Briefing.com: Hourly In Play (R) – 09:00 ET
Apr 20, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 20-Apr-10 09:00 ET
08:52
GILD Gilead Sciences provides update on development of fixed-dose regimen of Truvada and Tibotec Pharmaceuticals' TMC278; says pivotal Phase III studies of TMC278 met primary objective (45.74 ) -Update-
Co provided an update on the development of the fixed-dose combination of Truvada and Tibotec Pharmaceuticals' investigational non-nucleoside reverse transcriptase inhibitor TMC278. As part of its First Quarter 2010 earnings call, Johnson & Johnson (JNJ), which owns Tibotec Pharmaceuticals, announced that the two pivotal Phase III studies evaluating TMC278 as a treatment for HIV in treatment-naive patients met the primary efficacy objective of non-inferiority as compared to efavirenz based on the proportion of patients achieving HIV RNA levels of less than 50 copies/mL at 48 weeks. JNJ also announced that full study results will be presented at a scientific meeting later this year, and that the submission of TMC278 for regulatory review is on track for the third quarter of this year. Gilead is working to identify a formulation of the fixed-dose combination of Truvada and TMC278 that meets bioequivalence. A bioequivalence study is required to demonstrate that a co-formulated product results in the same levels of medication in the blood as achieved when the individual products are dosed simultaneously as separate pills. In July 2009, Gilead announced that it had entered into a license and collaboration agreement with Tibotec Pharmaceuticals for the development and commercialization of a new once-daily fixed-dose antiretroviral regimen containing Truvada and TMC278 for treatment-naive HIV-infected individuals. The companies are also working toward an agreement to make the fixed-dose combination of Truvada and TMC278 available in the developing world. If approved, the new product would become the second complete antiretroviral treatment regimen for HIV available in a single tablet taken once daily. The fixed-dose single-tablet combination of Truvada and TMC278 is an investigational product and the safety and efficacy have not yet been established.
08:50
On The Wires
Dominion (D) and Exterran Holdings, Inc. (EXH) will team up to provide increased natural gas processing in the Appalachian Basin... Integral Systems (ISYS) has entered into an agreement with Aleut Communications Services to relocate the operational satellite ground system equipment. Under the terms of the FSOF Relocation contract, Integral Systems will provide the engineering services and expertise to plan and execute moving all of the equipment to NOAA's new, modernized facility, without disrupting operations... Clare, a wholly owned subsidiary of IXYS Corporation (IXYS), announced the immediate availability of the CPC9909 High-Voltage HB LED driver... Keryx Biopharmaceuticals (KERX) announced that preclinical data in neuroblastoma for KRX-0401 will be presented at the 101st Annual Meeting of the American Association for Cancer Research
08:48
CalPERS and Apollo announce new strategic relationship agreement
The California Public Employees' Retirement System (CalPERS) and Apollo Global Management announced that they have entered into a new Strategic Relationship Agreement to further align the interests of the two institutions. They believe that the agreement will set a new standard among pension funds and their investment advisers. The strategic agreement provides for substantial fee reductions, specifically $125 million over the next five years, on funds that Apollo manages, and may in the future manage, solely for CalPERS, among other benefits. The agreement is aimed at enhancing the long-term relationship between CalPERS and Apollo, and the long-term capital investments that CalPERS has made with Apollo. CalPERS will also be fully funding all of its existing capital commitments with Apollo, the adviser managing the largest portion of the state pension fund's alternative investment portfolio.
08:41
CHBT China-Biotics says it has received the Good Manufacturing Process approval from the Shanghai Food and Drug Administration for its new production facility in Qingpu Industrial Park (16.27 )
08:36
MI Marshall & Ilsley beats by $0.13 (8.41 )
Reports Q1 (Mar) loss of $0.27 per share, $0.13 better than the Thomson Reuters consensus of ($0.40). Provision for loan and lease losses was $458.1 million in the first quarter of 2010, down $180.9 mln or 28% vs 4Q09. Net charge-offs for the period were $423.4 mln, falling $148.9 mln or 26% compared to the prior quarter. Construction and development exposure declined from 4Q09 to slightly less than 12.0% of total loans. Arizona C&D exposure fell 69% since 4Q07. Allowance for loan and lease losses at quarter-end was over $1.5 bln, or 3.55% of total loans and leases, an increase of 20 basis points from the prior quarter.
08:34
AKS AK Steel reports EPS in-line, revs in-line (20.83 )
Reports Q1 (Mar) earnings of $0.25 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.25; revenues rose 52.4% year/year to $1.41 bln vs the $1.40 bln consensus. Co says it is firmly on the road to recovery. Its order book for carbon products reflects robust demand, and co is encouraged that its other markets will show steady improvement the balance of the year. Co expects shipments to rise 5% sequentially in Q2 with an average selling price 5-6% higher than Q1.
08:34
DGICA Donegal Group agrees to acquire Union National Financial Corporation (14.85 )
Co announced the execution of an agreement pursuant to which Union National Financial Corporation and Donegal Financial Services Corporation would merge. Donegal Mutual Insurance Company and Donegal Group own Donegal Financial Services Corporation. The combined bank would have total assets of ~$600 mln and would have 13 branch locations in Lancaster County. Mr. Nikolaus would be Chairman of the Board of the combined bank, and Mr. Gainer would be President and Chief Executive Officer. As part of the merger, each share of Union National Financial Corporation common stock, other than shares held by Donegal Mutual and any dissenting shares, would convert into the right to receive $5.05 in cash and 0.2134 of one share of the publicly traded Class A common stock of DGI. DGI Class A common stock pays a cash dividend at the current annual rate of $0.46 per share. Further information about DGI is available in its SEC filings. Donegal Mutual is a member of the Donegal Insurance Group, which had ~$1.1 bln in assets and approximately $505.4 mln in surplus as of December 31, 2009. The Donegal Insurance Group conducts a property and casualty insurance business in 18 Mid-Atlantic, Southern and Midwestern States. Th. Province Bank, which has three offices in Lancaster County, had ~$100 mln in assets at December 31, 2009. Donegal Mutual and DGI founded Province Bank in 2000 to provide more diversified financial services. Union National is a bank holding company whose principal subsidiary is Union National Community Bank. Union National had ~$490 mln in assets and stockholders' equity of ~$31.3 mln as of December 31, 2009. Union National Community Bank is a full service national bank that provides a wide range of services to individuals and small to medium-sized businesses in South Central Pennsylvania.
08:33
ADEP Adept Tech received a $2.9 million order for high-precision robots from a major global leader in consumer electronics; expected to be recognized as revs over next two qtrs (5.09 )
08:33
USG USG Corp misses by $0.17, misses on revs (19.18 )
Reports Q1 (Mar) loss of $1.10 per share, $0.17 worse than the Thomson Reuters consensus of ($0.93); revenues fell 17.1% year/year to $716 mln vs the $729.8 mln consensus. "Some of the challenging conditions we encountered in many of our markets in 2009 began to stabilize in the fourth quarter of last year. In the first quarter of this year, we began to see signs of modest improvement in wallboard demand. As the year progresses, we expect our operations to benefit from a seasonal improvement in demand and the many initiatives we have undertaken to reduce costs and streamline operations. Furthermore, our liquidity position remains solid."
08:33
MA MasterCard Worldwide announces Nadan Mer to head global consumer credit (257.30 )
Co announced that Nandan Mer has been appointed Group Executive, Global Consumer Credit, effective immediately. Most recently, Mer was Chief Executive Officer, United Bank for Africa Investment & International Banking. He previously spent 20 years with Citigroup Consumer Bank, establishing and growing businesses in locations such as India, Israel, Russia, and the United Kingdom. In his new role, Mer will have global responsibility for the company's consumer credit products, with a focus on developing competitive differentiation globally while deploying solutions at the local market level.
08:32
CIDM Cinedigm Digital Cinema announced that it filed a registration statement on Form S-3 with the SEC to register the resale of certain of its securities by the holders of those securities (2.28 )
08:31
GIB CGI Group announces $47.5 million in contract renewals for Insurance Processing Services (14.98 )
The co announces that during its second quarter, it has renewed contracts, some of which extend to 2014, for automobile insurance policy processing services with five insurance companies totaling nearly $47.5 million. The five insurance companies, made up of major regional and national writers in the personal and commercial insurance sectors, represent a broad-base of policyholders in different states across the United States. All five companies use a variety of CGI services and solutions and have long-standing business relationships with the company. CGI will continue to work with these business partners and help position them for success as they look to compete in the ever-changing insurance marketplace.
08:31
EPB El Paso Pipline Partners Increases Quarterly Cash Distribution (27.55 )
Co announced that the Board of Directors of its general partner has declared a $0.380 per unit quarterly cash distribution for the first quarter of 2010, or $1.52 per unit on an annualized basis. This distribution represents a 17 percent increase from the $0.325 per unit paid for the first quarter 2009 and a 6 percent increase from the $0.360 per unit paid for the fourth quarter 2009.
08:31
WES Western Gas Partners declared a cash distribution of $0.34 per unit, up from $0.33 per unit (23.05 )
08:30
CYTR CytRx's Bafetinib receives positive opinion from the Committee for Orphan Medicinal Products in the European Union for treatment of CML (1.03 )
Co announces that bafetinib has received official notification from the Committee for Orphan Medicinal Products of the European Medicines Agency that a positive opinion was made regarding the application for orphan medicinal product for the treatment of chronic myeloid leukemia. The positive opinion of the COMP has now been forwarded to the EU commission for final approval and publication in the community register. Bafetinib also has been granted Orphan Drug Status for the treatment of Philadelphia chromosome-positive CML by the US FDA.
08:16
TMO Thermo Fisher announced that its board has authorized a one-year program to repurchase $750 million of shares & will redeem all of its 2033 convertible notes (53.26 )
08:14
On The Wires
Jacobs Engineering (JEC) announced that it received a contract from Corus Staal BV to provide basic engineering services to support Corus' new "TRUST" investment in a 525 MWe cogeneration plant in IJmuiden, The Netherlands... Transocean (RIG) announced that its shares will begin trading on SIX Swiss Exchange under the symbol (RIGN)... Science Applications International Corporation (SAI) announced it has been awarded a task order by the Regional Contracting Office, National Capital Region to provide information technology services to the Marine Corps Intelligence Activity. This new, single award task order has a one-year base period of performance, two one-year options, and a total value of more than $13 mln if all options are exercised... Allscripts (MDRX) today announced that Clinics of North Texas, has selected the Allscripts Electronic Health Record, and Practice Management solution to automate and connect over 35 physicians serving nearly 250,000 patients per year in the Wichita Falls area.
08:12
SVU Supervalu changes size of board of directors to twelve members from fifteen (8.40 ) -Update-
Co announced that, after a deliberative review, it is making changes to the size and composition of its board of directors. Actions include reducing current board membership from 15 to 12 directors, adding two new directors to bring new perspectives to the board's oversight of the company, and naming a non-executive chairman.
08:10
SVU Supervalu beats by $0.01, misses on revs; guides FY11 EPS in-line (17.14 )
Reports Q4 (Feb) earnings of $0.62 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.61; revenues fell 14.9% year/year to $9.21 bln vs the $9.4 bln consensus. Co issues guidance for FY11, sees EPS of $1.75-1.96, ex-$0.10 in charges vs. $1.96 Thomson Reuters consensus. The change in net sales primarily reflects the impact of the 53rd week, identical store sales of negative 6.8 percent, and store closures. The identical store sales performance was driven by a challenging economic environment, heightened competitive activity, and deflationary pressures. Total retail square footage at the end of the fourth quarter of fiscal 2010 was approximately 65.0 million, a 6.2 percent decrease from the fourth quarter of fiscal 2009. Total retail square footage, excluding store closures, increased 0.8 percent over the fourth quarter of fiscal 2009. Gross margin in the fourth quarter was $2.2 billion, or 23.4 percent of net sales, compared to $2.5 billion, or 22.9 percent of net sales last year. The change in gross margin as a percent of net sales primarily reflects additional investments in price fully offset by a LIFO credit, compared to a LIFO charge last year.
08:08
IPGP IPG Photonics announced the acquisition of privately-held, Germany-based Cosytronic KG (17.67 )
Co announced the acquisition of privately-held, Germany-based Cosytronic KG (COSY), a specialist in the joining technology with an emphasis on engineering know-how in automated welding turnkey solutions. The acquisition allows IPG to extend its product offerings to include a welding tool that integrates seamlessly with IPG's fiber laser.
08:06
WBSN Websense enables Formula One team to protect in real-time and prevent data leaks (24.38 +0.30)
Co announced that Red Bull Technology has selected Websense(R) Web Security Gateway to provide real-time Web protection and Websense Data Security Suite to protect from data loss. Websense Web Security Gateway will enable the Formula One group to manage dynamic Web 2.0 content and SSL traffic, scan for malware in real-time and block blended threats. The Websense Data Security Suite will be used in conjunction with the Websense Security Gateway by the organization to protect their valuable and sensitive information from accidental or malicious loss.
08:04
TSL Trina Solar to Supply Power for Belgian-European Pavilion at Shanghai World Expo (25.20 )
Co announces that its subsidiary, Changzhou Trina Solar Energy, has partnered with one of the largest and most experienced global renewable energy developers, Enfinity, to cover the roofs of the Belgian-European Pavilion and the Theme Pavilion at the 2010 Shanghai World Expo with the Company's modules.
08:04
ITW Illinois Tool beats by $0.06, reports revs in-line; guides Q2 EPS above consensus; guides FY10 EPS in-line (48.81 )
Reports Q1 (Mar) earnings of $0.63 per share, excluding tax adjustment, $0.06 better than the Thomson Reuters consensus of $0.57; revenues rose 67.5% year/year to $3.61 bln vs the $3.63 bln consensus. First quarter operating margins of 13.4% were 1050 basis points higher than the year-ago period. Excluding the impairment in the 2009 first quarter, first quarter 2010 operating margins would have been 760 basis points higher than the year-earlier period. Co issues upside guidance for Q2, sees EPS of $0.74-0.86 vs. $0.69 Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $2.72-3.08 (previous range $2.39-2.89) vs. $2.78 Thomson Reuters consensus.
08:02
APH Amphenol beats by $0.04, beats on revs; guides Q2 EPS above consensus, revs above consensus (44.02 )
Reports Q1 (Mar) earnings of $0.55 per share, $0.04 better than the Thomson Reuters consensus of $0.51; revenues rose 16.8% year/year to $770.9 mln vs the $749.2 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.60-$0.62 vs. $0.55 Thomson Reuters consensus; sees Q2 revs of $820-$835 mln vs. $786.61 mln Thomson Reuters consensus.
08:01
CRU Crude Carriers announces acquisition of two modern Suezmax tankers and expansion of its revolving credit facility (17.40 )
Co announces that it has agreed to acquire two modern sistership Suezmax-class oil tankers, the M/T Amoureux (150,393 dwt) and the M/T Aias (150,096 dwt) from unrelated third parties, for a total purchase price of $66.2 million per vessel. Crude Carriers expects to take delivery of both vessels, which were built in 2008 at Universal Shipbuilding Corporation in Japan, during May 2010. The co will finance the acquisition with cash and debt from its revolving credit facility and expects that the two vessels will trade in the spot market or under spot related employment terms. Co also announces that it has reached an agreement with Nordea Bank Finland Plc, London branch to expand its $100 mln revolving credit facility to a $150 mln revolving credit facility, including $10 mln which can be used for working capital purposes.
08:01
BVX Bovie Medical announces five year contract to sell Bovie products within the U.S. Government's Healthcare System (5.32 )
The co announces it has been awarded a contract by the General Services Administration (GSA). Bovie's Federal Supply Schedule (FSS) was awarded by the Office of Acquisition and Materiel Management's National Acquisition Center (NAC), located in Hines, Illinois. The NAC is the largest combined contracting entity within the Department of Veterans Affairs (VA) and is responsible for supporting the health care requirements of the VA as well as the needs of other Government agencies. The initial contract period is for five years. Under the terms of the contract, Bovie Medical Corporation products are available for sale throughout the entire federal healthcare continuum, the single largest healthcare provider in the United States, which includes 1,606 Veterans Healthcare facilities, Department of Defense medical treatment facilities, Health & Human Services (HHS) and other government agencies. The annual medical equipment/supply budget for these agencies is estimated to total in excess of $5 billion annually.
08:01
JEF Jefferies Group beats by $0.03, beats on revs (27.57 )
Reports Q1 (Mar) earnings of $0.36 per share, $0.03 better than the Thomson Reuters consensus of $0.33; revenues rose 70.5% year/year to $583 mln vs the $574.6 mln consensus. "We are pleased with the strength of our first quarter results, particularly the broad balance of revenues from each of our major business lines--Equities, Fixed Income and Investment Banking... This solid performance is the result of the ongoing commitment of Jefferies' 2,729 employee-partners, who have enabled us to begin 2010 with a great deal of momentum in serving our clients."
08:01
TGT Target to issue proprietary credit card to all new credit accounts (56.07 )
Co announced that all new qualified credit card applicants will receive the Target Credit Card, a credit product accepted at all Target stores and Target.com. Effective April 29, 2010, Target will no longer issue the Target Visa (V) Credit Card to new credit card applicants. Existing Target Visa Credit Card holders will not be affected.
08:00
LGND Ligand Pharma earns $6.5 million milestone payment from Roche (1.75 )
The co announces that it earned a $6.5 mln payment from Roche as a result of Roche progressing RG7348 into a Phase I clinical trial for the treatment of hepatitis C viral (HCV) infection. The milestone payment arises from a 2008 collaboration and license agreement between Roche and Metabasis Therapeutics, Inc. Ligand acquired Metabasis in January 2010. Ligand's net proceeds from the milestone payment will be approximately $2.3 million after paying $4.2 million to others including holders of the Ligand-issued "Roche" CVR.
08:00
NIV NIV IntelliMedia Tech Grp prices ~7.3 mln shares at $3.29 (3.63 )
08:00
JSDA Jones Soda: Target Stores offer Jones Soda Co.'s New GABA infused beverage nationwide (1.07 )
The co announces that retail giant Target has awarded Jones GABA flavors with merchandising space in stores nationwide. Jones ready-to-drink tea and juice blended beverages in Fuji Apple, Nectarine, Lemon Honey and Grapefruit, will hit shelves beginning in late May.
07:59
FNF Fidelity National announces sale of Sedgwick CMS (15.04 +0.29)
Co announced the signing of a definitive agreement under which it will sell its 32% equity ownership stake in Sedgwick Claims Management Services, to affiliates of Stone Point Capital LLC and Hellman & Friedman LLC. Under the terms of the definitive agreement, the total cash purchase price for Sedgwick, including repayment of debt, will be approximately $1.1 billion. FNF expects to receive net proceeds of approximately $220 million for its 32% equity ownership stake, resulting in a pre-tax gain of approximately $95 million. The transaction is expected to close during the second quarter of 2010, subject to customary closing conditions and the receipt of any necessary regulatory approvals.
07:53
MTG MGIC Investment reports EPS in-line, misses on revs (12.51 )
Reports Q1 (Mar) loss of $1.20 per share, in-line with the Thomson Reuters consensus of ($1.20); revenues fell 14.8% year/year to $370.8 mln vs the $393.4 mln consensus. At March 31, 2010, the percentage of loans that were delinquent, excluding bulk loans, was 15.38 percent, compared with 15.46 percent at December 31, 2009, and 10.59 percent at March 31, 2009. Including bulk loans, the percentage of loans that were delinquent at March 31, 2010 was 18.14 percent, compared to 18.41 percent at December 31, 2009, and 13.51 percent at March 31, 2009. Losses incurred in the first quarter were $454.5 million down from $757.9 million reported for the same period last year primarily due to a decrease in the default inventory. Losses incurred were materially mitigated by rescissions in both periods.
07:51
MTG MGIC Investment announces public offerings of $700 mln in common stock and $300 mln convertible senior notes (12.60 ) -Update-
Co announced that it has commenced a public offering of $700 mln of its common stock and $300 mln aggregate principal amount of its convertible senior notes due 2017. The convertible senior notes will be convertible into shares of the co's common stock. The co intends to grant to the underwriters a 30-day option to purchase up to an additional 15 percent of the number of shares offered and an option to purchase up to an additional $45 mln aggregate principal amount of the convertible senior notes. Neither the offering of the common stock nor the offering of convertible senior notes will be contingent on the completion of the other offering.
07:51
JNJ Johnson & Johnson beats by $0.02, reports revs in-line; lowers FY10 EPS guidance due to FX changes (66.03 )
Reports Q1 (Mar) earnings of $1.29 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $1.27; revenues rose 4.0% year/year to $15.63 bln vs the $15.62 bln consensus. Co lowers guidance for FY10 due to FX and exchange rate changes, sees EPS of $4.80-4.90, ex-items, vs. $4.90 Thomson Reuters consensus, down from $4.85-4.95 previously. Operational results declined 0.1% and the positive impact of currency was 4.1%. Domestic sales declined 5.0%, while international sales increased 14.4%, reflecting operational growth of 5.5% and a positive currency impact of 8.9%. Worldwide Consumer sales of $3.8 billion for the first quarter represented an increase of 1.5% versus the prior year consisting of a decrease of 3.7% operationally and a positive impact from currency of 5.2%. Domestic sales decreased 9.6%; international sales increased 11.1%, which reflected an operational increase of 1.4% and a positive currency impact of 9.7%. Worldwide Pharmaceutical sales of $5.6 billion for the first quarter represented a decrease of 2.5% versus the prior year consisting of an operational decline of 5.7% and a positive impact from currency of 3.2%. Domestic sales decreased 12.7%; international sales increased 15.5%, which reflected an operational increase of 6.6% and a positive currency impact of 8.9%.
07:43
ATAX America First Tax Exempt Investors announces public offering of 6 mln shares representing assigned limited partnership interests (6.00 )
07:39
RUK Reed Elsevier reaffirms trading outlook for 2010 (32.53 )
The co reaffirmed the trading outlook for 2010 set out in the 2009 Results Announcement in February. Business trends seen in the second half of 2009 are continuing in 2010, particularly with regard to late cycle effects in our relatively resilient professional markets. Advertising and promotion and certain other markets remain difficult although the rate of revenue decline is slowing as comparatives get easier. As previously stated, we expect to report a modest reduction in adjusted operating margin in 2010 due to a weak revenue environment and increased investment in legal markets. The late cycle effects and reduction in adjusted operating margin will most particularly impact the first half comparison. The first half will also see approximately 8% dilution to adjusted earnings per share from the July 2009 equity placing; the second half comparison will be largely unaffected as the earnings dilution from the placing was reflected in the 2009 second half.
07:38
NTRS Northern Trust misses by $0.08, reports revs in-line (58.37 )
Reports Q1 (Mar) earnings of $0.64 per share, $0.08 worse than the Thomson Reuters consensus of $0.72; revenues rose 0.4% year/year to $907.6 mln vs the $913.5 mln consensus. The provision for credit losses was $40.0 mln in the current quarter and net charge-offs totaled $30.6 mln. This compares to a provision of $55.0 mln and net charge-offs of $2.7 mln recorded in the prior year quarter. Trust, investment and other servicing fees from Corporate & Institutional Services (C&IS) increased 44% from the year-ago quarter to $297.3 mln. Trust, investment and other servicing fees from Personal Financial Services (PFS) totaled $217.8 mln in the current quarter, increasing 7% from $203.7 mln in the prior year quarter. "Northern Trust has shown exceptional resilience during this challenging economic period, as evidenced by our sustained growth in client assets. Assets under custody increased 31% over the past year to $3.7 trln and assets under management increased 24% to $647.3 bln. Although historically low interest rates created challenging headwinds, signs of economic recovery, growth in our client base, and our strong balance sheet and capital levels position Northern Trust for long term growth." Assets averaged $75.0 billion for the current quarter, down 3% from last year's first quarter average of $77.4 billion. Northern Trust's risk-based capital ratios remained strong at March 31, 2010, with the Corporation's tier 1 capital ratio of 13.4%, total risk-based capital ratio of 15.5%, and leverage ratio of 8.9% each exceeding the regulatory requirements for classification as a "well capitalized" institution established by U.S. banking regulators.
07:36
USB US Bancorp reports EPS in-line, misses on revs (27.61 )
Reports Q1 (Mar) earnings of $0.34 per share, in-line with the Thomson Reuters consensus of $0.34; revenues fell 1.3% year/year to $4.32 bln vs the $4.39 bln consensus. Significant growth in average deposits of 13.7 percent (4.5 percent excluding acquisitions) over the first quarter of 2009. Net interest margin of 3.90 percent for the first quarter of 2010, compared with 3.59 percent in the first quarter of 2009 (and 3.83 percent in the fourth quarter of 2009). Provision for credit losses exceeded net charge-offs by $175 million, or approximately 15 percent of net charge-offs for the quarter, resulting in an increase to the allowance for credit losses; Second consecutive quarterly decrease in the provision for credit losses; lowest level since the fourth quarter of 2008. Net charge-offs increased but the rate of growth decreased to only 2.3 percent on a linked quarter basis; Nonperforming assets increased but the rate of growth (excluding covered assets) decreased to 2.3 percent on a linked quarter basis. Early and late stage loan delinquencies (excluding covered loans) as a percentage of ending loan balances declined in all major loan categories on a linked quarter basis. Allowance to period-end loans (excluding covered loans) was 3.20 percent at March 31, 2010, compared with 3.04 percent at December 31, 2009. Allowance to nonperforming assets (excluding covered assets) was 136 percent at March 31, 2010, compared with 135 percent at December 31, 2009. Capital generation continues to strengthen capital position; ratios at March 31, 2010: Tier 1 capital ratio of 9.9 percent; Total risk-based capital ratio of 13.2 percent; Tier 1 common equity ratio of 7.1 percent.
07:35
AIRM Air Methods completes first Bell 429 helicopter medical interior (34.60 +0.01)
Co recently delivered the first medically equipped Bell 429 helicopter to Mercy One, its hospital-based services customer in Des Moines, Iowa. The Bell 429 medical interior can accommodate a single, dual, or specialty transport and the Roll-On Fold-Up Litter System loads through the aft clamshell doors. Combined with the large cabin, the medical interior design allows for full body access, optimizing patient care. The ability to carry two patients with both medical attendants at the head of the patient creates a more efficient medical environment.
07:34
AMTD TD Ameritrade beats by $0.03, reports revs in-line; guides FY10 EPS in-line (20.06 )
Reports Q2 (Mar) earnings of $0.27 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $0.24; revenues rose 20.9% year/year to $635.4 mln vs the $631.7 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.90-1.10 vs. $1.07 Thomson Reuters consensus.
07:33
KO Coca-Cola beats by $0.05, misses on revs (55.32 )
Reports Q1 (Mar) earnings of $0.80 per share, excluding non-recurring items, $0.05 better than the Thomson Reuters consensus of $0.75; revenues rose 5.0% year/year to $7.53 bln vs the $7.72 bln consensus, with comparable net revenues up 7%, reflecting a 2% impact due to the deconsolidation of certain entities required by a change in accounting guidance. Net revenues were further impacted by a 6% positive currency impact and a 3% increase in concentrate sales, partially offset by a 2% impact from price/mix. Net revenue was impacted during the quarter by geographic country mix as economic recovery in emerging markets continues to outpace the rest of the world. At the same time, we effectively executed our revenue growth management initiatives to realize positive pricing. This enabled us to grow global value share for the eleventh consecutive quarter while maintaining global volume share for the quarter. Unit case volume increasing a strong 3%, in line with our long-term volume target and underscoring the strength of our brands even as global macro economic challenges continue. We achieved broad-based international unit case volume growth of 5%. Eurasia and Africa unit case volume grew 11% with continued strong growth of 29% in India and 18% growth in Turkey. Pacific unit case volume grew 5%, cycling 4% in the prior year quarter, and Latin America unit case volume grew 4% with strong 12% growth in Brazil. Europe unit case volume was even with the prior year quarter.
07:32
DAL Delta Air Lines reports EPS in-line, misses on revs (13.18 )
Reports Q1 (Mar) loss of $0.23 per share, in-line with the Thomson Reuters consensus of ($0.23); revenues rose 2.5% year/year to $6.9 mln vs the $7008.8 mln consensus. For 2Q, co forecasts fuel price, including taxes and hedges $ 2.37; operating margin 8 - 10%; Capital expenditures $350 million; Total liquidity at end of period $6.0 billion. "Our strong operating cash flow this quarter allowed us to take important steps to strengthen our balance sheet by paying down $375 million in debt, while also increasing our liquidity," said Hank Halter, chief financial officer. "On the cost side, we successfully removed capacity-related costs from our system and remain on track to keep our non-fuel CASM flat for 2010 while still making important investments in our product and our people."
07:32
REED Reed's anticipates strong first quarter sales following on record fourth quarter revenues, which increased 21% over the prior year (1.69 )
Co announced that the it anticipates strong first quarter sales following on record fourth quarter revenues, which increased 21% over the prior year. "We are excited with our fourth quarter 2009 and first quarter 2010 revenue increases. Most of the revenue increases are a result of increases in our branded business. This year we should see continued growth from our core brands as well as significant growth from our new initiatives, including the 'Reed's Rx' line for nausea relief and our growing roster of private label accounts. We expect these newer initiatives, particularly the private label business, to start contributing significantly to revenue growth later this year. There are long lead times associated with getting private label relationships going with the large national chains we are pursuing," said Mr. Chris Reed, Founder, Chairman and CEO of Reed's, Inc. Added Mr. Reed, "We anticipate a minimum of 20% increase in revenues for fiscal 2010."
07:31
HRL Hormel Foods plans to close its Turlock plant; to take one-time charges in Q2 of approximately five cents (41.82 )
The co announces that it plans to close its Turlock, California plant by October 29, 2010. VALLEY FRESH canned meats are produced at this facility. Affected employees will receive severance pay and may have the opportunity to work at one of four other Hormel Foods facilities in California. A write-down in assets and employee related costs will result in a one-time charge to fiscal 2010 second quarter earnings per share of approximately five cents.
07:30
CLSN Celsion announces oral presentation of phase I ThermoDox data at 2010 IHPBA World Congress (5.44 )
Co announced that Dr. Thanjavur S. Ravikumar, from the Geisinger Health System and a principal investigator of the Phase I ThermoDox dose escalation trial, gave an oral presentation at the Liver Tumors Panel session of the 9th World Congress of the International Hepato-Pancreato-Biliary Association in Buenos Aires, Argentina. The presentation, titled "A Phase I Trial of ThermoDox in Patients Undergoing Radiofrequency Ablation of Liver Tumors," provided a summary of the data as well as illustrative patient case studies. The trial results not only support the use of ThermoDox plus RFA for the treatment of primary liver cancer, but also provide supportive evidence for Celsion to evaluate the effects of ThermoDox in patients with colorectal liver metastases. "Eight out of the twelve patients we treated in this study had CRLM, some of whom had as many as nine lesions with multi-focal disease," said Dr. Ravikumar. "ThermoDox is a unique therapy that is showing great promise in treating this very aggressive disease. I look forward to providing long-term follow-up and a publication at a future date."
07:30
DYAX Dyax sells rights to Xyntha royalty stream to Paul Capital Healthcare for up to $12 million (1.46 )
The co announces that it has sold its rights to royalties and other payments related to the commercialization of Xyntha by Pfizer (PFE), a licensee under the Company's phage display Licensing and Funded Research Program (LFRP), to an investment fund managed by Paul Capital Healthcare. Under the terms of this sale, Dyax received an upfront cash payment of $10 million and will be eligible to receive milestone payments totaling up to $2 million based on Xyntha sales in 2010 and 2011. A portion of the upfront cash payment was applied to Dyax's debt obligations under the LFRP and, net of this and other required payments, Dyax received approximately $6.8 million, exclusive of potential future milestone payments.
07:29
ASTE Astec Industries beats by $0.18, reports revs in-line (31.62 )
Reports Q1 (Mar) earnings of $0.39 per share, $0.18 better than the Thomson Reuters consensus of $0.21; revenues fell 5.6% year/year to $193.5 mln vs the $192.2 mln consensus. Domestic sales accounted for 67.0% and international sales for 33.0% of revenues during the first quarter of 2010 compared to 64.3% for domestic sales and 35.7% for international sales during the first quarter of 2009. The Company's backlog at March 31, 2010 was $134.8 million compared to $140.1 million at March 31, 2009 for a 3.8% decrease. "We continued to see weak volumes in each of our groups except the Mobile Asphalt Paving Group during the first quarter. However, due to cost reductions made in 2009, our net income improved. We believe we may have reached the bottom of the economic cycle in the fourth quarter of 2009 and hope to see modest improvements in the remainder of the year helped by more parts sales and an increase in international sales. Our customers continue to be reluctant to make large expenditures due to the uncertainty regarding state and federal taxes, healthcare reform, proposed "cap and trade" legislation and federal highway spending. As a result, we will continue to adjust our businesses to reach more international markets and different industries, such as mining and energy."
07:28
OMC Omnicom beats by $0.02, beats on revs (41.12 )
Reports Q1 (Mar) earnings of $0.52 per share, $0.02 better than the Thomson Reuters consensus of $0.50; revenues rose 6.3% year/year to $2.92 bln vs the $2.74 bln consensus.
07:28
On The Wires
Ducommun (DCO) announced that its Ducommun AeroStructures unit has been awarded a long-term contract by the Latecoere Group to furnish stretch-formed nose fairing assembly panels for the new Airbus A350... Knight Capital Group (NITE) announced the launch of Oasis, a smart order execution algorithm that sources small- and mid-cap liquidity, for European equities... Comaplex Minerals and Agnico-Eagle Mines Limited (AEM) jointly announced the extension of the exclusivity period under their previously announced agreement in principle whereby Agnico-Eagle would acquire all the shares of Comaplex that it does not already own. The exclusivity period has been extended from April 19, 2010 to May 3, 2010 to allow the parties to complete due diligence and documentation... Kingsway Financial Services (KFS) announced that it has previously acquired beneficial ownership of an aggregate of 121,000 preferred, retractable, redeemable, cumulative units of Kingsway Linked Return of Capital Trust at an average price of Cdn.$10.45 per Unit in cash, representing ~3.9% of the outstanding Units through a series of purchases on the Toronto Stock Exchange... ATS Medical (ATSI) manufacturer and marketer of cardiac surgery products and services announced the first commercial implant of the ATS 3f Aortic Bioprosthesis was recently completed by Liu Zhi Gang, MD at Fu Wai Hospital in Beijing, China.
07:25
GLDD Great Lakes Dredge & Dock announces position of Chief Operating Officer has been eliminated effective immediately; President of Dredging Operations has been created (5.39 )
07:21
STT State Street reports EPS in-line, misses on revs (47.25 )
Reports Q1 (Mar) operating basis earnings of $0.75 per share, in-line with the Thomson Reuters consensus of $0.75; operating basis revenues rose 4.4% year/year to $2.12 bln vs the $2.18 bln consensus. "We continue to believe we are well positioned against global growth opportunities and that, over economic and market cycles, we will maintain our long-term financial goals of operating-basis revenue growth of 8 percent to 12 percent, growth in operating-basis earnings per share of 10 percent to 15 percent, and operating-basis return on equity of between 14 percent and 17 percent." STT reports an unrealized loss on investment protfolio of $1.435 bln compared to a loss of $2.286 bln in Q4. Assets Under Management rose 0.9% q/q to $1.929 trl. Return on Common Equity was 10.0%, compared to 9.9% in Q4. Tier 1 capital ratio is 18.1%.
Servicing fees were up 15% to $880 million from $766 million in last year's first quarter. The increase was attributable primarily to new business as well as the increase in daily average equity valuations. Investment management fees, generated by State Street Global Advisors, were $226 million, up 25% from $181 million in the year-ago quarter. The increase in management fees was attributable primarily to the increase in average month-end equity valuations. Trading services revenue, which includes foreign exchange trading revenue and brokerage and other fees, was $242 million for the first quarter of 2010, down slightly from $245 million in the first quarter a year ago. Operating-basis expenses in the first quarter of 2010 increased 22% compared to the year-ago quarter due to increases in salaries and benefits expenses as well as other expenses.
07:18
VIVO Meridian Bioscience beats by $0.01, misses on revs; reaffirms FY10 EPS guidance, revs guidance (19.40 )
Reports Q2 (Mar) earnings of $0.15 per share, $0.01 better than the Thomson Reuters consensus of $0.14; revenues fell 6.6% year/year to $31.1 mln vs the $31.7 mln consensus. Co reaffirms guidance for FY10, sees EPS of $0.70-$0.80 vs. $0.76 Thomson Reuters consensus; sees FY10 revs of $145-$153 mln vs. $149.01 mln Thomson Reuters consensus. As reported earlier by the co, they have increased their "efforts to find attractive acquisitions and the results of this activity look promising."
07:14
MICC Millicom Int'l reports 1Q10 basic EPS of $1.43 per share; revenue increased 16% year/year to $905.0 mln (no estimates available) (87.15 )
07:13
RF Regions Fincl beats by $0.06 (8.33 )
Reports Q1 (Mar) loss of $0.21 per share, $0.06 better than the Thomson Reuters consensus of ($0.27), reflecting stabilizing net charge-offs and minimal reserve build. Inflows of non-performing loans declined for third consecutive quarter. Net interest margin improved to 2.77% driven by 15 bps improvement in average deposit cost to 1%; net interest margin expected to rise to 3.00% by year-end 2010. Non-performing assets, excluding loans held for sale, increased $221 mln, or 5.4%, linked quarter, marking the third consecutive quarter of moderation in the overall growth rate. Net loan charge-offs remain relatively stable at $700 mln or an annualized 3.16% of average loans. Allowance for credit losses increased to 3.69% of loans with $770 mln provision for loan losses exceeding net charge-offs by $70 mln. Tier 1 Capital ratio was an estimated 11.7%, while the Tier 1 Common ratio stood at an estimated 7.1%. Both ratios were essentially unchanged versus the previous quarter. Morgan Keegan net income rises 39% linked quarter; solid private client, equity capital markets and trust revenues; reduced operating costs. "During the first quarter, asset quality continued to stabilize and deposit growth remained strong; however, substantial credit costs continued to more than offset the underlying strength of our core business. Despite the strong fundamentals of our business, we are not satisfied with our financial performance and we remain intensely focused on returning the company to profitability. In addition to restoring financial performance, we will continue to focus on serving our customers, continue to de-risk our balance sheet and implement best-in-class risk management practices."
07:12
GILD Gilead Sciences terminates Ph. II clinical trial of GS 9450 in patients with chronic hepatitis C (45.74 )
Co announces they are stopping its ongoing Phase II clinical trial of GS 9450, an investigational caspase inhibitor, in patients with chronic hepatitis C. This decision follows reports of significant laboratory abnormalities and adverse events in a number of clinical study participants. Gilead will be conducting a thorough review of all available data to assess future clinical development of the compound.
07:10
PH Parker-Hannifin beats by $0.17, beats on revs; guides FY10 EPS above consensus (69.39 )
Reports Q3 (Mar) earnings of $0.94 per share, $0.17 better than the Thomson Reuters consensus of $0.77; revenues rose 13.0% year/year to $2.6 bln vs the $2.51 bln consensus. Co raises guidance for FY10, sees EPS of $2.95-3.15 up from $2.40-$2.80 vs. $2.75 Thomson Reuters consensus. Co says "Order levels are improving across most of our markets and regions, which give us confidence that the global economic recovery is sustainable. Current demand levels will support continued positive financial performance for the remainder of the fiscal year. The company will continue to focus on driving margin performance, generating strong cash flow and serving our customers globally."
07:09
CALD Callidus Software announces pay-as-you-go sales performance management (3.37 -0.01)
Co announced today the industry's first "pay-as-you-go" pricing option for its Sales Performance Management suite, the Monaco release. With the new option, customers can get the full-featured, best-of-class SPM solution suite with low entry costs, through monthly subscription. The new purchasing offer is available for deployments of up to 200 payees. Customers can subscribe on a month-to-month basis, with a 30-day cancellation option.
07:07
SNA Snap-On beats by $0.11, beats on revs (44.80 )
Reports Q1 (Mar) earnings of $0.63 per share, $0.11 better than the Thomson Reuters consensus of $0.52; revenues rose 8.6% year/year to $621.6 mln vs the $585.7 mln consensus. The company believes that it will continue to realize further benefits in 2010 from its RCI, sourcing and other cost reduction initiatives. Snap-on also anticipates continuing with its planned strategic investments, including expansion in emerging growth markets. The company continues to anticipate capital expenditures in 2010 to be in a range of $55 million to $60 million, of which $5.7 million was incurred in the first quarter. The company continues to expect to incur $5 million per quarter of higher year-over year pension expense in 2010. For full year 2010, the anticipated effective income tax rate will approximate 34.5%. Snap-on is encouraged by its first quarter 2010 results and with trends in certain markets and businesses; however, challenges remain due to ongoing difficulties in the current global economy. As a result, the company intends to continue its efforts of striking a balance between investing in and capturing growth opportunities with the need for cost reduction actions beyond those already implemented.
07:07
HOG Harley-Davidson beats by $0.07, beats on revs (32.77 )
Reports Q1 (Mar) earnings of $0.29 per share, $0.07 better than the Thomson Reuters consensus of $0.22; revenues fell 18.9% year/year to $1.04 bln vs the $1.02 bln consensus. Worldwide retail sales of new Harley-Davidson motorcycles declined 18.2% in the quarter compared to the first quarter of 2009, an improvement in the rate of decline from the prior three quarters. In the U.S., retail Harley-Davidson motorcycle sales were down 24.3% and in international markets, retail sales declined 2.8%, compared to last year's first quarter. The co shipped 53,674 Harley-Davidson motorcycles to dealers and distributors worldwide during the quarter (guidance was 52,000-57,000), compared to shipments of 74,670 motorcycles in the first quarter of 2009. The Company reiterated its expectation to ship 201,000 to 212,000 Harley-Davidson motorcycles to dealers and distributors worldwide in 2010, a reduction of five to ten percent from 2009. In the second quarter of 2010, the Company expects to ship 55,000 to 60,000 Harley-Davidson motorcycles. The Company continues to expect gross margin to be between 32% and 33.5% for the full year. Co says previously announced restructuring activities that began in 2009 are proceeding on schedule and on budget. The co continues to expect those activities to result in total one-time charges of $430 to $460 mln into 2012.
07:06
GS Goldman Sachs beats by $1.58, beats on revs (163.32 )
Reports Q1 (Mar) earnings of $5.59 per share, $1.58 better than the Thomson Reuters consensus of $4.01; revenues rose 35.5% year/year to $12.78 bln vs the $11.07 bln consensus. Net revenues in Investment Banking were $1.18 bln, 44% higher than the first quarter of 2009 and 28% lower than the fourth quarter of 2009. Net revenues in Financial Advisory were $464 mln, 12% lower than the first quarter of 2009, reflecting a decline in industry-wide completed mergers and acquisitions. Net revenues in the firm's Underwriting business were $720 mln, more than double the amount in the first quarter of 2009. Net revenues in equity underwriting were significantly higher, primarily reflecting a significant increase in industry-wide equity and equity-related offerings compared with a difficult first quarter of 2009. Net revenues in debt underwriting were also significantly higher, primarily reflecting an increase in leveraged finance activity. The firm's investment banking transaction backlog was essentially unchanged compared with the end of 2009. Net revenues in Trading and Principal Investments were $10.25 bln, 43% higher than the first quarter of 2009 and 60% higher than the fourth quarter of 2009. Net revenues in FICC were $7.39 bln, 13% higher than the first quarter of 2009, reflecting strength in the client franchise. These results reflected strong performances in credit products, mortgages and currencies, which were each significantly higher compared with the first quarter of 2009. Net revenues in Equities were $2.35 bln, 18% higher than the first quarter of 2009. These results reflected strong net revenues in derivatives, which were significantly higher than the first quarter of 2009. Net revenues in Asset Management and Securities Services were $1.34 bln, 8% lower than the first quarter of 2009 and 14% lower than the fourth quarter of 2009. Co repurchased 13.2 mln shares of its common stock at an average cost per share of $172.15, for a total cost of $2.27 bln. Including the effect of these share repurchases, common shareholders' equity increased $2.23 bln during the quarter. The firm's Tier 1 capital ratio under Basel I was 15.0% as of March 31, 2010. The firm's Tier 1 common ratio under Basel I was 12.4% as of March 31, 2010. Book value per common share increased 4% during the quarter to $122.52 and tangible book value per common share increased 3% during the quarter to $111.41.
07:06
EAT Brinker misses by $0.05, misses on revs (20.33 )
Reports Q3 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.05 worse than the Thomson Reuters consensus of $0.42; revenues fell 7.8% year/year to $713.4 mln vs the $791 mln consensus. Including On The Border Mexican Grill & Cantina, EPS before special items was $0.42 for 3Q10. The costs associated with implementing the new Chili's menu lowered earnings by approximately $5.0 million before tax, weather negatively impacted comparable restaurant sales by approx 90 basis points and the resolution of certain tax positions resulted in a positive impact of approx $3.0 million to tax expense for the quarter.
07:06
CPBY China Information Security Technology Wins One-Third Market Share in the Initial Roll-out of National Standards for Police-use GIS across China (6.17 )
Co announces that it recently signed contracts valued at approximately US$6 million, with 6 cities and provinces including Shanghai, Shenzhen, Zhuhai, Jiangxi, Hunan and Guangxi, for the installation of their core police-use geographic information systems platform under the initial roll-out of China's National PGIS Standardization Project. The contracts are expected to be completed by the end of 2010.
07:06
MGI Moneygram International expands mobile money transfer service to 40,000 U.S. agent locations (3.30 -0.08)
Co announced the expansion of its mobile transfer service to approximately 40,000 agent locations in the United States. The expansion follows its pilot program offered from select California and Hong Kong agent locations to 40 million Philippines SMART phone users. "Filipinos around the world continue to look for opportunities to meet their financial needs. Our goal is to provide these workers with the most affordable, reliable and convenient money transfer services, which includes sending funds direct to mobile accounts."
07:04
ACOR Acorda Therapeutics announces investigational New Drug Application accepted for GGF2 for treatment of heart failure (37.85 )
Co announced plans to initiate a Phase 1 single-dose clinical trial of the Company's compound, Glial Growth Factor 2 (GGF2), in patients with heart failure in mid-2010, based on an IND filed with the U.S. Food and Drug Administration (FDA) on March 19, 2010. GGF2 has been shown to protect heart muscle and restore cardiac function in preclinical models of heart failure, myocardial infarction and cardiotoxicity.
07:04
ALNY Alnylam Pharma and collaborators demonstrate regression of Pathogenic Transthyretin Amyloid deposits following treatment with an RNAi Therapeutic in an animal model of TTR-mediated amyloidosis (16.99 )
Co presented new pre-clinical data from its ALN-TTR program at the XII International Symposium on Amyloidosis in Rome on April 18 - 21, 2010. ALN-TTR01 is a systemically delivered RNAi therapeutic being developed for the treatment of transthyretin-mediated amyloidosis, including familial amyloidotic polyneuropathy and familial amyloidotic cardiomyopathy. These new pre-clinical data demonstrate - for the first time - that treatment with an RNAi therapeutic can result in regression of pre-existing pathogenic TTR deposits in peripheral tissues. Additional pre-clinical data presented at the meeting demonstrated the potential application of TTR-specific siRNA for the treatment of ocular disease in ATTR.
07:03
HGSI Human Genome and GlaxoSmithKline (GSK) announce topline 76-week results of Phase 3 trial of Benlysta in Systemic Lupus Erythematosus (31.49 )
The co and GSK announce topline secondary endpoints from BLISS-76, the second of two pivotal Phase 3 trials of BENLYSTA (belimumab) in seropositive patients with systemic lupus erythematosus (SLE). BENLYSTA 10 mg/kg already met its primary efficacy endpoint at Week 52 in both BLISS-52 and BLISS-76, as announced in July and November 2009. At Week 76 in the BLISS-76 study, belimumab plus standard of care showed higher response rates compared with placebo plus standard of care as measured by the SLE Responder Index; however, this secondary endpoint did not reach statistical significance. Study results also showed that belimumab continued to be generally well tolerated, as demonstrated by a similar rate of discontinuations due to adverse events across treatment groups, with overall adverse event rates comparable between belimumab and placebo treatment groups.
07:02
DCO Ducommun announces contract for A350 nose fairing assembly panels with latecoere group (23.21 +0.20)
Co announced that its Ducommun AeroStructures unit has been awarded a long-term contract by the Latecoere Group to furnish stretch-formed nose fairing assembly panels for the new Airbus A350. The initial contract will run through 2016, with the first set of panels due to be delivered in the third quarter of 2010.
07:01
QLTI QLT Inc announces interim results from Phase 1b study of its oral synthetic retinoid compound in leber congenital amaurosis (5.83 )
The co announces interim results from the first 3 subjects enrolled in a Phase 1b clinical proof-of-concept study of QLT091001 in the treatment of Leber congenital amaurosis (LCA), an inherited progressive retinal degenerative disease that leads to retinal dysfunction and significant visual impairment beginning at birth... Three subjects aged 10, 12, and 38 years, all of whom have a genetic mutation in LRAT, have been enrolled and treated to date. After 7 days of treatment with QLT091001, all of the subjects experienced clinically relevant improvements in one or more visual function parameters, including best-corrected visual acuity, Goldmann visual field, and/or retinal sensitivity as measured by full-field sensitivity threshold testing. Subjects have also reported meaningful improvements in their visual performance related to tasks of daily living. The onset of visual changes was rapid and there was progressive improvement beyond the 7 days of treatment, with some effects persisting for up to 4 months after treatment was completed. Improvements were most pronounced in the youngest subject, but clinically relevant changes were also noted in the one adult subject treated to date. The study treatment has been well-tolerated, with mild to moderate adverse events observed including transient headache and photophobia, and an increase in triglyceride levels. The study is ongoing and will enroll additional subjects, including those who have LCA due to mutations in RPE65. Because of the prolonged treatment effects, the study will also continue to gather longer-term follow-up data on these subjects. Completion of the current trial is expected before year end.
07:00
SGEN Seattle Genetics to receive $9.5 mln payment from Genentech to extend antibody-drug conjugate collaboration (11.52 )
Co announced that Genentech, Inc., a wholly owned member of the Roche Group (RHHBY), will pay $9.5 mln to renew exclusive licenses to specific targets and extend the research term under the parties' existing antibody-drug conjugate collaboration agreement. Under the terms of the agreement, Genentech has rights to use Seattle Genetics' ADC technology with antibodies against targets selected by Genentech. Genentech is responsible for research, product development, manufacturing and commercialization. Seattle Genetics is entitled to receive fees, progress-dependent milestone payments and royalties on net sales of any resulting ADC products.
06:59
ETN Eaton beats by $0.22, beats on revs; guides Q2 EPS above consensus; raises FY10 EPS above consensus (79.15 )
Reports Q1 (Mar) earnings of $1.05 per share, ex-items, $0.22 better than the Thomson Reuters consensus of $0.83; revenues rose 10.3% year/year to $3.1 bln vs the $3.06 bln consensus. Co issues upside guidance for Q2, sees EPS of $1.10-1.20, ex-items vs. $0.95 Thomson Reuters consensus. Co raises guidance for FY10, sees EPS of $4.30-4.60, ex-items vs. $4.04 Thomson Reuters consensus, up from $3.70-4.00 previously. "We had a strong first quarter, above the high end of our earnings guidance, despite absorbing the Medicare Part D tax charge. The expanding world economy drove growth in most of our markets and our newly-reset cost structure allowed us to realize attractive incremental margins. The sales growth in the first quarter of 10 percent consisted of 5 percent organic growth and 5 percent growth due to higher foreign exchange rates. Our end markets grew 4 percent in the first quarter compared to the first quarter of 2009. We now anticipate our end markets for all of 2010 will grow by 6 percent. In general, we are seeing the strongest growth in Asia and Brazil, while many U.S. markets are starting to accelerate and Europe is recovering more modestly."
06:36
WWW Wolverine beats by $0.07, beats on revs; guides FY10 EPS in-line, revs in-line (31.27 )
Reports Q1 (Mar) earnings of $0.56 per share, $0.07 better than the Thomson Reuters consensus of $0.49. Co raises guidance for FY10, sees EPS of $1.92-2.00 up from $1.88-1.96 vs. $1.98 Thomson Reuters consensus; sees FY10 revs of $1.16-1.19 bln up from $1.14-1.17 bln vs. $1.17 bln Thomson Reuters consensus.
06:33
AOS A.O. Smith beats by $0.03, misses on revs; reaffirms FY10 EPS guidance (55.83 )
Reports Q1 (Mar) earnings of $1.01 per share, $0.03 better than the Thomson Reuters consensus of $0.98; revenues rose 8.7% year/year to $523.4 mln vs the $536.7 mln consensus. Co reaffirms guidance for FY10, sees EPS of $3.20-3.40 vs. $3.51 Thomson Reuters consensus. Co says "The first quarter provides further evidence that our business is continuing to recover in spite of the ongoing weakness in the domestic residential and commercial construction markets. China remains a bright spot, and we expect additional contributions later this year from our seasonal electric motor business," Jones said. "We expect the positive trends will outweigh the uncertainties caused by volatile commodity costs and consequently believe earnings will range between $3.20 and $3.40 per share in 2010."
06:30
ANGO AngioDynamics announces first patient treatment and ongoing enrollment in the clinical trial of the use of IRE technology in the treatment of early stage primary liver cancer (16.01 )
06:21
S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +7.50.
06:21
Asian Markets
Nikkei...10900.68...-8.10...-0.10%. Hang Seng...21623.28...+218.20...+1.00%.
06:21
European Markets
FTSE...5756.31...+28.40...+0.50%. DAX...6200.10...+37.80...+0.60%.
06:12
SUSS Susser provides 1Q10 operating results update (9.19 )
Co expects to report same-store merchandise sales growth for the first quarter of 2010 of approx 2.5%. Retail average per-store fuel volumes are expected to decline by 0.2% year-over-year.
06:11
NTSC Nat'l Technical Systems names Donald Tringali Chairman (5.50 )
06:06
ORB Orbital Sciences beats by $0.01, beats on revs; guides FY10 EPS in-line, revs in-line (19.13 )
Reports Q1 (Mar) earnings of $0.16 per share, $0.01 better than the Thomson Reuters consensus of $0.15; revenues rose 0.2% year/year to $296.2 mln vs the $280.2 mln consensus. Co issues in-line guidance for FY10, reaffirms EPS of $0.70-0.80 vs. $0.78 Thomson Reuters consensus; riases FY10 revs to $1.225 bln -1.275 bln up from $1.175-1.225bln vs. $1.24 bln Thomson Reuters consensus.
06:03
STE Steris announces it has reached an agreement with the FDA on the terms of a consent decree (35.85 )
Co announces it has reached an agreement with the FDA on the terms of a consent decree regarding its SYSTEM 1 liquid chemical sterilization system. Included in the agreement is a Transition Plan with a Rebate Program for current SYSTEM 1 Customers in the U.S. The consent decree is subject to approval by the U.S. District Court for the Northern District of Ohio. In general, the agreement resolves the government's complaint relating to the FDA's allegations in its May 2008 warning letter, prohibits the sale of liquid chemical sterilization or disinfection products that do not have FDA clearance, formalizes STERIS's Rebate Program and the continued support of SYSTEM 1 Customers during the FDA authorized transition time period, and describes various process and compliance issues.
04:17
EDU New Oriental Education & Technology beats by $0.06, beats on revs; guides Q4 revs in-line (92.01 )
Reports Q3 (Feb) earnings of $0.36 per share, includes share-based compensation expenses, $0.06 better than the Thomson Reuters consensus of $0.30; revenues rose 36.4% year/year to $89.2 mln vs the $85.3 mln consensus. Co issues in-line guidance for Q4, sees Q4 revs of $75.5-78.4 mln vs. $77.08 mln Thomson Reuters consensus.
02:16
CCK Crown Hldgs beats by $0.03, misses on revs (27.13 )
Reports Q1 (Mar) earnings of $0.30 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $0.27; revenues rose 5.5% year/year to $1.78 bln vs the $1.8 bln consensus.
02:15
ALGT Allegiant Travel beats by $0.03, beats on revs (56.17 )
Reports Q1 (Mar) earnings of $1.12 per share, $0.03 better than the Thomson Reuters consensus of $1.09; revenues rose 19.4% year/year to $169.6 mln vs the $165.7 mln consensus. Load factor was 91.7% during 1Q10 vs 90.8% in 1Q09.
02:10
On The Wires
IMAX (IMAX) and Tokyu Recreation, the owner of 109 Cinemas, announce a new joint venture agreement to install five digital IMAX theatre systems in Japan. The agreement builds on the success of IMAX's current joint venture partnership with the exhibitor, which includes four IMAX theatres that were installed in 2009... Samson Oil & Gas Ltd (SSN)advises that it expects to be drilling the Gary #1-24H well in mid to late May 2010. The Gary #1-24H is expected to spud in around mid to late May; the precise timing is dependent on the progress that is made on the prior well... Live Nation (LYV) announces launch of $250 mln senior notes offering... ATP Oil & Gas (ATPG) prices private offering of $1.5 bln aggregate principal amount of senior second lien notes due 2015.
02:05
PNFP Pinnacle Finl misses by $0.17, misses on revs (17.94 )
Reports Q1 (Mar) loss of $0.16 per share, $0.17 worse than the Thomson Reuters consensus of $0.01; revenues rose 7.7% year/year to $45.1 mln vs the $46.4 mln consensus. Allowance for loan losses represented 2.59% of total loans at March 31, 2010, compared to 2.58% at Dec. 31, 2009, and 1.30 percent a year ago. Provision for loan losses was $13.23 million for the first quarter of 2010, compared to $13.61 million for the first quarter of 2009.
02:03
OIIM O2Micro receives ruling in ITC case (7.40 )
Co announces that the Administrative Law Judge for the U.S. International Trade Commission issued an Initial Determination regarding respondents Monolithic Power Systems (MPWR), Microsemi (MSCC), and ASUSTek. The ALJ determined that none of the Respondents in the investigation violated Section 337 (19 U.S.C. 1337). The ALJ's ruling is an Initial Determination on the Respondents' activities as they relate to a single O2Micro patent. If the Commission grants a petition for review, it may affirm, modify, reverse, set aside, or remand all or part of the ALJ's decision in developing the full final determination.
01:59
CKR CKE Restaurants declares takeover proposal superior; gives notice that it is prepared to terminate the merger agreement with affiliates of Thomas H. Lee Partners, LP (11.99 )
Co announces that, on April 18, 2010, the party previously designated as an "Excluded Party", as such term is defined in the Agreement and Plan of Merger, dated as of February 26, 2010, by and among CKE Restaurants, Western Acquisition Holdings, and Western Acquisition Corp., submitted a formal binding offer for the acquisition of the CKR in which the stockholders would receive $12.55 per share in cash. The Excluded Party Proposal included an Agreement and Plan of Merger, a Limited Guarantee and Company Stockholder Voting Agreements, all of which were executed by the Excluded Party and certain of its affiliates. The Excluded Party Proposal expires upon certain events, including the co's failure to accept, execute and deliver the Proposed Transaction Documents to the Excluded Party by 12:01 a.m. EST on April 24, 2010. On April 19, 2010, CKR's Board of Directors determined, in accordance with the terms of the Current Merger Agreement, that the Excluded Party Proposal constitutes a "superior proposal" as such term is defined in the Current Merger Agreement. In making this determination, the co's Board of Directors was assisted by its financial advisor and outside legal counsel. Co also gives notice that they are prepared to terminate the merger agreement with affiliates of Thomas H. Lee Partners, LP.
18:55
PAAS Pan Am Silver reports on Q1 silver and gold production (25.13 +0.20)
Consolidated silver production was 3% behind 2010's forecast for the first quarter, whereas gold production was almost 8,000 ounces above plan. Cash costs for the first three months of 2010 were approximately $4.50 per ounce, well below the Company's forecast of $6.40 per ounce(1) for the full year. Better than expected gold production primarily from the Manantial Espejo mine in Argentina and higher than predicted gold prices were the key contributors to the lower cash costs. Based on the first quarter's performance, Pan American still expects to achieve its full year silver production forecast of 23.4 million ounces. It is expected that production from Huaron will continue to be adversely affected by the difficult ground conditions until the third quarter of the year and thus the mine will likely fall short of its full year silver production target. However, better than anticipated silver ore grades at Alamo Dorado and San Vicente are also likely to continue and should entirely offset Huaron's shortfall for the year.
17:56
STLD Steel Dynamics beats by $0.03, beats on revs (17.52 +0.00)
Reports Q1 (Mar) earnings of $0.29 per share, $0.03 better than the Thomson Reuters consensus of $0.26; revenues rose 91.0% year/year to $1.55 bln vs the $1.37 bln consensus. "In the first quarter, the company's steel operations gained momentum, producing operating income of $138 million, or $99 per ton shipped, while OmniSource, which benefitted from increased volumes and higher scrap prices, achieved operating income of $43 million during the quarter. As we continue to compete aggressively for orders, our employees have moved quickly to ramp up production as opportunities arise, shipping quality products to meet customer needs while doing an excellent job in controlling costs."
17:52
TRC Tejon Ranch announces plans for rights offering to stockholders (30.07 -0.07)
Co announced that it filed a registration statement for a rights offering in which stockholders will receive transferable rights to purchase additional shares of Tejon common stock, par value $0.50 per share, at a discount from the market price at the time the offering commences. The rights will be issued to all shareholders as of a record date, which has yet to be determined. The subscription price has also yet to be determined. Tejon will provide notice of the record date and subscription price in the future at such time as they are determined. Assuming the rights offering is fully subscribed, Tejon currently expects the gross proceeds of the offering to be approximately $50 million.
17:49
CR Crane beats by $0.06, beats on revs; sees FY10 EPS at high end of previous guidance (36.26 -0.18)
Reports Q1 (Mar) earnings of $0.56 per share, $0.06 better than the Thomson Reuters consensus of $0.50; revenues fell 4.5% year/year to $530.3 mln vs the $519.6 mln consensus. "With better than anticipated results in the first quarter and current order trends, we now expect 2010 earnings per share to reach the high end of our guidance range of $2.15 to $2.35." ($2.32 Thomson Reuters consensus)
17:41
GPRE Green Plains Renewable Energy enters into definitive agreements to acquire agribusiness operations in West Tennessee; terms not disclosed (14.69 -0.01)
17:39
BRO Brown & Brown beats by $0.01, reports revs in-line (18.90 +0.31)
Reports Q1 (Mar) earnings of $0.31 per share, $0.01 better than the Thomson Reuters consensus of $0.30; revenues fell 4.3% year/year to $252.3 mln vs the $250.2 mln consensus. "We continue to accrete cash to a record level in the Company and we remain committed to acquiring quality agencies. An improving economy is an important component of a robust merger and acquisition environment."
17:33
NBS Neostem files mixed shelf offering for up $45 mln (1.98 -0.04)
17:30
XOMA XOMA 052 shows potent in vitro inhibition of interleukin-6 production in human myeloma cells (0.71 -0.01)
Co announced that independent researchers today presented results showing that XOMA's antibody to interleukin-1 beta (IL-1 beta), XOMA 052, was highly effective in reducing production of a protein that supports the proliferation of cancerous human myeloma cells in vitro. These results are consistent with a 47 patient clinical trial in early-stage myeloma patients which demonstrated that IL-1 blockade with IL-1 receptor antagonist Kineret(R) (anakinra) in combination with standard therapy improved progression-free survival.
17:21
RLI RLI Corp misses by $0.02 (59.49 +0.63)
Reports Q1 (Mar) earnings of $0.94 per share, $0.02 worse than the Thomson Reuters consensus of $0.96. "Our outstanding combined ratio demonstrates our ability to navigate in challenging market conditions, which carried through the 1st quarter... We continue our efforts to diversify RLI's products, reflected in premium growth in our property and surety segments. Our investment in talented people and systems capabilities will serve us well as we remain committed to future opportunities for market and product expansion."
17:03
ATPG ATP Oil & Gas received approval for the commingling of two zones at the Atwater Valley 63 #4 well (21.89 -0.84)
Co announced that subsequent to its initial startup at the Telemark Hub, it has received approval from the Minerals Management Service for the commingling of two zones at the Atwater Valley 63 #4 well. Operations will commence on the Mississippi Canyon 941 #3 well with completion estimated for later this quarter. Co owns a 100% working interest in the Telemark Hub and is the operator.
17:03
CLF Cliffs Natural Resources Inc. names William McFadden vice president (68.71 -1.53)
Co announced the appointment of William J. McFadden as a vice president, Commercial, North American Iron Ore, for Cliffs Sales Company. Mr. McFadden joins Cliffs with extensive experience in raw materials procurement and transportation logistics, having most recently supported U.S. Steel's North American operations as general manager, raw materials.
17:01
POM Pepco Hldgs subsidiary, Pepco Energy Services, chosen by the U.S. Army Military District of Washington to implement a $31 mln comprehensive energy and maintenance savings performance contracting project for the Henderson Hall Marine Corps Base (16.83 +0.16)
17:00
CENX Century Aluminum's Nordural operations not impacted by Icelandic volcanic activity (14.81 -0.33)
Co confirmed that ongoing eruptions from the Eyjafjallajokull Volcano are having no impact on Nordural's Icelandic operations. The Eyjafjallajokull Volcano is located ~100 miles to the east of Nordural's Grundartangi smelter operations. Co owns primary aluminum capacity in the United States and Iceland.
16:52
PKG Packaging Corp beats by $0.01, beats on revs; guides Q2 EPS below consensus (24.68 -0.64)
Reports Q1 (Mar) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.11; revenues rose 7.6% year/year to $551 mln vs the $538.5 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.30 vs. $0.33 Thomson Reuters consensus. "Looking ahead to the second quarter, earnings are expected to be significantly higher driven primarily by higher containerboard and corrugated products pricing from our first quarter and our announced second quarter price increases. However, most of the earnings benefit from the second quarter price increases will not be realized until the third quarter when the pass-through to boxes is completed. We also expect higher box shipments and lower energy and wood fiber costs. Our Valdosta, Filer City and Tomahawk mills will be down for their annual maintenance outages during the quarter which will reduce production and increase costs. Considering all of these items, we currently estimate our second quarter earnings at about $0.30 per share."
16:48
ESLR Evergreen Solar sees Q1 revs of $78.5 mln vs $73.60 mln Thomson Reuters consensus (1.18 +0.06)
The co announces preliminary unaudited selected financial results for the first quarter of 2010, ended April 3, 2010. Shipments for the first quarter of 2010 increased to a new Company record of approximately 35.4 megawatts. Revenues for the quarter were approximately $78.5 million vs $73.60 mln Thomson Reuters consensus and average selling price was approximately $2.20 per watt. Manufacturing costs were approximately $2.05 per watt, which is consistent with the fourth quarter of 2009. Richard M. Feldt, Chairman, CEO and President stated, "Operationally, our Devens facility is performing very well, and as a result, we expect production and sales to increase to between 37 to 38 megawatts for the second quarter of 2010. Overall, demand for our product in the first quarter was strong and our selling prices decreased modestly by approximately 4% from the fourth quarter of 2009, mostly due to the stronger US dollar. Furthermore, our ongoing dialog with customers indicates that overall demand for our products in 2010 is expected to be consistent with the initial forecast of 175 megawatts we provided in February." Mr. Feldt added, "Our progress in Wuhan, China is on schedule and we expect to begin production in mid 2010. I am particularly pleased to report that we produced our first wafers from Quad furnaces initially being used for training purposes, which were installed in Wuhan in mid-March."
16:34
MRGE Merge Healthcare announces pricing of $200 million senior secured notes (2.56 +0.01)
The co announces the pricing of its $200 million aggregate principal amount of 11.75% senior secured notes due 2015. The issue price is 97.266% of the principal amount of the notes.
16:32
LNCR Lincare beats by $0.07, reports revs in-line (47.20 -0.07)
Reports Q1 (Mar) earnings of $0.67 per share, $0.07 better than the Thomson Reuters consensus of $0.60; revenues rose 10.5% year/year to $410 mln vs the $410.7 mln consensus. "We are pleased with Lincare's operating and financial performance in the first quarter of 2010. As the year progresses, we look forward to building on our market share gains and driving earnings growth through organic expansion, selective acquisitions and other strategic opportunities."
16:30
MYGN Myriad Genetics study shows PTEN gene is useful in predicting prostate cancer recurrence (22.78 -0.31)
Co said results from a recent study indicate that expression of the PTEN gene may be clinically useful in assessing a man's risk of prostate cancer recurrence after radical prostatectomy. The study examined prostate tumor tissue from 132 patients for which 5-year follow-up data were available following prostatectomy surgery. PTEN protein expression was determined by immunohistochemisty, and was predictive of biochemical recurrence of prostate cancer in this patient group. In addition, the analysis of the PTEN gene and the loss of PTEN function was predictive of patient survival outcome at a statistically significant level after adjusting for tumor stage (p-value = 0.009), suggesting that PTEN status provides additional prognostic information not otherwise available to physicians.
16:25
FALC FalconStor Sftwr scheduled to resume trading at 16:40 ET (3.26 -0.15) -Update-
16:20
ZION Zions Bancorp beats by $0.38 (25.43 -0.10)
Reports Q1 (Mar) loss of $0.57 per share, $0.38 better than the Thomson Reuters consensus of ($0.95). Gross loan charge-offs fell 30.2% to $248.3 million compared to $355.6 million in the fourth quarter. The provision for loan losses fell for the third consecutive quarter to $265.6 million compared to $390.7 million in the fourth quarter. The net interest margin expanded to 4.03% from 3.81% in the fourth quarter. 2009. The increase for the first quarter of 2010 was primarily due to reduced rates on interest-bearing deposits and to an improved funding mix. The tangible common equity ratio strengthened to 6.30% compared to 6.12% in the fourth quarter. The ratio of the allowance for loan losses to net loans and leases increased to 4.20% compared to 3.95% in the fourth quarter; the ratio of the allowance for credit losses to net loans and leases increased to 4.45% compared to 4.25% in the fourth quarter.
Credit-related impairment losses on CDO securities dropped to $31.3 million compared to $99.3 million in the fourth quarter. CDOs for which the underlying collateral is predominantly bank trust preferred securities comprise $2.2 billion of the $2.7 billion par amount of the bank and insurance CDO portfolio. Approximately 85% of the $31.3 million of credit-related net impairment losses during the first quarter came from original single A and BBB rated, predominantly bank CDOs. Nonperforming lending-related assets were $2.5 billion compared to $2.4 billion in the fourth quarter (excluding FDIC-supported assets); the ratio to net loans and other real estate owned was 6.42% compared to 6.00% in fourth quarter. Net loan and lease charge-offs for the first quarter of 2010 were $227.1 million or 2.37% annualized of average loans (excluding FDIC-supported loans). This compares with $292.1 million or 2.98% annualized of average loans for the fourth quarter of 2009. Noninterest expense for the first quarter of 2010 was $389.1 million compared to $441.1 million for the fourth quarter of 2009 and $376.2 million for the first quarter of 2009. The primary change in the first quarter of 2010 compared to the fourth quarter of 2009 included the negative provision for unfunded lending commitments as a result of reduced commitments.
16:18
ENH Endurance Appoints Thomas Asquino Chief Underwriting Officer (38.39 +0.04)
Co announced the appointment of Thomas Asquino as Chief Underwriting Officer, Property and Casualty, of Endurance Worldwide Reinsurance. Mr. Asquino has held various reinsurance management positions with responsibility for property and casualty underwriting operations over the past 30 years, most recently serving as Chief Property Officer, Endurance Worldwide Reinsurance.
16:16
TSON Trans1 appoints Joseph Slattery as Executive Vice President and Chief Financial Officer (3.56 -0.19)
Co announces the appointment of Joseph Slattery as Executive Vice President and Chief Financial Officer. In conjunction with his appointment, Mr. Slattery has resigned his position as a TranS1 Director and Chairman of the Audit Committee.
16:15
SGMS Scientific Games announces it has acquired the assets of Sceptre Leisure Solutions, including 751 server-based gaming terminals and associated customer contracts for 3.8 mln pounds Sterling (14.28 -0.17)
16:15
CBMX CombiMatrix scheduled to resume trading at 16:35 ET (4.52 -0.15) -Update-
16:15
IBM IBM beats by $0.04, reports revs slightly above consensus; raises FY10 EPS guidance above consensus (132.23 +1.60)
Reports Q1 (Mar) earnings of $1.97 per share, $0.04 better than the Thomson Reuters consensus of $1.93; revenues rose 5.3% year/year to $22.86 bln vs the $22.75 bln consensus. IBM reports Q1 gross margins of 43.6% vs Street est of 44.3%. Co raises guidance for FY10, sees EPS of at least $11.20 vs the $11.12 consensus; up from guidance for at least $11 previously. The company also said it expects constant-currency revenue growth for IBM and for its total services, software and hardware businesses in the second quarter. "Looking ahead, we are confident in our ability to grow revenue, and given our mix of higher-value business and productivity we will expand margins, grow profit, cash and EPS, and increase returns to shareholders"... Segment info: Total Global Services revenues increased 4% (down 2%, adjusting for currency). Global Technology Services segment revenues increased 6% (flat, adjusting for currency) to $9.3 bln. Global Business Services segment revenues were flat (down 5%, adjusting for currency) at $4.4 bln. Consulting services signings were up 18%, with 25% of signings related to Smarter Planet and Business Analytics... IBM ended the first-quarter 2010 with $14.0 billion of cash on hand and generated free cash flow of $1.4 billion, up approximately $400 million year over year.
16:14
WERN Werner Enterprises misses by $0.01, beats on revs (23.86 +0.33)
Reports Q1 (Mar) earnings of $0.15 per share, $0.01 worse than the Thomson Reuters consensus of $0.16; revenues rose 7.8% year/year to $425.1 mln vs the $419.4 mln consensus. Co says "In first quarter 2010, our daily pre-books (ratio of loads to trucks) in our one-way truckload fleets were significantly better than first quarter 2009, which was one of the weakest freight quarters in the last twenty years. Our daily number of accepted loads in first quarter 2010 was also better than first quarter 2009, 2008 and 2007 and trended similar to first quarter 2006. As a result of improved load counts, pricing for our spot market business in one-way truckload (a small percentage of our total revenue base) improved significantly during first quarter 2010..."
16:12
FALC FalconStor Sftwr sees Q1 EPS of ($0.09)-($0.08) vs ($0.02) Thomson Reuters consensus; revs $16.7-17.1 mln vs $19.44 mln Thomson Reuters consensus (3.26 -0.15)
The co expects first quarter revenue to be in the range of $16.8 to $17.1 million vs $19.44 mln Thomson Reuters consensus, non-GAAP operating loss to be between $5.8 and $6.0 million, and non-GAAP net loss per share to be between $0.08 and $0.09 per share vs ($0.02). The revenue shortfall was a result of lower than expected software license revenue. In particular, international software license revenue was down on a year over year basis. "Although our results were lower than we anticipated, we are still experiencing a strong pipeline and interest for our innovative solutions which offer a compelling price/performance ratio," said ReiJane Huai, Chairman and Chief Executive Officer of FalconStor. "In response to the revenue shortfall in the first quarter, we have delayed any additional hiring until we return to year over year revenue growth and we are evaluating other cost saving initiatives. We will not be giving any guidance for the year until our channel business reaches a steady predictable state." (Stock is halted)
16:08
SU Suncor Energy announced that first commercial gas has been achieved from the Cdn$1.2 bln Ebla gas development (33.49 +0.20)
Co announced that first commercial gas has been achieved from the Cdn$1.2 bln Ebla gas development in central Syria. First commercial gas follows the successful completion of commissioning, including the required performance testing, which has been approved by the Syrian Government.
16:08
KIM Kimco Realty Corporation announces management changes (15.15 +0.02)
Co announced effective April 23, David Lukes has resigned as executive vice-president and chief operating officer.Michael V. Pappagallo has been appointed chief operating officer of the company in addition to his role as chief financial officer. Milton Cooper continues to serve as executive chairman and David B. Henry as president and chief executive officer.
16:05
ATHR Atheros Communications beats by $0.06, beats on revs (39.76 -0.50)
Reports Q1 (Mar) earnings of $0.57 per share, excluding non-recurring items, $0.06 better than the Thomson Reuters consensus of $0.51; revenues rose 144.3% year/year to $214.7 mln vs the $201.2 mln consensus. "We experienced broad-based strength across our PC OEM and Networking channels, including strong momentum for our newly acquired PLC business..."
16:05
PG Procter & Gamble declares a 9.5% dividend increase in its quarterly dividend to $0.4818/share (63.22 +0.37)
16:04
AMGN Amgen says preclinical study demonstrated anti-tumor activity in mammary tumor model (61.07 +0.35) -Update-
Co announces results of a preclinical study demonstrating a positive response to administration of RANK-Fc against mammary tumor formation in mouse models. OPG-Fc and RANK-Fc bind to and block the action of RANKL. These molecules have a comparable mechanism of action to denosumab. The study was presented today in a late-breaking abstract at the American Association for Cancer Research (AACR) 101st Annual Meeting 2010 in Washington, D.C. As denosumab does not recognize rodent RANKL and the pharmacodynamic mechanism of denosumab is aligned with that of OPG-Fc or RANK-Fc, investigations conducted with these molecules in rodents are deemed appropriate to gain further understanding of the mechanism of action of RANKL in cancer. The study also tested three different doses of zoledronic acid (0.025, 0.2 and 0.5 mg/kg weekly at DMBA initiation) in WT mice for anti-tumor activity. Zoledronic acid had no effect at any dose on time to tumor formation compared to the control. Additionally, zoledronic acid had no effect at any dose on mammary tumor incidence at 32 weeks post last DMBA (92,100 and 95 percent mammary tumor incidence for 0.5 mg/kg, 0.2 mg/kg and 0.025 mg/kg treated groups respectively)
16:02
ICUI ICU Medical misses by $0.11, reports revs in-line; reaffirms FY10 EPS guidance, revs guidance (35.00 -0.47)
Reports Q1 (Mar) earnings of $0.30 per share, $0.11 worse than the Thomson Reuters consensus of $0.41; revenues rose 18.6% year/year to $64.4 mln vs the $64.5 mln consensus. Co reaffirms guidance for FY10, sees EPS of $1.80-1.90 vs. $1.83 Thomson Reuters consensus; sees FY10 revs of $265-275 mln vs. $270.34 mln Thomson Reuters consensus. Co also reaffirms operating cash flow in the range of $35 to $40 mln.
16:02
CBMX CombiMatrix announces strategic and operational restructuring; initiates search for a new CEO (4.52 -0.15)
Co announced that it is implementing a restructuring plan to significantly reduce operating costs, increase the focus on the Company's diagnostic services business and transition senior management. After the restructuring, CombiMatrix will be focused on its diagnostics services business, including increasing utilization of its existing tests, expanding the test menu, increasing the number of customers and partners, and improving reimbursement for its testing services. Management and operations at CombiMatrix's diagnostic laboratory in Irvine, CA will not be affected by this restructuring. Specific components of the plan and additional details will be presented at the company's second quarter earnings call scheduled for May 11, 2010, if not sooner. CEO says "We anticipate that the restructuring will result in a reduction of our operating cash burn of between 40-60% relative to our 2009 cash burn of $10.6 million, after taking into account one-time costs. The company will report a cash balance of $13.5 million as of the end of the first quarter of 2010. As a component of this plan, the Company will initiate a search for a new President and Chief Executive Officer, which we hope will be completed by the end of the second quarter, at which time I intend to step down as CEO, but remain active with the company in an advisory role at the request of the Board,"
16:01
ARRY Array Biopharma has entered into an agreement with Novartis for the worldwide development of the small-molecule MEK inhibitors ARRY-162 and ARRY-300 and other MEK inhibators (3.02 unch)
The co announces that it has entered into an agreement with Novartis (NVS) for the worldwide development of the small-molecule MEK inhibitors ARRY-162, currently in a Phase 1 cancer trial, its back-up, ARRY-300, and other MEK inhibitors. Under the terms of the agreement, Array will initially receive $45 million comprising an upfront and milestone payment and is eligible to receive an additional $422 million if certain clinical, regulatory and commercial milestones are achieved. In addition, Array plans to co-develop ARRY-162 in one or more specific indications and fund a portion of development costs. The agreement provides Array with double-digit royalties on sales of approved drugs outside of the U.S., with a significantly higher royalty rate for U.S. sales provided that Array meets its co-funding obligations. Array also has a co-detailing right in the U.S. for approved drugs.
16:00
INTU Intuit reports 10% growth in TurboTax units through end of tax season (35.31 -0.16)
The co releases the final of three season-to-date updates for its fiscal year 2010 consumer tax products. Through April 16, total TurboTax federal units increased 10% over the same period last year. "We completed another strong tax season, gaining share by helping a record number of customers easily and accurately prepare their taxes," said Dan Maurer, senior vice president and general manager of Intuit's consumer group. "We're very pleased with our results, especially the continued growth online and believe we're positioned well for continued growth in the future."
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