Briefing.com: Hourly In Play (R) – 12:00 ET
Mar 03, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 03-Mar-10 12:00 ET
11:57
SPY S&P 500 +6.2 pauses but holding above initial support zone -Update- -Technical-
The index has spent the last hour range trading near the high and above initial intraday support at 1123.75/1123.25. A continued posture above here and 1121 would inflict no intraday chart damage. Resistance above the high (1125) is at 1128 in front of the 1130/1131 area.
11:49
CAR Avis Budget announces offering of $400 mln of senior notes (10.64 -0.04)
11:45
Rumor Round Up
After a relatively quiet start to the week, there has been an explosion of rumors this morning. At the open it was rumored that Japanese-based Kamatsu could be interested in Terex (TEX 21.52 +1.54), we note the shares are up 7% on the day. It was also rumored that FMC Tech (FTI 60.46 +2.91) could be seeing interest from National Oilwell (NOV 44.44 +0.42). Then NetApp (NTAP 31.79 +0.75) shares saw a spike in price and volume after a rumor circulated that IBM (IBM 127.81 +0.39) could be interested in the company. RadioShack (RSH 20.98 +1.11) shares spiked ~$1 following a rumor that private equity firms may be interested in launching a bid to take RSH private. Renewed takeover circulated on Cephalon (CEPH 71.09 +0.41), sending the shares to the best levels of the day. We note takeover chatter about CEPH has circulated in the past. In January JMP Securities said they have long viewed the potential sale of the company as a way to maximize shareholder return, and although an acquisition may not be imminent, they do not believe that the current valuation, or their price target of $70, incorporates a take out premium. Finally, it was also rumored that NeList (NLST 4.50 +0.45) has reached a settlement agreement with Google (GOOG 546.07 +4.95). Recall back in Dec. Bloomberg reported Netlist sued Google over a patented invention designed to increase the speed of memory modules... As we always mention, 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.
11:31
HRLY Herley Industries awarded a $11.7 mln contract to provide complex microwave assemblies for a U.S. Navy Electronic Attack Aircraft (13.71 -0.09)
Co announced today that its Herley New England division in Woburn, Massachusetts has been awarded a contract valued at approximately $11.7 million from a major U.S. Prime contractor. Herley New England will manufacture a number of multi-function integrated microwave assemblies (IMAs) for a U.S. Navy Electronic Attack Aircraft.
11:17
ARD Arena Resources extends yesterday's high volume wide range breakdown lower intraday as it nears a test of the 32.00 support area (32.45 -2.74) -Update- -Technical-
11:15
Moody's says Greece's new austerity measures lend credibility to fiscal adjustment plan
Moody's Investors Service said that the additional fiscal measures announced by the Greek government are consistent with Moody's current A2 rating, with a negative outlook, for Greece's government bonds. Today Moody's also published an Issuer Comment, entitled "A Ten-Point Analysis of Greece's A2 (Neg) Rating", which reiterates the rating agency's rationale behind Greece's rating and the conditions under which that rating could change. "These new measures are a clear manifestation of the government's resolve to regain control of public finances," says Sarah Carlson, VP-Senior Analyst in Moody's Sovereign Risk Group and lead analyst for Greece. In an economic and market environment that has become increasingly challenging, these measures increase the probability of debt stabilization provided that they, and the previously announced policy measures, are fully implemented. "The onus is on the government to demonstrate that it does not merely announce ambitious plans, but is also able to deliver on these commitments," says Ms. Carlson. "However, Moody's does not expect Greek public finances to be turned around in a fortnight," adds Ms. Carlson, insisting that the Greek government needs to be given time to allow it to follow through on its plan.
11:10
QQQQ Nasdaq Comp +12.2 joins Dow +61 and S&P +7 above yesterday's high -Technical-
Short term resistance for the Nasdaq Comp is in the 2299/2305 area.
11:00
SPY New session highs for stock indices as Dollar Index breaks two week range floor -- Dow +52, S&P +6.2, Nasdaq +10.2 -Update- -Technical-
See Dollar Index chart in the 10:36 update.
10:58
COMDX Sell off in dollar index pushes silver and crude to fresh highs, gold moving towards overnight highs
Crude now higher by $1.02 to $80.70, silver up 27.1 cents to $17.335 and gold is higher by $1.70 to $1142.20.
10:56
XHB SPDR Homebuilders testing Jan/Feb highs at 16.35/16.34 (16.35 +0.20) -Update- -Technical-
Noted relative strength in early trade and the test of yesterday's high with the next level of interest at the Jan/Feb highs which have been approached in recent trade. Its 52-wk close high from last Sep is at 16.47 on a breakout with the 52-wk intraday high also from Sep at 16.75.
10:51
COMDX Crude oil recoups its inventory-related losses to put in fresh session highs at $80.45; currently higher by 61 cents to $80.28
10:40
EXK Endeavour Silver announces its reserves/resources (3.60 +0.14)
2009 Reserve/Resource highlights - Silver proven and probable reserves up 113% to 16.6 mln ounces (oz); Guanacevi 15.0 mln oz and Guanajuato 1.6 mln oz - Gold proven and probable reserves up 87% to 44,000 oz; Guanacevi 22,500 oz and Guanajuato 21,500 oz - Silver equivalent proven and probable reserves up 103% to 19.4 mln oz; Guanacevi 16.5 mln oz and Guanajuato 2.9 mln oz - Silver indicated resources up 21% to 23.6 mln oz; Guanacevi 17.8 mln oz, Guanajuato 4.3 mln oz and Parral 1.5 mln oz - Gold indicated resources up 35% to 119,100 oz; Guanacevi 37,100 oz, Guanajuato 38,200 oz and Parral 43,800 oz - Silver equivalent Indicated resources up 20% to 31.3 mln oz; Guanacevi 20.2 mln oz, Guanajuato 6.8 mln oz and Parral 4.3 mln oz - Silver inferred resources down 6% to 18.3 mln oz; Guanacevi 9.6 mln oz, Guanajuato 7.7 mln oz and Parral 1.0 mln oz - Gold inferred resources up 17% to 111,000 oz; Guanacevi 16,400 oz, Guanajuato 70,000 oz and Parral 24,600 oz - Silver equivalent Inferred resources down 4% to 25.6 mln oz; Guanacevi 10.7 mln oz, Guanajuato 12.3 mln oz and Parral 2.6 mln oz - The mineral resources are exclusive of the mineral reserves - Mineral reserves have demonstrated economic viability whereas mineral resources do not - 2009 silver equivalents based on 65:1 silver:gold ratio, base metals not included as equivalents - 2008 silver equivalents based on 75:1 silver:gold ratio, base metals not included as equivalents
10:39
DIA New session high for Dow +48, S&P +5 and Nasdaq +7.3 hovering just below -Technical-
Dollar Index slips back toward session low and two week range floor (see 10:36 for Dollar chart).
10:36
UUP Dollar Index slipping back toward session low of 80.14 -Technical-
Note that this also lines up with its 20-day ema and its two week trading range floor at 80.16/80.08 (Click for chart).
10:35
TAN 1st hour gloabl & sector ETF view -Technical-
Actively Traded Leading Global & Sector ETF Plays:
Solar power- TAN +4.50%, Wind energy- FAN +2.50%, Steel- SLX +2.50%, Coal- KOL +2.25%, SPDRS metals & mining- XME +2.25%, Gold miners- GDX +2.0%, Silver- SLX +1.75%, India- INP +1.75%, iShares Brazil- EWZ +1.75%, SPDRS oil service & production- XES +1.75%, Basic materials- XLB +1.75%, IYM +1.50%, Global shippers- SEA +1.50%, Oil HLDRS- OIH +1.50%, Clean energy- PBW +1.50%, iShares Germany- EWG +1.25%
Actively Traded Lagging Global & Sector ETF Plays:
SPDRS biotech- XBI -1.75%, VIX vol index- VXX -1.0%, US bonds- TLT -0.50%, Food & Beverage- PBJ -0.25%, US Dollar index- UUP -0.25%, iShares REITS- ICF -0.25%, US airlines- FAA -0.25%
10:31
OIH Crude oil drops quickly back to the flat line following inventory data; now off 3 cents to $79.65
10:30
PPR ING Prime Rate Trust announces intended redemption of auction-rate preferred securities (6.00 +0.02)
Co announced today its intention to redeem a portion of its outstanding auction-rate preferred securities (ARPS). The Trust expects to redeem approximately $25 mln of the $200 mln ARPS currently outstanding, approximately 12.5% by series, subject to satisfying the notice and other requirements that apply to ARPS redemptions. Upon completion of such notice and other requirements, the Trust will issue a formal redemption notice to the paying agent and record holders. The Trust expects to issue a formal redemption notice by the second week of March and anticipates that the redemption of the $25 mln of ARPS will be completed by mid- to late April.
10:28
JOYG NASDAQ 100 (NDX) leaders & laggards moving through today's 1st hour of trading -Technical-
NDX 100 Best % Performers:
JOYG +7.75%, DISH +2.75%, NIHD +2.50%, VOD +2.50%, NTAP +2.50%, QCOM +2.25%, CTXS +2.0%, SIAL +2.0%, FSLR +1.75%, ILMN +1.75%, MICC +1.75%
NDX 100 Worst % Performers:
STX -4.75%, SPLS -3.0%, EBAY -2.0%, JBHT -1.75%, PCLN -1.0%, COST -1.0%, SNDK -1.0%, WCRX -0.75%, MYL -0.75%, BIDU -0.75%, CTSH -0.75%, APOL -0.50%
NASDAQ TRIN @ +0.55
NASDAQ A/D @ +330
10:24
CAT Dow 30 (INDU) leaders & laggards moving through today's 1st hour of trading -Technical-
INDU 30 Best % Performers:
CAT +2.25%, DD +1.25%, GE +1.0%, AA +1.0%, MRK +1.0%, HD +1.0%
INDU 30 Worst % Performers:
PFE -0.75%, WMT -0.50%, VZ -0.25%, INTC -0.25%
NYSE TRIN @ +0.55
NYSE A/D @ +905
10:20
SCOK SinoCoking commences construction of new coking facility (29.63 4.22)
Co announced that it broke ground today on the construction of its new state-of-the-art coking facility in Pingdingshan city, in Henan Province, China. The new coking facility, which will cost an estimated $70 mln to complete, is expected to launch production of metallurgical and chemical coke, coal gas, and various chemical products by early 2011.
10:16
SPY S&P +3.4 edges slightly above yesterday's high, Dow +32 and Nasdaq +5 do not confirm but only minor slippage noted -Update- -Technical-
Intraday support for the S&P is at 1121 and 1119. It takes a slide back through Wednesday's late low (1116.51) to inflict any short term chart damage.
10:04
VISN VisionChina Media sinks to gap down lows as it nears a test of the 5.00 "psych" support area, just above its Nov08 all-time low of 4.25 (5.28 -2.91) -Update- -Technical-
10:03
FSIN Fushi announces resignation of CFO (10.10 +0.13)
Co announced that Ms. Beihong "Linda" Zhang has resigned as the co's CFO effective immediately for medical related health reasons. The board has appointed Wenbing "Christopher" Wang, President, to the position of interim CFO. Mr. Wang had previously served as the co's CFO from 2005 to 2009. The co has initiated a search for a permanent CFO.
10:03
DFS Discover Financial Services probing 50-day sma/Feb high at 14.05/14.10 -- session high 14.06 (14.03 +0.13) -Technical-
10:01
SPY Dow +39 and S&P +4.7 set minor new session highs after ISM, Nasdaq +8 hovering just under its high -Update- -Technical-
09:54
LEI Lucas Energy announces drilling begins on new Austin chalk lateral well (.82 0.00)
Co announced that it has spudded the Milton Hines No.1 well, a re-entry with a new lateral in the Austin Chalk formation. Drilling began on February 26, 2010. The new Austin Chalk lateral well is an offset to the successful Hagen No.3 well in which a new Austin Chalk lateral was drilled in 2008. The Hagen No.3 well tested 160 BOPD when completed without stimulation. The new well is being drilled with a joint venture partner.
09:54
OIH Oil Service HOLDRS Trust edges above yesterday's reaction high of 125.31, probing the Feb high of 125.38 (125.74 +1.62) -Technical-
09:51
COF Capital One sets new high of 38.27, eyeing 50 day (38.25 +0.27) -Technical-
Yesterday's peak and its 50-day sma are at 38.33/38.35 with the top of its new two week range/Feb high at 38.53.
09:50
TECHX Opening Point Gainers/Losers -Technical-
Point Gainers: RTP (+4.78), HSNI (+3.81), SWWC (+3.46), JOYG (+3.18), DIN (+2.93), FSLR (+2.53), LINC (+2.04), ETH (+2.26), TM (+1.98), UFPT (+1.89), BUCY (+1.77), MFB (+1.65), RINO (+1.52), CRZO (+1.52)
Point Losers: MDVN (-26.77), RHD (-3.22), NFLX (-2.87), VISN (-2.88), BJ (-2.03), ARD (-1.42), PVH (-1.09), CPNO (-1.09), WDC (-1.10), JAKK (-0.93), CMED (-0.95)
09:46
TECHX Early relative sector strength -Update- -Technical-
A minor upside bias for the market averages in early trade with sector relative strength (outperforming the S&P) noted in Finance XLF / RKH, Materials XLB, Housing XHB, Oil Service OIH, Shipping SEA, Solar TAN, Steel SLX, Gold Miners GDX.
09:42
ECONX Reminder: ISM Services data due out in about 18 min at 10:00ET
09:42
ME Mariner Energy and and Apache Corporation partner LLOG Exploration announces discovery at its deepwater Mandy Prospect (15.67 +0.06)
LLOG Exploration announced drilling success at its deepwater Gulf of Mexico Mandy prospect in Mississippi Canyon 199. The discovery well was drilled to a total depth of approximately 7500' TVD and encountered in excess of 120' net TVD oil pay, confirmed by RCI pressures and samples, in a high quality reservoir. A follow-up well at Mandy to a separate fault-block in Mississippi Canyon 199 also found a high quality oil-filled reservoir with greater than 100' net TVD oil pay. LLOG holds 50% working interest in the Mandy prospect and is the operator of the project. The prospect was drilled with partners Mariner Energy (ME) with 35% and Apache Corporation (APA) with 15%. The block was acquired in OCS Lease Sale 206 in March 2008.
09:42
PAC Grupo Aeroportuario del Pacifico announces proposed dividend payment (34.69 )
Co announced that on February 23, 2010, the co's board decided to submit the following items for consideration at the Annual Shareholder Meeting to be held April 27, 2010: 1. Proposal to declare and pay a cash dividend of 1 bln pesos, to be distributed proportionally between the shares outstanding on the payment date as determined at the Meeting. Management recommends that the dividend be paid in two parts: a) 750 mln pesos by May 28, 2010. b) 250 mln pesos by November 30, 2010. 2. Proposal for a capital reduction of 900 mln pesos, to be paid in cash and proportionately among the total outstanding shares by May 28, 2010.
09:41
XHB SPDR Homebuilders mildly firmer off the open (16.19 +0.40) -Technical-
The XHB pushed high off the open leaving it slightly under the high for the week (16.27). Note that its six month highs from Jan/Feb is at 16.35/16.34 -- session high 16.22.
09:37
MDY Mildly firmer tone early with S&P Mid-Cap 400 edging above yesterday's peak to set a fractional new 52-wk high -Technical-
The Russell 2000, which set a new yearly high yesterday as well, has not yet confirmed the new high in the mid-caps.
09:37
TECHX Financial players MS & GS show weakness early as they trade in the red & to early session lows in recent trade -Technical-
MS -1.25%
GS -0.50%
09:34
COMDX Natural gas erases earlier losses to trade to its best levels of the morning at $4.753; now higher by 3.6 cents to $4.744
09:31
TX Ternium S.A. informs market on current status of Sidor compensation payments (35.55 +0.21)
Co announced CVG has paid the Sidor compensation payments due on February 2010. These payments consisted of US$158.2 million due under the first tranche, and US$142.0 million mandatory prepayment due under the second tranche.
09:31
TWX Time Warner announces proposed debt offering and announces cash tender offer for any and all of its outstanding 6.75% notes due 2011 (29.66 -0.01)
Co announces it has filed a shelf registration statement with the SEC and commenced an underwritten public offering of a benchmark size of senior notes due 2020 and debentures due 2040. The net proceeds from the issuance of the notes and debentures will be used to repay, repurchase or redeem existing indebtedness and for general corporate purposes. Co announces it has commenced a tender offer to purchase for cash any and all of its outstanding 6.75% Notes due 2011. The tender offer will expire at 11:59 p.m., New York City time, on March 10, 2010, unless extended or earlier terminated. The terms and conditions of the tender offer are set forth in an Offer to Purchase and related Letter of Transmittal, which together constitute the "Offer." The aggregate principal amount of Notes currently outstanding is approx $1.0 bln.
09:30
COIN Converted Organics acquires new organic fertilizer product line (1.03 +0.05)
Co announced that it has acquired a new line of poultry-based organic fertilizer products that is expected to boost Converted Organics' annual fertilizer sales by up to 45 percent in 2010.
09:29
LMT Lockheed Martin receives $213.0 mln contract for 20 new F-16s (79.21 )
09:26
ARCC Ares Capital and Allied Capital announced Allied Capital's intention to declare a special dividend of $0.20 per share to Allied Capital shareholders in connection with the merger transaction (13.54 )
09:23
Fitch says U.S. credit card defaults surge 11%; delinquencies fall again
Fitch's prime credit card chargeoff index jumped 112 basis points (11%) to 11.37%. The results, which cover the January collection period, pushed the index to its highest level since September 2009's record 11.52% and 54% above year earlier levels. The increase was largely driven by a payment holiday for Chase credit cardholders, which pushed more chargeoffs into the current period. Conversely, 60+ day delinquencies fell for the second straight month, down three bps to 4.16%, while the 30-day rate declined six bps to 5.38%. Consistent with seasonal patterns, the 60-plus day delinquency index is off its 4.54% record high set in December and is essentially flat versus year earlier levels. The 30-day delinquency index, meanwhile is 5% below February 2009 rates. The improvement of delinquencies is largely attributable to improvements in Bank of America's delinquency rates partly due to the increased use of modification programs by cardholders. "Late-stage delinquencies are still trending in the 4% range industrywide, which is keeping chargeoff levels in the double-digits," said Managing Director Michael Dean. "Until we see some meaningful improvement in employment numbers, consumer delinquencies and defaults will remain elevated at or near these levels."
09:22
CPNO Copano Energy prices a 6.475 mln share common stock offering at $23.10/share (24.18 )
09:04
NVO Novo-Nordisk receives FDA approval for Norditropin FlexPro for growth hormone treatment (72.02 )
Co announced that the FDA has approved Norditropin FlexPro, a pre-filled injection pen to be used by children and adults with growth hormone disorders. It will be available in the second quarter.
09:03
AKS AK Steel will add $330 per ton surcharge to invoices for electrical steel products shipped in April 2010 (22.64 )
Co advised its customers that a $330 per ton surcharge will be added to invoices for electrical steel products shipped in April 2010. AK Steel's surcharges are based on reported prices for raw materials and energy used to manufacture the products, with the February 2010 purchase cost used to determine the April 2010 surcharges.
09:03
RPM RPM Inc subsidiary acquires Dutch specialty coatings company (19.92 )
Co announces that its subsidiary, Rust-Oleum Corporation, has acquired Chemtec Chemicals BV, a manufacturer of industrial cleaners and specialty coatings based in the Netherlands. Terms of the transaction, which is expected to be accretive to earnings within one year, were not disclosed.
09:03
RTN Raytheon delivers targeting pod 6 months ahead of schedule (56.86 )
Co reached a milestone in January with delivery of its 414th Advanced Targeting Forward Looking Infrared pod to the U.S. Navy six months ahead of schedule.
09:00
LINC Lincoln Educational Services beats by $0.13, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY10 EPS and revs above consensus (22.49 )
Reports Q4 (Dec) earnings of $0.82 per share, $0.13 better than the First Call consensus of $0.69; revenues rose 46.8% year/year to $157.5 mln vs the $151.7 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.38-0.41 vs. $0.31 consensus; sees Q1 revs of $145-147 mln vs. $149.04 mln consensus, with starts up 18-20%. Co issues upside guidance for FY10, sees EPS of $2.40-2.50 vs. $2.09 consensus; sees FY10 revs of $645-655 mln vs. $641.65 mln consensus, with starts up 13-15%. Student starts increased by 31.8% as compared to the fourth quarter of 2008. On a same school basis, student starts increased 25.0% as compared to the fourth quarter of 2008. Average student population increased by 40.1% as compared to the fourth quarter of 2009. On a same school basis, average student population increased 26.5% as compared to the fourth quarter of 2008. For 2009, our operating margin increased to 16.0% up 655 basis points from an operating margin of 9.4% for the year ended December 31, 2008. With respect to 2010, we expect that we will continue to see leverage in our business model, as we benefit from the approximately 7,650 additional students coupled with some moderation in our expectation of student start growth... "We believe the definition of gainful employment as proposed by the DOE is problematic in its current draft form. We believe the regulation as currently proposed would lead to unintended consequences, and would ultimately hurt the students that need the education the most. Moreover, the draft regulation focuses only on starting salaries and doesn't address the benefits and earnings potential of a student over his career... However, even in the unfortunate event that the proposed regulation is not altered or amended, as we expect it will be, we anticipate that this regulation would be manageable for Lincoln. Based on our current enrollment and program mix, we estimate that, before we make any modifications to our programs, the regulation as proposed, would have impacted less than 5% of our revenues in 2009.
09:00
INET Internet Brands acquires online coupon website Tjoos.com (8.75 )
Co announced the acquisition of Tjoos.com, an online coupon website. Tjoos grew by 150 percent to well over 1 million unique visitors in February 2010 compared to the prior year. This growth was driven by the site's more than 500,000 coupons from more than 180,000 merchants.
08:56
SPY E~mini index futures lift to session/GLOBEX highs here on no notable news or catalyst -Technical-
ES +2.50
NQ +3.00
YM +16
08:50
AAI Air Tran Holdings reports Feb traffic: Revenue passenger miles +5.4% for Feb YoY, +6.1% YTD from 2009 (5.02 )
Co reports that available seat miles were 1,724,510 vs 1,655,527 up 4.2% from Feb 2009; Load Factor was 75.1% vs 74.2%, up 0.9 points compared to Feb 2009.
08:47
TRCI Technology Research announces acquisition of Patco Electronics (3.85 )
Co announced that it has signed an agreement to acquire 100% of the stock of Patco Electronics from its shareholders for $5.0 mln in cash, ~675,000 shares of TRC common stock and contingent cash payments if certain revenue targets are met for either or both of the two years after the closing of the transaction.
08:46
EMN Eastman Chem provides update on outage at Texas Facility; expects the impact of the outage on Q1 EPS to be between $0.20 and $0.25. (60.53 )
Co announces that it experienced a power outage resulting in a shutdown at its Longview, Texas, site as previously announced. During restart operations late last week, an unexpected equipment breakage connected to one of the two operating cracking units at the site delayed startup and is interrupting production of certain products and intermediates. The company is working directly with customers on supply plans and is assessing the duration of the outage. Based on current information, the company expects to have the smaller of the two crackers online by mid-March and the larger cracker online before the end of March. The company has notified its insurance carriers of the outage as part of the claims assessment process. Based on the current timeline for restarting the crackers, the company expects the impact of the outage on first-quarter 2010 earnings per share to be between $0.20 and $0.25. This impact is expected to be mostly offset by higher than forecasted sales volume and operating margin. (Note that current consensus for Q1 is $1.15)
08:43
On The Wires
GIlat (GILT) announces that it has been chosen by service provider Satcom Systems to provide a SkyEdge II broadband satellite network to serve several hundred sites throughout Africa... Keegan (KGN) announces that drilling is set to commence at its 280 square km Asumura gold property in southwest Ghana in the second half of March... St. Jude Medical (STJ) announces publication of clinical results in the Hemodynamically Guided Home Self-Therapy in Severe Heart Failure Patients trial. The left atrial pressure management system featured in this study allows patients to adjust their heart failure medications daily, based on a physician-directed prescription plan and their current HF status, similar to the manner in which diabetes patients manage their insulin therapy... BSD Medical Corporation (BSDM) announces that it has retained Financial Profiles, Inc. to direct a comprehensive investor relations program... Optelecon (OPTC) announces the award of a $503,000 traffic management equipment contract from Temple, a regional systems distributor based in Decatur, Alabama, USA... Satcon Technology Corporation (SATC) announces that it has been selected to ship 38 megawatts of its PowerGate Plus 500 kW solar PV inverter solutions to GCL Solar Limited, one of China's largest utility solar power plant developers... Dole Food (DOLE) announce that it has successfully completed the previously announced amendments to its senior secured credit facilities. Dole expects that its annual interest expense will be reduced by approximately $23 mln.
08:41
GENZ Genzyme and PTC Therapeutics announce preliminary results from the Phase 2b clinical trial of Ataluren; primary endpoint of change in 6-minute walk distance did not reach statistical significance within the 48-week duration of the study (56.82 )
PTC Therapeutics and GENZ announced preliminary results from the Phase 2b clinical trial of ataluren, an investigational new drug, in patients with nonsense mutation Duchenne/Becker Muscular Dystrophy. The primary endpoint of change in 6-minute walk distance did not reach statistical significance within the 48-week duration of the study. Study results showed that ataluren was well tolerated and no clinical trial patients discontinued treatment due to an adverse event. Additional efficacy analyses are underway in patient subgroups. "These results further demonstrate the safety profile of ataluren and support continued development...The variability of symptom onset, disease progression, and 6-minute walk distance creates challenges for clinical development. Importantly, this trial does provide a wealth of valuable data about ataluren and DBMD. Additional analyses will guide the overall clinical and regulatory path forward."
08:35
ISYS Integral Systems announces dismissal of Vidmar class action litigation (9.01 )
Co announces that an order was filed on Feb 25, 2010, granting the motion to dismiss sought by the co on behalf of all defendants in the class action case of Anthony Vidmar, et al. v. Integral Systems, Inc., et al. The plaintiffs have 30 days to appeal the court's decision. With this dismissal, all pending litigation against the Company has been withdrawn by plaintiffs or dismissed by the courts without any findings against the Company or its current management team, and without payment of any settlement amount.
08:35
CPST Capstone Turbine terminates distributor agreement With Collicut Energy Services and signs Regatta Solutions (1.19 )
Co recently terminated its distribution relationship with Collicut Energy Services and promoted Regatta Solutions to represent the full line of Capstone products in Southern California.
08:35
BWS Brown Shoe beats by $0.03, beats on revs; guides FY11 and Q1 on the top line (14.33 )
Reports Q4 (Jan) earnings of $0.19 per share, ex-items, $0.03 better than the First Call consensus of $0.16; revenues rose 8.6% year/year to $566 mln vs the $558.4 mln consensus. Brown Shoe sees FY11 sales up in the mid-single digits vs the +2.2% consensus with Q1 sales up in the low single digits vs +3.5% consensus. Gross profit rate in the fourth quarter of 2009 increased by 390 basis points, versus the same period last year, to 41.1 percent of net sales. "As we look to 2010, we will continue our strategies of driving profitable sales from our core brands, while focusing on improving the productivity of our store base. This requires continuously enhancing product styling and innovation in our brands and retail assortments, evolving impactful consumer engagement programs, and generating greater efficiencies from our operating platform. We are encouraged that the trends we saw in the fourth quarter have continued into the first quarter and, while there remains uncertainty as to the pace of economic recovery, we believe we will see a return to mid-single digit sales growth for Brown Shoe during the year coupled with a doubling of our earnings in the next 12 to 15 months."
08:33
PSDV pSivida reports presentation of additional "positive" 24-month data from Iluvien Phase 3 FAME study for diabetic macular edema at angiogenesis 2010 (3.28 )
Co announces 24-month data from the FAME Phase 3 study for Iluvien presented at Angiogenesis 2010 included additional efficacy and safety data that reinforced the positive top-line results reported in December 2009 by pSivida and its licensee, Alimera Sciences, Inc. Peter A. Campochiaro, MD, of The Johns Hopkins University School of Medicine, presented the 24-month results from the FAME study at the Angiogenesis 2010 meeting in Miami based on analysis of the Full Analysis Set representing all randomized patients. As previously reported, the difference in the percentage of patients in this dataset whose best corrected visual acuity improved by 15 or more letters from baseline on the Early Treatment Diabetic Retinopathy Study eye chart at month 24 was statistically significant for both doses of Iluvien in each of the two trials composing the FAME Study as well as on a combined basis. For the combined analysis, 28.7% of patients treated with low dose Iluvien, and 28.6% of patients treated with high dose gained at least 15 letters, compared with 16.2% of control patients, p = 0.002 for high and low dose. Based on the 24-month data, Alimera previously announced that it intends to file a New Drug Application for regulatory approval of the Iluvien low-dose in Q2 calendar 2010.
08:33
PLX Protalix BioTherapeutics Announces Successful GMP Manufacturing Audit by Israel's Ministry of Health (7.25 )
Co announces that the Israeli Ministry of Health has completed a successful GMP audit of the co's manufacturing facility in Carmiel, Israel. The audit was performed as part of the Ministry of Health's evaluation of the co's manufacturing process of taliglucerase alfa for the treatment of Gaucher disease.
08:32
DHT Double Hull Tankers: MMI Investments demands DHT Holdings to reinstate its dividend and strengthen its Board (3.95 )
MMI Investments, the largest stockholder of DHT Holdings (DHT), announces that it has sent a letter to Erik Lind, Chairman of the Board of DHT, demanding a reinstatement of the company's dividend and the addition of Robert Cowen, a shipping industry veteran with over 30 years of experience including with DHT's former parent company, Overseas Shipholding Group, to the DHT Board of Directors. Clay Lifflander, President of MMI, stated: "In the six months through February since DHT eliminated its dividend, a move that was never necessary in our view, the stock price dropped more than -30% at the same time as the average total return of its peers, all of whom currently pay dividends, was +19.5%. We believe DHT's stockholders deserve better returns on their investment and improved performance from management and the Board. We therefore strongly urge the reinstatement of a dividend of $0.10 per share quarterly and the appointment of Bob Cowen to DHT's Board of Directors."
08:31
ARG Airgas and Case Western Reserve University sign seven-year supply agreement (65.53 )
The co announces it has signed a supply agreement with Case Western Reserve University (CWRU). CWRU, a private university located in Cleveland, Ohio, is continually ranked among the country's top research universities. Airgas will provide specialty gases and equipment to more than 600 CWRU laboratories, as well as industrial gases to other areas within CWRU. The seven-year agreement, with estimated annual sales of $1 million, was facilitated by Airgas' and CWRU's affiliation with E&I Cooperative Purchasing. Airgas has a national competitively awarded supplier contract with E&I.
08:26
NNI Nelnet beats by $0.43, beats on revs (16.90 )
Reports Q4 (Dec) earnings of $1.64 per share, $0.43 better than the First Call consensus of $1.21; revenues rose 33.8% year/year to $218.7 mln vs the $176.9 mln consensus. In September 2009, Nelnet began servicing student loans for the Department under a contract that will increase the co's fee-based revenue as the servicing volume increases. As of December 31, 2009, the co was servicing ~$3.4 bln of loans on behalf of the Department, of which ~$1.5 bln was incremental volume previously serviced by other cos. As of March 1, 2010, servicing volume for the Department has grown to $6.3 bln, up from $177 mln at September 30, 2009. Elimination of the FFEL Program would impact the co's operations and profitability by, among other things, reducing the co's interest revenues as a result of the inability to add new FFELP loans to the co's portfolio and reducing guarantee and third-party FFELP servicing fees as a result of reduced FFELP loan servicing and origination volume. Additionally, the elimination of the FFEL Program could reduce education loan software licensing opportunities and related consulting fees received from lenders using the co's software products and services. In June 2009, the Department of Education named the co as one of four private sector companies awarded a servicing contract to service student loans. No later than August 2010, the co expects to begin servicing new loans originated under the Direct Loan Program. If legislation is passed mandating that all new student loan originations be funded through the Direct Loan Program, revenue from servicing loans under this contract will partially offset the loss of revenue if the FFEL Program is eliminated.
08:15
SPY E~mini index futures see slight bid off lows following ADP job data -Technical-
S&P 500 (ES) -.50
NDX 100 (NQ) -1.50
INDU 30 (YM) -8
08:04
PAP Pacific Asia Petroleum raises $17.5 mln in offering of 4,146,922 shares of its common stock at a price of $4.22/share (4.45 )
The registered direct offering which provides sufficient cash to close pending acquisition of an interest in the Oyo oilfield.
08:04
IVAC Intevac announces an order for four 200 Lean magnetic disk sputtering systems, scheduled for delivery in the summer of 2010 (14.69 )
08:03
RNN Rexahn Pharmaceuticals submits Zoraxel Phase IIb protocol to FDA (1.18 )
Co announces that it has submitted a Phase IIb protocol to the FDA for ZoraxelTM for the treatment of erectile dysfunction. Rexahn also announced the formation of a Urology Scientific Advisory Board.
08:02
RGEN Repligen Announces Acquisition of Chromatography Technology Platform (3.65 )
Co announced that it has acquired the assets of BioFlash Partners, LLC, (BioFlash) including a technology platform for the production of pre-packed, "plug and play" chromatography columns. This patented technology enables economical production of chromatography columns in a format that is ready for use in the production of a broad range of biopharmaceuticals including monoclonal antibodies, vaccines and recombinant proteins. The terms of the acquisition include an upfront payment of $1.8 million, a contingent milestone and royalties based on product sales. A product offering based on this technology is being launched this week at the IBC Biopharmaceutical Development and Production conference under the brand name Opus. The global market for chromatography media used in the production of biopharmaceuticals is estimated to be approximately $500 million.
08:02
LCC US Airways reports February traffic results (7.68 )
Co announces Feb and year-to-date 2010 traffic results. Mainline revenue passenger miles for the month were 3.9 billion, down 4.7 percent versus February 2009. Mainline capacity was 5.0 billion available seat miles, down 5.3 percent versus February 2009. Passenger load factor for the month of February was 77.6 percent, up 0.4 points versus February 2009.
08:02
NZ Netezza beats by $0.01, beats on revs; guides FY11 revs ahead of consensus (9.53 )
Reports Q4 (Jan) earnings of $0.04 per share, $0.01 better than the First Call consensus of $0.03; revenues rose 5.9% year/year to $53.6 mln vs the $52.1 mln consensus. "We are very pleased with our fourth quarter and full year results. We showed reasonable revenue growth and gross margin improvement year-over-year and continued to invest in our products and distribution. Our visibility has improved in recent quarters and we are therefore resuming our practice of providing annual financial guidance. We currently expect we will achieve 20% revenue growth in our fiscal year 2011 (we calculate this to be FY11 revs of $228.7 mln vs the $225.9 mln consensus) over fiscal year 2010. In fiscal year 2011, we will continue to invest in our business and we expect operating margin improvement to accelerate in the second half of the year."
08:01
WAG Walgreens reports Feb same store sales of +0.4% vs +0.46% consensus (35.24 )
The co had February sales of $5.31 billion, an increase of 3.2 percent from $5.14 billion for the same month in 2009. Sales in comparable stores (those open at least a year) increased 0.4 percent. February pharmacy sales increased 3.7 percent, while comparable pharmacy sales increased 0.9 percent. Comparable pharmacy sales were negatively affected by 2.4 percentage points due to generic drug introductions in the last 12 months and a lower incidence of flu compared with February 2009. Pharmacy sales accounted for 64.5 percent of total sales for the month. Prescriptions filled at comparable stores increased 3.6 percent in February, including 1.5 percentage points due to more patients filling 90-day prescriptions and 0.3 percentage points due to H1N1 flu shots. There was no impact on comparable prescriptions filled in the month due to calendar day shifts. Total front-end sales increased 4.5 percent in February, while comparable store front-end sales decreased 0.6 percent. Front-end sales were impacted by continued weak demand for discretionary items and by lower incidence of flu.
08:01
CALI China Auto Logistics signs $1 million agreement to Manage Tianjin FTZ International Automobile Exhibition & Sales Center (4.60 )
07:59
UPI Uroplasty: New publication highlights 2-year durability and effectiveness of Macroplastique (2.02 )
The co highlighted results from a two-year, multicenter clinical study of Macroplastique that will be published in the April 2010 print edition of The Journal of Urology. The 24-month study evaluated the durability of Macroplastique for stress urinary incontinence in women with previously documented success at 12 months. Substantial, durable results were sustained during 2 years with 84% of patients maintaining significant improvement from their 12-month assessment. Additionally, 67% of the patients implanted with Macroplastique were dry at the 24-month follow-up visit. "This study clearly demonstrates that Macroplastique provides a high level of long-term effectiveness," said Uroplasty Chief Executive Officer and President David Kaysen. "The effectiveness means major improvements in quality of life for women who previously suffered from unwanted urinary leakage. While other urethral bulking agents may be absorbed into the body, potentially diminishing their clinical benefit, Macroplastique is composed of a permanent silicone elastomer that contributes to sustained, measurable patient improvement," added Mr. Kaysen.
07:57
ECONX Reminder: ADP Employment Change data due out in about 18 min at 8:15ET
07:56
MDVN Medivation to resume trading at 8:00 ET (40.25 ) -Update-
07:49
GST Gastar Exploration announces the Donelson #4 well was drilled to a total depth of 19,000 feet (5.18 )
Co announces the Donelson #4 well was drilled to a total depth of 19,000 feet; however, while addressing hole stability problems, the well experienced a significant gas kick and will have to be plugged back to approximately 18,100 feet and re-drilled to revised total depth of 18,700 feet. This second sidetrack operation is expected to take four to six weeks and require approximately $1.0 million in gross additional costs. The revised estimate of gross costs for the well is now $14 million to drill and complete. Gastar has a 67% before payout working interest and approximate 50% before payout net revenue interest in the Donelson #4.
07:45
CNXT Conexant announces comprehensive refinancing plan (4.89 )
Co announced a comprehensive refinancing plan designed to improve its balance sheet and address its liquidity needs. The co expects that this refinancing plan will provide sufficient financial flexibility to tender for its outstanding 4% convertible subordinated notes due 2026 and to realize the benefits associated with its business and growth opportunities. Conexant has priced $175 mln of new 11.25% senior secured notes due 2015, and is launching an offering of ~14 mln shares of its common stock. The senior secured notes have already been placed with institutional investors, and the co expects to complete the equity offering in the next several days. The proceeds from these offerings, together with available cash, will be used by the co to tender for any and all of its outstanding $232 mln convertible subordinated notes, which are "puttable" in March 2011.
On The Wires
Ocean Power Technologies (OPTT) announces the award of EUR2.2 mln under the European Commission's Seventh Framework Programme, by the EC Directorate responsible for new and renewable sources of energy, energy efficiency and innovation... RADCOM (RDCM) announces that Cellcom Israel, the largest cellular communications operator in Israel, has decided to expand deployment of RADCOM's RANalysis to monitor and optimize its entire UMTS radio network... Nationwide Health Properties (NHP) announces the acquisition of five additional medical office buildings, all located on the campuses of A-rated healthcare systems, from Pacific Medical Buildings LLC, a California limited liability company, and certain of its affiliates... LaserCard Corporation (LCRD) has been selected to manufacture and supply vehicle registration cards for a Middle Eastern nation. A recent $850,000 purchase order follows an initial order valued at ~$560,000 shipped earlier this fiscal year... Boeing (BA) announces that the airlines will expand the use of Boeing's Airplane Health Management system to monitor the in-flight condition of the carriers' Boeing 777 and 747-400 fleets... Sapiens International Corporation N.V. (SPNS) announces that Liverpool Victoria Friendly Society, renewed its contract with Sapiens valued at $7 mln over a period of five years, to provide support services for the Sapiens INSIGHT for Closed Books... CombiMatrix Corporation (CBMX) announces that it has fully repaid the secured convertible debenture held by YA Global Investments, L.P., which had an original principal amount of $10.0 mln. As a result of retiring this debt, the potentially dilutive reserve of ~1.1 mln shares of common stock that could have been issued from conversion of the remaining debt was also retired... Bridgepoint Education (BPI) announces that Ashford University has partnered, and signed articulation agreements, with Wyoming's Western Community College in Rock Springs, Wyoming, and Georgia's Chattahoochee Technical College... China Gengsheng Minerals (CHGS) announces that the Company has received approval to list its common stock on NYSE Amex and will begin trading on March 4, 2010. The Company will trade on NYSE Amex under the ticker symbol "CHGS."
07:36
ChinaNet Online announces it has received approval to list its common shares on NYSE Amex; shares will begin trading March 4, 2010 under symbol CNET
Co's OTC symbol is CHNT.OB
07:32
POZN POZEN beats by $0.03, misses on revs (6.38 )
Reports Q4 (Dec) loss of $0.19 per share, $0.03 better than the First Call consensus of ($0.22); revenues fell 70.0% year/year to $4.2 mln vs the $4.3 mln consensus, resulting from the amortization of upfront payments received pursuant to the collaboration agreement with AstraZeneca of $3.1 million and royalty on sales of Treximet (sumatriptan and naproxen sodium) of $1.1 million. Revenue for the fourth quarter ended December 31, 2008 totaled $14.0 million, resulting from the amortization of upfront payments received pursuant to the collaboration agreements of $4.1 million, $8.8 million of revenue for development work, and $1.1 million of royalty on sales of Treximet. POZEN will earn a $20.0 million milestone payment upon the U.S. Food and Drug Administration (FDA) approval of VIMOVO and will start to earn royalty revenue when AstraZeneca begins commercial sales. We will look to provide financial guidance on the 2010 year when we can determine the timing of these important events.
07:31
MDVN Medivation and Pfizer announces Dimebon does not meet primary and secondary (40.25 ) -Update-
Pfizer (PFE) and Medivation (MDVN) announces results from two Phase 3 trials of the investigational drug dimebon (latrepirdine) in patients with Alzheimer's disease. In the CONNECTION trial, dimebon did not meet its co-primary or secondary efficacy endpoints compared to placebo. Co-primary endpoints were measures of cognition and global function. "The results from the CONNECTION study are unexpected, and we are disappointed for the Alzheimer's community. We are working with our colleagues at Pfizer to better understand the CONNECTION data and we plan to present these data at an upcoming medical meeting." Dimebon was well tolerated in both the CONNECTION study and in a separate Phase 3 safety and tolerability study, which confirmed dimebon's tolerability when dosed alone or in combination with approved Alzheimer's disease medicines. "We are evaluating the CONNECTION data with Medivation. After that review, Pfizer will be in a position to determine appropriate next steps regarding the dimebon program," said Dr. Briggs W. Morrison, senior vice president, clinical development, Primary Care Business Unit at Pfizer. "We recognize the significant medical need, and we are committed to advancing treatment options for Alzheimer's disease." (MDVN is halted)
07:30
CRZO Carrizo Oil & Gas announces proved reserves increase 20% to a record 602 Bcfe, replacing 400% of 2009 production (25.60 )
Co announced year-end proved reserves were a record 601.9 Bcfe based on reports from Carrizo's third-party reserve engineers. This is an increase of approximately 20% over the year-end 2008 proved reserves of 502.6 Bcfe. The calculation of these reserves was based on oil and natural gas prices of $56.10 per barrel and $3.30 per Mcf, respectively. From year-end 2008 to 2009, our reported Barnett Shale reserves increased 137.6 Bcfe, or 32%, from 432.1 Bcfe to 569.7 Bcfe, and proved developed reserves increased 86.2 Bcfe, or 39%, from 223.7 Bcfe to 309.9 Bcfe. Gulf Coast reserves decreased 5.8 Bcfe, from 21.3 Bcfe to 15.5 Bcfe. Camp Hill reserves decreased 32.5 Bcfe, from 49.2 Bcfe to 16.7 Bcfe. Production during the fourth quarter of 2009 was a record 8.68 Bcfe, or 20.4% above the 7.21 Bcfe of production in the fourth quarter 2008 and 5.8% above third quarter 2009 production. Annual production for 2009 reached a record level of 33.0 Bcfe, or 28.9% higher than the 25.6 Bcfe (70.0 MMcfe/d) of production in 2008. Approximately 97% of fourth quarter and total 2009 production was natural gas.
07:30
AGN Allergan and Bristol-Myers Squibb enter global agreement on investigational neuropathic pain medicine (60.13 )
Bristol-Myers Squibb (BMY) and AGN announced a global agreement for the development and commercialization of AGN-209323, a Phase II-ready, orally administered small molecule in clinical development for neuropathic pain. Under the terms of the agreement, AGN will grant to BMY exclusive worldwide rights to develop, manufacture and commercialize AGN-209323 and backup compounds. The agreement encompasses all potential indications except ophthalmology indications for products formulated for local delivery to the eye, where AGN will retain certain rights. BMY will make an upfront payment of $40 mln, potential AGN-209323 related development- and regulatory-based milestone payments of up to $373 million, and royalty payments on worldwide sales.
07:27
BIG Big Lots beats by $0.03, reports revs in-line; guides Q1 and FY11 EPS above consensus; increases share buyback; sets 3 yr EPS growth tgt range (33.94 )
Reports Q4 (Jan) earnings of $1.31 per share, ex-items, $0.03 better than the First Call consensus of $1.28; revenues rose 7.0% year/year to $1.46 bln vs the $1.45 bln consensus. Co issues upside guidance for Q1, sees EPS of $0.60-0.65, excluding non-recurring items, vs. $0.53 consensus, with comps up 4-6%. Co issues upside guidance for FY11, sees EPS of $2.65-2.75, excluding non-recurring items, vs. $2.64 consensus, with comps up 3-4% with GM flattish YoY. Co also projects FY10-FY12 EPS growth of 12-15%. "Q4 comparable store sales for stores open at least two years at the beginning of the fiscal year increased 5.1% representing our largest fourth quarter comparable store sales increase in the last 10 years. Operating profit on an adjusted basis for the fourth quarter of fiscal 2009 was $173.5 million, or 11.9% of sales, compared to last year's operating profit of $133.2 million, or 9.7% of sales. The 30% improvement in operating profit dollars was the result of strong sales performance, improvement in our gross margin rate and lower expenses as a percentage of sales. Our gross margin rate increased 90 bps compared to last year due to improved initial markup, lower import freight expense, and lower shrink costs. As expected, expenses as a percent of sales were down to last year due to certain efficiencies in distribution and transportation, lower advertising expenses, lower utilities and depreciation expense, and the leveraging impact of our 5.1% comparable store sales increase over certain relatively fixed expenses... Our Board of Directors has increased the size of our share repurchase program by $250 million bringing the total authorization to $400 million. We intend to utilize $150 million of the authorization to execute an Accelerated Share Repurchase transaction, which is expected to commence during the first quarter of fiscal 2010... From a real estate perspective, we expect to open 80 new stores during fiscal 2010 and close up to 40 locations for net store growth of 40 stores, or approximately 3%, which is included in our capital expenditures and depreciation guidance noted above."
07:16
On The Wires
CB&I (CBI) announces that it has been awarded a contract to supply a cryogenic natural gas processing plant in Malvinas, Peru, as part of an expansion of the Camisea gas project. CB&I's contract, valued in excess of US$45 mln, is with Pluspetrol Peru Corporation S.A. as operator and contract administrator, acting on behalf of the licensees... Cubic Corporation (CUB) unit will provide military training and education support to U.S. Army's human resources programs as a member of ICF International's team for the Human Resources Solutions Studies and Analysis Support contract.... DSP Group (DSPG) announces that Binatone has chosen DSP Group's XpandR chipset for its multimedia cordless home phone powered by Android. The Motorola phone will be available Q3 2010 in the U.S.
07:11
VRS Verso Paper reports Q4 results of ($0.66) vs ($0.68) First Call consensus; revs increased 1% year/year to $381.0 mln vs $367.66 mln First Call consensus (3.41 )
07:05
JOYG Joy Global beats by $0.09, beats on revs; raises lower end of FY10 EPS guidance, reaffirms FY10 revs guidance (51.67 )
Reports Q1 (Jan) earnings of $0.73 per share, $0.09 better than the First Call consensus of $0.64; revenues fell 3.4% year/year to $729 mln vs the $663.4 mln consensus. Co issues mixed guidance for FY10, raises lower end of previous EPS range by $0.20; sees FY!) EPS of $2.85-3.05 vs. $2.99 consensus; reaffirms FY10 revs of $2.8-3.0 bln vs. $2.98 bln consensus. New orders in the first quarter of $808 million were up 22% compared the new orders last year of $664 million, before net cancellations and adjustments of $126 million. The Company continues to see a positive outlook for the commodities that its customers mine. The emerging markets in general, and China and India in particular, were the major source of seaborne commodity demand during most of 2009. Although the rate of growth in commodity imports into China began to moderate in the Company's first fiscal quarter of 2010, imports are expected to remain near their current high levels. expects 2010 to be a year of improving order rates. Based on planning meetings with customers regarding machine specifications and delivery schedules, the Company expects that the strongest equipment demand will come from copper, international coal and iron ore, and that orders will come predominately from North and South America, Asia and Africa. "We are encouraged by the improving fundamentals in the commodity markets, and by our first quarter order rate that confirms customers are beginning to act on these fundamentals. In addition, our on-going work with customers supports our increased prospect list and indicates that expansion projects will continue to move to equipment orders during 2010. We expect any upside to orders to be mostly in original equipment, and longer lead times will push their subsequent shipment into 2011 in most cases."
07:02
RIMG Rimage beats by $0.02, reports revs in-line (15.67 )
Reports Q4 (Dec) earnings of $0.23 per share, $0.02 better than the First Call consensus of $0.21; revenues rose 9.3% year/year to $22.7 mln vs the $22.6 mln consensus.
07:01
HOKU HOKU Scientific to install 339 kilowatt solar power system for new diagnostic laboratory services facility (2.28 )
Co announced it has been engaged to design, engineer and install a photovoltaic power system for Diagnostic Laboratory Services, a provider of clinical laboratory and related services in Hawaii and other Pacific Islands. Hoku reported it had been selected by Diagnostic Laboratory Services through a competitive bidding process, and that it had entered into a subcontract with Allied Builders System to install the 339-kilowatt, turnkey PV system.
07:00
SGEN Seattle Genetics achieves milestone under antibody-drug conjugate collaboration with Genentech (10.84 )
Co announces that it has achieved a milestone under its antibody-drug conjugate collaboration with Genentech, a wholly owned member of the Roche Group (RHHBY). The milestone was triggered by Genentech's submission of an Investigational New Drug application with the FDA for an ADC utilizing Seattle Genetics' technology for the treatment of cancer
06:31
SWWC Southwest Water signs agreement to be acquired by Long-Term Infrastructure Investor Group for $11 per share (7.07 )
Co announces that it has entered into a definitive merger agreement to be acquired for ~$275 mln in cash, or $11.00 per share, by institutional investors advised by J.P. Morgan Asset Management and Water Asset Management L.L.C.. The all-cash offer represents a 56% premium over SouthWest Water's closing share price on March 2, 2010 and a premium of 71% over the average 30-day closing price ended March 2, 2010. After taking into account SouthWest Water's outstanding debt the transaction represents a total enterprise value of ~$427 mln.
06:30
LSCC Lattice Semi raises guidance for Q1 on robust growth (3.08 )
Co says Q1 revenue is now expected to increase by approximately 21% to 25%, sequentially. This upward revision compares to previous guidance that first quarter revenue would be up 8% to 12%, sequentially (This calculates to ~$66.67-68.87 mln vs $60.53 mln consensus). The revision is based on robust growth across all product lines and continued strength in the Company's order bookings throughout the quarter. Gross margin percentage is expected to be approximately 55% to 57% of revenue, upwardly revised from our prior guidance of approximately 54% to 56%. Total operating expenses are now expected to be approximately $30.0 million. The increase compared to prior guidance of $29.0 million is primarily due to costs related to the acceleration of certain R&D activities, and an increase in sales related expenses. Lattice reiterates its expectation for continued profitability in the first quarter of 2010.
06:29
S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +1.30.
06:29
Asian Markets
Nikkei...10253.14...+31.30...+0.30%. Hang Seng...20876.79...-29.30...-0.10%.
06:29
European Markets
FTSE...5481.85...-2.20...0.00. DAX...5769.06...-7.50...-0.10%.
06:02
OPWV Openwave announces the appointment of Anne Brennan as chief financial officer. Brennan replaces Karen Willem, who resigned from Openwave effective March 31, 2010 (2.69 )
06:02
TTHI Transition Therapeutics announces licensing and collaboration agreement with Lilly (2.61 )
Co announces it has acquired the rights to a series of preclinical compounds from Eli Lilly and Company (LLY) in the area of diabetes. Under the licensing and collaboration agreement, Transition will receive exclusive worldwide rights to develop and potentially commercialize a class of compounds that, in preclinical diabetes models showed potential to provide glycemic control and other beneficial effects including weight loss. "We are very pleased to expand our current relationship with Lilly through the acquisition of these preclinical assets." Under the terms of the agreement, Lilly will receive an upfront payment of US$1 mln and will retain the option to reacquire the rights to the compounds at a later date. Lilly retains this option up until the end of Phase II.If Lilly exercises these rights, Transition would be eligible to receive milestone payments of approx US$250 million and up to low double digit royalties on sales of products containing such compounds should such products be successfully commercialized. If Lilly does not exercise these rights, Lilly would be eligible for low single digit royalties from Transition on sales of products containing such compounds should such products be successfully commercialized.
05:04
CKR CKE Restaurants reports same store sales for period ended Feb 22, 2010 declined 4.2% vs -0.6% in FY10 (11.24 )
04:47
LDK LDK Solar resolves class action lawsuit (6.43 )
Co announces that it has reached an agreement to settle the securities class action lawsuit pending in the U.S. District Court of Northern Calif. After submitting the proposed settlement agreement to the court on February 16, 2010, the court granted preliminary approval of the settlement on February 17, 2010. The settlement is not final until the class receives notice of the settlement and the court grants final approval of the settlement terms. Under the terms of the agreement, all of the claims in the securities class action lawsuit will be dismissed with prejudice. As part of the settlement terms, LDK Solar and its insurance carrier will pay a total of $16 mln (approx 5% of the alleged damages) to compensate the class members and to cover all legal and administrative expenses.
04:44
CMED China Medical Tech misses by $0.34, misses on revs; issues Q4 revenue and EPS guidance (14.46 )
Reports Q3 (Dec) non-GAAP earnings of $0.25 per share, excludes items, $0.34 worse than First Call consensus of $0.59. Co issues guidance for Q4, sees Q4 revs of at least $25.6 mln vs. $30.44 mln consensus. Co estimates non-GAAP EPS to exceed $0.26 (no estimates available).
03:31
COST Costco misses by $0.02, beats on revs; reports Feb same store sales +9.0% vs +8.47% consensus (61.38 )
Reports Q2 (Feb) earnings of $0.70 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.72; revenues rose 11.3% year/year to $18.74 bln vs the $18.53 bln consensus. COST reports Feb comparable same store sales of 9.0% vs +8.47% consensus. COST reports Q2 gross margin of 12.52% vs 10.79% consensus; reported 12.31% a year ago.
02:03
ABCO Advisory Board Company to purchase healthcare division of Trintech Group for $34.5 mln in cash (32.19 )
Co will pay Trintech (TTPA) $34.5 million cash for all of the outstanding shares of a newly formed Trintech subsidiary which, prior to closing, will hold the majority of the assets and liabilities of the Concuity business. The purchase price is subject to a working capital adjustment at the closing date and an escrow amount of $6 million to be set aside with $2 million being released after 9 months and the remainder no later than December 31, 2011, subject to the satisfaction of post-closing conditions. The sale has been approved by the Boards of Directors of both companies and is subject to customary closing conditions. Trintech expects the sale will be completed within one month.
01:51
NOVL Novell confirms receipt of unsolicited, conditional proposal from Elliott Associates to acquire co for $5.75/share in cash (4.75 )
01:50
SOA Solutia upgraded by Standard & Poor's (14.36 )
Standard & Poor's Ratings Services upgrades its ratings on Solutia, changing the corporate credit rating from B+ to BB-, with a stable outlook. In addition, a rating of BB was assigned to the co's proposed new senior secured credit facilities and a B+ rating was assigned to the co's proposed $300 mln senior unsecured notes due 2020. The existing $400 mln senior unsecured notes due 2017 were upgraded to B+.
01:42
IBKC IBERIABANK prices 5,194,805 common shares at $57.75/share (57.90 )
01:41
ALK Alaska Air reports February traffic (36.26 )
Co reports an increase in load factor to 79.8% in February 2010, compared to 73.5 in February 2009, on a 2.4% decrease in available seat miles compared to the prior-year period. Alaska also reported that 86.2% of its flights arrived on time in February 2010, a 9.9-point increase compared to the 76.3% reported in February 2009. RPMs increased 5.9% year/year to 1.35 bln.
01:38
MDVN Medivation to host conference call at 8:30 AM EST to discuss Ph. 3 trial results for dimebon in Alzheimer's Disease (40.25 )
Co announces that it will hold a teleconference and webcast at 8:30 AM EST, Wednesday, March 3, to discuss Phase 3 trial results for dimebon (latrepirdine) in patients with mild-to-moderate Alzheimer's Disease. A press release will be issued at 7:30 AM EST prior to this call.
01:33
On The Wires
Nucor (NUE) announces that it has entered into an agreement with Mitsui & Co. (USA), a wholly owned subsidiary of Mitsui & Co (MITSY), wherein each would indirectly own a 50% interest in a newly created co, NuMit LLC. NuMit will invest in various steel and steel related activities, both in North America and globally... Holly (HOC) announces that a fire was detected at approx 12:40 PM MST in a new asphalt tank that was under construction at its subsidiary's Navajo Refinery in Artesia, NM; fire was extinguished approx 90 min. later by refinery's fire fighting team... Solutia (SOA) prices $300 mln of Senior Unsecured Notes due 2020.
19:00
Futures are higher after hours with S&P 500 futures 0.61 points above fair value of 1117.29 and Nasdaq 100 futures 1.14 points above fair value of 1851.11
18:45
CPRT Copart reports EPS in-line, misses on revs (37.01 +0.74)
Reports Q2 (Jan) earnings of $0.40 per share, excluding $0.03 in tax benefits and $0.01 in charges, in-line with the First Call consensus of $0.40; revenues rose 3.9% year/year to $176.6 mln vs the $178.5 mln consensus.
18:15
ETH Ethan Allen announced written sales (orders) for the two months ended February 28, 2010, have increased ~25% over prior year (16.07 +0.05)
ETH's Chairman and CEO, Farooq Kathwari, will present at the Raymond James Annual Institutional Investor Conference in Orlando, Florida on March 9, 2010. In anticipation of questions about current business trends, ETH announced today that written sales (orders) for the two months ended February 28, 2010, have increased ~25% over prior year. CEO said, "We are pleased that our marketing programs that focus on projecting our value proposition of style, quality, and design services together with significant savings are driving traffic to our design centers. This increase in traffic is resulting in higher written orders than we have seen in some time. It is important to keep in mind that for the most part, orders taken in this period will be delivered and reported as sales in our fourth fiscal quarter ending June 30, 2010. As we discussed during the last quarterly analyst call, improvements in written orders is the first step toward improved delivered sales and profitability. We continue to work through the challenges of consolidating our manufacturing operations while converting our wooden product offerings to custom and more recently the significant ramping up of domestic production capacity."
17:51
THO Thor Industries acquires ambulance manufacturer SJC Industries for ~$20 mln in cash; Based upon SJC's prior performance, the acquisition is expected to be accretive to earnings (35.12 +0.38)
17:34
UNIS and SNY agree to exclusivity list for unifill ready-to-fill syringe
Co announced that it has agreed to a list of therapeutic drug classes ("Exclusivity List") within which sanofi-aventis has the exclusive right to purchase the Unifill ready-to-fill syringe.
17:33
VISN VisionChina Media reports EPS in-line, misses on revs; guides Q1 revs below consensus (8.20 +0.31)
Reports Q4 (Dec) earnings of $0.08 per share, in-line with the First Call consensus of $0.08; revenues fell 7.1% year/year to $31.8 mln vs the $32.4 mln consensus. Co issues downside guidance for Q1, sees Q1 revs of no less than $22 mln vs. $38.40 mln consensus. During the first quarter, a number of factors have negatively impacted our revenue and revenue visibility. The co expects that the negative impact of these factors will be short-term in nature and the co expects revenue visibility to increase in subsequent quarters.
17:31
FLR Fluor Awarded Debswana contract for Diamond Mine Expansion in Africa; $450 mln Jwaneng Cut 8 Project To Be Performed in Botswana (42.75 -0.12)
FLR announced that the co won an engineering, procurement and construction management (EPCM) contract from Debswana Diamond Company Ltd, a joint venture of the Government of Botswana and De Beers, to execute the Jwaneng Cut 8 mining project in Botswana. After successfully completing the feasibility study for Debswana earlier in 2009, FLR was awarded the procurement and construction management phases of the project valued at ~$450 million in the last quarter of 2009.
17:25
CHDN Churchill Downs misses by $0.33, misses on revs (36.11 +0.18)
Reports Q4 (Dec) loss of $0.51 per share, $0.33 worse than the First Call consensus of ($0.18); revenues fell 1.0% year/year to $85 mln vs the $90.6 mln consensus. Co said, "Our anticipated growth in 2010 is likely to be driven by the new Calder Casino, which opened on-time and on-budget on Jan. 22 of this year, and the expected completion of the merger with Youbet.com that we announced on Nov. 11 of last year. We currently expect the Youbet.com transaction to close in the second quarter of 2010."
17:20
LO Lorillard Tobacco Co Statement on FDA's Announcement of Tobacco Products Scientific Advisory Committee Membership (74.03 +1.27)
Co issued the following statement with regard to yesterday's announcement by the Food and Drug Administration (FDA) about the voting membership of the Tobacco Products Scientific Advisory Committee (TPSAC). "Ever since Congress, in a carefully constructed bill, authorized the FDA to regulate cigarettes and other tobacco products, we have been anticipating the appointment of this panel. "While the scientific advisory committee will be looking at many aspects of regulation, one major challenge will be for committee members to remain focused on an objective analysis of the science surrounding menthol. "We remain confident that a serious examination of menthol science will show no differing health risk as compared to non-menthol products and a comparable cessation rate. We look forward to a fair hearing grounded in good science that advances public policy."
17:19
PNNT PennantPark Investment Corp prices public offering at $10.00 (10.17 -0.57)
Co announced that it has entered into an agreement to sell 5,000,000 shares of common stock at a public offering price of $10.00 per share, raising ~$50,000,000 in gross proceeds. Co expects to use the net proceeds for general corporate purposes, including repayment of outstanding indebtedness and to fund investments in accordance with its investment objectives.
17:15
AKS AK Steel announces price increase for carbon steel products (22.64 +0.41)
Co said that it will increase spot market base prices by $40 per ton, effective immediately with all new orders for its carbon steel products. AK Steel said that the price increase is in response to increased demand for carbon steel products, as well as the need to recover higher costs for steelmaking inputs.
17:00
REXX Rex Energy reports Q4 EPS of ($0.12) vs ($0.02) First Call consensus; revs $15.3 mln vs $15.58 mln First Call consensus (14.54 +0.43)
"It was a challenging year, but we were able to increase production and nearly double reserves while maintaining a conservative balance sheet through careful debt management and a structured hedging program. I am extremely pleased with the company's strong finish in 2009 and believe that we are poised for tremendous growth throughout 2010."
16:53
KBR KBR Inc. awarded major task order under Logistics Civil Augmentation Program IV contract (21.03 -0.15) -Update-
Co announces it has been awarded a task order by the U.S. Army Contracting Command under its current Logistics Civil Augmentation Program IV contract. KBR will execute the LOGCAP IV Corps Logistics Support Services, Theater Transportation mission, and Postal Services Task Order in Iraq. The Period of Performance is one base year plus four option years.
16:49
AMIN American Intl Industries and Centriforce Technology terminate discussions (1.04 -0.04)
Co announces that the previously announced discussions between AMIN and Centriforce Technology regarding the possible development of a joint venture through a new entity to operate in the water desalination industry have terminated.
16:48
LOV Spark Networks announces formation of a Special Committee to evaluate acquisition proposal at $3.10/share (2.95 unch)
The co announces that its board of directors has formed a special committee of independent directors to consider a proposal by Great Hill Partners to purchase all of the outstanding shares of common stock of the Company not owned by Great Hill, at a cash purchase price of $3.10 per share, and other possible business combination transactions. The proposal contemplates that Spark Networks would no longer be a public reporting or trading company following the closing of the proposed transaction. The Company granted a partial waiver of its standstill agreement with Great Hill to the extent necessary to allow the Special Committee to receive, discuss and negotiate the proposal with Great Hill; however the waiver will automatically (but not retroactively) terminate if the Company, at the direction of the board of directors or the Special Committee, decides to discontinue discussions with Great Hill. The Special Committee has been formed to review and evaluate the proposal and any other potential business combination and to recommend to Spark Networks' board of directors whether to approve or decline the proposal.
16:29
CPNO Copano Energy announces public offering of 6.3 mln common units pursuant to an effective shelf registration (23.41 -0.74)
16:27
NKTR Nektar Therapeutics misses by $0.13 (12.53 -0.24)
Reports Q4 (Dec) ($0.08), $0.13 worse than the First Call consensus of $0.05; revenues rose 37.3% year/year to $39.0 mln vs the $51.4 mln consensus. Co said, "The decrease in revenue year over year is largely the result of lower contract research and manufacturing revenues primarily resulting from the sale of certain of the co's pulmonary assets to Novartis which occurred on December 31, 2008."
16:25
FDA issues final guidance to boost development of cell-based viral vaccines
The U.S. Food and Drug Administration today issued final guidance to help manufacturers who are developing safe and effective cell-based viral vaccines to address emerging and pandemic threats. Cell cultures are now used to produce licensed vaccines that help protect against diseases such as rubella and polio. Today's guidance outlines the best practices using current and emerging science to safely expand the types of cells that may be used to produce vaccines.
16:21
INAP InterNAP beats by $0.02, reports revs in-line (5.11 +0.01)
Reports Q4 (Dec) loss of $0.01 per share, $0.02 better than the First Call consensus of ($0.03); revenues fell 1.1% year/year to $63.5 mln vs the $63.4 mln consensus.
16:20
EGLE Eagle Bulk Shipping beats by $0.03, beats on revs; co looks forward in 2010 with a focus on unlocking shareholder value (5.64 +0.18)
Reports Q4 (Dec) earnings of $0.04 per share, $0.03 better than the First Call consensus of $0.01; revenues fell 30.0% year/year to $42 mln vs the $41.1 mln consensus. Subsequent to the end of the 2009 year, in January and February of 2010, the Company took delivery of six newbuilding vessels, Crane, Avocet, Egret Bulker, Thrasher, Golden Eagle, and Imperial Eagle. Four of these vessels entered into their long-term time charters representing minimum aggregate contracted revenues of $198 million, excluding profit sharing, while two vessels entered into one year time charters linked to the Baltic Supramax Index. "Eagle Bulk maintained profitability and continuing operational excellence in 2009, despite ongoing challenges in the global dry bulk market during the first half of the year. As the market improved in the latter half of 2009, Eagle Bulk benefited from our well-timed entry into Baltic Supramax Index-linked ("BSI") charters. Additional highlights included the successful deliveries of four newbuild vessels, as well as the favorable amendment to the Companys credit facility that strengthened and added flexibility to the balance sheet... These developments have, in turn, allowed us to look forward in 2010 with a focus on unlocking shareholder value. Already in 2010, we have taken delivery of 6 newbuilds with minimum aggregate contracted revenues of approximately $200 million, excluding profit sharing. For the balance of this year, we have scheduled additional deliveries of 7 newbuilds with minimum aggregate contracted revenues in excess of $200 million, excluding profit sharing... We are also poised to benefit from direct participation in the spot market, as 28% of our 2010 open days are unfixed while an additional 16% of days are tied to the BSI. In aggregate, this 44% exposure to the spot market occurs against the backdrop of improved industry fundamentals and recovering dry bulk demand. With one of the industrys youngest, most versatile fleets, cash flow stability and a strong operating platform, Eagle Bulk is well-positioned to create value for its shareholders in the year ahead."
16:19
BAX Baxter: FDA classifies Baxter's January HomeChoice Peritoneal Dialysis Cycler Field corrective action as a class I recall (57.88 +0.61)
Co announced that the FDA has classified it's recent Urgent Product Recall regarding Increased Intraperitoneal Volume, or overfill of the abdominal cavity, associated with HomeChoice and HomeChoice Pro peritoneal dialysis cyclers as a class I recall. This action has been classified as a class I recall because of the risk of serious injury or patient death that could be associated with the use of this device. Over the last two years, Baxter has received serious injury reports and at least one patient death report associated with this issue.
16:18
OSIP OSI Pharm Board of Directors to review Astellas' unsolicited tender offer (57.00 +0.75) -Update-
Co confirmed that Astellas Pharma has commenced an unsolicited tender offer to acquire all outstanding common shares of OSI for $52.00 per share in cash. "Consistent with its fiduciary duties and as required by applicable law, the OSI Board of Directors will review the offer to determine the course of action that it believes is in the best interests of the Company and its stockholders. OSI stockholders are advised to take no action at this time pending the review of the tender offer by the OSI Board of Directors."
16:18
JAKK JAKKS Pacific beats by $0.04, misses on revs; guides Q1 EPS above consensus, revs below consensus; guides FY10 EPS below consensus, revs below consensus; CEO steps down (12.50 -0.10)
Reports Q4 (Dec) earnings of $0.22 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.18; revenues fell 26.2% year/year to $198.8 mln vs the $203.5 mln consensus. Co issues mixed guidance for Q1, sees EPS of $(0.25)-(0.20), excluding non-recurring items, vs. ($0.33) consensus; sees Q1 revs of $70-74 mln vs. $96.60 mln consensus. Co issues downside guidance for FY10, sees EPS of $1.10-1.20, excluding non-recurring items, vs. $1.37 consensus; sees FY10 revs of $660-670 mln vs. $798.33 mln consensus. CEO said, "effective April 1, 2010 I am stepping down as CEO. I will continue as Chairman and serve as the co's Chief Strategist, and will actively advise the co on acquisition and financing strategies, as well as other areas where I can be of service and provide value to the co."
16:15
NOVL Novell: Elliott Offers to Acquire Novell for $5.75 per share in cash, which implies an enterprise value net of cash of $1.0 bln (4.75 -0.05)
Elliott Associates, an 8.5% institutional stockholder of NOVL, offered to purchase the entire company for $5.75 per share in cash, which implies an enterprise value net of cash of $1.0 billion. "As the Company's cash balance of nearly $1.0 billion represents almost 60% of its current market capitalization, we believe that a premium to enterprise value represents the most meaningful measure of the value that our proposal offers stockholders, valuing the Company's cash at 100 cents on the dollar despite the fact that a significant portion of that cash is overseas and may not be realized in a tax efficient manner. Importantly, this price represents a premium of 115% over the Company's enterprise value on January 4, 2010, the last trading day before we commenced actively acquiring Novell's common stock This price also represents a 37% premium to Novell's closing stock price on January 4, 2010 and a 20% premium to Novell's closing stock price yesterday. By any measure, we believe our proposal represents a compelling opportunity that your stockholders will find extremely attractive... While we intend to work with financing sources, obtaining financing is neither a condition of our proposal nor a condition to completing the transaction. "
16:15
SBX Seabright Insurance Holdings initiates dividend policy (11.09 +0.14) -Update-
The co announces that its board of directors has authorized a quarterly dividend of $0.05 per common share commencing in the first quarter 2010 and payable on April 9, 2010 to shareholders of record on March 23, 2010. In announcing the dividend, John Pasqualetto, SeaBright's Chairman, President and Chief Executive Officer, noted, "As part of our long-term strategy to maximize shareholder value, the board of directors has initiated a quarterly dividend. This allows us to reward our shareholders by returning a portion of the significant capital we generate each year. We are confident that this is a sound strategy and we believe we can consistently pay a dividend throughout the cycle. We will evaluate the amount of the dividend each quarter depending on our capital levels and alternative uses of capital for growth."
16:15
GPC Genuine Parts announces that they will no longer be acquiring the assets of Norcan Fluid Power (40.94 +0.13)
16:12
KS KapStone Paper and Packaging reports Q4 results (9.42 +0.12)
KapStone Paper and Packaging reports $0.55 vs $0.50 First Call consensus; revs 10% year/year to $165.07 mln vs $156.07 mln First Call consensus. "In the first half of the year, we took significant downtime due to the lack of orders. We reached out to new customers, and demand in our markets gradually improved enabling us to achieve operating rates in the high 90% range for the last half of the year. The dynamics created from both increasing demand coupled with industry capacity reductions have positioned KapStone to be able to successfully achieve price recovery in our linerboard and kraft paper product lines. Late in the fourth quarter, we successfully implemented a $20 per ton price increase for kraft paper, followed by an additional $20 per ton increase in January 2010. Export linerboard prices began gradually increasing in the fourth quarter and that trend is continuing. A $50 per ton price increase for domestic linerboard was implemented in January 2010. On February 25, 2010, the Company announced a $60 per ton price increase effective April 1, 2010 on our kraft paper and domestic linerboard products."
16:12
LVLT Level 3 awarded Federal broadband stimulus grant funding (1.64 +0.05)
Co announced that it has been awarded $13.7 mln in federal grant funding from the National Telecommunications and Information Association (NTIA) under the American Recovery and Reinvestment Act. Level 3 will commit an additional $4.2 mln in matching funds to the NTIA grant for the expansion of rural broadband.
16:08
CWST Casella Waste beats by $0.08, beats on revs; reaffirms FY10 revs in-line (4.79 -0.01)
Reports Q3 (Jan) loss of $0.17 per share, $0.08 better than the First Call consensus of ($0.25); revenues rose 4.3% year/year to $126.1 mln vs the $122.3 mln consensus. Co reaffirms in-line guidance for FY10, sees FY10 revs of $510-530 mln vs. $514.72 mln consensus. Co said, "Our Adjusted EBITDA margins were up by 300 basis points over the same period last year, with the gains driven by further improvement in collection pricing, increased landfill volumes, higher commodity pricing, and the successful operating efficiency initiatives. The margin expansion in the quarter is reflective of the operating leverage we gained during the downturn through the implementation of permanent cost controls and operating efficiency programs."
16:08
MATK Martek Biosci beats by $0.01, beats on revs; guides Q2 EPS in-line, revs above consensus (20.71 +0.69)
Reports Q1 (Jan) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues rose 2.7% year/year to $89.8 mln vs the $88.1 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.36-$0.39 vs. $0.39 consensus; sees Q2 revs of $111.5-$117 mln vs. $107.03 mln consensus.
16:07
UNFY Unify Corp reports JanQ revenue up 66% (3.67 +0.02)
Co reports Q3 (Jan) non-GAAP EPS of $0.18 vs $0.20 a year ago. Revenue rose 66% yr/yr and 22% sequentially to $8.6 mln. There are no analyst estimates.
16:06
RKT Rock-Tenn announces price increase on containerboard (42.75 -0.21)
Co announces a $60 per ton price increase on all grades of containerboard. The price increase is effective for April, 2010 orders.
16:06
ARCL Archipelago Learning misses by $0.01, reports revs in-line; guides FY10 EPS in-line, revs in-line (18.17 -0.04)
Reports Q4 (Dec) earnings of $0.11 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.12; revenues rose 29.0% year/year to $12 mln vs the $11.9 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.44-0.48, excluding non-recurring items, vs. $0.47 consensus; sees FY10 revs of $56-59 mln vs. $55.68 mln consensus. "While market conditions are tough, this is an exciting time to be involved with the K-12 public education sector. With an intensifying focus on improving student performance and holding stakeholders accountable, we believe our high-impact low-cost proven solutions are well positioned for this market."
16:05
NCIT NCI notified of protest of DISA BRAC award (28.88 -0.16)
Co announced that it has been made aware that its' award of task order 0401 under Contract No. W9128Z-06-D-0002 (TEIS) is the subject of a protest filed at the U.S. General Accountability Office (GAO) on February 25, 2010. A stop work order was received by NCI on March 1, 2010.
16:05
HGSI Human Genome beats by $0.04, beats on revs (30.09 +0.26)
Reports Q4 (Dec) loss of $0.06 per share, $0.04 better than the First Call consensus of ($0.10); revenues rose 310.9% year/year to $53 mln vs the $50.7 mln consensus. BENLYSTA (belimumab) met the primary efficacy endpoints in BLISS-52 and BLISS-76, the largest late-stage clinical trials ever conducted in lupus patients. The results of these pivotal Phase 3 studies were reported in July and November 2009. HGS and GSK expect to submit marketing applications for BENLYSTA to regulatory authorities in the United States and Europe in the second quarter of 2010, and it has the potential to receive regulatory approval in the U.S. in the fourth quarter of 2010. BENLYSTA is being developed by HGS and GSK under a co-development and commercialization agreement entered into in 2006.
16:03
BGFV Big 5 Sports misses by $0.01, reports revs in-line; guides Q1 EPS in-line (15.64 -0.13)
Reports Q4 (Dec) earnings of $0.32 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.33; revenues rose 8.2% year/year to $237.6 mln vs the $237.5 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.17-$0.23 vs. $0.18 consensus. For Q1, the co expects same store sales in the positive low single-digit range.
16:03
APSG Applied Signal beats by $0.01, misses on revs (19.36 +0.38)
Reports Q1 (Jan) earnings of $0.23 per share, $0.01 better than the First Call consensus of $0.22; revenues rose 5.9% year/year to $48.1 mln vs the $51.3 mln consensus. Co said, "We continue to search for strategic acquisitions and intend to reinvest a portion of our earnings into this long-term growth initiative." New orders received during the first quarter of fiscal year 2010 were $30,022,000 compared to $33,121,000 of new orders received during the first quarter of fiscal year 2009. The co noted that while demand for broadband and cyber security development efforts remained strong, the delay in the authorization of the FY10 defense budget caused some delays in new orders.
16:02
PAY Verifone beats by $0.03, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY10 EPS in-line, revs above consensus (20.65 +0.94)
Reports Q1 (Jan) earnings of $0.26 per share, $0.03 better than the First Call consensus of $0.23; revenues rose 4.4% year/year to $223.4 mln vs the $217.9 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.25-0.26 vs. $0.25 consensus; sees Q2 revs of $225-230 mln vs. $224.02 mln consensus. Co issues mixed guidance for FY10, sees EPS of $1.00-1.10 vs. $1.04 consensus; sees FY10 revs of $925-940 mln vs. $909.19 mln consensus.
16:01
KCP Kenneth Cole reports EPS in-line, revs in-line (12.59 +0.57)
Reports Q4 (Dec) earnings of $0.21 per share, in-line with the First Call consensus of $0.21; revenues fell 13.6% year/year to $109.4 mln vs the $110.2 mln consensus. Inventory at the close of the quarter was down 33% to $29.1 million compared to $43.3 million at the end of the fourth quarter last year. Cash and cash equivalents were $68.5 million versus $64.7 million at the end of last year. In addition, the Company continues to operate with no long-term debt.
16:01
MRK Merck announces new data patients with grass pollen allergic rhinoconjunctivitis treated with Merck's investigational sublingual grass showed a 26% greater improvement in the total combined score than placebo (37.39 +0.12) -Update-
Co announces in new data from a Phase III study in 345 children and adolescents (ages 5-17 years), patients with grass pollen allergic rhinoconjunctivitis treated with Merck's investigational sublingual grass (Phleum Pratense) allergy immunotherapy tablet (AIT) showed a 26% greater improvement in the total combined score (daily symptom score and daily medication score), compared to patients receiving placebo. Allergic rhinoconjunctivitis, or runny nose and itchy, watery eyes due to allergies, is a common condition in children and adolescents. These data were presented at the American Academy of Allergy, Asthma & Immunology Annual Meeting in New Orleans. AIT is an investigational, dissolvable oral tablet that is designed to prevent allergy symptoms by inducing a protective immune response against allergies, thereby treating the underlying cause of the disease. Merck is investigating AIT for the treatment of grass pollen allergic rhinoconjunctivitis in both children and adults.
16:00
BMY Bristol-Myers names Lamberto Andreotti CEO, Effective May 4; James Cornelius to retire as CEO, remain as chairman (24.72 +0.33) -Update-
Co announced that Lamberto Andreotti, 59, has been designated by the Board of Directors to serve as the co's CEO, effective May 4, when James M. Cornelius, 66, current chairman and CEO will retire. At the request of the Board, Cornelius will remain as chairman.
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