Briefing.com: Hourly In Play (R) – 09:01 ET

Dec 10, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)Updated: 10-Dec-09 09:01 ET09:00FWLT Foster Wheeler wins two contracts for steam generation equipment in Saudi Arabia (28.42 )Co announces that a subsidiary of its Global Power Group has been awarded two separate contracts by Tecnicas Reunidas Power of Madrid, Spain. One contract award is for the design and supply of two heat recovery steam generators. The other contract award is for the design and supply of two package-type steam generators. The equipment will be installed at the Manifa Cogeneration and Main Substations Project in Saudi Arabia by Tecnicas Reunidas for Saudi Aramco.09:00CVX Chevron announces $21.6 bln capital and exploratory budget for 2010 (77.06 )...09:00S&P futures vs fair value: +6.70. Nasdaq futures vs fair value: +8.30.U.S. stock futures continue to point to a positive start for the session. Europe's major equity averages are already on their way to strong gains. Specifically, Britain's FTSE is up 0.7% at the moment. The Bank of England kept its benchmark lending rate unchanged at 0.5% and made no changes to its 200 billion pound quantitative easing program. That has helped bank stocks like HSBC (HBC), Barclays (BCS), Royal Bank of Scotland (RBS), and Lloyds Banking (LYG) to outperform. In Germany, the DAX is currently up 1.2%. That puts it on track to end its three-day decline. Deutsche Bank (DB) and Commerzbank are both leaders this session. France's CAC has gained 0.9% thus far. Financial are also at the helm of its upturn. Action in Asia was downbeat as Japan's Nikkei fell 1.4%. The yen's appreciation against the dollar weighed on automakers like Toyota Motor (TM) and Suzuki Motor. Hong Kong's Hang Seng slipped a tamer 0.2%. Cathay Pacific Airways, China Resources Enterprise, and China Merchants Holdings were hit rather hard by selling pressure, though. Debutant China Longyuan Power outperformed as it spiked above its initial offering price. In mainland China, the Shanghai Composite tacked on 0.5%. The MSCI Asia Pacific Index fell 0.8%.08:45CVU CPI Aerostructures announces $1.03 mln order from Lockheed Martin (6.13 )08:36On The WiresSPX Corporation (SPW) announces that its Thermal Equipment and Services segment has been awarded a contract of ~ $36 mln to design and supply an indirect dry cooling tower system at the Huaneng Qinling Power Plant in China... PetroAlgae (PALG.OB) announces that it has signed a Memorandum of Understanding with Foster Wheeler AG's (FWLT) Global Engineering and Construction Group for engineering services to be performed in conjunction with PetroAlgae's micro-crop technology, which allows for the production of dry biomass at an unprecedented scale... Rovi Corp (ROVI) and Australia's Hills Industries Limited, through its DGTEC business, announces that Hills and Rovi have entered into a multi-year patent license agreement for interactive program guide patents owned by Rovi08:35DG Dollar General misses by $0.01, beats on revs (24.00 )Reports Q3 (Oct) earnings of $0.24 per share, $0.01 worse than the First Call consensus of $0.25; revenues rose 12.7% year/year to $2.93 bln vs the $2.88 bln consensus. Same-store sales increased 9.2 percent with customer traffic and average transaction amount contributing to the sales increase. For the 2009 quarter, gross profit, as a percentage of sales, was 30.8 percent, an increase of 112 bps from the prior year quarter. The co currently expects to pay down debt of approximately $300 million in January 2010 with a portion of its expected excess cash. As previously announced, Dollar General expects to end the 2009 fiscal year with approximately 500 new stores and a combined 450 remodels and relocations. The Company currently anticipates total capital expenditures for the 2009 fiscal year in a range of $275 to $300 million. In 2010, the co plans to open approximately 600 new stores and to remodel or relocate a total of approximately 500 stores.08:34EBIX Ebix forecasts its organic growth rate for 2010 and 2011 to be between 10 to 15% (50.19 )Co announces highlights from the Dec. 7 investor meeting at New York. Co forecasts its organic growth rate for 2010 and 2011 to be between 10 to 15%. The co expects primary growth to come from the area of Exchanges and BPO, especially from its life, annuity and certificate processing businesses. The Company also expects its risk exchanges, property & casualty exchanges, employee benefit and broker businesses internationally to keep growing organically. The Company announced that since 1st October 2009, it has won a number of key deals in the exchange area that are forecasted to help the Company's revenues to keep growing organically. Some of the new deals announced at the meeting were Fidelity Investments, Bank of America, Wells Fargo, US Bank, National Western Life Insurance Company, Genworth Financial, Principal Financial Group, AXA Equitable Life, American General Life insurance, Nationwide Mutual Insurance Company, Ameriprise, Clearview Correspondent Services and Consolidated Health Plans... The Company CFO announced at the conference that its consolidated cash balance at 11/30/2009 was approximately $15 million. The Company's short-term debt, net of cash balances was $9.2 million at 11/30/2009. The Company currently has available cash and accessible cash funds in the amount of $35.8 million using the expanded credit facility with the accordion feature to fund future business growth.08:33ICE IntercontinentalExchange reports record daily volume in its U.S. Dollar Index; futures contract of 74,562 (105.35 )Co announces it reported record daily volume in its U.S. Dollar Index futures contract of 74,562 contracts on Wednesday, Dec 9. Daily volume in the USDX exceeded by more than 35% the previous record of 54,625 contracts established on Friday, Dec 4, 2009. The notional value of USDX contracts traded on December 9 was more than $5.6 billion and included nearly 10,000 Trade at Settlement contracts, which is also a record.08:33CSTR Coinstar announced that it now has installed more than 22,210 DVD kiosks, exceeding the company's guidance for net installations in 2009 (23.74 )08:32SIGA SIGA Technologies raises $20 mln in a common stock offering (8.66 )Co announces that it has entered into definitive agreements with investors for the sale of 2,725,339 shares of common stock at a price of $7.35 per share. Estimated net proceeds to the Company after deducting estimated offering expenses are $18.6 mln.08:31SPY E~mini index futures hold the firm GLOBEX pre~market bid following weekly claims figures -Technical-ES +8NQ +9.25YM +6508:31OXPS OptionsXpress reports key monthly performance metrics for November 2009; reports DARTs of 30,600, down 15% YoY (13.99 )The co reports key monthly performance metrics for November. Highlights for the month included: Retail daily average revenue trades (DARTs) of 30,600 - 15% lower than November 2008, 6% lower than October 2009; Institutional daily average revenue trades (DARTs) of 13,100 - 18% lower than November 2008, 5% higher than October 2009; Net new customer accounts of 2,100. Ending customer accounts of 349,200 - 11% higher than November 2008, 1% higher than October 2009; Ending client assets of $6.5 billion - 39% higher than November 2008, 4% higher than October 2009; Ending margin balances of $141 million - 4% higher than November 2008, 10% higher than October 2009.08:30MF MF Global to repay $200 mln of revolving credit facility (6.01 )08:30FACT Facet Biotech Board of Directors unanimously rejects Biogen Idec's revised, unsolicited tender offer as inadequate (17.39 )The co announces that its board of directors has unanimously recommended that its stockholders not tender their shares into, and reject the unsolicited, revised, conditional tender offer from Biogen Idec (BIIB) to acquire all of the outstanding shares of Facet Biotech common stock for $17.50 per share in cash. The board, with the assistance of its financial and legal advisors, determined that the revised offer is inadequate and not in the best interests of Facet Biotech's stockholders. "We analyzed the unsolicited, revised tender offer of Biogen Idec and determined that $17.50 per share does not reflect the value of our company and its prospects. We believe Biogen Idec is materially undervaluing our assets while overstating our liabilities, and their offer demonstrates an incomplete understanding of our pipeline and technologies," said Facet Biotech president and chief executive officer Faheem Hasnain. "To enable Biogen Idec to determine whether it will materially increase its offer to reflect the true value of our company and prospects, our board has decided to provide Biogen Idec the opportunity to engage in due diligence discussions with Facet..."08:29CAE CAE Inc wins military contracts valued at more than CDN $100 mln (8.13 )Co announces a series of military contracts with the Netherlands, Germany, and other global defence forces. The contracts, valued at more than CDN $100 mln, include a major contract with the Royal Netherlands Air Force to expand CH-47 Chinook helicopter training at CAE's Medium Support Helicopter Aircrew Training Facility in the United Kingdom.08:27BONDX Fallen -07/32 3.459%...euro 1.4728...yen 88.2555Bonds continue to suffer in the wake of the sloppy auction that went off yesterday and has helped suppress expectations for today's record reopened $13B 30-yrs to go off today. The stock uptick has added some weight, while a poorly received 5-yr auction out of Japan helped ding prices. The day's data will take a backseat to the auction results (13), but the initial and continuing jobless claims will be given some deference and are expected to show improvement. Global bonds are generally lower under drag of supply and rallying stocks. The curve has been bent well flatter, but remains near the steepest levels on the week and year with the 2-10-yr yield spread running 266.5. The dollar has been has been able to work back to the 76 point, and looks as if it may stall either side of that handle. The euro is trapped at the 1.4730 level, while battling to hold more than 130 yen per. The day has the $13B 30-yr reopening, Geithner testifying on TARP (10), Fed gov Duke (13:45). Data due has initial jobless claims, and trade balance (8:30), then the Treasury budget (14)08:10HNSN Hansen Medical upgraded to Buy at Brean Murray; tgt $4.50 (2.67 )Brean Murray upgrades HNSN to Buy from Hold and sets target price at $4.50. The firm notes that their recent survey of 25 hospital finance administrators points to a modestly improved outlook for FY10. While the adoption of Hansen's Sensei platform has been substantially set back by hospital budget cuts in 2009, the firm believes that the co remains on track to sell 22-27 systems by year end. Additionally, an improving macro environment should lower adoptions hurdles in 2010 and beyond, in their view. Moreover, a lack of published data regarding the benefits of Hansen's platform is another reason that sales have been tepid. The firm believes that could change in 2010 when UK investigators release the results of a recently completed head-to-head study in 100 patients that compared robotic ablation to manual ablation.08:09APC Follow Up: Anadarko Petro announces the Lucius discovery (57.11 )As mentioned at 7:34, APC announced a discovery at the Lucius exploration well in Keathley Canyon block 875. The well encountered more than 200 feet of net pay in subsalt Pliocene and Miocene sands. The Lucius discovery was drilled to a total depth of about 20,000 feet in approximately 7,100 feet of water, using the new ultra-deepwater Ensco 8500 semi-submersible drilling rig. The up-dip sidetrack appraisal well will be drilled on the same block, approximately 3,200 feet due south of the discovery. APC operates the Lucius well with a 50% working interest. Co-owners in the discovery include Plains Exploration & Production Company (PXP) with a 33.33-percent working interest and Mariner Energy (ME) with 16.67-percent working interest.08:06On The WiresApollo Gold Corp (AGT) announces that it has entered into a replacement letter of intent with Elkhorn Goldfields pursuant to which Elkhorn has agreed to purchase all the outstanding capital stock in Montana Tunnels Mining, an indirect wholly owned subsidiary of Apollo, which includes the 50% interest held by Montana Tunnels in the joint venture agreement with Elkhorn Tunnels, the Diamond Hill mine and mill and any and all ancillary assets... Oncothyreon (ONTY) announces that Merck KGaA of Darmstadt, Germany, has initiated a Phase 3 trial of Stimuvax in Asian patients with advanced non-small cell lung cancer. The trial, named INSPIRE, is anticipated to enroll approximately 420 patients in China, Hong Kong, South Korea, Singapore and Taiwan... China Nepstar Chain Drugstore (NPD) announces that it has entered into a definitive agreement with Beijing Xiang Yun Kang Drugstore, to acquire all of its six drugstores in Beijing.08:04AES AES Corp downgraded to Hold at Argus (12.73 )Argus downgrades AES to Hold from Buy following the co's lackluster Q3 earnings results. The co notes that 16% decline in 3Q09 operating EPS was driven by unfavorable currency translation and lower kilowatt-hour sales at the company's North American operations. In short, the firm believes that these factors that were responsible for the shortfall in 3Q09 EPS will continue through 1H10. Thus, they see limited upside potential for AES over the next 12 months.08:02GEF Greif downgraded to Underperform at Barrington Research (57.46 )Barrington Research downgrades GEF to Underperform from Mkt Perform following the co's disappointing 4Q09 results. The firm believes that 2010 expectations will come down due to the weak Q4/09 operating performance. Moreover, the firm believes that management's 2010 EPS guidance of $4.00 to $4.25 will go under the microscope due to the surprise Q4/09 downside.08:01NPD China Nepstar Chain Drugstore makes second acquisition in Beijing (7.10 )The co announces that it has entered into a definitive agreement with Beijing Xiang Yun Kang Drugstore, to acquire all of its six drugstores in Beijing. This acquisition will be China Nepstar's second acquisition in Beijing. In the first ten months of 2009, the six drugstores being acquired generated unaudited revenues of approximately RMB6 million. These stores have an average store size of 140 square meters, and are located in densely populated residential areas in Beijing. Together with the five stores acquired in July 2009, all Nepstar's Beijing stores will be serviced by the Company's regional logistics center in Tianjin, where Nepstar has over 100 stores. Tianjin is approximately 120km to the southeast of Beijing.08:00S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +10.80.Stock futures are showing strength, despite a fractional gain by the greenback. The positive tone comes as an extension of the late, upward move in the previous session and with support from solid gains in Europe, where the Bank of England opted to keep its benchmark interest rate unchanged at 0.5%, as expected. There are several key announcements to be made today. At the bottom of the hour the latest batch of weekly jobless claims will be released. The consensus calls for initial claims to remain near the 450,000 level. The trade balance for October will also be released at 8:30 AM ET. Results from an auction of 30-year Bonds are due at 1:00 PM ET. Expectations for the results have been checked in the wake of a relatively disappointing turnout at yesterday's auction for 10-year Notes. At 2:00 PM ET the latest Treasury Budget will be released.08:00OSIS OSI Systems Optoelectronics Division Receives Contract Award for Approximately $6 mln (21.31 )Co announces that OSI Electronics, a business within its Optoelectronic and Manufacturing division, has received a contract award for ~ $6 mln from ITT Corporation for electronic sub-assemblies. The electronic sub-assemblies are to be used by the U.S. Department of Defense in their Mine Resistant Ambush Protected ("MRAP") armored vehicle program.08:00PLFE Presidential Life 'uncovers apparent self-dealing' by its largest shareholder (10.13 )Co announces that it has recently discovered several irregularities relating to the 2007 tax return filed by the Kurz Family Foundation as part of an application made by the Foundation to the New York State Insurance Department for approval of its acquisition of a controlling interest in the Company. Mr. Herbert Kurz, a director and stockholder of Presidential Life, is also an officer and director of the Foundation, which is a separate entity from Presidential Life. The Foundation is the beneficial owner of approximately 20.8% of Presidential Life's outstanding common stock. A special committee of the independent directors of Presidential Life has commenced an internal investigation into the circumstances surrounding the 2007 Foundation tax return. The special committee has retained independent counsel, Orrick, Herrington & Sutcliffe LLP, to lead the investigation... Upon discovery of these irregularities, Presidential Life immediately and voluntarily informed the New York State Insurance Department ("NYSID") of the investigation and is cooperating with an investigation instituted by the NYS Superintendent of Insurance into the affairs, conduct and practices of the Foundation. The NYSID has jurisdiction over the Company's operating subsidiary, Presidential Life Insurance Company and persons controlling the Subsidiary. The NYSID has issued a subpoena to the Foundation and to Mr. Snyder in connection with certain expenditures made by the Foundation. As a result of the investigation, the Board has removed Mr. Kurz as Chairman of Presidential Life. Mr. Kurz remains a director of Presidential Life. Under applicable Delaware law, the Board does not have the power to remove a director. In addition, the Board of Directors has removed Mr. Snyder as Chief Financial Officer of Presidential Life. Mr. Snyder will remain a non-executive employee of the Company, performing duties at the request of the Board and the Chief Executive Officer to facilitate the transition to the new CFO.07:41ECONX Trade Balance PreviewThe trade gap widened much more than expected last month -- $36.5 billion compared to $31.8 billion -- as demand for imports spiked as the US came out of the recession. The consensus expects the trade gap to continue to widen in October to $36.8 billion.The slight increase in the trade gap signals that consumer demand for imports was not affected by the precipitous drop in the value of the dollar over the last few months.So far the consumer has not felt the full effects of the drop in the dollar as the pass-through conduit to import prices has been minimal. However, we strongly feel that the variables that control import prices are set to become unhinged in the near future.Unless income rises in conjunction with the drop in the dollar, the trade deficit will narrow in the near future.07:40PROV Provident Fincl announces that it prices public offering of 4.5 mln shares of common stock at $2.50/share (2.94 )07:36QDHC QuadraMed announces that The Department of Veterans Affairs awards $24 mln contract for HIM and revenue cycle management technology (8.36 )Co announces that the Department of Veterans Affairs has renewed its annual Task Order contract under its existing Blanket Purchase Agreement, with a value of approximately $24 mln for the current option period. This renewal includes the term license for QuadraMed's Encoder Product Suite, and for related training services for all Veterans Affairs medical centers and existing Consolidated Patient Accounting Centers nationwide during the government's FY10.07:35ECONX Initial Claims PreviewAfter breaking through the 500,000 barrier on Nov. 14, initial claims maintained a steady decline and now hover around 450,000.The consensus does not expect claims to break through the 450,000 barrier this week as the forecast calls for a slight decline from 457,000 to 450,000 for the week ending December 5.Last week saw the first increase in the continuing claims data since the week ending Sept. 4.The jump in claims was due to the extension of the unemployment insurance that Congress passed on November 14.Economists failed to foresee the effects of the extension in last week's data and are possibly making the same mistake this week. The consensus expects continuing claims to fall from 5.465 million to 5.450 million claims for the week ending November 28.While the drop in November's unemployment rate signaled jobs are more plentiful, we have not changed our view that the continuing claims number underrepresents the total number of unemployed.The added benefits from the extension should add more workers to the continuing claims ranks. We forecast continuing claims to increase to 5.475 million.07:34On The WiresEMCOR Group (EME) announces that its EMCOR Government Services unit has received a facilities and maintenance contract from the Kirtland Air Force Base Medical Clinic in Albuquerque, New Mexico... Anadarko Petroleum (APC) announces a discovery at the Lucius exploration well in Keathley Canyon block 875. The well encountered more than 200 feet of net pay in subsalt Pliocene and Miocene sands... Sterling Construction (STRL) announces that Provo River Constructors, a joint venture in which its subsidiary, Ralph L. Wadsworth Construction Company is a 12.5% venture partner, was selected by the Utah Department of Transportation as the team with the best fixed-price, best-design proposal for the expansion of the I-15 Corridor Reconstruction project. The joint venture's design-build contract is expected to have a value of ~ $1.1 bln of which RLW's share will be approximately $137.5 mln.07:33UNFI Utd Nat Foods reports EPS in-line, revs in-line; guides FY10 revs in-line (26.96 )Reports Q1 (Oct) earnings of $0.36 per share, in-line with the First Call consensus of $0.36; revenues rose 2.4% year/year to $884.8 mln vs the $877.5 mln consensus. Co issues in-line guidance for FY10, sees FY10 revs of $3.54-3.63 bln vs. $3.55 bln consensus. Gross margin was 18.6% for the first quarter of fiscal 2010, which represents an 80 basis point decline from the gross margin of 19.4% for the first quarter of fiscal 2009. The lower gross margin compared to the prior year was largely due to a combination of lower fuel surcharge revenues resulting from the lower average diesel prices compared to the quarter ended November 1, 2008, and a change in the mix of sales by channel. "Fiscal 2010 began with another quarter of strong year over year improvement. During the quarter, we began to see some signs of improvement, with reduced weekly sales volatility, supplier price increases returning to historical levels and improving trends in sales growth towards the end of the quarter."07:31EPB El Paso Pipeline Partners expects continued growth for 2010 (24.05 )The co announces its financial and operational outlook for 2010. "We are pleased with the performance of our partnership, which has been delivering growth both through organic projects and though acquisitions," said Jim Yardley, president and chief executive officer of El Paso Pipeline Partners. "Since the partnership's initial public offering in 2007 we have placed in-service seven organic growth projects and completed nearly $1 billion in acquisitions. In turn, we have delivered consistent growth in quarterly distributions for our unitholders. The committed backlog of organic projects and our confidence in making future successful acquisitions provide a solid platform for continued growth." El Paso Pipeline Partners is targeting 2010 distributable cash flow of $240 million to $250 million. Total capital expenditures are expected to be $210 million to $240 million, including $175 million to $200 million of expansion capital. A significant amount of the construction and materials price risk of these projects has been mitigated. Maintenance capital is expected to be $35 million to $40 million. The partnership expects to deliver its remaining construction backlog of expansion projects on time and on budget.07:30AXA AXA announces a new organization to support a new stage of its development (23.11 )several measures to improve the speed and effectiveness of the organization's ability to produce and deliver the products and services that meet our customers' evolving needs. Integrating business competencies to accelerate the implementation of the strategy In order to facilitate coordination among the Group's different businesses and further leverage its size, AXA announces that Francois Pierson, Chief Executive Officer of AXA France and member of the Management Board of AXA, and Christopher Condron, Chief Executive Officer of AXA Financial (United States) and member of the Management Board of AXA, will assume group-wide responsibility on an international level for Property & Casualty insurance, and Life & Savings and Health businesses, respectively, in addition to their current operational responsibilities.07:28INP iPath MSCI India Index: Barclays suspends further sales and issuance of iPath MSCI India Index Exchange Traded Notes (62.26 )07:16ULBI Ultralife announces appointment of Philip Fain as Chief Financial Officer and Treasurer (3.95 )07:15FGP Ferrellgas Partners beats by $0.06, misses on revenue (21.65 )Reports Q1 (Nov) loss of $0.22 per share, excludes charges, $0.06 better than ($0.28) First Call consensus; revenues declined 26.8% year/year to $352.07 mln vs 437.63 mln consensus. Adjusted EBITDA was $33.3 mln vs $35.2 mln 1Q09.07:14EP El Paso issues in-line guidance for FY10, sees EPS of $0.75-$0.95 vs $0.88 First Call Consensus (9.39 )Co issues in-line guidance for FY10, sees EPS of $0.75-$0.95 vs. $0.88 First Call Consensus. The co's 2010 financial highlights assume commodity prices of $5.50 per MMBtu for natural gas and $60.00 per barrel for oil. El Paso's Pipeline Group is targeting 2010 adjusted EBITDA of approximately $2.0 billion to $2.1 billion, with a $2.9 billion capital budget. Approximately $0.5 billion of the budget is maintenance capital and $2.4 billion is allocated to growth projects, including $1.7 billion for 100 percent of Ruby. El Paso Exploration & Production expects to spend approximately $1.1 billion in 2010, with $0.9 billion allocated to domestic programs. Roughly half of domestic capital will be allocated to the Haynesville Shale, Eagle Ford Shale and Altamont oil programs. The company expects to produce between 720 and 760 million cubic feet equivalent per day (MMcfe/d) in 2010, including its proportionate interest in Four Star Oil & Gas Company. Per-unit cash costs and DD&A rates are expected to be $1.90 - $2.20 per Mcfe and $1.65 - $1.85 per Mcfe, respectively.07:13KONG KongZhong announces impact due to new telecommunications operator measures; sees Q4 revenue of $34-$35 mln. vs $36.66 mln consensus (10.85 )Co issues downside guidance, sees Q4 revenue of $34-$35 mln. vs $36.66 mln consensus, and vs. prior guidance of $37-$38 mln. Co states, "On Nov. 30, 2009, in order to support the Chinese government's efforts to maintain an orderly mobile Internet environment, China Mobile Communication Corp implemented a series of measures targeted at eliminating offensive or unauthorized content, including pornographic content, on Chinese-based wireless application protocol sites. As a result, China Mobile and other Chinese telecommunications operators have suspended billing their customers for all WAP and G+ mobile gaming platform services, including those services that do not contain offensive or unauthorized content, on behalf of third party service providers of such services. China Mobile and other operators have not yet indicated how long its new measures would last or whether it would expand its current measures."07:12AKNS Akeena Solar's Andalay AC solar panels now available at Lowe's Home Improvement Stores (0.99 )07:12WBC WABCO Holdings reports multi-year development and supply agreement with Yuchai (24.47 )The co announces that WABCO and Yuchai Machinery Company have completed an agreement for product development and the long-term supply of twin-cylinder compressors for diesel engines to be mounted on heavy duty trucks. Yuchai is China's largest manufacturer of diesel engines for commercial vehicles for the past eight consecutive years and one of China's leading exporters serving more than 50 countries.07:10EFJI EFJ announces that it has received a contract valued at $13.2 mln from the Wisconsin Dept of Transportation (1.45 )07:09BHB Bar Harbor Bankshares commences $20 mln common stock offering (32.50 )07:08TITN Titan Machinery reports EPS in-line, beats on revs; guides FY10 EPS in-line, revs above consensus (11.90 )Reports Q3 (Oct) earnings of $0.32 per share, in-line with the First Call consensus of $0.32; revenues rose 6.1% year/year to $227 mln vs the $208.7 mln consensus. Co is narrowing its expected EPS range to 0.92-0.98 vs. $0.96 consensus compared to its previous range of $0.92 - $1.04; Co raises its FY10 revenue guidance. It now expects to achieve a revenue in the range of $770 mln - $800 mln vs. $766.75 mln consensus. As compared to the previous range of $750 mln - $790 mln07:08SFD Smithfield Foods beats by $0.13, reports revs in-line (16.86 )Reports Q2 (Oct) loss of $0.26 per share, $0.13 better than the First Call consensus of ($0.39); revenues fell 14.5% year/year to $2.69 bln vs the $2.71 bln consensus. Co also says operating margins in fresh pork were strong on a historical basis, although slightly lower than last year. Number of head processed approximated last year's level, but heavier weights resulted in a 2% volume increase. Fresh pork results are benefitting from strong sales discipline and continued improving operating efficiencies. While fresh pork exports for the second quarter of fiscal 2010 declined compared to last year's record levels, overall export volumes remain robust in historical terms. Export shipments to China, which has been closed for all of this fiscal year, are expected to resume in the wake of last week's announcement by the Chinese government of their intent to re-open. This should help the overall pork complex. Co says "After a considerable and extended period of sizable losses in the hog production industry, the U.S. sow herd appears to be slowly contracting. As previously announced, Smithfield has reduced its exposure to commodity hog and grain markets through sow reductions and farm closings beginning in February 2008. Given current and near-term industry dynamics, we believe that further liquidation is needed to reach a balance in supply and demand, We are encouraged by the EPA's recent determination to delay its decision on the ethanol industry's petition to raise the allowable ethanol blend in gasoline by a full 50% - from 10% to 15%. The existing ethanol policies have already driven as much as 30% of the annual corn crop into ethanol production, directly and substantially driving up feed costs for livestock and jeopardizing the economic viability of hog producers across the country. We hope that the EPA, after further study and with greater deference to the science and practical consequences of increasing the ethanol blend, will abandon any notion of granting 'E15' in favor of more economically sensible alternatives. Everyone is in favor of developing alternative energy sources, but we should not be reluctant to abandon the flawed corn-based ethanol policy when it has the direct impact of causing higher food costs to the American consumer..."07:05MEI Methode Electronics beats by $0.12, beats on revs (7.95 )Reports Q2 (Oct) earnings of $0.10 per share, excluding non-recurring items, $0.12 better than the First Call consensus of ($0.02); revenues fell 18.8% year/year to $98.5 mln vs the $84.7 mln consensus. Consolidated gross margins as a percentage of sales increased to 22.1% in the fiscal 2010 second quarter from 20.2% in the comparable period of fiscal 2009 despite an 18.8% drop in sales, largely due to the restructuring actions previously taken to reduce the cost structure, in part as a result of the sustained change in the global economic environment. Excluding the $0.7 mln Delphi asset write-down and the $1.7 million reversal of one-time pricing contingencies included in net sales, consolidated gross margins as a percentage of sales was 21.5% for 2Q10.07:04CIEN Ciena misses by $0.05, beats on revs; sees 1Q10 rev increase of up to 5% (13.23 )Reports Q4 (Oct) loss of $0.12 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of ($0.07); revenues fell 1.9% year/year to $176.3 mln vs the $167.7 mln consensus. "We're excited about the prospect of our combination with the Nortel MEN business, and also about the market entry of significant new products like our CoreDirector FS and 5400 family. We believe the combined company will be well positioned to capture additional market share with a product portfolio and vision that is aligned with market direction." Until the Nortel transaction has closed, any guidance provided by Ciena will be specific to Ciena as a standalone entity and will not include pro-forma estimates for combined company expectations. "While cautious customer spending seems likely to continue as we enter 2010, our fourth quarter order flow gives us confidence in our ability to deliver sequential revenue growth in our fiscal first quarter 2010. We currently expect a sequential increase in our fiscal first quarter revenue of up to 5%." (consensus calls for a 2.4% QoQ sales increase).06:46UPI Uroplasty: OrBIT study long term results show sustained therapeutic effect of percutaneous tibial nerve stimulation at 12 months (1.13 )Co announces 12-month results of the OrBIT Trial of its Urgent PC Neuromodulation System that will be published in the January 2010 print edition of THE JOURNAL OF UROLOGY?. The long-term phase of the OrBIT Trial reported on 25 patients who had significant symptom improvement in the initial 12-week phase of the OrBIT Trial and continued PTNS therapy at increasing time intervals between treatments over a 12-month period. Highlights from the study include: 96% of PTNS patients considered their urinary symptoms cured or improved at 12 months; Investigators also considered 96% of PTNS patients cured or improved at 12 months; At 12 months statistically significant changes compared to baseline included: Decrease in voiding episodes by 2.8 voids/day, decrease in urge incontinence episodes by 1.6/day, decrease in nighttime voids by 0.8/night, increase in voided volume of 39 cc, PTNS patients also reported significant quality of life improvements, no serious adverse events were reported, from the 12-week visit through the 12-month visit, average interval between treatments was 21 days.06:44On The WiresGenpact (G) announces it has signed a five-year contract to provide global Finance & Accounting services to AstraZeneca (AZN)... Amtech Systems (ASYS) announces it solar subsidiary, Tempress Systems has received approxi $9 mln in solar orders for its diffusion processing systems from several new and existing customers in Asia. The orders are expected to ship within the next six to nine months... Dendreon (DNDN) announces that Hans Bishop has joined the Company as chief operating officer, effective January 4, 2010... Orion Energy Systems (OESX) on December 8 was awarded a patent from the U.S. Patent and Trademark office for the cooling properties incorporated in the power technology enterprise's Compact Modular high intensity fluorescent lighting platform... GLG Life Tech (GLGL) announces that its stevia seed propagation program has achieved a significant success that is expected to result in considerable savings for the Company into the future. The GLG Huinong One proprietary strain has shown commercial viability in the field as a direct seed plant and is expected to enable the Company, in 2010, to generate up to an estimated 40,000 metric tons of GLG proprietary stevia leaf grown directly from seeds without the use of greenhouses and seedlings as an intermediary step.06:41NKBP China Nuokang Bio-Pharma prices 5.0 mln share IPO at $9.00 per ADS; below the $10-12 expected rangeCo intends to use the net proceeds from this offering to fund the expansion of its sales and marketing platform, the acquisition and in-licensing of new technologies, products or cos, the research and development of its product candidates, the expansion and enhancement of its manufacturing facilities and for general corporate purposes.06:40GE General Electric receives $1.4 bln contract to supply turbines for largest wind farm ever built in the USCo announces that it has received a $1.4 bln contract from independent power producer Caithness Energy to supply wind turbines and provide services for an 845-megawatt wind farm project to be located in Oregon. The wind farm, called Shepherds Flat, has received the majority of the necessary government permits to operate and is ready to be built. When completed it will be larger than any wind farm currently in operation around the globe.06:39GIL Gildan Activewear beats by $0.09, reports revs in-line; projects FY10 revenue >$1.2 bln vs $1.22 bln consensus (20.04 )Reports Q4 (Sep) earnings of $0.42 per share, excluding inventory devaluation discount, $0.09 better than the First Call consensus of $0.33; revenues fell 7.1% year/year to $301.7 mln vs the $301.1 mln consensus. Assuming an approximate 5% decline in selling prices in FY10 compared to FY09, and the impact of a higher proportion of underwear in the co's product-mix, consolidated net sales in FY10 are projected to be slightly in excess of $1.2 bln (consensus $1.22 bln), up approx 17% from FY09. Although gross margins in 4Q09, before reflecting the impact of the devaluation charge, were 28.7%, and gross margins in 1Q10 are expected to be close to the same level, gross margins in the balance of FY10 are expected to be negatively impacted by further promotional discounting and by volatility in cotton, energy and other commodity costs. Co projects FY10 gross margins of approx 26%.06:33ROK Rockwell Automation reaffirms FY10 EPS and rev guidance at BofA Merrill Industrials Conference today (46.16 )Co reaffirms guidance for FY10 (Sep), sees EPS of $1.25-1.75 vs. $1.70 First Call consensus; sees FY10 (Sep) revs of $4.1-4.4 bln vs. $4.33 bln consensus.06:31LLY Eli Lilly issues in-line guidance for FY10 (Dec), sees EPS of $4.65-4.85 vs. $4.74 First Call consensus. (36.56 )Co issues in-line guidance for FY10 (Dec), sees EPS of $4.65-4.85 vs. $4.74 First Call consensus. The co also reafirms FY09 guidance of $4.30-4.40 vs $4.42 consensus. The co reaffirmed its commitment to deliver low double-digit compound annual earnings per share growth between 2007 and 2011, excluding the potential impact of health care reform in the U.S. Looking further out, the co also provided a general perspective on possible financial performance during the major patent expiry years of 2012 to 2014 and beyond. During this time, the co anticipates annual revenue of at least $20.0 bln. Gross margins as a percent of revenue could be between 75 and 80 percent. Operating expenses, the sum of selling, general and administrative expenses and research and development expenses, as a percent of revenue could be in the mid 50s. The tax rate could be higher than today, possibly 25 percent. Under this scenario, net income would exceed $3.0 bln and operating cash flow would exceed $4.0 bln. This level of operating cash flow would solidly position the co to fund research and development, capital expenditures and the dividend. As the co plans for this challenging time period, it believes it will generate sufficient operating cash flow to enable it to execute on its innovation-based strategy, reward shareholders and successfully and independently emerge from the major patent expiry years with bright prospects for future growth. The co also says it expects 10 Phase III molecules in 2011, plans to launch 2 new medicines per year beginning in 2013.06:22S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +7.00.06:21Asian MarketsNikkei...9862.82...-141.90...-1.40%. Hang Seng...21700.04...-41.70...-0.20%.06:21European MarketsFTSE...5229.65...+25.80...+0.50%. DAX...5684.78...+36.90...+0.70%.06:13On The WiresHydrogenics (HYGS) announces the co has been awarded a contract for one of its HySTAT-30 electrolyzers to be used at a fueling station in Los Angeles, California... Centene (CNC) announces it plans to release its 2010 financial guidance at approx 6:00 AM (Eastern Time) on Friday, January 8, 2010, and host a conference call afterwards at approximately 8:30 AM (Eastern Time) to discuss the details of its guidance.06:07LSCC Lattice Semi raises Q4 rev guidance (2.66 )Co announces Q4 revenue is now expected to increase by approx 10% to 13% sequentially. This upward revision compares to previous guidance that Q4 revenue would be up 6% to 10% sequentially. This calculates to ~$54.01-55.483 mln vs. $53.13 mln First Call consensus. The revision is based on stronger than expected turns business across most of our products. Co says "As the final planned step of our previously announced efforts to transition certain of our distributors from sell-in to a sell-through distribution model, in December 2009 we commenced the termination of two additional sell-in distributors in Asia. We estimate that this process will reduce revenue in the fourth quarter of 2009 by approximately an additional $1.0 mln. This is in addition to the previously announced approximate $1.0 mln revenue impact from the conversion of two other distributors from sell-in to sell-through. The guidance announced today includes the anticipated effect of these conversions. Gross margin percentage is expected to be approx 53% to 55% of revenue, unchanged from prior guidance. Total operating expenses are now expected to be approx $26.9 mln. The increase compared to prior guidance of $26.0 mln is due to $0.9 mln of restructuring charges related to our previously- announced July 2009 headcount reductions, the move of our warehouse to Singapore and the planned opening of an operations center in Singapore. Pursuant to a public tender offer, we have tendered $14.0 million par value of corporate bonds subject to credit default risk auction rate securities. The fair value of these securities as of the end of the third quarter 2009 was approx $6.6 mln. Should all of the tendered securities be accepted, we would realize a gain of approx $2.8 mln. However, we cannot guarantee that all or any of the securities will be accepted under the tender offer. We continue to expect to return to profitability for the fourth quarter of 2009..."05:43SSRI Silver Standard Resources provides Pirquitas silver mine production guidance for 2010 (23.86 )Co provides update on progress and expected production levels for 2010 at its wholly-owned Pirquitas Mine in Argentina which achieved commercial production effective December 1, 2009. The mine is operating as planned and the mill continues to process oxide and transitional ore until the sulphide ore currently being exposed from the open pit is processed starting in the first quarter of 2010. Due to the transition from oxide and transitional ore to sulphide ore in Q1, the co estimates full year production of silver to be 7 mln ounces, and tin production to be 2 mln pounds. Average operating costs for 2010 are expected to be approx $9.00 per ounce of silver net of tin credits. The co expects to achieve name plate production levels of approx 8-10 mln ounces of silver per year starting in 2011. Costs per ounce of silver are expected to decline as silver production increases.04:44IOC Government of Papua New Guinea approves InterOil's LNG project agreement (65.36 )Co announces that the National Executive Council of Papua New Guinea has approved the co's project agreement for the construction of a liquefied natural gas plant in Papua New Guinea. As previously announced, the proposed LNG project would be developed by InterOil and its joint venture partners, including foundation partner Pacific LNG Operations Ltd. The Government of Papua New Guinea, through its nominee Petromin PNG Holdings Limited, will have up to a 22.5% equity interest in the project.03:04COST Costco reports EPS in-line, revs in-line (58.66 )Reports Q1 (Nov) earnings of $0.60 per share, in-line with the First Call consensus of $0.60; revenues rose 5.5% year/year to $17.3 bln vs the $17.31 bln consensus. Comparable sales for 1Q10 increased 3%.01:29AXL American Axle prices 14.0 mln common share offering pursuant to effective shelf registration statement at $7.20/share (7.41 )01:28On The WiresCEMEX (CX) prices $1.25 bln aggregate principal amount of notes and EUR350 mln principal amount of notes... Cliffs Natural Resources (CLF) announces that it has further amended the terms of the definitive agreement disclosed on Nov. 23, 2009, to acquire Freewest Resources Canada by way of a plan of arrangement. The further amendment involves an increase in the price to a fixed value of C$1.00 in Cliffs shares per Freewest share... VocalTec Comm. (VOCL) announces that it has acquired substantially all of the assets of Outsmart, a provider of telecommunications convergence solutions.01:24PRICE China Nuokang Bio-Pharmaceutical prices 5.0 mln ADS IPO at $9.00/ADS18:39AINV Apollo Investment Corp prices public offering of common stock at $9.82 (9.82 -0.28) -Update-The co expects to use the net proceeds of this offering to fund new investments, repay outstanding indebtedness and for general corporate purposes.18:21TYG Tortoise Energy Infrastructure prices public offering of mandatory redeemable preferred shares (29.70 +0.58)Co announced that it has priced the sale of 6,500,000 shares of Mandatory Redeemable Preferred Shares at $10.00 per share. The co estimates that its net proceeds from this offering, after expenses, will be ~$63.1 mln. The co intends to use these net proceeds, along with funds borrowed from its credit facility, to redeem all $70 mln of its outstanding auction rate preferred shares.18:19FCEL FuelCell Energy misses by $0.02, misses on revs (3.39 -0.05)Reports Q4 (Oct) loss of $0.21 per share, $0.02 worse than the First Call consensus of ($0.19); revenues fell 22.1% year/year to $20.4 mln vs the $28.4 mln consensus. Net losses declined primarily due to sales of higher-margin products.18:09FAST Fastenal Company to acquire Holo-Krome Co (38.67 +0.23)Co announced that it has signed a definitive agreement to acquire certain assets of Holo-Krome, a leader in the production of domestic socket head screw products. The sales of this business for the year ended December 31, 2008 are less than 1% of the consolidated sales of the Fastenal organization for the same period. The transaction is anticipated to close on December 18, 2009.17:44BWY BWAY Holding beats by $0.08, reports revs in-line; reaffirms Q1 EPS in-line; reaffirms FY10 EPS in-line (17.69 +1.18)Reports Q4 (Sep) earnings of $0.47 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.39; revenues fell 12.2% year/year to $249.4 mln vs the $248.8 mln consensus. Co reaffirms in-line guidance for Q1, sees EPS of $0.05-0.13, excluding non-recurring items, vs. $0.08 consensus. Co reaffirms in-line guidance for FY10, sees EPS of $1.42-1.60 vs. $1.55 consensus.17:38NIHD NII Holdings announces pricing of senior note offering of 8.875% (30.86 +0.10)Co announced the pricing of the offering, through its wholly owned subsidiary NII Capital Corp., of $500 mln principal amount of 8.875% Senior Notes due 2019. The issue price is 99.187% of the principal amount of the notes. The sale of the notes is expected to close on or about December 15, 200917:19SD SandRidge Energy announced the pricing of its private placement of $450 mln of 8 3/4% Senior Notes due January 15, 2020; offering was increased from a previously announced offering size of $400 mln (8.21 -0.17)Co announced the notes were priced at 98.349% of par, resulting in a yield to maturity of 9.00%. The offering is expected to settle on December 16, 2009. The closing is subject to our obtaining the approval of the required lenders to a proposed amendment to our senior credit facility, as well as customary closing conditions. Net proceeds from this offering will be used to fund a portion of the purchase price of the co's previously announced acquisition of oil and gas properties in the Permian Basin from Forest Oil Corporation, but if such acquisition is not consummated, the net proceeds are expected to be used for general corporate purposes, including exploration, development and other capital expenditures.17:12PLL Pall Corp reports EPS in-line, misses on revs; guides FY10 EPS above consensus (31.39 -0.18)Reports Q1 (Oct) earnings of $0.40 per share, excluding non-recurring items, in-line with the First Call consensus of $0.40; revenues fell 5.4% year/year to $546.9 mln vs the $559 mln consensus. Co issues upside guidance for FY10, sees EPS of $2.02-2.19, excluding non-recurring items, vs. $1.90 consensus.17:03GEF Greif beats by $0.08, misses on revs; guides FY10 EPS in-line (57.46 +0.34)Reports Q4 (Oct) earnings of $1.53 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $1.45; revenues fell 22.5% year/year to $760.5 mln vs the $794.4 mln consensus. Co issues in-line guidance for FY10, sees EPS of $4.00-4.25 vs. $4.21 consensus.17:01HES Hess Corp announced that it has agreed to sell $750 mln of notes with a 6.0% coupon maturing on January 15, 2040 (54.63 -0.04) -Update-HES intends to use the net proceeds of the note offering primarily for the purchase of its 6.65% Notes due 2011 that are purchased pursuant to its cash tender offer announced earlier today, and for working capital and other general corporate purposes.16:37KBR KBR awarded contracted construction, maintenance and services agreement with DuPont (17.74 -0.19)Co announced that it has been awarded a Contracted Construction, Maintenance and Services Agreement by DuPont. The award covers a three year period. KBR will provide supplemental maintenance and small construction services to DuPont at 19 of its production facilities across the northeast United States and Gulf Coast regions.16:30KLIC Kulicke & Soffa CEO Scott Kulicke plans to retire in 2011 (5.16 +0.00)Co announces that Scott Kulicke plans to retire as Chairman and CEO of the Company in June of 2011. The company's Board of Directors will promptly begin a search for a new CEO, and expects to include both internal and external candidates.16:25ALOG Analogic misses by $0.09, beats on revs (37.26 +0.07)Reports Q1 (Oct) adjusted earnings of $0.10 per share, $0.09 worse than the First Call consensus of $0.19; revenues fell 2.9% year/year to $95.4 mln vs the $92.4 mln consensus. Co states, "As we have stated previously, one of our key financial goals is to achieve double-digit operating margins by FY2012. We are committed to achieving significant improvement in our operating margins, even at our current revenue run rate, through organic measures that are within our control..."16:23MSL Midsouth Bancorp commenced an offering of up to $30 million of its common stock (14.05 -0.53)16:22ALOG Analogic announces settlement agreement with Ramius (37.26 +0.07) -Update-The co announces that it has reached an agreement with Ramius Value and Opportunity Master Fund Ltd, an affiliate of RCG Starboard Advisors and Ramius, relating to the Company's 2010 Annual Meeting of Stockholders. Ramius beneficially owns approximately 4.9% of Analogic's outstanding shares. The Analogic 2010 Annual Meeting will be held on January 29, 2010, at the Company's world headquarters in Peabody, Massachusetts. Analogic will nominate Dr. Burton Drayer, Executive Vice President for Risk at The Mount Sinai Medical Center and Chairman and Director of Mount Sinai's Department of Radiology, to stand for election as a new independent director on the Analogic Board at the January 2010 Annual Meeting. Dr. Drayer, who was recommended by Ramius, will fill the vacancy resulting from the previously announced departure of Analogic founder and Chairman Emeritus from the Company's Board. It is expected that Dr. Drayer will also serve on the Nominating and Corporate Governance Committee.16:21WU Western Union announces dividend increase to $0.06 from $0.04 and new $1 bln share repurchase authorization (18.19 +0.14) -Update-16:18PNNW Pennichuck announces offering of 375K shares of common stock (23.35 -0.19)Co announced that it is offering to the public 375,000 shares of common stock, plus up to an additional 56,250 shares of common stock to cover over-allotments, if any, under its existing shelf registration statement. The Company intends to use the proceeds to repay outstanding indebtedness and for general corporate purposes.16:16TRCR Transcend Services announces that it and certain selling stockholders intend to offer to sell 1.5 mln shares and 720K shares, respectively, of common stock (18.95 -0.05)16:15BONDX Stop Making Sense -12/32 3.425%...euro 1.4727...yen 878.57Treasuries got another kick in the head, with the longer dated issues riding a whip as the 10-yr auction didn't go so hot, leaving the fate of the 30-yrs ($13B reopened) uncertain at best. The good news is that in the 10.2 basis point swing set it up for (perhaps) some heightened interest in the offering, with the yield running near the best levels in a month and near the highest since August. 4.45% isn't much, but its about the best of the safe instruments out there. So, it's got that going for it. The unlovely outing today was record reopened size (as will be tomorrow's, and the next and the next) and many had felt that it "should have been better" if only because of year end and these are the last 2 longer maturity offerings on the year (although late month will have, likely record, 2-5-and-7s). But as we have been mentioning since, like, September, many shops and dealers have been staying clear of "unnecessary roughness" in order to protect profits (and bonuses where applicable), so they have essentially closed their books for the year. The curve was swung hard in bear steepening, with an initial run to over 270 on the 2-10-yr yield spread, now 268. The dollar was ultimately sold off, unable to maintain its gains over 76, but making a solid effort, which may prove bullish heading into Thursday. The euro was hurt early as all its regional ills make headlines, but was able to get a post-auction boost from 1.4685 to 1.4740 and also saw some unwind of safety plays against the yen. The yen was held in a tight range for the majority of the day, hugging 87.80. The day ahead has the $13B 30-yr reopening, tough Tim Geithner testifying on TARP (great. 10), a late speech from fed gov Duke (13:45). Data due has initial jobless claims, and trade balance (8:30), with the treasury budget bringing up the rear.16:14TRR TRC Co was selected by the State of New Hampshire to issue and manage subgrants (2.97 -0.02)Co was selected by the State of New Hampshire to issue and manage subgrants to local communities for projects that increase energy efficiency, reduce greenhouse gas emissions and advance the development of renewable energy systems. The subgrants are funded through the Energy Efficiency and Conservation Block Grant Program (EECBG), which is supported by the American Recovery and Reinvestment Act.16:09AHT Ashford Hospitality Trust and special servicer mutually agreed to transfer the co's possession and control of hotel to a court-appointed receiver (5.00 +0.02) -Update-Co announced that it and the special servicer who is administering the $29.1 mln first mortgage on its Hyatt Regency Dearborn have mutually agreed to transfer the co's possession and control of the hotel to a court-appointed receiver, effective December 3, 2009. Co has been fully cooperating with the servicer for a consensual foreclosure or deed in lieu of foreclosure since June 2009. As a result of the transfer, co deconsolidated the hotel from its financial reporting, including the $28.9 mln hotel asset (previously impaired by $10.9 mln in the second quarter of 2009) and the hotel's $29.1 mln mortgage indebtedness, and will recognize a gain on the extinguishment of debt. Additionally, the Company will reclassify the hotel's results of operations through the effective date of the transfer to discontinued operations on its statement of operations. The transfer also eliminates the remaining 2010 debt maturity for the Company, leaving the Company with no debt maturities in 2010 and $229.0 mln maturing in 2011. The co's average current interest rate on its total indebtedness is 3.62%. As of September 30, 2009 co had $197.9 mln of unrestricted cash available.16:08ALOG Analogic Corp signs deal with Smiths Detection (37.15 -0.04)Co announced that it has signed an agreement with Smiths Detection to develop advanced imaging subsystems for use in a next-generation explosives detection system to be manufactured and marketed by Smiths. The agreement provides for Smiths Detection to fund the engineering development over a period of approximately two years.16:07NBIX Neurocrine Biosci announces top-line results from 703 Study of Elagolix for treatment of endometriosis pain; Primary efficacy and safety results consistent with previous studies (2.14 -0.05)Co announces top-line efficacy and safety results from the Tulip PETAL Study, its fifth Phase 2 clinical trial using its proprietary, orally-active nonpeptide Gonadotropin-Releasing Hormone receptor antagonist, elagolix, in patients with endometriosis. The preliminary data confirm that elagolix and leuprorelin are associated with reductions in Dysmenorrhea and Non-Menstrual Pelvic Pain daily scores when compared to placebo. As shown with all previous elagolix trials, symptoms of dysmenorrhea improved significantly in both elagolix treatment groups and with leuprorelin compared to placebo. Additionally, the percentage of dysmenorrhea pain-free days was markedly higher in the elagolix treatment groups when compared to placebo. Although statistical significance was achieved with the non-menstrual pelvic pain scale in this trial, the numeric changes are small, the dynamic range of the scale is small and, as previously stated, they do not intend to use this scale in subsequent trials.16:07LULU Lululemon Athletica beats by $0.01, beats on revs; guides Q4 EPS in-line, revs above consensus (27.67 +0.86)Reports Q3 (Oct) earnings of $0.20 per share, $0.01 better than the First Call consensus of $0.19; revenues rose 29.8% year/year to $112.9 mln vs the $111.2 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.26-0.28 vs. $0.27 consensus; sees Q4 revs of $140-145 mln, based on a comparable-store sales increase in the mid teens on a constant-dollar basis, vs. $133.73 mln consensus. Co reports Q3 gross margin as percentage of net revs of 49.9% vs 48% consensus (46.2% last qtr and 48.1% a year ago). Gross profit for the quarter increased by 34.4%. "Sales momentum continued to build in the third quarter as consumers responded to our distinctive product, community connections and in store guest experience... We also made significant progress in improving our gross margin with a return to the 50% level, and are very pleased to deliver these results in a challenging retail environment."16:06SGMS Scientific Games awarded Australia's Golden Casket instant ticket contract (13.99 -0.14)Co announces that its wholly-owned subsidiary, Scientific Games Products, has entered into an Instant Scratch-Its production agreement with Golden Casket Lottery Corporation Limited, a wholly-owned subsidiary of Tatts Group Limited, in Australia. The Agreement began in Nov. 2009, has an initial term of two years and includes three one-year extension options. This Agreement is to supply Golden Casket's Instant Scratch-Its tickets, which are available for sale in Queensland, Tasmania, ACT and the Northern Territory.16:05TRMK Trustmark completes repurchases of all preferred stock from U. S. Treasury (19.86 -0.13)16:04GLP Global Partners unitholders approve amendment to partnership agreement (23.31 -0.26)Co announces that they have received the required approvals from unitholders for the amendment to its partnership agreement described in its proxy statement dated November 5, 2009. The Partnership and its bank group also have recently signed an amendment that increases the working capital commitments available under Global Partners' Credit Agreement by $100 mln. With this increase, total bank commitments now equal $850 mln.16:04OXM Oxford Industries beats by $0.14, misses on revs; guides FY10 EPS above consensus, revs in-line (21.10 +0.04)Reports Q3 (Oct) adjusted earnings of $0.32 per share, ex-item, $0.14 better than the First Call consensus of $0.18; revenues fell 17.9% year/year to $200.5 mln vs the $205.4 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.20-$1.25 vs. $1.03 consensus and vs. prior guidance of $0.90-$1.05; sees FY09 revs of $790-$800 mln vs. $792.30 mln consensus and vs. prior guidance of $765-$780 mln.16:02FLR Fluor says the Utah Department of Transportation selected Provo River Constructors, a Fluor-led joint venture, as the team with the best fixed-price (40.66 -0.14)Co announces that the Utah Department of Transportation selected Provo River Constructors, a Fluor-led joint venture, as the team with the best fixed-price, best-design proposal for the expansion of the I-15 Corridor Reconstruction project. The design-build contract value is expected to be in the range of $1.1 billion. Fluor will book its 40% share of the project into backlog when the contract is signed and all material financing uncertainties have been resolved, which is expected to be no later than the first quarter of 2010. Utah's State Legislature previously authorized a revenue and bond package to support the project.16:01TOD Todd Shipyards announces award of ~$3.0 mln contract to overhaul USNS Henry J. Kaiser (T-AOE 187) (17.54 +0.40)16:01KPPC KapStone Paper and Packaging to move to the New York Stock Exchange; expects to begin trading on or about January 4, 2010 under ticker KS (8.02 +0.01)16:01AHT Ashford Hospitality Trust and Special Servicer mutually agree to transfer Hyatt Regency Dearborn to receivership (5.00 +0.02)Co announces that they and the special servicer who is administering the $29.1 mln first mortgage on the Co's Hyatt Regency Dearborn have mutually agreed to transfer the Company's possession and control of the hotel to a court-appointed receiver, effective December 3, 2009. As a result of the transfer, the Co deconsolidated the hotel from its financial reporting, including the $28.9 mln hotel asset and the hotel's $29.1 mln mortgage indebtedness, and will recognize a gain on the extinguishment of debt. Additionally, the Co will reclassify the hotel's results of operations through the effective date of the transfer to discontinued operations on its statement of operations. The transfer also eliminates the remaining 2010 debt maturity for the Company, leaving the Company with no debt maturities in 2010 and $229.0 mln maturing in 2011. The Company's average current interest rate on its total indebtedness is 3.62%. As of September 30, 2009 the Company had $197.9 million of unrestricted cash available.16:00CYTK Cytokinetics and GlaxoSmithKline agree to terminate collaboration and license agreement directed to oncology (3.13 +0.07)Co announced that it has agreed with GlaxoSmithKline (GSK) to terminate their collaboration and license agreement, effective February 28, 2010. As a result, all rights for GSK-923295, an inhibitor of centromere-associated protein E (CENP-E), will revert to Cytokinetics effective February 28, 2010. GSK remains responsible for all activities and costs associated with completing and reporting on the ongoing Phase I clinical trial of GSK-923295 in advanced, refractory solid tumor patients. The decision to terminate the collaboration agreement with GSK reinforces Cytokinetics' corporate commitment to focus its internal research and development to muscle function and related therapeutic applications. Previously, Cytokinetics had negotiated for the return of all rights to the kinesin spindle protein (KSP) inhibitors, SB-743921 and ispinesib (SB-715992), that had also been initially developed in collaboration with GSK. Each of these compounds has demonstrated favorable tolerability and clinical activity in one or more clinical trials. Cytokinetics is now seeking to license its portfolio of these three novel mechanism anti-mitotic drug candidates so that they can be advanced in further clinical trials.Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond and world FX market participants. 1-800-752-3013 or http://www.briefing.com