Briefing.com: Hourly In Play (R) – 11:00 ET

Mar 24, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 24-Mar-10 11:00 ET

10:55

SU Suncor Energy agrees to sell non-core Rosevear and Pine Creek Assets (30.67 -0.22)

Co has reached an agreement to sell certain natural gas properties for ~$235 million, with an effective date of January 1, 2010. Current production on these lands is ~20.5 mmcf/d of gas and 540 barrels per day of liquids. The sale includes properties known as Rosevear and Pine Creek, which are located in the Edson/Whitecourt area, about 200 km west of Edmonton. The sale is expected to close in the middle of Q2. As part of its strategic business alignment, Suncor plans to divest of a number of non-core assets. The proposed divestments include certain natural gas assets in Western Canada and the United States Rockies, all Trinidad and Tobago assets and certain non-core North Sea assets, including all assets in The Netherlands. To date, including the sale announced today, Suncor has reached agreements to dispose of assets for aggregate consideration of approximately $1.54 billion.

10:50

BAC Bank of America confirms earned principal forgiveness among enhancements to its National Homeownership Retention Program (17.53 +0.41) -Update-

Co confirms it will look first at principal forgiveness - ahead of an interest rate reduction - when modifying certain subprime, Pay-Option and prime two-year hybrid mortgages qualifying for its National Homeownership Retention Program (NHRP). Several enhancements are being made to the program, including the introduction of an earned principal forgiveness approach to modifying mortgages that are severely underwater. Co expects to be operationally ready to implement the new principal reduction components of NHRP in May. The bank will identify mortgages that may be eligible for these solutions and proactively contact those customers to ascertain their interest in a modification and to request documents necessary to determine actual eligibility. With implementation of these enhancements, Bank of America will make principal reduction the initial consideration toward reaching the HAMP's target for an affordable payment equal to 31 percent of household income when modifying qualifying subprime, Pay-Option ARM and prime two-year hybrid ARM loans that are also eligible for NHRP. An interest rate reduction and other steps would then be considered, if additional savings are necessary to reach the targeted payment.

10:46

VZ Verizon selects Alcatel-Lucent's mobile backhaul solution for 4G LTE Network (30.66 -0.31)

Co has selected Alcatel-Lucent's (ALU) mobile backhaul solution, which transports voice and data traffic from wireless base stations to the broad network to support Verizon Wireless' 3G network and prepare for its 4G Long Term Evolution network. In 2009, Verizon Wireless selected Alcatel-Lucent as one of the providers of the LTE Radio Access Network and Enhanced Packet Core and parts of the IP Multi-Media Subsystem network.

10:37

GFA Gafisa SA announces pricing of 74 mln common share offering at $14.03/share (14.47 -0.32)

10:37

RDEN Elizabeth Arden enters into licensing agreement with kate spade new york to launch fragrance (18.13 -0.03)

10:35

VXX 1st hour global & sector ETF view -Technical-

The Actively Traded Leading Global & Sector ETF Plays:

VIX vol index- VXX +1.50%, US Dollar index- UUP +1.0%, Insurers- KIE +1.0%, Commercial banks- KBE +0.50%, iShares homebuilders & home construction- ITB +0.50%, Financials- XLF +0.25%, IYF +0.25%

The Actively Traded Lagging Global & Sector ETF Plays:

Gold miners- GDX -2.50%, Silver- SLV -2.0%, Crude/WTI oil- USO -1.75%, OIL -1.75%, RBOB gas- UGA -2.0%, Semis- SMH -1.50%, XSD -1.50%, IGW -1.50%, iShares Singapore- EWS -1.75%, Wind energy- FAN -1.50%, Yen currency shares- FXY -1.50%, iShares Germany- EWG -1.25%, iShares Japan- EWJ -1.25%, Base metals- DBB -1.25%, Gold- GLD -1.25%, Commods- GSG -0.75%, DBC -0.75%

10:32

SPY Stock indices pull back amid energy sector slippage but holding above morning lows -- Dow -30, S&P -3.1, Nasdaq -10 -Update- -Technical-

10:30

OIH Crude oil ticks to fresh lows following inventory data; currently off $1.94 to $79.97

10:30

IYZ iShares DJ Telecom displaying relative strength, notches new session high -Technical-

The IYZ is up for the third session in a row as it extends the surge off the Feb low to roughly 16%. This morning's recent high (20.55) leaves it a relatively short distance from its 52-wk close high from Jan at 20.58 (52-wk intraday high 20.76). Components on the plus side include: S +6.7%, TDS +0.3%, NIHD +1%, VMED +0.1%.

10:27

ADBE 1st hour NASDAQ 100 (NDX) leaders & laggards -Technical-

NDX 100 Best % Performers:

ADBE +4.75%, BIDU +1.50%, NIHD +1.25%, WCRX +1.0%, NWSA +0.75%, SBUX +0.75%, MXIM +0.75%, AAPL +0.50%, INTU +0.25%

NDX 100 Worst % Performers:

GENZ -4.50%, XLNX -4.0%, ALTR -3.0%, SRCL -2.50%, LOGI -2.25%, STX -2.0%, NVDA -2.0%, ORLY -1.75%, LRCX -1.75%, DELL -1.50%

NASDAQ TRIN @ +0.60

NASDAQ A/D @ -730

10:24

GE 1st hour Dow 30 (INDU) leaders & laggards -Technical-

INDU 30 Best % Performers:

GE +3.0%, BAC +2.25%, BA +1.0%, DIS +0.75%, JPM +0.75%, PFE +0.50%

INDU 30 Worst % Performers:

MCD -1.0%, MRK -1.0%, PG -1.0%, CAT -1.0%, CVX -1.0%, HD -0.75%, VZ -0.75%

NYSE TRIN @ +0.45

NYSE A/D @ -690

10:14

AMZN Amazon.com shares seeing relative weakness vs. the NDX 100 as price slides below some daily support in recent trade even as the index sees some minor upside (127.60 -1.66) -Technical-

AMZN now putting in another lower low on the daily chart with price breaching 128.30 20-day EMA support.

AMZN -1.30% vs. NDX 100 -0.35%

LoD @ 127.56

10:13

MSEX Middlesex Water signs temporary 6 month water sales contract; supplying ~50 mln gallons of water and other water supplies to Dover Air Force Base (17.62 -0.09)

10:07

TECHX Airline Index -XAL- outperforming as it bounces back near unchanged -Update- -Technical-

UAUA +0.4%, CAL +0.8%, DAL +0.3%, LCC +0.9%, JBLU +0.5%,

10:07

PBIO Pressure BioSciences announces the receipt of approximately $500,000 from the second tranche of a private placement (1.82 +0.01)

10:04

SPY Stock indices slip after minor bounce -Update- -Technical-

The S&P -5.1 held at 1170/1169 support off the open but it and the Nasdaq Comp -14 have slipped to new session low in recent trade. The Dow -31 has not yet confirmed the new lows.

10:01

CMTL Comtech Telecom wins $3.1 mln contract award for high-power amplifiers for medical application (31.51 -0.11)

09:53

BAC Bank of America showing early strength among financials as it probes its recent 2-week range top along 17.35 area (17.35 +0.22) -Update- -Technical-

Next area of interest is the mid-October bearish gap near 17.53.

09:51

UUP Dollar Index strong, probing a resistance zone (81.76 +0.86) -Technical-

Noted the solid support early in the month in The Technical Take and the strong rebound has been extended this morning near a resistance zone at 81.84 - 81.92 (Click for chart and secondary levels of interest) -- session high 81.84.

09:47

TECHX Opening Point Gainers/Losers -Technical-

Point Gainers: MXL (+3.90), LZ (+3.31), ADBE (+1.81), ZOOM (+1.48), CLF (+1.61), CBPO (+1.33), GENT (+1.11), JEC (+1.44), CAAS (+1.15), DRI (+1.00)

Point Losers: ORRF (-3.39), GENZ (-2.59), XRA (-1.81), AEM (-1.59), NTES (-1.48), MDTH (-1.51), BHP (-1.58), BBL (-1.47), JBL (-1.39), NETL (-1.38)

09:46

XLF Finance holding up relatively well (15.90 -0.01) -Technical-

The XLF -0.03% is in the red but has held up relative well (KIE +0.1%). Yesterday's high (15.91) is the first level of interest with the 52-wk high from last week just above at 15.97.

09:43

ECONX Reminder: New Home Sales data due out in about 17 min at 10:00ET

09:41

TECHX Sector Watch: Early laggards -Update- -Technical-

Early pressure on Energy/Commodity amid Dollar Index strength (GDX -2.3%, SLV -2.2%, USO -1.8%, GLD -1.3%, KOL -1%, SLX -1%, MOO -1%, XLE -0.6%, UNG -0.8%). Also seeing pressure in Semi SMH -1.7%, (INTC -1.2%).

09:39

MPET Magellan Petroleum announces the grant of a new exploration permit, Offshore Northern Territory, Australia and updates UK drilling timing (2.16 -0.01)

Co announces the award of an offshore exploration permit, Northern Territory, Australia and updates the timing of two exploration wells to be drilled onshore in the United Kingdom. Co has accepted an offer from the Commonwealth - Northern Territory Offshore Petroleum Joint Authority for the grant of an exploration permit for petroleum over Area NT09-1, offshore Northern Territory. Area NT09-1 was offered for competitive bid under the 2009 Release of Offshore Petroleum Exploration Areas. Bidding closed on 3 December 2009... Northern Petroleum, operator of PEDL 126 in the Weald Basin of Southern England, has issued a written advisory stating that it intends to spud the Markwells Wood exploration well, onshore United Kingdom, in June 2010. To achieve cost efficiencies, the intent is to drill Markwells Wood -1 in PEDL 126 and the Havant-1 on a prospect in PEDL 155 & PEDL 256 as a sequential drilling operation. Unfortunately construction of the Havant drill site, which commenced in late 2009, has been impacted by one of the worst winters in over a hundred years in the UK, causing delays to previous intentions for the drilling program.

09:38

ARTW Art's-Way Manufacturing announced earlier that it was awarded $65,000 grant from the Iowa economic development board to buy 190,000 Sq. Ft. facility in Iowa (5.94 0.00)

Co announced earlier that it is planning to purchase a 190,000 square foot facility in West Union, Iowa. A grant and loan of $65,000 from Iowa Economic Development Board will help offset expenses associated with building repairs and machinery and equipment. Art's Way is also eligible to receive $158,000 for job training. The Board provides incentives that range from loans to tax credits to growing companies like Art's Way Manufacturing.

09:37

SPY S&P SPDRs probes initial support in the 1170/1169 area -Update- -Technical-

Secondary level is at 1167.

09:36

ABX Barrick Gold announces closing of African Barrick Gold plc Initial Public Offering (37.86 -0.96)

Co announced that the initial public offering for African Barrick Gold plc ("ABG") has now closed and its approximately 404 million ordinary shares have been admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities under the ticker "ABG". Net proceeds of the offering are approximately $834 million which will be paid to Barrick. ABG has an initial cash balance of approximately $280 million.

09:35

GENZ Genzyme shares move back to lows after early gap down bid with price trying to hold the technical support of the Mar. range lows in the 56.69~56.39 area (556.75 -2.35) -Technical-

LoD @ 56.52

09:34

XHB SPDR Homebuilders gaps higher off the open, holding slightly under last wk/52-wk peak at 17.11 -- session high 17.06 (17.06 +0.12) -Technical-

LEN +7 is providing early leadership (TOL +2%, SPF +1.9%, MTH +0.9%, MDC +1.8%, PHM +1.4%).

09:32

DGII Digi Intl and Ericsson (ERIC) to provide 3G connectivity for M2M applications (11.22 -0.02)

09:30

ACPW Active Power receives $6 mln in PowerHouse orders (0.86 +0.04)

09:30

COIN Converted Organics licenses breakthrough "green" technology, retains leading expert for new industrial wastewater market division (0.95 0.00)

Co has entered into an exclusive licensing agreement with Heartland Technology Partners to utilize patented LM-HT Concentrator technology in the U.S. industrial wastewater (IWW) market. Rick McEwen, former Co-owner and Vice President of Heartland Technology Partners, has been retained by Converted Organics as General Manager and President of the Company's new IWW market division.

09:30

LGF Lions Gate Entain: Icahn Issues Open Letter to CEO of Lions Gate (5.99 )

Carl Icahn issued an open letter to Jon Feltheimer, the Co-Chairman and Chief Executive Officer of LGF, in response to Lions Gate's announcement that its board of directors had rejected the Icahn Group's previously announced offer to purchase up to all of Lions Gate's outstanding common shares for $6.00 in cash per share. " I found several aspects of your statement yesterday of great concern. To say that you have exhibited a "patient, disciplined strategy of building a strong and diversified company step by step over the past 10 years" is absurd. In actuality, most of the stock's appreciation during the decade was the result of one transaction - the acquisition of Artisan... Unfortunately, as is often the case, hand-picked boards let self-proclaimed "visionary" CEOs chase their vision indefinitely, even when years pass and their vision is clearly a delusion. To make matters worse, I continue to fear (as I have previously expressed) that the current board will allow you to borrow billions to pursue your new "vision" of library consolidation, exhibited by your interest in acquiring MGM and Miramax. This is simply another delusion in my opinion, as library values are currently in a secular decline, never to return to cash flows seen during the heyday of DVD sales. I believe that you are, as you should be, frustrated by the five-year stagnation of Lions Gate. But more importantly, I am fearful that you have determined to "swing for the fences" using excessive debt and risking the shareholders' equity. The road to bankruptcy is littered with companies whose CEOs - under the banner of "vision" - have been permitted by lax board oversight to gamble their companies into oblivion."

09:30

CRK Comstock before the open announced successful upper Haynesville shale well in Sabine Parish Louisiana (32.31 )

Co announced that the first well drilled in its South Toledo Bend field in Sabine Parish in Northern Louisiana was successful. The Sustainable Forest 3#1H was drilled to a vertical depth of 12,360 feet with a 4,160 foot horizontal lateral. The horizontal lateral was drilled in the upper section of the Haynesville shale or Bossier shale and the well was completed with 16 frac stages. Comstock tested this well at an initial 24 hour production rate which averaged 20 MMcfe per day at a flowing tubing pressure of 7,800 psi. Comstock has a 67% working interest in this well. The Sustainable Forest 3#1H well is Comstock's second horizontal well drilled to test the Upper Haynesville interval also referred to as the Bossier shale. In 2010 the Company expects to drill 56 (41.1 net) horizontal wells in its Haynesville shale program. Approximately fifteen of these wells will target the Upper Haynesville shale. This well is also the first Haynesville shale well drilled by the Company in Sabine Parish where Comstock has 22,404 gross acres (17,561 net acres) that are prospective for development. Six of the planned 56 Haynesville shale wells that will be drilled this year are expected to be in the South Toledo Bend field.

09:22

KALU Kaiser Alum announces pricing of $150 mln private offering of cash convertible senior notes & repurchase of $45 mln of common stock

Co announced the pricing of $150 mln aggregate principal amount of Cash Convertible Senior Notes due 2015 through a private offering to qualified institutional buyers. The $150 mln aggregate principal amount of the notes was increased from the initial offering of $130 mln. The notes will pay interest semiannually at a rate of 4.5% per annum. In connection with the offering of the notes, Kaiser Aluminum is repurchasing approximately $45 mln of its outstanding common stock in privately negotiated, off-market transactions.

09:16

SJM J.M. Smucker announces plans to significantly improve supply chain over the next three years investing ~$220 mln (61.01 )

Co announced plans for significant investments to improve its supply chain as part of its ongoing efforts to enhance the long-term strength and profitability of its leading brands. The co's plans include significant capital investment in its coffee and namesake fruit spreads businesses over the next three years totaling ~220 mln. Additionally, ~$190 mln in restructuring charges will be incurred over the course of the plan, of which $90 mln are noncash charges. Key components of the plan include: -- Capital investments for a new state-of-the-art food manufacturing facility in Orrville, Ohio, and expenditures for equipment and technology enhancements at its existing Ripon, Wisconsin, facility totaling $150 mln. Fruit spreads, ice cream toppings, and syrups will be produced at the new Orrville plant, along with additional capacity to support future growth. -- Closing the Memphis, Tennessee, and Ste. Marie, Quebec, fruit spreads plants. -- Capital investments totaling $70 mln to consolidate all coffee production into the Company's existing facilities in New Orleans, Louisiana. -- Closing the Sherman, Texas, and Kansas City, Missouri, coffee plants. The Company expects to incur restructuring charges of approximately $190 mln over a five-year fiscal period. Restructuring charges include approximately $100 mln of cash expenditures, including employee-related costs, site preparation and equipment relocation, and production start-up expenses. Also included in restructuring costs are $90 mln of noncash charges, primarily accelerated depreciation and asset write-downs. Restructuring cash outlays are expected to be fairly even across the fiscal 2011 to 2013 timeframe. Approximately $10 mln of the charges are expected to be incurred in the fourth quarter of fiscal 2010 bringing the Company's total estimated restructuring and merger and integration costs for the year to $40 mln to $45 mln. The balance of the restructuring charges will be incurred over the next four fiscal years, with approximately 80 percent incurred by the end of fiscal 2012. Based on preliminary project timelines, capital expenditures of approximately $90 mln, $105 mln, and $25 mln are expected in fiscal 2011, 2012, and 2013, respectively. The Company estimates its total annual capital expenditures to range between 4 percent and 5 percent of net sales during these three fiscal years. The Company expects annual savings will approximate $60 mln when fully implemented, excluding one-time costs. Initial benefits will modestly impact fiscal 2011 and continue to increase each year until fully realized in fiscal 2015.

09:03

AUTC AutoChina International announces pricing of 2 mln share offering at $35/share (42.43 )

09:03

CMS CMS Energy's David Joos to Become Chairman of the Board in May and Retire as Chief Executive Officer; John Russell to be Named CEO (15.69 )

David W. Joos has elected to retire from his position as the company's president and chief executive officer to assume the non-executive chairmanship of the CMS Energy and Consumers Energy boards of directors at the May 21 annual shareholders meeting. He succeeds Ken Whipple, who has served as chairman since 2002. Joos served since 2004 as CMS Energy president and chief executive officer, and chief executive officer of Consumers Energy. John G. Russell will succeed Joos as CMS Energy and Consumers Energy president and chief executive officer and has been nominated to join the CMS Energy and Consumers Energy boards of directors.

09:02

GPS Gap Inc announces franchise agreement to bring Gap brand to Australia (23.21 )

Co announced a franchise agreement to bring Gap brand to Australia. Co has signed a franchise agreement with Brand Republic Pty Ltd, a subsidiary of Busby Holdings Australia Pty Ltd, for exclusive rights to operate Gap brand stores in Australia. Under the terms of the agreement, Brand Republic will purchase merchandise from Gap and must adhere to the company's quality standards. The first Gap store is expected to open in the popular Chadstone Mall in Melbourne, Australia in the fall of 2010.

09:01

PARD Poniard Pharma drops ~30% to $1.05 upon resumption of trading (1.56 )

09:00

EDGR EDGAR Online announces new Chief Operations Officer (1.75 )

The co announces that Diana M. Bourke will be joining the company. Ms. Bourke will assume the title of Chief Operations Officer and will join the company full time on April 5, 2010. Prior to joining EDGAR Online, Ms. Bourke was most recently President and Chief Executive Officer of Inveshare, formerly known as Swingvote. Inveshare delivers shareholder communication and voting technology solutions to brokers and clearing firms for their retail investors.

09:00

VPHM ViroPharma announces acceptance of Cinryze Marketing Authorization Application by European Medicines Agency (13.93 )

Co announces that the European Medicines Agency has accepted the filing of its Marketing Authorization Application for Cinryze for acute treatment and prophylaxis against hereditary angioedema, which was submitted through the centralized procedure in March 2010. ViroPharma is seeking European approval for both prevention and treatment of acute attacks of hereditary angioedema

09:00

SBUX Starbucks announces first ever cash dividend of $0.10/share; authorized the repurchase of 15 mln shares in addition to 6.3 mln that remain available for repurchase (25.41 )

08:57

PXP Plains Exploration announces it intends to offer sr notes due in 2020 (30.54 )

08:56

GENZ Genzyme falls ~3 pts upon resumption of trading... currently trading at 55.95 (59.10 ) -Update-

See 8:30 comment for details.

08:42

FCEL FuelCell Energy announces passage of renewable portfolio standard by South Korean National Assembly (2.96 )

Co announces the passage of a Renewable Portfolio Standard by the National Assembly of the Republic of Korea, requiring 4 percent clean energy generation by 2015 and 10 percent by 2022.

08:39

BCS Barclays: Moody's changes Barclays outlook on C Bfsr to stable from negative (21.69 )

Moody's has changed the outlook on Barclays Bank C Bank Financial Strength Rating (BFSR) to stable from negative and affirmed the Aa3 senior debt and deposit ratings (stable outlook) and P-1 short-term rating. The outlook on the subordinated debt and hybrid ratings has also changed to stable, in line with the change in the outlook for the BFSR. The change in outlook is based on the improvements in the balance sheet that have taken place over the last 18 months in terms of capital, leverage and liquidity, backed up by the more active approach the bank has taken to establish solid capital buffers -- all of which positions the bank well relative to similarly rated global peers. "With the measures that Barclays has taken to strengthen its balance sheet and liquidity, its standalone credit strength is now well captured at the current level of A3 (Baseline Credit Assessment, equivalent to the BFSR of C) with limited downside risks", said Elisabeth Rudman, a Senior Credit Officer at Moody's and lead analyst for Barclays. "This includes our concerns about the ongoing volatile and uncertain operating environment especially in the UK. At the same time, we also do not expect upward rating pressure on the standalone rating, as the growing weight of investment banking in the business mix and the challenges of managing this rapid growth of investment banking activities at Barclays Capital weigh negatively on the rating" Rudman continued.

08:37

On The Wires

Aastrom Biosciences (ASTM) reports that the final patient has been treated in the company's ongoing multi-center, randomized, double-blind, placebo-controlled U.S. Phase 2b clinical trial designated RESTORE-CLI... Zoom Technologies (ZOOM) announces that the Company's previously disclosed acquisition target, Beijing Leimone Shengtong Culture Development Company, has signed an agreement with China Central Television, the major state television broadcaster in China, with 19 channels broadcasting to more than one billion viewers. According to the agreement, Leimone Culture will provide approved media content to CCTV's mobile users and will bundle CCTV.com's mobile TV access link onto Zoom's branded "Leimone" mobile phones and onto Zoom Original Equipment Manufacturer customers' phones.

08:34

RBN Robbins & Myers misses by $0.01, beats on revs; guides Q3 EPS below consensus; reaffirms FY10 EPS guidance (26.51 )

Reports Q2 (Feb) earnings of $0.13 per share, $0.01 worse than the First Call consensus of $0.14; revenues fell 20.7% year/year to $129.9 mln vs the $122.7 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.13-0.23, excluding non-recurring items, vs. $0.29 consensus. Co reaffirms guidance for FY10, sees EPS of $0.80-1.00, excluding non-recurring items, vs. $0.99 consensus. The co also reported that second quarter orders of $156 million were 21% higher than the second quarter of 2009 and 13% higher than the first quarter of 2010, with growth noted in each of the Company's segments. Lower sales volumes, combined with difficult pricing conditions in certain markets, contributed to lower earnings before interest and taxes (EBIT) of $7 million in the second quarter of 2010. "We are encouraged by the growth in order levels, especially in energy markets. Offsetting some of the benefit from this growth are pricing pressures within our Process Solutions Group. We are actively addressing the cost structure in this business, having cut over $2 million of annualized costs in the first half of this year and implementing another restructuring initiative later this month to cut an additional $3 million of annualized costs. Our attention to operating improvements throughout Robbins & Myers also contributed to improved cash flow in the quarter."

08:33

PARD Poniard Pharma suspends efforts to obtain regulatory approval for picoplatin in SCLC; has engaged Leerink Swann to conduct a review of strategic alternatives (1.56 ) -Update-

Co announced a clinical and regulatory update on its lead product candidate, picoplatin. Following a detailed analysis of primary and updated data from the Phase 3 SPEAR study of picoplatin in small cell lung cancer (SCLC) and an evaluation of the ongoing New Drug Application (NDA) process with the U.S. Food and Drug Administration (FDA), the Company has decided to suspend its efforts to obtain regulatory approval for picoplatin in SCLC at this time. The Company will focus its resources on developing pivotal clinical strategies for picoplatin in small cell lung cancer, as well as colorectal, prostate, and ovarian cancers. Pursuant to this decision, the Company announced that it has engaged Leerink Swann LLC to conduct a comprehensive review of strategic alternatives aimed at enabling the execution of these strategies and optimizing shareholder value. These alternatives could include capital raising alternatives, merger, sale or partnership. In connection with this action, Poniard announced a restructuring of its workforce, eliminating those positions focused on pursuing an NDA filing for SCLC, along with certain supporting functions. This reduction in personnel will decrease the number of employees by approximately 45 percent, to a total of 12, effective April 30, 2010. Poniard will continue to provide clinical and regulatory support activities for its current studies. Poniard expects the reduction in force to result in an approximately $2.2 million decrease in operating expenses in 2010, net of a charge in the second quarter of approximately $0.5 million related to the workforce reduction. Co expects that efficacy and safety data from the SPEAR study will be presented at the American Society of Clinical Oncology 2010 Annual Meeting taking place June 4-8, 2010 in Chicago.(Stock is Halted)

08:32

EMN Eastman Chem's Texas Cracking units back online (62.86 )

The co announces that the two cracking units at its Longview, Texas, site are back online, consistent with the previously announced timeline. The company had experienced a power outage on February 20 resulting in a shutdown at its Longview site. The company continues to expect that the first-quarter 2010 earnings per share impact of the outage, estimated to be between $0.20-$0.25, will be mostly offset by higher than forecasted sales volume and operating margin.

08:31

PSSI PSS World Med authorizes purchase of three million common shares (23.83 )

08:31

SPY E~mini index futures see little price change following key Feb. Durable Goods econ. data -Technical-

S&P 500 (ES) -3.75

NDX 100 (NQ) -5.25

INDU 30 (YM) -24

08:31

ADEP Adept Tech announces receipt of $4.1 mln order from International Equipment OEM (3.47 )

08:30

GENZ Genzyme announces FDA enforcement action regarding Allston plant; expects shipments of Cerezyme, Fabrazyme and Myozyme to continue uninterrupted (59.10 ) -Update-

Co announced that the FDA notified the company yesterday afternoon that, while the agency recognizes Genzyme's efforts, it intends to take enforcement action to ensure that products manufactured at the plant are made in compliance with good manufacturing practice regulations. The FDA enforcement action will likely result in a consent decree, under which a third party would inspect and review the plant's operation for an extended period and certify compliance with FDA regulations. Under a consent decree, Genzyme also would be required to make payments to the government and could incur other costs. Based on its initial communication with the agency and the medical need for patients, Genzyme expects that shipments of Cerezyme (imiglucerase for injection) and Fabrazyme (agalsidase beta), which are manufactured in Allston, will continue uninterrupted during the period of the enforcement action. In addition, Genzyme expects that shipments of Myozyme (alglucosidase alfa) produced at the 160-L scale, which is filled and finished in Allston, will continue uninterrupted. Genzyme also fills and finishes Thyrogen (thyrotropin alfa for injection) at the Allston plant and intends to discuss with the agency the company's view that there is also a patient need for uninterrupted supply of this product. The discussions with the FDA are expected to occur over the next several weeks. Genzyme will work cooperatively with the FDA to restore the agency's confidence in its ability to operate the Allston plant at the highest standards, building on the progress it has made over the past year to address the manufacturing deficiencies at the Allston plant. (Stock is halted).

08:30

URZ Uranerz Energy initiates permit applications for third powder river basin unit (1.82 )

Co announces that it has commenced preparation of environmental permit and license applications for its planned third ISR uranium mining unit in the central Powder River Basin of Wyoming. This unit, newly named Jane Dough, includes the Doughstick, South Doughstick and North Jane uranium properties.

08:30

CW Curtiss-Wright awarded $10 mln contract from Northrop Grumman (36.15 )

Co announces that it has been awarded a $10.5 million contract by Northrop Grumman (NOC) to provide an upgraded Radar Signal Processing solution for use in the Joint Surveillance and Target Attack Radar System program. The initial portion of the contract, for $5.1 million, was awarded for the Joint STARS Prime Mission Equipment Diminishing Material Source. An additional $5.4 million was awarded to enhance the RSP solution so that it meets advanced radar processing capacity requirements necessary to support future radar performance needs.

08:30

GENZ Genzyme trading halted - news pending (59.10 )

08:26

PARD Poniard Pharma trading halted - news pending (1.56 )

08:19

EGHT 8x8 awarded virtual telephone extension patent by U.S. Patent and Trademark Office (1.32 )

Co announced that it has been granted United States Patent number 7,684,554 entitled "Virtual Telephone Extension." The patent issued from the U.S. Patent and Trademark Office on March 23, 2010. The patent relates to methods of routing communications to users and associated equipment by utilizing a user identifier that serves as a virtual extension number.

08:11

ECONX Reminder: Durable Orders data due out in about 19 min at 8:30ET

08:10

COP ConocoPhillips takes steps to increase shareholder value; announces plan to increase dividends, reduce LUKOIL ownership, and resume share repurchases (52.51 ) -Update-

Co announces plans to increase shareholder value at its annual analyst meeting in New York. New information was provided regarding: asset sales; debt reduction; returns enhancement; growth of shareholder distributions through higher dividends; and a resumption of share repurchases. In addition to announcing plans to halve its equity ownership in LUKOIL, ConocoPhillips also provided details on how it intends to grow production per share and convert 10 billion barrels of oil equivalent of resources into reserves over the next 10 years. As announced in 2009, ConocoPhillips intends to sell $10 billion of assets over two years. Approximately half of the assets will be sold in 2010 with the remainder in 2011, and a portion of the proceeds will be used to reduce debt to targeted levels. Potential 2010 dispositions include the company's ownership interest in Syncrude and the Rex Pipeline, 10 percent of its Lower 48 and Western Canada portfolio and its remaining U.S. marketing assets. It is expected that 60 to 80 percent of the proceeds generated will come from the Exploration and Production segment, with an impact by the end of 2011 of approximately 80 MBOED to 120 MBOED on production and approximately 400 MMBOED to 600 MMBOED on reserves. In aggregate, these sales are expected to create financial gains. Significant cash flow is expected to be generated from operating activities, the sale of 10 percent of LUKOIL, and asset sales over the next two years. After funding its capital program and dividends, the company expects to use a portion of the remaining free cash flow to fund a 10 percent increase in dividends, continuing the practice of annual dividend increases since the formation of ConocoPhillips eight years ago. Lastly, additional distributions to shareholders will come through a $5 billion share repurchase program announced at the meeting... ConocoPhillips plans to deliver per share production growth of 3 percent in 2010 and 2011 and 3 percent to 5 percent in subsequent years. Longer term, underlying production is expected to grow 2 percent to 3 percent, as the company converts 10 billion BOE of resources to reserves at competitive finding and development costs.

08:09

ICA Empresas ICA & Fluor win $622 mln clean fuels project from PEMEX (10.15 )

Co and Fluor Corporation (FLR), announced that Mexico's state oil co, PEMEX Refining, has awarded the company engineering, procurement and construction contracts for two low-sulfur gasoline projects in Mexico valued at $622 mln as part of its clean fuels program. Fluor will book its $311 mln portion of the award in the first quarter of 2010.

08:09

On The Wires

Novatel Wireless (NVTL) announces that it has successfully interoperated with and will be utilizing the Spirent 8100 LTE RF Performance test solution, to test all aspects of its Long Term Evolution 4G devices prior to launch... RADCOM (RDCM) announces that a major Chinese 3G mobile service provider has chosen RADCOM's Omni-Q Service Assurance solution to monitor their 3G network; this is RADCOM's first sale of Omni-Q in China... SuccessFactors (SFSF) announces that Suntech Power Holdings (STP) has deployed the SuccessFactors Business Execution Suite to drive their talent process, pay-for-performance culture and optimize its company's performance for increased growth... Metso (MX) to supply grinding equipment to Kinross Gold, Brazil.

08:05

CMI Cummins' Cummins Westport Inc. and Cummins India announce order for 460 natural gas engines (62.35 )

Cummins Westport and Cummins India announced today that Cummins India has received purchase orders for 460 natural gas engines to customers outside of Delhi. The B Gas Plus and B Gas International engines, powered by compressed natural gas (CNG), are licensed by Cummins Westport and manufactured by Cummins India. Cummins Westport is a joint venture of Cummins and Westport Innovations Inc. (WPRT).

08:04

ARNA Arena Pharm Announces Initiation of Phase 1 Clinical Trial of APD916 for Narcolepsy and Cataplexy (3.36 )

Co announced the initiation of patient screening in a Phase 1 clinical trial of APD916, a novel oral drug candidate discovered by Arena that targets the histamine H3 receptor for the treatment of narcolepsy and cataplexy. "There is a need for better tolerated, more effective therapies for narcolepsy, especially narcolepsy with cataplexy," said William R. Shanahan, M.D., Arena's Vice President and Chief Medical Officer. "Based upon preclinical data, we believe that APD916 may substantially improve the treatment of these potential orphan indications." This randomized, double-blind and placebo-controlled Phase 1 trial is planned to enroll up to 72 healthy adult volunteers and will evaluate the safety, tolerability and pharmacokinetics of single-ascending doses of APD916.

08:03

XFN Xfone issues letter to shareholders indicating it has been awarded $63.6 mln in stimulus grants and long term loans from USDA (1.77 )

Co announces in letter it has been awarded $63.6 million in stimulus grants and long term loans from the U.S. Department of Agriculture (USDA). business. Co states "This funding will enable us to expand the rollout of our state-of-the-art FTTP infrastructure to bring broadband services to the Texas south plains and to the communities of Burkburnett and Iowa Park, Texas. To put the significance of this opportunity into perspective, our Levelland build out, underway since late 2008, is expected to add 6,200 passings to our footprint. The PRIDE Network projects are expected to add another 30,000 passings, approximately five times the size of our Levelland project.

08:02

UNH UnitedHealth'S Ingenix Acquires QualityMetric, a Health Outcomes Measurement Firm (33.16 )

Ingenix, a UNH company, announced that it has expanded its health outcomes measurement capabilities with the acquisition of QualityMetric

08:01

ACMR AC Moore appoints acting Chief Executive Officer (2.69 )

The co announces the appointment of Joseph Jeffries as Acting Chief Executive Officer effective March 31, 2010. Mr. Jeffries will also continue to serve as the Chief Operating Officer of the Company. Mr. Jeffries succeeds Rick Lepley, who is retiring effective March 31, 2010. Mr. Lepley will continue to consult to the Company over the next year. The Company will conduct an internal and external search for a permanent Chief Executive Officer.

08:01

LEA Lear prices $700 million senior notes offering (80.00 )

The co announces that it priced an underwritten public offering of $350 million in aggregate principal amount of 7.875% senior notes due 2018, and $350 million in aggregate principal amount of 8.125% senior notes due 2020. The senior notes due 2018 were priced at 99.276% of par, resulting in a yield to maturity of 8.00%, and the senior notes due 2020 were priced at 99.164% of par, resulting in a yield to maturity of 8.25%.

08:01

AGT Apollo Gold announces that its Black Fox Mine is expected to commence underground development during the second quarter of 2010 (0.33 )

Co announces in 2010, the Black Fox Mine is expected to produce 100,000 ounces of gold from operating the Black Fox Mill at approximately 2,000 tonnes per day at an average gold grade of 4.3 grams per tonne at a 95% recovery. Total cash costs for 2010 are expected to be $500-$550 per gold ounce sold. As previously described in Apollo's news release of March 17, 2010, higher production rates resulting in lower cash costs per ounce are expected in the second half of 2010, compared to the first half of 2010. This is due to production sequencing in the new mine plan, including new underground production, and progressive improvements from the ore grade control programs first implemented in the second half of 2009.

08:01

KTOS Kratos Defense and Security awarded $2.2 mln contract to provide Aegis Ballistic Missile Defense program products, technology and services (14.75 )

Co announces the award of a $2.2 million contract from Naval Surface Warfare Center Port Hueneme Division White Sands. The Aegis Ballistic Missile Defense Organization has tasked the NSWC PHD Det WS to engineer, integrate and flight test a family of sub-orbital rockets as tracking vehicles that simulate a variety of potential enemy ballistic missile threats.

08:00

NVAX Novavax announces "Positive" clinical results from first stage of pivotal study of 2009 A/H1N1 VLP Pandemic Influenza Vaccine in Mexico (2.34 )

Co announces positive results from the entire 1,000 subject Stage A of its two-stage pivotal study evaluating the safety and immunogenicity of Novavax's unadjuvanted 2009 A/H1N1 virus-like particle pandemic influenza vaccine. The data showed that safety and immunogenicity of the vaccine were consistent with preliminary results disclosed earlier from the first 500 volunteers of Stage A where the vaccine was found to be well tolerated and immunogenic at all three dose levels tested. Novavax is conducting this study in collaboration with Avimex Laboratories of Mexico to support registration of the vaccine in Mexico and potentially other countries.

07:53

NETL NetLogic Microsystems announces ~3.2 mln share common stock offering (30.32 ) -Update-

Co announced that it intends to offer, subject to market and other conditions, ~3.2 mln shares of its common stock for sale pursuant to an underwriting agreement. Certain former stockholders of RMI Corporation also intend to sell ~2.7 mln shares of common stock. NetLogic Microsystems will not receive any proceeds from the sale of shares by the selling stockholders.

07:47

GILT Gilat Satellite announces appointment of Jaron Lotan to serve as COO (5.87 )

07:45

IDTI Integrated Device receives favorable ruling in patent action versus LSI Logic (6.43 )

Co announced a favorable ruling issued yesterday by the International Trade Commission in a patent action brought by LSI Corporation (LSI) against several semiconductor companies, including IDT. In the ruling, the full commission of the ITC found that the patent claims asserted by LSI were invalid and has subsequently terminated the investigation. LSI had alleged that IDT and the other defendants in the action violated section 337 of the Tariff Act which prohibits the importation and sale of infringing products. Based on the finding of invalidity, the ITC Commission held that no violation of section 337 has occurred.

07:37

On The Wires

American Superconductor Corporation (AMSC) announces that they have expanded their superconductor power cable strategic business alliance. Under the new agreement, LS Cable and AMSC will work collaboratively to deploy more than 50 kilometers of superconductor power cables in commercial power grids over the next five years. The original alliance, established in September 2009, called for the deployment of a minimum of 10 km of superconductor power cables during that same period... Corporate Office Properties Trust (OFC) announces the formation of a joint venture with Jim Wilson & Associates, LLC to develop Redstone Gateway, a 468 acre land parcel adjacent to Redstone Arsenal in Huntsville, Alabama... In connection with its legal action to recover from Credit Suisse the amount invested in unauthorized auction rate securities against the Company's instructions, STMicroelectronics (STM) received a court ruling affirming the unanimous arbitration award in its favor for more than US$431 mln, including collected interest, entered in February 2009 by FINRA... IMAX Co (IMAX) announces that Shaw Theatres Pte, a exhibitor in Singapore, has signed an agreement to install a digital IMAX theatre system at the exhibitor's location in the heart of Singapore's commercial retail and entertainment area, Orchard Road... Crown Holdings (CCK) announces that its Brazilian subsidiary, Crown Embalagens S.A., plans to double the production capacity of its Estancia, Brazil beverage can plant as well as double the planned capacity at its beverage can plant currently being constructed in Ponta Grossa, Brazil. This investment is being made to meet the growing demand for beverage cans for beer and soft drinks in Brazil and entails the addition of a second beverage can line at both locations.

07:31

IMAX Imax enters new partnership with a Singapore exhibitor (16.61 )

Co announces that Shaw Theatres Pte has signed an agreement to install a digital IMAX theatre system at the exhibitor's premier location in the heart of Singapore's famous commercial retail and entertainment area, Orchard Road. The IMAX installation scheduled to be open in spring of 2011 is part of a major remodeling of the Lido Cineplex in Shaw House.

07:31

CRU Crude Carriers reports additional management share purchases (17.07 )

Co announced that on Tuesday, March 23, 2010, the co's Chairman and CEO, Mr. Evangelos Marinakis, purchased 30,000 shares of Crude Carriers' common stock at a cost basis of $16.63 per share.

07:30

CELH Celsius: Latest study reveals Celsius plus moderate exercise significantly reduces fat (3.02 )

Co announces the results of the latest clinical study showing Celsius significantly reduces body fat when consumed prior to moderate exercise. This sixth clinical study is part of the ongoing research studies that continue to reveal the benefits of Celsius' MetaPlus formula. Multiple studies show that Celsius burns calories and provides lasting energy. This latest study finds that Celsius, when consumed fifteen minutes prior to exercise, helps reduce body fat and build lean muscle as compared to exercise alone.

07:20

COMDX The dollar index put in new 10-month highs earlier this morning and that strength is weighing on crude, gold and silver

Crude oil is currently down $1.11 to $80.80; gold is lower by $7.70 to $1096 and silver is off 27.2 cents to $16.755.

07:12

FTR Frontier Communications announces private offering of senior notes by New Communications Holdings (7.48 )

Co announced that New Communications Holdings ("Spinco"), a subsidiary of Verizon Communications (VZ), intends to offer, subject to market and other conditions, Senior Notes due 2017 and Senior Notes due 2020 in a private placement that is exempt from the registration requirements of the Securities Act of 1933, as amended. The gross proceeds of the offering will be deposited into an escrow account. Spinco intends to use the net proceeds from the offering to fund a portion of a special cash payment by Spinco to Verizon, in connection with the spin-off of Spinco to Verizon's shareholders and the subsequent merger of Spinco with and into Frontier.

07:10

On The Wires

RealD and Cablevision Systems (CVC) announces that it has licensed the stereoscopic RealD Format for the delivery of high definition 3D content to the home... Tessera Technologies (TSRA) announces that Samsung Electronics has licensed Tessera's FotoNation FaceTracker solution, which provides high-performance face detection and tracking capabilities... WABCO (WBC) and Wurth Group establish joint company to service commercial vehicles in Europe through innovative technology diagnostic system.

07:03

GIS General Mills beats by $0.04, reports revs in-line; raises FY10 EPS guidance (73.57 )

Reports Q3 (Feb) earnings of $0.97 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.93; revenues rose 2.6% year/year to $3.63 bln vs the $3.62 bln consensus. Co raises guidance for FY10, sees EPS of $4.57-4.59 vs. $4.60 consensus, up from $4.52-4.57 previously. Foreign currency translation contributed 1 point of net sales growth. Pound volume matched year-ago levels, despite the loss of 1 point of growth from divested products. Gross margin expanded, reflecting favorable mix, strong supply chain productivity, and commodity costs that were below year-ago levels for the period. The co increased its consumer marketing in during the quarter, with advertising and media expense up 33%. Third-quarter net sales for General Mills' U.S. Retail segment rose 3% to $2.57 bln. Pound volume matched last year's levels. This was solid performance, given that last year's third-quarter net sales grew 8%. "As we look forward to fiscal 2011, we will be building on a solid foundation. Our market categories are growing. Our brand positions are strong, and we have a full line-up of product news and innovation planned for the new year. Most important, we are running on a strong and sustainable business model. This gives us confidence in our prospects for continuing growth."

07:01

CRA Celera Genomics publishes data extending the association between the KIF6 gene variant and differential reduction of coronary events from statin therapy to the elderly with prior vascular disease (6.98 )

Co announces the publication of data reporting that elderly carriers of the KIF6 gene variant with prior vascular disease received significant benefit from pravastatin therapy. Previous research has shown that a variant of the KIF6 gene, a member of the molecular motor protein kinesin family, is associated with up to a 55% increased risk of primary and recurrent coronary heart disease events in the placebo arms of the clinical trials, and that this increased risk is virtually eliminated with statin therapy. The effect of pravastatin versus placebo on coronary events according to KIF6 carrier status was investigated among 5,752 patients of the PROspective Study of Pravastatin in the Elderly at Risk study.

07:01

DUK Duke Energy commenced cash tender offers to purchase a portion of its outstanding notes (16.46 )

07:01

HGSI Human Genome announces results may warrant continued evaluation of ZALBIN administered every four weeks in a larger Phase 3 program (32.10 )

Co announces interim results through Week 12 following the end of treatment in a Phase 2b clinical trial conducted by Novartis (NVS) to evaluate the safety and efficacy of ZALBIN(albinterferon alfa-2b), an investigational agent, administered monthly in combination with ribavirin in 391 treatment-naive patients with genotypes 2 and 3 chronic hepatitis C virus. The primary efficacy endpoint is sustained virologic response at Week 48 (24 weeks following the end of treatment). "These interim results may suggest that the efficacy of 1500-mcg albinterferon alfa-2b dosed every four weeks is comparable to the current standard of 180-mcg peginterferon alfa-2a dosed once weekly," said Stephen Pianko, M.D., F.R.A.C.P., Ph.D., Monash University, Melbourne, Australia. "The results of this study in patients infected with genotypes 2 and 3 hepatitis C support continued evaluation of albinterferon alfa-2b dosed every four weeks in a larger Phase 3 program." Sustained virologic response rates at Week 12 following the end of treatment were 81% for the treatment group receiving 1500-mcg albinterferon alfa-2b dosed once every four weeks, vs. 82% for the treatment group receiving peginterferon alfa-2a at the standard 180-mcg dose once every week. SVR12 rates were 76% and 75%, respectively, for the 900-mcg q4w and 1200-mcg q4w albinterferon alfa-2b treatment groups. Overall, the adverse event profile was generally comparable for q4w albinterferon alfa-2b compared with q1w peginterferon alfa-2a. Serious adverse events during treatment in the albinterferon alfa-2b treatment groups were 4% for 900-mcg, 3% for 1200-mcg, and 3% for 1500-mcg, compared with 4% for peginterferon alfa-2a. "With a total requirement of six injections over a 24-week course of treatment, the albinterferon alfa-2b monthly dosing regimen has the potential to offer an important option for the combination treatment of patients infected with genotypes 2 and 3 hepatitis C, We look forward to the full presentation of final results from the current study at an appropriate scientific meeting later in 2010."

06:44

FIBK First Interstate Bancsystem prices 10 mln share IPO at $14.50 per share

Co was originally expected to sell 8.7 mln shares in the $14-16.00 range.

06:40

CALX Calix Networks prices 6.33 mln share IPO at $13 per share, at the upper end of the $11-13.00 expected range

06:39

Fitch Downgrades Portugal to 'AA-'; Outlook Negative

Fitch Ratings has downgraded Portugal's Long-term foreign and local currency Issuer Default Ratings (IDR) to 'AA-' from 'AA'. The agency has simultaneously affirmed Portugal's Short-term foreign currency rating at 'F1+' and Country Ceiling at 'AAA'. The Outlooks on the Long-term IDRs are Negative. "A sizeable fiscal shock against a backdrop of relative macroeconomic and structural weaknesses has reduced Portugal's creditworthiness," said Douglas Renwick, Associate Director in Fitch's Sovereign team. "Although Portugal has not been disproportionately affected by the global downturn, prospects for economic recovery are weaker than EU15 peers, which will put pressure on its public finances over the medium term." The downgrade reflects significant budgetary underperformance in 2009. The general government deficit in that year was 9.3% of GDP, versus 6.5% of GDP forecast by Fitch last September. This has significantly increased the scale of the fiscal challenge to stabilise and reduce debt over the medium term. The government will need to implement sizeable consolidation measures from next year, on top of the reversal of the fiscal stimulus this year, in order to meet the 3% of GDP deficit target by 2013. If this is achieved, public debt/GDP will peak at around 90% in 2013. The Negative Outlook reflects Fitch's concern about the potential impact of the global economic crisis on Portugal's economy and public finances over the medium term, given the country's existing structural weaknesses and high indebtedness across all sectors of the economy. Portugal's GDP per capita and trend growth are significantly below the 'AA' median, which reduces debt tolerance relative to other high-grade sovereigns.

06:36

MXL MaxLinear prices 6.44 mln share IPO at $14.00 per share

Co was originally expected to price 5.43 mln shares in the $11-13.00 range.

06:25

S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -6.70.

06:25

Asian Markets

Nikkei...10815.03...+40.90...+0.40%. Hang Seng...21008.62...+20.80...+0.10%.

06:25

European Markets

FTSE...5660.69...-13.40...-0.20%. DAX...6007.18...-10.10...-0.20%.

06:04

LEN Lennar beats by $0.26, beats on revs (17.06 )

Reports Q1 (Feb) loss of $0.04 per share, $0.26 better than the First Call consensus of ($0.30); revenues fell 3.1% year/year to $574.4 mln vs the $568.2 mln consensus. Revenues from home sales decreased 2% in the first quarter of 2010 to $513.3 million from $522.8 million in 2009. Revenues were lower primarily due to a 7% decrease in the number of home deliveries excluding unconsolidated entities, partially offset by a 6% increase in the average sales price of homes delivered in the first quarter of 2010. New home deliveries, excluding unconsolidated entities, decreased to 1,988 homes in the first quarter of 2010 from 2,136 homes last year. In the first quarter of 2010, new home deliveries were lower compared to the first quarter of 2009 in the co's Homebuilding East and Homebuilding Houston segments, partially offset by an increase in deliveries in the co's Homebuilding West segment and Homebuilding Other. The average sales price of homes delivered increased to $258,000 in the first quarter of 2010 from $244,000 in the same period last year primarily due to an increase in deliveries in the co's Homebuilding West segment, specifically in Calif. Sales incentives offered to homebuyers as a percentage of home sales revenue improved to 12.5% in the first quarter of 2010, from 17.1% in the first quarter of 2009. Gross margins on home sales were $98.4 million, or 19.2%, in the first quarter of 2010, compared to gross margins on home sales of $34.2 million, or 6.5%, in the first quarter of 2009, which included $40.8 million of valuation adjustments. CEO Stuart Miller commented, "As we strategically position our company to return to profitability in 2010, our core business continues to improve. Our focus on reducing construction costs combined with lower sales incentives led to a 1,270 basis point improvement in gross margin on homes sales to 19.2%. Additionally, our right-sizing of the business resulted in a 360 basis point improvement in S,G&A expenses as a percentage of home sales to 15.8%, compared to last year. This operational focus allowed us to generate a 3.4% operating margin, which is our highest operating margin in four years."

01:21

LINE LINN Energy, LLC prices 15.0 mln units of its limited liability company interests at $25.00/unit (25.00 )

01:20

On The Wires

Realty Income (O) announces its Board has has declared an increase in the common stock monthly cash dividend to $0.1433125 per share from $0.143 per share... Life Technologies (LIFE) announces that its Applied Biosystems 7500 Fast Dx Real-Time PCR Instrument is available as a platform suitable for in vitro diagnostics use in Europe... Elbit Systems Ltd. (ESLT) announces that its subsidiary, Elisra Electronic Systems Ltd., was awarded contracts to supply airborne and ground electronic warfare systems, for a customer in Asia, at an aggregate value of approx $147.0 mln... eSignSystems, a division of Wave Systems (WAVX), and HELM Analytics form partnership.

01:17

ORRF Orrstown Financial Services prices 1,481,481 common shares at $27.00/share (30.50 )

01:06

BOCH Bank of Commerce prices 7.2 mln common share offering at $4.25/share (4.95 )

Offering size was increased to 7.2 mln shares from 6.0 mln shares.

18:40

ATPG ATP Oil & Gas apparent high bidder in GOM lease sale (18.54 +0.62)

Out of three bids made at the Central Gulf of Mexico Offshore Lease Sale 213 held on March 17th in New Orleans, Co is the apparent high bidder on two: Ship Shoal Block 361 and Garden Banks Block 782.

18:07

AEM Agnico-Eagle Mines reports investment in Alexandria Minerals Corporation (57.97 +0.48)

Co reported that it had acquired 9,100,000 units of Alexandria Minerals Corporation by way of a private placement at a price of $0.20 per Unit for a total consideration of $1,820,000 in cash. Each Unit consisted of one common share, resulting in the acquisition of a total of 9,100,000 Common Shares of Alexandria by the Company, and one share purchase warrant, being 9,100,000 Warrants, each Warrant entitling the holder to acquire one Common Share at a price of $0.21 per share for the first twenty-four months following the closing date. Agnico also has the right to participate in future financings within the next twenty-four months to maintain its equity position in Alexandria as at the time of the future financing.

17:43

OUTD Outdoor Channel announces resignation of Chief Financial Officer (6.74 +0.07)

Co announced that Shad Burke has tendered his resignation as the Company's Chief Financial Officer, effective March 19, 2010, for personal reasons. The Company has commenced a search for a replacement CFO. Mr. Burke has agreed to serve as a consultant and advisor through March 18, 2011 and assist in the transition process. Until a successor is named, Doug Langston, the Company's Chief Accounting Officer, will serve as the Company's principal financial officer. He will report directly to Roger Werner, President and Chief Executive Officer of Outdoor Channel Holdings.

17:35

MEE Massey Energy announces pricing of 8.5 mln share offering at $49.75 (50.88 +0.03)

17:27

SCHS School Specialty acquires the rights to the Think Math! curriculum product; details not disclosed (21.48 +0.04)

17:25

AKS AK Steel: New U.S. healthcare law to result in $31 mln non-cash charge in Q1 (23.17 +0.64)

Co said that it will record a non-cash charge of approximately $31 million in the first quarter of 2010 resulting from the recently-enacted Patient Protection and Affordable Care Act (the "Act"). The charge is due to a reduction in the value of the company's deferred tax asset as a result of a change to the tax treatment of Medicare Part D reimbursements. The company emphasized, however, that it expects to continue to receive Medicare Part D reimbursements even after the Act and that the first quarter charge attributable to this change is non-cash in nature.

17:15

SBCF Seacoast Banking revises 2009 Q4 and FY Earnings (1.80 +0.00)

Co announced revised earnings for the fourth quarter and full year ended December 31, 2009, resulting from a $2 million increase in the Company's provision for loan losses. Revised net loss available to common shareholders for the fourth quarter of 2009 was $39.1 million, or $0.73 per share, compared to previously reported net loss available to common shareholders of $37.1 million, or $0.69 per share for the fourth quarter of 2009. Revised net loss available to common shareholders for the full year 2009 was $150.4 million, or $4.74 per share, compared to previously reported net earnings of $148.4 million, or $4.68 per share for the full year 2009. As a result of these changes, the Company's total provision for loan losses increased from $39.5 million to $41.5 million for the fourth quarter of 2009 and increased from $122.8 million to $124.8 million for the full year 2009. The Company's allowance for loan losses at December 31, 2009 increased from $43.2 million to $45.2 million.

17:11

LLTC Linear Tech: International Trade Commission Judge finds 25 additional patent violations of Linear Technology's burst mode invention by Advanced Analogic Technologies (28.98 +0.14)

Co announced that on March 18, Administrative Law Judge Carl Charneski of the U.S. International Trade Commission (ITC) issued an enforcement initial determination (ID) finding that 25 additional Advanced Analogic Technologies Inc. voltage regulator products infringe Linear's U.S. Patent No. 6,580, 258 ('258 patent) and therefore AATI has violated a previous exclusion order issued by the ITC. This patent protects Linear's "sleep mode" invention, comprising circuitry that significantly extends battery life in a range of portable electronic devices such as laptop computers, cell phones and PDAs by allowing the device to "sleep" when little current is needed.

17:03

GENT Gentium announces Defibrotide results at EBMT Annual Meeting; 40% reduction in the incidence of VOD within 30 days after SCT (1.82 -0.03)

This Phase II/III, randomized, controlled study evaluated the prophylactic use of Defibrotide in pediatric stem cell transplant (SCT) patients at high risk for veno-occulsive disease (VOD). In the intent to treat analysis (ITT), which included 356 patients (180 patients in the prophylaxis arm and 176 in the control arm), Defibrotide demonstrated a 40% reduction in the incidence of VOD within 30 days after SCT, the primary endpoint of the study. VOD incidence was 20% in the control arm and 12% in the prophylaxis arm (p=0.0488 Competing Risk; p=0.0507 Kaplan-Meier). In the per-protocol analysis, the VOD incidence was 20% in the control arm and 11% in the prophylaxis arm (p=0.0225 Competing Risk; p=0.0234 Kaplan-Meier). A p-value equal to or less than 0.05 is needed to achieve statistical significance.

16:47

TRI Thomson Reuters announced the offering of $500 million of 5.85% notes due 2040 (36.88 +0.59) -Update-

16:46

S Sprint Nextel and HTC Corporation announced summer availability of the world's first 3G/4G Android handset, HTC EVO 4G (3.83 +0.12) -Update-

16:46

VNO Vornado Rlty Trust Announces Offering of $500 Million of Unsecured Notes (75.96 +0.09)

Co announced that Vornado Realty L.P., the operating partnership through which Vornado Realty Trust conducts its business, has priced an offering of $500 million aggregate principal amount of 4.25% senior unsecured notes due April 1, 2015. Interest on the notes will be payable semi-annually on April 1 and October 1, commencing October 1, 2010. The notes were priced at 99.834% of their face amount to yield 4.287%. The net proceeds of approximately $496 million will be used for general corporate purposes. Subject to customary closing conditions, the offering is expected to close on March 26, 2010.

16:46

SYK Stryker announces resolution of FDA warning letter related to its Mahwah, New Jersey manufacturing facility (57.00 +0.15)

Co announced that it has been informed by the U.S. Food and Drug Administration (FDA) that the actions undertaken by the Company to address the issues raised in a 2007 Warning Letter are sufficient. The Company received the Warning Letter from FDA regarding compliance with certain quality system requirements at its reconstructive implant manufacturing facility in Mahwah, New Jersey in 2007. Following FDA re-inspection in 2009 and additional corrective actions, the Company has been informed that issues raised have been adequately addressed and no further formal corrective actions are required.

16:45

TLVT Telvent secures funding to refinance debt and working capital (29.07 -0.01)

Co announced that it has signed EURO 170 mln in senior unsecured syndicated facilities. The syndicated facilities are distributed over two tranches: 1) a EURO 100 million 3+1-year Amortizing Term Loan 2) a EURO 70 million 3+1-year Revolving Credit Facility

16:40

PVR Penn Virginia Resource Partners and Penn Virginia GP Holdings announce Robert B. Wallace as CFO (24.65 +0.36)

Cos announced that Robert B. Wallace has been elected Executive Vice President and CFO of the general partner of both PVR and PVG, effective immediately. Frank A. Pici has resigned these positions to devote more time to his role as Executive Vice President and CFO of Penn Virginia Corporation (PVA), an independent natural gas and oil company and the owner of the general partner and the largest unit holder of PVG.

16:38

WTR Aqua America updates guidance; expects net income growth of 5 to 7% in the first half of 2010 under normal weather conditions (17.46 -0.02)

Co says in 2010, the trend of net income and dividend growth is expected to continue as the company continues to invest in infrastructure improvements and acquires more water and wastewater systems. The company's growth-through-acquisition strategy provides a solution to water and wastewater utilities that are struggling to raise capital to invest in needed infrastructure improvements... If normal weather conditions are experienced co expects net income growth of 5 to 7% in the first half of 2010 due to the impact of annualized rate awards received and customer growth. In the second half of 2010, co sees the potential to realize a return to our long-term earnings growth trend of 7 to 10% if normal weather patterns return to the company's operations, which saw unfavorable weather in 2009.

16:37

CX CEMEX S.A. announces proposed offering of $500 mln convertible subordinated notes due 2015 (11.00 +0.16)

16:36

ADES ADA-ES recieves additional $3 mln investment from Arch Coal (ACI) (6.96 +0.01)

16:35

DRI Darden Restaurants beats by $0.03, beats on revs; raises FY10 EPS guidance (43.91 -0.22)

Reports Q3 (Feb) earnings of $0.95 per share, $0.03 better than the First Call consensus of $0.92; revenues rose 4.2% year/year to $1.87 bln vs the $1.85 bln consensus. Blended same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse increased 1.3% this quarter compared to the prior year period. Excluding the impact of the Thanksgiving holiday week, which was in the fiscal second quarter this year but the fiscal third quarter last year, blended same-restaurant sales rose 0.5%. raises guidance for FY10, sees EPS of $2.86-$2.92 vs. $2.88 consensus.

16:32

PRGS Progress Software beats by $0.07, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (32.99 +0.07)

Reports Q1 (Feb) earnings of $0.53 per share, $0.07 better than the First Call consensus of $0.46; revenues rose 5.9% year/year to $128 mln vs the $127.1 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.51-$0.54 vs. $0.52 consensus; sees Q2 revs of $129-$133 mln vs. $132.30 mln consensus. Co issues in-line guidance for FY10, sees EPS of $2.20-$2.32 vs. $2.22 consensus; sees FY10 revs of $540-$550 mln vs. $544.45 mln consensus.

16:32

YHOO Yahoo! announces John Chapple will not stand for re-election to board (16.03 -0.31)

16:31

ENH Endurance Specialty prices $85 mln of 7.00% senior notes due 2034 (37.17 -0.17)

16:30

CTCT Constant Contact appoints interim Chief Financial Officer (23.42 +0.31)

The co announces the appointment of Bob Nault to the position of interim chief financial officer. Nault, who is presently serving as Constant Contact's vice president and general counsel, will become the interim CFO effective March 31. "The search for a permanent chief financial officer is progressing nicely," said Gail Goodman, CEO of Constant Contact. "We have seen a number of high-quality candidates and we are optimistic that we will complete the search process in the near term. In the meantime, Bob's senior executive experience makes him a great choice to lead the finance, accounting and investor relations organizations. The strength and depth of our overall management team provides us with great confidence that the transition process will continue to run smoothly."

16:29

MF MF Global jumps over a point in after hours following news/guidance (7.32 +0.15) -Update-

16:28

ROG Rogers Corp announces agreement to acquire SK Utis (29.39 +0.26)

The co announces that it has signed an agreement with SK Chemicals Co. Ltd. of South Korea, to acquire SK Utis Co., Ltd., its high performance polyurethane foam manufacturing unit located in Ansan, South Korea. The parties expect the transaction to close within the next few weeks. The total purchase price for the intellectual property, technology assets and stock of SK Utis Co., Ltd. is US $29.1 million. The agreement calls for Rogers to acquire a 90% majority share of SK Utis from SK Chemicals immediately upon close, and the final 10% share two years later. During the period of the partnership, Rogers and SK Chemicals will work together to ensure a successful transition of the business for customers and employees.

16:28

MF MF Global sees Q4 revs $235-245 mln vs $260.61 mln First Call consensus (7.32 +0.10) -Update-

Co believes its capital and liquidity position for the quarter ending March 31, 2010, will not be materially different from that of the quarter ended December 31, 2009.

16:25

MF MF Global appoints Jon Corzine Chairman and Chief Executive Officer (7.32 +0.15)

Co announces that its board of directors has appointed Jon Corzine as chairman and chief executive officer, effective immediately. Alison Carnwath will be retiring from the board at its next shareholders' meeting in August 2010, having fulfilled her three-year commitment to the company. Bernard Dan has resigned from MF Global as CEO and as a director for personal reasons. He will remain with the company through May 16, 2010, in an interim capacity to facilitate the smooth transition of duties to Mr. Corzine.

16:24

CTB Cooper Tire loses ruling in rollover case in Iowa; told to pay $32.8 mln (20.77 +0.10)

16:10

GOV Government Properties Income Trust announces elimination of LIBOR floor for $250 million secured credit facility (24.16 +0.20)

The co announces that it has amended its $250 million secured revolving credit facility to eliminate a provision in the definition of Eurodollar Rate, or LIBOR Rate, that establishes a minimum LIBOR Rate of 2.0% (the "LIBOR Floor"). There were no other changes to the agreement.

16:09

USU USEC and DOE Fund continued American Centrifuge activities (5.36 unch)

The co and the Department of Energy (DOE) announce an agreement to provide $45 million in funding to USEC to fund on-going American Centrifuge technology demonstration and manufacturing activities. USEC will match the DOE funding on a 50-50 cost-share basis. The work will support approximately 355 highly skilled jobs, primarily in Ohio, Tennessee, and West Virginia.

16:08

AVA Avista requests recovery in Washington and Idaho for increasing energy and system upgrade costs (21.31 +0.05)

Co filed today with the Washington Utilities and Transportation Commission (WUTC) and the Idaho Public Utilities Commission (IPUC) to increase electric and natural gas rates for customers. The WUTC has up to 11 months and the IPUC has up to seven months to review the respective filings. Avista is requesting an overall electric rate increase in Washington of 13.4 percent and an overall 6.0 percent increase in natural gas rates. The requests would produce $55.3 mln, or 13.4 percent, in additional billed revenue for electric service and $8.5 mln, or 6.0 percent, in additional billed revenue for natural gas service. In Idaho, Avista is requesting an overall electric rate increase of 13.1 percent and an overall 4.1 percent increase in natural gas rates. The requests would produce $32.1 mln, or 13.1 percent, in additional billed revenue for electric service and $2.6 mln, or 4.1 percent, in additional billed revenue for natural gas service.

16:08

ADBE Adobe Systems beats by $0.03, beats on revs; guides Q2 EPS in-line, revs above consensus (35.22 +0.27)

Reports Q1 (Feb) earnings of $0.40 per share, $0.03 better than the First Call consensus of $0.37; revenues rose 9.2% year/year to $858.7 mln vs the $827.4 mln consensus. Co issues guidance for Q2, sees EPS of $0.39-0.44 vs. $0.41 consensus; sees Q2 revs of $875-925 mln vs. $860.45 mln consensus. The co's operating margin is targeted to be 33.5% to 35.5% on a non-GAAP basis; and it is targeting non-operating expense between $16 and $18 mln.

16:08

JBL Jabil Circuit beats by $0.01, reports revs in-line; guides Q3 in-line (18.36 +0.59)

Reports Q2 (Feb) core earnings of $0.29 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.28; revenues rose 4.1% year/year to $3.0 bln vs the $3.0 bln consensus. Co issues in-line guidance for Q3 (May), sees core EPS of $0.30-0.36, excluding non-recurring items, vs. $0.32 consensus; sees Q3 revs of $3.1-3.3 bln vs. $3.12 bln consensus.

16:06

MRNA MDRNA acquires bridged nucleic acid patents to broaden its RNAi-drug discovery platform (1.09 +0.02) -Update-

Co announces that it has acquired intellectual property for bridged nucleic acids from Valeant Pharmaceuticals North America. The patent estate offers MDRNA considerable breadth in the research and development of nucleic acid-based therapies to include not only those with an RNAi mechanism of action, such as siRNA and miRNA, but those that function to inhibit RNA by a diverse set of mechanisms

16:06

CYCC Cyclacel Pharma reports 4Q results (2.51 +0.11)

Cyclacel Pharma reports Q4 earnings of ($0.18) vs ($0.19) two analyst estimate; revs decreased 25% year/year to $0.18 mln vs $0.24 mln two analyst estimate

16:05

OCNF Oceanfreight announces an order for three VLOCs (0.75 -0.00)

The co announces that it has entered into an agreement to build three 206,000 DWT Very Large Ore Carriers (VLOCs) at Shanghai Waigaichao Shipbuilding. Two of the vessels are scheduled to be delivered in the second and fourth quarters of 2012 and the third vessel is scheduled to be delivered in the first quarter of 2013. The total purchase price for the three vessels is approximately $204 million. Basset Holdings, our founding shareholder controlled by our CEO, Anthony Kandylidis, has agreed to support the Company's expansion plan by making a commitment to provide up to 50% of the total contract price or $102 million in the form of an unsecured shareholder loan. The pricing of the shareholder loan will be on an arms-length basis and in line with third party market pricing.

16:03

SONC Sonic misses by $0.01, misses on revs; guides FY10 EPS in-line (11.19 +0.08)

Reports Q2 (Feb) earnings of $0.01 per share, $0.01 worse than the First Call consensus of $0.02; revenues fell 33.3% year/year to $112.8 mln vs the $117.9 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.55-0.60 vs. $0.58 consensus. This outlook is based primarily on projected system-wide same-store sales being flat to 5% lower in the second half of the fiscal year, reflecting expected improvement in the latter half of the year versus the current trend. The company also anticipates a decline in restaurant-level margins associated with the decline in sales.

16:03

TSPT Transcept Pharma granted second U.S. patent covering Intermezzo formulation (7.84 +0.02)

Co announced that the second patent covering the composition and use of Intermezzo, the lead Transcept product candidate, has been issued by the United States Patent and Trademark Office. The newly issued patent, U.S. Patent No. 7,682,628, titled "Compositions for Delivering Hypnotic Agents Across the Oral Mucosa and Methods of Use Thereof," will expire no earlier than February 2025.

16:01

MCHP Microchip and Google partner to enable easy development of Google PowerMeter designs for smart energy monitoring (29.07 +0.27)

Co announces the result of its strategic partnership with Google PowerMeter--the first Reference Implementation of the Google (GOOG) PowerMeter API for embedded developers. Designers now have a quick and easy way to enter the global energy-conservation market, by creating products for the measurement and monitoring of energy usage with Microchip's Google PowerMeter Reference Implementation and its broad portfolio of 16- and 32-bit PIC microcontrollers, energy-measurement ICs, Ethernet controllers, and radios for ZigBee and embedded Wi-Fi wireless networking.

16:01

HTS Hatteras Financial declares Q1 dividend of $1.20/common share, unchanged from prior (27.00 )

"This dividend is supported by our expected earnings in the first quarter. In March, we realized the effects of the delinquent loan buybacks by Freddie Mac (FRE) which were within our expectations. Fannie Mae (FNM) recently provided additional clarity on their plans to buy back delinquent loans sequentially by coupon over a four month period with the effects beginning in April. We feel we are positioned for this event and are comfortable with the Fannie Mae buyback estimate we presented in our fourth quarter 2009 earnings conference call."

16:01

KAMN Kaman halted - news pending (26.29 +0.65)

16:00

LIME Lime Energy halted - news pending (5.19 +0.09)

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