large Q4 loss (1.84 -0.11)

Co announced that it anticipates that it will report a large loss when it releases its Q4 2009 results after the close of the market on Thursday, January 28, 2010. The size of the loss is due to a number of factors, including an increase in the Allowance for Loan Losses, an additional impairment of certain investment securities, and the establishment of a valuation allowance for its deferred tax assets. Co said, "The ongoing economic challenges in southeast Michigan, including a decline in real estate values that is unprecedented in its severity, led us to adjust our methodology for estimated potential losses in our loan portfolio... Because our loan losses have occurred most heavily in the more recent time period, we expect this adjustment to our methodology to require an increase in our Allowance for Loan Losses of $5.5 mln dollars in Q4. In addition, during Q4 our portfolio of pooled trust preferred investment securities experienced additional Other Than Temporary Impairment (OTTI). Net of other gains on sales of securities, we expect to record a loss of $4 mln on our investment portfolio in Q4."

17:10

NVS Novartis AG oral MS therapy FTY720 shows reduced risk of confirmed disability progression as published in New England Journal of Medicine (53.53 -0.17)

Co reports that Novartis oral MS therapy FTY720 shows reduced risk of confirmed disability progression as published in New England Journal of Medicine processed and transmitted by Hugin AS. The one-year TRANSFORMS study involving 1,292 patients showed that oral FTY720 0.5 mg reduced relapses by 52% compared to interferon beta-1a (Avonex) given by intramuscular injection, while the reduction with FTY720 1.25 mg was 38%. The two-year FREEDOMS study, involving 1,272 patients, showed that FTY720 reduced the relapse rate by 54% for the 0.5 mg dose and 60% for the 1.25 mg dose compared to placebo. Patients on FTY720 0.5 mg also had a 30% lower risk of disability progression, three-month confirmed and a 37% lower risk of disability progression, six-month confirmed over two years compared to placebo. Similarly, the FTY720 1.25 mg dose reduced the risk of three-month and six-month confirmed disability progression by 32% and 40% respectively.

17:08

USGS reports 5.3 magnitude quake in Drake Passage region

17:00

PTEK PokerTek plans to expand its presence in Europe (0.64 +0.02)

Co announced changes to its international distribution strategy and plans to expand its presence in Europe. Effective immediately, PokerTek will begin marketing and distributing its PokerPro automated poker tables on a direct basis to all international markets.

16:33

SWKS Skyworks beats by $0.02, beats on revs; guides Q2 EPS above consensus, revs above consensus (14.71 -0.15)

Reports Q1 (Dec) earnings of $0.27 per share, $0.02 better than the First Call consensus of $0.25; revenues rose 16.6% year/year to $245.1 mln vs the $240.9 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.21 vs. $0.19 consensus; sees Q2 revs of $225 mln vs. $214.56 mln consensus. Co states, "Skyworks' strong performance is being driven by several key trends including the exploding demand for mobile Internet applications, increasingly diversified linear products and the rapid adoption of smart grid technologies. More importantly, as our improving gross and operating margins demonstrate, our innovative solutions are allowing us to further differentiate Skyworks, positioning us to create even greater competitive advantages and shareholder."

16:33

SVA Sinovac Biotech estimates that sales for 2009 were between $81-$85 mln and its gross profit for 2009 was between approximately $61 million and $65 million (7.51 +0.02)

Co announces recent developments including that is estimates that its sales for 2009 were between approximately $81 mln and $85 mln and its gross profit for 2009 was between approximately $61 mln and $65 mln. The co expects its operating margin for 2009 to increase as a result of a decrease in its selling, general and administrative expenses relative to its sales in 2009 primarily due to economies of scale achieved through increases in its sales as well as an increased portion of its sales to the Chinese government, particularly in the sales of Healive and Panflu.1, which have lower selling expenses attributed to such sales. Sinovac expects the trend of increasing operating margin in the first three quarters of 2009 to be particularly pronounced in the last quarter of 2009 because of a significant increase in Panflu.1 sales to the Chinese government under the purchase program. Furthermore, Sinovac believes the H1N1 outbreak led various Centers for Disease Control and Prevention and the market to place more attention and resources towards H1N1 vaccination and less on other vaccines... In January 2010, Sinovac received the fifth purchase order for its H1N1 vaccine, Panflu.1, from China's Ministry of Industry and Information Technology, or MIIT, under the national purchase plan. Under this purchase order, the Company is required to deliver an additional 8.57 mln doses of Panflu.1 (15ug/0.5ml) to the Chinese central government, of which 2.33 mln doses are expected to be delivered before March 15, 2010, and the balance 6.23 mln doses are to be stockpiled by the government in Sinovac's warehouse facility.

16:32

KGC Kinross Gold to acquire high-grade deposit near Kupol Mine (18.51 -0.71)

The co announces that it has agreed in principle to acquire the high-grade Dvoinoye deposit and the Vodorazdelnaya property, both located approximately 90 km north of Kinross' Kupol operation in the Chukotka region of the Russian Far East. Kinross plans to process ore from Dvoinoye at the existing Kupol mill, pursuant to an ore purchase agreement with Kinross' 75% owned Chukotka Mining and Geological Company, the owner of the Kupol mine. The transaction entails the indirect acquisition of 100% of the participatory interests in Northern Gold and Regionruda, the owners of the Dvoinoye and Vodorazdelnaya exploration and mining licenses. The total purchase price is $368 million, comprising $165 million in cash and approximately 10.56 million newly issued Kinross shares (with a market value of $203 million, as of market close on January 19, 2010). The shares to be issued by Kinross will be subject to a minimum hold period of four months after closing. The selling entities, who are related to Millhouse, have expressed their intention to remain shareholders of Kinross for the foreseeable future.

16:31

OHI Omega Health announces increase in common stock dividend to $0.32/share from $0.30/share previously (20.36 -0.18)

16:26

XLNX Xilinx beats by $0.05, beats on revs; guides Q4 revs above consensus (23.94 +0.06)

Reports Q3 (Dec) earnings of $0.40 per share, excluding $0.02 in non-recurring items, $0.05 better than the First Call consensus of $0.35; revenues rose 12.0% year/year to $513.3 mln vs the $491.7 mln consensus. Co issues upside guidance for Q4, sees Q4 revs of down 1% sequentially to up 3% sequentially, which equates to ~$508-528.7 mln vs. $492.79 mln consensus. XLNX sees Mar qtr gross margin of 64-65%, vs. 63.3% consensus.

16:20

EBAY eBay beats by $0.04, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY10 EPS above consensus, revs in-line (22.23 -1.03)

Reports Q4 (Dec) earnings of $0.44 per share, $0.04 better than the First Call consensus of $0.40; revenues rose 16.5% year/year to $2.37 bln vs the $2.29 bln consensus. Loan Portfolio: NCO 11.14%, Q3 11.53%; Active Users up 1% q/q; Gross Merchandise Volume up 17% q/q. Co issues in-line guidance for Q1, sees EPS of $0.39-0.41 vs. $0.40 consensus; sees Q1 revs of $2.1-2.2 bln vs. $2.16 bln consensus. Co issues mixed guidance for FY10, sees EPS of $1.63-1.68 vs. $1.60 consensus; sees FY10 revs of $8.8-9.1 bln vs. $9.03 bln consensus.

16:19

EBAY eBay seeing a choppy reaction to earnings as price whips around its closing price of 22.23 with a slight bullish bias -Update- -Technical-

Currently trading near 22.75, +0.52 from the 22.23 close.

16:18

MNI McClatchy announces extension of Miami Land Agreement (5.27 -0.07)

Co announces that management has received a deposit of $6 mln from the buyer of 10 acres of land adjacent to The Miami Herald to extend the deadline to close the sale to Jan. 31, 2011. Notwithstanding the extension of the contract, the company noted that given the challenging credit markets and the decline in the commercial real estate market in Miami, it will evaluate the value of this land on its balance sheet. The results of that evaluation will be disclosed in the company's fourth quarter earnings release, which is anticipated to be on Jan. 27, 2010.

16:16

GNK Genco Shipping & Trading announces plan to extend time charter for Handymax Vessel (23.32 -1.33)

The co announces that it has reached an agreement to extend the time charter for the Genco Muse, a 2001-built Handymax vessel, with Global Maritime Investments for approximately 10.5 to 12.5 months at a rate of $17,750 per day, less a 5% third-party brokerage commission. The time charter is expected to commence on or about January 21, 2010 following the expiration of the vessel's current time charter and is subject to the completion of definitive documentation. Currently, Genco has approximately 58% of its fleet's estimated available days secured on contracts for the remainder of 2010.

16:14

ATW Atwood Oceanics discloses two contract commitments for the Richmond and a contract extension for the Vicksburg (37.56 -0.55)

In its 8-K, the co discloses that the Richmond has been awarded a one (1) well contract (at a dayrate of $35,500) by Contango Operations Inc. ("Contango"), the drilling, of which, will be managed by Applied Drilling Technology Inc. The drilling of this well (expected to take around sixty (60) days to complete) will commence immediately upon the rig completing its current commitment which is expected to extend to around mid-February 2010. Following completion of the Contango well, the rig will immediately commence drilling one (1) well for Rooster Petroleum at a dayrate of $36,000. This well is expected to take around forty (40) days to complete. The Vicksbrug (owned and operated by our wholly-owned subsidiary, Atwood Oceanics Pacific Limited) continues to work offshore Thailand under a contract commitment with NuCoastal (Thailand) Limited ("NuCoastal"). NuCoastal has exercised its option to add three (3) additional months to the contract commitment which will now extend to June 30, 2010. The contract provides for a dayrate of $90,000 and includes one additional option for six months which must be exercised by April 1, 2010.

16:12

KMP Kinder Morgan Prtnrs misses by $0.07, beats on revs (64.98 -0.12)

Reports Q4 (Dec) earnings of $0.42 per share, before certain items, $0.07 worse than the First Call consensus of $0.49; revenues fell 16.6% year/year to $1.91 bln vs the $1.87 bln consensus. As previously announced, KMP expects to declare cash distributions of $4.40 per unit for 2010, a 4.8 percent increase over the $4.20 per unit it distributed in 2009. The company anticipates that its business segments will generate almost $3.4 billion in segment earnings before DD&A, an increase of almost $400 million over 2009. KMP expects to distribute approximately $1.35 billion for 2010 to our limited partners. Management anticipates investing approximately $1.5 billion at KMP in expansions and small acquisitions in 2010 to further grow the company. KMR also expects to declare distributions of $4.40 per share for 2010.

16:11

SBUX Starbucks beats by $0.05, beats on revs; raises FY10 EPS and revs guidance (23.29 -0.29)

Reports Q1 (Dec) earnings of $0.33 per share, ex items, $0.05 better than the First Call consensus of $0.28; revenues rose 4.1% year/year to $2.72 bln vs the $2.6 bln consensus. SBUX reports Q1 OP Margin of 13.0% vs 11.9% Street expectation and 10.4% last qtr. SBUX reports Q1 comps of 4.0% vs 1.74% Street expectations and -1% last qtr. Co raises guidance for FY10, sees EPS of $1.05-1.08, excluding items, vs. $1.02 consensus, up from prior guidance of $0.92-0.96. Co updated its FY11 targets: now sees mid-single digit revenue growth (up from low-to-mid single digits; current consensus is for FY11 revs growth of +2.98%), driven by modestly positive comparable store sales growth, and ~300 planned net new stores (unchanged). The outlook on the U.S. operating margin has further improved. Co is now targeting full-year operating margin improvements (excluding restructuring charges) for the U.S. segment of ~400 basis points. The outlook for the International segment operating margin improvement (excluding restructuring charges) remains at 200 to 250 basis points. Capital expenditures are expected to be approximately $500 mln for the full year.

16:10

DOX Amdocs expands and extends managed services agreement with AT&T Services through 2017 (28.52 +0.02) -Update-

Co announces that it has signed an agreement with AT&T Services Inc. to provide additional applications management services in support of AT&T's Wireline customer care, billing, ordering and wholesale platforms beginning early spring of 2010. Amdocs extended agreements signed in 2007 under which it manages AT&T's legacy consumer and wholesale platforms through 2017.

16:10

DOX Amdocs extends relationship with Bell Canada for additional five years through 2017 (28.52 +0.02) -Update-

The co announces it will extend its current managed services and related professional services relationship with Bell Canada to deliver and support billing and billing-related services across the organization for an additional five years through 2017.

16:09

FFIV F5 Networks beats by $0.03, beats on revs; guides Q2 EPS above consensus, revs above consensus (52.92 +0.59)

Reports Q1 (Dec) earnings of $0.52 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.49; revenues rose 15.5% year/year to $191.2 mln vs the $185.7 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.52-0.54, excluding non-recurring items, vs. $0.48 consensus; sees Q2 revs of $195-200 vs. $186.81 mln consensus. Co says, "While seasonal factors typically make Q2 our most challenging quarter, customer buying patterns continue to stabilize and our near-term business outlook remains strong."

16:08

PLXS Plexus beats by $0.02, beats on revs; guides Q2 EPS above consensus, revs above consensus (28.98 +0.25)

Reports Q1 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.34; revenues fell 5.6% year/year to $430.4 mln vs the $422.3 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.42-0.52 vs. $0.31 consensus; sees Q2 revs of $470-495 mln vs. $423.90 mln consensus.

16:08

FTI FMC Tech signs $80 mln subsea service contract with Petrobras (58.43 -1.25) -Update-

Co announces that it has signed a subsea service contract with Petrobras (PBR). The agreement is effective through 2012 and is expected to result in an additional $80 mln in revenue to FMC Technologies.

16:07

SBUX Starbucks up about $1.50 after earnings, now trading at new 52 week highs (23.29 ) -Update- -Technical-

Blew right through the prior high at $24.00. Last trade at $24.67

16:05

OKE ONEOK increases quarterly dividend to $0.44 per share from $0.42 per share (45.97 unch)

16:04

WGOV Woodward Governor beats by $0.02, misses on revs; guides FY10 EPS in-line, revs in-line (28.97 -0.36)

Reports Q1 (Dec) earnings of $0.32 per share, $0.02 better than the First Call consensus of $0.30; revenues fell 1.6% year/year to $339.3 mln vs the $347.1 mln consensus. Co reaffirms in-line guidance for FY10, sees EPS of $1.40-1.60 vs. $1.50 consensus; reaffirms FY10 revs of $1.4-1.5 bln vs. $1.46 bln consensus.

16:04

PNRA Panera Bread raises guidance above consensus (68.39 -0.49)

Co raises guidance for Q4 (Dec), sees EPS of $0.94-0.95 vs. $0.88 First Call consensus. Co reported that in the fourth quarter of fiscal 2009 Company-owned comparable bakery-cafe sales increased 7.4% on a calendar basis. Company-owned comparable bakery-cafe sales (calendar basis) increased in each of the fiscal months of the fourth quarter of 2009 (6.8%, 6.1%, and 9.6%, for October, November, and December, respectively.) In addition, the Company announced today that Company-owned comparable bakery-cafe sales were up 9.4% in the first 21 days of the January 2010 fiscal month. Company-owned comparable bakery-cafe sales for the fourth quarter of fiscal 2009 increased 5.9% on a fiscal basis. "Our 7.4% growth in comparable bakery-cafe sales in the fourth quarter, capped by comparable bakery-cafe sales growth in excess of 9% in December and in January-to-date, validates our commitment to invest in our business to benefit the customer. Simply put, our strategy is working and our customers continue to respond to Panera with enthusiasm."

16:04

PTEN Patterson-UTI announces sale of drilling and completion fluid services business; expects to record a small loss on this transaction (17.98 -0.16)

Co announces that it has exited the drilling and completion fluid services business. Patterson-UTI's subsidiary, Ambar Lone Star Fluid Services LLC, completed the sale of substantially all of its assets, other than billed accounts receivable, to National Oilwell Varco, L.P. The net cash proceeds from the sale and collection of billed accounts receivable, net of the payment of accrued expenses and transaction costs are expected to be ~$48 mln. Patterson-UTI expects to record a small loss on this transaction.

16:03

TSS Total System beats by $0.01, reports revs in-line; guides FY10 EPS below consensus, revs below consensus (16.94 -0.14)

Reports Q4 (Dec) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues rose 0.5% year/year to $434.8 mln vs the $435.1 mln consensus. Co issues downside guidance for FY10, sees EPS of $0.95-0.97 vs. $1.21 consensus; sees FY10 revs of $1.616-1.648 bln vs. $1.75 bln consensus. "While 2010 is going to be a challenging year, we will continue to work aggressively to reduce our costs, including reducing staff, while expanding internationally and maintaining our technological advantage in the market place. We have an experienced and talented team at TSYS who will successfully execute our strategy to return growth to our business. In addition, with our strong balance sheet and cash flow, we will continue to aggressively pursue strategic acquisitions that diversify us and expand our presence in the payments processing business."

16:03

DOX Amdocs beats by $0.02, beats on revs; guides Q2 EPS in-line, revs above consensus (28.52 +0.02)

Reports Q1 (Dec) earnings of $0.55 per share, $0.02 better than the First Call consensus of $0.53; revenues fell 3.8% year/year to $725 mln vs the $715.5 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.52-0.56 vs. $0.54 consensus; sees Q2 revs of $730-750 mln vs. $725.40 mln consensus.

16:02

GAM General American Investors extends share repurchase program for additional 800k shares (23.98 -0.27)

16:02

ABIO ARCA biopharma announces publication of bucindolol data in circulation (3.11 -0.04)

Co announced that the paper "An alpha-2C-Adrenergic Receptor Polymorphism Alters the Norepinephrine Lowering Effects and Therapeutic Response of the Beta Blocker Bucindolol in Chronic Heart Failure" was published in the January 2010 edition of the peer-reviewed journal Circulation. The paper concludes that in the Beta-Blocker Evaluation of Survival Trial (BEST) adrenergic polymorphism substudy, the norepinephrine lowering and clinical therapeutic responses to bucindolol were strongly influenced by the alpha-2C adrenergic receptor genotype.

16:02

CFI Culp announces agreements on copyrights; vows to continue aggressive enforcement of copyrights (12.03 +0.13)

Co announced that it has reached agreements with certain customers and fabric suppliers regarding Culp's copyrighted fabric designs. Most of Culp's upholstery fabric designs are copyright protected, including, but not limited to, its unique faux leather fabric designs - Palomino, Wrangler, Stampede, Congo, Gunslinger, Nabuck, Bonanza, Lambskin, Nabook and Buckskin. Culp's fabrics have been recognized for their innovative designs and have been very successful products for Culp and its customers. As previously announced on August 12, 2009, Culp has pursued enforcement of its rights against other companies and individuals engaged in offering unauthorized versions of Culp's copyrighted designs. Culp has now reached agreements, the terms of which are confidential, with certain customers and fabric suppliers.

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