Briefing.com: Hourly In Play (R) – 12:00 ET
Apr 19, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 19-Apr-10 12:00 ET
11:59
BAYN Bay National trading halted - news pending (0.82 -0.13)
11:58
Moody's revises the industry sector outlook for lodging and cruise to stable
11:56
HRLY Herley Industries' Micro Systems received contracts totaling $1,734,913 from a defense prime contractor to supply C-Band tracking transponders for two missile platforms (15.08 +0.08)
11:52
European Markets Closing Prices: FTSE: 5730.0 -13.9 -0.2%, DAX: 6163.4 -17.5 -0.3%, CAC: 3970.5 -16.2 -0.4%, Spain's IBEX: -0.6%, Portugal's PSI: -1.1%
11:52
SPY S&P 500 slips under Friday's low of 1186.77 -- session low 1186.11 -Update- -Technical-
Support below is at 1182/1180 (20-day ema/ March high).
11:51
XRT SPDR Retail continues to pace the way lower (42.61 -0.76) -Technical-
Earlier noted the relative weakness in the sector with the downside pressure accelerating on the breach of Friday's low. Individual names leading the way include: ANF -3.1%, BKS -2.4%, CHS -3.1%, JCG -3.5%, PCLN -2.2%, KMX -2.3%, PETM -1.3%, GES -2.7%. SHLD -1.2%, DBRN -1.7%, WFMI -1.7%, NFLX -1.1%, ARO -1.7%,
11:43
FAX Aberdeen Asia-Pacific Income Fund renewed its $600 million credit facility (6.71 +0.05)
11:43
POT Potash slides back near early low (105.20 -2.60) -Technical-
The next support of note is at its 200-day sma at 104.51.
11:42
XLF Seeing relative sector weakness in Finance XLF / RKH, Retail XRT, Housing XHB, Steel SLX, Shipping SEA, REITs IYR in recent trade -Update- -Technical-
11:36
Rumor Round Up
As we opened the week for trading, a few rumors have crossed our desk. Garmin (GRMN 36.49 +0.37) shares spiked at the open following a rumor the co could be taken over. The stock has not been able to hold on to its gains. Quest Diagnostics (DGX 59.48 +1.22) shares are up following a rumor that Merck (MRK 35.74 +0.03) could be interested in the co. DGX calls are seeing interest ahead of earnings Apr 21 before the open and following takeover chatter. So far 5.0K total calls have traded vs 200 puts. Goodrich Petroleum (GDP 17.96 -0.21) saw some volatility after it was rumored Chesapeake Energy (CHK 23.66 -0.22) could be interested in the co. We note however the shares could not hold on to their gains. 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.
11:35
SBCF Seacoast Banking has directed the escrow agent to return $200 mln of subscriptions received from investors for purchase of Series C Mandatorily Convertible Noncumulative Nonvoting Preferred Stock (2.09 -0.21)
11:29
SPY Stock indices extend intraday retreat after failing to clear Friday's bounce highs with Nasdaq -12 pacing the way -- Dow -6.8, S&P -2.4 -Update- -Technical-
11:28
TECHX Currency Chart Watch -- Japanese Yen Futures -Update- -Technical-
Highlighted the breakout to a new high for the week and month on Friday but it has stalled near a solid resistance zone today marked by an equality target, its 200/50 day sma and a 50% retracement between 1.0922/1.0967 (session high 1.0923). A continued failure here and a breach of short term supports (1.0807, 1.0774) raises odds that the April rally is merely a temporary pause within the weaker trend off the Nov high (session low 1.0843) -- Click for chart.
11:16
TECHX NDX 100 (QQQQ) testing 2000 level which correlates closely with rising 10-day SMA moving average & trend support -Technical-
NDX 100 now @ 2003.28 with the recent LoD holding @ 2001.20
11:12
SMH Semiconductor Hldrs displays relative weakness but holding near initial supports (29.60 -0.42) -Update- -Technical-
The SMH generally underperformed the S&P in the wake of its early Jan advance but it provided leadership last week following its technical breakout. It has displayed relative weakness today as the pullback has been extended as low as 29.64 in recent trade but there is room for a pause without any technical damage. The 38% retracement of the advance off the early month reaction low of 27.95 is at 29.54 has been probed in recent trade (session low 29.57) with the 50% level at 29.24 (Click for daily chart).
11:01
NSANY Nissan Motor: Nissan North America will begin taking reservations for the Nissan LEAF on April 20 due to strong consumer demand (16.74 -0.33)
11:00
ACU Acme United announces change in auditors (11.45 -0.03)
Co announced that it was informed by UHY LLP (UHY), the Company's independent registered public accounting firm, that their New England practice was acquired by Marcum LLP. UHY, which had been appointed as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2010, also informed the Company that, as a result of this transaction, it has resigned effective April 16, 2010.
11:00
PRAN Prana Biotech reports new analysis of co's clinical trial is published in the Journal of Alzheimer's Disease (1.45 +0.10)
Co announced that the Journal of Alzheimer's Disease published an article about Prana's lead drug candidate for Alzheimer's disease, PBT2, providing new analysis that it is effective in reversing dementia symptoms. The results of the Phase IIa clinical trial, previously reported in The Lancet Neurology (July 2008 and an erratum in July 2009), showed that patients with mild Alzheimer's Disease treated with 250mg of PBT2, experienced an overall statistically significant improvement in Executive Function on a Neuropsychological Test Battery (NTB) within 12 weeks of treatment. The new analysis has adjusted for this and demonstrated that: 81% of patients on the 250mg dose of PBT2 responded better on the Executive Factor NTB score than the best performing patient on placebo. 41% of patients on the 250mg dose of PBT2 responded better on the overall Composite NTB score than the best performing patient on placebo (of which Executive Function is one of 2 parts).
10:35
IHF 1st hour global & sector ETF movers... Healthcare Providers and Financials lead & Energy complex lags -Technical-
The Actively Traded Leading Global & Sector ETF Plays:
iShares healthcare providers- IHF +1.50%, regional banks- KRE +1.0%, financials- IYF +1.0%, XLF +0.75%, iShares US broker/dealers- IAI +0.75%, iShares REITS & real estate- ICF +0.75%, IYR +0.75%, capital mkts- KCE +0.75%, insurers- KIE +0.75%, commercial banks- KBE +0.50%, iShares telecom- IYZ +0.50%, biotech- IBB +0.50%, BBH +0.50%
The Actively Traded Lagging Global & Sector ETF Plays:
heating oil- UHN -2.75%, iShares Taiwan- EWT -2.25%, crude/WTI oil- USO -2.0%, OIL -2.0%, semis- XSD -1.50%, IGW -1.50%, SMH -1.0%, commods- GSG -1.50%, DBC -1.25%, RBOB gas- UGA -1.50%, base metals- DBB -1.25%, solar power- TAN -1.25%, Russia- RSX -1.0%
10:27
ISRG 1st hour NASDAQ 100 (NDX) leaders & laggards-- Biotech leads -Technical-
NDX 100 Best % Performers:
ISRG +2.0%, BIIB +1.75%, PCAR +1.75%, GRMN +1.50%, ESRX +1.25%, JBHT +1.25%, WYNN +1.0%, VRSN +1.0%, ORCL +1.0%, ERTS +1.0%
NDX 100 Worst % Performers:
BIDU -2.50%, MRVL -2.0%, STX -2.0%, SNDK -2.0%, MXIM -1.50%, CTSH -1.25%, NVDA -1.25%, VOD -1.0%, FSLR -1.0%, LLTC -1.0%, ALTR -1.0%
NASDAQ TRIN @ +1.25
NASDAQ A/D @ -55
10:24
MCD 1st hour Dow 30 (INDU) leaders & laggards-- Restaurants & Machinery lead -Technical-
INDU 30 Best % Performers:
MCD +1.25%, CAT +1.0%, DD +0.75%, T +0.75%, MSFT +0.75%, IBM +0.75%
INDU 30 Worst % Performers:
AA -1.25%, PFE -1.0%, GE -0.50%, JPM -0.25%, UTX -0.25%, INTC -0.25%, CSCO -0.25%
NYSE TRIN @ +0.45
NYSE A/D @ -150
10:21
HTLD Heartland Express beats by $0.01, reports revs in-line (16.18 +0.05)
Reports Q1 (Mar) earnings of $0.13 per share, $0.01 better than the Thomson Reuters consensus of $0.12; revenues rose 0.5% year/year to $115.6 mln vs the $114.5 mln consensus. Operating revenues for most of the quarter continued to be impacted by lower freight demand due to overall economic conditions and the related pressure on freight rates. However, by quarter-end there were signs of improvement evidenced by increased freight demand, tightening capacity, and stabilizing freight rates. While the co is uncertain if these trends will continue throughout the year it is positioned to add capacity and increase utilization to take advantage of increased shipments if the growth in the truckload marketplace is sustained. Fuel expense increased $5.0 mln or 20.3% during the quarter primarily due to an increase in average fuel prices. The co continues to benefit from the focus on the reduction of idle hours and strategic fuel purchasing decisions which offset a portion of the 30.6% rise in fuel costs.
10:16
GS Goldman Sachs reschedules earnings call to 8:00 ET tomorrow morning; will address recent SEC charges (161.05 +0.35) -Update-
Co announces that a conference call to discuss the firm's results, outlook and related matters, will now be held at 8:00 am (ET), as opposed to 11:00 ET previously. The call will be open to the public. David Viniar, Chief Financial Officer, will discuss first quarter earnings and related issues, and Greg Palm, Co-General Counsel, will address the recent SEC complaint against Goldman Sachs.
10:03
GS Goldman Sachs seeing some strong upside off the 155.00 LoD as shares now turn positive in recent 1st hour trading (160.33 -.37) -Update- -Technical-
10:00
EPAY Bottomline Tech's PayMode has exceeded 100,000 enrolled suppliers (17.51 +0.03)
10:00
SPY Stock indices edge to minor new session highs but thus far still below Friday's bounce highs -- Dow +20, S&P +1.5, Nasdaq +2.1 -Update- -Technical-
Seeing relative sector strength (outperforming the S&P) in recent action in -- Finance XLF / RKH, Telecom IYZ, Oil Service OIH, REITs IYR, Airline, Casino BJK, Shipping SEA.
09:54
BJK The sector Casino/Gaming is displaying relative strength in recent trade -Technical-
Noted the hold in WYN near Friday's low and have seen relative strength in other names as well -- BYD +1.8%, LVS +1.4%, ISLE +1.3%, IGT =1.2%, MGM +0.7%, WMS +0.6%, BYI +0.5%, SHFL +0.4%.
09:51
WYNN Wynn Resorts on the mend after probing/holding near Friday's low at 82.90 -- session low 82.84 (84.88 +1.05) -Technical-
Stock was down for the fourth session in a row off the open but has staged a solid bounce after flirting with Friday's low.
09:47
X U.S. Steel - - 50 Day Alert (58.41 -1.40) -Technical-
Price continues last week's decline towards its 50-day simple moving average near 58.24 and the mid-March reaction low of 57.45.
09:44
ECONX Reminder: Leading Indicators data due out in about 16 min at 10:00ET
09:43
SPY S&P -1.5 sees only limited bounce after opening hold above Friday's low -Update- -Technical-
The session low is at 1189 with Friday's low at 1186. Support below comes in at 1182/1180 (20 day exp, March high). Initial resistances are at 1197 and 1199/1200.
09:40
XLF Sector Watch: Early minor upside leadership in Finance -Technical-
Limited gains but Finance (KBE +0.4%, KRE +0.4%, XLF +0.1%) is providing some early upside leadership. Other sectors edging slightly higher include: Healthcare +0.7%, Media +0.4%, Software +0.3%, Internet +0.2%,
09:37
IEX IDEX Corp beats by $0.04, beats on revs; guides Q2 EPS above consensus; raises FY10 EPS guidance (34.23 +0.09)
Reports Q1 (Mar) earnings of $0.46 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.42; revenues rose 8.9% year/year to $356 mln vs the $341.5 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.45-0.47, excluding non-recurring items, vs. $0.43 Thomson Reuters consensus. Co raises guidance for FY10, sees EPS of $1.75-1.80, excluding non-recurring items, vs. $1.74 Thomson Reuters consensus, up from $1.63-1.73 previously. New orders in the quarter totaled $370 million, up 10 percent compared to the prior-year period. "Our first quarter results reflect the return to growth in most of our end markets. The order trends within the Fluid and Metering and Heath and Science Technologies segments were particularly strong while our remaining markets performed as expected. Our cost structure allowed for strong profitability and this is reflected in a first quarter adjusted operating margin of 16.8%, which improved by 410 basis points compared to prior year. Overall, we are very pleased with the performance of the company. Our outlook for the full year 2010 has improved from previous estimates; we now expect organic revenue growth in the mid-single digit range which will result in diluted EPS of $1.75 to $1.80, excluding any future restructuring related charges and any impact from the recently announced Seals, Ltd. acquisition. Our full year guidance incorporates a large DIY Dispensing order that ships entirely in the first half. Full year EPS above the top end of our range is dependent on a strong U.S. end market recovery."
09:37
SPY Stock indices hold above Friday lows during opening slip and stabilize near/just above the flat line -- Dow +11, S&P +0.01, Nasdaq +0.01 -Technical-
09:35
GS Goldman Sachs attempts to lift after minor early penetration of Friday's low at 155.55 -- session low 155.00 (156.92 -3.79) -Update- -Technical-
09:31
GNBT Generex Biotech establishes action plan for reimbursement coverage for Generex Oral-lyn (0.50 +0.01)
Co has established an action plan for obtaining cost reimbursement coverage for Generex Oal-lyn, including the development of an insurance product that covers the costs of Generex Oral-lyn and any additional and/or comparable diabetes products. Some of the objectives in the action plan will include: the creation of a prospectus for use with Insurance Underwriters; the development of cost and risk assessment profile; identifying potential underwriters; and the creation of supporting actuarial and marketing materials. Under the Expanded Access Treatment IND program, Generex Oral-lyn will be provided to patients with serious or life-threatening Type 1 or Type 2 diabetes mellitus, with no satisfactory alternative therapy available for the treatment of diabetes, and who are not eligible to participate in the Company's ongoing global Phase III pivotal clinical trial of the product.
09:30
RISK RiskMetrics has utilized its excess cash and cash equivalents to prepay $81 million of its existing first lien term loan (22.73 -0.09)
09:23
On The Wires
BioMarin Pharmaceutical Inc. (BMRN) announced that Firdapse is now commercially available in the European Union for the treatment of the rare autoimmune disease Lambert Eaton Myasthenic Syndrome... Sharps Compliance Inc. (SMED) has unveiled patent-pending GREEN Waste Conversion Process, eliminating medical waste going into landfills by 100%. The process transforms discarded medical waste into a new product called PELLA-DRX - a clean, raw material used in the manufacture of industrial resources, vital to everything from highways to high-rise buildings.
09:17
JAV Janvelin Pharmaceuticals to be acquired by Hospira for $2.20/share (2.20 ) -Update-
Co's announced that the companies have entered into a definitive merger agreement providing for the acquisition of Javelin by Hospira (HSP) for $2.20/share in cash, or ~$145 mln. Hospira expects to commence a tender offer for all outstanding shares of Javelin common stock on or about April 21, 2010, in accordance with the terms of the merger agreement. Hospira and Javelin also entered into a loan facility under which Javelin may borrow up to $4.5 mln to fund Javelin's operating activities prior to closing a merger with Hospira, approximately $8.3 mln for Javelin's repayment of the principal and accrued interest incurred under a similar financing arrangement entered into with Myriad Pharmaceuticals (MYRX) and $4.4 mln for Javelin's payment of the termination fee and certain stipulated expenses that Javelin may be required to pay MPI following termination of its merger agreement with MPI.
09:15
FRO Frontline announce the acquisition of two double hull VLCC tankers (35.56 )
Co announce the acquisition of two double hull VLCC tankers; Callisto Glory and Andromeda Glory from an unrelated 3rd party. The two 321,300 dwt vessels are built by Daewoo Shipbuilding & Marine Engineering Co., Ltd. in South Korea in 2009 and are of high specification. The vessels are expected to be delivered in the period May to June 2010.
09:09
ACAS American Capital announces $295 million registered direct offering of common stock at $5.06 per share (5.33 )
Co announces the pricing of a $295 million registered direct offering of common stock to a group of institutional investors. The Company has entered into subscription agreements with the investors to sell an aggregate 58.3 million shares of American Capital's common stock, including 43.725 million shares to funds and accounts managed by Paulson & Co. at $5.06 per share.
09:07
MYRX Myriad Pharma confirms termination of merger agreement With Javelin Pharmaceuticals (JAV) (5.09 )
09:06
NLC Nalco acquires Res-Kem and General Water to expand equipment solutions in US (25.05 )
Co announced the expansion of its water pre-treatment services and related specialty equipment capabilities with the acquisition of Res-Kem Corporation and General Water Services of Philadelphia, Pa.
09:05PKT Procera Networks awarded initial orders from two new tier-1 service providers (0.53 )
Co announced that a Tier-1 mobile operator and a Tier-1 managed service provider (MSP) have placed initial orders for its PacketLogic systems in the first quarter of 2010. Procera also announced today that in addition to these two new Tier-1 customer orders, it has 10 Tier-1 trials ongoing or planned over the next 60 days with potential customers.
09:04
MVG MAG Silver drills thickest molybdenum-gold intercept to date at Cinco de Mayo (7.51 )
Co announces additional gold and molybdenum assay results from on-going drilling (32 diamond drill holes) of the Pozo Seco moly-gold discovery on its 100% owned Cinco de Mayo (or "Cinco") property in northern Chihuahua State, Mexico. Results reported here include the thickest intercept to date of significant molybdenum mineralization.
09:03
MNTA Momenta Pharma announced presentation of results from a preclinical study of M402 (15.11 )
Co announced presentation of results from a preclinical study of its novel oncology drug candidate, M402, in a murine pancreatic cancer model. The data showed thatM402, in combination with gemcitabine, significantly prolonged survival and reduced metastasis as compared to groups treated with saline alone or gemcitabine alone. Key Conclusions: The combination of M402 and gemcitabine significantly improved survival and substantially lowered the incidence of metastasis compared to mice treated with gemcitabine alone. Mice treated with M402 showed reduced epithelial-to-mesenchymal transition (EMT), a key step in the progression of tumor cells towards a more invasive phenotype.
09:03
PPHM Peregrine Pharma new preclinical breast cancer study shows its PS-targeting antibodies can reverse tumor-induced immune suppression (4.00 )
Co announces data from a new preclinical study demonstrating that the company's phosphatidylserine (PS)-targeting antibodies reversed immune suppression by tumors and conferred tumor-specific immunity in models of breast cancer. These data are being presented today at the AACR 101st Annual Meeting 2010 in Washington, D.C. Peregrine's lead PS-targeting antibody bavituximab is currently in Phase II clinical trials in advanced breast cancer and non-small cell lung cancer, with additional data expected by mid-year 2010. "This study shows that the immunosuppressive effects of PS exposed on apoptotic tumor cells can be reversed by PS-targeting antibodies, specifically by reversing the suppression of dendritic cell maturation caused by the exposed PS. This finding is important since reactivation of the immune system after the primary tumor has been removed is a critical line of defense in fighting cancer recurrence. Additionally, we showed that PS-targeting antibodies have the ability to confer tumor-specific immunity, which could lead to the future development of new cancer vaccine regimens."
09:02
TEVA Teva Pharm says ADAGIO analysis demonstrates that the natural progression of clinical symptoms in Parkinson's Disease may be slower in earlier stages (62.43 )
Co announces results from the placebo group analyses of the ADAGIO study that were presented at the 62nd Annual Meeting of the American Academy of Neurology. The ADAGIO study stands out from other Parkinson's disease trials as it is the largest clinical study conducted in patients who were still in the very early stages of their disease course. The placebo analyses demonstrated that the natural progression of clinical symptoms in PD may be slower in the earlier stages of disease development than was expected from previous findings. These results may have implications for the overall interpretation of the ADAGIO results. Specifically, the clinical significance of the 1.7 UPDRS units seen between the AZILECT 1 mg/day early and delayed-start groups during the nine month time period represents, on average, a 40 percent reduction from baseline in the early group when compared to the delayed group.
09:02
MON Monsanto is accelerating its $800 million share repurchase program; expects to spend most of remaining $800 million authorization this week (65.28 )
Co is accelerating its $800 million share repurchase program as part of its commitment to create value for its shareowners, the company announced today. Monsanto plans to spend the remaining $276 million to complete the authorization this fiscal year, more than a full year ahead of its original plan, which was scheduled to end in December 2011. The company expects most of the repurchases to occur this week.
08:52
DRL Doral Fincl announces agreement for up to $600 mln capital raise (6.34 )
Co announced that it has entered into definitive agreements to raise up to $600 mln of new equity capital for the Company through a private placement, primarily with institutional investors. Of the $600 mln of total equity commitments, $180 mln is permanent capital to support the Company's capital position and growth, including to support a possible FDIC assisted transaction. The remaining $420 mln is contingent upon completing such an FDIC-assisted acquisition and will be held in escrow and will be returned to investors if the acquisition is not completed. The securities to be issued are a combination of common stock and non-voting, mandatorily convertible preferred stock. The securities will have an effective sale price of $4.75 per common share equivalent if the acquisition is completed or $3.00 per common share equivalent if the acquisition does not occur and the escrow is released.
08:50
JAV Javelin Pharmaceutic announces termination of merger agreement with Myriad Pharmaceuticals (MYRX), cancels special meeting of stockholders (2.17 )
Co announced that it had terminated its merger agreement with Myriad Pharmaceuticals (MYRX). As a result of the termination of the merger agreement, Javelin's Special Meeting of Stockholders to vote on the adoption and approval of the merger agreement with MPI scheduled for April 22, 2010 has been canceled.
08:40
On The Wires
Equity One (EQY), an owner, developer, and operator of shopping centers, announced that it had acquired Veranda Shoppes. Veranda Shoppes is a 44,888 square foot shopping center located in Plantation, Florida. The shopping center is currently 100% leased. Major tenants include Publix, Dunkin Donuts and Pei Wei... Blockbuster Inc. (BBI) has rescheduled its annual meeting of stockholders to June 24, 2010. "As a result of the continued progress on our recapitalization initiatives, we have rescheduled the annual stockholders' meeting... We believe the additional time will provide us with the greatest opportunity to successfully complete one or more of our ongoing recapitalization initiatives prior to the annual meeting, possibly resolving our NYSE non-compliance and avoiding the need for a reverse stock split."... Health Net Federal Services, part of the Government Contracts segment of Health Net (HNT), has been re-awarded a contract by the VA Southern Nevada Healthcare System to provide primary health care, women's services, preventive care and chronic disease management services to Veterans enrolled in the Department of Veterans Affairs Community Based Outpatient Clinic located in Henderson, Nev.
08:36</p>
SA Seabridge Gold announces 2010 program for KSM (28.00 )
Co announced today that it plans to spend approximately $17.5 million this year to advance its 100% owned KSM project. The main initiatives are: drilling for a potential increase in reserves; exploring for additional resources at the new Iron Cap zone; continuing optimization work on the project's Preliminary Feasibility Study and preparing an Environmental Assessment Application and engaging Aboriginal Peoples on project development.
08:35
BALT Baltic Trading announces that it executed a credit agreement and other definitive documentation for a $100 mln senior secured revolving credit facility (13.63 ) -Update-
08:35
IMMU Immunomedics develops novel immunoconjugate for targeted delivery of siRNAs to solid cancers (3.60 )
Co reported the development of a novel protein complex, designated as E1-L-thP1, for targeted delivery of small interfering ribonucleic acids (siRNAs) to diverse solid cancers. Co created E1-L-thP1 using its patented Dock-and-Lock protein engineering platform technology. E1-L-thP1 is made up of hRS7, the Company's proprietary humanized anti-TROP-2 antibody, linked with 4 copies of human protamine.
08:33
XJT ExpressJet announces its Board of Directors named Thomas Hanley as President and CEO effective immediately (3.88 )
08:32
EROC Eagle Rock Energy announced that the borrowing base under its senior secured credit facility has been set at $130 million by its commercial lenders (6.57 )
Co announced that the borrowing base under its senior secured credit facility has been set at $130 million by its commercial lenders as part of the Partnership's regularly scheduled semi-annual borrowing base redetermination. The redetermined borrowing base is effective April 1, 2010, with no additional fees or increases in interest rate spread incurred. The Partnership also announced today that on April 9, 2010 it added to its commodity derivative portfolio by establishing hedges on a portion of its expected 2013 Midstream volumes. Specifically, the Partnership entered into a swap for 20,000 barrels per month of NYMEX WTI crude oil for the twelve months ended December 31, 2013. The swap price for the transaction is $90.20 per barrel.
08:32
VIST VIST Financial Sells Ownership in First HSA (8.83 )
Co announces it sold its 25% ownership in First HSA, LLC, Reading PA to HealthEquity. The transaction will result in a second quarter pre-tax gain of approximately $1.9 million. VIST expects to transfer the accounts and related balances by the beginning of the third quarter 2010. Once the transfer is complete there will be an annual savings of approximately $500,000 as well as an improvement in overall cost of funds.
08:31
XETA Xeta Tech Announces Letter of Intent to Purchase Pyramid Communications Services (3.40 )
Co announced it has signed a non-binding Letter of Intent ("LOI") to purchase Pyramid Communications Services. Pyramid ended 2009 with revenues in excess of $10 million. Subject to the execution of a definitive purchase agreement, satisfactory completion of due diligence, and other customary closing conditions, the transaction is targeted to close during XETA's third fiscal quarter.
08:31
SKBI Skystar Bio Pharmaceutical announced the appointment of Michael H. Lan to become the co's CFO effective as of April 16, 2010 (10.61 )
08:31
CW Curtiss-Wright received contracts totaling $11 million from Savannah River Remediation (35.44 )
08:30
TWO Two Harbors Investment plans to resume its proposed public offering of shares of common stock, revising the number of shares proposed to be offered to 11 mln shares (9.20 )
08:23
STZ Constellation Brands discloses Master Confirmation and Supplemental Confirmation with Goldman Sachs to effect an accelerated stock buyback of the Companyâ??s Class A common stock (17.02 )
In today's 8-K: STZ "entered into a Master Confirmation and Supplemental Confirmation with Goldman Sachs to effect an accelerated stock buyback of the Company's Class A common stock. Under the terms of the Repurchase Agreement, on April 21, 2010 the Company is obligated to pay Goldman Sachs a fixed purchase price of $300.0 million and Goldman Sachs is obligated to deliver to the Company 11,016,451 shares of Common Stock. The Company expects to pay the purchase price for the shares with proceeds from borrowings under the Company's existing $842.0 million revolving credit facility. After the payment of the purchase price, the Company expects to have revolving loans of approximately $507.0 million and letters of credit of $34.0 million outstanding under its revolving credit facility, and approximately $301.0 million available to be drawn under its revolving credit facility.
08:20
CTEL City Telecom HK: HKBN bbTV further expands with Hallmark Channel & SCI FI (14.29 )
Co announced the launch of Hallmark Channel and SCI FI on our bbTV platform. These new offerings further enrich our IP-TV offerings to 109 channels with exciting entertainment from the dedicated channel brands from a global leader in entertainment -- Universal Networks International. bbTV subscribers can now enjoy both the new channels for free till 16th May, 2010, and then subscribe the channels at a monthly fee of $5.00 (HK$38), or by adding $2.60 (HK$20) to their existing bbTV monthly fee package, with both options being 24 months contract basis.
08:17
MTB M&T Bank beats by $0.16 (84.25 )
Reports Q1 (Mar) earnings of $1.15 per share, $0.16 better than the Thomson Reuters consensus of $0.99. Expressed as an annualized rate of return on average tangible assets and average tangible common stockholders' equity, net operating income was 1.00% and 17.34%, respectively, in the first quarter of 2010, up from .50% and 9.36% in the initial quarter of 2009 and .92% and 16.73% in the final 2009 quarter. The provision for credit losses was $105 million in the first quarter of 2010, down from $158 million and $145 million in the year-earlier quarter and in the fourth quarter of 2009, respectively. Net charge-offs of loans during the recent quarter were $95 million, down from $100 million in the initial quarter of 2009 and $135 million in the final 2009 quarter. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .74% and .83% in the first quarters of 2010 and 2009, respectively, and 1.03% in 2009's final quarter. The allowance for credit losses totaled $891 million at March 31, 2010, increased from $846 million a year earlier and $878 million at December 31, 2009. M&T's tangible common equity to tangible assets ratio was 5.43% at March 31, 2010, compared with 4.86% and 5.13% at March 31, 2009 and December 31, 2009, respectively.
08:17
On The Wires
Schnitzer Steel Industries, (SCHN) has acquired substantially all of the assets of Golden Recycling & Salvage. Schnitzer's subsidiary, SSI Big Sky LLC, purchased the assets and is now operating the facility as Schnitzer Steel Billings... Mylan Inc. (MYL) announced that its subsidiary Mylan Pharmaceuticals has launched Clozapine Tablets USP, 50 mg and 200 mg. These additional strengths, which had U.S. sales of ~$13.5 mln for the 12 months ending Dec. 31, 2009, according to IMS Health, complement Mylan's already approved and marketed strengths, which are therapeutically equivalent to Novartis' (NVS) antipsychotic Clozaril 25 mg and 100 mg... Biovest International, (BVTI) announced that the co and its largest creditor, Laurus Master Fund, including Laurus' affiliates and assignees, have reached a settlement to restructure the co's debt and address the business issues described below, representing a major step toward Biovest filing a Plan of Reorganization to emerge from Chapter 11. As required by the settlement, Biovest filed a motion seeking approval of the settlement terms with the U.S. Bankruptcy Court, Middle District of Florida... Densitron Corporation and Immersion Corporation (IMMR) announced that Densitron has licensed Immersion's TouchSense technology for integration into touchscreen solutions for medical products, scientific instruments and industrial controls... Cereplast (CERP) announced that it has added one regional distributor, S&P Sourcing a Hong Kong-based co operated as Vulcan Plastics Technology in China, to distribute Cereplast's bio-based resins in southern China.
08:15
GMXR GMX Resources announces result of Haynesville/Bossier horizontal well (9.42 )
Co announced the completion of the Blocker Heirs #20H Haynesville/Bossier horizontal well with a 14.4 mln cubic feet of gas per day initial production rate. The well was drilled with a 4,450 foot lateral and stimulated with 11 frac stages. The well test was over 24 hours on a 20/64 choke with 5,890 pounds of Flowing Casing Pressure into a sales line with 975 pounds per square inch of Line Pressure. The IP rate of the Blocker Heirs #20H is slightly higher than the reported IP of the Mia Austin #1H which had an IP rate of 14.1 MMCF/D on a 20/64 choke with 5,492 pounds of FCP. However, the Blocker Heirs #20H was completed with 11 frac stages while the Mia Austin #1H was completed with 12 frac stages. The 5 1/2" casing design facilitates the ability to reduce the number of stages and increase the number of perforations, thereby producing greater contact with the reservoir rock and increased transmissibility as evidenced by the higher FCP. The co expects 30 day production rates and long term performance to be enhanced by the 5 1/2" casing design.
08:12
C Citigroup beats by $0.15, beats on revs (4.56 )
Reports Q1 (Mar) earnings of $0.15 per share, $0.15 better than the Thomson Reuters consensus of ($0.00). Provisions for credit losses and for benefits and claims declined $2.4 billion sequentially to $8.6 billion, the lowest level since the first quarter of 2008. Expenses were down 6% sequentially to $11.5 billion.
Securities and Banking revenues more than doubled to $8.0 billion from $3.3 billion in the fourth quarter of 2009. Excluding the impact of CVA from both periods, revenues increased $2.5 billion, or 48%, sequentially to $7.7 billion. Citicorp's North America, EMEA, and Asia regions had double-digit sequential growth in revenues, up 58%, 64%, and 23%, respectively, while the Latin America region had an 8% decline. Fixed Income Markets revenues were $5.4 billion ($5.1 billion excluding CVA), compared to $1.7 billion ($2.9 billion excluding CVA) in the prior quarter. The 77% increase in revenues excluding CVA was mainly driven by strong performance across interest rates and currencies, and credit and securitized products. Investment banking revenues were $1.1 billion, down $402 million or 28% from the prior quarter, mainly due to a decline in equity underwriting. Debt underwriting revenues were $635 million, up 17%, as issuance volumes increased in the quarter. Equity underwriting revenues were $224 million, down 68%. Advisory revenues were $198 million, down 6% due to lower completed deal volume, reflecting a decline in market activity.
Citigroup net credit losses declined $1.6 billion, or 16%, sequentially to $8.4 billion. Citigroup's allowance for loan losses was $48.7 billion or 6.80% of loans. The consumer allowance for loan losses was $41.4 billion at quarter-end, or 7.84% of total loans. Citicorp credit costs of $2.8 billion were down $527 million, or 16% from the prior quarter, and included net credit losses of $3.1 billion and a $367 million net release for loan losses and unfunded lending commitments. Net credit losses in North America residential real estate lending were $1.7 billion, down $392 million or 19%, reflecting lower severity of loss, sales of non-performing assets, and the impact of modification programs.
Tier 1 Capital and Tier 1 Common ratios of 11.2% and 9.1%, respectively, increased significantly from the pro forma ratios as of year end 2009, after adjusting for the adoption of SFAS 166/167, which had a negative impact of 140 and 138 basis points, respectively. Book Value per share was $5.28, down from $5.35 in the prior quarter. Tangible Book Value per share was $4.09, down from $4.15 in the prior quarter.
08:10
SIHI SinoHub begins production at new mobile phone manufacturing facility; receives new orders for 61,000 custom, private label mobile phones (2.91 )
Co announced that its new 77,500 sq. ft. mobile phone manufacturing facility located in the Bao'an district of Shenzhen, China, has commenced operations. The co also announced that it has received new orders for 61,000 custom, private label mobile phones from four separate customers located in Indonesia, India, Malaysia and Hungary. The new mobile phone facility has annual output capacity of ~5.4 mln handsets, or 450,000 handsets per month based on 12 assembly lines. The co expects to reach full capacity utilization, or over 75,000 handsets per month, on the initial two assembly lines by June 2010 to produce mobile phones for developing countries, with additional assembly lines to be added based on increasing demand. In addition, the co plans to install 3.5 surface mount lines starting in June with production capacity of over 150,000 mobile phone mother boards per month. The Company received new orders for an aggregate of 61,000 custom, private label mobile phone handsets from the following new customers: Taxco (50,000), Magicon (5,000), Ximax (5,000) and My Audio (1,000), located in Indonesia, India, Malaysia and Hungary, respectively. Pricing and related terms were not disclosed. SinoHub currently serves 10 customers through its new virtual manufacturing business segment.
08:08
On The Wires
Apollo Global, a majority-owned subsidiary of Apollo Group (APOL) announced the addition of Western International University to its education network as a result of an asset transfer from Apollo Group... inContact, Inc. (SAAS) announced new customer win and recent expansions within two existing customers. Combined, theses three customers will expand the inContact solutions to nearly 600 additional agents... ZST Digital Networks, Inc. (ZSTN) has appointed BDO China Li Xin Da Hua CPA, a BDO Member Firm, as its independent registered public accounting firm, replacing Kempisty & Company, Certified Public Accountants PC.
08:04
SLAB Silicon Labs and Arrow Electronics establish global franchise agreement (52.05 )
Arrow Electronics (ARW) and SLAB announced a distribution agreement for Silicon Labs' broad portfolio of mixed-signal products.
08:04
SNTA Synta Pharma presents STA-9090 results at AACR Including Synergy with Avastin, Tarceva, and Taxanes; downregulation of HIF-1a; inhibition of JAK/STAT (4.15 )
The co announces that preclinical results presented at the American Association for Cancer Research (AACR) 101st Annual Meeting show that STA-9090, a potent, synthetic inhibitor of heat shock protein 90 (Hsp90), demonstrates synergy with standard of care therapies such as Avastin in non-small cell lung cancer models; penetrates efficiently into hypoxic (low oxygen) regions of tumors; and inhibits both HIF-1a and JAK/STAT signaling, pathways that are critical to the survival and proliferation of certain cancer types. "STA-9090 has demonstrated encouraging signs of single-agent activity in our Phase 1 and Phase 2 clinical trials, as well as a manageable safety profile," said Vojo Vukovic, M.D., Ph.D., Senior Vice President and Chief Medical Officer, Synta Pharmaceuticals. "Results presented today further support the potential for STA-9090 in treating a range of cancers, both as a single-agent and in combination with other anti-cancer agents."
08:02
CSE CapitalSource acquires SBA lender for $100 mln (5.95 )
Co announced that it has acquired substantially all of the assets of SBA lender MainStreet Lender for a total purchase price of $100 million. The asset purchase includes the acquisition by CapitalSource Bank of a $111 million portfolio of small balance SBA and conventional loans, and the acquisition by the Parent Company of a non-bank SBA license, servicing rights associated with the bank-acquired portfolio and intellectual property. Additionally, MainStreet origination, underwriting and servicing personnel will join CapitalSource to manage and grow the SBA portfolio.
08:02
MYL Mylan Labs announces approval under PEPFAR for generic version of Videx EC HIV treatment (21.75 )
Co announces that its subsidiary Matrix Laboratories Limited has received final approval from the FDA under the President's Emergency Plan for AIDS Relief for its Abbreviated New Drug Application for Didanosine Delayed-release Capsules, 125 mg, 200 mg, 250 mg and 400 mg, the generic version of Bristol Myers Squibb's HIV treatment Videx EC. This product, which the company expects to begin marketing in the U.S. during the current quarter, will be sold under the Mylan Pharmaceuticals brand. The product will also be sold outside the U.S. in a number of developing countries. Didanosine Delayed-release Capsules had U.S. sales of approximately $29 mln for the 12 months ending Dec. 31, 2009, according to IMS Health.
08:01
BVX Bovie Medical announces $3 mln private placement
Co announced it entered into a definitive agreement on April 18, 2010, to sell securities to institutional investors in a private placement for aggregate gross proceeds of ~$3 mln. The closing of the offering is subject to the satisfaction of customary closing conditions. Under the terms of the offering, Bovie will sell 571,429 shares of common stock in the aggregate at a price of $5.25 per share.
08:01
PEIX Pacific Ethanol's Ethanol Production Subsidiaries File Amended Plan of Reorganization (1.15 )
Co announces that on April 16, 2010, its wholly-owned subsidiary, Pacific Ethanol Holding, together with PEH's four wholly-owned ethanol production facilities, filed an Amended Plan of Reorganization and related draft Disclosure Statement with the U.S. Bankruptcy Court in Delaware in continued cooperation with its lenders. Under the Amended Plan, the New PEH term debt will be reduced by $67 million to $50 million. In addition to the term debt, the Amended Plan continues to provide working capital of up to $15 million, which may be increased up to $35 million as provided in the Original Plan.
08:00
VSAT ViaSat awarded additional $6.6 million MIDS-LVT lot 11 delivery order for Republic of Turkey (34.58 )
07:44
On The Wires
EpiCept Corporation (EPCT) announced that the commercial launch of Ceplene will take place in the United Kingdom on April 20, 2010 in conjunction with the British Society for Haematology 50th Annual Scientific Meeting in Edinburgh, Scotland. Ceplene is approved in the European Union for the remission maintenance and prevention of relapse in patients with Acute Myeloid Leukemia in first remission... Heraeus and Ferro Corporation (FOE) announced that they have signed a definitive agreement to acquire from each other certain business lines concerning decoration materials for ceramic and glass products. The agreement is subject to customary closing conditions; the companies expect the transactions to close by May 1, 2010... Trintech Group Plc (TTPA), a provider of integrated financial governance, risk management and compliance software solutions, announced that Toyota Financial Services (TM) has selected its ReconNET and AssureNET GL software for financial process compliance. Both solutions are part of Trintech's Unity platform, a suite of modular software that enables companies to meet their financial governance, risk management and compliance goals... KAR Auction Services, (KAR) announced a 30% increase in online sales volumes for the year ended December 31, 2009 for ADESA, the co's whole car auction services business, as compared to the year ended December 31, 2008... Grupo Aeroportuario del Centro Norte (OMAB) announces the resolutions passed for payment of a cash dividend of Ps. 400 mln, or Ps. 1.00 per share and allocation of up to Ps.400 mln for acquisition of Company's Series B shares during the 2010 fiscal year... Partner Communications (PTNR) announces that following its announcement regarding its serving with a lawsuit requesting certification as a class action, the public bid process will not be completed on the dates specified. Co intends to publish an amendment to the Shelf Offering Report and/or an amended Shelf Offering Report which will specify new dates for the filing of bids and updates to the Shelf Offering Report... Seadrill Limited (SDRL) confirms the private placement of new shares announced on April 13, 2010, closed on April 16, 2010. The new shares of 12.5 million have been issued and the share capital of Seadrill, following the completion of the equity issue in relation to the private placement, amounts to US$824,576,432 represented by 412,288,216 ordinary shares of US$2.00 par value.
07:43
COMDX Crude oil is extending its sell off from Friday's session and is now trading right just above the $80 level; currently off $2.28 to $80.96
07:31
TASR TASER receives order for 250 TASER X26 units (5.21 )
Co announces of an order of 250 TASER X26 electronic control devices for a law enforcement agency in the Southeast to replace its ADVANCED TASER M26. Further customer information is not being released at this time.
07:30
TASR TASER receives order for 250 TASER X26 units (5.21 )
07:30
CADX Cadence Pharma announces plan to resubmit NDA for OFIRMEV (9.19 )
Co announced that, based on feedback received during a meeting with the FDA on April 16, 2010, it plans to re-submit a New Drug Application (NDA) for its investigational product candidate, OFIRMEV injection, within the next 30 days.
07:30
YMI YM BioSciences announces pivotal preclinical efficacy data for the JAK1/2 inhibitor CYT387 published in Blood, the Journal of the American Society of Hematology (1.59 )
Co announces the pre-publication of pivotal preclinical data for CYT387, their JAK1/2 inhibitor, currently in a Phase I/II trial for myelofibrosis. The scientific paper, published as a First Edition in the hematology journal Blood, describes an extensive body of work demonstrating the potent activity of the compound in in vitro cell assays and in an in vivo model of the myeloproliferative neoplasms. CYT387 also significantly reduces circulating levels of inflammatory cytokines such as IL-6 and TNF-alpha, which are common in patients with MPNs, as well as in auto-immune diseases such as rheumatoid arthritis.
07:09
On The Wires
MoneyGram International (MGI) announced the introduction of MoneyGram's services at 930 bank branches across Guangdong province, bringing MoneyGram's convenient and reliable money transfer services to more than 100 mln residents across China's most populous province... UnitedHealthcare, a UnitedHealth Group (UNH) company, will extend the health coverage that graduating college students currently have under their parents' plans until the new health reform provision requiring dependent coverage up to age 26 is fully implemented... World Energy Solutions (XWES) announced the State of Delaware has successfully contracted for over 800,000,000 kWh of electricity and renewable energy using the World Energy Exchange. The 36-month contract - awarded to Washington Gas Energy Services and commencing on July 1, 2010 - is projected to save Delaware and its aggregation partners over $13 mln, while advancing the State's sustainability goals.
07:03
AMLN Amylin Pharms beats by $0.02, misses on revs (21.75 )
Reports GAAP Q1 (Mar) loss of $0.27 per share, $0.02 better than the Thomson Reuters consensus of ($0.29); revenues fell 3.3% year/year to $174 mln vs the $187.8 mln consensus. Net product sales of $172.3 million for the quarter ended March 31, 2010 include $149.8 million for BYETTA (exenatide) injection and $22.5 million for SYMLIN (pramlintide acetate) injection. This compares to net product sales of $179.3 million, consisting of $157.7 million for BYETTA and $21.6 million for SYMLIN for the same period in 2009. BYDUREON response to FDA will be submitted this week BYDUREON marketing authorization application submitted to the european medicines agency. "With the submission of our BYDUREON response this week, we are preparing to make this revolutionary treatment option available this year to the millions of patients living with type 2 diabetes. We remain focused on driving revenue from our currently marketed products, BYETTA and SYMLIN, and continue to exercise financial discipline so that we remain on track to generate sustainable positive operating cash flow by year end."
07:02
SPF Standard Pacific misses by $0.02, misses on revs (5.51 )
Reports Q1 (Jun) loss of $0.02 per share, $0.02 worse than the Thomson Reuters consensus of ($0.00); revenues fell 16.3% year/year to $175.4 mln vs the $279.4 mln consensus. Co says net new orders (excluding joint ventures) for the 2010 first quarter increased 3% from the 2009 first quarter to 759 homes, despite a 20% decrease in the number of average active selling communities, from 158 to 126.
07:01
HGSI Human Genome announces withdrawal of European Marketing Authorization application For JOULFERON for the treatment of chronic Hepatitis C (32.42 )
Co announces that Novartis (NVS) has withdrawn a Marketing Authorization Application to the European Medicines Agency for approval to market JOULFERON (albinterferon alfa-2b, known in the United States as ZALBIN for the treatment of chronic hepatitis C. The decision to withdraw the application was based on feedback from European regulatory authorities in preliminary response to the EMA application, indicating that additional new data would be requested which could not reasonably be generated within the timeframe allowed in the European Centralized Procedure. Feedback included whether the therapeutic benefit offered by JOULFERON dosed once every two weeks is sufficient relative to risk.
07:01
DJSP DJSP Enterprises announces agreement to acquire Timios (12.10 )
Co announced it has signed a definitive agreement to acquire Timios, a national title insurance and settlement services company. Timios is a licensed title insurance and escrow agent operating in 38 States. Headquartered in Westlake Village, CA, with additional offices in Houston and Plano, Texas, Timios will provide DJSP Enterprises the capability to provide its customers a balanced portfolio of services including new loan origination, refinance and national REO closing and title. Additionally, Timios handles national loss mitigation services and pre-foreclosure title products from its multiple locations strategically placed for time-zone sensitive fulfillment.
07:01
RXII RXi Pharmaceuticals highlights the potential for RNAi therapeutics in oncology (4.40 )
Co announces presentation that will include broad overview of the mechanism of RNAi. In addition, in vivo data on RXi's proprietary 'self delivering' (sd-rxRNA) compounds will be presented, as well as the potential for the use of the company's RNAi therapeutic platform in the treatment of a variety of oncology indications. In contrast to conventional siRNAs, sd-rxRNA compounds have been shown by RXi in animal models to have the unique property of prolonged blood circulation, allowing them to reach the desired tissues before they are degraded in serum or cleared by the kidneys. The improved drug-like properties of sd-rxRNAs have the potential to dramatically advance the field of RNAi therapeutics and the development of many novel disease treatments, including a variety of oncology indications, for which treatments may be addressed using both local and systemic administration.
06:58
HAL Halliburton beats by $0.03, reports revs in-line (31.64 )
Reports Q1 (Mar) earnings of $0.28 per share, excluding $0.05 charge from the Venezuelan devaluation, $0.03 better than the Thomson Reuters consensus of $0.25; revenues fell 3.7% year/year to $3.76 bln vs the $3.76 bln consensus. "Led by the strengthening North America market, total revenue increased 2% and operating income increased 5% during the quarter. Revenue in North America increased by 19% during the quarter while operating income more than doubled. United States land activity increased as oil and natural gas operators continued to develop unconventional reservoirs and strong oil prices encouraged an increase in oil-directed drilling activity. The 21% increase in rig count and underlying increase in service intensity during the quarter led to significant absorption of the industry's excess service capacity, which resulted in opportunities for pricing improvement. "Natural gas fundamentals in North America remain a risk to continued rig count growth in the near term; however, operator hedging positions, the need to drill to hold acreage, and the shift to liquids-rich reservoirs should moderate possible activity declines and may result in a range-bound rig count for a period of time. We believe a sustainable recovery will only occur with an increase in natural gas demand... Tangible indications are that, barring any major economic disruption, the industry is likely to experience a steady resurgence in international activity in the second half of the year and into 2011."
06:47
S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -9.50.
06:47
Asian Markets
Nikkei...10908.77...-193.40...-1.70%. Hang Seng...21405.17...-460.10...-2.10%.
06:47
European Markets
FTSE...5714.11...-29.90...-0.50%. DAX...6159.13...-20.80...-0.30%.
06:38
CRN Cornell Corr: The GEO Group to buy Cornell Companies in $685 mln deal; transaction implies GEO to pay premium of 35% at $24.96 per share, based on Friday's closing prices (18.47 )
Co announces that their respective Boards of Directors have approved a definitive merger agreement pursuant to which The GEO Group will acquire Cornell for stock and/or cash at an estimated enterprise value of $685 mln based on the closing prices of both cos' stocks on April 16, 2010, including the assumption of ~$300 million in Cornell debt, excluding cash. Under the terms of the definitive agreement, stockholders of Cornell will have the option to elect to receive either (x) 1.3 shares of GEO common stock for each share of Cornell common stock or (y) an amount of cash consideration equal to the greater of (i) the fair market value of one share of GEO common stock plus $6.00 or (ii) the fair market value of 1.3 shares of GEO common stock. In order to preserve the tax-deferred treatment of the transaction, no more than 20% of the outstanding shares of Cornell Common Stock may be exchanged for the cash consideration. If elections are made such that the aggregate cash consideration to be received by Cornell stockholders would exceed $100 million in the aggregate, such excess amount may be paid at the election of GEO in shares of GEO common stock or in cash. Based on the closing stock price of each co's common stock as of April 16, 2010, and assuming maximum cash election, the transaction implies a value of $24.96 per Cornell share, a 35% premium over the closing price of Cornell's stock on April 16, 2010. GEO will assume ~$300 million of Cornell debt, comprising $180 million in recourse debt and ~$120 million in non-recourse debt related to Cornell's special purpose entity Municipal Corrections Finance, L.P. (MCF) bonds, excluding cash. "This merger represents a compelling strategic fit for both of our companies and positions us well to meet the increasing demand for correctional, detention and residential treatment facilities and services. The combination of our two companies creates a company with revenues of approximately $1.5 billion, enhanced scale, diversification, and complementary service offerings. GEO has a successful track record of integrating acquisitions, and we are confident in our ability to implement the industry's best practices across the combined company. At the same time, we expect to achieve revenue growth opportunities and annual cost efficiencies of $12-15 million to enhance long-term value for our shareholders."
06:35
On The Wires
Densitron Corporation and Immersion (IMMR) announces that Densitron has licensed Immersion's TouchSense technology for integration into touchscreen solutions for medical products, scientific instruments and industrial controls... Sequenom, Inc. (SQNM) announced the launch of its next-generation mass spectrometry system - the MassARRAY Analyzer 4. This nucleic acid analysis platform has been designed to meet customer demand for instrument with greater flexibility across multiple applications, improved reliability and faster performance.
06:34
LLY Eli Lilly beats by $0.08, misses on revs; guides FY10 EPS below consensus (36.54 )
Reports Q1 (Mar) earnings of $1.18 per share, $0.08 better than the Thomson Reuters consensus of $1.10; revenues rose 8.7% year/year to $5.49 bln vs the $5.54 bln consensus. Co issues lowers guidance for FY10 reflect the expected negative impact of U.S. health care reform, partially offset by expectations of stronger underlying business performance, sees EPS of $4.40-4.45 vs. $4.73 Thomson Reuters consensus.
06:33
HAS Hasbro beats by $0.10, beats on revs; raises share buyback amount (39.85 )
Reports Q1 (Mar) earnings of $0.26 per share, excluding a $0.14 tax benefit, $0.10 better than the Thomson Reuters consensus of $0.16; revenues rose 8.2% year/year to $672.4 mln vs the $642.7 mln consensus. Net revenues grew in all major product categories in the first quarter 2010. Additionally, Hasbro's Board of Directors has authorized the co to repurchase an additional $625 mln in common stock. At quarter end, $63.8 mln remained available in the prior share repurchase authorization. The co repurchased a total of 2.8 million shares of common stock during the first quarter of 2010 at a total cost of $97.7 mln and an average price of $35.35 per share. "We began the year with positive consumer spending trends, but recognize we face challenging comparisons in the second quarter given the initial movie product ship-ins last year in anticipation of the TRANSFORMERS and G.I. JOE movies. As we stated in February, we continue to believe we should be able to grow revenues and earnings per share for the full year 2010, including the dilution from our television investments and absent a further deterioration in the value of foreign currencies, consumer spending, or global economic conditions."
06:03
CLNE Clean Energy Fuels contracts to build and operate two new CNG stations in the NYC area (19.59 )
02:50
STM STMicroelectronics Board to propose increase annual dividend to $0.28/share from $0.12/share (10.25 )
02:01
ELN Elan announces exploration of EDT separation and board changes (7.72 )
Co has decided to explore the possibility of a separation of its Elan Drug Technologies business. If executed, any transaction would create two publicly listed companies: Elan BioNeurology and EDT. The purpose of this exploration is to accurately assess the opportunity and impact on shareholder value.
01:50
MFRI MFRI reports 4Q09 net loss of $0.85 per share; revenue declined 40.6% year/year to $49.1 mln (no estimates available) (7.21 )
01:45
RGN RegeneRx Biopharma announces proposed public offering (0.58 )
Co intends to offer units consisting of shares of its common stock and warrants to purchase shares of its common stock in a public offering. The number of units to be issued, the price of each unit, the portion of a common share underlying each warrant and the exercise price per warrant, as well as the size of the offering, will be determined at the time of pricing the offering.
01:42
OSIP OSI Pharm: FDA approves Tarceva as a maintenance therapy for advanced non-small cell lung cancer (59.52 )
Co announces the FDA approved the daily pill Tarceva as a maintenance treatment for patients with locally advanced or metastatic non-small cell lung cancer whose disease has not progressed after four cycles of platinum-based first-line chemotherapy. The new approval for Tarceva was based on data from the pivotal Phase III SATURN study. SATURN showed that Tarceva given as a maintenance therapy immediately after first-line chemotherapy significantly extended overall survival and significantly improved the time people with advanced NSCLC lived without the disease getting worse in a broad patient population, including squamous and non-squamous histology, compared with placebo.
01:37
ABII Abraxis BioScience: ABRAXANE in combination with gemcitabine increases survival in first-line treatment of advanced pancreatic cancer in Ph. I/II study (51.00 )
Co announces updated overall survival findings from a phase I/II study of nab-paclitaxel (ABRAXANE for Injectable Suspension) (paclitaxel protein-bound particles for injectable suspension) given in combination with gemcitabine, demonstrated increased survival of the first-line treatment of patients with advanced pancreatic cancer. In 44 patients treated at the recommended dose of 125 mg/m2 nab-paclitaxel plus gemcitabine, the median overall survival time was 12.2 months, a doubling of survival compared to historical control of gemcitabine administered alone.i This combination of nab-paclitaxel and gemcitabine also resulted in a confirmed overall response rate in 50% of patients treated, and a disease control rate (CR, PR and stable disease for 16 weeks or longer according to RECIST criteria) of 68%. In the overall study, three patients achieved a complete response. These findings were discussed during a keynote address by Daniel Von Hoff, M.D., "Epithelium and Stroma: Double Trouble," during the "Progress in Pancreatic Cancer" session on April 18 at the 101st Annual Meeting of the American Association for Cancer Research.
01:33
AMGN Amgen announces results from biomarker analysis of Ph. 3 "408" trial of Vectibix plus best supportive care compared to BSC alone (60.72 )
Co announces detailed results from a new biomarker analysis of the pivotal Phase 3 "408" trial of Vectibix (panitumumab) plus best supportive care compared to BSC alone. The analysis used massively parallel, next-generation sequencing technology to investigate whether mutations in nine genes known to be mutated in colorectal cancer, including the previously unanalyzed exon 3 mutation of the KRAS gene, are predictive of response to Vectibix in metastatic colorectal cancer. Highlighted results were presented at the opening press conference at the American Association for Cancer Research Annual Meeting 2010. In this retrospective analysis of Phase 3 data, which included evaluation of KRAS exon 3 mutations in addition to the initial KRAS exon 2 analysis, Vectibix significantly improved progression-free survival in the patients with KRAS wild-type tumors and had no effect on PFS in patients with KRAS mutant tumors.
01:28
On The Wires
Samson Oil & Gas Ltd. (SSN) provides operational advice on the Gene 1-22H well located in Williams County, ND. The initial flow back results which emerged from the Gene #1-22H pointed to a sand plug having developed within the well bore. This conclusion came from the observation that the Easter Sunday rate of 1,112 BOEPD rate from the toe end of the well was not surpassed when the balance of the frac job had been completed... CNOOC (CEO) announces that the co has successfully made a new discovery - Penglai(PL)9-1 in the Eastern Bohai Bay. The discovery well PL9-1-2 penetrated oil pay zones with total thickness of 77 meters and fractured zone of buried hill with total thickness of 158 meters... Washington Banking (WBCO) announces that its subsidiary, Whidbey Island Bank, has acquired the eight branch locations and approx 60% of the assets and all non-brokered deposits of City Bank through a purchase and assumption agreement with the FDIC... Center Financial (CLFC) announces that its wholl owned subsidiary, Center Bank, acquired the banking operations of Innovative Bank from the FDIC; CFLC will receive total assets of approx $284 mln and approx $240 mln in liabilities... People's United Bank, a subsidiary of People's United Financial (PBCT), announces it has acquired all of the deposits, certain assets and the banking operations of Butler Bank... LDK Solar (LDK) reaches milestone of 2.0 gigawats annualized capacity at its wafer plant.
01:23
PALM Palm announces in 8-K filing that Michael R. Abbott, Senior VP of Software and Services, submitted resignation on 4/12; co to implement retention program for certain key employees (5.59 )
Co announces on April 12, 2010, Michael R. Abbott, Senior VP of Software and Services, submitted his resignation from Palm and his employment with the co is expected to terminate effective April 23, 2010. Palm is implementing a retention program for certain key employees, including executive officers. The program includes equity awards and cash bonuses to be earned over a two year period provided that the individuals remain as employees. As part of this program, Jeffrey P. Devine, Palm's Senior VP of Global Operations, and Douglas C. Jeffries, Palm's Senior VP and CFO, each received a grant of restricted stock units pursuant to Palm's 2009 Stock Plan and a cash bonus of $250,000.
17:37
VALU Value Line announces special dividend of $3.00 per share in lieu of regular quarterly dividend of $0.20 per share (21.73 +0.07)
17:12
SHEN Shenandoah Telecom expands cable holdings; buys cable operations of JetBroadband Holdings for $148 mln (19.45 +0.24) -Update-
Co announced that the Company has signed an Asset Purchase Agreement to purchase the cable operations of JetBroadband Holdings, LLC which are located in southern Virginia and southern West Virginia for $148,000,000. The operations pass approximately 114,000 homes and have approximately 66,500 Revenue Generating Units (RGUs). Jet currently offers video, high speed Internet and voice services. The acquisition will be financed with a credit facility that will close simultaneously. Closing will occur upon receipt of regulatory approvals which should occur within 90 to 120 days.
17:06
XCO EXCO Resources announces it will sell 64,281,107 shares of common stock for shareholders (19.94 -0.04)
16:54
SHEN Shenandoah Telecom: Jet Broadband signs agreement to sell cable assets (19.45 +0.24)
Jet Broadband Holdings, LLC announced that the Company has signed a definitive agreement to sell its cable operations to Shentel Cable Co, a wholly-owned subsidiary of Shenandoah Telecommunications Co (Shentel) (SHEN). Jet Broadband is a broadband communications company offering video, high speed Internet and voice services in southern Virginia and southern West Virginia. Final closing of the sale transaction is subject to satisfaction of customary closing conditions, including regulatory approvals, and is expected to occur in mid-August 2010.
16:51
JAH Jarden Corp files form 8-K addressing recent SEC guidance on Venezuela (33.57 -0.32)
Co reported that as a result of Venezuela having been designated as hyper-inflationary effective January 1, 2010, the functional currency of the Co's subsidiary in Venezuela changed from the Venezuelan bolivar to the U.S. dollar. Prior to the SEC staff's guidance, with the concurrence of its auditors and in accordance with the accounting guidance in effect at the time, the Co recorded a cumulative translation adjustment of ~$56 mln to equity through "Accumulated other comprehensive income (loss)" relating to U.S. dollar denominated assets and liabilities that previously had been remeasured into Venezuelan bolivars at the parallel market rate and then translated for financial reporting purposes at the official rate. In its recent guidance, the SEC staff indicated that as part of the conversion to hyper-inflationary status in Venezuela, any differences that had previously arisen from the remeasurement of U.S. dollar-denominated assets and liabilities at the parallel rate and their subsequent translation for financial reporting purposes at the official rate should now be recognized in the income statement. In accordance with this new guidance, the Co will retroactively change its accounting, with the result that the $56 million adjustment referred to above that was originally recorded through equity as of January 1, 2010 will now be recorded as a one-time charge against earnings in the Company's Consolidated Financial Statements as of and for the quarter ending March 31, 2010.
16:46
DGICA Donegal Group announced activity from severe weather and fires adversely impacted its earnings and combined ratio for the first quarter of 2010 (14.85 -0.04)
Co announced today that claim activity from severe winter weather and a relatively large number of fires adversely impacted its earnings and combined ratio for the first quarter of 2010. Catastrophe losses from two major 2010 winter storms and other non-catastrophe weather-related losses totaled $9 million pre-tax after reinsurance. These losses represented $0.31 per diluted Class A share after tax, as calculated using an estimated annual effective tax rate for 2010. Fire losses totaled $8 million pre-tax for the first quarter of 2010, compared to $7 million for the first quarter of 2009. The Co expects to report a combined ratio of 106.0% for the first quarter of 2010, compared to 105.9% for the first quarter of 2009.
16:30
KFS Kingsway Fin announces change of President and CEO (2.59 +0.17)
Co announced that its President and Chief Executive Officer Colin Simpson having substantially completed the downsizing and restructuring of the Kingsway Group will resign on June 30, 2010 to pursue other career interests. Larry Swets, currently the Company's Executive Vice-President of Corporate Development, will take over the role of President and CEO on that date. Simpson will remain on the Co's Board of Directors.
16:15
ENMD EntreMed raises additional $3 mln to further support clinical development of ENMD-2076 in ovarian cancer (0.62 -0.03)
Co plans to use the net proceeds of the offering, which are expected to be approximately $2.8 million after deducting the placement agent's fee and estimated offering expenses payable by EntreMed, to further clinical development of its Aurora A/angiogenic kinase inhibitor, ENMD-2076, and for other general corporate purposes. EntreMed recently announced the initiation of a Phase 2 study in ovarian cancer patients after encouraging Phase 1 results.
16:08
PVR Penn Virginia Resource Partners, L.P. announces certain estimated unaudited financial measures for the three months ended March 31, 2010 (23.34 -0.35)
Co announced certain estimated unaudited financial measures for the three months ended March 31, 2010. PVR's consolidated financial statements for the three months ended March 31, 2010 are not yet available. Based on preliminary information, PVR currently estimates that for the three months ended March 31, 2010, its operating income will be between $26.5-28.5 mln and its depreciation, depletion and amortization will be between $17.5-18.0 mln. The foregoing estimates are based on preliminary information relating to the first quarter of 2010. PVR cautions that it has not completed its normal quarter-end closing and review processes for the first quarter of 2010, and that actual results could differ materially from the foregoing estimates. PVR is not aware of any reason to revise its initial full-year 2010 guidance, which it previously issued in its press release dated February 10, 2010.
16:06
PVR Penn Virginia Resource Partners, L.P. announces $300 mln offering of senior notes (23.34 -0.35)
Co announced that it intends to offer, subject to market and other conditions, $300 mln aggregate principal amount of senior notes due 2018 in an underwritten public offering. PVR intends to use all of the net proceeds from the offering to pay down a portion of the outstanding borrowings under its revolving credit facility. Wells Fargo Securities, LLC, BofA Merrill Lynch, J.P. Morgan Securities Inc. and RBC Capital Markets Corporation will act as joint book-running managers for the offering.
16:05
GS Goldman Sachs Makes Further Comments on SEC Complaint (160.70 -23.57) -Update-
"We are disappointed that the SEC would bring this action related to a single transaction in the face of an extensive record which establishes that the accusations are unfounded in law and fact. We want to emphasize the following four critical points which were missing from the SEC's complaint: 1) Goldman Sachs Lost Money On The Transaction. Goldman Sachs, itself, lost more than $90 million. Our fee was $15 million.We were subject to losses and we did not structure a portfolio that was designed to lose money. 2) Extensive Disclosure Was Provided. IKB, a large German Bank and sophisticated CDO market participant and ACA Capital Management, the two investors, were provided extensive information about the underlying mortgage securities. The risk associated with the securities was known to these investors, who were among the most sophisticated mortgage investors in the world. These investors also understood that a synthetic CDO transaction necessarily included both a long and short side. 3) ACA, the Largest Investor, Selected The Portfolio. The portfolio of mortgage backed securities in this investment was selected by an independent and experienced portfolio selection agent after a series of discussions, including with Paulson & Co., which were entirely typical of these types of transactions. ACA had the largest exposure to the transaction, investing $951 million. It had an obligation and every incentive to select appropriate securities. 4) Goldman Sachs Never Represented to ACA That Paulson Was Going To Be A Long Investor.The SEC's complaint accuses the firm of fraud because it didn't disclose to one party of the transaction who was on the other side of that transaction. As normal business practice, market makers do not disclose the identities of a buyer to a seller and vice versa. Goldman Sachs never represented to ACA that Paulson was going to be a long investor." Background: In 2006, Paulson & Co. indicated its interest in positioning itself for a decline in housing prices. The firm structured a synthetic CDO through which Paulson benefitted from a decline in the value of the underlying securities. Those on the other side of the transaction, IKB and ACA Capital Management, the portfolio selection agent, would benefit from an increase in the value of the securities. ACA had a long established track record as a CDO manager, having 26 separate transactions before the transaction. Goldman Sachs retained a significant residual long risk position in the transaction IKB, ACA and Paulson all provided their input regarding the composition of the underlying securities. ACA ultimately and independently approved the selection of 90 Residential Mortgage Backed Securities, which it stood behind as the portfolio selection agent and the largest investor in the transaction. The offering documents for the transaction included every underlying mortgage security. The offering documents for each of these RMBS in turn disclosed the various categories of information required by the SEC, including detailed information concerning the mortgages held by the trust that issued the RMBS. Any investor losses result from the overall negative performance of the entire sector, not because of which particular securities ended in the reference portfolio or how they were selected. The transaction was not created as a way for Goldman Sachs to short the subprime market. To the contrary, Goldman Sachs's substantial long position in the transaction lost money for the firm.
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