Briefing.com: Hourly In Play (R) – 10:00 ET
Mar 15, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 15-Mar-10 10:00 ET
09:56
DIA Dow outperforming but stalls shy of Friday peak at 10645 and slips back into the red -- session high 10637 -Technical-
Helping the Dow outperform thus far are: WMT +1.9%, GE =1.4%, KO +0.7%, KFT +0.6%, UTX +0.5%, MCD +0.4%.
09:51
XHB SPDR Homebuilders displaying some intraday relative strength as it rotates into positive territory (16.84 +0.02) -Technical-
Overall it remains within a relative tight week long trade range (which also marks the 52-wk high) with the top at 16.97 (session high 16.87).
09:50
TSYS TeleComm Sys awarded $7 mln managed bandwidth services and terminal maintenance order to support U.S. operations (7.60 -0.02)
announced that it has been awarded an order valued at approximately $7 mln to provide managed bandwidth services and terminal maintenance support for fixed satellite terminal sites supporting U.S. government personnel in forward operating areas throughout Southwest Asia including Afghanistan and Iraq. The order is initially funded at $2.2 mln for the first year, and will be funded up to a total of $7 mln if the options for two additional one-year renewal periods are fully exercised.
09:48
XLF Financial Select Sector SPDR weaker off open but holds above Jan high at 15.40 and rebounds (15.53 -0.01) -Technical-
Noted in opening action on Friday that the XLF was testing its 52-wk close/intraday highs at 15.73/15.76. It reached 15.73 on the opening bar and dropped roughly 1.6% into the afternoon. This morning some downside follow through was seen with it slipping under Friday's low (15.47) but its has held near the Jan high/last Thursday's low (15.40/15.41) and bounced. A sustained breach/close under Friday's low would be a short term weaker sign.
09:47
TECHX Opening Point Gainers/Losers -Technical-
Point Gainers: BIDU (+22.76), PVH (+5.85), CXG (+2.76), STJ (+2.44), FSLR (+1.98), GHL (+1.90), MDT (+1.69), AIG (+1.30), GMCR (+1.80), RIMM (+1.39), AMLN (+1.41)
Point Losers: GOOG (-12.78), CNX (-4.30), MNKD (-2.16), JST (-2.66), APA (-2.43), HITK (-2.21), WLT (-1.67), AAPL (-1.45), MEE (-1.40), LRCX (-1.35), BSX (-1.11)
09:45
CSUN China Sunergy announces appointment of Zhifang Cai as CEO (4.14 +0.04)
09:45
MNKD Mannkind resumes trading (6.84 -3.49) -Update-
09:42
SVNT Savient Pharma resubmits Biologics License Application for KRYSTEXXA for the treatment of chronic gout in patients refractory to conventional therapy (14.86 -0.02)
Co announced that it has resubmitted its Biologics License Application (BLA) to the FDA for KRYSTEXXA as a treatment for chronic gout in patients refractory to conventional therapy. Chronic gout that is refractory to conventional therapy occurs in patients who have failed to normalize serum uric acid and whose signs and symptoms are inadequately controlled with xanthine oxidase inhibitors at the maximum medically appropriate dose or for whom these drugs are contraindicated. The resubmission includes data from three consecutive manufacturing validation batches of the pegloticase active pharmaceutical ingredient (API) drug substance, additional and improved analytical methods for the control and release of pegloticase API and KRYSTEXXA and other data which are designed to address the issues cited by the FDA in its July 31, 2009 Complete Response Letter. It also includes a Safety Update from the remaining studies that were ongoing at the time of the previous 120-Day Safety Update. Additional documents included in the resubmission are proposals for product labeling and prescribing information, REMS program materials and a patient Medication Guide.
09:41
NED Noah Education enters into agreement to acquire Wentai Education (4.90 +0.05)
Co announced today it has signed a definitive agreement to acquire a 70% interest in Shenzhen Wentai Education Industry Development Co., Ltd ("Wentai Education"), a company focused on early childhood, primary and secondary education services in China, for a total consideration of RMB126 million to be funded by the Company's current cash reserve. Of the RMB126 million investment, RMB90 million will be used for expansion. Funded with the fresh capital provided by Noah, Wentai Education plans to expand its reach by operating new schools in newly developed communities and by making acquisitions across the country. Wentai Education recorded revenue of RMB49 million in 2009, and expects to see accelerated growth with the execution of its growth plans.
09:39
NKE Nike shares tick to fresh YTD/52 week highs with big weekly resistance in play surrounding the 70.00 mark (70.17 +.27) -Update- -Technical-
All-time highs from Mar. 2008 stand @ 70.60 with a slightly lower high in place @ 70.28 from Jun. 2008.
Today's HoD now stands @ 70.29
NKE Weekly Chart
09:38
KOL Sector Watch -Update- -Technical-
Early week weakness has been noted in Coal KOL -1.8%, Airline -1.3%, Steel -1.2%, Crude Oil USO -1.2%, Healthcare -1.1%, Disk Drive -0.9%, Reg Bank RKH -0.8%, Oil Service OIH -0.8%, Energy XLE -0.8%, Health Provider -0.8%.
09:38
TLVT Telvent: Pemex selects Telvent for centralized management of its entire pipeline network (30.89 -0.26)
Co announced the signature of a new contract with Pemex, the national energy co in Mexico. Telvent will install its supervision, control and data acquisition system OASyS SCADA to manage seven multiproduct pipelines of the National Oil Pipeline Network of Pemex Refinacion.
09:36
WMT Wal-Mart pushes higher off the open as it lifts modestly above its Feb-Mar range high of 54.50, currently eyeing a test of its Jan/52-wk high of 55.00-55.20 (54.62 +0.75) -Update- -Technical-
09:35
GE General Electric showing early Relative Strength as it builds upon last Friday's late upward momentum (17.21 +0.17) -Technical-
As the stock pushes higher above the $17-level, it trades at a fresh 5-month high bringing the Sept 09 highs of 17.50/17.52 within reach.
09:34
SPY S&P 500 -3.2 weaker off the open, hovering just above Friday low/chart barrer at 1146/1145 -Technical-
The Nasdaq Comp -8.5 is just above its low from Friday at 2358.
09:31
TEAR OccuLogix announces commitments to purchase $5.0 mln of co securities in a registered direct financing (3.50 -0.29)
Co announced that it has obtained commitments from several investors to purchase approximately 1,552,795 mln shares of its common stock and warrants to purchase approximately 621,118 shares of its common stock for gross proceeds of approximately $5,000,000. The investors have agreed to purchase the shares and warrants for $3.22 per uni. The exercise price of the warrants will be $4.00 per share.
09:30
BSX Boston Scientific announces ship hold and inventory retrieval of ICD and CRT-D devices (6.63 -1.16) -Update-
Co announced today that it has stopped shipment and is retrieving field inventory of all its implantable cardioverter defibrillators (ICDs) and cardiac resynchronization therapy defibrillators (CRT-Ds). The co has determined that some manufacturing process changes were not submitted for approval to the FDA. At this time, the co has identified two instances of changes that, while successfully validated, were not submitted to the FDA. Boston Scientific has informed the FDA and plans to work closely with the agency to resolve this situation as soon as possible. Co has no indication that the manufacturing process changes pose any risk to patient safety, and it is not recommending explantation of the devices.
09:30
IPXL Impax Labs confirms patent challenge relating to TRILIPIX delayed-release capsules, 135 mg and 45 mg (16.46 -0.03)
Co confirms that it has initiated a challenge of the patent listed by Abbott Laboratories (ABT) and Fournier Laboratories Ireland in connection with its TRILIPIX delayed-release capsules, 135 mg and 45 mg. Impax filed its Abbreviated New Drug Application ("ANDA") containing a paragraph IV certification for a generic version of TRILIPIX with the FDA. Following receipt of the notice from the FDA that Impax's ANDA had been accepted for filing, Impax notified the New Drug Application holder and patent owner of its paragraph IV certification. On March 12, 2010, Abbott Laboratories and Fournier Laboratories Ireland Ltd. filed suit for patent infringement against Impax in the United States District Court for the District of New Jersey. This action formally initiates the patent challenge process under the Hatch-Waxman Act. Based on the filing date of the ANDA, the co believes that it is the first to file an ANDA with a paragraph IV certification and expects to be entitled to 180 days of market exclusivity.
09:18
BPHX Blue Phoenix wins a $2 mln modernization contract with an international transportation co (2.48 )
09:15
CHRD Chordiant Software resumes trading (3.81 ) -Update-
09:15
ORB Orbital Sciences: Aerojet (GY) and Orbital Complete Main Engine Lifetime Testing for Taurus II Space Launch Vehicle (4.65 )
Co's along with Aerojet's (GY) Russian partner, SNTK, announced today that a series of NK-33 rocket engine tests conducted in Samara, Russia were successfully completed in support of the development of Orbital's Taurus II space launch vehicle.
09:11
DRWI DragonWave announces normal course issuer bid (9.25 )
Co announced that it has authorized the purchase of common shares of the co equal to up to 10% of the public float by way of a normal course issuer bid on the Toronto Stock Exchange and/or the NASDAQ Global Market.
09:06
GENZ Genzyme and Isis Pharma (ISIS) announce data from a phase 3 study of mipomersen; study met its primary endpoint (56.91 )
Genzyme (GENZ) and Isis Pharmaceuticals (ISIS) announce that data from a phase 3 study of mipomersen in patients with homozygous familial hypercholesterolemia were published in The Lancet. This study met its primary endpoint, resulting in an average LDL-C reduction of greater than 100 mg/dL in this very high-risk patient population. Patients treated with mipomersen had a 25% LDL-C reduction in an intent-to-treat analysis. In addition to meeting its primary endpoint, the trial also met each of its secondary and tertiary endpoints, which included statistically significant reductions in apolipoprotein-B, total cholesterol, non-HDL cholesterol, Lp(a), VLDL-C and triglycerides. Although all but one of the 51 patients in the phase 3 study were being treated with lipid-lowering therapy, their average LDL-C at baseline was greater than 400 mg/dL. The LDL-C reductions observed in the study were in addition to those achieved with the patients' existing therapeutic regimens.
09:04
BKR Michael Baker reports Q4 EPS of $0.65 vs $0.68 consensus, revs fell 7% YoY to $107 mln vs $109.89 mln consensus (35.77 )
Co says in 2010, they remain committed to their growth strategy, and expect continued strength in their transportation business and some timing challenges in their federal business.
09:04
ICGE Internet Capital partner co WhiteFence names Bob Harris CEO (7.39 )
09:02
ALB Albemarle increase price of NcendX P30 flame retardant by $0.50/kg on all shipments after April 1. (41.94 )
09:02
PGNX Progenics Pharm beats by $0.13, beats on revs (5.32 )
Reports Q4 (Dec) loss of $0.02 per share, $0.13 better than the First Call consensus of ($0.15); revenues rose 152.9% year/year to $17.2 mln vs the $13.9 mln consensus. Co states, "Our primary objectives this year are to identify a strategic marketing partner for the RELISTOR franchise, to advance development of the oral formulation, and to finalize a supplemental New Drug Application for subcutaneous RELISTOR to treat opioid-induced constipation in the broader chronic-pain patient setting. As we focus on these priorities, we continue to reduce expenditures and increase operating efficiencies throughout the organization. We also look forward to presenting data from the ongoing phase 1 trial of our PSMA ADC candidate for the treatment of metastatic prostate cancer later this year."
09:01
IDSY I.D. Systems awarded patents for access control and luggage handling (2.96 )
Co announces that it has been awarded patents 7,656,271 and 7,656,273 by the U.S. Patent and Trademark Office, covering, respectively, a system for controlling human access to mobile assets, and a mobile portal for tracking the movements of luggage.
09:00
PLM Polymet Mining statement on Environmental review timeline (2.60 )
Co announced that the state and federal Agencies responsible for review of PLM's project are working diligently to analyze public comments and recommendations in order determine the best way to complete the environmental review process. Prior to review of the comments, PLM had predicted that the likely time to completion of permitting was up to around nine months from publication of the draft EIS. Douglas Newby, PLM's CFO made a presentation on March 12, 2010 in which he described the key strengths of the project as well as the status of the environmental review. At the end of the presentation, responding to a question from an institutional investor about the permitting timeline, he gave an answer that may have lacked clarity; Mr. Newby subsequently made the following statement: "Since the end of the comment period in early Feb, we have received many questions about both the process and the timeline to complete the environmental review. The process is determined by the state and federal Agencies leading the work, so any opinions on the timeline are personal and speculative. However, in response to concerns whether a delay could be measured in years, I expressed my opinion that any delay is likely to be measured in months." In a separate statement, Joe Scipioni, PLM president and CEO said, "At this time, the company does not know what the process of completion of environmental review implies for the project timeline. As soon as these details are made known to the co so that we can determine their impact on project scheduling, the company will make a public statement." He continued, "The fundamentals of this project are unchanged and remain robust. We are confident that technical criticisms will be fully addressed when alternative plans and project changes are incorporated. Our construction budget makes provision for many of these alternatives and changes." He concluded, "The PLM team is steadfast in its resolve to complete this project, creating much-needed jobs, and helping to diversify the economy of northeastern Minnesota. We are also pleased that, after more than 11 hours of testimony in three hearings, the Environment and Natural Resource Committee of the Minnesota Senate has opted not to alter the state's non ferrous mining rules."
08:59
ECONX Reminder: Industrial Production and Capacity Utilization data due out in about 16 min at 9:15ET
08:51
VG Vonage regains compliance with NYSE listing standards (1.43 )
08:50
MNKD Mannkind halted - news pending (10.48 )
08:48
CVU CPI Aerostructures sees Q4 revs of $12.70 mln vs $13.85 mln single analyst estimate; sees 2010 revs of $48-51 mln vs. $60.47 mln single analyst estimate (7.16 )
"We are obviously pleased with our preliminary 2009 financial results, which demonstrate the evolution of our Company since 2006, when our revenue was approximately $18 million. We believe that the long-term contracts we received in 2008 and the shift to performing more subcontracting work have transformed CPI Aero into an industry-respected manufacturer of structural assemblies for the global aerospace and defense industry... It is our expectation that our three major long-term production programs (A-10, E-2D and G650) will be in full scale production and producing consistent significant revenue during 2011, and therefore project that 2011 revenue will be in the range of $78 million to $81 million, with resulting net income in the range of $8.9 million to $9.5 million and EBITDA in the range of $14.5 million to $15.3 million."
08:48
MXGL Max Capital Group provides guidance on Chilean Earthquake and winter Storm Xynthia (23.81 )
Co announces that preliminary estimates of combined claims for the Chilean earthquake of February 7, 2010 and winter storm Xynthia, which crossed Western Europe from February 26 to 28, 2010, range from $10 million to $20 million, net of reinstatement provisions and retrocessions. W. Marston Becker, Chairman and Chief Executive Officer of Max Capital, said: "Our projected claims from the Chilean earthquake and storm Xynthia are well within our normal loss provisions. In addition, in connection with Max's previously announced pending merger with Harbor Point Limited, we believe that the equivalent preliminary estimate, on a pro forma basis after giving effect to the combination, would have been in the range of $30 million to $50 million, net of reinstatement provisions and retrocessions also within the normal loss provisions for the pro-forma combined organization."
08:43
ECONX Reminder: Net Long-Term TIC Flows data due out in about 17 min at 9:00ET
08:37
On The Wires
Onstream Media (ONSM) announces that its Infinite Conferencing Division has signed an agreement with iLinc to offer Infinite clients tailored, affordable web-based collaboration solutions... Polycom (PLCM) announces its scalable Polycom CMA Desktop video collaboration application will now support Apple Mac OS X... Gamma Pharmaceuticals (GMPM. PK) announces that it has retained Burnham Securities and Nelson Mullins Riley & Scarborough to assist and advise Gamma management in a variety of corporate initiatives and to assist the Company in seeking financial and strategic alternatives.
08:37
ESLT Elbit Systems confirms it was awarded a contract from the Department of Defence of the Commonwealth of Australia in the amount of approximately $298 mln U.S. dollars (62.55 ) -Update-
08:35
CHRD Chordiant Software and Pegasystems announced they have entered into a definitive agreement for Pegasystems to acquire Chordiant for $5/share (3.81 )
Pegasystems (PEGA) and Chordiant Software (CHRD) announced they have entered into a definitive agreement for Pegasystems to acquire Chordiant. Under the terms of the agreement, Pegasystems will make a cash tender offer of $5.00/share for all outstanding shares of Chordiant common stock for a total purchase price of up to approximately $161.5 mln, assuming all outstanding shares are tendered. Upon satisfaction of the conditions to the tender offer and after such time as all shares tendered in the tender offer are accepted for payment, the agreement provides for the parties to effect, subject to customary conditions, a merger to be completed following the completion of the tender offer which would result in all shares not tendered in the tender offer being converted into the right to receive $5.00 per share in cash. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second calendar quarter of 2010. The boards of directors of both Pegasystems and Chordiant unanimously approved the definitive agreement. "We expect this acquisition to be accretive, but under the new purchase accounting rules, transactional costs are now expensed rather than included in the calculation of goodwill. Accordingly, significant closing costs, integration expenses and other purchase accounting valuation charges will be dilutive to GAAP reported earnings. However, on a non GAAP basis, excluding these one-time charges and the reduction in maintenance and other revenues that are currently recorded as deferred revenue on Chordiant's balance sheet, we expect this transaction to be accretive by as much as $0.03 to Pegasystems' 2010 earnings per share and by as much as $0.20 to Pegasystems' 2011 earnings per share. Pegasystems has not yet provided guidance on 2011 earnings. We anticipate providing revised guidance giving effect to these purchase accounting adjustments as the closing of this transaction approaches."
08:32
TEAM TechTeam delays 4Q09 earnings release that was scheduled for this afternoon (6.72 )
Management concludes that co will record an impairment charge related to goodwill and intangible assets. This conclusion was reached in connection with the preparation of the audited financial statements for the year ended December 31, 2009. Management is currently completing the valuation process and related review required to determine the extent of the impairment charge to be recorded as of December 31, 2009.
08:32
HWCC Houston Wire & Cable reports EPS in-line, beats on revs; co will not issue guidance for 2010 (12.45 )
Reports Q4 (Dec) earnings of $0.11 per share, in-line with the First Call consensus of $0.11; revenues fell 12.2% year/year to $63.5 mln vs the $61.7 mln consensus. "We enter 2010 with a strong balance sheet, excellent liquidity, and, what we feel is the most aggressive sales force in the electrical wire and cable industry. We believe that we have the right business model and a solid team to reach our goals. However, as economic conditions remain uncertain, the Company will not issue guidance for 2010."
08:31
PDLI PDL BioPharma announces conversion rate adjustments to convertible notes (6.80 )
Co announces adjustments to the conversion rates for its 2.00% Convertible Senior Notes due Feb. 15, 2012 and its 2.75% Convertible Subordinated Notes due August 16, 2023 effective March 16, 2010 in connection with the special dividend to be paid on April 1, 2010 to all stockholders who own shares of PDL on March 15, 2010, the Record Date. The conversion rate for the 2012 Notes, as adjusted, is 128.318 shares of common stock per $1,000 principal amount or $7.79 per share. The conversion rate for the 2012 Notes was previously 119.294 shares of common stock per $1,000 principal amount of the 2012 Notes.
08:31
END Endeavour Intl announces strategic alternative review for its north sea assets (1.25 )
<p>Co announced that its board of directors has approved a review of strategic alternatives for its North Sea assets. "Our board, management and shareholders continue to be disappointed by the dislocation between underlying asset values and our stock price. Last year, Endeavour sold just 19 percent of its reserves for $150 million, which was more than the market capitalization of the company at that time," said William L. Transier, chairman, chief executive officer and president. "Since then, our stock price has traded back to pre-sale levels even though we believe the value of our remaining asset base represents a multiple of the existing share price. As fiduciaries of the capital entrusted to Endeavour, we want our stockholders and the market to recognize the full potential of their investment." Endeavour will announce the results of the effort once a course of action is chosen.
08:31
ENOC EnerNOC signs contract to deliver Its SiteSMART data-driven energy efficiency application to California businesses and institutions (29.76 )
Co has entered into a three-year contract with Pacific Gas and Electric Company (PG&E) to deliver SiteSMART, EnerNOC's data-driven energy efficiency application, to commercial and institutional customers in Northern and Central California.
08:31
MRNA MDRNA demonstrates the potential for greater efficacy in cancer with an UsiRNA combination approach (1.04 )
Co announced enhanced efficacy for tumor reduction when two UsiRNA were combined within a single formulation. The UsiRNAs targeted two proteins survivin, a protein involved in cell division and inhibition of apoptosis, and PLK1 (Polo-like Kinase 1), a protein involved in cell mitosis and tumor progression. Both UsiRNA were encapsulated in the Company's proprietary DiLA2-based formulation, and delivered directly to the bladder (intravesical) in an orthotopic cancer model. At an equivalent total dose, tumor bioluminescence with a combination approach was significantly lower (~30%), when compared to a single UsiRNA. Additionally, the Company also announced another early collaborative effort with a major international pharmaceutical company bringing the total number of early collaborative efforts to three.
08:30
OSIP OSI Pharm Board of Directors unanimously rejects Astellas' unsolicited tender offer (57.68 )
Co announces that its Board of Directors has unanimously rejected the unsolicited, conditional tender offer from Astellas US Holding, a wholly-owned subsidiary of Astellas Pharma, to acquire all outstanding shares of OSIP common stock for $52.00 per share in cash. The OSIP Board unanimously recommends that OSIP stockholders reject the offer and not tender their shares into the offer. Co states, "After carefully analyzing and considering Astellas' offer, the Board has unanimously concluded that the offer does not fully reflect OSI's fundamental, intrinsic value. We believe that OSI is a unique asset - the only profitable, mid-cap biotech company with a growing, high quality and fully integrated oncology franchise and a strong diabetes and obesity franchise which also has a proven track-record of success. The OSIP Board takes its fiduciary duties seriously and will continue to do what's right for OSI stockholders. In that regard, the Board of Directors has instructed OSI management, with the assistance of the Company's financial advisors, to contact appropriate third parties in order to explore the availability of a transaction that reflects the full intrinsic value of the Company."
08:30
ECONX March NY Empire Manufacturing 22.86 vs 22.00 Consensus, February 24.91
08:19
CXG CNX Gas: CONSOL Energy considers acquisition of shares of CNX Gas (CXG) common stock that it does not already own (26.23 )
Inside CONSOL Energy's press release the co also reported it is evaluating a range of structural alternatives to facilitate the operation and development of the acquired assets including, among other things, consideration of the acquisition by CONSOL Energy of the shares of CNX Gas (CXG) common stock that it does not already own. "CONSOL Energy will be in a position to use its capital and free cash flow from its coal operations and newly-acquired gas assets to fund the development of both its coal and natural gas activities. We will deploy our capital in the projects that will generate the highest return for our shareholders." The Company expects to raise approximately $4.0 billion and is targeting a balanced mix of equity and debt to fund the acquisition and development of the acquired acreage. Following the transaction, CONSOL Energy will maintain its strong balance sheet and liquidity position. The transaction is expected to close by April 30, 2010, subject to regulatory approvals and customary closing conditions. The acquisition of Dominion's E&P business, complements CONSOL Energy's existingnatural gas business which is operated through CNX Gas, its 83% owned subsidiary.
08:15
MDT Medtronic announces initial results of STOP AF clinical trial (43.94 ) -Update-
Co announced data from the STOP AF (Sustained Treatment of Paroxysmal Atrial Fibrillation) clinical trial during late-breaking sessions at the 59th Annual Scientific Session of the American College of Cardiology in Atlanta. The data showed superiority over anti-arrhythmic drugs, with 69.9% of patients with paroxysmal atrial fibrillation (PAF) treated with the Arctic Front Cardiac CryoAblation Catheter System remaining free of atrial fibrillation (AF) one year after cryoablation, compared to 7.3% on drug therapy. All primary safety and effectiveness endpoints in the trial were met. The Arctic Front Cardiac CryoAblation Catheter System is commercially available for use in Europe and certain other countries outside the United States and is under investigational use in the United States.
08:14
EDMC Education Mgmt announces amendment of tender offer for the co's outstanding notes (22.91 )
Co announced that it has amended its previously announced cash tender offer for any and all of its outstanding 10-1/4% Senior Subordinated Notes due 2016. The tender offer has been amended to increase each of the late tender offer consideration and total tender offer consideration applicable to the Notes to $1,100, from $1,040 and $1,070, respectively, so that the late tender offer consideration now equals the total tender offer consideration.
08:13
On The Wires
Authentidate Holding (ADAT) announces that Elmora Healthcare, a supplier of home medical equipment, medical supplies and care services, selected Authentidate's Inscrybe Healthcare web-based service to expedite processing of patient care orders with referring physicians... RF Micro Devices (RFMD) announces that it has successfully manufactured the industry's first photovoltaic cell using high-volume six-inch gallium arsenide machinery... American Science and Engineering (ASEI) announces that the Transportation Security Administration has added the Company's Gemini 6040, Gemini 7555, and Gemini 100100 X-ray inspection systems to its Air Cargo Screening Qualified Technology List... Rentrak (RENT) announces MTV Networks signed a contract to subscribe to Rentrak's TV Essential Service.. Boeing (BA) has added the fourth 787 Dreamliner to its flight-test fleet with the completion of the first flight of ZA003. The airplane departed Paine Field in Everett, Wash., at 10:55 a.m. (Pacific time) and landed at 2:01 p.m. at Boeing Field in Seattle... O3b Networks Limited, the developer of a new global, high-speed, low latency, fiber-like satellite-based Internet service for telecommunications operators and ISPs in emerging markets, has signed a contract with ViaSat (VSAT) for the production and installation of Ka-band infrastructure. The value of the contract is approximately $47 mln... AU Optronics (AUO) submitted an application to the Investment Commission of the Ministry of Economic Affairs in regard to the investment plan in Kunshan, Jiangsu to establish a G7.5 TFT-LCD front-end manufacturing fab. According to the government regulation, the investment project application is subject to approval by the Core Technology Committee. AUO expects the investment would bring more convenient and in-time services to its customers in China, and that it could also strengthen AUO's competitiveness in China's TV market. AUO expects that the total amount of investment for the G7.5 fab will be approximately US$ 3 bln. AUO plans to inject US$1.2 bln as capital, in addition to local financing support... Seabridge Gold (SA) announces a third-party, independent review of Seabridge Gold's resource estimates for the KSM project has been completed by Behre Dolbear & Company. Based on their analysis, Behre Dolbear confirms that the KSM resource model is reasonable and appropriate. Furthermore, Behre Dolbear confirms that the resource estimates prepared by Resource Modeling and dated January 2010 are accurate, conform to industry practices and comply with the standards set out in National Instrument 43-101.
08:12
ECONX Reminder: Empire Manufacturing Survey data due out in about 18 min at 8:30ET
08:11
CALP Caliper Life Sciences settles outstanding litigation with Shimadzu (3.72 )
Co announces that it has entered into a settlement agreement with Shimadzu Corporation and its wholly owned subsidiary Shimadzu Scientific Instruments, resolving a lawsuit filed by Caliper in the U.S. District Court for the Eastern District of Texas that claimed that Shimadzu's MultiNA microchip-based electrophoresis system infringed several U.S. patents relating to Caliper's microfluidic LabChip technology. Shimadzu denies infringement, but has discontinued sales of the MultiNA system in the United States. The terms of the settlement were not disclosed.
08:04
WAB Wabtec Acquires Xorail for $40 mln, a Leading Provider of Signal Engineering and Design Services (42.60 )
WAB has acquired Xorail LLC, a leading provider of signal engineering and design services, for $40 million in cash. The company is based in Jacksonville, Fla., and has annual sales of about $40 million. Wabtec expects the transaction to be accretive in the first year. Xorail provides a variety of engineering, design and construction services, mainly for railway signaling systems.
08:03
HEB Hemispherx Biopharma reports 2009 financial results (0.78 )
Co announces its financial results for the fiscal year ended December 31, 2009. The net loss for the year (including non-cash charges) was approx $13,438,000 or $0.12 per share (single analyst est is ($0.12) as compared to a net loss of $12,219,000 or $0.16 per share in 2008. This $1,219,000 increase in loss was primarily due to increased research and development expenses associated with preparing the New Brunswick, New Jersey manufacturing plant for increased production plus efforts employed in supporting the New Drug Application and employee compensation awards. Cash and cash equivalents were $58,072,000 as of December 31, 2009 reflecting an increase of $51,953,000 since year end 2008 due primarily to equity financing during 2009. Cash used in operating activities for the year ended December 31, 2009 was $9,297,000 compared to $9,358,000 for the same period in 2008, a reduction of $61,000.
08:03
KTOS Kratos Defense and Security awarded $4.9 mln task order to support AEGIS Ballastic Missile Defense (13.74 )
08:02
CNX CONSOL Energy to acquire Dominion's Appalachian E&P business for $3.475 bln in cash
Co announced that it has entered into a definitive agreement to acquire the Appalachian exploration and production business of Dominion Resources, Inc. for $3.475 bln in cash. The acquisition increases CONSOL Energy's total proved gas reserves by more than 50 percent from 1.9 trillion cubic feet to approximately 3 trillion cubic feet and doubles its potential gas resource base to approximately 41 trillion cubic feet. CONSOL Energy will acquire a total of 1.46 mln oil and gas acres from Dominion along with over 9,000 producing wells that are expected to produce more than 41 Bcfe in 2010, approximately 27 Bcfe of which will be imputed to CONSOL Energy between May 1, 2010 and the end of the year assuming an April 30, 2010 closing. Upon completion of the transaction, CONSOL Energy's natural gas business is expected to account for as much as 35% of CONSOL Energy's total revenue. The Company expects to raise approximately $4.0 bln and is targeting a balanced mix of equity and debt to fund the acquisition and development of the acquired acreage. The transaction is expected to close by April 30, 2010, subject to regulatory approvals and customary closing conditions.
08:02
RBI Sport Supply Group agrees to be acquired by ONCAP Management Partners, LP for $13.55/share in cash (13.53 )
Co announces that it has entered into a definitive merger agreement to be acquired by an affiliate of ONCAP Management Partners, L.P., the mid-market private equity business of Onex Corp. Under the terms of the merger agreement, all of the outstanding shares of common stock of Sport Supply Group, other than those held by certain participating stockholders, will be acquired for $13.55 per share in cash.
08:02
D Dominion agrees to sell its Appalachian E&P business for $3.475 bln; reaffirms 2010 operating earnings guidance of $3.20-$3.40 (39.69 )
Co announces that it has agreed to sell its natural gas and oil exploration and production business to a newly-formed subsidiary of CONSOL Energy (CNX), for a total of $3.475 bln. The transaction includes the rights to approximately 491,000 acres in the Marcellus formation. Co also reaffirms 2010 operating earnings guidance of $3.20-$3.40 per share vs. $3.25 First Call consensus. Co states, "The decision to sell our E&P business came as a result of our previously-announced plan to monetize our Marcellus acreage, either in multiple transactions or all at once. As we analyzed the various alternatives, and their respective impact on the value of the remaining business, we determined that combining our conventional Appalachian E&P operations with the rights to the Marcellus formation resulted in the best long-term value for our investors... At this time, Dominion management expects the Feb. 2010 sale of Dominion Peoples to result in an after-tax loss of approximately $140 million, as well as after-tax expenses of approximately $50 mln that would negatively impact full-year 2010 reported earnings, but would not be included in operating earnings. Also, Dominion management expects an after-tax gain of approximately $1.37 bln for the Appalachian E&P sale to be reflected in 2010 reported earnings, but would not be included in 2010 operating earnings."
08:02
HK Petrohawk Energy announces sale of Terryville Field for $320 million (22.19 )
The co announces that it has entered into a definitive agreement to sell its interest in Terryville Field, located in Lincoln and Claiborne Parishes, Louisiana, to a private company for $320 million. The sale is the second of four asset packages expected to be sold by the Company during 2010. "Within the first quarter, Petrohawk has sold two major fields, plus miscellaneous properties, as part of its billion dollar 2010 divestiture program. These asset sales total nearly $500 million, with a third major sale process continuing to progress. We remain confident in our plan for 2010 and beyond," said Floyd C. Wilson, Chairman and Chief Executive Officer. As of December 31, 2009, Petrohawk had estimated proved reserves of approximately 110 billion cubic feet of natural gas equivalent (Bcfe) associated with its interest in Terryville Field, 53% of which was proved developed. Proved reserves were approximately 92% natural gas. Current production is approximately 20 million cubic feet of natural gas equivalent per day (Mmcfe/d). The transaction is expected to close on or before May 31, 2010, with an effective date of January 1, 2010. The transaction is subject to customary closing conditions and adjustments.
08:01
IMOS Chipmos Technology reports revenue for the month of February 2010 was NT$1,131.2 million or US$35.2 million, (0.74 )
Co announces that revenue for the month of February 2010 was NT$1,131.2 mln or US$35.2 mln, a decrease of 9.1% from the month of January 2010 and an increase of 44.8% from the same period in 2009.
08:01
CAE CAE Inc awarded CDN $38 million contract by Lion Air for three full-flight simulators and two integrated procedures trainers (9.28 )
08:01
MRK Merck: Portola Pharmaceuticals and Merck announce that phase 2 study showed investigational factor xa inhibitor, betrixaban, reduced incidence of bleeding compared to warfarin in patients with atrial fibrillation
Portola Pharmaceuticals and Merck announce the results of EXPLORE-Xa, a Phase 2 exploratory, dose finding study of betrixaban, an investigational oral direct Factor Xa inhibitor. Results showed that a once-daily dose of oral betrixaban, given to patients with non-valvular atrial fibrillation or atrial flutter and at least one risk factor for stroke, reduced the incidence of major and clinically relevant non-major (CRNM) bleeds* compared to dose-adjusted warfarin. The data were presented during a late-breaking clinical trials session at the American College of Cardiology (ACC) 59th Annual Scientific Session in Atlanta. "Given that bleeding can be a significant safety issue for patients who take warfarin, there is a critical unmet need for anticoagulant therapy options," said U.S. national coordinator in the study, Michael Ezekowitz, MB, ChB, DPhil, vice president of the Lankenau Institute for Medical Research and professor at Jefferson Medical College. "The EXPLORE-Xa study accomplished its objective of providing important information to guide the betrixaban dosing strategy for future investigational studies." In this multinational, dose-finding study of 508 patients with non-valvular atrial fibrillation or atrial flutter and at least one risk factor for stroke, a once daily dose of betrixaban 40 mg (n=127) demonstrated significantly less major and CRNM bleeding than open label warfarin (n=127, p=0.035). The risk of major and CRNM bleeding for the 60 mg (n=127) and 80 mg (n=127) doses of betrixaban was similar to warfarin.
08:00
STJ St. Jude Medical announces multiple enhancements to PressureWire FFR Measurement System (37.50 )
The co announces several updates to its PressureWire platform, including a new marketing agreement with Siemens Medical Solutions USA, for the wireless PressureWire Aeris and the availability of the next-generation of PressureWire Certus technology, at the American College of Cardiology (ACC) and the Society of Interventional Radiology (SIR) annual meetings. The enhanced capabilities make the company's leading Fractional Flow Reserve (FFR) measurement technology, which aids in the diagnosis and treatment of coronary artery blockages, more versatile and accessible for physicians around the world. The PressureWire Aeris and Certus provide FFR measurements, which indicate the severity of blood flow blockages in the coronary arteries. This physiological measurement helps physicians to better identify which specific lesion or lesions are responsible for a patient's ischemia, a deficiency of blood supply to the heart caused by blood restriction.
07:56
BPAX BioSante announces FDA orphan drug designation for GVAX pancreatic cancer vaccine (1.82 )
07:55
SUG Southern Union Trunkline LNG infrastructure enhancement project placed in-service (25.23 )
Co announced that it recently received approval from the Federal Energy Regulatory Commission to place its Trunkline LNG Infrastructure Enhancement Project ("IEP") into service. IEP involved two separate components: the installation of four ambient air vaporization units ("AVUs") and the construction of a natural gas liquids extraction facility. Trunkline LNG, located in Lake Charles, LA, is the only liquefied natural gas ("LNG") regasification terminal in North America to employ ambient air vaporization technology. Utilization of the AVUs will significantly improve fuel efficiency during the regasification process, for the benefit of Trunkline LNG's customer, BG LNG Services ("BG"). Additionally, the availability of a natural gas liquids extraction facility will provide BG with greater flexibility in sourcing its LNG supply. The Trunkline LNG terminal is fully contracted to BG through 2030. IEP cost ~$430 mln, excluding capitalized interest, and is expected to generate operating income in the range of $55-$60 mln per year.
07:42
On The Wires
Celanese Corporation (CE) announces that it will increase the price of all vinyl acetate homopolymer and vinyl acetate ethylene emulsions sold in North America, effective April 1, 2010, or as contracts allow. All vinyl acetate homopolymer and vinyl acetate ethylene emulsions will increase by $0.03 per wet lb. This increase affects all applications including, but not limited to, adhesives, paints and coatings, paper, nonwovens and textiles... Otix Global (OTIX) announces that its board of directors has authorized a reverse stock split at a 1-for-5 ratio of its outstanding common stock. The reverse stock split was approved by stockholders at the Company's annual meeting on May 7, 2009, and is expected to be effective on or about March 29, 2010. As of the effective date, the number of shares of Otix common stock outstanding will be approximately 5,571,761... Graphic Packaging International, a subsidiary of Graphic Packaging Holding Company (GPK), recently announced a price increase of $45 per ton on PaceSetter coated recycled paperboard and $60 per ton on uncoated recycled paperboard, effective with shipments on or after April 5, 2010... Valley National Bancorp (VLY) announces that its wholly-owned subsidiary, Valley National Bank, assumed all deposits, except certain brokered deposits, and received certain assets of Manhattan-based, The Park Avenue Bank from the Federal Deposit Insurance Corporation, which was appointed the receiver for Park Avenue Bank... NYMAGIC (NYM) announces that its Chief Executive Officer, A. George Kallop, intends to retire on April 2, 2010. He will be succeeded by George R. Trumbull, currently a Director of the Company, and formerly the Company's Chairman and Chief Executive Officer, who was elected to the position of Senior Executive Vice President of the Company, effective today, and President and Chief Executive Officer of the Company, effective April 2, 2010... Exxon Mobil Corporation (XOM) announces that sales and purchase agreements with liquefied natural gas buyers and financing arrangements with lenders are now complete and its affiliate, Esso Highlands Limited, is proceeding with full execution of the Papua New Guinea LNG project. The investment for the initial phase of the project, excluding shipping costs, is estimated at US $15 bln. Over its 30-year life, PNG LNG is expected to produce over 9 trillion cubic feet of gas. First LNG deliveries are scheduled to begin in 2014, following a construction period of about four years... ZOLL Medical Corporation (ZOLL) reported that A. Ernest Whiton, its Chief Financial Officer and Vice President of Administration, is entering into a 10b5-1 sales plan for the sale of shares of ZOLL common stock over an approximate 12-month period... Generac Holdings (GNRC) announces that the underwriters of its initial public offering of 18,750,000 shares of common stock, have exercised their option to purchase an additional 1,950,500 shares of common stock at the initial public offering price of $13.00 per share. Generac will receive ~$23.8 mln in net proceeds from the sale of these additional shares. Generac intends to use these net proceeds for general corporate purposes, including repayment of debt... The first Boeing (BA) Next-Generation 737 aircraft equipped with Goodrich Corporation (GR) DURACARB carbon brakes has been delivered to flydubai, Dubai's first low cost airline.
07:35
CDCS CDC Software sees FY10 EPS of $1.50-1.55 vs. $1.54 First Call Consensus (11.63 ) -Update-
07:33
XOMA XOMA Limited prevents adverse cardiac remodeling in animal model of heart attack (0.56 )
Co announced results demonstrating that a murine equivalent of XOMA 052, its novel, high-affinity antibody to interleukin-1 beta (IL-1 beta), significantly reduced adverse consequences that usually lead to the development of congestive heart failure in a mouse model of acute myocardial infarction (heart attack). The results were presented today at the American College of Cardiology 59th Annual Scientific Sessions in Atlanta. In the study, mice were randomly assigned to treatment with one of three doses of a murine equivalent of XOMA 052, a control antibody or saline immediately after surgery and again seven days later. Treatment with the two higher doses of XOMA 052 resulted in statistically significant improvements in measurements of left ventricular cardiac function including the ability to pump blood, which is related to an individual's chance of developing congestive heart failure. No signs of cardiac toxicity were observed.
07:33
STL Sterling Bancorp announces intent to offer approx 5.1 mln common shares (8.90 )
07:31
CDCS CDC Software, management and affiliates, have purchased ~243k shares at average price of $9.68 under 10b5-1 plan (11.63 )
07:31
ABT Abbott Labs announce positive data from ABSORB trial on its bioresorbable vascular scaffold technology (54.37 ) -Update-
Co announced positive 30-day results from the first 101 patients enrolled in the second phase of the ABSORB trial. Patients treated with Abbott's bioresorbable vascular scaffold (BVS), under clinical investigation in Europe, demonstrated no cases of blood clots (thrombosis), no need for repeat procedures (ischemia-driven target lesion revascularization) and a very low rate of major adverse cardiac events (MACE(1) rate of 2.0 percent) at 30 days.
07:31
YMI YM BioSciences announces AACR acceptance of two nimotuzumab poster presentations (1.14 )
Co announces that two posters have been accepted for presentation at the American Association for Cancer Research Annual Meeting to be held from April 17-21 in Washington, DC. The first poster describes the results of the previously reported collaboration with researchers at the University of Toronto for the development of highly potent antibody-radionuclide conjugates for use in the treatment of cancer. The poster will describe activity of 111In-NLS-nimotuzumab against breast cancer cells with high and low EGFR expression. 111In-NLS-nimotuzumab was highly active against cells over-expressing EGFR whereas the nimotuzumab conjugate spared toxicity toward cells with EGFR expression similar to that on most normal epithelial cells.
07:29
BIDU Baidu.com trades up 12 pts on report that Google is likely to close China site (550.24 )
BIDU is trading up ~12 pts at $563 in the pre-mkt, at a new all-time high, on reports that Google (GOOG) is poised to close its China site. GOOG is trading down ~ 12 pts on the news, now at $567... See the 5:57 story for details.
07:28
On The Wires
Rockwood Italia, a subsidiary of Rockwood Holdings (ROC), which includes Rockwood Color Pigments and its Turin manufacturing facilities, signs a memorandum of understanding with the Regional Government of Piedmont in Italy to advance its development work on a new generation of cathode materials... First Solar (FSLR) announces it has sold a 30 megawatt photovoltaic solar power project to Southern Company (SO) and Turner Renewable Energy; financial terms of the transaction were not disclosed... Multimedia Games (MGAM) has engaged Deutsche Bank Securities as exclusive financial advisor to assist the co and the special committee in reviewing and structuring strategic alternatives including, but not limited to, the sale of the co... Home BancShares (HOMB) and Centennial Bank announce the bank has acquired the banking operations of Old Southern Bank headquartered in Orlando, FL through a loss-sharing agreement with the FDIC.
07:19
PVH Phillips-Van Heusen to acquire Tommy Hilfiger B.V. for ~$3.0 bln (47.74 ) -Update-
Co announced a definitive agreement for PVH to acquire Tommy Hilfiger B.V., which is controlled by funds affiliated with Apax Partners L.P., for total consideration of EUR2.2 bln (~ $3.0 bln) plus the assumption of EUR100 mln in liabilities. The consideration includes EUR1.924 bln in cash and EUR276 mln in PVH common stock. The combination will create one of the world's largest and most profitable apparel companies; a global business with combined revenue of ~ $4.6 bln. PVH expects the transaction to be immediately accretive to earnings per share before one-time costs and accounting charges. PVH expects earnings accretion of $0.20 to $0.25 per share on a non-GAAP basis in the 2010 fiscal year ending January 30, 2011 and earnings accretion of $0.75 to $1.00 per share in the 2011 fiscal year ending January 29, 2012. The 2010 earnings accretion estimate excludes one-time cash integration costs and transaction expenses of ~ $100 mln related to the transaction, or ~ $1.00 per share. PVH expects to realize ~ $40 mln of annualized cost synergies in the transaction. Tommy Hilfiger's revenue for its fiscal year ending March 31, 2010 is expected to be ~ $2.25 bln, with earnings before interest and taxes of ~ $280 mln, which excludes ~ $40 mln of impairment charges, and depreciation and amortization of ~ $100 mln. ~ 46% of this revenue is expected to be derived from wholesale sales, 52% from retail sales, and 2% from licensing income, with 66% of total revenue from international sources and 34% from the U.S. Tommy Hilfiger has ~ 1,000 stores globally. Terms and Financing of the Transaction PVH expects to finance the EUR1.924 bln cash portion of the acquisition and refinance its $300 mln of existing senior unsecured notes with a combination of ~ $385 mln of cash on hand, $2.45 bln of senior secured debt (including an undrawn revolver of $450 mln), $600 mln of senior unsecured notes and $200 mln in PVH perpetual convertible preferred stock described below. In addition, PVH currently plans to raise ~ $200 mln in common stock through a public offering prior to closing.
07:19
AUBN Auburn National Bancorp. announced revised earnings (20.30 )
Co announced revised earnings for the fourth quarter and full year ended December 31, 2009 resulting from an increase in the Company's provision for loan losses. Revised net earnings for the fourth quarter of 2009 were $0.2 million, or $0.06 per share, compared to previously reported net earnings of approximately $1.4 million, or $0.40 per share for the fourth quarter of 2009. Revised net earnings for the full year 2009 were $2.4 million, or $0.66 per share, compared to previously reported net earnings of $3.6 million, or $1.00 per share for the full year 2009.
07:05
GTXI GTX beats by $0.05, misses on revs (3.76 )
Reports Q4 (Dec) loss of $0.30 per share, $0.05 better than the First Call consensus of ($0.35); revenues rose 22.7% year/year to $3.7 mln vs the $3.9 mln consensus.
07:03
RDNT RadNet reports EPS in-line, revs in-line (2.75 )
Reports Q4 (Dec) earnings of $0.02 per share, in-line with the First Call consensus of $0.02; revenues rose 3.5% year/year to $131.8 mln vs the $132.4 mln consensus. The Company will issue 2010 guidance in April, after its anticipated closing of certain strategic acquisitions and the debt refinancing transaction discussed below.
07:02
OTIX Otix Global extends term loan and security agreement with Silicon Valley Bank (0.89 )
07:01
ALNY Alnylam Pharma and collaborators present new pre-clinical research on RNAi therapeutics targeting PCSK9 (18.28 )
Co announced the presentation of new pre-clinical data from its hypercholesterolemia program, performed in collaboration with scientists at the University of Texas Southwestern Medical Center at Dallas. The new data demonstrated durable reductions of cholesterol levels in both rodents and non-human primates with an RNAi therapeutic targeting PCSK9 using second generation lipid nanoparticle (LNP) formulations.
07:01
NITE Knight Capital Group announces proposed offering of $300 mln of cash convertible senior subordinated notes (16.45 )
Co announced that it intends to privately offer, subject to market and other conditions, $300 mln aggregate principal amount of cash convertible senior subordinated notes due 2015. Knight also expects to grant the initial purchasers of the notes an option to purchase up to an additional $45 mln aggregate principal amount of notes, solely to cover over-allotments, if any. The notes will be offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
07:01
BRKR Bruker Energy and Supercon Technologies acquires assets of AIXUV GmBH (13.86 )
Bruker Energy, a unit of Bruker Corp., and Supercon Technologies announce that its subsidiary has acquired the assets of AIXUV GmbH in Aachen, Germany, a co specializing in XUV/EUV systems and key components. Financial terms of the transaction were not disclosed, and AIXUV has been relocated to the BEST operations in Bergisch Gladbach.
07:01
PEP PepsiCo increase annual dividend by 7%; Authorizes share repurchases up to $15 bln (65.32 )
Co announced that its Board of Directors approved a plan to increase cash returns to shareholders by raising the company's annual dividend and its share repurchase authorization amount. The Board of Directors of PepsiCo approved a 7 percent increase in the annual dividend on PepsiCo common stock, from the current annual rate of $1.80 to $1.92 per share, The Board of Directors also authorized the repurchase of up to $15 bln of PepsiCo common stock through June 2013.
07:00
ACM Aecom Tech wins wastewater projects in Abu Dhabi (28.33 )
Co announced that it has won two projects that will help provide wastewater facilities in the emirate from the Abu Dhabi Sewerage Services Company (ADSSC). For the first project, the company will provide the design and construction supervision of sewerage connections and related works for isolated properties in Abu Dhabi. The second project is Phase 2 of the design and construction supervision of wastewater relocation works as part of roads and utility plans in Abu Dhabi. The two projects are currently underway. The projects are part of ADSSC's US$6.5-billion investment program over the next five years, which will prepare Abu Dhabi to meet the emirate's 2030 vision with a state-of-the-art wastewater infrastructure.
07:00
HPJ Hong Kong Highpower awarded international product mark certificate for its Ni-MH batteries (5.70 )
Co announced that its Ni-MH batteries were qualified and awarded an International Product Market Certificate. Hong Kong Highpower's Ni-MH batteries are now qualified to use the International Standard (IEC 61951-2-2003) product mark. The co received the International Standard Product Marking Certificate and International Standard Product Authorization Certificate in Guangdong Province. These were issued by the Standardization Administration of The People's Republic of China, Administration of Quality and Technology Supervision of Guangdong Province.
07:00
FBC Flagstar Bancorp announces plans for common stock offering (0.78 )
Co announces its intention to commence a public offering of approximately $250 million of its common stock, which will be underwritten by Sandler O'Neill & Partners, L.P., as book-running manager, and Keefe, Bruyette & Woods, Inc., as co-manager. Proceeds from this public stock offering will be used for general corporate purposes, which may include support for organic and opportunistic growth.
07:00
KITD KIT digital acquires multicast media to become #1 provider of enterprise IP video management in North America (10.60 )
Co announces it has executed a definitive agreement to acquire privately-held Multicast Media Technologies, Inc. of Atlanta, Georgia for net consideration of approximately $18.0 mln, comprised of $4.9 mln in cash and 1.3 mln shares of KIT digital common stock, plus the assumption of approximately $4.6 mln in long-term liabilities. Concurrent with the Multicast acquisition, KIT digital announced that it has acquired or agreed to acquire nearly 4 mln of its outstanding in-the-money warrants over the course of the first quarter, using the proceeds from its recent $15 mln public equity offering. Pro forma of the issuance of common shares and cash outlay related to the acquisition of Multicast and repurchase of outstanding in-the-money warrants, as well as the payment of assumed liabilities of Multicast, KIT digital estimates that it will have approximately 17.7 mln as-diluted shares outstanding, and hold approximately $15 mln in net cash and equivalents. The co expects there will be some restructuring costs following the acquisition of Multicast.
07:00
SB Safe Bulkers announces it plans to offer 9 mln shares of its common stock to the public (9.67 )
06:55
AOB American Oriental misses by $0.02, misses on revs (4.57 )
Reports Q4 (Dec) earnings of $0.14 per share, $0.02 worse than the First Call consensus of $0.16; revenues rose 3.8% year/year to $100 mln vs the $103.4 mln consensus.
06:47
STRL Sterling Construction misses by $0.20, misses on revs (21.15 )
Reports Q4 (Dec) earnings of $0.03 per share, $0.20 worse than the First Call consensus of $0.23; revenues fell 34.4% year/year to $71.7 mln vs the $100.3 mln consensus. backlog. CEO comments, "The weakness in our fourth quarter revenues was due in part to increased competition and in part to the number of rain days in Texas in the fourth quarter. In fact, fourth quarter revenues in Texas were the lowest we have had in that market since the first quarter of 2005. Besides the weakness in our fourth quarter revenues, operating income and net income and diluted net income per share attributable to common stockholders for that quarter and the year were adversely affected by $1.2 million of expenses related to the acquisition of RLW and a provision for loss of $1.0 million on a lawsuit."
06:27
OGXI OncoGenex Pharma announces that two peer-reviewed manuscripts have been published that provide additional insight into the function of Heat Shock Protein 27 (21.65 )
Co announces that two peer-reviewed manuscripts have been published that provide additional insight into the function of Heat Shock Protein 27 (Hsp27) and its role in promoting tumor resistance to cancer treatment. The Company's drug candidate OGX-427 is designed to reduce levels of Hsp27, a protein that is over-produced in response to many cancer treatments including hormone ablation therapy, chemotherapy and radiation therapy. Two recently published peer-reviewed manuscripts describe the signaling pathways by which Hsp27 mediates tumor cell survival, providing additional rationale for inhibiting Hsp27 as a therapeutic approach for cancer treatment.
06:25
DVAX Dynavax Technologies and Merck agree on final reimbursements (1.57 )
Co announces the successful completion of negotiations relating to Merck's reimbursement obligations under the former partnership agreements covering the clinical development and commercialization of HEPLISAV , Dynavax's enhanced hepatitis B vaccine. Merck (MRK) has agreed to make a $4.0 mln payment to Dynavax covering expenses for the wind down period that followed its December 2008 written notification of the collaboration's conclusion
06:19
S&P futures vs fair value: -7.70. Nasdaq futures vs fair value: -6.00.
06:19
Asian Markets
Nikkei...10751.9...+0.70...+0.00%. Hang Seng...21079.1...-130.60...-0.60%.
06:19
European Markets
FTSE...5611...-15.40...-0.30%. DAX...5936.3...-8.90...-0.10%.
06:16
AFFX Affymetrix names Timothy Barabe Chief Financial Officer (7.74 )
06:15
AMLN Amylin Pharma, Eli Lilly and Alkermes receive complete response letter from FDA for exenatide once weekly submission (20.26 )
Co, Eli Lilly (LLY) and Alkermes (ALKS) announce that the FDA has issued a complete response letter regarding the New Drug Application for BYDUREON. In the complete response letter there are no requests for new pre-clinical or clinical trials. Requests raised in the letter primarily relate to the finalization of the product labeling with accompanying Risk Evaluation and Mitigation Strategy and clarification of existing manufacturing processes. The complete response letter does not contain requests related to the December 2009 observations from the FDA's pre-approval inspection at the Ohio manufacturing facility. All of those observations have been addressed.
05:17
CTCH Commtouch Sftwr approves additional stock repurchase plan of up to $5 mln (3.75 )
05:17
MGAM Multimedia Games names Patrick Ramsey as Interim Chief Executive Officer (4.66 )
05:15
PNK Pinnacle Entertainment names Anthony Sanfilippo as President and Chief Executive Officer (8.64 )
01:49
GSOL Global Sources beats by $0.08, misses on revs (6.55 )
Reports Q4 (Dec) earnings of $0.18 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.10; revenues fell 15.6% year/year to $54.9 mln vs the $55.5 mln consensus.
01:14
ONFC Oneida Financial expects to offer for sale ~3.35-4.53 mln shares of common stock at $8.00/share (9.23 )
Offering is in connection with previously announced mutual-to-stock conversion of Oneida Financial, MHC.
01:09
On The Wires
Ctrip.com International (CTRP) announces that it has entered into definitive agreements to acquire minority stakes in two hotel operating companies; through two separate transactions, Ctrip will acquire minority stakes in each of China Lodging Group, Limited and BTG-Jianguo Hotels & Resorts Co., Ltd... Home Bancorp (HBCP), the holding co for Home Bank, announces that Home Bank has entered into a purchase and assumption agreement with loss share arrangements with the FDIC to purchase certain assets and to assume certain deposits and other liabilities of Statewide Bank... Sigma-Aldrich (SIAL) announces that it has entered into an agreement with Pfizer (PFE) under which Sigma-Aldrich will sell approx 100 Pfizer-developed small molecule compounds to life science researchers for target characterization, assay development, screening and in vivo animal model applications... Evergreen Energy (EEE) announces that it has signed a definitive agreement with Rosebud Mining for the sale of certain assets of both Buckeye Industrial Mining and Evergreen; sale will generate aggregate proceeds to the company of $32.9 mln, which includes the release of $5.0 mln of cash reclamation bonds.
01:04
MDT Medtronic: FDA panel recommends approval with conditions of Deep Brain Stimulation Therapy with patients with refractory epilepsy (43.94 )
The FDA Neurological Devices Panel votes seven to five to recommend approval with conditions of Deep Brain Stimulation Therapy for Epilepsy from Medtronic as adjunctive treatment for partial-onset seizures in adults with medically refractory epilepsy. If the FDA follows the recommendation of the panel, the therapy will be approved for the treatment of epilepsy in patients who have continued seizures with inadequate response to currently available epilepsy treatments. The panel recommended approval with conditions, including a post-approval study for long term follow up and labeling requirements. The FDA panel reviewed data from a U.S. clinical trial called SANTE (Stimulation of the Anterior Nucleus of the Thalamus in Epilepsy) involving 110 patients from 17 U.S. trial centers who had severe epilepsy for an average of 22 years prior to study enrollment.
01:01
ABT Abbott Labs: New data demonstraes MitraClip system has treatment potential for patients with mitral regurgitation (54.52 )
Data presented at the American College of Cardiology's annual scientific session from the EVEREST II (Endovascular Valve Edge-to-Edge REpair STudy) trial demonstrated that Abbott's investigational MitraClip system met both its primary safety and effectiveness endpoints, suggesting MitraClip procedure may be a treatment option for patients with significant mitral regurgitation. At one year, the MitraClip device demonstrated meaningful clinical benefits for patients with significant mitral regurgitation.
00:58
NVS Novartis AG: NAVIGATOR shows valsartan delayed progression to Type 2 diabetes in at-risk cardiovascular patients with impaired glucose tolerance (54.70 )
Results from a study involving more than 9,000 people showed that Novartis's high blood pressure medicine valsartan delayed progression to type 2 diabetes in patients with cardiovascular disease or risk factors and impaired glucose tolerance, a common pre-diabetic condition. Primary data from the NAVIGATOR (Nateglinide And Valsartan in Impaired Glucose Tolerance Outcomes Research) trial, initiated in 2001, were presented at the American College of Cardiology Annual Meeting in Atlanta and simultaneously published online in the New England Journal of Medicine. The study assessed whether valsartan or the oral anti-diabetic agent nateglinide could delay progression to diabetes or reduce the incidence of cardiovascular events in people with IGT and cardiovascular disease or risk factors.
00:54
On The Wires
Boeing (BA) has added the fourth 787 Dreamliner to its flight-test fleet with the completion of the first flight of ZA003... Medtronic (MDT) ive-year findings from the comprehensive ENDEAVOR program were released today at ACC.10, the American College of Cardiology's 59th Scientific Session. The E-Pooled analysis demonstrates consistency in clinical results across multiple studies. Notable findings include a very low rate of late repeat revascularization events and a paucity of very late stent thrombotic events with 8,799 patient-years of follow up... AMICAS (AMCS) announces at the 59th Annual Scientific Session of the American College of Cardiology that the co has signed contracts for more than 90 clinical knowledge bases for Web-based structured reporting for cardiology... CNOOC (CEO) announces the co proposes to form a 50%/50% joint venture with Bridas Energy Holdings in Bridas Corp. for a consideration of approx $3.1 bln in cash... RenaissanceRe Holdings (RNR) announces pricing of $250 mln Senior Note offering due 2020 by subsidiary.
00:49
BJS BJ Services and Baker Hughes comment on status of pending BJ Services merger (22.64 )
Baker Hughes (BHI) and BJ co announce that while they have received all the necessary approvals from foreign jurisdictions required to close the BJ Services merger, they have not to date received the required approval from the Antitrust Division of the U.S. Dept. of Justice. The DOJ has raised issues with regard to the overlap between the stimulation/sand control businesses of Baker Hughes and BJ Services in the U.S. Gulf of Mexico. Mexico. Both companies have mailed a joint proxy statement/prospectus to their stockholders for meetings to be held on March 19, 2010 for purposes of approving the merger. However, while the parties are working in good faith on a resolution of these issues so that the merger can close, there is a significant likelihood that all matters will not be finalized prior to the March 19th meetings of stockholders. If the issues are not resolved by March 19th, Baker Hughes and BJ Services expect to convene and then immediately adjourn the stockholder meetings to a later date. The companies do not expect any resolution to be material to the business or financial performance of the combined company following the merger and expect that the closing will occur shortly after the stockholder meetings and before the end of March, subject to the satisfaction of other closing conditions.
16:35
GCH The Greater China Fund approves and announces terms of rights offering (12.85 0.00)
Co approved the Fund's intention to conduct a transferable rights offering of additional shares of common stock of the fund. Pursuant to announced terms of the offer, the fund will issue to record date shareholders one transferable right for each share of common stock held on the record date. The record date for the rights offering is currently expected to be March 23, 2010.
16:30
ODC Oil-Dri authorizes additional 250,000 common stock repurchase (17.98 -0.24)
16:20
OREX Orexigen Therapeutics and Patheon announce exclusive manufacturing agreement for Contrave (6.55 -0.06)
Co's announced a long-term agreement for commercial manufacturing of Contrave (naltrexone HCL sustained release/bupropion HCL SR) as well as development of future formulations of Orexigen products. The financial terms of the deal were not disclosed.
16:17
HFFC HF Financial announced that its board of directors has adopted a majority voting policy for the election of its directors, effective immediately. (10.03 -0.12)
16:16
VR Validus Holdings provides initial estimate of losses from the Chilean earthquake and European windstorm Xynthia (26.08 +0.01)
Co provided an initial estimate of losses from the recent Chilean Earthquake and Eumillropean Windstorm Xynthia. Validus expects that the Chilean Earthquake will result in total insured industry losses between $4.0 bln and $8.0 bln. Based on these estimates, Validus expects its loss to be in the range of $170 mln to $270 mln, net of reinstatement premiums and reinsurance, retrocessional and other recoveries. Validus also provided an initial estimate of losses from European Windstorm Xynthia. The co expects its loss to be in the range of $20 mln to $30 mln, net of reinstatement premiums and reinsurance, retrocessional, and other recoveries.
16:11
EVOL Evolving Systems board appoints new chairman (6.87 +0.13)
Co announced that Stephen K. Gartside, Jr., chairman of the board, has resigned from the co's board and Thad Dupper, the co's President and CEO, will assume the additional role of chairman of the board.
16:02
LII Lennox Intl increases dividend 7% to $0.15/share from $0.14/share (45.08 +0.68)
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