Briefing.com: Hourly In Play (R) – 10:00 ET

Dec 23, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 23-Dec-09 10:00 ET

09:56

BIDU Baidu.com has taken back all of yesterday's selloff, up over 10 points and back to $409 (409.00 +10.19) -Technical-

09:56

SPY Limited reaction to sentiment data -- Dow +12, S&P +2.3, Nasdaq +8 -Update- -Technical-

09:55

AXP American Express early push leaves its slightly under its 52-wk close high from Nov and last week's rebound high at 41.83/41.86 (41.75 +0.33) -Technical-

The early Dec 52-wk intraday high comes into play at 42.25 (session high 41.77)

09:51

OMEX Odyssey Marine announces it has received notification from the U.S. District Judge that he has adopted the Magistrate's Report and Recommendation in the "Black Swan" case in favor of Spain (1.52 +0.03)

Co announces it has received notification from the U.S. District Judge that he has adopted the Magistrate's Report and Recommendation in the "Black Swan" case in favor of Spain. Although the Judge complimented Magistrate Pizzo's Report and Recommendation, he also made it clear that he felt a separate opinion by him would "add only length and neither depth nor clarity (and certainly not finality) to this dispute." The Judge also stayed the order vacating the arrest warrant and the return of the recovered coins to Spain until the U.S. Court of Appeals for the Eleventh Circuit rules in the case, which serves to keep the coins in Odyssey's possession pending the outcome of the case.

09:48

AMGN Amgen pushes as high as 57.67 in early trade leaving it just under a resistance zone at its Nov/Dec highs at 57.73/57.88 (57.60 +0.38) -Technical-

09:46

SPY S&P 500 retests 50% retrace of 2007-2009 decline at 1121 -- session high 1121.58 -Update- -Technical-

Firmer in early trade with the 50% retracement retested. A minor level above is at 1124 followed by the 1127/1128 area. Initial supports to watch are at 1118 and 1116.

09:42

X U.S. Steel shares pull back from printing opening 52 week highs @ 53.70 (53.17 +.07) -Technical-

Price reversing into slightly negative territory in recent trading, potentially working back from a highly 'overbought' state on the daily chart timeframe.

LoD @ 53.08

X +.30% versus SLX ETF -.60%

09:40

CTAS Cintas sharply lower in early trade, holding near its Sep low at 26.51 -- session low 26.55 (26.74 -2.94) -Update- -Technical-

Support below if unable to maintain a posture above is at its 200 sma at 26.27.

09:33

SPY S&P SPDRs hovering slightly under last week's peak at 112.13 in opening trade, its Dec/52-wk high is at 112.38 (111.95 +0.22) -Update- -Technical-

09:25

GTI GrafTech Intl ests and tgt raised to $19 at Keybanc based on favorable positioning in the global steel production recovery (14.89 )

Keybanc raises their 2009 EPS estimate to $0.57 from $0.53 (consensus $0.51), including a 4Q09 estimate raise to $0.25 from $0.21 (consensus $0.20) as customer de-stocking impacts incrementally wane into 2010 and shipments trend closer to end user demand levels vs. the firm's prior expectations. Additionally, the firm raises their GTI tgt to $19 from $17 and slightly raises their 2010 EPS outlook to $1.15 from $1.10 (consensus $1.18), reflecting gradual graphite electrode volume recovery, 3% blended pricing upside in graphite electrodes vs. 12% in 2009 relative vs. 2008 levels, a 40% increase in needle coke costs vs. average 2008-2009 levels, and benefits from fixed costs reductions leveraged over global macro recovery/improved productivity from capital initiatives. The firm notes that they continue to believe GTI is well positioned to profitably participate in a global steel production recovery and the Company's financial strength continues to improve and create opportunities for organic and selective M&A growth.

09:25

ORB Orbital Sciences and Thales Alenia Space receive contract for OverHorizon Commercial Communications Satellite; terms not disclosed (15.28 )

09:17

ASMI ASM Intl NV target raised to $30 from $25 at GC Research (25.57 )

09:17

AMAT Applied Materials target raised to $22 from $19 at GC Research (13.94 )

09:16

CYMI Cymer downgraded to Neutral from Overweight at GC Research; tgt $45 (39.05 )

09:05

BVX Bovie Medical announces FDA 510(k) clearance to market Resistick II coated electrodes (7.83 )

Co announces it has received 510(k) clearance from the Food and Drug Administration to market its line of coated blades, needles and ball electrodes used for cutting and coagulating soft tissues during surgical procedures. Resistick II is coating applied to stainless steel which resists eschar (scab or scar tissue caused by burning) during surgery.

09:03

On The Wires

VirnetX Holding Corp (VHC) announces that it has been selected as the "Featured Stock of the Month" for December, 2009, by "The KonLin Letter"... Sonesta International Hotels (SNSTA) announces the co's first property in its new US franchise program, the Sonesta Hotel Orlando Downtown. Effective January 17, 2010, the 341-room, upscale hotel will operate under the Sonesta flag. The announcement of the 31st Sonesta hotel worldwide, is the result of the recent franchise agreement between Sonesta Franchise Corporation, a subsidiary of Sonesta International Hotels Corporation, and owner RSLLC Orlando Downtown Hotel, a joint venture comprised of affiliates of Glenmont Capital Management and Resolution Services. Xinyuan Real Estate (XIN) announces that it has acquired another parcel of land in downtown Zhengzhou, the capital city of central China's Henan Province. XIN paid a total of ~$69 mln for the unencumbered land use rights for the Zhengzhou parcel, which offers a total site area of approximately 45,356 square meters.

09:00

MTG MGIC Investment: In 8-K last night, discloses that Countrywide Home Loans and BAC Home Loans Servicing filed a complaint for declaratory relief (6.36 )

In an 8-K out after the close last night, MTG disclosed that on Dec. 17, 2009, Countrywide Home Loans, Inc. and BAC Home Loans Servicing, LP filed a complaint for declaratory relief in the Superior Court of the State of California in San Francisco against Mortgage Guaranty Insurance Corporation, MTG's principal mortgage insurance subsidiary. The Complaint alleges that M.G.I.C. has denied, and continues to deny, valid mortgage insurance claims submitted by the plaintiffs and seeks declaratory relief regarding the proper interpretation of the flow insurance policies at issue. MTG says it intends to defend itself against the allegations in the Complaint vigorously. However, it is unable to predict the outcome of this case or its effect on MTG.

08:56

EZPW EZCORP initiated with a Strong Buy at CL King; tgt $20 (16.93 )

08:52

PNY Piedmont reports FY09 EPS of $1.67 vs. $1.49 year ago; operating revenue fell 21.5% y/y to $1.64 bln (26.25 )

Company also reaffirms FY10 EPS guidance of $1.48-$1.58, excluding $0.42 gain, may not compare to $1.72 consensus.

08:43

PDII PDI Inc announces new pharmaceutical business win with "top 5" pharmaceutical company (4.04 )

Co announces it has been awarded a significant contract sales engagement with a "Top 5" pharmaceutical company. This program is expected to generate approximately $6 mln in revenue for PDI during the first quarter of 2010 and may extend through the remainder of 2010. The new contract covers an assignment in the primary care and gastroenterology therapeutic areas, utilizing a PDI dedicated sales team.

08:36

PWR Quanta Services initiated with a Outperform at Wedbush Morgan; tgt $25 (21.91 )

Wedbush Morgan initiates PWR with a Outperform and price target of $25. The firm notes that PWR is the largest specialty contractor serving electric and gas utilities and is ideally positioned to benefit from favorable trends in transmission spending, in the firm's view, where renewables and reliability are drivers. In addition, PWR's services fit precisely at the Smart Grid convergence point between the traditional grid and new technology using advanced communications and remote power control technology. Management is executing well through weak distribution markets, and positioning the company for long-term growth. The firm sees a low valuation after an opportunistic acquisition providing a compelling entry point.

08:34

PIKE Pike Electric initiated with a Neutral at Wedbush Morgan; tgt $10 (9.36 )

Wedbush Morgan initiates PIKE with a Neutral and price target of $10. The firm maintain that Pike is well positioned to benefit from favorable long-term fundamentals in transmission and distribution markets as one of the largest service providers with a national footprint. The firm believes management is taking the right actions by moving Pike's business mix toward higher-value engineering and transmission services, as core distribution markets remain weak and Pike will restructure this business in 1H10.

08:32

MYRG MYR Group initiated with a Neutral at Wedbush Morgan; tgt $18 (19.15 )

Wedbush Morgan initiates MYRG with a Neutral and price target of $18. The firm believes that MYRG is is positioned to benefit from positive long-term fundamentals in transmission and distribution markets with strong earnings leverage to large-size transmission projects and increasing activity in renewables. The firm notes that new generation and electrical load are drivers of new transmission infrastructure, so while current economic weakness is a headwind, particularly for distribution markets, increasing activity in renewables installing transmission lines for new solar and wind projects is a tailwind. The firm would look to turn more constructive on improved visibility into future earnings growth.

08:32

IOC InterOil: Shares trading ~4% higher following Papua New Guinea's approval of co's LNG project agreement (72.44 )

As mentioned briefly in 06:17 post, InterOil is trading ~4% higher following the announcement that the PNG National Government has signed the co's Project Agreement for the construction of a liquefied natural gas plant in Papua New Guinea. Following approval of the Project Agreement by the National Executive Council on December 10, the Minister for Petroleum Hon William Duma and acting Governor-General Dr Allan Marat signed the Agreement securing PNG's second LNG project. The signing was witnessed by the Prime Minister Sir Michael Somare. The Agreement sets fiscal terms for a twenty year period, which include a 30% co tax rate and certain exemptions applicable to large scale projects of this nature. It also provides for a 20.5% ownership stake to be held by the Government of Papua New Guinea's nominee, Petromin PNG Holdings Limited. A further 2% ownership stake will be taken by landowners directly affected by the plant.

08:31

GOL GOL Linhas Areas Inteligentes S.A. completes 2010 aircraft financing; secures $150 mln credit line (14.48 )

Co announces it has secured a $150 mln credit line, to finance aircraft acquisition prepayments. This concludes the financing of such payments until the end of 2010, in accordance with the company's plan to renew its fleet, which will consist exclusively of Boeing (BA) 737-800s and Next Generation 737-700s. The credit line was taken out with Natixis Transport Finance, a European financial institution specializing in financing for the industrial area, at the Libor +2.45% per year and amortizations (principal plus interest) will coincide with the 2010 aircraft delivery schedule.

08:31

SPY E~mini index futures see muted reaction to econ. data just released, still holding a modest bid -Technical-

ES +3.75 or +.35%

NQ +4.50 or +.25%

YM +23 or +.20%

08:30

SSP EW Scripps adopt 10b5-1 trading plans (6.80 )

Co announces that certain officers have adopted stock trading plans in accordance with the guidelines specified by Rule 10b5-1. The officers filing trading plans are part of a larger group of company executives who will be receiving Scripps Class A shares in 2010 upon the vesting of restricted share awards and restricted stock unit awards granted in prior years. Some of the transactions include: Timothy Stautberg, senior vice president, CFO and treasurer of the company, has filed a plan to sell up to 36,000 shares if certain criteria are met. Mark Contreras, senior vice president, newspapers, has filed a plan to sell up to approximately 64,000 shares if certain criteria are met. Sales may commence in February 2010 and would be completed by June 2010. Brian Lawlor, senior vice president, television, has filed a plan to sell up to approximately 54,000 shares if certain criteria are met. Sales may commence in February 2010 and would be completed by June 2010.

08:20

PDE Pride Intl initiated with a Buy at C.K. Cooper; tgt $42

C.K. Cooper initiates PDE with a Buy and price target of $42. The firm notes that PDE has transformed itself over the last few years under a new management team, which has refocused the company on deepwater and offshore drilling rigs. The team has reduced debt, sold the land business in South America and signed contracts to build four deepwater drillships. Record earnings in 2008 of $3.68 per share are expected to be followed in 2009, 2010, and 2011 with estimated earnings of $2.18 per share (consensus $2.21), $1.90 per share (consensus $1.95), and $3.50 per share (consensus $3.49), respectively. The firm believes that the new PDE is becoming a focused deepwater offshore driller and they expect further development of its deepwater presence going forward.

08:16

EK Eastman Kodak, Samsung agree to negotiate patent dispute settlement (4.32 )

Co announces that it has agreed to negotiate a settlement agreement and a technology cross license with Samsung Electronics. As part of this effort, Samsung has agreed to make a non-refundable payment to Kodak this year that will be credited toward its future royalty obligations to Kodak. The amount of that payment isn't being disclosed. Concurrently, the companies are negotiating the terms of a settlement of Kodak's patent infringement claims against Samsung that were filed in Nov. 2008 with the U.S. International Trade Commission. The companies will jointly pursue the dismissal of Kodak's claims once a definitive settlement agreement and a cross license have been executed. All of the above activity, with the exception of the non-refundable payment by Samsung, is subject to the issuance of a termination order by the ITC.

08:05

XIN Xinyuan Real Estate assumed with a Buy at Brean Murray; tgt $10 (4.14 )

Brean Murray assumes coverage of Xinyuan Real Estate with a Buy and sets target price at $10. The firm notes that they based their recommendation on the company's strong project pipeline visibility for the next two years, favorable housing demand and pricing trends in Tier 2 cities, supportive government policies for owner-occupier buyers, and attractive valuation.

08:03

On The Wires

Tyler Technologies (TYL) announces that Knox County, Tennessee has signed a $1.4 mln contract for its Munis Enterprise Resource Planning software... Harris (HRS) announces that it will provide critical air-to-ground and ground-to-ground digital communications services for a new Manila Area Control Center in the Philippines connecting it with remote sites throughout the 7,000-island nation... Telvent (TLVT) announces that it is the first vendor selected to participate in a SCADA testing project to ensure critical IT security and infrastructure protection in multi-vendor environments. Telvent's SCADA system will be deployed as part of the Department of Homeland Security's new Multi-Vendor Assessment project.

08:02

COMS 3Com beats by $0.02, beats on revs (7.48 )

Reports Q2 (Nov) earnings of $0.09 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.07; revenues fell 9.1% year/year to $322.2 mln vs the $299.7 mln consensus. 3Com achieved gross margin in the quarter of 60.1 percent. This compares with gross margin of 57.3 percent in the first quarter of fiscal year 2010, and 56.3 percent in second quarter of fiscal year 2009. Non-GAAP operating profit margin hit a record 13.5 percent in the second quarter, compared with 9.1 percent in the first quarter of fiscal year 2010, and 10.8 percent in the second quarter of the prior year. Revenue grew sequentially across all major sales regions, primarily driven by a solid recovery in the Europe, Middle East and Africa region and in our Latin America business, and continued strong performance in China.

07:31

PMI PMI Mortgage Insurance announces restructuring of certain modified pool policies (2.46 )

Co announces the restructuring of certain modified pool policies which resulted in positive statutory capital benefits to PMI. In connection with the restructuring, PMI paid the counterparty aggregate accelerated discounted claim payments of approx $264 mln (subject to certain adjustments). The positive impact that the restructurings had on PMI's loss reserves for 4Q09 resulted in an estimated aggregate statutory benefit to PMI of approx $51 mln.

07:31

PSDV pSivida announces positive results from the two Phase 3 FAME trials of Iluvien in patients with diabetic macular edema (3.52 )

Co reported top-line 24 month results from the Phase III FAME study of Iluvien for the treatment of Diabetic Macular Edema (DME) being conducted by pSivida's collaborative partner Alimera Sciences. The co will host a conference call and webcast today at 4:30 pm Eastern Time (details follow below). The FAME study was designed as two Phase 3 pivotal clinical trials (Trial A and Trial B). The primary efficacy endpoint for the FAME Study is the difference in the percentage of patients whose best corrected visual acuity (BCVA) improved by 15 or more letters from baseline on the Early Treatment Diabetic Retinopathy Study (ETDRS) eye chart at month 24 between the treatment and control groups. Based on Alimera's analysis of the Full Analysis Set, as described by the International Conference on Harmonization (ICH) Guidance E9 and adopted by the FDA, the primary efficacy endpoint was met with statistical significance for both doses of Iluvien in each of Trial A and Trial B, as well as on a combined basis. In addition, both the low and high dose Iluvien showed greater numerical efficacy at month 24 than at month 18, a requirement for approval with 24 month data. "We are very encouraged by these data and look forward to our collaborative partner Alimera filing the NDA for potentially the first ophthalmic drug therapy approved for DME... These data further validate our drug delivery technology."

07:31

RIGL Rigel Pharms receives milestone payment from Daiichi Sankyo for cancer ligase target (9.43 )

Co announces that it has received a milestone payment from Daiichi Sankyo Co., Ltd. as part of their collaboration to research and develop cancer treatments aimed at selectively inhibiting ligases, which are intrinsic to cancer cell growth and proliferation. The compound, as yet unnamed, targets cell division. Rigel and Daiichi Sankyo have an ongoing research collaboration aimed at identifying small molecule drug candidates against a ligase target that controls cancer cell proliferation through protein degradation.

07:28

CRI Carter Holdings provides an update on customer accommodations review (24.99 )

Co announces the substantial completion of an independent investigation undertaken at the direction of the company's Audit Committee concerning the reporting of wholesale customer accommodations in incorrect periods and the resulting adjustments to the company's financial statements for the periods covered by the previously announced restatement. The investigation uncovered irregularities involving members of the sales organization intentionally not disclosing accommodations arrangements with customers to the company's finance organization and intentionally providing inaccurate documentation and explanations regarding accommodations to the finance organization. Consequently, such arrangements were not communicated to the company's independent registered public accounting firm. These accommodations arrangements were made throughout the restated periods by certain members of the company's sales organization and involved the deferral of accommodations into later fiscal periods. The cumulative, after-tax impact of the adjustments required to the financial statements for the five fiscal years of 2004 through 2008 and the first six months of fiscal 2009 is a 3% reduction in retained earnings in the amount of $7.5 million. This amount reflects the sum of adjustments to net income for fiscal 2004 through the six-month period ended July 4, 2009, which total $4.4 mln, and a 2003 cumulative adjustment to retained earnings in the amount of $3.1 mln. The adjustments do not impact the company's reported cash flow from operations for any of the periods presented. The adjustments to the company's statements of operations and balance sheets for the restated periods are set forth at the end of this release.

07:26

CAST ChinaCast Education announces executive mgmt team to purchase 692,520 shares of stock at $7.22/share (7.03 )

Co announces executive management team members Ron Chan Tze Ngon, Chairman and CEO; Antonio Sena, Chief Financial Officer; and Michael Santos, President-International, have entered into a definitive agreement on December 21, 2009, to purchase 692,520 shares of the Company's common stock through a private placement for a purchase price of $7.22 per share, or an aggregate purchase price of approx $5 mln. The purchase was made through Thriving Blue Limited, a British Virgin Islands company.

07:02

CGEN Compugen announces "discovery on demand" therapeutic peptide collaboration with Pfizer (2.84 )

Co announces that it has signed a collaboration agreement with Pfizer for the predictive discovery by Compugen of therapeutic peptide product candidates for three drug targets of interest to Pfizer. The discovery process, which will be based on various Compugen discovery platforms and funded by Pfizer, is expected to take a few months, following which the predicted molecules will be synthesized and delivered to Pfizer. Following an evaluation period, Pfizer will have the right to exercise options for worldwide exclusive milestone and royalty bearing licenses to develop and commercialize the selected product candidates or further optimize them to obtain final potent, selective product candidates with favorable pharmacokinetic properties.

07:02

GG Goldcorp says it has the right to match competing proposal to acquire Canplats Resources (38.50 )

Co announces that it received a notice from Canplats Resources Corporation that Minera Penmont S. de R.L. de C.V. has made a proposal to acquire all of the issued and outstanding shares of Canplats for cash consideration of $4.20 per share plus shares of a newly-formed company which will hold Canplats' exploration properties pursuant to a plan of arrangement. Canplats has further advised Goldcorp that the Board of Canplats has determined that the Penmont Proposal constitutes a "Superior Proposal" within the meaning of the Business Combination Agreement dated November 16, 2009 between Canplats and Goldcorp and that Canplats intends to enter into an agreement with Penmont to implement the Penmont Proposal. Under the BCA, Goldcorp has the right, for a period of five business days, to match the financial terms of the Penmont Proposal.

07:00

TSYS TeleComm Sys and Sybase. reach legal settlement (9.36 )

The co and Sybase (SY) announces they have agreed to settle two patent infringement lawsuits. Both lawsuits were filed by TCS in the United States District Court for the Eastern District of Virginia, Richmond Division. The parties have decided that, in order to avoid the costs and substantial burdens of the litigation, it is in the interest of each of their businesses to resolve these matters at this time, although Sybase continues to dispute TCS' allegations and does not admit any infringement. Sybase will make a one-time payment of $23 mln to TCS in exchange for a license in the TCS inter-carrier messaging family of patents. Other specific terms of the settlement are confidential. Sybase believes that the substantial majority of the settlement amount will be satisfied by an escrow Mobile 365's former shareholders established when Sybase acquired Mobile 365, and that a legal reserve Sybase previously established will be sufficient to cover the balance of the settlement amount. TCS will record fourth quarter 2009 legal and other non-recurring expenses in connection with this settlement totaling approx $7.5 mln.

07:00

ECONX MBA Mortgage Applications -10.7% vs +0.3% Prior

06:33

S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +9.30.

06:33

Asian Markets

Nikkei...Holiday......... Hang Seng...21328.74...+236.70...+1.10%.

06:33

European Markets

FTSE...5370.13...+41.50...+0.80%. DAX...5970.61...+25.20...+0.40%.

06:17

On The Wires

TowerJazz (TSEM) announces its USA Aerospace and Defense Division has been awarded a contract by General Dynamics Information Technology, a business unit of General Dynamics (GD), to support the MATES (MAnufacturing TEchnology Support) program within the U.S. Air Force for large-die read-out-integrated-circuit production... InterOil (IOC) announces that the PNG National Government has signed the co's Project Agreement for the construction of a liquefied natural gas plant in Papua New Guinea.

06:14

F Ford confirms settlement of all substantive commercial terms to sell Volvo to Geely in 2010 (9.90 )

Co confirms that all substantive commercial terms relating to the potential sale of Volvo Car have been settled between Ford and Zhejiang Geely Holding Group Co Ltd. While some work still remains to be completed before signing including final documentation, financing and government approvals, Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010, with closing of the sale likely to occur in the second quarter 2010, subject to appropriate regulatory approvals.

01:22

THQI THQ, WWE and JAKKS Pacific announce settlement of litigation; THQ and WWE sign eight-year deal (4.81 )

THQ, World Wrestling Entertainment (WWE 15.22) and JAKKS Pacific (JAKK 12.31) announce that they have reached settlement agreements with respect to the WWE video game and toy licenses and the THQ/JAKKS Pacific LLC joint venture. Under the three-party settlement, all claims are withdrawn and all litigation ended among the parties without any party admitting any wrongdoing. As part of the resolution of these matters, THQ will pay WWE $13.2 mln. In addition, THQ has entered into a new eight-year video game license directly with WWE commencing January 1, 2010, which is three years longer than the renewal term under the previous arrangement between WWE and the THQ/JAKKS Pacific LLC joint venture. In addition to its preferred return payment to JAKKS for the period ending December 31, 2009, THQ will pay JAKKS Pacific $20 mln over the next four years, with payments of $6 mln due June 2010 and June 2011, and payments of $4 mln due June 2012 and June 2013, and the THQ/JAKKS Pacific LLC joint venture will terminate effective December 31, 2009.

01:18

On The Wires

Pan American Silver (PAAS) announces that it has been advised by Kingsdale Shareholder Services that an additional 5,403,461 common shares of Aquiline Resources (TSX:AQI) have been deposited to Pan American's extended offer to acquire all of the issued and outstanding Aquiline Shares (representing approx 6.7% of the Aquiline Shares issued and outstanding as of December 22, 2009). Together with the Aquiline Shares owned by Pan American prior to the making of the Share Offer, Pan American, following the take up of Aquiline Shares deposited to the Share Offer to date, owns 74,270,417 Aquiline Shares, representing approx 92.4% of the Aquiline Shares issued and outstanding as at December 22, 2009... Harris (HRS) receives a $228 mln order from the U.S. Marine Corps to provide Falcon II AN/VRC-104 high-frequency radio systems for use in U.S. DoD MRAP-All Terrain Vehicles; the contract was awarded by the U.S. Marine Corps - Systems Command on behalf of the Joint MRAP Vehicle Program... JDA Software (JDAS) receives SEC clearance of registration statement in its acquisition fo i2 Technologies (ITWO)... Ventas (VTR) closes on commitment for $50 mln of additional credit capacity under co's Revolving Credit Facilities to mature in 2012... Kosmos Energy, an affiliate of Anadarko (APC), announces that the co's Mahogany Deep-2 well on the West Cape Three Points Block offshore the Republic of Ghana has encountered light oil in three stratigraphic intervals and successfully appraised the greater Jubilee area.

18:00

RUTH Ruth's Hospitality Group announces proposed transactions intended to strengthen the co's financial position and improve its flexibility (2.69 +0.01)

Co announced that it has entered into agreements with a new investor and with the current lenders under its existing credit facility that are intended to strengthen the Company's balance sheet and improve its operating and financial flexibility.

17:59

FPL FPL Group: Extended outage at Seabrook Plant and poor wind resource will affect FPL Group's 2009 adjusted earnings (53.82 -0.68)

Co said that an extended outage at the co's Seabrook Station nuclear power plant and a continuing poor wind resource are exerting downward pressure on the co's expected 2009 adjusted earnings. In its Q3 earnings call this year, FPL Group indicated that its revised 2009 adjusted EPS expectations were in a range of $4.10-4.20 (consensus is currently $4.15).

17:15

SMTB Smithtown Bancorp has decided not to declare a cash dividend for Q4 of 2009 (4.65 -0.38)

The Chairman of the Board and Chief Executive Officer, Brad Rock, said: "We expect elevated levels of nonperforming loans and loan loss provisions for the near future, as well as other challenges posed by the current economic and regulatory environment. Therefore, we believe that this is a time to conserve capital."

17:01

BLDP Ballard announces supply agreement with Daimler AG (1.81 -0.07)

Co announced a supply agreement with Daimler AG for FCvelocity fuel cell products for Daimler AG's fuel cell car and bus programs. The agreement provides for minimum revenue of ~$24 mln over eighteen months from April 2010, with roughly equal distribution in 2010 and 2011.

16:39

MKL Markel Corp announces resignation of COO (338.40 +2.90) -Update-

Co announced that Paul W. Springman, who has been on a leave of absence since late October, has resigned as the corporation's President and Chief Operating Officer effective January 1, 2010 to pursue other interests.

16:39

FSR Flagstone Reinsurance: Fitch affirms ratings on Flagstone Re; outlook stable (10.78 -0.12)

Fitch Ratings has affirmed its ratings on Flagstone Reinsurance Holdings (FSR) and subsidiaries (collectively Flagstone). The Rating Outlook is Stable.

16:38

FINL Finish Line beats by $0.09, beats on revs (10.00 +0.17)

Reports Q3 (Nov) net of breakeven, excluding non-recurring items, $0.09 better than the First Call consensus of ($0.09); revenues fell 0.2% year/year to $240.1 mln vs the $233.7 mln consensus.

16:31

MKL Markel Corp announces that Paul Springman, who has been on a leave of absence since late October, has resigned as President and COO effective Jan 1, 2010 to pursue other interests (338.40 +2.90)

16:30

MDCO The Medicines Co acquires ApoA-I Milano from Pfizer (8.54 +0.15)

Co announced the exclusive worldwide licensing of ApoA-I Milano from Pfizer (PFE). ApoA-I Milano is a naturally occurring variant of a protein found in human high-density lipoprotein (HDL) that has the potential to reverse atherosclerotic plaque development and reduce the risk of coronary events in patients with acute coronary syndrome (ACS). Under the terms of the agreement, Pfizer will receive an up-front payment of $10 million for ApoA-I Milano and will receive additional payments upon the achievement of certain clinical, regulatory and sales milestones up to a total of $410 million. Pfizer will also be eligible to receive single-digit royalty payments on worldwide net sales of ApoA-I Milano. The Medicines Company will also pay $7.5 mln to third parties.

16:30

TNL Technitrol agrees to divest North American electrical contacts operations (4.21 -0.03) -Update-

Co announces it has entered into a definitive agreement with Metalor Technologies International to sell the North American operations of AMI Doduco, its electrical contact products business. Terms of the transaction were not disclosed. The North American business comprises operations in Export, Pennsylvania, Luquillo, Puerto Rico and Mexico City. North American rivet production operations in Mexico will remain with Technitrol and be sold with the AMI Doduco operations in Europe and Asia. Technitrol will apply the net sale proceeds to reduce outstanding debt under its revolving credit facility. The transaction is expected to close in early January of 2010.

16:16

KGS Quicksilver Gas provides guidance on 2010 volumes (20.79 )

The co announces that it expects 2010 average gathered volumes of approximately 500 million cubic feet per day (MMcfd) and that 2010 processed volumes will average more than 170 MMcfd. Gathered volumes are projected to more than double from the projected 2009 level and processed volumes are expected to increase more than 10%. The increase in gathering volumes is primarily due to the previously announced acquisition of the Alliance midstream assets from Quicksilver Resources and the associated volume of gas gathered and treated by these assets... The Alliance assets that are being acquired consist of gathering systems and related compression facilities with an aggregate current capacity of 115 million cubic feet per day (MMcfd), and a plant with amine treating capacity of 180 MMcfd and dehydration treating capacity of 200 MMcfd to the gathered gas.

16:15

TNL Technitrol sells $50 mln of 7.00% convertible senior notes (4.21 -0.03)

16:13

CTAS Cintas misses by $0.04, reports revs in-line (29.69 +0.07)

Reports Q2 (Nov) earnings of $0.39 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.43; revenues fell 0.8% year/year to $884.5 mln vs the $890.2 mln consensus. Co said, "It appears that our business has stabilized as this was our third straight quarter of relatively flat revenue on a per workday basis. Given our businesses' correlation to employment levels, it is unlikely that we will return to steady growth until the U.S. job market begins to recover, which historically has lagged general economic growth. We anticipate that when job recovery does occur, it will be a slow and lengthy process. In addition, the Q3 of our fiscal year is traditionally our most challenging, with fewer workdays and customer holiday closures. This year, we anticipate customer holiday closures will be longer and more widespread than they have been in better economic climates. For these reasons, we believe that current analyst expectations for Cintas revenue and earnings are too optimistic."

16:11

MU Micron lifts ~4% in afterhours following Q1 results (9.41 +0.10) -Update-

16:10

KOP Koppers Holdings reached an agreement for sale of property and buildings at its wood preserving facility in Gainesville, Florida to Beazer East (28.83 +0.42)

16:09

ABIO ARCA biopharma submitted a study protocol (3.04 -0.07)

Co announced that it has submitted a study protocol for review under the U.S. Food and Drug Administration's (FDA) Special Protocol Assessment (SPA) process for the design of a clinical trial to assess the safety and efficacy of Gencaro, in ~3,000 patients with chronic heart failure who have the genotype that appears to respond most favorably to Gencaro. Gencaro is the Company's investigational, pharmacologically unique beta-blocker and mild vasodilator.

16:07

MU Micron beats by $0.16, beats on revs (9.36 +0.05)

Reports Q1 (Nov) earnings of $0.23 per share, $0.16 better than the First Call consensus of $0.07; revenues rose 24.1% year/year to $1.74 bln vs the $1.6 bln consensus. Revenue from sales of DRAM products increased 50% in Q1 compared to Q4 due to a 25% increase in sales volume and a 21% increase in average selling prices. Revenue from sales of NAND Flash products increased 21% in Q1 compared to Q4 due to a 16% increase in sales volume and a 5% increase in average selling prices. The co's gross margin on sales of memory products improved from 12% in Q4 of FY09 to 27% in Q1 of FY10 due primarily to the increases in average selling prices.

16:07

TIBX TIBCO Software beats by $0.03, beats on revs (9.06 -0.16)

Reports Q4 (Nov) earnings of $0.23 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.20; revenues rose 5.4% year/year to $195.6 mln vs the $180.3 mln consensus. Co had a non-GAAP operating margin of 30%. vs. 29% in 4Q08. Co repurchased 4.3 mln shares in Q4.

16:06

NGLS Targa Resources Partners LP announces expansion of NGL fractionation capacity of Cedar Bayou Fractionators, L.P. and 2010 CAPEX guidance (23.78 +0.13)

Co announces plans to expand the capacity of its majority owned Cedar Bayou Fractionators natural gas liquids fractionation facility located at Mont Belvieu, Texas. The maximum gross fractionation capacity of the facility is anticipated to be expanded by 28% to 275,000 barrels per day, an increase of 60,000 barrels per day. After completion, the project will increase the Partnership's maximum gross NGL fractionation capacity along the Texas and Louisiana Gulf Coast to 439,000 barrels per day. The CBF expansion project is expected to be supported by a long-term, firm space fractionation agreement at market-based fees with ONEOK Partners. The Partnership's total capital expenditures for 2010 should approximate $130 mln with maintenance capital expenditures accounting for approximately 25% of the total. The total capital expenditure forecast includes spending required for the CBF fractionation expansion as well as other projects included in our natural gas gathering and processing and NGL logistics and marketing businesses. The 2010 capital expenditure forecast does not include growth opportunities under development that are uncertain with respect to timing and other factors.

16:05

AMGN Amgen resolves EPO patent dispute with Roche (57.22 +0.49)

The co announces that the United States District Court in Boston has entered final judgment and a permanent injunction against Roche prohibiting Roche from infringing Amgen's patents on recombinant erythropoietin (EPO), thus bringing the five-year patent infringement dispute to an end. Today's judgment was accompanied by Roche's admission that the five Amgen EPO patents involved in the lawsuit are valid, enforceable and infringed by Roche's pegylated-erythropoietin (peg-EPO) product, MIRCERA and by Amgen allowing Roche to begin selling MIRCERA in the U.S. in mid-2014 under terms of a limited license agreement. The settlement terms do not include any financial payments between the parties.

16:05

OKS ONEOK Partners signs NGL Fractionation Capacity Letter of Intent With Targa Resources Partners (61.51 -0.12)

Co announces that it has signed a letter of intent for a 10-year firm-space fractionation agreement with Targa Resources Partners LP (NGLS) for additional fractionation capacity at Targa's Cedar Bayou fractionator, a natural gas liquids fractionation facility located at Mont Belvieu, Texas. Under terms of the proposed agreement, ONEOK Partners will contract for 60,000 barrels per day of fractionation capacity at the Targa Resources Partners' facility, which is currently being expanded to 275,000 barrels per day from 215,000 barrels per day. The expansion is expected to be operational during the first quarter of 2011, subject to regulatory approvals.

16:04

RHT Red Hat showing a bit of strength after reporting earnings, up about $0.50 to new 52 week highs (29.87 ) -Update- -Technical-

Last trade at 30.40

16:03

RHT Red Hat beats by $0.01, beats on revs (29.87 +0.13)

Reports Q3 (Nov) earnings of $0.17 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.16; revenues rose 17.5% year/year to $194.3 mln vs the $188.3 mln consensus. At November 30, the co's total deferred revenue balance was $618.7 million, an increase of 23% on a year-over-year basis. "Strong bookings, particularly in North America, led to strong billings and greater than 20% growth in subscription revenue and deferred revenue, as well as further improvement of non-GAAP operating margins."

16:01

SRX SRA Intl wins $50 mln contract from Department of Homeland Security (7.46 -0.18)

Co announces that it has won a contract from the National Cyber Security Division of the Department of Homeland Security. The NCSD Mission Support Services contract totals $50 million for one base year plus four option years, if exercised.

16:01

CIM Chimera Investment declared Q4 common stock cash dividend of $0.17 per common share, up from $0.12 per common share (3.89 +0.06)

Co distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings.

16:01

MOT Motorola: LifeSync purchases wireless patent portfolio from Motorola (8.10 -0.29)

LifeSync Holdings is pleased to announce that it has purchased the Besson Patent Portfolio and other wireless vital sign patents from Motorola. The Besson Patents describe the use of wireless, two-way, digital communication between patient-electrodes or sensors and an evaluator station for monitoring a patient. The acquired patent portfolio includes additional wireless improvements including a wireless system telemetry protocol and programmable wireless electrode systems for medical monitoring. "We are excited about the opportunities for growth in our licensing program that these key assets will provide," said Shelley Hartman, President and CEO of LifeSync. Terms were not disclosed.

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