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

Jan 06, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 06-Jan-10 12:00 ET

11:59

Rumor Round Up

Today marks another busy morning on the rumor front. Renewed Monsanto (MON 84.64 -0.35) for Origin Argitech (SEED 12.66 -0.30) rumors circulated this morning causing SEED shares to spike ~$0.40. However, SEED shares lost their gains after Monsanto commented during their conference call that they had not looked at partnering with SEED. MEMC Elec (WFR 14.74 +0.27) also saw some strength following rumors that EU based BASF could be interested in the company. As mentioned before, while many rumors circulate during the day, and the validity of the source of these rumors can be questionable, the speculation may increase volatility in the near term.

11:58

USGS reports 5.6 magnitude earthquake in Southern Mid-Atlantic Ridge region

11:47

XOM Exxon Mobil pushing back toward its morning peak at 69.97 (69.93 +0.51) -Technical-

The next level of note above is at its 200 day sma at 70.23.

11:45

SPA Sparton Corporation awarded $4.5 million in foreign sonobuoy contracts (6.04 +0.34)

Co announced that it has been awarded a contract by Norway to manufacture the AN/SSQ-62E DICASS sonobuoy. The award is valued at approximately $1.8 million and will be manufactured at the Company's De Leon Springs, Florida facility for a February 2010 delivery.

11:24

TECHX Energy and Commodity providing leadership as Dollar Index slipped to new session low -- XLE, OIH, GDX, SLX, KOL -Update- -Technical-

S&P +1.1 sets minor new session high, Dow +18 and Nasdaq +3 hovering just under their highs.

11:24

COMDX Crude oil jumps to a fresh high at $82.73; now higher by 65 cents to $82.42

11:16

OIH Oil Service HOLDRS Trust retesting the highs after pushing all the way under $126 (127.54 +1.35) -Update- -Technical-

11:06

COMDX Crude oil bounces off its session lows, at $80.85, to move back towards the flat line; now off 18 cents to $81.59

11:02

SPY Stock indices working back toward early highs -- Dow +13.9, S&P +0.2, Nasdaq +1.5 -Update- -Technical-

11:01

XL XL Capital unit and Dentists National Insurance Group announce agreement to provide E&O Program for Dentists (18.42 -0.17)

XL Insurance, the global insurance operations of XL Capital announced a new underwriting agreement with Dentists National Insurance Group of Coral Springs, Florida, to provide a comprehensive dentists' errors & omissions (E&O) insurance program.

10:56

KFT Kraft Foods runs to a new session high of 29.00 near its 11 month highs from Aug/July at 29.02/29.11 (28.99 +0.22) -Update- -Technical-

10:53

TAN Strong early run in the Claymore Solar ETF but have seen some relative weakness in recent trade. (11.07 +0.03) -Technical-

The TAN is up for the third session in a row for a gain of roughly 9% during this period (+10.5% off last week's low) -- SOL, JASO, SOLF, LDK, SPWRA, FSLR, CSIQ, STP, TSL, YGE.

10:31

OIH Crude oil reverses sharp spike seen ahead of data to trade into negative territory following inventory data- lows at $81.33; now off 37 cents to $81.40

10:29

USO Oil spikes above continuous contract 52-week high of 82.00 ahead of 10:30 inventory data... now +0.32 at 82.16 -Technical-

10:27

OIH Oil Service HOLDRS Trust hovering near its Nov peak at 127.30 after minor penetration -- session high 127.55 (127.19 +0.99) -Technical-

The OIH is up for the third day in a row for a better than 7% gain.

10:23

MDY S&P 400 Mid-Cap last index to challenge last week's high at 743.15 sets a new session high 742.69 -Technical-

Last week's peak for the MDY is at 134.84 (session high 134.84).

10:16

GOOG Google displays notable early morning relative weakness as it slips to fresh lows (614.10 -9.89) -Update- -Technical-

This weakness comes in the face of positive comments from multiple analysts this morning regarding the Nexus One launch.

10:11

COMDX Gold and silver trade to their best levels of the session as the dollar index drops into negative territory following ISM data

Gold now higher by $15.50 to $1134.20 and silver is up 30 cents to $18.10.

10:07

COMDX Natural gas continues to rally, setting fresh highs at $5.946; now up 30.4 cents to $5.941

10:07

SPY S&P -0.2 pauses after edging to a fractional new 52-wk high above yesterday's peak -- Dow +7, Nasdaq +2 -Update- -Technical-

10:05

ARBA Ariba downgraded earlier to Average at Caris & Company; tgt raised to $14 (13.56 -0.11)

Earlier, Caris & Company downgraded ARBA to Average from Above Average and raised their tgt to $14 from $13. The firm notes that they view the On Demand sector as one of the more attractive areas within software given the secular back drop and improving fundamentals. Although valuations within the group have improved, they remain far from peak or even historical midpoints. However, even if the firm extends the implied multiple of ARBA's On Demand segment inline with historical peer group averages, the firm derives only moderate upside from current levels. This assumption appears generous given the decelerating trends in this segment. The firm believes that this combined with slowing margin expansion and the looming potential for an M&A leaves little room for the ongoing enthusiasm for the stock.

10:04

SLX Mkt Vctrs Steel Sector ETF sets minor new 52-wk high -Technical-

ATI +0.4%, CLF +1.3%, SID +0.4%, GGB +0.1% (at 17.60, hovering under its Oct/Jan-52-wk highs at 17.72/17.74), NUE +0.7%, RTP +1.9%, WOR +14.3%, X +1.9% (up nearly 10% off last week's low), SCHN +5%, STLD +5%, ZEUS +3.1%, CRS +1.8%.

10:03

TGT Target climbs higher off the opening towards yesterday's high of 49.23 (49.28 +0.55) -Technical-

Next level of interest is the December high/2-week range top along 49.50 area.

10:02

SPY Limited reaction to ISM data -- Dow -9, S&P -1.7, Nasdaq -1.7 -Technical-

10:01

LORL Loral unit selected for contract with NASA Ames Research Center (33.77 +0.06)

Space Systems/Loral (SS/L), a subsidiary of Loral Space & Communications, announced that it has been selected to provide a propulsion system to NASA Ames Research Center for the Lunar Atmosphere Dust Environment Explorer (LADEE) spacecraft.

10:01

PFE Pfizer and Strides Arcolab announced a new collaboration on generic products (18.74 +0.05) -Update-

Pfizer and Strides Arcolab announced a new collaboration, wherein Pfizer will commercialize off-patent sterile injectable and oral products in the United States through its Established Products Business Unit. These finished dosage form products will be licensed and supplied by Strides and Onco Laboratories Limited and Onco Therapies Limited, two joint ventures between Strides and Aspen, South Africa, in which each has a 50% ownership interest. The financial terms of the supply agreement were not disclosed.

10:00

MON Monsanto retesting the opening highs at $84.29 after trading as low as $82.50 (84.24 -0.75) -Update- -Technical-

Company reported earnings before the open, accounting for the gap down an the increased volatility

10:00

SNDK SanDisk upgraded earlier to Buy at Caris & Company; tgt raised to $37 (31.22 +0.63)

Earlier, Caris & Company upgraded SNDK to Buy from Average and raised their tgt to $37 from $24. The firm notes that they are turning bullish on SNDK share prospects for the first time since mid-2008. In upgrading from Average, the firm acknowledges missing a nice December rally when a lateyear inventory flush the firm expected failed to materialize for the first time in four years. Even more important, looking ahead through 2010 the firm concludes that while supply growth estimates are likely to increase from 70-80% now to the 80-90% range through the year, supply will still chase demand into 4Q10, helped by a backdrop of lean component and product inventories and strong secular smart phone memory adoption trends. Said differently, this is simply the best early-year supply-demand environment the firm can recall in six years covering the sector and fundamentals are likely to just get better from here.

09:51

CBLI Cleveland Biolabs receives first U.S. patent for radiation protection drug CBLB502 (3.95 +0.40)

Co announced today that the U.S. Patent and Trademark Office has issued US Patent titled "Modulating Apoptosis" covering the method of protecting a mammal from radiation using flagellin or its derivatives, including CBLB502. This patent was already granted by the nine member countries of the Eurasian Patent Organization (EAPO), and two additional nations. Co has also filed two additional new patent applications related to Protectan technology in the U.S. around various aspects and properties for CBLB502 and related Protectan compounds, including new methods of use of flagellin derivatives and screening for new compounds with similar properties.

09:51

ECONX Reminder: ISM Services data due out in about 9 min at 10:00ET

09:48

MMM 3M gapped up to/paused near its Dec peak at 84.32 -- session high 84.39 (83.88 +1.38) -Update- -Technical-

Positive commentary from GS provided an opening boost but MMM has slipped back after testing its Dec peak.

09:46

CNX CONSOL Energy in partnership to develop largest ventilation air methane abatement project in U.S. (55.46 +0.93)

The co and Green Holdings Enlow have entered into an agreement to develop the largest ventilation air methane (VAM) emission abatement project in the United States at CONSOL's Enlow Fork Mine in southwestern Pennsylvania. The VAM abatement equipment to be installed at the mine will capture and destroy methane released during the mining process that would otherwise escape to the atmosphere through the mine's ventilation system.

09:46

XLF Sector laggards -Technical-

Choppy action on both sides of unchanged thus far with sectors laggards led by Paper -1.1%, Airline -1%, Insurance KIE -0.9%, Casino -0.8%, Finance XLF -0.7%, Broker IAI -0.6%, Telecom IYZ -0.6%.

09:42

GLD streetTRACKS Gold Shares slip to modest gap up lows as it eyes a test of yesterday's high of 110.39 (110.60 +0.89) -Technical-

09:42

QQQQ Nasdaq Comp +1.8 inches fractionally above yesterday's high to set a new 52-wk peak -Update-

The S&P 500 -1.2 and Dow -11 were not able to confirm the move.

09:38

GDX Sector Watch -Technical-

A mixed start for the market turns slightly favorable with early sector leadership coming from: Coal KOL +1.8%, Gold Miners GDX +1.7%, Shipping SEA +1.7%, Mining +1.9%, Steel +1%, Gold GLD +0.9%.

09:37

ICOP ICOP Digital announced the receipt of an order for mobile video recorders (0.53 +0.05)

Co announced the receipt of an order for mobile video recorders, from a prominent city in Westchester County, New York that was won, in part, due to the unique technology afforded by ICOP LIVE.

09:36

VMW VMware building upon yesterday's upward momentum in an attempt to breakout above 3-month highs near $46 (46.18 +0.93) -Technical-

09:33

ACI Arch Coal gaps sharply higher, vacillating just above its Oct at 25.86 (25.99 +1.43) -Update- -Technical-

09:32

USEG U.S. Energy receives annual option payment from Thompson Creek Metals Company and announces 2010 project budget approval (6.50 +0.34)

Co announced that the January 1, 2010 $1 million option payment was paid by Thompson Creek Metals Company USA on December 31, 2009 on behalf of the Mt. Emmons Moly Company pursuant to the Exploration, Development and Mine Operating Agreement that was signed in August 2008. The Company also announced that Thompson Creek expects to spend approximately $7 to $9 million for the project in 2010, which is inclusive of the $1 million option payment.

09:32

MON Monsanto updates research and development (83.38 -1.65) -Update-

This year's annual research and development (R&D) pipeline update marks many firsts for Monsanto Company. Among the 11 project advancements are the first biotechnology product with a direct consumer dietary benefit and two of the largest commercial product launches in the company's history. These and other projects in the company's R&D pipeline are expected to help farmers meet the unprecedented global challenges facing agriculture. The 11 project advancements in this year's update is one more than the company's all-time record. Products moving forward include SDA omega-3 soybeans; Genuity(TM) SmartStax(TM) refuge-in-a-bag; and Monsanto's first insect-protected Roundup Ready 2 Yield? soybeans designed for the Brazilian market.

09:31

SNIC Sonic Solutions to deliver digital movies on new Lenovo Smartbook (11.73 +0.10)

Co announced that the Roxio CinemaNow platform will be available on the new Lenovo (LNVGY) Skylight smartbook, providing access to a broad library of entertainment.

09:28

On the Wires

The Phoenix Companies (PNX) announces that it has signed a definitive agreement with Tiptree Financial Partners for it to acquire Phoenix's private placement insurance business, PFG Holdings, including its subsidiaries, Philadelphia Financial Group and AGL Life Assurance Company... Patriot Coal Corporation (PCX) announces that the U.S. Army Corps of Engineers has finalized its evaluation process and today issued the Hobet 45 permit under Section 404 of the Clean Water Act. The Hobet surface mine is part of the company's Corridor G mining complex in southern West Virginia.

09:26

ETP Energy Transfer prices public offering of 8.5 mln common units at $44.72/unit (46.10 )

09:21

IDI SearchMedia announces that Wilfred Chow has been appointed CFO (7.25 )

09:08

UNH UnitedHealth announces cash tender offers for certain of its outstanding notes (31.48 )

Co announces that it has commenced modified "Dutch Auction" cash tender offers for up to $200 mln aggregate principal amount of its short-term notes and $550 mln aggregate principal amount of its intermediate-term notes.

09:03

LNVGY Lenovo confirmed the the IdeaPad U1 hybrid notebook (13.42 )

Lenovo confirmed the the IdeaPad U1 hybrid notebook, featuring a detachable screen. The IdeaPad U1's design provides consumers with two PCs in one device - each with its own processor and operating system - that work together and independently as either a clamshell laptop or a multitouch slate tablet.

09:03

TASR TASER closes year with three large orders from Brazilian Ministry of Justice, Philadelphia and Chicago Police Departments; sees Q4 revs of $32 mln (vs $28.7 mln consensus) (4.70 )

Co announces that it received and shipped three significant orders in December 2009. The first order for 2,250 ADVANCED TASER M26 Electronic Control Devices (ECDs) and related accessories was for the Brazilian Ministry of Justice. The second order was for the Philadelphia Police, PA, for 1,000 TASER X26 ECDs and related accessories. The third order was for the Chicago Police Department, IL, for 386 TASER X26 ECDs and related accessories. "With the Brazilian order and two significant orders from police departments in Philadelphia and Chicago, we estimate the 4th Quarter 2009 revenue to be approximately $32 mln (vs $28.7 mln consensus) and the top line 2009 revenue to be approximately $102 mln." Both the 4th Quarter revenue and total 2009 revenue numbers include approximately $3.5 million of revenue deferred in Q3 2009 relating to the TASER X3 trade in program. Final financial results will be released after completion of the year end audit.

09:01

AMR AMR Corp reports December traffic; load factor increased 1.4 points to 80.6% (8.36 )

Co reports a December load factor of 80.6%, an increase of 1.4 points vs. the same period last year. Traffic decreased 1.6% and capacity decreased 3.3% year over year. Domestic traffic decreased 2.1% year over year on 1.8% less capacity. International traffic decreased by 0.7% relative to last year on a capacity decrease of 5.6%.

09:01

ACOM Ancestry.com reports 17% subscriber growth in 2009 fourth quarter (13.68 )

The co reports that it added approximately 165,000 subscribers in the fourth quarter ended December 31, 2009, finishing the year with 1,066,000 million paid subscribers. The end of year subscriber number is 17% higher than the 914,000 paid subscribers reported at the end of 2008. Fourth quarter additions were up 15% from the 144,000 added in the 2008 fourth quarter. Monthly subscriber churn(1) for the 2009 fourth quarter was 3.6%, compared to 4.0% in the prior year fourth quarter.

09:00

TRLG True Religion appoints Lynne Koplin as Chief Operating Officer (20.13 )

08:59

OTIV On Track Innovations upgraded to Buy at Feltl & Co.; tgt raised to $3.60 (2.65 )

Feltl & Co. upgrades OTIV to Buy from Hold and raises their tgt to $3.60 from $1.50 folllowing the co's announcement of $30 mln contract to deploy its eID smart-ID card platform in an undisclosed country.

08:48

MDU MDU Resources CFO Vernon Raile to Retire on Feb. 16 (23.85 )

08:42

AYI Acuity Brands beats by $0.03, beats on revs (36.33 )

Reports Q1 (Nov) earnings of $0.53 per share, $0.03 better than the First Call consensus of $0.50; revenues fell 13.3% year/year to $391.7 mln vs the $381.5 mln consensus. Comparable shipment volumes declined approximately 13% versus the year-ago period. "It is difficult at this time to precisely forecast the direction or intensity of future economic activity in general and more specifically with respect to overall construction demand. Key indicators continue to signal declines for North American non-residential construction activity. Accordingly, mgmt still expects that for FY10 the percentage decline for net sales in the overall markets it serves will be in the mid-teens. Also, mgmt anticipates that the fiscal 2010 second quarter will be particularly challenging due primarily to normal seasonal factors, including inconsistent customer demand and the potential for year-end inventory rebalancing by certain customers. The Company's comparable backlog at the end of the first quarter of fiscal 2010 was down 14% compared with the prior year. Notwithstanding efforts to recoup potentially higher costs, management believes pricing will continue to be competitive in certain channels and geographies and expects the negative impact to be largely offset through productivity improvements and benefits from new product introductions."

08:42

COMDX Gold, silver and crude oil all moving to the upside this morning, with gold and silver now trading at their best levels of the morning

Gold is now higher by $12.90 to $1131.60; silver is up 28.5 cents to $18.085 and crude oil is down 2 cents to $81.75. Note that the dollar index is moving back towards the flat line after trading modestly better in overnight trade.

08:39

HAE Haemonetics initiated with a Outperform at Barrington Research; tgt $67 (54.25 )

Barrington Research initiates HAE with a Outperform and price target of $67 based on HAE's technology and market leadership as well as the large growth opportunity in blood management markets. The firm believes there is continued strong leverage from future revenue growth due to improving efficiencies and mix.

08:37

On The Wires

Black Hills (BKH) utility subsidiary Black Hills Energy - Colorado Electric announces that the utility has filed a request for an electric revenue increase with the Colorado Public Utilities Commission... CytRx Corporation (CYTR) announces that the Tumor Biology Center, Freiburg, Germany, plans to initiate a Phase 2 clinical trial with CytRx's doxorubicin prodrug INNO-206 as a treatment for patients with advanced pancreatic cancer. CytRx, which holds the exclusive worldwide rights to INNO-206, will supply INNO-206 for the clinical trial. CytRx previously announced plans to initiate Phase 2 clinical trials with INNO-206 in patients with advanced soft tissue sarcomas and advanced gastric cancer... Cardinal Health (CAH) and American Associated Pharmacies announce that AAP has selected CAH to be the exclusive pharmaceutical distributor for its nearly 2,000 independent pharmacy members, nationwide... ScanSource POS & Barcoding, a services and sales unit of ScanSource (SCSC), has signed a distribution agreement in North America with Fujitsu America... Overseas Shipholding Group (OSG) announces that on Jan. 4, 2010 the FSO Asia, a 432,023 dwt Floating Storage and Offloading service vessel, was successfully hooked-up at the Al Shaheen oil field offshore Qatar and commenced operations for Maersk Oil Qatar... URS Corp (URS) announces that it has been awarded one of 42 indefinite delivery/indefinite quantity contracts to provide a range of environmental, engineering and construction services at bases worldwide for the Air Force Center for Engineering and the Environment under the Worldwide Environmental Restoration and Construction contract. The WERC09 program ceiling is $3 bln for the combined companies... Genco Shipping & Trading (GNK) announces that it has reached an agreement to enter into a time charter for the Genco Vigour, a 1999-built Panamax vessel, with Global Maritime Investments for approximately 10.5 to 13.5 months at a rate of $24,000 per day, less a 5% third-party brokerage commission.

08:33

CRXX Combinatorx announces senior management team changes (0.83 )

Co announces changes to its senior management team to lead CombinatoRx following its recently completed merger with Neuromed. Effective immediately, Mark Corrigan will assume the role of President and CEO of CombinatoRx and Christopher Gallen will serve as Executive Vice President of Research and Development. Having brought CombinatoRx to this point, Robert Forrester has decided to leave his position at the company to pursue other opportunities.

08:33

CORT Corcept Therapeutics upgraded to Buy at Ladenburg Thalmann; tgt $4 (2.86 )

Ladenburg Thalmann upgrades CORT to Buy from Neutral and sets target price at $4. The firm notes that although the evidence supporting CORLUX management of Cushing's Syndrome symptoms is limited, which is to be expected in an orphan indication, they still believe it is compelling. In several case studies, CORLUX has demonstrated effect in modulating the effects of chronically high levels of cortisol, including: high blood pressure, hyperlipidemia and hypercholesterolemia, glucose intolerance, obesity, etc. The firm believes the CORLUX 50-patient open label Phase III trial could likely generate positive efficacy results in CS. Moreover, the firm believes the criteria for demonstrating efficacy is not onerous. The trial began enrollment in December 2007 and the firm expects full data by Q3-2010 with an NDA filing in late 2010. Assuming positive Phase III results, the firm believes the FDA is likely to approve CORLUX for Cushing's Syndrome.

08:32

RGDX Response Genetics announces distribution agreement with Genetic Technologies to expand the availability of ResponseDX molecular diagnostic tests internationally (1.26 )

Co and Genetic Technologies (GENE) announced an exclusive distribution and services agreement. Under terms of the agreement, Genetic Technologies will become the exclusive distributor in Australia, Indonesia, Malaysia, the Philippines, Singapore and Thailand for Response Genetics' ResponseDX: Colon, ResponseDX: Lung and ResponseDX: Gastric genetic test panels. Financial terms were not disclosed.

08:31

GILD Gilead Sciences Phase II clinical trial of investigational integrase-based, once-daily, fixed-dose "Quad" regimen meets 24-week primary objective (43.26 )

Co announces that a Phase II clinical trial of its investigational integrase inhibitor-based, once-daily, fixed-dose "Quad" regimen of elvitegravir, GS 9350 and Truvada for the treatment of HIV-1 infection met its primary objective. The ongoing study of 71 HIV-infected, antiretroviral treatment-naive adults compares the Quad with Atripla (efavirenz 600 mg/emtricitabine 200 mg/tenofovir disoproxil fumarate 300 mg). Based on 24-week data, efficacy of the Quad met the statistical criteria of non-inferiority as compared to Atripla based on the proportion of subjects with HIV RNA levels of less than 50 copies/mL. Discontinuation rates due to adverse events were comparable in both arms of the study. Full study results will be submitted for presentation at a scientific meeting in early 2010.

08:30

GHM Graham awarded $3 mln in refinery orders (20.84 )

Co announces that it has been awarded two orders from refinery customers totaling approximately $3 mln. One order is for an upgrade to an existing Graham ejector system at a U.S. refinery that is being reengineered to expand the refiner's capability to process a wider variety of crude feedstock. The order is expected to ship in the second quarter of Graham's fiscal year 2011, which begins on April 1, 2010.

08:30

BIDU Baidu.com to establish new independent company to provide online video (405.90 )

The co announces its plan to establish a new independent company to provide licensed online video to Chinese Internet users. The new company will work closely with content providers to provide copyrighted premium video content including movies, TV series, sporting events, animation and other varied content to Internet users through an advertising supported model. Mr. Yu Gong, formerly president and chief operating officer of China Mobile's 12580 business, has been appointed chief executive officer of the new company.

08:28

CLR Continental Resources initiated with a Market Perform at Howard Weil; tgt $40 (45.50 )

Howard Weil initiates CLR with a Market Perform and price target of $40. The firm notes that Continental Resources has a tremendous asset base led by its premier position in the Bakken and Three Forks/Sanish in the Williston Basin. The Company has a pristine balance sheet, which should provide a stable development for the next decade. Furthermore, with only ~18% of its 2010 oil production hedged, the firm believes that CLR should benefit from further crude price increases. Due to the Company's leverage to oil prices, its tremendous asset base and the Chairman/CEO owning 73% of the Company, the firm thinks CLR deserves a premium valuation to the group, but do think the upside value is currently reflected in the price of the stock.

08:27

RBN Robbins & Myers beats by $0.05, beats on revs; guides Q2 EPS below consensus; guides FY10 EPS in-line (25.31 )

Reports Q1 (Nov) earnings of $0.18 per share, $0.05 better than the First Call consensus of $0.13. Co issues downside guidance for Q2, sees EPS of $0.05-0.15, excluding non-recurring items, vs. $0.21 consensus. Co issues in-line guidance for FY10, sees EPS of $0.80-1.00 vs. $0.99 consensus. The co reported $137 million of customer orders in the fiscal first quarter, $15 million sequentially higher than the fourth quarter of 2009 and $48 million lower than the first quarter of 2009. Backlog grew $12 million in the first quarter to $147 million. First quarter sales of $129 million trailed the comparable prior year period by $49 million. "As expected, fiscal 2010 is starting slowly as a result of recent customer order and backlog levels. We expect current customer demand conditions to persist into our fiscal second quarter, which will also include our typical, seasonal facility shutdowns. For the full year, our financial performance depends in large part on the pace and scope of the economic recovery, especially in the second half."

08:27

CTSH Cognizant Tech selected by Houghton Mifflin Harcourt as a business technology services partner (47.33 )

Co has announced that Houghton Mifflin Harcourt, the world's largest publisher of educational materials for pre-K-12 schools, has selected Cognizant as a business technology services partner. As part of the five-year agreement, Cognizant will provide a range of IT services to drive operational efficiencies in digital publishing technology to support Houghton Mifflin Harcourt's continuing expansion from print products to digital channels for its industry-leading content. In addition, Cognizant and Houghton Mifflin Harcourt will co-establish the HMH Digital Transformation Lab.

08:26

IKAN Ikanos Comms announced that Teracom has selected the Ikanos Solos communications processors (2.10 )

Co announced that Teracom has selected the Ikanos Solos communications processors as the core of its high-performance integrated access devices (IADs). These products will be used to extend advanced wireless, voice and data services to millions of consumers throughout India, and other countries in the region.

08:21

NABI NABI Biopharma initiated with a Buy at C.K. Cooper; tgt $10 (5.04 )

C.K. Cooper initiates NABI with a Buy and price target of $10. The firm notes that NABI is a late-stage biopharmaceutical company currently conductiong two large Phase III trials of NicVAX for a smoking cessation. The company currently has more than three dollars per share in cash, and has recently announced a worldwide commercialization agreement with GlaxoSmithKline, which is expected to close this quarter. Furthermore, Nabi has undergone a significant transition over the past few years by selling non-core assets and focusing on two core products. The firm believes the risk/reward at current levels is extremely attractive, and that shares will appreciate significantly as investors become more aware of NicVAX's inherent value.

08:16

IVN Ivanhoe Mines appoints Citi as adviser on strategic options to further enhance shareholder value (16.09 )

Co announces that it has retained Citi and independent mining-sector specialist Hatch Corporate Finance to evaluate and advise the company on a range of strategic options to further enhance shareholder value. Citi and Hatch will assist Ivanhoe's management to evaluate a range of options during coming months. Options include, but are not limited to, potential debt/equity offerings, a credit facility, the sale of subsidiaries, equity investments, project financing and/or various corporate transactions.

08:16

Futures see modest tick lower on slightly worse than expected ADP Employment data... SPX futures now -3, DJ futures now -24

08:14

WOR Worthington beats by $0.20, misses on revs (13.88 )

Reports Q2 (Nov) earnings of $0.29 per share, $0.20 better than the First Call consensus of $0.09; revenues fell 39.9% year/year to $448 mln vs the $468.5 mln consensus. "Reiterating what we stated at the end of our first quarter, we continue to operate in a historically low demand environment. While we are generally optimistic about the gradual return of the economy, we do not believe we will know how quickly our markets will rebound until the end of the third quarter, at the earliest. We feel very good about Steel Processing's position and the positive back-to-back quarterly performances it has delivered, as our operational improvements continue to gain momentum. However, we do not anticipate any near term improvement in Metal Framing end markets. The Pressure Cylinders segment is performing well in the U.S., but we expect its European markets will remain challenging through this next quarter. WAVE will continue its focus on maintaining margin and market share despite anticipated lower volumes. We also expect to launch its new DC FlexZone product in the first part of 2010. We will continue to manage our strong balance sheet, while examining attractive opportunities for market share gains and high return acquisitions."

08:11

On The Wires

Broadcom Corp (BRCM) announces a new wireless mouse design from Foxlink that is based on its Bluetooth HID technology, and will significantly reduce the cost of wireless mice... Qatar Petroleum and ExxonMobil Chemical Qatar Limited, a subsidiary of Exxon Mobil (XOM), announce they have signed an agreement to progress the joint development of a world-scale petrochemical complex in Ras Laffan Industrial City, Qatar. The proposed complex would include the world's largest steam cracker and polyethylene plants, and one of the world's largest ethylene glycol plants... ADC (ADCT) announces that its portfolio of Fiber Optic Panels has been accepted by the USDA Rural Development Telecommunications program, allowing ADC's products to be used in bringing improved, widespread broadband services to underserved and rural communities... Comtech Telecommunications (CMTL) announces that its Tempe, Arizona-based subsidiary, Comtech EF Data Corp., received a $1.3 mln order for satellite communications equipment. A leading telecommunications operator will install Comtech's bandwidth-efficient satellite modems to enable cellular backhaul network expansion in South America, a region that is experiencing significant satellite bandwidth shortages... DivX (DIVX) and LG Electronics announce plans for a strategic alliance to include the newly-launched DivX Internet television platform in LG's next-generation network Blu-ray Disc players and home theater systems with NetCast Entertainment Access... Allscripts (MDRX) announces that Mountain States Health Alliance has selected the Allscripts Electronic Health Record and Practice Management solutions for 300 employed and affiliated physicians and mid-level providers to enhance the quality of patient care, improve patient communications, and better manage the cost of care delivery... NIVS IntelliMedia Technology Group (NIV) has been recognized as one of the approved vendors for e-Surfing, the mobile-communication service brand for FMC services by China Telecommunications Corporation (CHA).

08:08

MON Monsanto misses by $0.02, misses on revs; reaffirms FY10 EPS guidance (85.27 )

Reports Q1 (Nov) loss of $0.02 per share, $0.02 worse than the First Call consensus of ($0.00); revenues fell 35.9% year/year to $1.7 bln vs the $1.98 bln consensus. Co reaffirms guidance for FY10, sees EPS of $3.10-3.30 vs. $3.29 consensus. The co affirmed its previously announced cash flow guidance. The co expects free cash flow for fiscal year 2010 will be in the range of $900 mln to $1 bln, including the after-tax cash effect from a restructuring charge of approximately $250 mln. The co expects net cash provided by operating activities to be $2 bln to $2.2 bln, and net cash required by investing activities to be approximately $1.1-1.2 bln for fiscal year 2010. Early indicators of the seeds and traits business show the co on track to meet its 2010 financial commitments and with its operational plan through 2011 and 2012. "Our first quarter is a small but important quarter as it sets the foundation for the year ahead, which we see as a critical year in propelling us to reach our 2011 and 2012 commitments. We've delivered on our targets for the quarter and this year we are confident that we will achieve the milestones necessary to reach our financial commitment to our shareowners. Today, we also take a closer look at our R&D pipeline and bring 11 new technologies that will deliver real value to farmers closer to the field. With our selling season well underway and the demand we see for Genuity SmartStax corn and Genuity Roundup Ready 2 Yield soybeans, we believe it will only get better from here. These winning products are the platform for many of the technologies in early phases in our pipeline, and we're closer to demonstrating what those new technologies can do on the farm."

08:05

MON Monsanto drops 2 pts on below consensus earnings... currently at 83.25 (85.27 ) -Update-

08:04

CKR CKE Restaurants reports December sales (8.52 )

Co reports blended same-store sales decreased 6.5% for period 12 of our 13 period fiscal 2010. "We believe the ongoing weakness in the overall economy coupled with poor weather conditions negatively impacted both brands' sales results during period 12."

08:02

WAG Walgreens reports December sales increased 3.6% y/y and comps declined 0.3% (37.00 )

Co reports December sales of $6.3 billion, an increase of 3.6% from $6.1 billion for the same month in 2008. Sales in comparable stores (those open at least a year) decreased 0.3%. December pharmacy sales increased 4.8%, while comparable pharmacy sales increased 1.8%. Comparable pharmacy sales were negatively impacted by 2.1%age points due to generic drug introductions in the last 12 months. Prescriptions filled at comparable stores increased 4.1% in December. Comparable prescriptions filled were positively impacted by 1.1%age points due to more patients filling 90-day prescriptions. Pharmacy sales accounted for 59.4% of total sales for the month. Total front-end sales increased 1.5% in December, while comparable store front-end sales decreased 3.1%. The decline in comparable front-end sales was driven primarily by the company's decision to take a cautious approach to buying this year's seasonal inventory compared with last year, and as a result of a lower incidence of flu compared with December 2008.

08:02

AAI Air Tran Holdings reports year end traffic (5.29 )

Co announces that for Dec 2009, AirTran Airways traffic increased 5.3 percent to more than 1.5 billion RPMs on an 8.2 percent rise in capacity and the number of enplaned passengers jumped 1.7 percent to over 1.9 million. For the fourth quarter, traffic increased 6.9 percent to more than 4.5 billion RPMs on an 8.1 rise in capacity.

08:02

UNF UniFirst beats by $0.44, beats on revs (48.37 )

Reports Q1 (Nov) earnings of $1.21 per share, $0.44 better than the First Call consensus of $0.77; revenues fell 2.4% year/year to $256.2 mln vs the $242.6 mln consensus. "All of our segments contributed to the growth, with a large portion of the top line improvement coming from the seasonal impact of our Specialty Garments business. Although we believe the worst may be behind us from a job loss perspective, we're cautious with our near term outlook. Top line growth is going to be challenging as we expect that the weak job market will be very slow to recover. We also anticipate that overall expenses will increase from our first quarter and consequently reduce our margins over the remainder of fiscal 2010. On a positive note, we expect to continue producing strong cash flows which will allow us to take advantage of strategic opportunities should they arise."

08:01

EGT Elixir Gaming announces participation consolidation agreement with leading Cambodian casino resort NagaWorld (0.27 )

Co announces that it has entered into a Machine Operation Participation Consolidation Agreement with NagaWorld Limited, a wholly-owned subsidiary of the Hong Kong listed NagaCorp Ltd., which includes a commitment to place an additional 200 electronic gaming machines on a participation basis at its NagaWorld casino resort. In addition, the Agreement serves to amend and consolidate terms for all Elixir Gaming machine operations at NagaWorld, including increasing the overall average revenue share to Elixir Gaming to 25% and extending the contract duration. Under these terms, Elixir Gaming and NagaWorld will have joint control over the operation of all the Company's electronic gaming machine seats, including floor staff and respective audit rights. Elixir Gaming and NagaWorld will share the revenue and certain operating costs, such as marketing and floor staff, at a 25% / 75% split, respectively, and Elixir Gaming will receive on a daily basis its relevant portion of the daily win in cash. The contract duration is six years and expires on February 28, 2016.

08:01

RURL Rural/Metro initiates search for new President and Chief Executive Officer (6.59 )

Co announces that its Board of Directors has appointed Chairman Conrad A. Conrad as the Company's interim President and Chief Executive Officer, effective immediately. The appointment follows the resignation for personal reasons of Jack Brucker as President, Chief Executive Officer and Board member. The co also reiterated financial guidance for the fiscal year ending June 30, 2010. The Company previously announced on November 9, 2009, that it expected EBITDA from continuing operations to be in the range of $60.0 mln to $63.0 mln and capital expenditures to be in the range of $16.0 mln to $19.0 mln.

08:01

YONG Yongye Intl. provides update on income tax rate (8.76 )

The co announces that the Company received government approval to Yongye's sole operating entity in the PRC, Yongye Nongfeng, for a preferential corporate income tax rate of 15% for the full years of 2009 and 2010. Yongye Nongfeng accrued its income tax expenses for the first three quarters of 2009 based on the statutory income tax rate of 25%. Recently, Yongye Nongfeng received the approval from the local tax authority of Hohhot, Inner Mongolia Autonomous Region, that Yongye Nongfeng qualifies for a preferential 15% corporate income tax rate. As a result, Yongye will pay its income tax expenses for the full 2009 tax year based on the preferential 15% corporate income tax rate. The impact to first nine month earnings in 2009 prepared in accordance with U.S. GAAP is estimated to be a reduction of income tax expenses of approximately $3.1 million or an increase of $0.10 per diluted share. Corresponding accounting adjustment will be made in Yongye's 2009 annual financial reports."

08:01

ZIPR Ziprealty sees 4Q09 revs of $33-$34 mln vs $30.33 mln two analyst estimate (3.86 )

Co issues upside guidance, sees Q4 revs of $33-$34 mln vs. $30.33 mln two analyst estimate. Mgmt also provided a business outlook for 2010. Based upon current information and expectations, the company anticipates the following: Net revenues for the full-year 2010 are expected to grow between 10% and 20% over 2009 levels; Net loss for the full-year 2010 is expected to be narrower than the 2009 net loss; Adjusted EBITDA, a non-GAAP measure which is calculated as earnings before interest income or expense, income taxes, depreciation, amortization, and stock-based compensation, is expected to be positive for the year 2010.

08:01

SLAB Silicon Labs announced an organizational alignment (47.71 )

Co announced an organizational alignment to accelerate the adoption of its broad-based product lines and maximize the leverage of its world-class design team. The new organizational structure aligns Silicon Labs' short range wireless products, human interface products and isolation products within the power business with the company's microcontroller (MCU) products under a new Embedded Mixed-Signal product group. The existing product line general managers will report to Mark Thompson, who was previously the vice president and general manager of the MCU products.

08:00

LCC US Airways reports December traffic results (5.31 )

Co announces December, 4Q09 and FY09 traffic results. Mainline revenue passenger miles (RPMs) for the month were 4.5 bln, down 3.6% vs December 2008. Capacity was 5.7 bln available seat miles (ASMs), down 2.4% vs December 2008. Passenger load factor for the month of December was 79.3%, down 1.0 point vs December 2008. RPMs for December 2009 declined 3.6% to 4.49 bln from December 2008. ASMs for December 2009 declined 2.4% to 5.66 bln from December 2008. Load factor for December 2009 declined 1.0% to 79.3 vs 80.3 in December 2008.

08:00

CVVT China Valves Tech obtains $3.0 million in purchase orders from Kunshan Water Group (9.45 )

07:56

ECONX Reminder: ADP Employment Report data due out in about 19 min at 8:15ET

07:52

CECE CECO Environ. secures nine new orders totaling approximately $8.4 million (3.97 )

07:46

CEG Constellation Energy announces cash tender offer for up to $400 mln aggregate principal amoung of certain of its outstanding notes (34.62 )

07:42

QCOM Qualcomm unit to bring live mobile TV to the iPhone and iPod touch platforms (48.07 )

FLO TV, a wholly owned subsidiary of Qualcomm Incorporated (QCOM), and mophie announced they are teaming to create a series of products that will bring live mobile TV to the iPhone and iPod touch platforms. The products, which are expected to begin shipping in the first half of this year, will bring the award-winning FLO TV mobile TV service to the cutting-edge mophie juice pack, letting consumers view their favorite live entertainment, sports and news from the world's top entertainment brands on their iPhone and iPod touch.

07:41

TRAD TradeStation reports monthly business metrics; DARTs -27% y/y (7.81 )

Co reportsthe following business metrics for the month ended December 31, 2009: 68,505 Daily Average Revenue Trades (DARTs); Total client assets of $2.1 billion (as of Dec. 31, 2009); Average equities client credit balances of $866 million; Average equities client margin balances of $44 million. Year over year, TRAD's DARTs decreased 27%, total client assets increased 30%, average equities client credit balances increased 29%, and average equities client margin balances increased 47%.

07:37

On The Wires

St. Vincent Health System in Little Rock, AR, and HealthSouth Corporation (HLS) announce an expansion of its joint venture, St. Vincent Rehabilitation Hospital located in Sherwood, AR... AAR (AIR) announces that it has signed a Memorandum of Agreement with Sikorsky Aircraft, under which the two companies will work together to identify opportunities to expand their business relationship. In addition, AAR was named the exclusive supplier of composite interiors for the Sikorsky S-92 helicopter program and will provide precision machining services for S-92 helicopter flooring and a structural component of the H-60 helicopter airframe. The combined value of initial orders is approximately $18.8 mln, with a potential contract value exceeding $60 mln... Tyler Technologies (TYL) has reached an agreement with Yuma and Coconino counties in Arizona for the purchase of its property tax assessment solutions. The two agreements are worth a combined total of more than $1.2 mln, including installation, support, and maintenance.

07:35

PFE Pfizer and Ensemble Discovery initiate strategic alliance to discover and develop drug candidates of a novel class (18.66 )

Ensemble Discovery today announced the initiation of a strategic alliance with Pfizer to discover and develop drug candidates of a novel class against a number of high-value pharmaceutical targets. The collaboration will deploy Ensemble's proprietary drug discovery platforms and EnsemblinTM compound libraries to discover and advance drug candidates. Pfizer will provide upfront and research payments to Ensemble and will have the right to develop and commercialize any products arising from the collaboration. In addition, Ensemble will receive development milestones plus royalties based on worldwide sales of any drugs emerging from the alliance and commercialized by Pfizer.

07:32

RPM RPM Inc beats by $0.09, beats on revs; raises FY10 EPS above consensus (20.69 )

Reports Q2 (Nov) earnings of $0.43 per share, $0.09 better than the First Call consensus of $0.34; revenues fell 3.5% year/year to $858.7 mln vs the $839.6 mln consensus. Co raises guidance for FY10, sees EPS of $1.30-1.45 vs. $1.29 consensus. "We are encouraged by the year-to-date improvements in our gross margin that have resulted from productivity gains, operating efficiencies and cost reduction actions undertaken during our last fiscal year. Additionally, while still materially above historical norms, raw material costs have declined from last year's extraordinary levels. We continue to anticipate a loss for the seasonally weak fiscal third quarter ending February 28, 2010, but operating results should be significantly improved from the same period last year."

07:32

KHD KHD Humboldt Wedag to divide the company into two entities (14.01 )

Based on a study undertaken to determine ways to best enhance long term shareholder value, the Board of Directors of KHD announces that it intends to restructure the KHD into two distinct legal entities: (1) a mineral royalty company and (2) an industrial plant technology, equipment and service company. Subject to receipt of all necessary approvals, the transactions will take place by way of a distribution to KHD's shareholders, on a pro rata basis, of all of KHD's common shares of its subsidiary, KHD Humboldt Wedag (Deutschland) ("KID"), which will own all of KHD's industrial plant technology, equipment and service assets. Under the proposed structure, the new mineral royalty company, which would change its name from KHD to Terra Nova Royalty ("Terra Nova"), would continue to receive royalty payments from the Wabush Iron Ore Mine (the "Wabush") in the province of Newfoundland and Labrador, Canada under a master lease that terminates in the year 2055. Wabush has been a producing mine since 1956, and currently has proven reserves of 75 million tons representing approximately 15-year production based on historical production. Management intends to institute a dividend policy for Terra Nova shareholders.

07:32

OGXI OncoGenex Pharma announces that a randomized, investigator-sponsored Phase 2 Study evaluating OGX-427 has received grant funding (21.33 )

Co announced that a randomized, controlled, investigator-sponsored Phase 2 clinical trial evaluating OGX-427 when administered as a monotherapy to patients with castrate resistant prostate cancer (CRPC) has received grant funding. The funds were awarded by a third party granting agency to Dr. Kim Chi, a medical oncologist at the BC Cancer Agency, Research Scientist at the Vancouver Prostate Centre and the principal investigator of the OGX-427 Phase 2 trial.

07:30

LCRD LaserCard receives $11 mln order to support continuing rollout of Angola's national ID program (6.06 )

Co announces that it has received an $11 mln follow-on purchase order to supply the government of Angola with $8.8 mln of optical security media cards and $2.2 mln of integrated card personalization systems and consumables for the country's new national ID program. This is a follow-on order in addition to the $11.6 mln order for cards and systems announced in October 2008. Deliveries of cards under the new order are scheduled to begin in February 2010 and to be completed by August 2010.

07:27

On The Wires

Amazon.com (AMZN) announced that Amazon Kindle DX is available for the first time to customers around the world. Kindle DX with Global Wireless is available for pre-order starting today for $489... IntriCon Corporation (IIN) announced that it will divest its non-core electronics business. The plan will commence immediately; it is expected to be completed by mid-2010. Associated with the divestiture, IntriCon expects to record an estimated charge of $1.4 million to $1.8 million in discontinued operations, of which approximately $1.0 million to $1.4 million is non-cash... Good Times Restaurants Inc. (GTIM) announced that its audited financial statements for the fiscal year ended September 30, 2009, included in the Company's Annual Report on Form 10-K, filed on December 29, 2009, contained a "going concern" explanatory paragraph in the unqualified audit opinion received from its independent registered accounting firm... ev3 Inc. (EVVV) announced that a voluntary Class I recall of the TrailBlazer Support Catheter was completed in December 2009, and all affected units are in the company's possession... JoS. A. Bank Clothiers, Inc. (JOSB) announces that the Company will be expanding into the tuxedo rental business. The Company plans to launch the new initiative this month on a test basis in approximately 5% of its stores. Following the test launch, the Company plans to rollout the initiative to more than half of its stores in the spring of 2010.

07:12

FSC Fifth Street Finance announces waiver of management fee and other 'shareholder-friendly'actions (11.16 )

Co announces that its external investment adviser, Fifth Street Management, has voluntarily agreed to the following actions: 1) To waive the portion of its base management fee for the quarter ended December 31, 2009 attributable to Fifth Street's four new portfolio investments which closed in December 2009, as well as cash and cash equivalents. The amount of the management fee being waived exceeds $700,000; and 2) To permanently waive that portion of its base management fee attributable to Fifth Street's assets held in the form of cash and cash equivalents from and after January 1, 2010. In addition, Fifth Street announced that it does not intend to seek the approval of its stockholders at the 2010 Annual Meeting of Stockholders to sell or otherwise issue shares of its common stock at a price below the then current net asset value per share.

07:07

On The Wires

Virage Logic Corporation (VIRL) announces that Phison Electronics Corp. of Hsinchu, Taiwan has selected Virage Logic's ARC 600 family of configurable 32-bit embedded microprocessors for wide deployment in their flash controller applications... Solutia (SOA) announces that it will be supplying Therminol VP-1 synthetic heat transfer fluid for Solnova 4, a new 50 MW concentrating solar power plant in Sevilla, Spain managed by Abener.

07:05

RBN Robbins & Myers increases quarterly dividend to $0.0425 from $0.04 (25.31 )

07:03

TWMC Trans World reported a comparable store sales decrease of 5% for the five-week period ended January 2, 2010 (1.60 )

Co reported a comparable store sales decrease of 5% for the five-week period ended January 2, 2010. For the nine-week period ended January 2, 2010, comparable store sales decreased 8%. Total sales for the nine-week period were $241 mln compared to $287 mln for the same period last year, a decrease of 16%. The Company operated 12% fewer stores, on average, during the nine-week period as compared to last year. For the eleven-month period ended January 2, 2010, comparable store sales decreased 10%. Total sales for the period decreased 18% to $760 million compared to $930 million during the same period last year.

07:03

FDO Family Dollar beats by $0.02, reports revs in-line; guides Q2 EPS above consensus; reaffirms FY10 EPS guidance (27.49 )

Reports Q1 (Nov) earnings of $0.49 per share, $0.02 better than the First Call consensus of $0.47; revenues rose 3.9% year/year to $1.82 bln vs the $1.83 bln consensus. Co issues upside guidance for Q2, sees EPS of $0.65-0.70 vs. $0.64 consensus, with comps up 2-4%. Co reaffirms guidance for FY10, sees EPS of $2.15-2.35 vs. $2.25 consensus. December comparable store sales increased approximately 4%. The gross profit margin, as a percentage of sales, was 36.1% in the first quarter of fiscal 2010 compared to 35.0% in the first quarter of fiscal 2009. The improvement in gross profit, as a percentage of sales, was a result of reductions in freight expense, shrinkage, and seasonal markdowns. "We expect comps will increase 3-5% in the second half of fiscal 2010... For the full year, the Company expects that net sales for fiscal 2010 will increase 4% to 6% as compared with fiscal 2009."

07:03

PONE Protection One receives $22.75 mln (6.49 )

Co announces it has received $22.75 mln from its previous majority owner, Westar Energy, related to the allocation of tax benefits arising out of the sale of Protection One by Westar in 2004.

07:02

PATR Patriot Transportation announces loss of transportation group customers (91.41 )

Co announces that its transportation group has been unsuccessful in renewing certain contracts with significant customers recently. For the fiscal year ending September 30, 2009 the revenue from these customers was $10,012,000 or approximately 11.0% of transportation group revenue. The customers were lost to competing carriers due to lower pricing. The Company will provide transitional services to the customers.

07:02

VQ Venoco to market Texas assets (14.07 )

Co announces that it intends to market its oil and gas interests in Texas including producing and non-producing assets. Net production from Venoco's Texas properties for the quarter ending September 30, 2009 averaged 1,559 barrels of oil equivalent per day

07:02

GTE Gran Tierra Energy announces Dantayaco-1 exploration well results (6.02 )

Co announces that it was unable to establish hydrocarbon flow from the Dantayaco-1 exploration well in Colombia. The company also provided an update on the completion of Costayaco-10, the drilling of Juanambu-2 in Colombia, and preparations for initiating natural gas sales from VM.x-1001 in Argentina. Drilling was completed on the Dantayaco-1 exploration well in the Chaza Block in the Putumayo basin. Oil shows encountered during drilling and log analysis indicated potential pay in the M1 Limestone and upper Caballos Formation, however, only formation water was recovered during testing. Testing operations have been suspended and the well was plugged and abandoned on Jan. 3, 2010. Seven exploration wells have been budgeted for the Putumayo Basin in southern Colombia for 2010. The next exploration well to be drilled will be Moqueta-1 in the Chaza Block to the north of the Costayaco Field. Drilling is expected to be initiated in early April 2010. Testing of the T Sandstone and the underlying Caballos Formation has been completed in the recently drilled Costayaco-10 development well in the Costayaco field in the Chaza Block. Both the T Sandstone and Caballos Formation tested oil as expected. A completion string is currently being installed. The well is expected to be put into production at approximately 1,200 barrels of oil per day from the Caballos reservoir in order to support Costayaco field plateau gross production of 19,000 barrels of oil per day.

07:01

LVLT Level 3 subsidiary has agreed to sell $640 million aggregate principal amount of 10% Senior Notes due 2018; notes were priced to investors at 97.982% (1.65 )

07:01

CPHD Cepheid receives FDA clearance for first rapid and accurate surveillance test for vanA (13.15 )

Co announced it has received clearance from the U.S. Food & Drug Administration (FDA) to market Xpert vanA, the first rapid and accurate test released in the United States for vanA, the antimicrobial resistance gene most commonly associated with vancomycin-resistant enterococci (VRE) -- one of the more serious healthcare-associated infections (HAI). The 45-minute test runs on Cepheid's GeneXpert? System, the world's leading HAI molecular testing platform.

07:00

CHKE Cherokee enters into license agreement with Blue By Yoo for its Sideout Brand (18.41 )

Co announces that it has entered into an exclusive agreement in the U.S. with Blue By Yoo for Women's, Junior's and Girl's swimwear for its Sideout brand.

07:00

ALNY Alnylam Pharma receives milestone payment from Roche related to advancement of RNAi Therapeutics (18.01 )

Co announces that it has received a milestone payment from its partner Roche related to initiation of pre-IND studies for an RNAi therapeutics product candidate. Financial terms of the milestone were not disclosed.

06:25

S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -4.50.

06:25

Asian Markets

Nikkei...10731.45...+49.60...+0.50%. Hang Seng...22416.67...+137.10...+0.60%.

06:25

European Markets

FTSE...5514.02...-8.50...-0.20%. DAX...6036.26...+4.40...+0.10%.

06:08

TSL Trina Solar announces it will change the ratio of its ordinary shares to American Depositary Shares (59.14 )

Co announces it will change the ratio of its ordinary shares to American Depositary Shares from one hundred ordinary shares to one ADS to fifty ordinary shares to one ADS, effective on January 19, 2010.

06:06

CCI Crown Castle announces proposed additional securitized notes (33.99 )

Co announces that certain of its indirect subsidiaries intend to offer, in a private transaction, up to $1.9 bln of Senior Secured Tower Revenue Notes, as additional debt securities under the existing Indenture dated as of June 1, 2005.

05:47

PQ PetroQuest Energy provides operations, production and liquidity update (6.80 )

Co announces they have completed four operated horizontal wells in the Woodford Shale during 4Q09. PQ has reached total depth on its thirty-third horizontal Woodford well and is commencing completion activities. Co currently has one operated rig working in the basin and estimates that its current net production from its Oklahoma properties is approx 30 MMcfe per day. In East Texas, the co expects to participate in its first horizontal Cotton Valley well during 1Q10. Depending upon the results of the initial well, PQ is planning to participate in additional wells during 2010 in addition to planned Travis Peak activity. Co estimates that its current net production from its East Texas properties is approx 10 MMcfe per day. PQ currently expects its 2009 direct capital expenditures to total approx $60 mln vs its previous guidance of $65-75 mln. The reduced capital expenditure budget is the result of the deferral of several capital projects from 4Q09. In addition, the capital expenditures on its non-operated Fayetteville Shale assets were less than expected. During 4Q09, the co experienced a prolonged unanticipated shut-in at its Pelican Point well due to third party pipeline issues downstream of the well. In addition, several Gulf Coast properties were shut-in for Hurricane Ida. As a result of these shut-ins and the previously mentioned capital deferred to 2010, PQ is revising its 4Q09 production guidance to approx 81-83 MMcfe per day from its previously issued guidance of 83-88 MMcfe per day. Despite the revised fourth quarter production guidance, PQ expects to achieve its previously issued FY09 production guidance of 90-100 MMcfe per day.

03:05

KFT Offer by Kraft Foods for Cadbury plc offer update (28.77 )

As at 1.00 p.m. (London time) on 5 January 2010, being the first closing date of the Offer, Kraft Foods had received valid acceptances of the Offer in respect of a total of 20,917,708 Cadbury (CBY) shares (including those represented by Cadbury ADSs), representing approx 1.52% of the existing issued share capital of Cadbury, which Kraft Foods may count towards the satisfaction of the acceptance condition to the Offer. So far as Kraft Foods is aware, none of these acceptances had been received from persons acting in concert with Kraft Foods.

01:41

GEOI GeoResources provides operations update (14.33 )

Co holds a proportionate 10%-18% working interest in approx 110,000 net acres in the Bakken Shale trend of the Williston Basin. Approx 63,000 acres are located in Mountrail County, ND, with the remainder located in adjacent counties. To date, the co has realized a 100% success rate with 41 successful wells drilled by its joint venture operator. In addition, the co owns minor working interests in more than 130 wells within the Bakken/Three Forks play. The joint venture continues to acquire acreage in this play and is currently running three drilling rigs. Co expects to have five drilling rigs working by the end of the month and into the spring. Thereafter, they expect four drilling rigs working continuously, but the drilling program could be expanded, pending drilling rig availability and performance. Currently, GEOI plans to participate in 13 wells through 1Q10 where it expects to have working interests ranging from 5% to 14%. In addition, eight wells are currently scheduled in 2Q10 where the co expects to have working interests in the 5% to 10% range. Additional wells are expected to be scheduled and certain scheduled wells may be deferred in favor of higher working interest wells.

01:32

On The Wires

BioMed Realty Trust (BMR) announces that its operating partnership subsidiary, BioMed Realty, LP, priced a private placement of $150.0 million aggregate principal amount of 3.75% Exchangeable Senior Notes due 2030... Phoenix Technologies (PTEC) announces that it has retained GrowthPoint Technology Partners to explore strategic alternatives for its FailSafe, HyperSpace and eSupport products and services; co intends to focus its business strategy on the core systems software markets... Cognizant (CTSH) announces that Houghton Mifflin Harcourt has selected Cognizant as a business technology services partner.

01:31

TYY Tortoise Energy Capital prices 1,226,995 common shares at $22.70/share (24.13 )

18:31

USEG U.S. Energy Corp. announces initial production rate of ~3,807 BOE/D from the State 36-1 #1H well; (6.17 -0.01)

Brigham Exploration (BEXP) announced that its operated State 36-1 #1H produced ~3,807 barrels of oil equivalent per day (3,236 Bopd and 3.42 MMcf/d) from the Bakken formation during an early 24 hour flow back period. The State was completed with 30 frac stages and represents Brigham's highest reported 24 hour flow back rate in the Williston Basin. Thus far, Brigham's 10 long lateral high frac stage Bakken and Three Forks wells have averaged an early peak production rate of ~2,240 barrels of oil equivalent per day. Brigham maintains an approximate 16% working interest in the State, which is the sixth well completed under the drilling participation agreement with U.S. Energy Corp. (NASDAQ: USEG). Brigham's interest in the State is anticipated to increase upon payout of the first six wells in the drilling participation agreement.

18:03

ALK Alaska Air Group reports December traffic (36.78 +1.91)

Co reported December operational results for its subsidiaries, Alaska Airlines (Alaska) and Horizon Air (Horizon). Alaska reported an increase in load factor to 83.6% in December 2009, compared to 80.7% in December 2008, on a 5.0% increase in available seat miles (ASMs) compared to the prior-year period. Alaska also reported that 84.0% of its flights arrived on time in December 2009, a 25.6-point increase compared to the 58.4% reported in December 2008. December 2008's results were negatively impacted by severe winter storms in the Pacific Northwest during the last two weeks of the month

17:53

AHL Aspen Insurance Holdings announces $200 mln accelerated share repurchase (25.64 -0.04)

17:45

DynaVox files registration statement for initial public offering

17:24

XTEX Crosstex Energy cquires intracoastal pipeline from Chevron (9.16 +0.26)

XTEX and Crosstex Energy (XTXI) (the Corp), announced that the Partnership has acquired the Intracoastal Pipeline, an ~60-mile natural gas liquids (NGL) pipeline, from Chevron Midstream Pipelines, a subsidiary of Chevron Corp (CVX) for ~$10 mln.

17:23

PAC Grupo Aeroportuario del Pacifico reports passenger traffic increase of 0.4% for December 2009 (33.52 +0.64)

Co announced preliminary terminal passenger traffic figures for the month of December 2009 compared to traffic figures for December 2008. During December 2009, total terminal passengers increased 0.4% compared to the previous year; domestic passenger traffic increased 1.8%, while international passenger traffic decreased 2.1% compared to December 2008.

17:13

CCC Calgon Carbon announces acquisition of Zwicky Denmark and Sweden (14.50 +0.02)

Co and its European operation, Chemviron Carbon, announced the acquisition of Zwicky Denmark and Sweden, long-term distributors of Chemviron Carbon's activated carbon products and providers of services associated with the reactivation of activated carbon. Zwicky Denmark and Sweden had sales of EUR 3.1 mln ($4.2 mln) in 2008.

17:12

SCOR ComScore: November sees number of U.S. videos viewed online surpass 30 bln for first time on record (17.60 +0.10)

Co released November 2009 data from the comScore Video Metrix service, showing that more than 170 mln U.S. Internet users watched online video during the month. Online video viewing continued to reach record levels in November with nearly 31 bln videos viewed during the month, and Google Sites accounting for 39% of all videos viewed online in the U.S.

17:00

SNX Synnex correction: Co beats by $0.11, beats on revenue; guides Q1 EPS in-line, revs above consensus (32.09 +0.28)

Earlier, we reported SNX reported Q4 revenues of $2.2 mln instead of $2.2 bln. The correct post is as follows... Reports Q4 (Nov) earnings of $0.87 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.76; revenues rose 5.3% year/year to $2.2 bln vs the $2.11 bln consensus. Co issues in-line EPS guidance for Q1, sees EPS of $0.57-0.65, excluding non-recurring items, vs. $0.60 consensus; sees Q1 revs of $1.88-1.98 bln vs. $1.87 bln consensus. Co says, "Looking into fiscal 2010, we believe our efficient business model best positions SYNNEX to continue to outperform the market as the economy improves." Briefing.com note: We have deleted the original post.

16:45

MRM Merrimac Industries: Crane Co. commences tender offer for Merrimac Industries for $16 (15.89 -0.01)

Crane (CR) announced that it has commenced its tender offer for Merrimac Industries (MRM). The move represents the next step toward an acquisition first announced on December 23, 2009. Crane anticipates the acquisition will close in Q1 of 2010. The cash tender, through Crane Merger Co., a wholly owned Crane subsidiary, is for all outstanding shares of Merrimac common stock at a price of $16.00 per share, without interest and less any applicable withholding or stock-transfer taxes.

16:41

EPHC Epoch announces 16% increase in AUM to $11.4 bln (10.77 -0.13)

16:31

SONO SonoSite sees revenue of approx $69 mln in Q4, First Call consensus $69.09 mln (24.51 -0.24)

Overall 2009 revenue was approximately $69 million in the fourth quarter and $227 million for the year. Overall revenue included $4 million for the fourth quarter and $7 million for the year from the recently acquired CardioDynamics International Corporation (CDIC). Excluding CDIC, revenue was down 7% in the fourth quarter and down 10% for the year compared to the prior year. For the quarter, a decrease in military orders caused a 6% revenue decline. Changes in foreign currency rates increased revenue in the fourth quarter by 4% but decreased revenue by 2% for the year.

16:30

NDSN Nordson acquires German distributor GLT mbH; Revenues of GLT were not disclosed (6298 -0.08)

16:30

BZH Beazer Homes reports new home orders and closings for the quarter ended December 31, 2009 (5.42 +0.16) -Update-

Co releases preliminary unit net orders and closings from continuing operations for the quarter ended December 31, 2009. For new orders, units were +41.1% in the West, +36.3% in the East, +22.8% in the Southeast, and +36.6% overall. For closings, units were -7.5% in the West, +43.2% in the East, -7.2% in the Southeast, and +8.0% overall.

16:27

SIMG Silicon Image appoints Camillo Martino Chief Executive Officer (2.76 +0.06)

Martino comes to Silicon Image from SAI Technology, Inc. SAI is a leading supplier of 4G and security technology solutions to the mobile communications industry. During Martino's two year tenure as a board member, chief operating officer (COO) and Angel investor, SAI experienced rapid growth and built a strong and innovative business. Martino will remain a member of the SAI Board of Directors after joining Silicon Image.

16:26

BZH Beazer Homes is commencing concurrent public offerings of common stock and mandatory convertible subordinated notes (5.42 +0.16)

Co announces it is commencing concurrent underwritten public offerings of common stock and mandatory convertible subordinated notes. The offerings will include the issuance of 18 mln shares of common stock and $50.0 million aggregate principal amount of mandatory convertible subordinated notes due 2013.

16:24

HTRN HealthTronics entered into a new credit agreement (2.42 -0.06)

Co entered into a new credit agreement that amended the prior credit agreement by extending the maturity date of the $60 mln revolver from March 23, 2010 to December 31, 2012, increasing the borrowing rate to LIBOR plus 2.6% to 3.1%, eliminating the interest coverage ratio and replacing it with a fixed charge coverage ratio, increasing the dollar limit on stock repurchases from $10 mln to $20 mln (but subject to maintaining a total leverage ratio of 2.00 to 1.00), and making other minor changes. As of September 30, 2009, the Company had $44 mln drawn on the revolver.

16:23

MOS Mosaic misses by $0.03, beats on revs (63.15 +1.44)

Reports Q2 (Nov) earnings of $0.32 per share, excluding $0.08 in non-recurring items, $0.03 worse than the First Call consensus of $0.35; revenues fell 43.2% year/year to $1.71 bln vs the $1.68 bln consensus. Phosphate demand rebounded with increased sales prices and sales volumes. The average diammonium phosphate (DAP) selling price was $287 per tonne, up slightly from Q1 of FY10. Phosphates sales volumes increased 15% sequentially to 3.3 mln tonnes (including changes to reflect the Co's segment reporting change). Potash sales volumes increased 30% compared to Q1 of FY10 to 1.0 mln tonnes and the average muriate of potash (MOP) selling price was $370 per tonne. MOS is continuing its policy of not providing financial guidance on Potash sales volumes or MOP selling price, for the third consecutive quarter, until market conditions normalize. MOS reports sees Q3 phosphate sales volume of 2.2-2.6 mln tonnes, above sales volume of 1.1 mln in the prior year's quarter; sees DAP pricing of $310-350, below pricing of $413/tonne in the prior year's quarter. Co said, "The phosphate market began to recover during the quarter, especially in Asia and the Americas, as distributors purchased crop nutrients to meet farmer demand. Since the end of Q2, the average price for DAP has continued to strengthen. While the potash market has been soft for most of calendar 2009, it is beginning to gain traction with the recent settlement of contracts in China which has afforded the marketplace price discovery. In addition, recent increased potash application rates in the Americas driven by nutrient depleted soils and strong grain and oilseed prices bodes well for improved market demand for potash during calendar 2010."

16:17

PMTI Palomar Medical's patent infringement lawsuits against Candela and Syneron reopened (10.01 -0.40)

Co announces that its patent infringement lawsuits against Candela (CLZR) and Syneron have been re-started. Palomar has accused Candela of willful infringement of U.S. Patent No. 5,735,844, and Palomar has accused Syneron of willful infringement of the '844 patent as well as U.S. Patent No. 5,595,568. This light-based hair removal patent family has already been licensed to many other companies. Palomar's lawsuits against Candela and Syneron were stayed by the Court pending the outcome of the reexaminations of the '568 and '844 patents. Following the successful conclusion of both reexaminations, Palomar requested that the Court re-start both lawsuits. The Court has now granted both of those requests.

16:15

BRO Brown & Brown announces the retirement of Jim Henderson, Vice Chairman and Chief Operating Officer, effective in August 2010 (17.88 -0.13)

The co announces the retirement of Jim Henderson, its Vice Chairman and Chief Operating Officer and a member of its Board of Directors, effective in August 2010. In view of his impending retirement from the Company, Jim Henderson has confirmed that he will not seek re-election to the Company's Board of Directors at the 2010 Annual Shareholders' Meeting in April.

16:12

TISI Team beats by $0.04, reports revs in-line; reaffirms FY10 EPS guidance, guides FY10 revs in-line (18.91 -0.39)

Reports Q2 (Nov) earnings of $0.34 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.30; revenues fell 17.1% year/year to $123.3 mln vs the $122.3 mln consensus. Co issues mixed guidance for FY10, sees EPS of $0.85-1.05, excluding non-recurring items, vs. $0.95 consensus. Earnings guidance is based on the expectation that revenues in the second half of the year will be approximately 10% higher than in the first half of the year -- equates to FY10 revs of $470.8 mln vs. $469.62 mln consensus. "As previously reported, the Audit Committee is conducting an independent investigation regarding possible violations of the Foreign Corrupt Practices Act ("FCPA") in cooperation with the U.S. Department of Justice and the Securities and Exchange Commission. While the investigation is ongoing, management continues to believe that any possible violations of the FCPA are limited in size and scope. The investigation is now expected to be completed during the first calendar quarter of 2010. The total professional costs associated with the investigation are now projected to be about $3.0 million."

16:10

VSR Versar acquires Professional Protection Systems; will add ~$5 mln in annualized gross revenue (3.07 -0.01)

Co announces that it has acquired Professional Protection Systems. P.P.S., located in Milton Keynes, United Kingdom, manufactures and sells proprietary personal protective equipment to the nuclear industry, including protective suits, decontamination showers, and emergency shelters. The P.P.S. acquisition will add approximately $5 mln in annualized gross revenue to VSR's base business and provide a strong platform to cross-market VSR's and PPS's combined product line in the United States and to International clientele. The acquisition, completed primarily with cash, a note and an earn-out component, is expected to be accretive in the first year.

16:09

ETP Energy Transfer announces 7.5 mln common unit offering (46.10 +0.40)

16:09

ANGO AngioDynamics beats by $0.02, beats on revs; guides FY10 EPS in-line, revs above consensus (15.97 -0.27)

Reports Q2 (Nov) earnings of $0.13 per share, $0.02 better than the First Call consensus of $0.11; revenues rose 10.3% year/year to $53.5 mln vs the $52 mln consensus. Co issues mixed guidance for FY10, sees EPS of $0.46-$0.48 vs. $0.46 consensus, vs prior guidance of $0.45-$0.47; sees FY10 revs of $214-$217 mln vs. $212.60 mln consensus. Sees gross margin in the range of 59-60% of net sales (a decrease from previous guidance of 61-62%).

16:08

LNDC Landec reports EPS in-line, beats on revs (6.27 -0.11)

Reports Q2 (Nov) earnings of $0.06 per share, in-line with the First Call consensus of $0.06; revenues rose 5.0% year/year to $60.9 mln vs the $59.0 mln consensus.

16:08

BW Brush Engineered Materials subsidiary completes acquisition of Academy Corporation; expected to be accretive to earnings in 2010 (20.07 +0.46)

16:08

NLS Nautilus Grp announces completion of sale of certain commercial assets and provides update on other material events (2.03 -0.06)

The co announces today that it has completed the sale and licensing of certain assets of its commercial business to Xiamen World Gear Sports Goods... The Company had previously announced its intention to divest itself of its commercial business in order to enable its management team to focus its resources on its branded consumer retail and direct businesses. The aforementioned agreements do not involve Schwinn products which are sold in the retail and direct sales channels, which Nautilus will continue to sell. Nautilus continues to work with Robert W. Baird to divest its remaining commercial assets, including Nautilus-branded strength and cardio lines and the manufacturing plant in Virginia... The Company also announces that a federal income tax refund of approximately $12.1 million which it previously expected to receive by March 31, 2010 is now expected to be received earlier, prior to January 31, 2010.

16:07

TPX Tempur-Pedic expects Q4 revs in the range of $242-244 mln, First Call consensus is $211 mln; EPS in the range of $0.35-0.37 vs $0.29 consensus; guides 2010 above consensus (25.55 +1.12) -Update-

Co currently expects fourth quarter 2009 sales to range between $242 and $244 million, representing growth of 28% to 29% as compared to the fourth quarter of 2008. The Company currently expects fourth quarter 2009 earnings per share (EPS) to range between $0.35 and $0.37 per diluted share. The Company issued initial full year 2010 guidance for net sales and earnings per share. It currently expects net sales for 2010 to range from $950 to $970 million, First Call consensus is $870 mln. It currently expects EPS for 2010 to range from $1.40 to $1.50 per diluted share, First Call consensus is $1.26. Chief Financial Officer Dale Williams commented, "In our planning for 2010, we expect benefits from our productivity programs and fixed cost leverage will be partially offset by our outlook for rising commodity prices and increased investments in marketing and R&D. As a result, we currently anticipate operating margin to expand 100 basis points or more for the full year in 2010."

16:06

SONC Sonic misses by $0.03, reports revs in-line; sees FY10 earnings flat, below consensus (10.25 -0.04)

Reports Q1 (Nov) earnings of $0.10 per share, $0.03 worse than the First Call consensus of $0.13; revenues fell 25.9% year/year to $136.5 mln vs the $137.1 mln consensus. For the first fiscal quarter ended November 30, 2009, system-wide same-store sales declined 6.5% vs the -4.2% consensus and a decrease of 3.6% for the same quarter last year. The decline in system-wide same-store sales was composed of 6.0% lower same-store sales at franchise drive-ins and a 9.1% decline at partner drive-ins. Based on Sonic's first quarter results and the anticipation of a continued challenging economic and credit market environment, management anticipates earnings for 2010 will be flat versus fiscal 2009 earnings, as adjusted (consensus calls for earnings up 8.3% YoY). This expectation is primarily based on a projected decline in annual system-wide same-store sales of 4-6% (consensus -1.8%), reflecting expected improvement in the latter half of the year versus the current trend. The co also anticipates a decline in restaurant-level margins associated with the decline in sales. Sonic continues to expect new drive-in openings to total approximately 115 to 125 for fiscal 2010, including 100 to 110 new franchise drive-ins.

16:05

ATGN AltiGen Comms announced that China UnionPay has deployed an AltiGen software-based call center (0.91 -0.08)

Co announced that China UnionPay has deployed an AltiGen software-based call center and Voice-over-IP solution as part of its customer service solution that is being implemented into numerous banks all across China. CUP Data and AltiGen have co-developed an integrated customer service system that has been deployed by numerous banks and credit unions throughout China.

16:05

ACCL Accelrys announces the appointment of new Chief Financial Officer and Chief Marketing Officer (5.77 -0.12)

The co announces the appointment of two experienced enterprise software executives to its management team. Michael A. Piraino joins the company as Senior Vice President and Chief Financial Officer while Paul J. Burrin assumes the position of Senior Vice President and Chief Marketing Officer. Both will report to Max Carnecchia, Accelrys' President and Chief Executive Officer.

16:01

ISLE Isle of Capri and Greektown Casino announce partnership (8.10 +0.38)

The co and the management board of Greektown Casino announce that Isle of Capri has been engaged to provide marketing and operational consulting services to Greektown Casino-Hotel in Detroit, Michigan through the completion of its current Chapter 11 reorganization process.

16:00

MKSI MKS Instruments promotes Gerald G. Colella to Chief Operating Officer and Seth H. Bagshaw to Vice President and Chief Financial Officer (18.29 +0.46)

Co announced several changes in management which are effective immediately. Gerald G. Colella will assume the position of Vice President and Chief Operating Officer. Seth H. Bagshaw, Vice President and Corporate Controller, will assume the position of Vice President and Chief Financial Officer and will succeed Ronald C. Weigner who most recently served as Vice President, Chief Financial Officer and Treasurer. Weigner will continue on as Vice President of Finance and Treasurer.

16:00

BMRN Biomarin Pharm announces Amifampridine Phosphate receives marketing approval in the EU for LEMS (19.15 +0.20)

Co announced that the European Commission has granted marketing approval for 3,4-diaminopyridine (amifampridine phosphate), for the rare autoimmune disease Lambert Eaton Myasthenic Syndrome (LEMS). Amifampridine phosphate, developed by the pharmaceutical unit (AGEPS) of the Paris Public Hospital Authority (AP-HP) and licensed from EUSA Pharma SAS, is the first approved treatment for LEMS, thereby conferring orphan drug protection and providing ten years of market exclusivity in Europe. It has also received orphan drug designation in the U.S.

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