Briefing.com: Hourly In Play (R) – 12:00 ET

Dec 22, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 22-Dec-09 12:00 ET

11:56

WYNN Wynn Resorts shares on the radar here as traders eye price retesting some daily support being carved out @ current levels down through the current Dec.low @ 59.40 (59.67 -1.18) -Technical-

LoD now @ 59.67.

WYNN -1.9% versus the COMPQ +.35% as this leading casino stock underperforms thus far.

11:44

DST DST Systems drops to fresh session lows on a pick up in relative volume, declining over 1.5pts during the past 10 mins as it dips down into its Oct-Dec low (42.05 -1.20) -Technical-

11:38

DUK Duke Energy confirms it reached settlement on Federal power plant lawsuit (17.20 -0.17)

Co confirms it has reached a settlement agreement with the U.S. Environmental Protection Agency, the U.S. Department of Justice and others on a lawsuit involving one of the company's southern Indiana power plants. As part of the settlement, co can continue to operate its 560-megawatt Gallagher Station and has the option to either convert two of the units from coal to natural gas or retire the units. Co currently expects that it will convert the units to gas, but no final decision is required to be made until Jan. 1, 2012. Co also will install additional pollution controls on the station's other two units and switch to using lower sulfur fuel at the plant. The company estimates the cost to convert the units to gas and install additional pollution controls will be ~$80 million. In addition to resolving litigation, the steps will help the company comply with future federal rules that are anticipated to further limit power plant emissions. The settlement earmarks ~$6 million for other environmental projects.

11:32

NRG NRG Energy redeems remaining 163,101 outstanding shares of its 4.0% Convertible Preferred Stock (25.03 -0.40)

11:31

UPG Universal Power announces early repayment of notes (2.66 +0.01)

Co negotiated a 7.5% principal reduction in exchange for the early repayment of its outstanding 6-percent notes, due June 20, 2012 and has prepaid the remaining $4.0 million in principal less the discount. The fixed-rate notes were originally issued to Zunicom, Inc., a significant shareholder in UPG, in conjunction with UPG's initial public offering in 2006. The original principal amount of the notes was $5.85 million, with quarterly principal payments of approximately $365,000 which began in the third quarter of 2008, as stipulated by the payment schedule.

11:20

HMIN Home Inns shares continue to display very notable relative weakness versus the China 25 index as price slumps to session lows with the ascending 50 day EMA & SMA in play for possible support surrounding the 33.85~33.75 level (33.75 -2.90) -Technical-

New LoD now @ 33.26.

HMIN - 7.9% versus the FXI 25 index -.05%

11:16

GVP GSE Systems announces over $5 million of New Work in nuclear and non nuclear power simulation sectors (4.99 -0.02)

Co announced multiple awards during the current quarter totaling over $5 million of new work in its nuclear and non nuclear simulation business sectors. Among the awards are contracts to implement the Company's state of the art RELAP5-HD nuclear thermo-hydraulic code for a power plant in Switzerland, and provide significant upgrades to GSE's existing nuclear plant simulators in Mexico and Germany.

11:06

COMDX Fresh lows for gold, silver and oil as the dollar index extends its rally

Gold's low is at 1075.70; now off $20.20 to $1075.80. Silver's low is at $16.78; now off 24 cents to $16.795. Crude oil's LoD is at $72.72; currently off 80 cents to $72.92.

11:04

SPY Dollar Index continues to work higher to clear its 200 day ema with stock indices slipping off highs -- Dow +36, S&P +2.1, Nasdaq +8 -Update- -Technical-

11:01

STT State Street slipping back after probing its Nov peak at 43.76 -- session high 43.71 (43.34 +1.08) -Update- -Technical-

Note that its 200 day sma is modestly above at 43.98.

10:51

RKH Regional Bank HOLDRs Trust tests/pulls back from its 50 day ema at 77.30 -- session high 77.28 (76.63 -0.49) -Technical-

BAC +0.5%, CMA +0.06%, FITB +0.7%, KEY +0.5%, MI +0.4%, NTRS +0.7%, PJC +2.3%, STT +3.1% ---WB -3.3%, BBT -0.7%, JPM -0.2%, PNC -0.6%, STI -1.4%, USB -2.3%, WFC -1.8%, SNV -1%.

10:48

COMDX Dollar index pushes to fresh 3 month highs, pressuring gold, silver and crude oil, all of which are trading near their lowest levels of the session

Gold is off $15.80 to $1080.20, silver is lower by 18 cents to $16.855 and crude is down 73 cents to $72.99.

10:45

MI Marshall & Ilsley announces extension of foreclosure moratorium (5.61 +0.01)

Co announced it has extended its foreclosure moratorium an additional 90 days through March 31, 2010. In addition, M&I continues to extend new credit to new and existing customers. Since the infusion of capital from the U.S. Treasury in mid-November 2008 through October 31, 2009, M&I has extended $5.5 billion of new credit. (The "new credit" amount includes new and expanded extensions of credit, or commitments to extend credit, as well as renewals of existing credit where a new promissory note was executed.)

10:43

NEM Newmont Mining testing yesterday's five week low at 46.60 -- session low 46.61 (46.66 -0.32) -Technical-

10:43

NUAN Nuance Communications catching some bids in an attempt to stage a breakout over its 4-week range top along the $15.25 area (15.28 +0.07) -Technical-

10:42

DTE DTE Energy increases sales of metallurgical coke in 2010 (43.40 +0.10)

Co reached an agreement to sell additional metallurgical coke that will increase utilization of capacity at its wholly owned coke batteries from approximately 60 percent to 85 percent. The rebound of the steel industry has resulted in higher demand for the raw materials to produce steel. Co is committed to meeting this demand to support steel-related jobs and contributing to the economic rebound of this important industry, said Gerard M. Anderson, DTE Energy president and chief operating officer.

10:40

XHB SPDR Homebuilders strong performance brings the Nov peak into play at 15.40 -- session high 15.40 (15.39 +0.30) -Technical-

LEN +2.4%, MDC +3%, MTH +2.7%, PHM +3.2%, SPF +4.2%, TOL +3.5%, HD +1.2%, LOW +2.2%, MHK +1.8%, SHW +0.5%.

10:36

SPY S&P 500 and Nasdaq Comp test retracement resistances -Update- -Technical-

Both averages have edged to new highs this morning with the S&P flirting with the 50% retracement of the 2007-2009 slump at 1121 (session high 1120.27) while the Nasdaq Comp has hit the 62% retracement at 2251 (session high 2252).

10:35

FAA Sector ETF strength & weakness moving through the first hour of trading -Technical-

Actively Traded Leading Sector ETF Plays:

US airlines- FAA +2.5%, SPDRS homebuilders- XHB +2%, Biotech- BBH +1%, IBB +1%, XBI +1%, Insurers- KIE +1%, Coal- KOL +1.25%, iShares US broker/dealers- IAI +1%, Semis- IGW +.75%, Energy- XLE +.75%, IYE +.5%

Actively Traded Lagging Sector ETF Plays:

iShares Brazil- EWZ -2.25%, Wind energy- FAN -1.5%, Nat gas- UNG -1%, Silver- SLV -.75%, Gold- GLD -.75%, Global shippers- SEA -.5%, US bonds- TLT -.5%, AGG -.25%, BND -.25%, Base metals- DBB -.5%, iShares Japan- EWJ -.5%, Gold miners- GDX -.5%, Commercial banks- KBE -.25%

10:27

RYAAY NASDAQ 100 (NDX) leaders & laggards moving through the first hour of trading -Technical-

NDX Best % Performers:

RYAAY +4.5%, HOLX +3%, SBUX +2.5%, BBBY +2.5%, FLIR +2.25%, NVDA +2%, ILMN +2%, TEVA +2%, AMZN +2%, EXPE +2%, BIIB +1.5%, ESRX +1.25%

NDX Worst % Performers:

RIMM -2.25%, WYNN -1%, BIDU -.75%, VRSN -.5%, CMCSA -.5%, ATVI -.5%, ROST -.5%, DTV -.5%

NASDAQ TRIN @ +.60

NASDAQ A/D line @ +565

10:25

ADK AdCare Health Systems warrants from initial public offering were amended (3.25 +0.08)

Co reported that the warrants issued in connection with AdCare's initial public offering were amended to conform to the terms of the new warrants that were included in the Company's recent private placement that raised $2.5 million in cash to fund its current growth initiatives. On December 21, 2009, the warrant holders voted to reduce the exercise price of their warrants from $5.40 per share to $2.50 per share, extend the expiration date until December 7, 2014 and provide the Company with a callable option which permits AdCare to call the warrants for $0.10 per warrant if the common stock trades above $6.00 per share for 10 consecutive trading days during which the average daily volume for the 10 day period is at least 40,000 shares. The warrant holder has 30 days to exercise the warrant after receiving the call notice from the Company.

10:25

BA Dow (INDU) leaders & laggards moving through the first hour of trading -Technical-

INDU Best % Performers:

BA +1.75%, DD +1.75%, MSFT +1.25%, HD +1%, HPQ +1%, XOM +1%

INDU Worst % Performers:

AXP -1%, AA -1%, JPM -.25%

NYSE TRIN @ +1.3

NYSE A/D line @ +1075

10:17

IBB iShares NASD Biotech breaks above Nov/Dec range to set a new nine week high (81.17 +0.85) -Technical-

It Oct high comes into play at 81.41 (session high 81.23) -- AMGN +1.2%, GILD +1.1%, TEVA +1.9%, BIIB +1%, ILMN +1.6%, WCRX +1.4%, UTHR +1%, REGN +1.7%.

10:15

ICE IntercontinentalExchange shares move to highs with price probing a notable band of daily chart technical resistance surrounding the 110~111 zone (110.29 +2.19) -Technical-

ICE HoD now @ 110.43

ICE +2% versus COMPQ +.60%

10:14

VLY Valley National receives approval from U.S. Treasury to repay its remaining TARP Funds (13.86 +0.08)

Co received approval from the U.S. Department of the Treasury for its request to redeem the final 100,000 shares of Valley's Series A Preferred Stock outstanding and held by the Treasury under the Capital Purchase Program. Valley expects to pay ~$100.7 million to repurchase the preferred stock on December 23, 2009. Valley's redemption of the shares is not subject to additional conditions or stipulations from the Treasury. As a result of the repurchase, Valley will accelerate the accretion of the $2.2 million discount and record a reduction in retained earnings. Additionally, the reduction will be treated in a manner consistent with that for accrued preferred dividends in reporting net income available for common shareholders in the results of operations for the fourth quarter of 2009. In connection with the November 2008 issuance of the preferred stock, Valley issued to the Treasury a warrant to purchase ~2.4 million shares at $18.66 (adjusted for a 5% common stock dividend issued on May 22, 2009).

10:05

SPY S&P 500 continues to vacillate just shy of its early Dec/52-wk peak at 1119.13 -- session high 1119.11 -Update- -Technical-

An intraday rise in the Dollar Index above its overnight peak appears to be a factor (session high 78.25). Note that there is resistance for the Dollar Index just above near 78.35 (62% retrace of July-Nov decline and 200 day ema).

10:02

SPY Limited upside reaction for stock indices after the Home data -- Dow +42, S&P +4, Nasdaq +11 -Update- -Technical-

10:01

GE General Electric unit and Al Shaheen Energy Services signed two partnership agreements (15.58 +0.01)

GE Oil & Gas and Al Shaheen Energy Services, a wholly owned subsidiary of Qatar Petroleum, have signed two partnership agreements, consolidating PII Pipeline Solutions' presence in Qatar and the Middle East, and establishing a JV for aftermarket services of Turbomachinery equipment in Qatar. Under the first agreement Al Shaheen Energy Services becomes a 50% strategic JV partner in GE Oil & Gas' PII Pipeline Solutions business with immediate effect. GE Oil & Gas and Al Shaheen have also signed a 50:50 joint venture agreement to perform aftermarket services for the GE Oil & Gas installed fleet in Qatar.

10:00

IYT iShares DJ Transport Ave is hovering near the early high and yesterday's high at 75.44/75.52, its 52-wk peak from last week is at 75.81 (75.31 +0.23) -Technical-

Airline +2.9% is providing early leadership.

10:00

COIN Converted Organics announces new distribution partners (0.66 +0.03)

Co announced that it has added two new companies to its nationwide network of distributors. Ballard Sports, a division of Ballard Construction, that specializes in athletic field construction, sports turf maintenance, and athletic field renovation along the East Coast. Liberty Acres Fertilizer Corporation, a division of B.B. Hobbs Company, is a single-source fertilizer company serving multiple industries throughout the Southeast.

09:59

AMRB American River Bankshares upgraded to Buy at Howe Barnes; tgt $8 (6.86 +0.00)

09:57

RIMM Research In Motion testing the 200d SMA as it moves below Friday's lows, shownig dramatic relative weakness today (68.40 -1.33) -Technical-

$66.40 is the pre-earnings high while the gap close is under $64.

09:54

MYL Mylan Labs: Correction (18.39 +0.04)

In our 12:18 comment yesterday it was reported that Ladenburg Thalman believed Mylan Pharmaceuticals (MYRX) acquisition of JAV could potentially increase to $1.82. The correct company name is Myriad Pharmaceuticals (MYRX), not Mylan, our previous comment has been changed.

09:53

CAL Airline stocks showing strong relative strength off the opening with the XAL index moving up to its December high -Technical-

A few names in the group showing technical strength include CAL, UAUA, LUV, RYAAY, LLC, DAL, JBLU.09:51

SPG Simon Properties downgraded to Hold at Benchmark (79.68 +0.28)

Benchmark downgrades SPG to Hold from Buy on valuation. The firm notes that the stock trades at a discount to their new $84 NAV estimate, but the differential is not enough, in their view, to warrant a Buy rating given the current retail vista. The firm notes that they still view SPG as a core holding in the retail REIT arena due to its diversified retail platform with exposure to nearly every consumer distribution channel, rocksolid balance sheet with considerable dry powder, and productive portfolio based on sales per square foot.

09:45

VNO Vornado Rlty Trust confirms its share of Toys "R" Us Q3 results (70.51 +0.16) -Update-

Co confirmed that it will record its 32.7% share of Toys "R" Us' third quarter financial results in its fourth quarter ending December 31, 2009. Vornado's results will include a net loss of $26,631,000 or $0.13 per diluted share compared to a net loss of $39,130,000 or $.22 per diluted share recorded in the quarter ended December 31, 2008. Vornado's share of negative Funds From Operations before income taxes for the quarter ending December 31, 2009 is $31,624,000 or $.16 per share as compared to negative FFO before income taxes of $47,279,000 or $.26 per share in the prior year's quarter.

09:45

TEVA Teva Pharm extends yesterday's high volume push higher intraday as it lifts up into its late Jul/all-time high of 54.95 (55.15 +0.58) -Technical-

09:44

SLV Silver Trust ETF dips in early trade, probes its Dec low at 16.58 -- session low 16.60 (16.60 -0.08) -Technical-

Gold GLD has declined to a new 1 month low.

09:43

AIG American Intl showing dramatic increase in strength, squeezing through $29 (28.95 +0.87) -Update- -Technical-

$30 is important resistance, but it's showing a lot of squeeze potential right now

09:43

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

09:41

SPY S&P 500 nearing its 52-wk intraday high from early Dec at 1119.13 -- session high 1118.62 (1118.35 +4.3) -Update- -Technical-

There is a technical target zone at 1120/1121 with the next short term area of interest near 1127.

09:41

TECHX $VIX volatility index slides to fresh 52 week lows as the level of volatility now tests the round 20.00 mark here -Technical-

$VIX @ 20.00 which implies the level of fear in the market place has sunk to new lows as complacency remains in place among market participants.

09:41

PVA Penn Virginia initiated with a Market Outperform at Howard Weil; tgt $27 (21.46 -0.10)

Howard Weil initiates PVA with an Outperform and establishes a tgt of $27. The firm believes that after spending much of the year improving its balance sheet and refocusing its portfolio, PVA is positioned to once again ramp-up production volumes going into 2010. The firm notes that the Co ended 3Q09 with greater than $80 mln in cash and has nothing drawn on its $300 mln revolver. With minimal activity during 2009, PVA has just begun to increase its drilling program, which should benefit 2010/11 production and cash flows. The firm estimates that 2010 production is lower than 2009, but 4Q10 production is 18% higher than 4Q09 production.

09:38

AAPL Apple pushes to opening highs as it lifts back above the 200.00 "psych" area (200.58 +2.40) -Technical-

09:36

QQQQ New 52-wk highs for Nasdaq 100/Nasdaq Comp and S&P 400 Mid-Cap, S&P 500 hovering just below. -Technical-

09:32

COCO Corinthian Colleges firmer off the open, nearing yesterday's high and its recovery high from Friday at 13.49/13.51 (13.41 +0.14) -Technical-

09:31

LULU Lululemon Athletica shares see an early bid as price lifts above a line of daily technical resistance surrounding the 28.70~28.75 zone & into fresh 52 week highs in early trading (29.50 +1.19) -Technical-

52 week/HoD now in place @ 29.61

09:31

NTWK Netsol wins a "major" information security contract in the mobile telecommunications sector (0.98 +0.01)

Co announced that it has won a major contract in the area of Information Security with a mobile telecommunications company in Pakistan. As part of the contract, NetSol's Information Security team will ensure the provisioning of hardware and software, lead the design and implementation, as well as train appropriate staff. The award of this contract reaffirms NetSol's position in the market as a trusted partner for enterprise security management.

09:29

FCFS First Cash initiated with a Hold at Feltl & Co.; tgt $21

09:27

SAIA Saia announces agreement to sell 2,310,000 shares of common stock at $11.50/share and modify debt agreements; sees 4Q09 loss per share of ($0.30)-($0.36) vs. ($0.12) consensus -Update-

Co announces that it has agreed to sell 2,310,000 shares of its common stock at a price of $11.50 per share to certain qualified institutional buyers in a private placement. The net proceeds to the company, after payment of placement agency fees associated with the Offering, are expected to be approximately $25.1 mln. The company intends to use the net proceeds to prepay certain indebtedness and fees. Simultaneously with the Offering, the company entered into amendments to its revolving credit agreement and Senior Notes agreement that provide additional covenant relief through the first quarter of 2011. The amendments are subject to the satisfaction of certain customary closing conditions and are also conditional upon the successful consummation of the Offering. Co also issues downside guidance, sees 4Q09 loss per share of ($0.30)-($0.36) vs. ($0.12) consensus. Co says Oct 2009 LTL tonnage per day decreased 7.3% compared to Oct 2008. There was a sequential improvement of 3.0% in LTL tonnage per day in Nov 2009 compared to Oct 2009, which approximates the co's normal seasonality. The co's Nov 2009 LTL tonnage per day decreased 4.5% when compared to November 2008. During 4Q09, operating revenue and margins also continue to be challenged by the cumulative effect of yield deterioration due to continued pricing actions taken by certain competitors. Co believes these volume and pricing trends result from continuing excess capacity in the LTL industry. Fourth quarter expenses have been adversely impacted by, among other things, health care expenses which are expected to be $1.7 million higher than the same period in the prior year despite a 10% reduction in our headcount. Health care expenses in 4Q09 are currently expected to be approx $1.1 mln higher than such expenses in 3Q09.

09:20

ESLR Evergreen Solar panels chosen to power Patriot Place (1.51 )

Co announces that its String Ribbon solar panels have been chosen for a 525-kilowatt installation at Patriot Place, a 1.3-million-square-foot shopping, dining and entertainment complex.

09:18

MMLP Martin Midstream Partners announces partnership debt refinancing and Waskom Gas Processing Company acquisition (29.82 )

Co announces that it has amended and extended its senior secured credit facility that was originally scheduled to mature on Nov 10, 2010. Under the terms of the amendment and extension reached with a syndicate of lenders, the Partnership upsized its borrowing capacity to $335.67 mln and extended the maturity date to Nov 9, 2012. Also, the Partnership announces that its Waskom Gas Processing Company joint venture has entered into an agreement to purchase the East Texas natural gas gathering and processing assets of the Crosstex Energy companies, Crosstex Energy(XTEX) and Crosstex Energy (XTXI) for $40 mln. The transaction is subject to normal closing conditions and is expected to close in Jan 2010. WGPC's general partners are CenterPoint Energy Gas Processing Company, an indirect, wholly-owned subsidiary of CenterPoint Energy (CNP), and Prism Gas Systems I, L.P., the operator of WGPC, and an indirect, wholly-owned subsidiary of MMLP.

09:13

XOMA XOMA reports removal of "Going Concern" qualification (0.65 )

Co annoucnes that, as a result of an improvement in the Company's financial status and in particular its full repayment of an outstanding loan, at the Company's request, its independent registered public accounting firm, Ernst & Young LLP, has agreed to remove a qualification regarding the Company's ability to continue as a going concern in an updated report on the Company's financial statements for the fiscal year ended December 31, 2008.

09:03

On The Wires

Cinedigm Digital Cinema (CIDM) announces that R/C Theatres has signed an agreement to participate in Cinedigm's Phase 2 digital cinema deployment program... PositiveID (PSID) announces that it has entered into a strategic partnership with HealthScreenDirect, to create a prospective, randomized, comparative clinical study that will seek to address improving disease management... The Shaw Group (SHAW) announces that its Power Group successfully completed a flue gas desulfurization construction program for a fleet of three coal-fired power plants in Maryland.

09:00

TXT Textron Marine & Land Systems contracted to build 27 additional Armored Knight Vehicles; valued at approximately $10 mln (19.27 )

Co announces the award of a letter contract to build an additional 27 Armored Knight vehicles for U.S. Army Tank-automotive and Armaments Command. The firm-fixed-price contract, an additional undefinitized contract action under the existing ASV Production III contract, is valued at approximately $10 mln and the vehicles are scheduled to be delivered by the end of 2010. The M1200 Armored Knight is a derivative of the Textron Marine & Land Systems Armored Security Vehicle.

08:55

BRK.A Berkshire Hathaway confirms that Stephen Burke, President of Comcast Cable Communications, has been elected to the Board of Directors of Berkshire Hathaway

08:46

CX CEMEX S.A. wins in Court, Judge rejects state's $558 mln royalty claims for mining at McKelligon Canyon (11.70 )

Co announces that Judge Carlos Villa has ruled in favor of CEMEX and against the State of Texas and the General Land Office for pursuing a suit against CEMEX, threatening to shut down its operations and seeking $558 mln in royalties and the full value for the removal and sale of sand and gravel at CEMEX's McKelligon Canyon operation in El Paso County. The ruling rejects the State's case against CEMEX and affirms that CEMEX has every right to remove and sell sand and gravel at its operations. Judge Villa ruled from the bench that sand, gravel, limestone, granite, caliche and soil are not minerals reserved to the State and that the State cannot require CEMEX to pay royalties for their removal at the company's McKelligon Canyon quarry.

08:40

SHS Sauer Danfoss: Danfoss A/S to launch cash tender offer for all outstanding shares of Sauer-Danfoss FOR $10.10 per share in cash (9.13 )

Danfoss A/S announced that, through its wholly owned subsidiary Danfoss Acquisition, it intends to launch a cash tender offer for all of the outstanding shares of common stock of Sauer-Danfoss not already owned by Danfoss and its subsidiaries. Danfoss and its subsidiaries currently own a stake of ~75.7% in Sauer-Danfoss. Danfoss intends to offer the public minority shareholders of Sauer-Danfoss $10.10 per share in cash, without interest and less any required withholding tax. This offer price represents (a) a premium of approximately 19.7% over the closing price of the common stock on the New York Stock Exchange on December 18, 2009, which was the last trading day prior to the date on which Danfoss' intention to make the Offer was announced, and (b) a premium of approximately 20.7% over the average closing price during the three months preceding December 18, 2009. The stake of approximately 24.3% not owned by Danfoss and its subsidiaries would be valued at approximately $118,750,000 at the $10.10 per share offer price.

08:39

DVN Devon Energy announces $1.3 bln agreement with Maersk Oil in first of planned Gulf of Mexico and international divestitures (70.65 )

Co announces it has agreed to sell its interests in three Lower Tertiary development projects in the Gulf of Mexico to Maersk Oil for $1.3 bln. The agreement covers DVN's 50-percent working interest in the Cascade project and its 25% working interests in the Jack and St. Malo projects. All three projects are located in the deepwater Walker Ridge federal lease area offshore Louisiana. DVN has no current production or proved reserves associated with these projects. The sale of these properties reduces Devon's previously announced 2010 capital budget for the Gulf of Mexico by approximately $400 mln. DVN announces plans to divest its Gulf of Mexico and international assets in November 2009. Data rooms for all of the remaining divestiture assets will be open in 1Q10. The company has estimated the aggregate after-tax proceeds from the planned divestitures, including this transaction, at $4.5-$7.5 bln.

08:37

On The Wires

A-Power Energy Generation Systems (APWR) announces that it has signed a definitive DG contract with Thailand's Biomass Electricity Co., to develop a 150 MW biomass firing power plant in Prachinburi, Thailand. The total value of the contract is US$ 86 mln, which includes fees related to design and installation, and expenses related to procurement and sub-contracting with third-party vendors and construction companies. This biomass DG project has commenced in December and the estimated duration of the project is 27 months... ADA Carbon Solutions, the joint venture owned by ADA-ES (ADES) and Energy Capital Partners, announces that it has signed two contracts with coal-fired power companies to provide activated carbon to control mercury emissions. ACS will supply these power plant customers with approximately 25 to 30 mln pounds of AC under these contracts.

08:36

XXIA Ixia upgraded to Outperform at Wedbush Morgan; tgt raised to $8 (6.89 )

Wedbush Morgan upgrades XXIA to Outperform from Neutral and raises their tgt to $8 from $7.25. The firm notes that for most of 2010 they expect fundamentals for the company to be driven by execution of recent consolidation moves. However, further into the future they expect demand to be enhanced by cyclical recovery, especially as companies purchase more test equipment to support engineering head count expansion. For this reason the firm regards XXIA to be a late stage beneficiary of economic recovery and they expect share holders to benefit as the market begins to contemplate 2011 estimates.

08:31

AUY Yamana Gold announces new unsecured credit facility of US$680 million and closing of US$270 million senior debt securities offering (11.22 )

08:31

ESEA Euroseas announces sale of two vessels and non-binding letter of intent to form joint venture with private investment funds to pursue additional acquisitions (4.03 )

Co announces that it sold and delivered to their new owners the two oldest vessels in its fleet, M/V Gregos and M/V Artemis. M/V Gregos, a 38,691 dwt geared drybulk carrier built in 1984, was sold for further trading for approximately $7.9 million. M/V Artemis, a 2,098 TEU gearless containership built in 1987, was sold for scrap for $282/lwt, or approximately $3.2 million; the M/V Artemis had been laid-up and was sold "as is." The Company will take a book loss of approximately $8.7 million as a result of such sales. The Company also announced that it has entered into a non-binding Letter of Intent with Eton Park Capital Management, on behalf of one or more funds managed by it and Rhone Capital to form a joint venture to pursue investment opportunities in shipping. The Company is expected to invest up to $25 million while Eton Park and Rh?ne are each expected to invest up to $75 million. Management of acquired vessels will be performed by the Company and its affiliates. The arrangement also is expected to include the option by Eton Park and Rh?ne, exercisable at any time after the two year anniversary of the formation of the joint venture, to exchange all or part of their interest in the joint venture for equity of the Company at a price to be based on the comparable values of the joint venture and the Company at the time of exercise. In addition, the arrangement contemplates that the Company will grant the joint venture certain rights of first refusal in respect of vessel acquisition opportunities presented to the Company. The agreement is subject to the execution of definitive documentation and customary closing conditions and is expected to close by the end of February 2010. During this time the Company has agreed to negotiate exclusively with Eton Park and Rh?ne with respect to this or any similar transaction.

08:30

SPY E~mini index futures slide well off higher levels following final GDP results, still posting positive change -Technical-

ES +2.75

NQ +6.75

YM +25

08:26

TRW TRW Automotive raises new term oans and amends its primary credit facility; completes steps resulting in strengthened capital structure (24.15 )

Co announces it has raised $400 mln of new term loans of which $225 mln matures on May 30, 2015 and $175 mln matures on May 30, 2016, both subject to certain conditions. Proceeds from the new $400 mln term loans, together with cash on hand were used to repay the outstanding balances of previously existing term loans, which had earlier maturities than the newly issued term loans. In addition, the company has finalized an agreement with lenders representing 70% of commitments to amend and extend the revolving credit facility under its existing secured credit agreement. Certain lenders participating in the company's revolving credit facility have agreed to extend the maturity of their commitments under that facility to November 30, 2014 from May 9, 2012, subject to certain conditions. As a result, the company has $1,256 mln of an undrawn revolving credit facility through May 2012 and $845 mln through Nov 2014. Each lender that agreed to extend the maturity of its revolving commitment was permitted to reduce its revolving commitment by up to 20% at its election and received an upfront fee. Lenders under the revolving credit facility not agreeing to the extension ($411 mln of the previous $1,352 mln of commitments) will continue to hold their commitments through May, 2012.

08:21

SYKE Sykes Enterprises initiated with a Buy at BGB Securities; tgt $34 (26.20 )

BGB Securities initiates SYKE with a Buy and establishes a tgt of $34. The firm notes that channel checks with AT&T (T) have reinforced their belief that SYKE remains one of the best performing service provides at the account, if not the best. AT&T is SYKE's largest client at 13.4% of revenue, having grown 109% YoY in 3Q09 and essentially accounting for all of the 7.4% constant currency growth. The firm believes that AT&T will continue to see growth into CY10 despite strong ramps this year. As such, the firm is optimistic regarding an overall reacceleration of growth as the volume declines from existing business anniversaries next year. Lastly, the firm believes the closing of ICT Group acquisition will drive further revenue and cost synergies leading to further growth and margin expansion.

08:18

NDAQ NASDAQ participates in combination of NASDAQ Dubai into Dubai Financial Market; accepts shares in DFM (20.03 )

The co announces an agreement with Borse Dubai Limited (Borse Dubai) which will change the ownership structure of NASDAQ Dubai to become a wholly owned subsidiary of the Dubai Financial Market (DFM). DFM is a long-standing, highly successful exchange in Dubai, and is home to many of Dubai's domestic listings. This agreement reflects NASDAQ OMX's commitment to participate in the continuous development of the financial markets in Dubai... The transaction will result in a pre-tax, non-cash impairment charge of NASDAQ OMX's investment in NASDAQ Dubai. The initial total investment in February 2008 consisted of a $50 million cash contribution, in addition to specific technology and trademark rights, and was at the time valued at $128 million. It has a current carry value of $120 million. As of December 21, 2009, a 1 percent ownership interest in DFM is valued at approximately $39 million. NASDAQ OMX has determined that there is a pre-tax, non-cash impairment charge, currently estimated at $81 million, subject to confirmation by a third-party valuation.

08:16

NUVA NuVasive initiated with a Buy at Global Hunter Securities; tgt $40.50 (30.63 )

Global Hunter Securities initiates NUVA with a Buy and price target of $40.50. The firm notes that the co is the leading independent spine player and is growing at a rate far in excess of its competitors, implying substantial market share gains. NuVasive shares have fallen sharply from highs reached in 2H08 on concern over healthcare reform and recent worries over insurer denial of XLIF coverage. However, the firm believes these fears have created a major buying opportunity in NuVasive shares which now trade a significant discount to its growth rate.

08:14

ASPS Altisource Portfolio Solutions initiated with a Buy at Northland Securities; tgt $23 (18.12 )

08:12

ATHX Athersys upgraded to Buy at WBB Securities; tgt $8 (2.40 )

WBB Securities upgrades ATHX to Buy from Speculative Buy and maintains their tgt of $8 following the co's agreement with Pfizer (PFE) to collaborate on the development and commercialization of MultiStem solely for the treatment of Inflammatory Bowel Disease. The firm evaluates this agreement as advancing a new stem cell therapeutic approach, validating the ATHX technology and giving ATHX the independence to pursue other, more advanced applications.

08:11

ECONX Reminder: GDP - Third Estimate due out in about 19 min at 8:30ET

08:05

CLWR Clearwire filed a registration statement for its previously announced rights offering (6.97 )

Co announced today that it has filed a registration statement for its previously announced rights offering. Under the terms of the rights offering, Clearwire is distributing at no charge to the holders of its Class A common stock one transferable subscription right for each share of Class A common stock then owned, up to an aggregate of 216,566,652 rights (which includes 103,083,055 rights to be issued to certain stockholders). Each right will be exercisable to purchase 0.4336 shares at an exercise price of $7.33 per share. The subscription rights are exercisable for up to an aggregate of 93,903,300 shares of Clearwire's Class A common stock.

08:04

On The Wires

Arena Pharmaceuticals (ARNA) announces that it has submitted a New Drug Application to the US Food and Drug Administration for lorcaserin, Arena's internally discovered and developed drug candidate for weight management, including weight loss and maintenance of weight loss. The submission is based on an extensive data package from lorcaserin's clinical development program that includes 18 clinical trials totaling 8,576 patients... China Techfaith Wireless Communication Technology Limited (CNTF) announces its further penetration of the international market with the shipment of an analog TV phone in significant volume to one of Mexico's leading cellphone network operators... PGxHealth, a division of Clinical Data (CLDA), announces that it has established a research collaboration with Deutsches Herzzentrum, to evaluate the predictive value of genetic markers, including PGxHealth proprietary markers, for response to clopidogrel.

08:03

SAIA Saia upgraded to Buy at Stifel Nicolaus; tgt $18 (14.55 )

Stifel Nicolaus upgrades SAIA to Buy from Hold and sets target price at $18 based on an attractive risk/reward scenario, given the increased possibility of a large industry consolidation event in the next few months. As a valuation floor Saia's tangible book value is ~$13/share, so the firm sees some downside protection for investors at that price level. Meanwhile, on the upside, Saia has a tremendous amount of operating leverage to what the firm believes should be an improving freight and pricing environment over the coming 12 months.

08:02

MYL Mylan Labs receives tentative FDA approval under PEPFAR for Matrix Laboratories' New Drug Application for Efavirenz Tablets (18.91 ) -Update-

The co announces that its subsidiary Matrix Laboratories Limited has received tentative approval from the FDA under the President's Emergency Plan for AIDS Relief (PEPFAR) for its New Drug Application (NDA) for Efavirenz Tablets, 50 mg, 100 mg and 200 mg. These innovative pediatric dosages in tablet form were developed by Matrix for use in treating pediatric HIV/AIDS... The FDA's tentative approval under PEPFAR means that Matrix's product meets all of the agency's manufacturing quality, safety and efficacy standards. Although existing patents or exclusivity prevent its marketing in the U.S., the product will be eligible for purchase outside the U.S. in many developing countries.

08:01

LNN Lindsay Corp beats by $0.29, beats on revs (37.91 )

Reports Q1 (Nov) earnings of $0.53 per share, $0.29 better than the First Call consensus of $0.24; revenues fell 24.0% year/year to $86 mln vs the $77.4 mln consensus. Gross margin was 30.0 percent compared to 25.3 percent a year ago on improved infrastructure margins from higher revenues of quick moveable barrier product and stable irrigation margins. Lindsay's backlog of unshipped orders at November 30, 2009 was $36.1 million compared with $43.6 million at August 31, 2009 and $40.1 million at November 30, 2008. "Excellent performance on the Mexico City project by our Barrier Systems team contributed to a strong performance in the infrastructure segment. At the end of the quarter, we had delivered approximately 80 percent of the order and we anticipate completion during the second fiscal quarter. Going forward, infrastructure spending continues to be uncertain due to delays in Congressional passage of a new federal highway bill. In the agricultural sector, farmer sentiment remains cautious toward capital equipment purchases. As a result, demand for the upcoming irrigation season remains unclear at this time. As world population continues to grow, expanded food production, efficient water use, reduced pollution and improvements in transportation infrastructure remain very positive long-term growth drivers for our business segments."

08:01

GFRE Gulf Resources closes $25 mln private placement, prices 2.9 mln shares at $8.50 (10.88 )

08:00

FCFC FirstCity Financial receives lawsuit proceeds of $6.1 million (6.75 )

08:00

CRED Credo Petroleum announces selection of Marlis Smith as President and CEO (9.91 )

Co announces that its Board of Directors elected Marlis Smith, Jr. as the company's President and Chief Executive Officer, succeeding James T. Huffman, who will retire effective January 15, 2010.

07:59

COMDX The dollar index has now recouped all of its overnight losses to move into positive territory, causing gold, silver and crude to drop to new lows in electronic trade

Crude is down 73 cents to $72.99, gold is off $8 to $1088, and silver is lower by 11.5 cents to $16.92

07:51

COMDX Gold and silver are resuming their downward moves this morning, with gold recently trading to a fresh 6.5 week low at $1089.50

Gold is currently down $5.70 to $1090.30, while silver is off 8.5 cents to $16.95.

07:33

On The Wires

Wizzard Media (WZE) announces the launch of 22 new iPhone Apps available for sale in the App store. The price of the new Apps range from $1.99 to $3.99 each.... Royale Energy (ROYL) announces that it has begun selling natural gas from its recent discovery well. The Wylie #1 went into production Dec. 17 at a restricted rate, which stabilized at 1050 MCF per day.

07:32

OSIP OSI Pharm sees mid-teen rev growth for FY10 vs the +13.7% consensus; reaffirms 10%+ EPS growth for FY10; gives update on convertible debt repurchases (30.44 )

Co is providing an update to the preliminary rev and adjusted earnings per share growth rate guidance provided to investors at the co's recent analyst R&D day meeting on December 3, 2009. The co now believes that the 2010 overall revenue percentage growth rate will be in the mid-teens vs the +13.7% consensus and re-affirms that adjusted earnings per share will grow at 10% or more (consensus calls for 29.6% EPS growth in FY10). "Even assuming a scenario where we are unable to secure any label expansion from the ongoing sNDA application for Tarceva based on the SATURN study." The co also provided investors with an update on the re-purchase of a portion of its outstanding convertible debt bonds. As of December 22, 2009, the Company had purchased $39.5 mln face value of the 2023 convertible bonds for $37.6 mln and $40.0 mln face value of the 2038 convertible bonds for $37.4 mln. The aggregate amount of the Company's outstanding 2038 Notes, 2023 Notes and 2025 Notes at face value is now equal to $335.5 mln. The Company may, from time-to-time, continue to selectively re-purchase convertible debt bonds and common stock throughout 2010.

07:31

XTO XTO Energy downgraded to Hold at KeyBanc Capital Mkts following the stock-for-stock merger with Exxon Mobil (XOM) (46.99 )

07:30

LIZ Liz Claiborne initiated with a Hold at KeyBanc Capital Mkts (5.11 )

KeyBanc Capital Mkts initiates LIZ with a Hold. The firm notes that while they see significant upside at LIZ should the Company be able to complete its transformation, the risk profile remains exceedingly high and leaves the firm somewhat disconcerted, as the business attempts another transformation while grappling with high financial leverage. Nevertheless, the firm believes that the Co has some of the highest absolute upside potential, and valuation remains reasonable for patient investors.

07:26

On The Wires

Delcath Systems (DCTH) announced that Professor Riccardo Lencioni has joined the Company's Scientific Advisory Board, effective immediately... Ballard Power Systems (BLDP) announced that it has closed an agreement to monetize its rights under the Share Purchase Agreement with Ford Motor Company (F) relating to Ballard's 19.9% equity interest in Automotive Fuel Cell Cooperation. Co will receive total gross proceeds of ~$44.5 million... NewBridge Bancorp (NBBC) subsidiary has entered into an agreement to acquire the business operations of Bradford Mortgage. The terms of the acquisition include a cash purchase of certain agreed upon assets and is not expected to result in the creation of any goodwill or other intangible assets. Management anticipates the acquisition will be accretive to the earnings of NewBridge... Electronics For Imaging (EFII) announced the preliminary results of its previously announced modified "Dutch Auction" tender offer. Co expects to purchase ~5,490,196 shares in the tender offer at a price of $12.75 per share, for a total cost of ~$70 million. The preliminary proration factor for the offer is expected to be approximately 65.4%... Iowa Mold Tooling, an Oshkosh Corporation company (OSK), announced that it has expanded its manufacturing operations into McIntire, Iowa, by opening a new facility to handle its increased welding activities. The plant opening created about 40 welding jobs... First State Bancorporation (FSNM) announced that President and Chief Executive Officer Michael R. Stanford is resigning effective December 31. Stanford will continue to be available to the company in an advisory capacity throughout 2010. H. Patrick Dee was appointed to succeed Mr. Stanford as President and Chief Executive Officer.

07:17

SHPGY Shire submits Biologics License Application for REPLAGAL with the FDA (57.40 )

07:15

IFNNY Infineon raises guidance for first quarter financials (5.28 )

The co raised the guidance for the first quarter of the 2009/10 fiscal year. For the first quarter of the 2009/10 fiscal year, Infineon now expects high single-digit growth in group revenues compared to the fourth quarter of the 2008/09 fiscal year and high single-digit margin for the Combined Segment Result. This increase is mainly driven by the Automotive (ATV) and Industrial & Multimarket (IMM) segments. In the previous outlook for the first quarter of the 2009/10 fiscal year as given on November 19, 2009, Infineon expected revenues and Combined Segment Result to be approximately on the same level as in the fourth quarter of the 2008/09 fiscal year.

07:11

CMC Commercial Metals misses by $0.24, reports revs in-line (17.17 )

Reports Q1 (Nov) loss of $0.28 per share, $0.24 worse than the First Call consensus of ($0.04); revenues fell 39.0% year/year to $1.45 bln vs the $1.46 bln consensus. "Domestic ferrous scrap prices, which historically rise in the latter months of the winter in anticipation of the spring construction season, are already on the increase driven by export demand and some signs of U.S. economic stabilization, if not recovery. Domestic stimulus programs may finally be evidenced by spring. Coupled with an improving economy, the second half of our fiscal year appears more promising, though we believe at modest levels... We are in for one more challenging quarter as we enter the winter season and domestic recovery signs point to early spring. The recent climb in ferrous scrap prices should allow our recycling operations to be profitable; this will cause a short-term margin squeeze at the domestic mills which, in any case, will be absorbing more start-up expenses at CMC Steel Arizona. The winter seasonal downturn should see our mills operating at between 55-60%. Domestic fab will be hit hardest as competition lowers average selling prices and rising scrap prices raise input costs. Internationally, winter will adversely affect Poland, but we anticipate that Croatia will continue its improvement trend. Overall, we anticipate second quarter results, barring significant LIFO swings, to be similar to that of the first quarter."

07:03

MYL Mylan Labs confirms first-to-file patent challenge relating to Vytorin cholesterol medication (18.91 )

Co confirmed that the company and its subsidiary Mylan Pharmaceuticals Inc. have been sued by Schering Corporation and MSP Singapore Company in connection with the filing of an Abbreviated New Drug Application with the FDA for Ezetimibe and Simvastatin Tablets, 10 mg/10 mg, 10 mg/20 mg, 10 mg/40 mg and 10 mg/80 mg. This product is the generic version of Vytorin Tablets, a cholesterol treatment. Mylan believes it is the first company to have filed a substantially complete ANDA containing a Paragraph IV certification for the product and expects to qualify for 180 days of sole marketing exclusivity once final FDA approval is obtained. Schering (SGP) and MSP Singapore filed a lawsuit Dec. 16 in the U.S. District Court for the District of New Jersey alleging patent infringement.

07:03

On The Wires

Oshkosh Corporation (OSK) has reached a milestone production rate for the MRAP All Terrain Vehicle of 1,000 vehicles per month on December 18. The production for December is the sixth consecutive month Oshkosh exceeded delivery requirements... Concur (CNQR) announces a significant milestone as the company's client count reached 10,000 customer base during its recently completed fiscal 2009. Co saw its largest number of new customer additions in the fourth quarter of fiscal 2009, helping the company finish a strong fiscal year with a 15% year-over-year increase in revenue.

07:03

PRGS Progress Software beats by $0.06, beats on revs; guides Q1 EPS and revs in-line; guides FY10 EPS above consensus, revs in-line (25.89 )

Reports Q4 (Nov) earnings of $0.61 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.55; revenues fell 1.9% year/year to $136.8 mln vs the $131.9 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.44-0.46, excluding non-recurring items, vs. $0.45 consensus; sees Q1 revs of $123-126 mln vs. $125.30 mln consensus. Co issues mixed guidance for FY10, sees EPS of $2.15-2.25, excluding non-recurring items, vs. $1.98 consensus; sees FY10 revs of $520-530 mln vs. $528.03 mln consensus. "The Progress Apama and Actional product lines achieved double- and triple-digit growth respectively in the fiscal fourth quarter. Furthermore, we expect our newer product lines to continue on their significant growth path in 2010 achieving a greater than 20 percent increase in revenue; we also anticipate strong earnings overall for the year."

07:02

BA Boeing acquires Alenia North America's interest in Global Aeronautica (54.30 )

Co announces that it has acquired Alenia North America's half of Global Aeronautica, a South Carolina fuselage subassembly facility for Boeing's 787 Dreamliner, and is now the sole owner of that entity. Alenia North America is a subsidiary of Italy's Alenia Aeronautica, a Finmeccanica company. Operationally, Boeing will integrate the Global Aeronautica facility with the rest of Boeing's organization in North Charleston, S.C. The acquisition was effected through a wholly owned subsidiary of Boeing; other terms were not disclosed.

07:00

AVII AVI BioPharma reports systemic treatment with AVI-4658 demonstrates RNA exon skipping and dystrophin protein expression (1.49 )

Co announced initial efficacy data from the ongoing Phase 1b/2 clinical trial of AVI-4658 for the systemic treatment of patients with Duchenne muscular dystrophy (DMD), a genetic muscle wasting disease caused by failure to produce dystrophin. Patients in the first four (of six) cohorts completing 12 weeks of treatment with different doses of AVI-4658 (0.5, 1.0, 2.0 or 4.0 mg/kg) have had their muscles biopsied. Analysis of the post treatment biopsies found that patients in the 2 and 4 mg/kg drug-treatment cohorts (3 of 3 in total) showed correctly spliced mRNA for dystrophin. One of these patients, in the 2mg/kg cohort, showed robust expression of dystrophin protein by western blot and immunofluorescent analysis. No RNA or protein expression signal was detected in patients from the 0.5 mg/kg or 1.0 mg/kg cohorts after completing treatment. Restoration of functional dystrophin expression is considered critical for successful treatment of DMD.

06:35

S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +8.50.

06:35

Asian Markets

Nikkei...10378.03...+194.60...+1.90%. Hang Seng...21092.04...+143.90...+0.70%.

06:35

European Markets

FTSE...5352.61...+58.60...+1.10%. DAX...5954.38...+23.90...+0.40%.

06:34

On The Wires

China BAK Battery (CBAK) announces its Tianjin Facility has begun to execute a contract with Jilin Hi-tech Electric Vehicle for providing high-power batteries used in its Electric Bus Project. The contract, amounting to approx $1 mln, aims to provide battery packs and battery management systems for 20 electric buses... Vical Incorporated (VICL) announces the issuance of U.S. Patent No. 7,628,993 covering DNA vaccines for herpes simplex virus type 2 (HSV-2).

05:14

STT State Street to acquire Intesa Sanpaolo's Securities Services business in Italy and Luxembourg; transaction expected to be accretive to FY10 EPS (42.26 )

Co announces that it has signed an acquisition agreement with Intesa Sanpaolo of Italy to acquire Intesa Sanpaolo's Securities Services business, with operations in Italy and Luxembourg, for approx EUR1.28 bln ($1.87 bln) in cash at closing. State Street expects to support the acquired ISPSS balance sheet with approx EUR560 mln ($800 mln) of additional capital at the closing. With a closing during the second quarter of 2010, the acquisition is estimated to be modestly accretive to State Street's operating earnings in FY10, excluding merger and integration costs and depending on the closing date of the acquisition. State Street's total capital ratio is estimated to be approx 16.8%, tier 1 capital ratio is estimated to be approx 15.6%, tier 1 leverage ratio is expected to be approx 7.4%, and tangible common equity ratio is estimated to be approx 5.5%.

04:32

XING Qiao Xing Universal Resources reports 3Q09 net sales of approx RMB508.1 mln vs RMB607.9 mln for 3Q08 (2.29 )

Gross margin of continuing operations was approx 22.1% for 3Q09, compared to 53.1% for 3Q08.

01:32

DISK Image Entertainment to sell up to $30 mln of Series B and Series C Preferred Stock (0.28 )

Co announces that its board of directors had approved the sale of up to $30 mln of newly authorized Series B Cumulative Preferred Stock and Series C Junior Participating Preferred Stock to certain affiliates of JH Partners, LLC.

01:29

YRCW YRC Worldwide gets approvals for debt-for-equity offers (0.89 )

Co announces that it has satisfied certain requirements related to its previously announced debt-for-equity exchange offers. The co said that its Registration Statement on Form S-4, as amended, has been declared effective by the SEC. It also said that the required lenders have approved the previously announced amendments to the co's credit agreement and asset-backed securitization facility related to the revised minimum tender conditions. In addition, the revisions to the minimum tender conditions have also been consented to by the required multiemployer pension funds who have deferred contributions under a contribution deferral agreement.

01:27

SNS Steak n Shake proposes to acquire Fremont Michigan InsuraCorp for $24.50/share in cash and stock (293.00 )

Co announces its intent to acquire 100% of the issued and outstanding shares of common stock of Fremont Michigan InsuraCorp (FMMH.OB 22.01) that it does not already own, through an appropriate acquisition entity for $24.50/share. 50% of the Purchase Price would be paid in cash, and 50% would be paid in shares of the common stock of Steak n Shake.

01:22

On The Wires

Syngenta (SYT) announces that it has received cultivation approval for its genetically modified corn trait Bt11xGA21 from the Ministry of Agriculture in Argentina; product will be available to Argentine growers for the 2010/2011 season... TransAtlantic Petroleum (TAT) announces its wholly-owned subsidiaries, Petroleum Exploration Mediterranean Pty. Ltd., DMLP, Ltd., Talon Exploration, Ltd. and TransAtlantic Turkey, Ltd., have secured a three-year senior revolving credit facility of up to $250 mln with Standard Bank Plc and BNP Paribas... Santarus (SNTS) announces that it has received the $20 mln milestone payment previously announced on December 1, 2009 relating to the approval of ZEGERID OTC under its over-the-counter licensing agreement with Schering-Plough HealthCare Products.

18:02

AMKR Amkor raises Q4 guidance above consensus (6.51 +0.03)

Co raises Q4 revs to be up 6%, which equates to ~$653.2 mln. vs. the $611.0 mln First Call consensus, up from prior guidance of flat, plus or minus 2%, which equates to ~$603.9-628.5 mln. The co also expects gross margin for the fourth quarter to be around 26%. The expected gross margin is higher than the company's previous guidance of 23% to 25%, primarily as a result of the expected improved level of net sales.

18:01

GNA Gerdau Ameristeel announces new $650 mln credit facility and $300 mln debt prepayment (7.99 +0.07)

Co announced that it entered into a new $650 million senior secured asset-based revolving credit facility. This facility replaces the co's existing $950 mln asset-based credit facility that would have matured in October 2010. The new facility is scheduled to mature on December 21, 2012 and is secured by the co's cash, accounts receivable, inventory and other personal property other than equipment and real estate. In additional, the co today announced its intention to prepay on December 30, 2009 $175 mln of its outstanding Tranche A term debt and $125 mln of its outstanding Tranche C term debt with cash. This will reduce the co's outstanding debt to ~$2.4 bln.

17:33

HOLX Hologic Announces Decision in Patent Infringement Suit against SenoRx brought by Hologic, Cytyc, and Hologic L.P.; jury has returned a verdict in favor of SenoRx (14.07 +0.41)

Co announced that the jury in the patent infringement lawsuit against SenoRx brought by Hologic, Cytyc, and Hologic L.P., Inc. in the U.S. District Court for the Northern District of California has returned a verdict in favor of SenoRx. The suit alleges SenoRx's Contura infringes claims 4 and 8 of U.S. Patents 6,413,204 and 6,482,142, respectively. The jury found that claim 4 was not infringed and found that both claims were not valid. SenoRx had previously admitted infringement of claim 8.

17:28

DVA DaVita: Study finds dramatic improvement in patient outcomes in dialysis clinics after being acquired by DaVita (59.26 -0.34)

Co released a study finding patient outcomes in the company's newly acquired centers showed dramatic improvements over the two years following their switch to DaVita(R) ownership. Reflecting DaVita's proven track record for superior clinical care, the study, published in the Clinical Journal of the American Society of Nephrology, reveals that patients demonstrated better clinical results in several critical areas of disease management after their dialysis centers were acquired by DaVita.

17:16

HIW Highwoods Properties announces ratings upgrade from Moody's (35.51 +0.33) -Update-

Co announced that Moody's Investors Service has raised the Company's senior debt rating to Baa3, from Ba1, with a stable outlook. The co's senior debt is now rated investment grade by Fitch Ratings, Moody's Investors Service and Standard and Poors.

17:15

NAV Navistar beats by $0.25, beats on revs (35.51 +0.33)

Reports Q4 (Oct) earnings of $1.77 per share, excluding %$0.58 in charges, $0.25 better than the First Call consensus of $1.52; revenues fell 15.1% year/year to $3.29 bln vs the $3.09 bln consensus. Co said it had previously stated it anticipated manufacturing cash balances for the year in the range of $700-800 mln and it in fact closed 2009 with a manufacturing cash balance of $1.2 bln compared with $751 mln as of the prior quarter ended July 31, 2009." The co anticipates that total truck industry retail sales volume for Class 6-8 trucks and school buses in the United States and Canada for the year ending Oct. 31, 2010, will be in the range of 175,000 to 215,000 units

17:06

NOC Northrop Grumman wins U.S. Navy submarine maintenance contract (56.21 +0.49)

Co subsidiary AMSEC LLC has been awarded a contract by the U.S. Navy for maintenance, repair and modernization of submarines home-ported or transient through Pearl Harbor, Hawaii. AMSEC LLC was one of six contractors awarded a five-year indefinite-delivery, indefinite-quantity contract that has a combined value of $140.4 mln to all contractors involved.

16:56

BYD Boyd Gaming amends bank credit facility (8.81 +0.08)

Co announced it amended (the "Amendment") its First Amended and Restated Credit Agreement dated as of May 24, 2007 (the "Credit Agreement"). Pursuant to the Amendment, BYD reduced its borrowing capacity from $4 bln to $3 bln. The co currently has approximately $2 billion in outstanding debt under the Credit Agreement, and has remaining incremental capacity of ~$1 billion.

16:43

EROC Eagle Rock enters into definitive agreements to enhance liquidity and simplify its capital structure (4.96 +0.46)

Co announced that certain of its affiliates and subsidiaries have entered into definitive agreements, described below, with respect to the previously announced joint proposal from Natural Gas Partners VII, L.P. and Natural Gas Partners VIII, L.P. (collectively with certain of their affiliates, "NGP") and Black Stone Minerals Company, L.P. (collectively with certain of its affiliates, "Black Stone"). The transactions contemplated in the agreements serve to improve the Partnership's liquidity position and simplify its capital structure. The Global Transaction Agreement and Minerals Business Sale Agreement seek to simplify and recapitalize the Partnership through a series of transactions including: An option in favor of Eagle Rock, exercisable by the issuance of 1,000,000 newly-issued common units, to capture the value of its controlling interest through (i) acquiring its general partner and the 844,551 general partner units outstanding, and (ii) reconstituting its board to allow the Partnership's common unitholders to elect the majority of its directors; The sale of Eagle Rock's Minerals Business to Black Stone for total consideration of $174.5 mln in cash, up from the $170 million contemplated in the joint proposal EROC received from NGP and Black Stone on November 7, 2009... The sale of the Minerals Business and full exercise of the rights offering would provide ~$225 mln of potential debt reduction (before any transaction fees) under the Partnership's revolving credit facility. Borrowed amounts could be reduced further by the proceeds from an equity offering done at a later date.

16:35

HIW Highwoods Properties announces new $400 mln credit facility (33.65 +0.79)

Co announced that it has closed on a new, $400 mln unsecured revolving credit facility. The new facility, which matures in February 2013, replaces the co's existing $450 mln facility which was scheduled to mature in May 2010.

16:34

RBCN Rubicon Tech provides additional details on production capacity expansion plans (21.80 +1.34)

The co announces additional details related to the Company's two year capacity expansion plan which was outlined on its third quarter earnings conference call last month. The Company is adding production capacity as its existing facilities are nearing maximum capacity and demand for sapphire substrates, particularly for use in the LED industry, is expected to be strong in coming years... The Company plans to add a new 2nd generation crystal growth facility near its existing facilities in Illinois which will nearly double the current crystal growth capacity and will house larger furnaces providing even greater ability to serve the growing demand for large diameter substrates. Concurrent with the addition of another crystal growth facility, the Company will build a facility in Asia to expand post crystal growth processing operations. This facility will reduce manufacturing costs while enhancing revenue generating capacity through the expansion of large diameter post crystal growth processing capability... "We expect both facilities to be fully operational by the end of 2011 and that this new capacity will increase our annual revenue generating capacity to at least $130 million once the facilities are fully operational. This estimate is based on today's pricing and certain assumptions related to our product mix."

16:32

ZGEN Zymogenetics and Bayer restructure RECOTHROM agreements (6.06 +0.05)

Co announced a restructuring of the U.S. co-promotion and ex-U.S. license and collaboration agreements with Bayer Schering Pharma AG and Bayer HealthCare relating to RECOTHROM Thrombin, topical (Recombinant). Effective January 1, 2010, co regains full promotion rights in the United States and all ex-U.S. rights except in Canada, where Bayer will market and sell the product. Under the terms of the revised agreements, active co-promotion by Bayer in the U.S. will end on December 31, 2009; Bayer will receive its normal sales commission through that date. Beginning in 2010, Bayer will receive a reduced sunset period commission through December 31, 2011, which was previously capped at $25 million per year and now will be subject to an aggregate maximum of $12 million. ZymoGenetics will no longer be required to pay Bayer U.S. sales bonus payments totaling $20 million, which were anticipated to have been payable in 2010 and 2011 or upon termination of the co-promotion agreement.

16:32

BCO Brinks announces intent to repatriate cash held in Venezuela at parallel rate (25.36 +0.42)

The co announces its intent to repatriate 75 million bolivar fuertes held in Venezuela at the parallel exchange rate... The company also intends to repatriate future dividends generated by its Venezuelan operations at the parallel rate. As a result, effective immediately, Brink's will begin reporting results from these operations at the parallel rate. Bolivars can be converted to U.S. dollars using either the Venezuelan government's official rate, which requires government approval, or the less favorable parallel rate that can be used without government approval. The repatriation of the 75 million bolivars at the parallel rate is expected to yield an estimated $12 million.

16:31

CEPH Cephalon provides update on regulatory review of NUVIGIL; FDA extends action date to March 29, 2010 (59.75 +0.71)

Co announced that the U.S. FDA has extended the action date to March 29, 2010, for its review of the supplemental New Drug Application (sNDA) for NUVIGIL (armodafinil) Tablets [C-IV]. The sNDA is for the indication of improved wakefulness in patients with excessive sleepiness associated with jet lag disorder due to eastbound travel. "We will continue to work closely with the FDA to assist them in completing their review of our application in a timely manner and do not anticipate any further delays beyond the March 29, 2010, action date."

16:31

MMC Marsh McLennan Agency acquires The NIA Group (21.76 +0.07) -Update-

Co announces it has acquired The NIA Group, one of the largest independent insurance agencies in the Northeast and the 34th largest agency in the U.S., and its New York City office Kornreich-NIA. Terms of the transaction were not disclosed. The NIA Group has annual revenue of $62 mln and has offices in New Jersey, New York, Connecticut, and Florida.

16:30

TRV Travelers announces catastrophe reinsurance transaction with Longpoint Re II (48.67 +0.53)

The co announces that it has entered into two reinsurance agreements with Longpoint Re II, a newly formed Cayman Islands insurance company, each providing up to $250 million of reinsurance from losses resulting from certain hurricane events in the northeastern United States. The reinsurance agreements, entered into on December 18, 2009, provide protection for covered events occurring before or on December 18, 2012 and December 18, 2013, respectively. In connection with entering into the reinsurance agreements, Longpoint Re II successfully completed a $500 million catastrophe bond offering comprised of $250 million of Series 2009-1 Class A Principal At-Risk Variable Rate Notes due December 24, 2012 and $250 million of Series 2009-1 Class B Principal At-Risk Variable Rate Notes due December 24, 2013.

16:30

JSDA Jones Soda announces evaluation of strategic alternatives (0.66 0.03)

Co announces known for its unique branding and innovative marketing, today announced that it has received written indication of interest from Big Red Holdings Corporation, the parent company of Big Red, Inc., one of the top ten carbonated soft drink companies in the U.S. that markets Big Red soda and other flavored soft drinks, in acquiring the company for a cash purchase price of $0.30 per share of common stock. The indication of interest is subject to various contingencies, including satisfactory completion of due diligence by Big Red.

16:30

PDLI PDL BioPharma announces new licensing agreement with Eli Lilly (6.80 -0.17)

Co announced that it has entered into a non-exclusive license agreement with Eli Lilly and Company (LLY) under PDL's Queen et al patents with respect to teplizumab, a humanized anti-CD3 monoclonal antibody, as well as other potential next generation anti-CD3 molecules. Teplizumab is currently being studied by Lilly and its partner MacroGenics for the treatment of individuals with newly-diagnosed type 1 diabetes mellitus. No other details of the licensing agreement were made available.

16:16

EGN Energen reports that work on Chattanooga shale well is ongoing (47.36 +0.21)

Co announced that it may be another 60-90 days before it has results of its Chattanooga shale well in Alabama. Work on the Cain 6-6 #1 in Tuscaloosa County has been delayed largely due to a previously disclosed casing leak. The 1,500-foot horizontal leg of the Cain 6-6 #1 well is at a vertical depth of approximately 7,800 feet.

16:16

TTWO Take-Two: SNX to Acquire TTWO subsidiary Jack of All Games for approx $43 mln

Co announced it has entered into a definitive agreement to acquire substantially all of the North American assets of Jack of All Games, Inc. a wholly-owned subsidiary of Take-Two Interactive Software (TTWO). The acquisition of Jack of All Games provides SYNNEX with an established distribution footprint in video game hardware and software, a $20 billion segment in the consumer electronics industry. SYNNEX will retain the distribution rights for game consoles, video games, PC software, and accessories from elite video game manufacturers and publishers including Activision Blizzard, Electronic Arts, Microsoft, Nintendo, Sony, and Take-Two. SNX anticipate the Jack of All Games business to be near-term accretive to earnings. In addition to the acquisition of Jack of All Games assets, SYNNEX will add approximately 200 employees throughout the United States and Canada. Pursuant to the asset purchase agreement, SYNNEX will pay a purchase price of up to $43.25 million in cash. This includes approximately $6.75 million in deferred payments, generally payable six months after the close and subject to certain post-closing conditions. The transaction, which is subject to normal regulatory and other approvals, is expected to close in the March 2010 timeframe. For the twelve months ended October 31, 2009, Jack of All Games revenue was approximately $282 million.

16:15

RBPAA Royal Bancshares of PA updates investors on sale of Royal Asian Bank (1.26 -0.54)

The co announces that it has terminated the agreement relating to the sale of Royal Asian Bank, which was previously announced to investors in September 2009. Despite raising a significant amount of capital, the Korean-American investor group pursuing the buyout was unable to raise sufficient capital to meet the terms of the agreement and ensure all regulatory approvals necessary to complete the transaction would be obtained. The investor group was led by Edward Shin, Royal Asian Bank's President and CEO, who will remain with the bank and continue to manage its day-to-day operations. In commenting on today's announcement, Mr. Shin stated, "I appreciate the support of the entire Royal Bancshares management team. As we worked to execute this transaction, they clearly demonstrated to me that the best interests of Royal's shareholders and customers were paramount in the decision making process."

16:10

BA Boeing, ANA announce order for 777s, 767s worth approx. $2 bln (54.30 +0.86)

Co and ANA (All Nippon Airways) announced an order for five 777-200ER (Extended Range) and five 767-300ER jetliners. The order is valued at approximately $2 billion at list prices.

16:06

CLRT Clarient acquires Genomics in all stock merger valued at up to $17.6 mln (2.48 -0.01)

Co announces that it has acquired privately held Applied Genomics in an all-stock merger valued at up to $17.6 mln, if all conditions and milestones set forth in the merger agreement are successfully met. As a result of the merger, A.G.I. has become a wholly-owned subsidiary of CLRT. Pursuant to the terms of the merger agreement, CLRT acquired all of the outstanding capital stock of A.G.I. in exchange for up to an aggregate of 7.6 mln shares of CLRT common stock. The total consideration consists of 4.4 mln shares of CLRT common stock issued to the former A.G.I. stockholders at closing and up to 3.2 mln additional shares of CLRT common stock issuable to the former A.G.I. stockholders contingent upon the satisfaction of certain clinical, commercial and revenue milestones set forth in the merger agreement. The shares issued at closing will be reduced by 440,000 shares that will be placed into an escrow account to cover future indemnity claims.

16:06

FST Forest Oil is revising its previously guided 2009 oil and gas net sales volumes downward by 0.5 Bcfe to a range of 181.5 to 192.5 Bcfe (22.99 +0.65)

Co announced that it closed the previously announced sale of the remainder of its Permian Basin properties in West Texas and New Mexico for ~$800 mln to SandRidge Exploration and Production, a wholly-owned subsidiary of SandRidge Energy (SD). The proceeds from this sale will be used to repay all outstanding borrowings under FST's U.S. and Canadian credit facilities, redeem the co's 7 3/4% Senior Notes due 2014, fund any capital expenditures in excess of discretionary cash flow, pay the current tax liability as a result of this transaction, which is estimated to be $55-75 mln, and for other corporate purposes. In connection with the closing of this transaction, the global borrowing base under FST's credit facilities has been reduced to $1.3 bln. Forest is calling for redemption all of the $150 mln principal amount outstanding of its 7 3/4% Senior Notes due 2014 in accordance with the terms of those notes. FST is revising its previously guided 2009 oil and gas net sales volumes downward by 0.5 Bcfe to a range of 181.5-192.5 Bcfe to adjust for the effect of closing its Permian Basin divestiture earlier than originally anticipated. The co anticipates that oil and gas net sales volumes for 2009 will be in the lower end of the guided range. The impact results in a reduction to guidance of 5 MMcfe/d for the three months ended December 31, 2009. All other guidance detailed in FST's press releases dated November 2, 2009, May 4, 2009 and February 3, 2009 has not changed.

16:05

SB Safe Bulkers announces agreement for early termination of existing charter in exchange for compensation (8.26 +0.02)

Co has agreed to terminate the existing charter of the Kamsarmax-class vessel "Pedhoulas Merchant." The charter was contractually due to expire in November 2010. Following this agreement, the vessel is expected to be redelivered between February and March 2010. In exchange for the early redelivery of the vessel, the charterer has agreed to pay the Company cash compensation between $5.1 and $6.5 million, depending on the vessel's actual redelivery date. Following redelivery the vessel will be available for employment.

16:03

CATM Cardtronics names payments industry executive Steven A. Rathgaber as CEO (11.19 -0.63)

Co announces that its board of directors has selected Steven A. Rathgaber as the Company's new Chief Executive Officer. Mr. Rathgaber, a seasoned payments industry executive, brings over 32 years of broad payment product and network experience to Cardtronics. Most recently, Mr. Rathgaber served as President and Chief Operating Officer of NYCE Payments Network, LLC, a wholly-owned subsidiary of Fidelity National Information Services.

16:03

JBL Jabil Circuit beats by $0.03, reports revs in-line; guides Q2 EPS above consensus, revs above consensus (15.02 +0.22)

Reports Q1 (Nov) earnings of $0.32 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.29; revenues fell 8.7% year/year to $3.09 bln vs the $3.11 bln consensus. Co issues upside guidance for Q2, sees EPS of $0.20-0.32, excluding non-recurring items, vs. $0.19 consensus; sees Q2 revs of $2.90-3.10 bln vs. $2.88 bln consensus. "We believe that we have a good pipeline of new business, a stable to improving end-market environment and a keen focus on cost, quality and delivery for our valuable customers. We also think that we have established positive momentum toward a much improved fiscal 2010 and we expect to provide further evidence of this in our second fiscal quarter."

16:03

CHLN China Housing & Land announces receipt of new bank loan and credit line to support Puhua Phase 1 Project (4.15 +0.06)

Co announced that it has been granted a $22 million bank loan from the Bank of Beijing to support the development of its Puhua Phase 1 project, and $43.9 million credit line to support customer mortgages. The loan matures on December 10, 2012 and requires $7.3 million be paid within the first 18 months with the remainder paid at the end of the three year period. The loan bears interest at the rate of 5.4% per annum which is more favorable than the interest rates granted on its previous loans, and is secured by the Company's assets. The credit line will be used for a customer credit program to support customer mortgages for the Company's Puhua Phase 1 residential units.

16:02

MGI MoneyGram announced that Jeffrey Woods, CFO, will be departing (2.62 +0.06)

Co announced that Jeffrey R. Woods, executive vice president and chief financial officer, will be departing the company for personal reasons on Jan. 15, 2010. Following his departure, he will be available to the company on an as-needed basis. The company has begun a search for his successor.

16:01

BMY Bristol-Myers announces 3.2% dividend increase to $0.32 per share (25.87 +0.09)

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