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

Sep 10, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 10-Sep-10 10:00 ET

09:52

SPY S&P +3.4 chopping at steady to slightly higher levels holding above important short term support at yesterday's late low -Update- -Technical-

The Finance/DB led decline later yesterday triggered a dip to 1101 in afternoon trade before a final hour bounce. This morning the upside has been limited but a continued posture above this low keep the index positioned for follow through. Resistance is at Thursday's high (1110) followed by the 1113/1115 area (congestion, flat line for the year, 200 sma).

09:44

SLV Silver Trust ETF extends opening gains in recent trade (19.56 +0.24) -Technical-

Morning gains leave the SLV slightly under this week/52-wk highs from Wed/Thur at 19.63 -- PAAS, SIL, SLW, SSRI.

09:40

SPY Dow -4.3 joins Nasdaq -1.4 in the red -- S&P +0.3 -Update- -Technical-

09:38

SMH Semiconductor Hldrs ETF gaps lower amid NSM -4.7% and TXN -1.2% pressure (25.11 -0.30) -Technical-

09:37

SPY Mildly firmer start but Nasdaq +0.3 lagging amid Semi SMH -1.1% pressure -- Dow +7, S&P +1.2 -Update- -Technical-

09:16

DIN DineEquity plans to offer senior unsecured notes and commences tender offers and consent solicitation (36.89 )

Co announces that it plans to offer senior unsecured notes. Co intends to use the net proceeds from the offering, together with the net proceeds from other secured debt financing, to fund the previously announced tender offers and consent solicitation for certain series of its subsidiaries' outstanding securitization notes, to satisfy and discharge the indentures governing such securitization notes and to redeem, prepay or purchase any of such securitization notes that are not tendered.

09:01

GS Goldman Sachs names Jim O'Neill Chairman of Goldman Sachs Asset Management (149.14 )

Co announces that Jim O'Neill has been named Chairman of the business. Most recently, he was Head of Global Economics, Commodities and Strategy Research for co. He is also credited as the creator of the acronym BRICs.

08:59

BCE BCE Inc agreed to acquire remaining 85% of CTV for $1.3 bln in equity value and $1.7 bln in proportionate debt for a total transaction value of $3.2 bln (31.76 )

Co announces it has agreed to acquire 100% of CTV. The transaction gives Bell full ownership of Canada's best media assets to enhance the growth of Bell's TV, wireless and online services. Bell currently owns a 15% equity position in CTV and will acquire the remaining 85% for $1.3 bln in equity value from The Woodbridge Co. Including the value of Bell's present stake, the transaction has an equity value of $1.5 bln. Together with $1.7 bln in proportionate debt, the total transaction value is $3.2 bln.

08:48

EURX Eurand Correction: Our 7:00 comment incorrectly indicated that EURX's CEO resigned, when in fact it was the CFO that resigned (9.22 )

Co announced the resignation of its Chief Financial Officer, Mario Crovetto, effective January 2011. Eurand will begin a search for a new CFO immediately.

08:35

COMDX Gold futures drop to lowest levels of the morning at $1240.90; now lower by $9.30 to $1241.60

08:32

KV.A KV Pharm: FDA completes inspection; approval to return its first product to market (1.69 )

Co announces that it has received notice from FDA of the successful completion of an inspection of the co's facilities and approval to return its first product to market. The FDA undertook an inspection of the Company's quality systems, manufacturing processes and facilities. The co also received notification from the FDA of approval to ship into the marketplace the first product approved under the consent decree, i.e. Potassium Chloride.

08:32

BKH Black Hills Corp subsidiary Black Hills Power announces suspension of operations at its 62-yr-old, 34.5-megawatt Osage Power Plant beginning 10/1/2010, citing slow economic recovery (30.36 )

08:31

UTA Universal Travel to sell all of its 1,523 TRIPEASY Kiosks to Shenzhen Xunbao E-Commerce for approximately $5.9 mln in cash (5.04 )

08:31

WFR MEMC Elec signs memorandum of understanding for 400MW of solar projects with provincial government in Korea (10.69 )

08:30

MSN Emerson Radio Corp. appoints Andrew Davis CFO and Executive VP (2.48 )

Davis has served as Vice President, Finance and Corporate Controller of Emerson Radio since August 2007. In addition, Mr. Davis serves as the Secretary and Treasurer of Emerson Radio.

08:17

JKS JinkoSolar Holding passes California Energy Commission's module tests and becomes eligible for California's solar electric incentive programs in Senate Bill 1 (24.68 )

08:15

On the Wires

eBay (EBAY) said today that Chancellor William B. Chandler III of the Delaware Court of Chancery ruled in co's favor in a shareholder suit filed against Craigslist, and its majority shareholders Jim Buckmaster and Craig Newmark. The ruling overturns a series of unlawful transactions undertaken by Craigslist's majority shareholders to dilute eBay's minority share in the company. The ruling rescinds a poison pill and right of first refusal adopted by the controlling shareholders in January 2008 and restores eBay's 28.4% share in Craigslist...Kayne Anderson MLP Investment Company (KYN) announces that the underwriters of its common stock offering exercised their option to purchase an additional 793,877 shares at a price of $26.30 per share. The option was granted to the underwriters in connection with the Company's public offering of 7,250,000 shares of common stock which closed on 8/11/2010. Co received ~$20 mln in total net proceeds from the over-allotment option which will be used to make additional portfolio investments that are consistent with co's investment objective and for general corporate purposes...Rentrak Corporation (RENT) announces that Smithsonian Channel, a joint venture between Showtime Networks and the Smithsonian Institution, will employ Rentrak's TV Essentials service to analyze the viewing habits of its audience helping the Smithsonian Channel to attract advertisers to its network.

08:10

On the Wires

Gulf Resources (GFRE) announced that it has engaged Deloitte Touche Tohmatsu to perform an independent assessment over the Company's internal controls...Aerosonic Corporation (AIM) announced the signing of an agreement with Kellstrom Defense Aerospace to represent and distribute the co's products...Zoo Entertainment (ZOOG) announced that its indiePub Games subsidiary has acquired a number of innovative titles to be released by Zoo on various platforms. Ranging in genre from strategy and action to spot-the-difference, the deals for Go to Hell!, Summoner World and Dreams are a direct result of indiePub's unique platform that supports independent developers, bringing their innovative ideas to console and the mass market.

08:09

CROX Crocs reaffirms guidance ahead of conference (11.63 )

Co reaffirms guidance for Q3 (Sep), sees EPS of $0.22-0.24 vs. $0.24 Thomson Reuters consensus; sees Q3 (Sep) revs of ~$205 mln vs. $205.78 mln Thomson Reuters consensus.

08:03

FUQI Fuqi Intl announces formal SEC investigation relating to its failure to timely file required periodic reports (4.80 )

Co announces that it was notified by the SEC of a formal, nonpublic investigation, and has received a subpoena from the SEC for certain documents, relating to its failure to timely file required periodic reports. The co intends to fully cooperate with the SEC.

08:01

EFUT eFuture COO, Deliang Tong, resigns; Tong to continue to serve as director; Dehong Yang, President, to take over role of COO along with existing role (5.50 )

07:46

POL PolyOne announces offering of $320 mln of Senior Notes due 2020 in connection with tender offer for its 8.875% Senior Notes Due 2012 (10.38 )

07:31

CNC Centene's IlliniCare selected by IL as one of two vendors to provide managed care services to ~40K Older Adults and Adults with Disabilities in 6 Chicago areas (21.33 )

07:31

ZGEN Zymogenetics: Bristol-Myers Squibb (BMY) commences cash tender offer to purchase all outstanding shares of common stock of ZGEN at $9.75/share (9.76 )

07:26

BP BP announced Q3 results will be released at Nov 2, one week later than previously indicated (38.02 )

07:19

FIZZ National Beverage Reports Q1 results (14.81 )

Reports Q1 EPS of $0.26 vs $0.25 two analyst est; revs +1.4% to $165.0 mln vs $166.22 mln two analyst est.

07:15

ACTL Actel confirms Q3 Guidance (15.40 )

Co reaffirms Q3 revs of +3-7% sequentially (vs 5.1% consensus) and gross margin of ~65%.

07:12

OXBT Oxygen Biotherapeutics misses single bottom line est (2.71 )

Reports Q1 EPS ($0.13) vs ($0.12) single est; net loss of $3 mln vs $2.4 mln YoY. The increase in net loss over the same period last year was primarily due to an increase in costs associated with our Phase II-b trial for traumatic brain injury, market analysis and direct marketing expenses for DERMACYTE cosmetics, and an increase in legal and accounting fees for services provided for filing registration statements and listing with the Swiss SIX Stock Exchange

07:02

ARG Airgas: All 4 leading proxy advisory firms recommend that airgas stockholders vote against APD's January meeting proposal (64.83 )

07:02

BWEN Broadwind Energy names Jesse Collins Executive Vice President & Chief Operating Officer (1.73 )

07:01

CNAM China Armco Metals provides impact on Jiangsu Province Power Restrictions; expected to impact its revenue in 2010 by as much as $40 million (3.82 )

Co announces that that the Jiangsu Provincial Government has scheduled rolling blackouts in September for the Lianyungang enterprise zone where its wholly owned subsidiary, Armet Renewable Resourced, operates its metal recycling facility. The energy restrictions will significantly reduce their recycling capabilities in the fourth quarter which is expected to impact its revenue in 2010 by as much as $40 million. This has caused management to revise its financial guidance for the full year of 2010 which is now expected to exceed $140 million with net income exceeding $8 million.

06:46

SOLR GT Solar announces the pricing of the secondary offering of 11 mln shares of its common stock at a price to the public of $7.39 per share (7.39 )

Co announces the pricing of the secondary offering of 11 mln shares of its common stock at a price to the public of $7.39 per share. All of the shares are being sold by one selling stockholder, GT Solar Holdings. Concurrently with the pricing of the underwritten public offering, co announces the pricing of its Mandatorily Exchangeable Notes due 2013 In connection with the exchangeable notes, the selling stockholder has agreed to sell 14 mln additional shares of co common stock to UBS Securities.

06:31

CPY CPI Corp announces extension of its Walmart (WMT) agreement through at least 1/2016 (22.08 )

06:19

On the Wires

JA Solar (JASO 7.16) announces financial partnership agreement with China Development Bank for up to RMB 30 bln of financing and credit facility...Rovi Corp (ROVI) doubles number of European content providers for TotalGuide.

06:12

S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +2.50.

06:12

Asian Markets

Nikkei...9239.2...+140.70...+1.50%. Hang Seng...21257.4...+90.10...+0.40%.

06:12

European Markets

FTSE...5483.5...-10.60...-0.20%. DAX...6191.3...-29.40...-0.50%.

06:09

RADS Radiant Systems prices 4,693,848 shares of common stock public offering (17.11 )

Co announces that it has priced an underwritten public offering of 4,693,848 shares of common stock at a price to the public of $17.00 per share.

06:07

HGRD Health Grades and Affiliates of Vestar Capital Partners announce extension of tender offer for shares of Health Grades (8.20 )

Mountain Acquisition and Mountain Merger Sub Corp., affiliates of Vestar Capital Partners formed for the purpose of acquiring Health Grades (HGRD) announced the extension of the offer period for the previously announced tender offer for all of the outstanding shares of common stock of HealthGrades, at a purchase price of $8.20 per share in cash, without interest and less any applicable withholding taxes, until 9:00 AM, New York City time, on Thursday, September 16, 2010.

04:52

CEO CNOOC Ltd appoints new CFO (117.36 )

Co announces that Zhong Hua will succeed Yang Hua as new CFO effective from 9/16/10. He is currently the Executive Vice President and CFO of China Oilfield Services.

02:10

NOK Nokia appoints Stephen Elop to President and CEO effective 9/21/10 (9.76 )

Co announces it has appointed Stephen Elop President and. Elop currently heads MSFT's Business Division.

01:49

KYN Kayne Anderson: exercise by the underwriters of the option to purchase additional common stock (25.65 )

Co announces that the underwriters of its common stock offering exercised their option to purchase an additional 793,877 shares at a price of $26.30/share. The option was granted to the underwriters in connection with the co's public offering of 7.25 mln shares of common stock which closed on August 11, 2010.

01:38

EEP Enbridge Energy reports crude oil leak in Romeoville, Illinois (54.76 )

Co announces a leak on Line 6A of the Lakehead System in Romeoville, Illinois. The line was shut down within minutes.

01:35

BTC Community Bankers Trust CEO steps down; implements expense reductions (1.15 )

Co announces that President and CEO George Longest has resigned. During the interim period, Rex Smith, III will assume the responsibilities. Smith is the current CBO. Longest will assist the transition and assume new responsibilities at a non-management level within the Bank. Additionally, the co also announces that it is implementing an expense reduction. This initiative will decrease expenses through the reduction of ~10% of its full-time positions. The eliminations will represent annual cost savings to the co of ~$2.3 mln. The co expects that the costs associated with the initiative will not materially affect its results for either Q3 or Q4.

01:27

EMMS Emmis Comms: Alden Global Capital announces inability to reach agreement on revised transaction with EMMS (1.22 )

Alden Global Capital announces that the proposed revised terms of the transaction to take private EMMS are not acceptable to Alden. It believes that the terms negotiated between JS Acquisition and such preferred holders would result in an amount of leverage on the company that would make the transactions unattractive to Alden.

01:21

EDMC Education Mgmt urges Department of Education to reconsider gainful employment rule (8.95 )

Co announces that is has provided an official response to the U.S. Department of Education's proposed rule defining "Gainful Employment." The co's response suggests that the Department does not have the statutory authority to enact the proposed regulations and requests that it postpone issuance of a final rule in order to collect and consider more appropriate and comprehensive data. In the event that the Department proceeds with the current proposed rulemaking, the co suggests modest modifications to the proposed regulations to address legal, policy, and fairness concerns.

01:18

MUR Murphy Oil adds new North American resource acreage (57.18 )

Co announces it has entered into an agreement with Kainaiwa Resources to acquire 129,280 acres of prospective oil and gas properties located in Alberta. The lease agreement will give MUR drilling rights on the property for 5 years with a minimum of 16 wells to be drilled during this time.

01:15

CASY Casey's General confirms discussions with 7-Eleven (43.95 )

Co announces that it has entered discussions with 7-Eleven regarding a potential transaction. On 9/2/10, CASY received an unsolicited preliminary proposal from 7-Eleven regarding a consensual transaction at $40/share in cash. While the Board reviewed the proposal and firmly believes that CASY value substantially exceeds $40/share, it has authorized discussions with 7-Eleven to explore whether a transaction can be reached that reflects the true value of CASY.

01:07

MDCO The Medicines Co provides PTO litigation update (13.17 )

Co announces that the U.S. Solicitor General has elected against appeal of the Court's August 3 decision ordering the U.S. PTO to consider the co's Angiomax patent term extension application timely filed. MDCO's lawsuit challenged the PTO's denial of the application for an extension of the term of the principal patent that covers Angiomax.

18:38

Futures are lower after hours: S&P 500 futures are -1.1 from fair value of 1098.7 and Nasdaq100 futures -0.87 points from fair value of 1884.12

18:06

VSEC VSE Corp: Energetics Inc awarded $21.7 mln DoE contract (28.90 +0.4) -Update-

Energetics Incorporated, a wholly owned subsidiary of VSE (VSEC), reported the award of a three-year $21.7 million contract to support the U.S. Department of Energy, Office of Electricity Delivery and Energy Reliability in Washington, DC.

18:00

AES AES announces call for redemption of all outstanding 8.75% second priority senior secured notes due 2013 (11.11 +0.09)

Co announced that the outstanding principal amount to be redeemed is ~$290 mln. The Notes will be redeemed on October 8, 2010 at a redemption price equal to 101.458% of the principal amount thereof, plus accrued interest.

17:21

GR Goodrich announces redemption of $257,460,000 aggregate principal of its outstanding 7.625% notes due in 2012; the redemption date is October 12, 2010 (70.06 -1.78)

17:07

TDW Tidewater announces agreement for new private placement financing (41.35 +0.18)

Co announced that it and a group of institutional investors have executed a note purchase agreement in regards to $425 mln of senior unsecured notes. The note purchase agreement contemplates closings on October 15, 2010 and December 30, 2010, when the co expects to issue a multiple series of notes totaling $310 mln and $115 mln, respectively.

17:07

CLDT Chatham Lodging Trust appoints Dennis M. Craven Chief Financial Officer (16.81 -0.06)

Co announced that Dennis M. Craven has been appointed as its new executive vice president and chief financial officer, effective September 9, 2010. Craven replaces Julio E. Morales, who will remain with the co in a transition capacity for 30 days. Craven previously served as executive VP and C.F.O. of Innkeepers USA Trust from March 2006 until the acquisition of Innkeepers by an affiliate of Apollo Investment in June 2007.

17:05

SEB Seaboard announce that it has entered into an agreement to purchase a 50% interest in Butterball, LLC, in partnership with the Maxwell Farms group (1659.00 -15.00)

17:02

TNDM Neutral Tandem to acquire Tinet SpA; TNDM expects the transaction to be immediately accretive to earnings per share in 2010 (10.96 -0.14)

Co announced it has entered into an agreement to acquire Tinet SpA, an Italian based global carrier exclusively committed to the IP Transit and Ethernet wholesale market. To acquire Tinet, TNDM will pay cash consideration of ~74.5 mln euros (~$94.9 mln), which reflects certain purchase price adjustments, the assumption of ~5.2 mln euros in cash (~$6.6 mln) and the assumption of ~18.2 mln euros in long-term debt (~$23.2 mln), which will be paid off at closing.

16:59

TRW TRW announced the underwritten public offering of 7,500,000 shares of its common stock (36.86 +0.44)

16:59

SKYW SkyWest reports combined August traffic for SkyWest Airlines and Atlantic Southeast Airlines (12.94 -0.06)

Co reported an 8.3% increase in departures to 85,788 for August compared to 79,180 for the same period last year. Passenger boardings for August increased 7.9% to 3,500,779 compared to 3,245,316 for the same period last year. SKYW also reported a 4.6% increase in revenue passenger miles (RPMs) for August, while available seat miles (ASMs) increased 5.8% compared to August 2009.

16:36

GROW U.S. Global Investors reports Q4 EPS of $0.006 vs. $0.06 in EPS in last year's quarter; revs grew 33.1% to $8.61 mln (6.47 +0.29)

Co reported full year 2010 EPS of $0.35 vs ($0.15) last year.

16:32

DX Dynex Capital increased the quarterly dividend on its common stock to $0.25 from $0.23 (10.42 +0.13)

16:32

ACI Arch Coal: Dugout Canyon Mine resumes Longwall production (20.80 -0.71)

Arch Coal's Canyon Fuel Company subsidiary today announced that its Dugout Canyon mine in Carbon County, Utah, has restarted its longwall mining system and is in the process of resuming production.

16:32

RAVN Raven Industries and Jacto announce new strategic precision ag partnership (35.17 -0.32)

Co and Jacto announce a strategic partnership in which Raven will be Jacto's precision ag partner for factory-installed components and the precision ag supplier for their global dealer network.

16:31

BLL Ball Corp has acquired an additional 10.1% eonomic interest in its Brazilian beverage packaging joint venture, Latapack-Ball Embalagens (58.84 +0.14)

16:30

BEN Franklin Resources reported preliminary month-end AUM by the co's subsidiaries of $600.4 bln at August 31, 2010 vs $495.7 bln at August 31, 2009 (104.99 +2.26)

16:30

TXN Texas Instruments narrows Q3 EPS to the range of $0.66-0.72 vs. $0.69 Thomson Reuters consensus, narrows revenues to the range of $3.62-3.78 bln vs. $3.69 bln consensus (23.84 +0.16)

Original outlook for Q3 was EPS in the range of $0.64-0.74 and revenues between $3.55-3.85 bln. Thomson Reuters consensus EPS $0.69 and revenues $3.689 bln.

16:22

CMO Capstead Mortgage declares Q3 dividend of $0.26/share, down from $0.36/share (11.81 +0.01)

16:16

FFIN First Financial to acquire Sam Houston Financial Corporation for ~$22.2 mln in cash and stock; expected to be finalized in Q4 (45.78 -0.26)

16:15

SIFI SI Financial adopted a Plan of Conversion and Reorganization (6.22 0.00)

Co nnounced that it, SI Bancorp, MHC (co's mutual holding company parent), and the Bank have adopted a Plan of Conversion and Reorganization providing for the MHC's conversion from mutual to stock form and the concurrent sale to the public of the MHC's approximate 61.9% ownership interest in the Company in a transaction commonly referred to as a "second step" conversion. As a result of the second step conversion, the Bank will reorganize as a wholly-owned subsidiary of a new stock holding company organized under Maryland law, also named SI Financial Group, and the MHC and the Company will merge out of existence.

16:15

ARG Airgas and Kiewit sgn three-year contract extension; the contract extension includes estimated annual revenues of $6 mln (64.83 +0.24) -Update-

16:07

SWHC Smith & Wesson beats by $0.01, reports revs in-line; guides Q2 revs below consensus; guides FY11 revs in-line (3.96 +0.10)

Reports Q1 (Jul) earnings of $0.06 per share, ex-items, $0.01 better than the Thomson Reuters consensus of $0.05; revenues fell 6.7% year/year to $94.9 mln vs the $95.2 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of $97-$102 mln vs. $115.48 mln Thomson Reuters consensus. Co issues in-line guidance for FY11, sees FY11 revs of $430-$445 mln vs. $437.18 mln Thomson Reuters consensus. The company continues to expect total gross profit margin for fiscal 2011 to be between 32% and 33%. (SWHC is halted)

16:06

SRX SRA Intl's Era selected to provide a nationwide wide area multilateration solution in the Republic of Tajikistan for Tajikaeronavigation (20.05 -0.02)

16:04

INOC Innotrac Corp achieved 2010 Level 1 compliance validation with the Payment Card Industry Data Security Standard (1.11 0.00)

16:03

NSM National Semi beats by $0.02, reports revs in-line; guides Q2 revs below consensus (12.90 +0.01)

Reports Q1 (Aug) earnings of $0.36 per share, $0.02 better than the Thomson Reuters consensus of $0.34; revenues rose 31.0% year/year to $412 mln vs the $415.4 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of $390-415 mln vs. $420.62 mln Thomson Reuters consensus. Q1 sales increased sequentially due primarily to demand from wireless handset and industrial markets, the two largest markets served by National. Q1 gross margin of 70.9 percent set a new record for the co, driven by improved manufacturing cost efficiencies from higher capacity utilization and benefits from manufacturing consolidation completed in the fourth quarter of fiscal 2010. "Our business model is working well with another quarter of revenue growth, 70 percent gross margins and over 36 percent operating margins. However, in the near term, slower growth in our end markets and distribution channel, along with some likely inventory reduction, will mute the seasonal growth that we would normally see in our business during this time of the year."

16:00

SWHC Smith & Wesson halted ahead of earnings (3.96 +0.10)

16:00

LSCC Lattice Semi reiterates guidance for Q3; Q3 revenue is expected to be flat to up 5% on a sequential basis vs consensus of growth of 3% (4.66 -0.06)

Gross margin percentage is expected to be ~59-61% of revenue. Total operating expenses are expected to be approximately $31.0 million.

Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond and world FX market participants.  1-800-752-3013 or http://www.briefing.com