Briefing.com: Hourly In Play (R) – 12:00 ET
Apr 27, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 27-Apr-10 12:00 ET
12:00
COMDX Crude oil extends sell off to put in fresh lows at $82.11; now off $2.04 to $82.16
11:59
SPY New session lows for stock indices -- Dow -151, S&P -21, Nasdaq -39 -Update- -Technical-
The S&P failed to stabilize back above its 20 day ema (at 1194, had held twice last week) after a minor penetration (see 11:35 for chart) with it recently extending back to the 1191/1190 support area (early month high/bull breakout point, last Thursday low).
11:53
European Markets Closing Prices: FTSE: 5635.5 -118.4 -2.1%, DAX: 6174.7 -157.4 -2.5%, CAC: 3898.2 -99.2 -2.3%, Spain's IBEX: -4.2%, Portugal's PSI: -4.4%
11:47
Rumor Round Up
Rumor activity picked up today following a few days of muted activity. At the open it was rumored that Research In Motion (RIMM 72.14 -0.55) could be interested in Palm (PALM 4.78 -0.04). Note on April 12th reports surfaced that the co is looking to sell itself. It was rumored that Interdigital Comm (IDCC 28.43 -0.51) could be hearing interest from Qualcomm (QCOM 28.30 +0.19). IDCC shares did not react materially to the rumor. Overseas Shipholding (OSG 48.08 -1.88) shares were rumored to be hearing interest from Frontline (FRO 35.11 -1.30), OSG shares did not react materially to the rumor. 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.
11:43
ICGE Internet Capital: Correction to 9:03 comment (10.40 -0.14)
In our 9:03 comment we incorrectly stated that Internet Capital (ICGE) appointed a new CFO, when in fact it was Internet Commerce that appointed a new CFO, not ICGE. Internet Commerce is a privately held company and member of Internet Capital Group's (ICGE) network of partner companies. Our original comment has been removed.
11:35
SPY S&P 500 -17 slips slightly under its 20-day ema for the first time since Feb -Update- -Technical-
The index held right near its 20-day ema twice last week but the S&P downgrades of Portugal and Greek debt has led to a penetration of this level (1194 today, session low 1191) for the first time since Feb. It has also slipped under the Feb-April trendline (Click for chart).
11:30
TECHX Safe havens continue to see inflows -Update- -Technical-
Fresh high yield lows in the 30-yr and 10-yr (Treasury Bond and Note highs) with Japanese Yen Futures and the Dollar Index also setting fresh highs.
11:23
SPY S&P working back toward short term support -Update- -Technical-
Noted in the 09:39 update that the S&P had stabilized near support noted in The Technical Take at 1205/1204 but it needed to work back through 1209 and 1211 to begin to improve the short term patterns. It hit a session high of 1211 amid follow through on the better Consumer Confidence data bounce but the S&P downgrade of Portugal has weighed with a new of low 1201 recently established leaving it just above the 1199/1198 support zone. Its 20 day ema is at 1194.
11:14
SPY Stock indices extending slide off morning rebound highs, S&P -7 and Nasdaq -11 set new session low -- Dow -44 -Update- -Technical-
11:12
LZ Lubrizol announces 16% increase in dividend to $0.36/share from $0.31/share (93.07 -0.25)
11:03
COMDX Gold quickly reverses its pullback to spike to fresh session highs; now up $8.40 to $1162.40
11:01
DD DuPont expects its sales into photovoltaics to exceed $1 billion in 2011, and has set a new goal to exceed $2 billion in sales by 2014 (40.56 -0.38) -Update-
Co expects its photovoltaic sales to grow over 50 percent this year as the solar industry experiences strong growth as a result of increased market demand for new installations in Europe, North America and parts of Asia. DuPont now expects its sales into photovoltaics to exceed $1 billion in 2011, which is a year ahead of plan, and has set a new goal to exceed $2 billion in sales by 2014.
11:01
FNM Fannie Mae extends 3.5% seller assistance on its Real Estate Owned Properties (1.25 0.00)
Co announced the extension of its seller assistance incentive on all Fannie Mae-owned HomePath properties. Buyers will receive 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of selected appliances.
10:59
APD Air Products expanded offerings with the addition of an ultra-finen grinding mill (78.95 -0.05)
Co has expanded its portfolio of size reduction offerings with the addition of an ultra-finen grinding mill. Licensed from Lehigh Technologies, the ultra-fine grinding mill can produce a high yield of micron-scaled powders with a narrow particle size distribution, while maximizing production rates and minimizing overall operational costs. Air Products will introduce the ultra-fine grinding mill to select markets. The addition of this mill, together with ongoing technology and R&D efforts, continue to advance Air Products' expertise in applying cryogenics to grinding applications. Through this expertise, and the company's work with leading mill manufacturers developing differentiated technologies, Air Products is able to provide customers with the best overall solution for their size reduction needs.
10:58
COMDX Spike in dollar index back towards highs sends crude back into negative territory; now off 29 cents to $83.91
Silver and gold pulling back modestly as well.
10:57
MTL Mechel Stee Announces Q1 2010 Operational Results; Electric power generation +13% YoY; Heat power generation +8% YoY; Coking coal concentrate +230%; Steel +30% YoY (26.13 -0.18) -Update-
10:54
SPY Stock indices drop back into the red after S&P downgrade of Portugal -- Dow -22, S&P -3.8, Nasdaq -4.2 -Update- -Technical-
10:46
COMDX Crude oil jumps 60 cents back towrads the flat line; now down 4 cents to $84.16
10:44
TSTC Telestone Tech opens four new branch offices; revised its previously stated revenue guidance of $108.0 million to $118.0 for the 2010 year (no estimates) (14.28 -0.04)
Co announced that it recently opened four new branch offices in Zhejiang, Ningxia, Qinghai and Anhui provinces. As a result of forecasted sales of $10.0 mln from new branch offices in these high-growth provinces during 2010, Telestone has revised its previously stated guidance of $108.0 mln to $118.0 for the 2010 year.
10:43
XLF Finance ETFs flirting with their intraday rebound highs -- XLF, KRE, KBE -Update- -Technical-
10:40
VXX 1st hour global & sector ETF movers... VIX leads & Steel lags through the 1st hour of trading -Technical-
The Actively Traded Leading Global & Sector ETFs:
VIX vol index- VXX +1.0%, biotech- BBH +0.75%, XBI +0.75%, IBB +0.50%, healthcare- IYH +0.50%, IHF +0.75%, XLV +0.50% livestock commods- COW +0.75%, US bonds- TLT +0.50%, regional banks- KRE +0.50%, Yen currency shares- FXY +0.50%
The Actively Traded Lagging Global & Sector ETFs:
steel- SLX -1.75%, Russia- RSX -1.50%, China 25- FXI -1.50%, iShares Brazil- EWZ -1.50%, BRIC countries- BKF -1.50%, global timber- CUT -1.50%, iShares France- EWQ -1.0%, insurers- KIE -1.25%, iShares S Korea- EWY -1.0%
10:40
SPY Fresh rebound/session highs -- Dow +13, S&P -1, Nasdaq +0.9 -Update- -Technical-
10:36
CHNG China Natural Gas subsidiary demonstrates LNG conversion for river vessels at China Classification Society Conference (9.44 +0.16)
Co announced that its wholly owned subsidiary, Hubei Xilan Natural Gas, presented at a conference. The CCS used Hubei Xilan Bi-fuel Ferry Tug Project as the demonstration project in order to promote the use of LNG ships in riverways. CCS will also coordinate the experiment and application of related engine technologies on the premise of security.
10:33
TECHX Health Providers Index -RXH- probing March/52-wk high at 591 (590 +9.3) -Update- -Technical-
Components helping pace the way higher include: HMA +4.8%, UHS +4.8%, KND +2.3%, SRZ +2.7%, THC +2.7%, MDTH +2.5%, LNCR +0.9%, PSYS +0.8%.
10:30
COIN Converted Organics announces 129% increase in same store sales in Retail Lawn & Garden Market (1.07 +0.01)
Co announces a 129% increase in same store sales of its Converted Organics Lawn and Garden retail products, and after just 13 months in the lawn and garden retail market, distributes through Whole Foods (WFMI), Walmart (WMT), Sam's Club, and other Big Box Retailers. Results are largely due to marketing campaign designed to drive consumer demand. Highlights of Converted Organics marketing efforts include an in-store merchandising campaign designed to drive sales throughout retail stores, along with direct mail and email campaigns to build brand awareness and influence consumer garden and lawn care purchasing decisions.
10:28
IBM IBM approves 18% increase in quarterly cash dividend to $0.65/share vs $0.55/share; Authorizes increase of stock buyback program by $8.0 bln bringing total available to $10 bln (131.79 +1.06)
10:28
HOLX 1st hour NASDAQ 100 (NDX) leaders & laggards-- Medical Devices lead & Telecom lags -Technical-
NDX 100 Best % Performers:
HOLX +2.75%, FLIR +2.50%, MRVL +2.0%, ILMN +1.75%, GENZ +1.75%, XRAY +1.75%, GRMN +1.50%, BIIB +1.50%, RIMM +1.50%
NDX 100 Worst % Performers:
VMED -3.0%, VOD -2.75%, NWSA -2.25%, BIDU -2.0%, XLNX -2.0%, MICC -2.0%, ALTR -1.75%, STX -1.75%, AMZN -1.75%, SPLS -1.50%
NASDAQ TRIN @ +1.30
NASDAQ A/D @ -120
10:26
SPY Stock indices vacillating near their intraday bounce highs -- Dow -0.9, S&P -3.1, Nasdaq -3.9 -Update- -Technical-
Relative sector strength (outperforming the S&P on the move off the lows) has been noted in Semi SMH, Technology XLK, Energy XLE, Utility UTIL, Airline, REITs IYR, Gold Miners GDX, Medical Supplies.
10:25
MMM 1st hour Dow 30 (INDU) leaders & laggards-- Conglomerates lead & Aluminum lags through the 1st hour of trading -Technical-
INDU 30 Best % Performers:
MMM +2.50%, MRK +1.25%, XOM +1.0%, JPM +0.50%, GE +0.25%, WMT +0.25%
INDU 30 Worst % Performers:
AA -1.50%, HD -1.50%, CAT -1.25%, DIS -1.0%, UTX -0.75%, DD -0.50%, VZ -0.50%
NYSE TRIN @ +2.10
NYSE A/D @ -630
10:24
M Macy's raises FY11 same store sales and EPS guidance, preannounces Q1 EPS in-line (24.57 -0.28)
Co issues in-line guidance for Q1 (Apr), sees EPS of ~break even vs. $0.00 Thomson Reuters consensus, co reiterates expectations for a 5% increase in Q1 comps. Co raises guidance for FY11 (Jan), sees EPS of $1.75-1.80 vs. $1.80 Thomson Reuters consensus, up from $1.55-1.60 previously. Co also raises its FY11 comp guidance, now sees comps up 3-3.5% vs the +2.5% consensus, up from previous guidance calling for a 1-2% comp increase. "Our very strong results so far this year reflect continued progress on our key strategic initiatives, including My Macy's localization and multichannel integration. We believe we still are in the early stages of implementation of our new strategies, which were enabled by the unification of the Macy's organization at this time last year. Thus, we are optimistic about the company's ongoing ability to grow sales and earnings and capture market share." Co also announces changes as to how it accounts for sales of private brand goods directly to outside third-party retailers and sales of excess inventory to third parties at the end of a season.
10:17
XLP Consumer Stap Spdr gaps down to, vacillating above support at its April low/multi-week range floor at 27.76 -- session low 27.78 (27.85 -0.12) -Technical-
PM -1.2%, MO -0.5%, KO -0.1% (limited slide but slightly under its 200 sma; April low/200 ema at 53.44/53.47), PG -0.4% (bounced 1% off low/50 ema), WMT unch (nearly 1% off low), WAG -0.7%, CVS -0.2%, KFT -0.4% (holding above 50 ema/sma again),
10:07
PKBK Parke Bancorp announces a 10% stock dividend, payable on May 21, 2010, to stockholders of record as of May 11, 2010 (11.60 +0.38)
10:04
GOOG Google holds above six month close low from Feb at 526 and rebounds back above its 200-day ema/sma at 529/533 (534.38 +2.74) -Update- -Technical-
10:02
LNY Landry's Seafood announces status of acquisition by Tilman J. Fertitta and Tentative Partial Settlement of Delaware Lawsuit (25.03 0.00)
Co announced that after lengthy negotiations with the Special Committee, made up of outside non-employee directors, and attorneys representing the plaintiff in a lawsuit pending in Delaware, Tilman J. Fertitta has reached a tentative agreement with the plaintiff's attorneys to settle the stockholder derivative claim and certain other claims in connection with Mr. Fertitta's proposal to merge Landry's into his wholly-owned company. Pursuant to the tentative agreement, Mr. Fertitta has agreed to increase the price to be paid to the Landry's stockholders to $21.00 per share in cash in a merger of the Fertitta affiliate with Landry's. Mr. Fertitta's proposal is subject to further consideration by and approval of the Special Committee and the Special Committee obtaining a fairness opinion from its independent financial advisor as to the financial terms of the proposal. If approved and recommended by the Committee, the proposal must be approved by the entire Landry's Board. There can be no assurance that a final agreement will be reached. Any final agreement will be subject to approval by the Company's stockholders, including approval by the holders of a majority of the Company's common stock not owned by Mr. Fertitta. The partial settlement of the lawsuit also requires approval by the court after notice and a fairness hearing. (Stock is Halted)
10:02
DARA DARA BioSciences enters into a clinical trial collaboration with the Division of Cancer Prevention, National Cancer Institute for the Clinical Development of KRN5500 (0.47 +0.03)
Co announced that on April 26, 2010, DARA Therapeutics, a subsidiary of DARA BioSciences, and the Division of Cancer Prevention, National Cancer Institute (NCI), National Institutes of Health (NIH), entered into a Clinical Trials Agreement to advance the clinical study of KRN5500 for the treatment of Chemotherapy Induced Peripheral Neuropathy (CIPN) in patients with cancer. Under the terms of the collaboration, NCI will fund the studies and DARA will supply KRN5500 and placebo. The plan is to commence the study in the second half of 2010.
10:02
FRPT Force Protection announces sale of two ocelot vehicles to United Kingdom Ministry of Defence (5.64 +0.07)
Co announced that Force Protection Europe, a wholly owned subsidiary of Force Protection Industries, Inc., received a contract from the United Kingdom Ministry of Defence (MoD) for the purchase of two Ocelot vehicles for further testing in respect of the Light Protected Patrol Vehicle (LPPV) program. Ocelot has been designed by Force Protection Europe and Ricardo, plc, a UK based automotive engineering company.
10:01
SPY Stock indices lift slightly after stronger confidence data -- Dow -9, S&P -4.5, Nasdaq -7 -Update- -Technical-
10:00
HNT Health Net selected by the Fresno-Kings-Madera Regional Health Authority to administer CalViva Health (22.90 -0.18)
09:53
DBD Diebold Correction: Co beat Q1 consensus by $0.04 (33.89 -0.32) -Update-
Earlier we compared DBD's Q1 results to the Q2 consensus. The prior comment has been removed... The comment should have read: Reports Q1 (Jun) earnings of $0.34 per share, ex-items, $0.04 better than the Thomson Reuters consensus of $0.30; revenues fell 5.8% year/year to $619 mln vs the $639 mln consensus. Co issues in-line guidance for FY10, sees EPS of $1.90-2.15 vs. $1.99 Thomson Reuters consensus; sees FY10 revs growth of 4-9% to ~$2.83-2.96 bln vs. $2.84 bln Thomson Reuters consensus. "During the first quarter, we delivered solid results despite a challenging comparison to the same period last year, during which the effects of the global recession had yet to impact our results... We exceeded our internal expectations during the quarter, as some business closed sooner than expected and we benefitted from a more profitable segment mix. As a result, we have gained more confidence in our full-year outlook and are reaffirming our guidance for both earnings and revenue for 2010."
09:52
TECHX Opening Point Gainers/Losers -Technical-
Point Gainers: CMI (+4.66), DSW (+3.61), VECO (+3.19), AVY (+2.88), PPDI (+2.48), CAVM (+2.41), MMM (+2.41), RCII (+2.08), ASFN (+1.94), UHS (+1.95), ESRX (+1.63)
Point Losers: BIDU (-13.44), NTY (-7.56), EL (-4.95), UIS (-4.50), NFLX (-4.31), RGA (-3.68), ALV (-3.25), AAPL (-3.30), AMED (-2.53), AIG (-2.80), UA (-2.50)
09:51
XLF Finance -XLF- lifts off opening low, pushes back near its 20 day and trendline (16.49 -0.03) -Technical-
(Click for daily chart).
09:46
PTI Patni Computer Sys wins large integrated IT and BPO services deal from Universal American (25.68 +0.14)
Co announced a multi-million dollar, five-year agreement for providing end-to-end policy administration services for Universal A Corp. (UAM). In addition, Patni has signed a definitive agreement to acquire CHCS Services, Inc., a wholly owned subsidiary of Universal Am. The acquisition creates a new hub for Patni in Pensacola, Fla. and establishes a new line of business for Patni as a Third-Party Administrator in the Insurance and Healthcare sector.
09:45
X Reversal Alert -- U.S. Steel rejects its initial opening weakness as it quickly reverses to fresh opening highs (60.56 +0.45) -Update- -Technical-
Note that the co. has a conf. call coming up later on in the day at 2:00 est.
09:44
TECHX Early sector pressure -Update- -Technical-
Sectors that paced the way lower off the open include: Steel SLX -1.8%, Auto Parts -1.5%, Casino BJK -1.3%, Solar TAN -1.3%, Semi SMH -1.3%, Insurance KIE -1.2%, Disk Drive -0.9%.
09:42
DTE DTE Energy finalizes DOE grant for SmartCurrents program (47.18 -0.37)
Co and the U.S. Department of Energy (DOE) have signed an agreement finalizing a nearly $84 million grant that will enable DTE Energy to accelerate deployment of "Smart Grid" technology in Michigan. The SmartCurrents initiative involves the development of a high-tech electrical infrastructure to prepare for new technologies that will provide customers with ways to better manage their energy consumption. The DOE funding, which was announced last October under the federal economic stimulus program, will be matched by the company and its technology partners, bringing the total investment to accelerate the program to nearly $170 million.
09:39
SPY S&P slides to support area in opening trade but little interest develops -Technical-
Noted support at 1205/1204 in The Technical Take and have seen the gap down start extended to this area (50% retrace of Thur-Mon run, Friday low, 10-Day ema, congest). However, limited buying interest has developed thus far. Intraday it takes a push back through 1209 and 1211 to begin to neutralize the weaker pattern off yesterday's high. The next support of interest below is in the 1199/1198 area.
09:34
MCF Contango Oil & Gas seeing early weakness after co provided Contango update (57.01 -2.75)
Co announced before the open that its Dude prospect (Matagorda Island 617) and Paisano prospect (Vermillion 155) are both dry holes. We are currently drilling ahead on our Eloise South prospect (Eugene Island 10) and completing our Nautilus well (Ship Shoal 263), which is expected to begin production by June 30, 2010 at a previously announced estimated rate of 20 million cubic feet equivalent per day ("Mmcfed"), net to Contango. The Company's on-shore drilling program with its joint venture partner, Patara Oil & Gas LLC, is currently producing at a rate of approximately 3.2 Mmcfed, net to Contango, from five wells. Three additional wells have been logged and are waiting to be fracture stimulated while another two wells are drilling ahead. To date we have invested approximately $12.7 million in this drilling program. Based on results to date, and using our current received gas price of $3.30 per thousand cubic feet equivalent, we are on target to earn our projected cash-on-cash pre-tax 15% rate of return. Our current off-shore production is approximately 81 Mmcfed, net to Contango. We have no debt, approximately $80.0 million in net cash and cash equivalents and $50 million of unused borrowing capacity.
09:31
GNBT Generex Biotech announces updated Phase I Results from novel immunotherapeutic vaccine presented; was shown that circulating levels of the extracellular domain of the HER2 protein were decreased (0.45 +0.01)
Co announced presentation of additional results from a recently completed Phase I clinical trial of its novel immunotherapeutic peptide AE37 in prostate cancer patients. In addition to safety and the demonstration of a specific immunological response to AE37, it was shown that circulating levels of the extracellular domain of the HER2 protein were decreased in immunized patients compared to pre-vaccine levels. The AE37 vaccine was designed using a fragment of the HER2 protein and proprietary modifications developed at Antigen Express. The immunity generated by AE37 appeared to be long lasting, as significant vaccine-specific delayed type hypersensitivity (DTH) reactions were still apparent 6 months after the end of vaccinations. These results add to the body of data previously generated showing that AE37 is safe and immunologically active. Interim results from an ongoing Phase II trial of AE37 in breast cancer patients indicated that there were fewer recurrences in patients receiving AE37.
09:30
QTWW Quantum Fuel Affiliate Fisker Automotive closes $529 mln DOE Loan (0.79 +0.02)
Co announced that Fisker Automotive, the plug-in Hybrid Premium American car company that Quantum co-founded, closed a Department of Energy loan for $529 mln on Friday. The $528.7 mln DOE loan to Fisker will be used for the development and production of two models of plug-in hybrid electric vehicles, including the Karma, a four door sports sedan, and a line of family-oriented models being developed under Fisker's Project Nina program. When full production is reached in 2015, Fisker estimates sales at up to 115,000 vehicles annually.
09:29
On The Wires
Northrop Grumman Corporation (NOC), announced that it will locate its new corporate office in Virginia, concluding a search that also included the state of Maryland and the District of Columbia... Fomento Economico Mexicano, S.A.B. de C.V. (FMX) held its Annual Ordinary General Shareholders Meeting today, during which shareholders approved the transaction with Heineken, the annual report for 2009 presented by the Board of Directors, the Company's consolidated financial statements for the year ended December 31, 2009, the declaration of dividends corresponding to fiscal year 2009 and the composition of the Board of Directors for 2010... Lionsgate (LGF) announced that it has acquired U.S. distribution rights from Lakeshore Entertainment and Sidney Kimmel Entertainment to the upcoming legal thriller The Lincoln Lawyer, based on the best-selling Michael Connelly novel of the same name.
09:28
PHC PHC's Seven Hills Behavioral Institute experiences strong patient demand (1.20 )
Co announced that its Seven Hills Behavioral Institute (SHBI) in Henderson, Nevada has been operating at near capacity over the last two weeks and its recently opened ten-bed adolescent has experienced strong demand. The census is currently at the highest level since the Hospital was opened in April, 2008. The Hospital provides psychiatric, alcohol and drug addiction treatment for adults and adolescents. The strong operating results are expected to support the Company's continued improvement in operating results for the current quarter.
09:27
On The Wires
Pizza Inn, Inc. (PZZI) announced the promotion of Madison Jobe to the position of Sr. Vice President and Chief Operating Officer... ASM International N.V. (ASM) announced the nominations of Peter van Bommel for appointment as CFO and as a member of its Management Board and Martin van Pernis for appointment to its Supervisory Board... L.B. Foster Company (FSTR) announced that it is extending its previously announced cash tender offer, through its wholly-owned subsidiary Foster Thomas Company, for all outstanding shares of common stock of Portec Rail Products, Inc., until 12:00 midnight, New York City time, on June 1, 2010... Astrazenaca's (AZN) CRESTOR has been approved in nineteen countries within the EU for the prevention of major cardiovascular events in patients who are at high risk* of having a first cardiovascular event.
09:21
On The Wires
Deere & Company (DE) officially opened its new manufacturing and parts distribution facility south of Moscow today in Domodedovo. The John Deere Domodedovo facility is the company's largest single investment to date in Russia. The facility will manufacture agricultural, construction and forestry machinery as well as distribute service parts in the region... International Game Technology (IGT) announced that Kickapoo Lucky Eagle Casino in Eagle Pass, Texas has signed an agreement to install the industry-leading IGT Advantage casino management solution and 300 Class II bingo games... Pitney Bowes Business Insight (PBI) and ClickSoftware (CKSW) announced that they have entered into a global reseller agreement... EasyLink Services International Corporation (ESIC) announced TRW Automotive (TRW) has signed a multi-year contract to utilize EasyLink's Electronic Data Interchange Value Added Network.
09:16
MSII Media Sciences to acquire China based imaging supply manufacturer: expects the acquisition to be accretive to its earnings in the first quarter following the close (0.40 )
Co entered into agreements to acquire Master Ink Company, a China based manufacturer of toner cartridges, inkjet printer cartridges, inkjet refill kits and patented, next generation automatic ink refill systems. The agreement with Master Ink and its affiliates is to acquire substantially all of Master Ink's assets including its People's Republic of China based manufacturing facility. Consideration for the acquisition includes $1.15 million in cash ($250,000 due at closing, the balance with accrued interest due on the second anniversary of the closing), a 10% override on Master Ink revenues until the note is repaid and one million shares of Media Sciences International common stock. The Company expects the acquisition to be accretive to its earnings in the first quarter following the close. Closing is expected to occur in early summer.
09:08
UPS UPS Correction: Co reports EPS in-line with preannouncement and above consensus (68.52 ) -Update-
Earlier we reported that UPS's Q1 EPS of $0.71 was below the $0.74 consensus. $0.74 is the consensus for Q2, the previous comment has been removed... The comment should have read: Reported Q1 (Mar) EPS of $0.71 per share, ex-items, in-line with the $0.71 preannouncement given on 4-14 and $0.13 better than the Thomson Reuters consensus of $0.58; revenues rose 7.2% year/year to $11.73 bln vs the $11.6 bln consensus. Co issues in-line guidance for FY10, sees EPS of $3.05-3.30 vs. $3.16 Thomson Reuters consensus. Average volume per day was up slightly during the quarter, the first year-over-year growth in two years. Revenue per piece improved 2% due to increases in base pricing and higher fuel surcharges, partially offset by changes in product mix between ground and air services. "UPS achieved significant operating leverage in an improving global economic environment. In the first quarter we realized the benefits from the hard work we have been doing to streamline our operations. First quarter results exceeded our expectations and set a strong foundation for the rest of 2010. Note, the company preannounced on 4/14.
09:05
FORM FormFactor misses by $0.05, misses on revs (19.36 )
Reports Q1 (Mar) loss of $0.59 per share, $0.05 worse than the Thomson Reuters consensus of ($0.54); revenues rose 44.9% year/year to $39.7 mln vs the $40.2 mln consensus. Co states, "Increasing design activity and volume purchases in memory applications are having a positive impact on our revenues. The transitions to DDRIII and to smaller technology nodes continue to gain momentum. Our focus is on customer qualification of our new products and improving manufacturing efficiency to drive profitability."
09:03
NZ Netezza receives patent for Mantra Appliance Policy Management Framework (14.03 )
Co announced the U.S. Patent and Trademark Office granted a patent to Netezza on March 2, 2010 for Real-time Mitigation of Data Access Insider Intrusions. This patented technology is a core component of the Netezza Mantra and Netezza TwinFin families of appliances.
09:03
BAC Bank of America Extends Nearly $150 Billion in Credit in First Quarter (18.05 )
Bank of America today issued its latest Lending and Investing Initiative Report, noting the extension of nearly $150 billion in credit in the first quarter of 2010 - "the most extended by any U.S. bank."
09:02
CAK CAMAC Energy names Abiola Lawal as interim CFO (4.43 )
08:55
MVC MVC Capital announced that its board has approved a share repurchase program authorizing up to $5 mln in share repurchases (14.30 )
08:53
ECL Ecolab beats by $0.02, reports revs in-line; guides Q2 EPS in-line; guides FY10 EPS in-line (47.71 )
Reports Q1 (Mar) earnings of $0.41 per share, $0.02 better than the Thomson Reuters consensus of $0.39; revenues rose 6.2% year/year to $1.43 bln vs the $1.42 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.54-0.57 vs. $0.56 Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $2.21-2.26 vs. $2.22 Thomson Reuters consensus. "We are confident in our prospects for 2010. Our markets are generally showing expected improvement from 2009's difficult environment, and we are stepping up our investments to drive growth within them. These investments include expanding our sales and service force, developing new innovative products and programs that provide better results and lower operating costs for customers, building infrastructure in key geographies to enable faster and more efficient growth and profitability, and looking at new ways to better serve our strong customer base."
08:50
On The Wires
PLX Technology (PLXT) announced that its entire PCI Express and Universal Serial Bus product families are now fully represented on integrators lists of the PCI Special Interest Group and USB Implementers Forum, respectively... Brightpoint (CELL) announced that its subsidiary Brightpoint Slovakia s.r.o. has entered into an agreement with Inmarsat Global. Pursuant to this agreement, Brightpoint will provide a fully integrated solution to Inmarsat for the fulfillment and physical distribution of IsatPhone Pro, its forthcoming global handheld satellite phone... Calix (CALX) announced that Reservation Telephone Cooperative, BEK Communications Cooperative, and Dakota Central Telecommunications are moving "Fiber Forward" by selecting the Calix Unified Access portfolio to deliver broadband services to underserved and unserved communities across North Dakota and Montana. With today's announcement, Calix has been selected as the access vendor of choice for all five awarded "Last Mile" and "Middle Mile" Broadband Stimulus projects in North Dakota and Montana, representing a total of $37.2M in Stimulus-related grants, loans, and private investment for plant engineering, materials, labor, and other costs, including access equipment... Network Equipment Technologies (NWK) has been named an MTC Hardware Partner for Microsoft (MSFT) Technology Centers worldwide... Kohl's Corporation (KSS) and Lagardere Active today announced a multi-year licensing agreement to expand its successful ELLE-branded lifestyle collection into the home category with an ELLE DECOR line of contemporary home furnishings.
08:45
IGC India Globalization Capital signed a 5 year contract with a Chinese steel manufacturer (1.29 )
Co announced they have signed a 5 year contract with a Chinese steel manufacturer, to begin supplying iron ore. The contract is valued at approximately $160 million. Under the agreement, IGC will deliver 63.5 percent ferrous content iron ore, initially 40,000 Metric Tons (MT) per ship load, building up to 80,000 MT per shipload up to an aggregate of 1,600,000 MT over the life of the contract. The iron ore will be supplied from mines in India and shipped out of the Visakhapatnam port, off the eastern coast of India and out of Karwar on the west coast.
08:44
AEP American Electric increases quarterly dividend to $0.42/share from $0.41/share (33.76 )
08:43
ECONX Reminder: Case-Shiller 20-city Index data due out in about 17 min at 9:00ET
08:38
HSP Hospira correction: Co raises FY10 EPS guidance by $0.10 (56.00 ) -Update-
Earlier we reported that HSP raised guidance to $3.35-3.45 from $3.23-3.35; the previous guidance was actually for EPS of $3.25-3.35, the co actually raised its FY10 EPS guidance by $0.10... The previous comment has been removed, the comment should have read: Reports Q1 (Mar) earnings of $0.94 per share, excluding non-recurring items, $0.22 better than the Thomson Reuters consensus of $0.72; revenues rose 17.2% year/year to $1.01 bln vs the $0.92 bln consensus. Specialty Injectable Pharmaceuticals drove the majority of the growth, primarily a result of continued strong U.S. sales of the generic oncolytic oxaliplatin and Precedex, Hospira's proprietary sedation agent, as well as several products launched in the last year. Co raises guidance for FY10, sees EPS of $3.35-3.45, excluding non-recurring items, vs. $3.36 Thomson Reuters consensus, up from $3.25-3.35 previously. Hospira now expects net sales to increase ~3 to 5% on a constant-currency basis. Including the impact of foreign exchange, the co expects net sales growth to be 4 to 6%.
08:37
ICGN Icagen provides update regarding clinical development plans for ICA-105665 (0.78 )
Co provided an update on clinical development plans for ICA-105665, the Company's novel drug candidate for the treatment of epilepsy and pain. As previously reported, ICA-105665 demonstrated positive results in a recent Phase IIa study in patients with photosensitive epilepsy. The Company currently expects that these clinical studies at higher doses may be completed during the second half of 2010, subject to available funding. If the completion of the currently planned studies is successful, the Company plans to initiate a Phase IIb study in patients with treatment-resistant, partial-onset epilepsy. As currently planned, the Phase IIb trial is expected to be a double blind, placebo controlled study in patients who have seizures despite treatment with optimal medical therapy. The primary endpoint is expected to be a reduction in seizure frequency. The Phase IIb will be designed with input from the FDA, but will likely enroll 60 to 120 patients and be similar to other studies that have been utilized at this stage of the development of other anti-epileptics.
08:36
SCHS School Specialty secures $350 mln credit agreement (24.26 )
Co announced it has entered into a new bank credit facility that provides it with a $350 million revolving loan, and includes an incremental term loan feature that could allow the company to borrow an additional $200 million. The new agreement, with a maturity date of April23, 2014, replaces the company's current $350 million credit agreement, which was scheduled to mature February 1, 2011.
08:34
WTNY Whitney Holding misses by $0.03 (14.63 )
Reports Q1 (Mar) loss of $0.11 per share, $0.03 worse than the Thomson Reuters consensus of ($0.08). "The results for the first quarter were in line with our expectations... Credit metrics, while still showing signs of stress in some areas, did support our view that credit likely turned the corner last quarter, and we now expect the loan portfolio to perform as it typically would in a historical recessionary environment. The most severe real estate-related issues in Florida, which have impacted credit for over a year now, appear to be subsiding as does the need for outsized loan loss provisions. The Company's revenue results for this quarter reflect the reduced level of economic activity in our markets that we, along with others in the industry, noted last quarter. Overall demand for credit remains weak, which led to a decline in both our loans outstanding and net interest income. While we continue to focus on credit issues, we remain equally as focused on revenue generation and have recently made several strategic hires and have successfully introduced some updated products to our customers."
08:34
UAUA UAL beats by $0.22, beats on revs; reports first Q1 operating profit since 2000 (22.36 )
Reports Q1 (Mar) loss of $0.55 per share, excluding non-recurring items, $0.22 better than the Thomson Reuters consensus of ($0.77); revenues rose 14.9% year/year to $4.24 bln vs the $4.18 bln consensus. Reported a first quarter operating profit of $58 million, excluding non-cash, net mark-to-market hedge gains and certain accounting charges as outlined in note 4 of the attached statement of consolidated operations, the company's first operating profit in the first quarter since 2000. Q1 metrics: Reported a 19.0% year-over-year increase in consolidated passenger revenue per available seat mile (PRASM) for the first quarter. Reported a 4.8% year-over-year increase in consolidated unit cost per available seat mile (CASM) for the quarter, excluding fuel and certain accounting charges, against a reduction in consolidated capacity of 3.3% year-over-year. Consolidated CASM, including fuel and excluding non-cash, net mark-to-market fuel hedge gains and certain accounting charges, was up 6.5% year-over-year. GAAP consolidated unit cost, including these items, was up 8.6%. 2010 Outlook: The co expects both mainline and consolidated CASM, excluding fuel, profit sharing and certain accounting charges for the full year 2010 to be up 2.0% to 3.0% year-over-year. The co expects consolidated CASM, excluding fuel, profit sharing and certain accounting charges for the second quarter 2010 to be up 3.8% to 4.8% year-over-year. The co expects scheduled debt and capital lease payments of approximately $140 million and non-aircraft capital expenditures of approximately $110 million for the second quarter of 2010.
08:33
AVY Avery Dennison beats by $0.18, beats on revs; guides FY10 EPS in-line (39.30 )
Reports Q1 (Mar) earnings of $0.61 per share, $0.18 better than the Thomson Reuters consensus of $0.43; revenues rose 9.0% year/year to $1.55 bln vs the $1.46 bln consensus. Co issues in-line guidance for FY10, sees EPS of $2.50-2.80 vs. $2.53 Thomson Reuters consensus. "We are off to an encouraging start in 2010," said Dean Scarborough, chairman, president and CEO of Avery Dennison. "First-quarter volumes increased and organic sales growth was solid in all regions, particularly emerging markets. We're especially pleased with the increased demand benefiting our Pressure-sensitive Materials and Retail Information Services segments. Increased operating leverage has driven gross profit margin well above pre-recession levels despite lower volumes." "Going forward, we're more confident about a modest economic recovery," Scarborough said. "We expect raw material inflation to be a challenge throughout the year and we are taking pricing actions accordingly. We are playing aggressive offense, increasing investment in marketing and business development, while continuing to deliver productivity improvements to help fund long-term, profitable growth."
08:33
TOD Todd Shipyards unit awarded $8,801,441 modification to previously awarded contract (16.83 )
Co announced that the U.S. Coast Guard has awarded to its wholly owned subsidiary, Todd Pacific Shipyards, $8,801,441 modification to previously awarded contract HSCG85-09-C-6BX667 in support of repairs and alterations performed during the Dry-Docking Planned Maintenance Availability ("DPMA") of the icebreaker USCGC Polar Sea (WAGB-11). The contract modification provides for the alteration and repair of ship's systems, engines and shipboard equipment. The work will be accomplished at Todd Pacific's shipyard in Seattle beginning immediately and is expected to be completed in July 2010.
08:33
HNAB Hana Biosciences completes pre-NDA meeting with FDA for Marqibo in adult acute lymphoblastic leukemia (0.30 )
Co announces they have completed a pre-New Drug Application meeting with the FDA related to its lead product candidate, Marqibo for the treatment of relapsed/refractory adult Philadelphia chromosome-negative acute lymphoblastic leukemia. The purpose of the meeting was to discuss the proposed NDA and to confirm the clinical, non-clinical and manufacturing requirements for the NDA submission. Following the pre-NDA meeting, Hana intends to proceed with its plan to submit a rolling NDA for Marqibo in relapsed/refractory adult Philadelphia chromosome-negative ALL.
08:32
WTR Aqua America Virginia subsidiary purchases water systems in Culpeper, Fauquier and Orange Counties, Virginia (18.46 )
Co announces that its Virginia subsidiary, Aqua Virginia, has completed the purchase of the water system assets of the Skyline Water Co and the Rebel Water Works, which together serve approx 1,400 people in an area surrounding the town of Culpeper in Culpeper County, and in Orange and Fauquier counties. Aqua already operates nine water systems in the area.
08:32
FO Fortune Brands sees Q1 EPS of approx $0.49 vs $0.31 Thomson Reuters consensus; raises bottom end of FY10 EPS to $2.50-$2.80 (vs $2.74 consensus), up from previous range of $2.30-$2.80 (54.54 )
In advance of its annual meeting of shareholders today, FO said that it anticipates diluted EPS of approximately $0.49 (vs $0.31 Thomson Reuters consensus), an increase of 63% from $0.30 in the year-ago quarter. Net sales for the quarter rose 13%, driven by strong sales increases for the company's spirits and home products brands. Overall results benefited from market share gains, improving consumer markets, rebuilding of inventories by channel partners in certain home products categories, foreign exchange and favorable year-over-year comparisons. The company will report complete results for the first quarter on Thursday, April 29. The company is now targeting to deliver EPS before charges/gains for 2010 in the range of $2.50-2.80 (vs $2.74 consensus) versus its prior target of $2.30-2.80.
08:31
STNG Scorpio Tankers announced that it entered into agreements to purchase four double hulled Handymax tankers for an aggregate purchase price of $99.0 million (12.58 )
08:31
TKLC TEKELEC names Gregory Rush as CFO (18.93 )
The co has appointed Gregory Rush as senior vice president and chief financial officer (CFO). Mr. Rush has been chief accounting officer, vice president and corporate controller for Tekelec the past five years, and has served as the company's interim CFO following the retirement of CFO Bill Everett on March 31. Mr. Rush, a certified public accountant (CPA), has been with Tekelec since 2005, when he joined as corporate controller.
08:30
WMB Williams Cos raises dividend to $0.125 per share, up from $0.11 per share (24.45 )
08:30
TXN Texas Instruments increases Analog production capacity -Update-
Co announces it is again expanding its Analog manufacturing capacity for customers with the recent purchase of more than 100 tools from Qimonda North America and Qimonda Dresden, Germany. When complete, Phase II of RFAB will double the analog manufacturing capacity in the North TX facility, bringing its revenue capability to about $2 billion. TI will begin moving Phase II equipment into the facility immediately so it is ready to be brought online as market demand warrants. Phase I and II combined will fill only two-thirds of the 1.1 million square foot facility, leaving additional room for future expansion.
08:26
AMG Affiliated Managers reports EPS in-line, revs in-line (82.54 )
Reports Q1 (Mar) earnings of $1.14 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $1.14; revenues rose 40.6% year/year to $251 mln vs the $251 mln consensus.
08:23
WAB Wabtec beats by $0.04, beats on revs; raises the lower end of FY10 EPS guidance; raises FY10 rev outlook (50.42 )
Reports Q1 (Mar) earnings of $0.63 per share, $0.04 better than the Thomson Reuters consensus of $0.59; revenues fell 3.7% year/year to $364 mln vs the $351.5 mln consensus. Co raises guidance for FY10, sees EPS of $2.40-2.50 vs. $2.47 Thomson Reuters consensus, up from $2.35-2.50 previously; also, the co sees rev for the year up slightly vs flat to slightly up previously. "We're off to a good start for the year, with transit remaining stable at a high level and its backlog providing solid visibility. In the freight rail market, traffic volumes have continued to improve this year, and we are beginning to see a positive effect on our aftermarket businesses, although the original equipment markets remain weaker than last year. We are cautiously optimistic that the overall economic environment will continue to improve; as it does, we will maintain our cost discipline and cash focus through ongoing application of the Wabtec Performance System, and we will continue to invest prudently in our growth opportunities."
08:19
LECO Lincoln Electric beats by $0.02, beats on revs (61.11 )
Reports Q1 (Mar) earnings of $0.58 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.56; revenues rose 14.4% year/year to $471 mln vs the $463.2 mln consensus.
08:18
AGCO AGCO Corp beats by $0.19, reports revs in-line; guides FY10 EPS in-line, revs in-line (39.77 )
Reports Q1 (Mar) earnings of $0.12 per share, excluding non-recurring items, $0.19 better than the Thomson Reuters consensus of ($0.07); revenues fell 13.3% year/year to $1.33 bln vs the $1.34 bln consensus. Co issues in-line guidance for FY10, sees EPS of $1.65-1.75, excluding non-recurring items, vs. $1.67 Thomson Reuters consensus; sees FY10 revs of $6.7-6.8 bln vs. $6.63 bln Thomson Reuters consensus. In 1Q10, industry unit retail sales of tractors in N. America were up modestly compared to the same period in 2009. The expectation of higher farm income and improving farmer sentiment contributed to the strength in retail sales of high horsepower tractors and combines. Continued weakness in the dairy and livestock sectors contributed to lower industry unit retail sales of mid-range tractors and hay equipment, which both declined compared to 2009 levels. Industry unit retail sales of tractors in 1Q10 in S. America increased approx 53% in Brazil compared to the same period in 2009. The expectation of strong harvests for row crop farmers as well as supportive government financing programs produced robust growth compared to weak market conditions experienced in the first quarter of 2009. Improved weather and forecasts for increased crop production in Argentina contributed to a 37% increase in industry unit retail sales in the first quarter of 2010 compared to the same period last year. Outlook: Global industry sales are expected to be relatively flat in 2010 compared to 2009. Strong industry demand in South America is expected to produce strong growth in the first half of 2010, compared to a weak first half of 2009. North American industry demand is expected to remain stable for the remainder of the year. Weak market conditions in Western Europe are expected to stabilize during the second half of 2010, making comparisons to 2009 more favorable in the second half of the year. Continued economic weakness in the Commonwealth of Independent States and Eastern Europe is expected to keep industry demand at very low levels in those markets throughout 2010.
08:18
X U.S. Steel beats by $0.28, beats on revs (60.07 )
Reports Q1 (Mar) loss of $1.10 per share, $0.28 better than the Thomson Reuters consensus of ($1.38); revenues rose 41.7% year/year to $3.90 bln vs the $3.75 bln consensus. Co says it reported a significantly reduced overall loss from operations relative to Q4 mainly due to improving business conditions and a strong operating performance for its Flat-rolled segment. Its European operations returned to profitability and its Tubular segment had another strong quarter. Looking ahead, the co anticipates being profitable in all three of its operating segments in Q2. Co continues to experience healthy order rates from most of its end markets, resulting in increased production levels. In summary, X remains cautiously optimistic in its outlook for end user demand for all three of its operating segments in line with a gradual and continuing economic recovery.
08:17
KSU KC Southern beats by $0.13, beats on revs (39.26 )
Reports Q1 (Mar) earnings of $0.44 per share, excluding a $0.10 reduction per share from debt retirement costs, $0.13 better than the Thomson Reuters consensus of $0.31; revenues rose 26.1% year/year to $436.3 mln vs the $412.4 mln consensus. "The widespread volume gains KCS achieved in the first quarter are certainly encouraging signs for the remainder of 2010. In addition, a number of key economic indicators are showing improving strength in the North American economies. That being said, we are still taking a cautious view of near-term business growth and investors can be confident that KCS will, first and foremost, focus on maximizing profitability through efficient operations and stringent cost controls."
08:16
BSPM Biostar Pharma received new advertising approval from Shaanxi State Food and Drug Administration for marketing Xin Aoxing Oleanolic Acid Capsules (4.11 )
08:08
LDR Landauer, Inc. beats by $0.07, beats on revs (64.71 )
Reports Q2 (Mar) earnings of $0.84 per share, ex-items, $0.07 better than the Thomson Reuters consensus of $0.77; revenues rose 27.2% year/year to $31.8 mln vs the $31.1 mln consensus. LDR's business plan for fiscal 2010 includes projections currently for aggregate revenue growth for the year to be in the range of 25-30%. This equates to approx $117.3-$121.9 mln vs $118.5 mln consensus. Fiscal 2010 acquisitions are expected to contribute 20-23% of the growth. The business plan includes expense spending of $2.5-$3.5 mln to support the completion of the company's systems initiative. The company projects a net income increase in the range of 4-8%, excluding the impact of acquisition and reorganization costs in fiscal 2010 and the fiscal 2009 after tax impact of pension curtailment and transition costs and reorganization costs of $1.8 mln.
08:07
JSDA Jones Soda announced that Peterson Sullivan LLP will replace Deloitte & Touche LLP as the company's independent auditors, effective April 23, 2010 (1.14 )
08:07
EEFT Euronet receives notice of change in Polish interchange fees; fee will reduce Euronet's pre-tax profits by approximately $5.6 million and $5.0 million in 2010 and 2011 (20.96 )
Co announced it has been informed that Visa Europe (V) notified its member banks that it will lower the Polish domestic ATM interchange fee from PLN 3.50 to PLN 1.30 (from approximately USD $1.20 to approximately $0.45, at current exchange rates), effective May 1, 2010. The interchange fee is paid by issuers of Visa logo'd cards to the owners or operators of ATMs for transactions such as cash withdrawals on ATMs. While this announcement has no impact on first quarter 2010 results, Euronet expects the impact of this fee adjustment on the results of operations of its Polish business to be significant in future periods. Because the reduction in the interchange fee has various direct and indirect impacts on the results of operations of the Polish business, the Company cannot predict the effects of the reduction with certainty. The Company currently expects that the lower Polish interchange fee will reduce Euronet's pre-tax profits by approximately $5.6 million and $5.0 million in 2010 and 2011, respectively and after tax profits by approximately $4.4 million and $4.0 million, respectively, based on current exchange rates. For the remainder of 2010, Euronet estimates the quarterly pre-tax profit impact to be approximately $1.5 million in the second quarter, approximately $2.8 million in the third quarter and approximately $1.3 million in the fourth quarter. The decrease in projected loss between 2010 and 2011 is principally the result of anticipated cost savings from renegotiated vendor service contracts and, to a lesser extent, additional ATM transactions processed as a result of lower interchange fees charged to cardholders.
08:05
CVG Convergys beats by $0.03, misses on revs; reaffirms FY10 EPS guidance (13.72 )
Reports Q1 (Mar) earnings of $0.25 per share, $0.03 better than the Thomson Reuters consensus of $0.22; revenues fell 12.6% year/year to $546 mln vs the $584.1 mln consensus. Co reaffirms guidance for FY10, sees EPS of $0.95-1.10 vs. $1.09 Thomson Reuters consensus. Co also sees FY10 Customer Management revenue of $1.8 bln to $1.9 mln; Information Management revenue to approx $350 mln; Adjusted EBITDA of $310 mln to $340 mln; Continued strong cash flow, including free cash flow to exceed $150 mln plus an additional cash distribution from the Cellular Partnerships to approximate $40 mln.
08:05
ANX ADVENTRX Pharma to resubmit ANX-530 NDA in 4Q10 (4.16 )
Co announces that, based on information received from the FDA, it plans to resubmit its New Drug Application for ANX-530, or Exelbine(TM), in the fourth quarter of 2010.
08:05
UTL UNITIL Corporation reports Q1 EPS of $0.61 vs $1.00 Thomson Reuters consensus (23.62 )
"Lower sales due to warmer than normal winter temperatures and the continued slow economic recovery in the region resulted in significantly lower earnings in the first quarter of 2010 compared to last year," said Robert G. Schoenberger, Unitil's Chairman and Chief Executive Officer. "Over the next 12 to 18 months we will be filing for rate relief for all our utility subsidiaries to align our revenues and operating costs and to recover the significant investments we are making to provide safe, reliable and cost effective electric and gas service to our customers. On April 15, 2010 we filed the first of these rate cases seeking a $10.1 million rate adjustment for our electric operations in New Hampshire."
08:05
HCP HCP misses by $0.02, beats on revs; guides FY10 FFO in-line (33.66 )
Reports Q1 (Mar) funds from operations of $0.50 per share, excluding non-recurring items, $0.02 worse than the Thomson Reuters consensus of $0.52; revenues rose 6.8% year/year to $295.9 mln vs the $264.4 mln consensus. Co issues in-line guidance for FY10, sees FFO of $2.11-2.17, excluding non-recurring items, vs. $2.16 Thomson Reuters consensus.
08:04
CRUS Cirrus Logic beats by $0.01, beats on revs; guides Q1 revs above consensus (10.39 )
Reports Q4 (Mar) earnings of $0.16 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.15; revenues rose 86.9% year/year to $62.6 mln vs the $60.5 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $78-84 mln vs. $60.97 mln Thomson Reuters consensus. For Q1, gross margin is expected to be between 54 percent and 56 percent; and combined R&D and SG&A expenses are expected to range between $27 million and $29 million, which include approximately $1.7 million in share-based compensation and amortization of acquisition-related intangibles expenses. "Our lineup of new products allows us to expand our business with our current customers, and also opens up opportunities with new customers. As our Q1 guidance implies, we expect that Fiscal 2011 will be an even stronger year for Cirrus."
08:03
ICON Iconix Brand beats by $0.05, beats on revs; guides FY10 EPS above consensus, revs above consensus (18.31 )
Reports Q1 (Mar) earnings of $0.36 per share, excluding non-recurring items, $0.05 better than the Thomson Reuters consensus of $0.31; revenues rose 42.0% year/year to $71.7 mln vs the $62.5 mln consensus. Co issues upside guidance for FY10, sees EPS of $1.35-1.40 vs. $1.29 Thomson Reuters consensus; sees FY10 revs of $305-315 mln vs. $266.25 mln Thomson Reuters consensus. The Company now estimates that free cash flow for 2010 will be in a range of $150- $155 million. T
08:03
NRP Natural Resource acquires three aggregate properties
Co announced that it has closed three acquisitions in the aggregates sector. The combined investment for NRP on all three transactions will be approximately $31 million, $21 million of which was paid at closing and $10 million of which is anticipated to be funded later in 2010.
08:03
CAS A.M. Castle misses by $0.08, reports revs in-line (19.04 )
Reports Q1 (Mar) loss of $0.20 per share, $0.08 worse than the Thomson Reuters consensus of ($0.12); revenues fell 11.6% year/year to $223 mln vs the $221.1 mln consensus. "We still expect to report net losses in the first half of 2010, reflecting the late cycle lag effect of our markets. If the economic recovery continues, we expect to be profitable in the second half of this year. We have continued to execute well on our balance sheet and operating cost improvement initiatives and we are excited about our prospects for growth in the balance of 2010."
08:02
OXPS OptionsXpress misses by $0.04, misses on revs (17.65 )
Reports Q1 (Mar) earnings of $0.21 per share, $0.04 worse than the Thomson Reuters consensus of $0.25; revenues rose 15.9% year/year to $57 mln vs the $62.6 mln consensus. For the first quarter, total DARTs were 44,600, down 5% from 46,800 during the first quarter of 2009, and up 5% from 42,600 for the fourth quarter of 2009. Retail DARTs were 30,300 during the first quarter, down 4% from the first quarter of 2009, and down slightly compared to the fourth quarter. Institutional DARTs were 14,300 during the first quarter, down 5% from the first quarter of 2009, and up 17% from the fourth quarter. "We have a number of reasons to maintain an optimistic view of the future. We have been able to grow our customer base meaningfully while maintaining strong profitability and good margins in the brokerage business in a difficult macro environment. As we move closer to an economic recovery, our efficient operations will allow us to generate significant leverage as trading activity improves and interest rates rise. Finally, we have a strong balance sheet that gives us the flexibility to be opportunistic. We believe that these factors demonstrate that our strategy of being the premier destination for self-directed investors who want to use derivatives will generate strong long-term earnings growth for our shareholders."
08:02
NOV Natl Oilwell Varco beats by $0.24, misses on revs (46.45 )
Reports Q1 (Mar) earnings of $1.10 per share, excluding Venezuela asset write-off and currency devaluation charges of $38 million, or $0.09 per share, $0.24 better than the Thomson Reuters consensus of $0.86; revenues fell 12.9% year/year to $3.03 bln vs the $3.07 bln consensus. "While near-term gas activity in North America may face headwinds, sustained high oil prices and pressing needs for modern, efficient drilling and well stimulation equipment point to a bright outlook for National Oilwell Varco. We believe that the emergence of new shale gas technologies into new basins, and the steady application of new deepwater production technologies to find and develop new sources of oil will make this an exciting, dynamic industry for many years to come."
08:01
CRIS Curis Initiates Phase I clinical trial of Hsp90 Inhibitor Debio 0932; will receive a $3 million milestone payment from Debiopharm upon Debiopharm's treatment of the fifth patient in this Phase I clinical trial (3.34 )
Co announced that its licensee Debiopharm S.A. has treated the first patient in a Phase I clinical trial for small molecule heat shock protein 90 (Hsp90) inhibitor Debio 0932, formerly called CUDC-305. "We continue to be impressed by the performance of our partner Debiopharm in advancing Debio 0932 rapidly into Phase I clinical testing," said Dan Passeri, Curis' President and Chief Executive. "We look forward to the continued enrollment of this trial and the further exploration of the safety and tolerability of Debio 0932 in patients." Under the terms of the August 2009 license agreement between Curis and Debiopharm, Curis will receive a $3 million milestone payment from Debiopharm upon Debiopharm's treatment of the fifth patient in this Phase I clinical trial.
08:01
ALNY Alnylam Pharma Publishes Results from Phase II GEMINI Trial with ALN-RSV01; showed statistically significant anti-viral activity, including a decreased RSV infection rate and an increase in the number of subjects who remained free of infection (16.93 )
Co announced that it has published results from its Phase II GEMINI study in the Proceedings of the National Academy of Sciences. These data, previously presented at the International Symposium on Respiratory Viral Infections in Singapore in 2008, showed human proof of concept with an RNAi therapeutic in a randomized, double blind, placebo-controlled study. In this study, treatment with ALN-RSV01 showed statistically significant anti-viral activity, including a decreased RSV infection rate and an increase in the number of subjects who remained free of infection.
07:57
VLO Valero Energy beats by $0.12, beats on revs (20.12 )
Reports Q1 (Mar) loss of $0.18 per share, $0.12 better than the Thomson Reuters consensus of ($0.30). Revs rose 47% y/y to $19.64 bln vs $17.97 bln Thomson Reuters consensus. "For 2010, we remain committed to our goal to achieve $100 million in pre-tax cost savings in addition to the savings generated last year, and we are on pace to beat that goal... All our employees are engaged to improve our performance and our efficiency to capture margins. Our capital spending target for 2010 remains at $2 billion, which is down $700 million versus last year. We continue to believe that the strategic actions we have taken should make Valero profitable in 2010, even if we experience a low-margin environment similar to 2009."
07:51
SSP EW Scripps announces sale of United Media's Licensing business for $175 mln to Iconix (ICON); The all-cash transaction is expected to close by the end of the second quarter (10.07 )
07:43
On The Wires
ADC (ADCT) announced its ClearGain Tower-mounted and Ground-mounted Amplifiers have been accepted by the Rural Utilities Service agency. This allows ADC's products to be used in the expansion of broadband services to underserved and rural communities... Ixia (XXIA) announced that it will partner with Cisco (CSCO) and Emulex (ELX) to demonstrate a proof-of-concept data center carrying combined network and storage traffic between server-assets across a converged data center infrastructure under high traffic loads... ITT Corporation (ITT) announced that its Motion Technologies business will open a new research and development facility in Frankfurt, Germany as a center for new product development, testing and measurement. The new 2,600 square meter facility will represent a $10 million investment, and is expected to be operational by November 2010... EMCOR Group (EME) announced that its Hyre Electric subsidiary has been awarded a contract for the installation of electrical systems for expansion and renovation of the Emergency Department at St. Mary's Medical Center in Hobart, Indiana... Tyco International (TYC) announced that it plans to pursue a tax-free spin-off of its Electrical & Metal Products business. Tyco expects to file documents with the SEC over the next few months and to complete the proposed transaction in the first half of fiscal 2011. Following the transaction, the business would be an independent, publicly traded U.S. company.
07:42
AIRM Air Methods sees EPS below consensus as a result of lower flight volumes and higher maintenance expenses (33.19 )
Co issues downside guidance for Q1 (Mar), sees EPS near break even vs. $0.16 Thomson Reuters consensus. Based on preliminary 2010 first quarter results, total community-based patient transports were 8,592. Patients transported for community bases in operation greater than one year decreased 1,238 transports or 13%, while weather cancellations for these same bases increased by 635 transports compared with the prior-year quarter. In addition to the increased weather cancellations, requests for community-based service decreased by 8% for bases open greater than one year, partially attributed to the effect of the more severe weather on overall need for service. Preliminary net revenue per community-based transport was $7,621, as compared with $7,305 in the prior-year quarter, a 4% increase. Preliminary maintenance expense increased $1.9 million, or 10%, as compared with the prior-year quarter, despite a decrease in total flight hours of 14%. The increase was attributed to a total of 20 major maintenance events, such as engine and transmission overhauls, during the quarter as compared with 11 in the prior-year quarter.
07:41
ENR Energizer beats by $0.14, misses on revs (62.18 )
Reports Q2 (Mar) earnings of $1.23 per share, excluding non-recurring items, $0.14 better than the Thomson Reuters consensus of $1.09; revenues rose 6.2% year/year to $935.1 mln vs the $975.6 mln consensus. Excluding Venezuela, and based on current foreign exchange rates, co estimates currencies will favorably impact operating profit by approx $15 to $20 million in FY10, net of the impact of hedging activities, through the balance of the fiscal year versus the same period in the prior year.
07:39
PLX Protalix BioTherapeutics submits validation data on manufacturing process to FDA (6.69 )
Co announced it has submitted validation data regarding the Company's manufacturing process for taliglucerase alfa to the FDA. The Company made the submission in response to a request from the FDA for validation data from the Company's upgraded manufacturing facility. The FDA is currently reviewing the Company's New Drug Application (NDA) for taliglucerase alfa for the treatment of Gaucher disease.
07:38
AXE Anixter beats by $0.06, beats on revs (52.50 )
Reports Q1 (Mar) earnings of $0.69 per share, excluding the loss associated with the early retirement of debt, $0.06 better than the Thomson Reuters consensus of $0.63; revenues rose 0.1% year/year to $1.27 bln vs the $1.25 bln consensus. "The increasing number of reports from around the world citing improved economic conditions and continued positive outlooks have begun to take out some of the uncertainty in our expectations for the upcoming quarters. As previously noted, the strength of the final weeks of the first quarter has started to show the effects of an improving economy. While we contemplate being able to report year-on-year sales growth in the second quarter, we still believe that a more significant improvement will require extended positive trends and an expansion of those macro economic trends to more fully include Europe."
07:36
EL Estee Lauder beats by $0.01, reports revs in-line; gives FY10 EPS and rev guidance (69.98 )
Reports Q3 (Mar) earnings of $0.34 per share, $0.01 better than the Thomson Reuters consensus of $0.33; revenues rose 9.8% year/year to $1.86 bln vs the $1.88 bln consensus. Co issues guidance for FY10, sees EPS of $2.65-$2.75 vs. $2.79 Thomson Reuters consensus; net sales are forecasted to grow between 4%-5%, which calculated to approx $7.6-$7.7 bln (vs. $7.87 bln Thomson Reuters consensus). The Company separately announced today that it has commenced a cash tender offer for up to $200.0 million aggregate principal amount of Senior Notes due in 2012 and 2013.
07:36
ADP Automatic Data beats by $0.01, beats on revs; guides FY10 EPS below consensus, revs in-line (45.33 )
Reports Q3 (Mar) earnings of $0.79 per share, $0.01 better than the Thomson Reuters consensus of $0.78; revenues rose 3.2% year/year to $2.44 bln vs the $2.4 bln consensus. Co issues guidance for FY10, sees EPS of $2.36-2.38 vs. $2.40 Thomson Reuters consensus; sees FY10 revs will approximate last year's revenues. Last year's revs were $8.867 bln vs. $8.85 bln Thomson Reuters consensus.
07:36
FPL FPL Group beats by $0.07, misses on revs; guides FY10 EPS in-line (51.06 )
Reports Q1 (Mar) earnings of $0.94 per share, $0.07 better than the Thomson Reuters consensus of $0.87; revenues fell 2.2% year/year to $3.62 bln vs the $3.7 bln consensus. Co issues in-line guidance for FY10, sees EPS of $4.25-4.65 vs. $4.35 Thomson Reuters consensus. "Although we continue to be challenged by the economic environment in the United States and Florida, we are pleased to report a more than 4% increase in adjusted earnings per share for the quarter. FPL Group experienced contrasting weather effects in the quarter, with a weak wind resource at NextEra Energy Resources partially offset by increased demand for electricity at Florida Power & Light as a result of unseasonably cold weather in Florida. Revenue recovery associated with the West County Energy Center units 1 and 2 contributed to FPL's results as well."
07:35
LYG Lloyds TSB issues interim management statement (4.37 )
Co issues following statement: In 1Q10, Lloyds returned to profitability on a combined businesses basis due mainly to a slowing of impairments in the wholesale business. The Group is delivering good income growth, on a combined businesses basis, excluding last year's impact from liability management transactions. Banking net interest margins are running in line with recent guidance of ~2.0% for the full year. Costs continue to be well controlled and remain lower than the equivalent period in 2009. Integration savings are being delivered in line with recent guidance and the Group remains on track to achieve a GBP 2 bln run-rate of synergies and other operating efficiencies by the end of FY11. The run rate of impairments has slowed significantly and has continued to perform better than our 2009 preliminary results guidance in both retail and corporate businesses. Customer deposit gathering has remained robust, with good growth in balances, while lending balances are flat. Asset reductions within the Group's portfolios identified for run-off continue albeit, as expected, at a slower pace than last year. The Group continues to de-risk its funding position, with strong term issuance in the early part of the year while continuing to maintain high levels of liquid assets. The Group is continuing to see good income growth on a combined businesses basis (excluding the impact of liability management exercises). In particular, margin improvements have more than offset the impact of asset reductions over the last year. Overall banking margins are trending positively and co continues to be confident of delivering a ~ 2% margin for the full year.
07:34
WXS Wright Express beats by $0.04, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (35.55 )
Reports Q1 (Mar) earnings of $0.61 per share, $0.04 better than the Thomson Reuters consensus of $0.57; revenues rose 22.3% year/year to $83.8 mln vs the $85.1 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.61-0.66 vs. $0.64 Thomson Reuters consensus; sees Q2 revs of $86-91 mln vs. $91.48 mln Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $2.39-2.54 vs. $2.39 Thomson Reuters consensus; sees FY10 revs of $358-368 mln vs. $363.94 mln Thomson Reuters consensus.
07:34
CMI Cummins beats by $0.40, beats on revs, increases 2010 EBIT guidance (70.31 )
Reports Q1 (Mar) earnings of $0.75 per share, $0.40 better than the Thomson Reuters consensus of $0.35; revenues rose 1.6% year/year to $2.48 bln vs the $2.42 bln consensus. Three of the Company's four business segments reported improved profits compared to the first quarter of 2009, with only the later-cycle Power Generation business reporting a decline. Based on the first quarter results and its forecast for the remainder of the year, the company today increased its sales and EBIT guidance for 2010. The company now expects sales to be $12 bln and to earn an EBIT margin of 10% of sales.
07:33
DSW DSW raises FY10 EPS guidance to $1.65-1.75 vs $1.44 Thomson Reuters consensus, up from prior guidance of $1.35-1.45 (27.72 )
Co estimates first quarter comparable store sales of approximately 16% based on performance through the first twelve weeks of fiscal 2010 ended April 24, 2010. The estimated year-over-year earnings increase is expected to occur in the first six months of fiscal 2010. The annual guidance assumes the earnings growth will moderate in the second half as it compares to strong sales and margin results for the same period a year ago.
07:33
OKSB Southwest Bancorp announced that it has priced its underwritten public offering of 4 mln shares of common stock at a price to the public of $12.50/share (13.68 )
07:33
CCE Coca-Cola Ent beats by $0.05, misses on revs (28.15 )
Reports Q1 (Mar) earnings of $0.27 per share, $0.05 better than the Thomson Reuters consensus of $0.22; revenues fell 1.6% year/year to $4.97 bln vs the $5.08 bln consensus. For 2010, the company expects operating income will increase in a high single-digit range, driven by mid single-digit growth in both Europe and North America and a reduction in year-over-year corporate operating expenses. Revenue is expected to increase at a low single-digit rate, driven by mid single-digit growth in Europe and a flat to low single-digit decline in North America. Comparable earnings per diluted common share will increase approximately 10%, excluding currency.
07:32
GKSR G&K Svcs beats by $0.04, reports revs in-line (28.23 )
Reports Q3 (Mar) earnings of $0.28 per share, excluding items, $0.04 better than the Thomson Reuters consensus of $0.24; revenues fell 13.9% year/year to $198.9 mln vs the $200.5 mln consensus. The company expects fourth quarter revenue to be generally consistent with the third quarter, after adjusting for divestitures and the 53rd week of fiscal 2010. Fourth quarter operating income margin is expected to improve slightly from the third quarter adjusted operating income margin.
07:30
AINV Apollo Investment announces a 15 mln share common stock offering (13.57 )
07:27
WU Western Union President and CEO Christina Gold announces intention to retire; co announces promotion of Hikmet Ersek to president and CEO, Effective September 1, 2010 (17.78 ) -Update-
07:27
ORCL Oracle CEO L. Ellison adopts 10b5-1 trading plan (26.47 )
Under his Rule 10b5-1 Plan, Ellison may sell up to 50 mln shares over a period of approx ten months. Some of these shares may be acquired through the exercise of employee stock options. If Ellison completes all the planned sales under his Rule 10b5-1 Plan, he would beneficially own approx 1.127 bln shares (approx 22.3%) of Oracle's outstanding stock.
07:19
SEAC SeaChange sells ownership share in Casa Systems for $34.1 mln (8.59 )
Co completed the sale of its ownership stake in Casa Systems, Inc. for gross proceeds of $34.1 million. SeaChange expects to generate net after-tax proceeds of $30 million on its investment of $8.9 million in Casa Systems. SeaChange also expects to record a pre-tax gain of $25.2 million in its fiscal first quarter related to the completion of this transaction.
07:17
PSTI Pluristem Therapeutics announces interim top-line results from PLX--PAD clinical trials; data demonstrated that PLX-PAD is safe, well tolerated and effective (1.22 ) -Update-
Co announced interim top-line results from its Phase I clinical trials utilizing its placenta-derived cell therapy product, PLX-PAD, for the treatment of critical limb ischemia (CLI), the end-stage of peripheral artery disease (PAD). The interim data demonstrated that PLX-PAD is safe, well tolerated and effective. A total of twenty-one patients, representing 77% of the cohorts required to complete the Phase I dose-escalating studies in the U.S. and Germany, have been dosed with PLX-PAD. This includes fifteen patients dosed in Germany, representing the complete patient enrollment in that country.
07:16
UA Under Armour beats by $0.04, beats on revs; guides FY10 EPS in-line, revs above consensus (35.93 )
Reports Q1 (Mar) earnings of $0.14 per share, $0.04 better than the Thomson Reuters consensus of $0.10; revenues rose 14.7% year/year to $229.4 mln vs the $214.7 mln consensus. Co issues guidance for FY10, raises FY10 EPS guidance range and sees EPS of $1.05-1.07 (previous $1.01-1.03) vs. $1.05 Thomson Reuters consensus; sees FY10 revs of 965.0-985.0 mln (previous $945.0-960.0 mln) vs. $954.44 mln Thomson Reuters consensus.
07:16
LCAV LCA Vision beats by $0.09, misses on revs (8.67 )
Reports Q1 (Mar) loss of $0.03 per share, $0.09 better than the Thomson Reuters consensus of ($0.12); revenues fell 29.0% year/year to $34 mln vs the $35.1 mln consensus. The company expects marketing and advertising spend for the 2010 second quarter to range from $6.5 mln to $7.5 mln. The company expects capital expenditures of $1.2 mln in 2010 for vision center renovations and equipment replacement. The company expects to receive a federal tax refund of $10 mln to $11 mln in the 2010 second quarter. The company anticipates an effective tax rate of approx 1% for 2010 due to a full valuation allowance on net deferred tax assets.
07:16
PNR Pentair reports EPS in-line, beats on revs; guides Q2 EPS in-line, revs above consensus; reaffirms FY10 EPS guidance (38.98 )
Reports Q1 (Mar) earnings of $0.35 per share, in-line with the Thomson Reuters consensus of $0.35; revenues rose 11.5% year/year to $707 mln vs the $678.4 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.52-0.55 vs. $0.53 Thomson Reuters consensus; sees Q2 revs of up over 10% (calc to $763.07 mln) vs. $739.30 mln Thomson Reuters consensus. Co reaffirms guidance for FY10, sees EPS of $1.75-1.90 vs. $1.88 Thomson Reuters consensus. Co expects full year 2010 sales to be approximately $2.9 billion and full year free cash flow to be approximately $225 million.
07:15
EL Estee Lauder announces cash debt tender offer of up to $200 mln aggregate principal amount of its 6.00% Senior Notes due 2012 and its 7.75% Senior Notes due 2013 (69.98 )
Co announces that it has commenced a cash tender offer for up to $200,000,000 aggregate principal amount of its 6.00% Senior Notes due 2012 and its 7.75% Senior Notes due 2013. The terms and conditions of the tender offer are set forth in the Company's Offer to Purchase dated April 27, 2010, and the related Letter of Transmittal.
07:13
MHP McGraw-Hill beats by $0.08, reports revs in-line; reaffirms FY10 EPS guidance (33.88 )
Reports Q1 (Mar) earnings of $0.33 per share, $0.08 better than the Thomson Reuters consensus of $0.25; revenues rose 3.7% year/year to $1.19 bln vs the $1.19 bln consensus. Co reaffirms guidance for FY10, sees EPS of $2.55-$2.65 vs. $2.62 Thomson Reuters consensus.
07:13
ELNK EarthLink beats by $0.05, reports revs in-line (8.71 )
Reports Q1 (Mar) earnings of $0.25 per share, $0.05 better than the Thomson Reuters consensus of $0.20; revenues fell 21.0% year/year to $157.3 mln vs the $155.9 mln consensus. Today EarthLink increased its guidance for the full year 2010. Management now expects 2010 Adjusted EBITDA of $194 million to $202 million; free cash flow of $178 million to $192 million, based upon the aforementioned Adjusted EBITDA guidance combined with $10 million to $16 million in estimated capital expenditures; and net income of $84 million to $92 million for the full year 2010. EarthLink today announced that its Board of Directors has increased the amount of its quarterly cash dividend on its common stock from $0.14 per share to $0.16 per share.
07:12
GPI Group 1 Auto beats by $0.02, beats on revs (37.56 )
Reports Q1 (Mar) earnings of $0.44 per share, $0.02 better than the Thomson Reuters consensus of $0.42; revenues rose 16.8% year/year to $1.19 bln vs the $1.12 bln consensus. Year to date, Group 1 has added eight franchises that are expected to generate $242.2 million in estimated annual revenues. Same-store wholesale used vehicle gross profit increased 58.9 percent to $251 per unit sold, as wholesale used vehicle auction prices continue to be strong. On a same-store per-retail-unit basis, new vehicle gross profit improved 13.6 percent to $1,891, and finance and insurance gross profit grew to $1,063.
07:11
SWK Stanley Black & Decker beats by $0.11, beats on revs; guides FY10 EPS in-line (63.30 )
Reports Q1 (Mar) earnings of $0.70 per share, $0.11 better than the Thomson Reuters consensus of $0.59; revenues rose 38.2% year/year to $1.26 bln vs the $1.1 bln consensus. Co issues in-line guidance for FY10, sees EPS of $3.30-3.30, excluding non-recurring items, vs. $3.09 Thomson Reuters consensus. "Since the close of our merger with Black & Decker, the execution of our integration plans has progressed smoothly and we are pleased with our initial success in realizing the operating and financial benefits that made this combination so compelling. We continue to further develop our cost synergy plans and remain confident in meeting or exceeding our original estimate of $350 million in cost synergies. Given our track record of successful integrations, the detailed planning that went into our combination with Black & Decker will ensure that our businesses and employees fit together seamlessly, while we remain focused on customer service, productivity and top line growth throughout the company."
07:11
F Ford Motor beats by $0.15 (14.46 )
Reports Q1 (Mar) earnings of $0.46 per share, excluding what is mostly a gain related to held-for-sale adjustments for Volvo, $0.15 better than the Thomson Reuters consensus of $0.31; revenues rose 15.2% year/year to $28.1 bln vs the $30.49 bln consensus, co reported revs of $31.6 bln, ex-items. A strong response to new vehicles drove the largest quarterly U.S. market share gain since 1977. Overall, Ford said its performance this year is off to a more encouraging start than anticipated. Based on Ford's improving performance, the gradually strengthening economy, and its present assumptions, Ford now expects to deliver solid profits this year with positive Automotive operating-related cash flow. Ford expects full-year 2010 U.S. industry sales will be in the range of 11.5 mln to 12.5 mln, consistent with the guidance previously communicated by the company. In Europe, Ford now expects full-year industry volume will be in the 14 mln to 15 mln range, which is somewhat higher than the previous guidance. The change reflects strong first quarter results, although uncertainty remains in Europe about the extent of payback from scrappage programs. As mentioned previously, Ford has achieved significant structural cost reductions over the past four years, and in 2010 expects full year Automotive structural costs to be somewhat higher as Ford increases production to meet demand. Ford expects full year U.S. total market share and its share of the U.S. retail market to be equal or improved compared with 2009 and Europe market share is expected to be equal to 2009. Ford expects second quarter 2010 production to be up compared with year-ago levels and up compared to first quarter 2010 production. The increase reflects strong customer demand for our products, the maintenance of competitive stock levels, and the non-recurrence of prior year stock reductions. Ford now expects Ford Credit's 2010 profits to be about the same as 2009. The recent improvements in used vehicle auction values and credit loss performance are expected to offset the effects of lower average receivables and the non-recurrence of certain favorable 2009 factors.
07:11
TLAB Tellabs beats by $0.02, beats on revs; issues upside 2Q10 revenue guidance (8.22 )
Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.09; revenues rose 5.0% year/year to $379.7 mln vs the $371.5 mln consensus. Co issues upside guidance for 2Q10; expects 2Q10 revenue to grow 10% to 12% (translates into approx 417.67-425.26 mln vs $388.0 mln Thomson Reuters consensus, compared with the first quarter. Co expects secondquarter gross margin to be similar to first-quarter gross margin, plus or minus one or two points, depending on product mix. For the FY10, co expects gross margin to be in the high 40s, plus or minus. Co expects 2Q10 non-GAAP operating expenses to be up in dollars, in the low $140 millions, but down as a percentage of revenue. Tellabs' expected non-GAAP operating expenses exclude approx $6 million in equity-based compensation expense.
07:10
AMED Amedisys beats by $0.01, beats on revs; guides FY10 EPS in-line, revs in-line (60.50 )
Reports Q1 (Mar) earnings of $1.29 per share, $0.01 better than the Thomson Reuters consensus of $1.28; revenues rose 20.8% year/year to $413 mln vs the $407.4 mln consensus. Co issues in-line guidance for FY10, sees EPS of $5.50-5.70 vs. $5.60 Thomson Reuters consensus; sees FY10 revs of $1.70-1.75 vs. $1.74 bln Thomson Reuters consensus. "We are pleased with the results from the past quarter. With the passage of healthcare reform, our industry now has rate clarity for several years. This clarity will allow us to continue our growth both internally and externally through strategic acquisitions," stated William F. Borne, Chief Executive Officer of Amedisys, Inc. "The recent investments that we made in hiring strong senior leadership, strengthening clinical resources in the field and improving our industry leading technology will help propel the company to greater heights. These investments demonstrate our commitment to provide the highest quality of care to our patients, their families and the communities that we serve, while being cost-efficient in the process."
07:10
CE Celanese beats by $0.08, beats on revs (34.86 )
Reports Q1 (Mar) earnings of $0.67 per share, $0.08 better than the Thomson Reuters consensus of $0.59; revenues rose 21.1% year/year to $1.39 bln vs the $1.37 bln consensus. "We saw improved global demand across most of our businesses and expect this trend to continue into the second quarter, particularly in Advanced Engineered Materials," Weidman said. "The plans that we have in place to drive improved earnings are on track and continue to add to our near-term performance. With our advantaged portfolio, leading technologies, continual productivity and profitable innovation, we remain confident in our ability to deliver improved earnings in 2010 and beyond."
07:10
WU Western Union reports EPS in-line, misses on revs; reaffirms FY10 EPS guidance (17.91 )
Reports Q1 (Mar) earnings of $0.30 per share, in-line with the Thomson Reuters consensus of $0.30. Co reaffirms guidance for FY10, sees EPS of $1.29-1.34 vs. $1.32 Thomson Reuters consensus. Co also reaffirms rev growth in the range of -1% to +2%.
07:09
ODP Office Depot misses by $0.01, misses on revs (8.95 )
Reports Q1 (Mar) earnings of $0.07 per share, $0.01 worse than the Thomson Reuters consensus of $0.08; revenues fell 4.7% year/year to $3.07 bln vs the $3.14 bln consensus. "Our first quarter operating results exceeded our expectations due primarily to a stronger than anticipated performance for the second consecutive quarter by our International Division," said Mike Newman, Office Depot's chief financial officer. "We're pleased that these results include year-over-year gross profit margin improvement, marking the third consecutive quarter of such improvement."
07:09
CSL Carlisle Cos beats by $0.11, beats on revs (41.63 )
Reports Q1 (Mar) earnings of $0.37 per share, $0.11 better than the Thomson Reuters consensus of $0.26; revenues rose 5.8% year/year to $562 mln vs the $503.1 mln consensus. The increase in income was due to lower raw material costs, organic sales growth and efficiencies gained through the Carlisle Operating System. Partially offsetting this increase was the negative impact of selling price decreases in the first quarter of 2010 as compared to the first quarter of 2009.
07:08
AME Ametek beats by $0.02, reports revs in-line; guides Q2 EPS in-line; guides FY10 EPS in-line (43.25 )
Reports Q1 (Mar) earnings of $0.54 per share, $0.02 better than the Thomson Reuters consensus of $0.52; revenues rose 0.7% year/year to $556.7 mln vs the $551.4 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.53-0.55 vs. $0.54 Thomson Reuters consensus. "Second quarter 2010 sales are now expected to be up mid single digits on a percentage basis from last year's second quarter." Co issues in-line guidance for FY10, sees EPS of $2.20-2.28 vs. $2.24 Thomson Reuters consensus. "We are cautiously optimistic about 2010, and expect our markets overall to show good growth during 2010, with this growth becoming more evident as we move through the year. We believe that AMETEK's strong portfolio of businesses, proven operational capabilities, lower cost structure, and a successful focus on strategic acquisitions will enable us to perform well in 2010."
07:07
PSTI Pluristem Therapeutics raises $2.7 mln in private placement of restricted common stock (1.22 )
Co announced that it has entered into definitive agreements with selected investors to sell restricted common stock and warrants for aggregate gross proceeds of approximately $2.7 million. The offering includes 2,420,293 shares of common stock, warrants to purchase 726,088 shares of common stock at an exercise price of $1.25 per share and warrants to purchase 726,088 shares of common stock at an exercise price of $1.40 per share. The warrants will be exercisable for a period of two and a half years and five years respectively commencing six months following the issuance thereof. The closing is scheduled to take place no later than close of business today, April 27, 2010.
07:07
TFX Teleflex beats by $0.01, misses on revs; guides FY10 EPS in-line, revs in-line (64.84 )
Reports Q1 (Mar) earnings of $0.90 per share, $0.01 better than the Thomson Reuters consensus of $0.89; revenues fell 0.8% year/year to $436.5 mln vs the $454.7 mln consensus. Co issues in-line guidance for FY10, sees EPS of $4.10-4.25 vs. $4.14 Thomson Reuters consensus; sees FY10 revs of ~$1.9 bln vs. $1.93 bln Thomson Reuters consensus. Cash flow from continuing operations, exclusive of the impact of the adoption of ASC 860, is expected to be in the range of $275 to $280 million. Restructuring and other special charges related to the Arrow integration program are anticipated to be $0.05 per diluted share for the year.
07:06
CGA China Green Agriculture announced that it has named Mr. Ken Ren as CFO (13.13 ) -Update-
07:06
HSII Heidrick & Struggles misses by $0.25, beats on revs; guides Q2 revs above consensus; guides FY10 revs in-line (30.06 )
Reports Q1 (Mar) loss of $0.10 per share, $0.25 worse than the Thomson Reuters consensus of $0.15; revenues rose 27.6% year/year to $113.7 mln vs the $111.5 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $117-123 mln vs. $113.89 mln Thomson Reuters consensus. Co issues in-line guidance for FY10, sees FY10 revs of $440-480 mln vs. $460.53 mln Thomson Reuters consensus. "We continue to see positive and encouraging signs as to the recovery of our business and the global economy. But given the unprecedented nature of the 2009 recession, we are taking a cautious view regarding 2010. In the first quarter of 2010, we encountered some unexpected costs that negatively impacted the operating margin and have reflected this in our 2010 operating margin guidance. However, we still expect to see margin improvement throughout the year."
07:05
IIVI II-VI Inc beats by $0.04, beats on revs; guides Q4 EPS above consensus, revs above consensus (34.16 )
Reports Q3 (Mar) earnings of $0.33 per share, $0.04 better than the Thomson Reuters consensus of $0.29; revenues rose 52.1% year/year to $97.5 mln vs the $87.3 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.34-0.38 vs. $0.32 Thomson Reuters consensus; sees Q4 revs of $98-102 mln vs. $91.06 mln Thomson Reuters consensus. "Quarterly EBITDA performance and cash flow generation exceeded our expectations. EBITDA for the quarter was up 65% from the same quarter last fiscal year and 82% from the December 31, 2009 quarter. Our cash balance now exceeds the June 30, 2009 level and we expect cash to continue to increase as we complete the final quarter of fiscal year 2010. Because of current market strength and visibility, we are confident in increasing our guidance for the fourth quarter and fiscal year."
07:05
LXK Lexmark beats by $0.46, beats on revs; guides Q2 EPS above consensus (39.95 )
Reports Q1 (Mar) earnings of $1.35 per share, excluding $0.15/share for restructuring activites, $0.46 better than the Thomson Reuters consensus of $0.89; revenues rose 10.5% year/year to $1.04 bln vs the $0.96 bln consensus. Gross profit margin was 36.9 percent versus 35.3% in 2009. Co issues upside guidance for Q2, sees EPS of $0.85-$0.95, excluding $0.14/share for restructuring related activities, vs. $0.73 Thomson Reuters consensus; co currently expects revs to be in the in the mid to high-single digit percentage range YoY.
07:05
HUGH Hughes Communications announced an $18 million, multi-year agreement to supply Avanti Communications Group, plc with advanced Ka-band networking infrastructure (28.42 )
Co announced an $18 million, multi-year agreement to supply Avanti Communications Group, plc with advanced Ka-band networking infrastructure for Avanti's HYLAS 2 satellite, building on the initial $24 million contract to supply Ka-band technology for HYLAS 1 signed last October. Both deals include acquisition of satellite capacity by Hughes, which will be used to expand its Ka-band broadband services across Europe, the Middle East, and Africa. Under the agreement, Hughes will supply Avanti with 48 advanced Ka-band system gateways for HYLAS 2, scheduled for launch in 2012, thereby raising the total to 56 gateways for both satellites, and complementing the prior order for 50,000 customer premise terminals.
07:04
WAT Waters beats by $0.03, beats on revs (70.05 )
Reports Q1 (Mar) earnings of $0.81 per share, $0.03 better than the Thomson Reuters consensus of $0.78; revenues rose 10.4% year/year to $367.7 mln vs the $359.7 mln consensus.
07:03
CGA China Green Agriculture announces intent to acquire 300,000 ton fertilizer production facility in China; expected to contribute at least $8 million in net income in fiscal year ending June 30, 2011 (13.13 )
Co announced that it has signed a Memorandum of Understanding to purchase 100% interest in a 300,000 metric-ton fertilizer production facility in China for approximately $22 million in a combination of cash and equity. The acquired facility will increase the Company's output level to 355,000 metric tons which currently produces both traditional and organic compound fertilizer products. The acquired 300,000 metric ton facility currently has a utilization rate of approximately 60% and is expected to contribute at least $8 million in net income in fiscal year ending June 30, 2011. Co expects to reach an annual revenue target of $750 million in the next 5 years through both organic growth and selective acquisitions.
07:03
WDR Waddell & Reed misses by $0.01, misses on revs (39.05 )
Reports Q1 (Mar) earnings of $0.42 per share, $0.01 worse than the Thomson Reuters consensus of $0.43; revenues rose 42.5% year/year to $251.6 mln vs the $254.3 mln consensus.
07:03
LAZ Lazard beats by $0.08, beats on revs (38.21 )
Reports Q1 (Mar) earnings of $0.46 per share, $0.08 better than the Thomson Reuters consensus of $0.38; revenues rose 67.4% year/year to $456.9 mln vs the $443.3 mln consensus. "Our first quarter results, with 67% operating revenue growth over the same 2009 period, show continued strength and momentum in both our Financial Advisory and Asset Management businesses as we enter the gradual upturn of the next cycle... Our M&A advisory business has gained significant global market share over the past year, and our Restructuring and Sovereign Debt advisory businesses continue to lead the industry in the US and Europe. Our Asset Management business achieved its best first quarter ever for operating revenue and continues to report positive net inflows... We have maintained our focus on lowering compensation and non-compensation expenses... Compensation expense increased 35% compared to the 67% growth in revenue, consistent with our stated goal of growing revenues at a faster rate than our compensation expense on an annual basis. We reduced our compensation and non-compensation expense ratios in the quarter to 60.3%, excluding the special charge, and 18.3%, respectively."
07:02
CPLA Capella Education beats by $0.10, beats on revs (94.45 )
Reports Q1 (Mar) earnings of $0.89 per share, $0.10 better than the Thomson Reuters consensus of $0.79; revenues rose 32.5% year/year to $101.2 mln vs the $98.8 mln consensus. Total active enrollment increased by 32.1 percent from the previous year to 37,178 learners. Graduate program enrollment increased by 28.9 percent year-over-year to nearly 30,000 learners. "The momentum we have demonstrated over the last several quarters is expected to continue into the second quarter of 2010. As a result, we are raising our expectations for full year 2010." For Q2, enrollment and revenue is expected to grow by 28.0 to 30.0 percent compared to second quarter 2009. The operating margin is anticipated to be ~18.5 to 20.0 percent of total revenue for the second quarter of 2010. For fiscal year 2010, average quarterly enrollment and revenue is expected to increase by 26.5 to 28.5 percent year-over-year. Operating income for 2010 is expected to grow by 40 to 50 percent year-over-year, which would translate to operating margins of 21.5 to 22.5 percent.
07:02
CHKE Cherokee announced that it has entered into an agreement with Chairman and CEO Robert Margolis, subject to shareholder approval, he will continue as Executive Chairman beginning February 1, 2011 (20.39 )
07:01
WBC WABCO Holdings wins over $460 mln in new business for 2011-2015 (32.21 )
Co announced that during the past four quarters WABCO won contracts with customers globally totaling more than $460 million of expected cumulative incremental business from 2011 through 2015. During Q2, Q3 and Q4 2009 and Q1 2010, WABCO gained new incremental business for the five-year period from 2011 through 2015, separate from replacement and renewal of existing contracts. The new business comprises orders largely for WABCO air compression and braking technologies and products; valve products for vehicle dynamics systems; driveline control technologies and products; and vacuum pumps as components of braking systems for passenger cars with diesel or gasoline direct injection engines. Approximately one half of WABCO's incremental business from 2011 through 2015 is secured by customer contracts in Europe while around one third is in Asia.
07:00
BABY Natus Medical increases revolving credit facility to $50 mln (15.52 )
06:53
S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -8.20.
06:52
Asian Markets
Nikkei...11212.66...+46.90...+0.40%. Hang Seng...21261.79...-325.30...-1.50%.
06:52
European Markets
FTSE...5687.38...-66.40...-1.20%. DAX...6278.56...-53.70...-0.90%.
06:41
VICL Vical reports encouraging updates from U.S. military malaria vaccine programs (3.65 )
Co announces that a prime-boost malaria vaccine regimen provided sterile protection, with no disease symptoms and no detectable malaria parasites, in 4 of 15 vaccinated volunteers a full 28 days after challenge with multiple infected-mosquito bites. The remaining 11 vaccinated volunteers and all 6 unvaccinated control volunteers developed parasitic infections. Results were presented at the National Foundation for Infectious Diseases Thirteenth Annual Conference on Vaccine Research (Bethesda - April 26-28).
06:40
TRMB Trimble Navigation announces its intent to acquire Punch Telematix NV, a belgian transportation management solutions provider (31.15 )
Co announces pursuant to Article 8, Section 1, of the Belgian Royal Decree of April 27, 2007 relating to public takeover offers, its intent to launch a voluntary conditional takeover offer in order to acquire 100% of the shares in Punch Telematix NV (i.e. 4,282,901 ordinary shares) at EUR 3.15 (approx US$4.21 as of April 26, 2010) per share in cash. Punch International NV, Punch Telematix's largest shareholder, holds approximately 65 percent (or ca. 2,773,917 shares) of the total shares outstanding of Punch Telematix and has made a binding commitment to tender its shares in Punch Telematix to the Offer. Trimble is currently finalizing its bid notice and application file for the Belgian Banking, Finance and Insurance Commissionand intends to be in a position to submit it for approval by the CBFA in the coming days.
06:34
NXY Nexen misses by $0.04, beats on revs (26.44 )
Reports Q1 (Mar) earnings of CDN$0.35 per share, CDN$0.04 worse than the Thomson Reuters consensus of CDN$0.39; revenues rose 43.2% year/year to CDN$1.5 bln vs the CDN$1.42 bln consensus.
06:33
CE Celanese announces proposed consolidation of Acetate manufacturing (34.86 )
Co announces it is considering a consolidation of its global acetate manufacturing operations by proposing the closure of its acetate manufacturing facility in Spondon, Derby, United Kingdom. The consolidation is designed to strengthen the company's competitive position, reduce fixed costs and align future production capacities with anticipated industry demand trends. The company would serve its acetate customers under this proposal by optimizing its global production network, which includes facilities in Lanaken, Belgium; Narrows, Virginia; and Ocotlan, Mexico, as well as the company's acetate joint venture facilities in China. If the company proceeds with the proposed closure, Celanese expects to operate its Spondon facility through late 2011 to ensure a smooth closure process. Key products manufactured at the Spondon plant include cellulose acetate flake and filter tow. The plant's nameplate capacity is approx 41,000 tons of acetate tow and 60,000 tons of acetate flake. The Spondon facility has approx 460 employees. The company will engage in a consultation procedure with the labor unions associated with the proposed closure. As a result of the proposed Spondon site closure, Celanese expects to record a non-cash impairment charge of $72 million during the first quarter of 2010. These expenses will be excluded from the company's adjusted earnings per share and operating EBITDA measures.
06:30
ENTG Entegris beats by $0.04, beats on revs (6.12 )
Reports Q1 (Mar) earnings of $0.15 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.11; revenues rose 172.0% year/year to $160.5 mln vs the $153.5 mln consensus. "Our first-quarter sales growth reflected continued positive trends in our core semiconductor markets. Utilization rates and production levels at our semiconductor fab customers remained at high levels, and capital spending in the industry continued to be robust. We were very pleased with our operating performance in the quarter, which reflects the positive impact of the structural cost reductions we put in place during the past year. Our manufacturing execution in the quarter was excellent and contributed to first-quarter operating margin of 16.5 percent of sales, excluding amortization. This is above our target model and well above what we would have achieved in previous quarters on comparable revenue."
06:22
CNC Centene beats by $0.04, misses on revs; guides FY10 EPS in-line, revs below consensus (24.66 )
Reports Q1 (Mar) earnings of $0.41 per share, $0.04 better than the Thomson Reuters consensus of $0.37; revenues rose 12.5% year/year to $1.02 bln vs the $1.11 bln consensus. Co issues guidance for FY10, sees EPS of $1.73-1.83 ($0.03 increase vs previous guidance, vs. $1.77 Thomson Reuters consensus; sees FY10 revs of $4.3-4.4 bln vs. $4.59 bln Thomson Reuters consensus. The consolidated HBR for the three months ended March 31, 2010 of 84.0% was an increase of 0.5% over the comparable period in 2009. Co estimates HBR of 84.0-86.0% in FY10.
06:17
DEP Duncan Energy misses by $0.01, beats on revs (27.92 )
Reports Q1 (Mar) earnings of $0.37 per share, $0.01 worse than the Thomson Reuters consensus of $0.38; revenues rose 13.2% year/year to $290.6 mln vs the $244.2 mln consensus.
06:17
ICON Iconix Brand announces definitive agreement to acquire United Media Licensing owner of Peanuts characters (18.39 )
Co announces it has signed a definitive agreement with United Features Syndicate and The E.W. Scripps Company to acquire the Peanuts brand and related assets in partnership with the Schulz family. As part of the transaction, Iconix will also acquire the licensing and character representation business of United Media Licensing, a division of UFS, which, in addition to Peanuts, represents a number of character brands, including Dilbert and Fancy Nancy. The Peanuts brand and other acquired assets will be purchased through a newly formed subsidiary, which will be owned 80% by Iconix and 20% by the Schulz family. The Peanuts brand is licensed in over 40 countries and generates annual retail sales of over $2 billion.
06:16
ARGN Amerigon reports EPS in-line, beats on revs; guides Q2 revs above consensus (10.80 )
Reports Q1 (Mar) earnings of $0.07 per share, in-line with the Thomson Reuters consensus of $0.07; revenues rose 137.3% year/year to $24.2 mln vs the $22.5 mln consensus. Co issues upside guidance for Q2, sees Q2 revs up slightly from $24.2 mln vs. $21.81 mln Thomson Reuters consensus. Gross margin as a percentage of revenue for the 2010 first quarter was 27 percent compared with 24 percent in the 2009 first quarter. The year-over-year increase was primarily attributable to lower raw material costs, a favorable shift in the mix of products sold toward units having a higher gross margin percentage and higher coverage of fixed cost at the higher volume levels. "The significant year-over-year and sequential improvements in revenues were driven by the resurgence in the global automotive industry that began in the fourth quarter of 2009 and which is continuing this year. Gross margins were also positively impacted by our ongoing focus on reducing product costs and improving efficiency. We believe these efforts and adding new vehicles and increasing market penetration have positioned the Company to take advantage of the recovery expected in the global automotive industry. In addition to the recently announced Ford F-250 line of trucks, which generated strong initial sales of CCS during the quarter, we expect several new vehicle introductions this year."
06:15
CCM Concord Medical Services enters agreement to acquire four radiotherapy and diagnostic imaging centers in Hebei province (7.16 )
Co announces it has entered into a definitive agreement to acquire 100% of the equity interest in Tianjin Kangmeng Radiology Equipment Management, a company that manages four radiotherapy and diagnostic imaging centers in Hebei province. Under the terms of the agreement, Concord Medical will continue to manage these four centers which are equipped with one PET-CT scanner, one IGRT system, one Head Gamma Knife system and one ECT scanner, jointly with Tianjin Kangmeng Radiology's current hospital partner. These four centers have been in operation since July 2009. Prior to the acquisition, Concord Medical had been managing two centers in Hebei province.
06:15
NEM Newmont Mining beats by $0.04, beats on revs (53.19 )
Reports Q1 (Mar) earnings of $0.83 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.79; revenues rose 46.0% year/year to $2.24 bln vs the $2.15 bln consensus. Equity gold production for the quarter was 1.3 million ounces and the average realized gold price was $1,106 per ounce. Newmont is maintaining its previously announced FY10 outlook for equity gold production of 5.3 to 5.5 million ounces and costs applicable to sales of between $450 and $480 per ounce on a co-product basis.
06:14
EPD Enterprise Products beats by $0.08, beats on revs (36.65 )
Reports Q1 (Mar) earnings of $0.50 per share, $0.08 better than the Thomson Reuters consensus of $0.42; revenues rose 74.9% year/year to $8.54 bln vs the $7.83 bln consensus.
06:11
DD DuPont beats by $0.18, beats on revs; raises FY10 EPS guidance above consensus (40.95 )
Reports Q1 (Mar) earnings of $1.24 per share, $0.18 better than the Thomson Reuters consensus of $1.06; revenues rose 23.5% year/year to $8.48 bln vs the $8.06 bln consensus. This reflects 19% higher volume, 2% higher local selling prices, and a 3% positive impact from currency exchange rates, partly offset by a 1% reduction from portfolio changes. Co raises guidance for FY10, sees EPS of $2.50-2.70 vs. $2.39 Thomson Reuters consensus, up from $2.15-2.45 previously. The new outlook reflects expected stronger sales growth and improved pre-tax operating margins, supported by continuing global economic expansion with particularly strong demand in Asia Pacific. The co expects free cash flow to be about $200 million higher than originally anticipated, and has increased its outlook from greater than $1.5 billion to more than $1.7 billion. Asia Pacific sales were $1.6 billion with volume up 65% in the quarter. Sales in Performance Polymers, Electronics & Communications, and Titanium Technologies were particularly strong. Volumes in emerging markets were also strong, up 28%. Raw material, energy and freight costs, adjusted for currency and volume, were about 2% lower versus prior year. The co expects these costs to trend higher as the year progresses, reflecting a full-year increase of about 5%.
06:11
XEC Cimarex announces 1Q production volumes and provides operations update (66.54 )
Co announces 1Q10 oil and gas production volumes averaged 584.5 million cubic feet equivalent per day. Average daily equivalent production was comprised of 390.8 million cubic feet of gas, 27,967 barrels of oil and 4,313 barrels of natural gas liquids. 1Q10 production grew 25% sequentially from 4Q09 average of 467.6 MMcfe/d and 20% as compared to the first-quarter 2009 average of 489.0 MMcfe/d. Production increases reflect successful Gulf Coast exploration and strong Cana-Woodford results.
06:09
TYC Tyco beats by $0.04, reports revs in-line; announces intent to spin-off Electrical & Metal Products business (40.40 )
Reports Q2 (Mar) earnings of $0.59 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.55; revenues rose 0.5% year/year to $4.17 bln vs the $4.14 bln consensus. Co announces that it plans to pursue a tax-free spin-off of its Electrical & Metal Products business. Tyco expects to file documents with the SEC over the next few months and to complete the proposed transaction in the first half of FY11. Following the transaction, the business would be an independent, publicly traded co.
06:07
ICLR ICON plc reports EPS in-line, misses on revs (26.95 )
Reports Q1 (Mar) earnings of $0.37 per share, in-line with the Thomson Reuters consensus of $0.37; revenues fell 0.3% year/year to $219.1 mln vs the $225.6 mln consensus. Co says "As expected, 2010 has started solidly. Following lower booking levels and higher cancellations last year, we had indicated in our February guidance that we believed growth would re-emerge in the second half of 2010. While remaining cautious, with net bookings of $265 million for the quarter, and a pipeline of new opportunities that continues to solidify, we believe the conditions for a return to growth are coming into place. We are pleased with our continued good cash generation and are confident we have the balance sheet to support our growth plans."
06:04
CERP Cereplast provides update on its breakthrough algae-based plastics (5.15 )
Co announces that its plan to develop a new family of algae-based resins is progressing well and that the Company expects to offer the first grade of Cereplast Algae Plastics for commercial use by the end of the year. Cereplast algae-based resins represent a breakthrough in industry technology and have the potential to replace 50% or more of the petroleum content used in traditional plastic resins. Currently, Cereplast is using renewable material such as starches from corn, tapioca, wheat and potatoes in the manufacture of bio-based resins. Algae-based resins, which are revolutionary in the industry, will complement the Company's existing line of Compostables and Hybrid resins.
05:37
SBNY Signature Bank beats by $0.04 (39.62 )
Reports Q1 (Mar) earnings of $0.49 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.45. Non-performing loans decreased to $44.4 mln, or 0.99% of total loans, at March 31, 2010, vs $46.6 mln, or 1.07% at the end of 4Q09 and $45.1 mnl, or 1.26%, for 1Q09. The Bank's provision for loan losses for the 2010 first quarter was $11.2 million, an increase of $1.6 million, or 17.1%, over the 2009 first quarter. The increase was primarily driven by growth in the loan portfolio, combined with an increase in provisions stemming from the challenging economic environment.
05:32
CPO Corn Products beats by $0.10, beats on revs; maintains FY10 EPS in-line (35.88 )
Reports Q1 (Mar) earnings of $0.57 per share, $0.10 better than the Thomson Reuters consensus of $0.47; revenues rose 12.8% year/year to $937.2 mln vs the $862.3 mln consensus. Co maintains in-line guidance for FY10, sees EPS of $2.25-2.60 vs. $2.43 Thomson Reuters consensus.
05:30
SSRI Silver Standard provides update on exploration program (19.51 )
Co announces this season's exploration program in Snowfield, BC will include an 18,000-meter drill program primarily focused on expanding the project's known gold resource, which was substantially increased in December 2009. Snowfield currently hosts measured and indicated gold resources of 19.77 million ounces and inferred gold resources of 10.05 million ounces, along with resources in copper, silver, and molybdenum. Geotechnical and large diameter drilling for advanced metallurgical studies will also be included as part of the drill program. Preliminary environmental and geotechnical investigations will be completed at the proposed mill tailings locations. These areas are being defined in a NI 43-101 compliant Preliminary Assessment, which is expected to be completed this quarter. On the Brucejack Project, which borders the Snowfield Project to the south, a 24,000-meter drill program is being planned. San Agustin hosts indicated resources of 1.59 million ounces of gold and 47.9 million ounces of silver and inferred resources of 1.06 million ounces of gold and 37.0 million ounces of silve
05:28
DAI Daimler AG reports 1Q10 results (52.75 )
Co reports 1Q10 EBIT of euro 1,190 million, as previously disclosed on April 19, 2010 (Q109: -1,426 million euros). Mercedes-Benz Cars in posted positive earnings for the first quarter of 2010, due to increased unit sales in the E-Class and S-Class segments. The positive development of EBIT led to net profit for the Group of euro 612 million, representing an improvement over the prior-year result (Q109: net loss of euro 1,286 million). EPS amounted to euro 0.65 (Q109: loss per share of euro 1.40). In the first quarter of 2010, Daimler sold 402,700 cars and commercial vehicles worldwide, which was 21% more than in the same period of last year. The Daimler Group's first-quarter revenue increased from euro 18.7 billion to euro 21.2 billion; adjusted for exchange-rate effects, revenue grew by 15%. Based on the divisions' planning, Daimler expects total unit sales to increase significantly in 2010 (2009: 1.6 million vehicles). Following a distinct decline in 2009, Daimler assumes that Group revenue will increase again in 2010, but will remain significantly below the level of 2008. Daimler expects to achieve Group EBIT from the ongoing business of more than euro 4 billion in 2010. The key factors for this expectation are the ongoing market revival, the improving economic environment and the market success of the Group's products.
03:21
VDSI VASCO Data Security misses by $0.04, misses on revs; reaffirms FY10 revs in-line (8.15 )
Reports Q1 (Mar) earnings of $0.01 per share, $0.04 worse than the Thomson Reuters consensus of $0.05; revenues rose 3.0% year/year to $23.9 mln vs the $27.2 mln consensus. Co reaffirms in-line guidance for FY10, sees FY10 revs increasing 15.0-20.0% from FY09 level (translates into approx $116.96-122.04 mln vs. $120.14 mln Thomson Reuters consensus). Co reaffirms operating margins for FY10 to be 5.0-10.0%.
03:13
PMI PMI Group prices 77.765 mln common shares at $6.15/share (6.46 )
Co also prices $261.0 mln aggregate principal amount of its 4.50% Convertible Senior Notes due 2020. The offerings represent an increase from the previously announced offering size of $400 million in common stock and $200 million in notes.
02:32
BEAV BE Aerospace beats by $0.01, beats on revs; guides Q2 EPS in-line; raises FY10 EPS guidance by $0.05 to $1.45, now approx in-line, and sees FY10 revenue in-line (31.12 )
Reports Q1 (Mar) earnings of $0.34 per share, $0.01 better than the Thomson Reuters consensus of $0.33; revenues fell 11.5% year/year to $463.5 mln vs the $458.5 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.36 vs. $0.36 Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $1.45 (previous $1.40) vs. $1.46 Thomson Reuters consensus; sees FY10 revs increasing 2% from FY09 level, or ~$1.90 bln vs. $1.90 bln Thomson Reuters consensus. Co expects 2Q10 FCF conversion rate lower than that of 1Q10. The co expects an expansion in orders and backlog in 2010 due to improving demand for consumables and commercial aircraft segment spares, the conversion of a portion of unbooked supplier furnished equipment awards to bookings, and an expected increase in orders for cabin interior products arising from the recent increase in RFQ activity related thereto. FY10 revenues are expected to be approx 2% lower than FY09 revenue of approx $1.94 bln, reflecting a lower level of commercial aircraft and business jet deliveries in 2010 and the weak bookings that the co experienced in 2009, offset somewhat by higher aftermarket revenues. Co expects favorable quarterly earnings comparisons to 2009 beginning in 2Q10. FY10 free cash flow is expected to be in excess of $145 million reflecting a free cash flow conversion rate in excess of 100% for the full year. Due to the expected expansion in orders and backlog in 2010 and a recovery in the commercial aircraft segment spares and consumables businesses, the co expects a significant increase in revenues, earnings and cash flows beginning in FY11.
01:29
OMI Owens & Minor reports EPS in-line, misses on revs; guides FY10 (Dec) EPS in-line (31.47 )
Reports Q1 (Mar) earnings of $0.44 per share, in-line with the Thomson Reuters consensus of $0.44. Co issues in-line guidance for FY10 (Dec), sees EPS of 1.93-2.03 vs. $1.97 Thomson Reuters consensus.
01:20
FRX Forest Labs and Ironwood Pharma to present linaclotide Ph. 3 chronic constipation data (27.42 )
Ironwood Pharmaceuticals (IRWD 13.93) and Forest Laboratories announce they will be presenting Phase 3 chronic constipation clinical trial results for linaclotide, an investigational guanylate cyclase type-C agonist for the treatment of irritable bowel syndrome with constipation and chronic constipation, during the 2010 Digestive Disease Week annual meeting from May 1 through May 5, 2010. Ironwood and Forest released the top-line results from the CC trials late last year and expect to have data from the Phase 3 IBS-C trials in the second half of 2010.
01:17
CPE Callon Petroleum regains NYSE listing standards compliance (7.19 )
01:16
SLG SL Green Rlty beats by $0.02, beats on revs (64.33 )
Reports Q1 (Mar) funds from operations of $1.07 per share, $0.02 better than the Thomson Reuters consensus of $1.05; revenues fell 1.5% year/year to $258.6 mln vs the $226.7 mln consensus.
01:13
OLN Olin beats by $0.02, beats on revs (22.14 )
Reports Q1 (Mar) earnings of $0.12 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.10; revenues fell 9.6% year/year to $362 mln vs the $349.8 mln consensus. Co issues guidance for Q2, sees EPS of $0.15-0.20, may not be comparable to $0.22 Thomson Reuters consensus. 2Q10 Chlor Alkali segment earnings are expected to more than double compared to the first quarter of 2010 reflecting both improved pricing and improved demand. Segment earnings for Winchester are projected to decline from first quarter levels primarily due to higher commodity costs. Charges to income for environmental and remedial activities are forecast to increase to the $6 million to $8 million range in the second quarter of 2010. This 2Q10 forecast for environmental and remedial costs does not include any recovery of costs incurred and expensed in prior periods. The 2Q10 forecast includes approx $2 million of favorable adjustments to income tax expense.
01:08
NARA Nara Bancorp misses by $0.07, beats on revs (10.17 )
Reports Q1 (Mar) loss of $0.10 per share, $0.07 worse than the Thomson Reuters consensus of ($0.03); revenues rose 39.5% year/year to $34.6 mln vs the $31.5 mln consensus.
01:04
SMI Semiconductor Manufacturing reports FY09 results (5.85 )
Co reports sales decreased by 20.9% from $1,353.7 million for 2008 to $1,070.4 million for 2009, primarily due to a decrease in overall wafer shipments. For the full year 2009, the overall wafer shipments were 1,376,663 units of 8-inch equivalent wafers, down 14.6% year-on-year. The average selling price of the wafers the co shipped decreased by 7.5% from $840 per wafer to $778. Excluding DRAM revenue, the percentage of wafer revenues that used 0.13 micron and below process technology increased from 38.2% to 47.5% between these two periods.
01:01
On The Wires
Kinross Gold (KGC) announces it has been successful in its bid to acquire Underworld Resources (TSX:UW) under its previously announced offer... Advance Auto Parts (AAP) announces it priced $300 million in principal amount of 5.75% Senior Unsecured Notes due 2020... Cellcom Israel Ltd. (CEL) announces the dismissal of a purported class action lawsuit filed in March 2009 against the co, in the District Court of Central Region, by a plaintiff alleging to be the co's subscriber, in connection with allegations that Cellcom Israel unlawfully sent its subscribers commercial messages... Wonder Auto (WATG) wins contract from customer based in Germany through one of its subsidiaries, which is Jinzhou Wanyou Mechanical Parts.
00:53
FBP First BanCorp reports loss of $1.22 per share vs Thomson Reuters consensus of ($0.61) (2.90 )
The provision for loan and lease losses for the first quarter of 2010 increased by $33.8 million to $171.0 million compared to a provision of $137.2 million in the fourth quarter of 2009.
00:45
JEC Jacobs beats by $0.03, beats on revs; raises FY10 EPS guidance range (48.67 )
Reports Q2 (Mar) earnings of $0.62 per share, $0.03 better than the Thomson Reuters consensus of $0.59; revenues fell 13.1% year/year to $2.59 bln vs the $2.46 bln consensus. Co announces $14.7 bln backlog at April 2, 2010, including a technical professional services component of $8.3 bln. This compares to total backlog and technical services backlog of $16.6 bln and $8.1 bln, respectively, at April 3, 2009. Co issues in-line guidance for FY10, sees EPS of $2.15-2.65 (previous range $2.00-2.60) vs. $2.38 Thomson Reuters consensus.
00:42
WWIN Winner Medical prices 1.38 mln common shares at $6.10/share (5.60 )
00:41
MTL Mechel announces offering of preferred shares and preferred ADS by certain selling shareholders (26.32 )
Co announces a public offering by certain selling shareholders of preferred shares and preferred ADSs, each representing an interest in one-half of one preferred share. The preferred shares and Preferred ADSs are being offered by James C. Justice II, James C. Justice III, James C. Justice Companies Inc. and Jillean L. Justice. The Selling Shareholders propose to offer up to 49,952,488 preferred ADSs, representing 24,976,244 preferred shares, outside the Russian Federation, in addition to an offering of preferred shares to Russian and international investors. The price range has been set at $21.00-27.60 per preferred share and $10.50-13.80 per preferred ADS.
18:32
INSU Insituform Tech misses by $0.07, misses on revs; reaffirms FY10 EPS in-line (26.31 -0.69)
Reports Q1 (Mar) earnings of $0.22 per share, $0.07 worse than the Thomson Reuters consensus of $0.29; revenues rose 55.6% year/year to $199.2 mln vs the $203.4 mln consensus. Co reaffirms in-line guidance for FY10, sees EPS of $1.45-1.55 vs. $1.49 Thomson Reuters consensus.
18:19
WPI Watson Pharm confirmed that its subsidiary, Watson Laboratories, a Nevada Corp, has been sued by Teva Women's Health (43.10 -0.05) -Update-
Co confirmed that its subsidiary, Watson Laboratories, a Nevada Corp, has been sued by Teva Women's Health, in connection with the filing of Watson's Abbreviated New Drug Application (ANDA) for synthetic conjugated estrogens, A, in the 0.3 mg, 0.45 mg, 0.625 mg, 0.9 mg and 1.25 mg tablet strengths. Watson's ANDA is for the generic equivalent of Teva's Cenestin. The suit was filed on April 23, 2010, in the United States District Court for the District of New Jersey.
18:09
HLYS Heelys announces new sourcing partnership (2.83 +0.06)
Co announced that they've entered into a new sourcing agreement with TGB, a subsidiary of Anthony L & S, to produce their unique product. The agreement will be effective on all orders beginning May 1, 2010. HLYSwill close their sourcing office in northern China after transitioning through current orders in process. Some key personnel will be retained going forward.
17:50
LRY Liberty Prop reports Q1 in-line (35.00 +0.15)
Reports Q1 (Mar) earnings of $0.64 per share, in-line with the First Call consensus of $0.64; revenues rose 2.1% year/year to $189.2 mln vs the $185.2 mln consensus.
17:44
FUL H.B. Fuller to discontinue production of polysulfide-based insulating glass sealant product line in Europe (24.27 +0.28)
Co announced that it will exit the polysulfide-based insulating glass sealant product line in Europe by the end of calendar year 2010. As a result of this decision, the Co will incur exit costs of ~$2.2 mln ($1.8 mln after-tax, or $0.04 per diluted share) and non-cash impairment charges of about $9.2 mln ($6.3 mln after-tax, or $0.13 per diluted share). These figures are estimates and will be finalized in the next quarterly filing. The exit costs primarily consist of severance and other related charges. The exit costs will be spread across the next several quarters as the business is wound down, with $1.4 mln of the after-tax costs occurring in the second quarter and $0.4 mln occurring in the second half of the year. The non-cash impairment charges relate to the long-lived assets created when this product line was acquired in 2006 and will occur entirely in the second quarter of 2010. Aside from the exit costs and impairment charges, the discontinuance of this product line is expected to have a modest positive impact on net income and cash flow.
17:44
GCA Global Cash Access announces departure of Chief Financial Officer (9.02 +0.09)
Co announced the resignation of George Gresham, executive vice president and chief financial officer. Gresham has decided to leave the Company effective May 7, 2010, to pursue other opportunities. The Company has immediately begun a search for a new chief financial officer. Co said, Betts will serve as the Company's interim chief financial officer until a permanent replacement is found. Gresham's departure was not related to any disagreement with the management team, the Company's board of directors, or the Company's auditors.
17:42
HRS Harris Corp receives $20 mln order from U.S. Department of Defense for Falcon III AN/PRC-117G multiband manpack radios (50.42 +0.12)
17:40
NATL National Interstate to acquire Vanliner Insurance; NATL does not expect the transaction to have a material effect on 2010 earnings, expects accretive to 2011 earnings (20.48 +0.20)
Co announced that its principal insurance subsidiary, National Interstate Insurance, entered into a definitive agreement to acquire Vanliner Insurance, a subsidiary of UniGroup. Vanliner is a market leader in providing insurance for the moving and storage industry. Under the agreement, National Interstate will pay ~$125-$135 mlnin cash, which represents Vanliner's tangible book value at closing. NATL does not expect the transaction to have a material effect on 2010 earnings. Beginning in 2011, the acquisition is expected to be accretive to earnings and return on shareholders' equity. Vanliner wrote approximately $104 million of gross moving and storage premiums in 2009, representing ~58% of its total business.
17:30
MIM MI Developments announces confirmation by the Bankruptcy Court of the Magna Entertainment Plan of reorganization (13.33 -0.05)
Co announced that the Plan of Reorganization in respect of Magna Entertainment Corp. ("MEC") and certain of its subsidiaries, jointly proposed by MEC, MID and the Official Committee of Unsecured Creditors of MEC, has been confirmed by order of the United States Bankruptcy Court for the District of Delaware. The original litigation settlement, to be implemented by the Plan, was announced by MID on January 11, 2010.
17:21
UCBA United Community Bancorp unit receives regulatory approval to purchase three Indiana branches of Integra Bank National Association (6.63 +0.10)
Co announced that its subsidiary, United Community Bank, has received approval from the Office of Thrift Supervision to complete the purchase of three branch offices and certain loans of Integra Bank National Association, the wholly-owned subsidiary of Integra Bank Corporation. The acquisition is expected to occur following the close of business on June 4, 2010, at which time the Integra Bank branch offices located in the towns of Osgood, Milan and Versailles, Indiana will become branch offices of United Community Bank. Following completion of this transaction, United Community will have nine branches -- four in Lawrenceburg; one in Aurora; one in St. Leon; one in Osgood; one in Milan; and one in Versailles, and approximately $450 million in assets and $390 million in deposits.
17:16
YMI YM BioSciences announces controlled equity offering of up to 7.75 mln shares (1.39 -0.08)
Co announced that it has filed a prospectus supplement to its final base shelf prospectus, dated September 16, 2009, with the Ontario Securities Commission, and a supplement to its U.S. prospectus, dated September 16, 2009, forming part of its U.S. registration statement, with the United States Securities and Exchange Commission. YM has entered into a Sales Agreement, dated April 23, 2010, with Cantor Fitzgerald & Co., under which YM may, at its discretion, from time to time sell up to a maximum of 7,750,000, of its common shares through an "at-the-market" equity offering program known as a Controlled Equity Offering.
17:14
AGNC American Capital Agency beats by $0.85 (27.20 +0.20)
Reports Q1 (Mar) funds from operations of $2.13 per share, $0.85 better than the Thomson Reuters consensus of $1.28. As of March 31, 2010, the Company's investment portfolio totaled $5.2 billion of agency securities, at fair value, comprised of $1.8 billion of fixed-rate agency securities, $2.7 billion of adjustable-rate agency securities and $0.7 billion of collateralized mortgage obligations backed by fixed-rate and adjustable-rate agency securities. As of March 31, 2010, AGNC's investment portfolio was comprised of 22% 30-year fixed-rate securities, 13% 15-year fixed-rate securities, 52% adjustable-rate securities and 13% CMOs backed by fixed and adjustable-rate agency securities.
17:09
LMT Lockheed Martin announces offer to exchange outstanding debt securities for new notes and cash (86.09 -0.83)
17:08
PPDI PPD Opens vaccine clinical research center in Taizhou, China (25.55 -0.80)
Co announced it has opened a vaccine clinical research center in Taizhou, China, further strengthening its clinical research and development services in one of the country's major regions for conducting vaccine studies. Through the center, PPD will provide clinical monitoring services to global and local biopharmaceutical companies seeking to develop vaccines in China. the center will help biopharmaceutical companies address unique requirements for conducting vaccine clinical trials in the country.
17:08
PPDI PPD Inc. reports EPS in-line, beats on revs (25.55 -0.80)
Reports Q1 (Mar) earnings of $0.14 per share, in-line with the Thomson Reuters consensus of $0.14; revenues fell 4.8% year/year to $346.8 mln vs the $323.8 mln consensus. Year-to-date days sales outstanding at March 31, 2010, were 24.6 days, compared to 31.3 days at December 31, 2009.
17:07
BSX Boston Scientific beats by $0.08, misses on revs; guides Q2 EPS in-line, revs below consensus; guides FY10 EPS above consensus, revs in-line (7.06 -0.15)
Reports Q1 (Mar) earnings of $0.16 per share, $0.08 better than the Thomson Reuters consensus of $0.08; revenues fell 2.5% year/year to $1.96 bln vs the $2 bln consensus. Co issues mixed guidance for Q2, sees EPS of $0.06-0.10 vs. $0.08 Thomson Reuters consensus; sees Q2 revs of $1.825-1.925 bln vs. $1.99 bln Thomson Reuters consensus. Co issues mixed guidance for FY10, sees EPS of $0.50-0.60 vs. $0.37 Thomson Reuters consensus; sees FY10 revs of $7.6-8.0 bln vs. $8.05 bln Thomson Reuters consensus.
17:06
HGR Hanger Orthopedic reports EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (18.49 -0.23)
Reports Q1 (Mar) earnings of $0.16 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.16; revenues rose 5.4% year/year to $178.3 mln vs the $180 mln consensus. Co issues in-line guidance for FY10, sees EPS of $1.27-1.29, excluding non-recurring items, vs. $1.28 Thomson Reuters consensus; sees FY10 revs of $815-825 mln vs. $818.46 mln Thomson Reuters consensus.
17:05
UHS Universal Health beats by $0.04, misses on revs (35.97 -0.54)
Reports Q1 (Mar) earnings of $0.73 per share, $0.04 better than the Thomson Reuters consensus of $0.69; revenues rose 2.7% year/year to $1.35 bln vs the $1.37 bln consensus.
17:05
SUBK Suffolk Bancorp announces revised provision for loan losses (32.05 -0.70) -Update-
Co's banking subsidiary, has revised the provision for loan losses for the first quarter of 2010. Co agreed that the allowance for loan losses be increased to 1.80% of loans for the quarter from 1.27% of loans. As a result, the allowance for loan losses was increased to $21.132 mln from the previously reported $14.944 mln, the provision was increased to $8.837 mln from the previously reported $2.649 mln, earnings per share were decreased to $0.16 per share from the previously reported $0.54 per share. Suffolk announced that this additional provision was not made in response to any increase in actual, realized losses from those previously reported, nor any material changes in the quality of specific credits within Suffolk's loan portfolio. As previously stated on April 13, 2010, at March 31, 2010, of the $31,731,000 of non-performing loans, $28,448,000 is secured by collateral having a cumulative loan-to-value ratio of ~58%. The unsecured portion of $3,283,000 amounts to 28 basis points (28/10,000ths) of net loans at quarter end. (stock is halted)
17:05
PPDI PPD Confirms Takeda Receives NDA Approval of NESINA (Alogliptin) from Japanese Ministry of Health, Labour and Welfare (25.55 -0.80) -Update-
Co confirmed that Takeda Pharmaceutical Company Limited's new drug application for NESINA(R) (alogliptin), a highly selective DPP-4 inhibitor for the treatment of type 2 diabetes, was approved by the Japanese Ministry of Health, Labour and Welfare on April 16. Under PPD's agreement with Takeda, PPD is entitled to a $7.5 million milestone payment from Takeda upon approval of all regulatory and pricing matters in Japan. The approval of the NDA for NESINA noted above constitutes the regulatory approval required for the milestone payment. Upon pricing approval for NESINA in Japan, PPD will be entitled to receive the milestone payment.
17:03
RGA Reinsurance Group of America misses by $0.34 (55.82 -0.10)
Reports Q1 (Mar) earnings of $1.25 per share, $0.34 worse than the Thomson Reuters consensus of $1.59. "Regarding our earnings flow, we experienced the same sort of U.S. mortality seasonality this quarter as we have in the first quarter in each of the last several years, a pattern we expect. The first-quarter reporting period typically presents the unfavorable combination of higher claims flows with the lowest quarterly premium flows. Our U.S. traditional business reported some degree of additional higher-than-expected mortality, while claim levels in Canada were also somewhat higher-than-expected. Despite this claims experience, we still generated a consolidated annualized operating return on equity in excess of 10 percent for the quarter."
17:02
MAS Masco misses by $0.02, beats on revs (18.00 -0.35)
Reports Q1 (Mar) loss of $0.02 per share, $0.02 worse than the Thomson Reuters consensus of ($0.00); revenues rose 3.1% year/year to $1.85 bln vs the $1.81 bln consensus. 'We expect that business conditions in 2010 will continue to show modest improvement compared to 2009. While we are concerned about the impact of current unemployment levels, foreclosure activity and access to financing, we believe that housing starts will improve in 2010 and will increase to a range of 600,000 to 700,000 units from 554,000 units in 2009. While we anticipate that expenditures on repair and remodel activity will improve modestly in 2010 from 2009 levels, we believe that big-ticket items will continue to be deferred, in the short-term, until general economic conditions, credit availability and home prices improve'.
17:01
CE Celanese Corporation announces 25 percent dividend increase (34.86 +0.51)
Co announced that its board of directors has approved a 25 percent increase in the company's quarterly common stock cash dividend. The quarterly dividend rate increased from $0.04 to $0.05 per share of common stock on a quarterly basis and from $0.16 to $0.20 per share of common stock on an annual basis.
17:00
SHFL Shuffle Master appoints Phillip Peckman as interim CEO (8.89 -0.03) -Update-
Co announces that effective today, Chief Executive Officer Timothy Parrott, based upon his medical condition, shall no longer serve as its CEO or as a member of its Board of Directors. Effective today, Shuffle Master's Board of Directors has appointed Chairman of the Board Phillip Peckman as interim CEO and Director Garry Saunders as interim non-executive Chairman of the Board, replacing Mr. Peckman. The Board's Governance Committee will promptly initiate a search for a new CEO. On April 21, 2010, Shuffle Master announced that Mr. Parrott would be taking a temporary medical leave of absence. (stock is halted)
17:00
AES AES Corp enters agreement to sell its equity interest in Qatar business (12.15 -0.22)
Co announced today that it has entered into agreements to sell its equity interest in its Qatar business, Ras Laffan, to its current partner there, the Qatar Electricity and Water Company. AES has owned a 55 percent equity interest in the Ras Laffan project, which consists of a 756 MW combined cycle gas plant and a 40 MIGD (Million Imperial Gallons per Day) desalination facility, since 2003. Ras Laffan has a 25-year power and water purchase agreement with the Qatar General Electricity and Water Corporation, which expires in 2029. Through this transaction, AES is also selling its interest in an associated operations company, and its rights under a related technical service agreement.
16:59
SUBK Suffolk Bancorp halted, news pending (32.05 -0.70)
16:59
SHFL Shuffle Master halted, news pending (8.89 -0.03)
16:53
OTEX Open Text announces acquisition of Shares of Burntsand Inc. (4.00 -1.83) -Update-
Burntsand announced that it has entered into a definitive agreement with OTEX (OTEX) under which Open Text expects to acquire all of the issued and outstanding common shares of Burntsand through a Burntsand shareholder-approved amalgamation with a subsidiary of Open Text under the Canada Business Corporations Act. Based on the terms of the Agreement, Burntsand shareholders will receive CDN $0.15 in cash for each Burntsand common share, for a total transactional value of ~CDN $11 million.
16:52
DVAX Dynavax Technologies pops ~13.2% to $1.63 following news at 16:50 on reports of positive data on universal flu vaccine candidate (1.44 +0.04) -Update-
16:50
DVAX Dynavax Technologies reports positive data on universal flu vaccine candidate (1.44 +0.04)
The co today presented preclinical data that confirms the expected immunogenicity and mechanistic effects of its Universal Flu vaccine. In addition to the demonstrated ability of Dynavax's vaccine to generate cytotoxic T-cells and cytotoxic antibodies, the data presented today at the Thirteenth Annual Conference on Vaccine Research in Baltimore, MD, show that the universal components of Dynavax's vaccine enhance the efficacy of a standard flu vaccine by increasing antibody production directed at virus neutralization. These data are key indicators of immunogenicity and the potential for dose-sparing in the event of a pandemic. Dynavax's Universal Flu vaccine is uniquely designed to combine a TLR9 agonist and two conserved antigens, NP and M2e, with a standard trivalent flu vaccine... Dynavax plans to initiate Phase 1 clinical development of its Universal Flu vaccine by mid-year 2010 at centers that are members of the Vaccine Testing and Evaluation Units (VTEUs) of the National Institute for Allergy and Infectious Disease (NIAID/NIH). A GLP toxicity study has demonstrated that this Universal Flu vaccine candidate is well-tolerated, and clinical material for the upcoming trial has been manufactured.
16:49
NI NiSource unit and MarkWest Energy Partners partnership announced continued joint development (16.60 -0.11)
NiSource Inc. (NI) unit NiSource Gas Transmission & Storage (NGT&S) and MarkWest Liberty Midstream & Resources, a partnership between MarkWest Energy Partners, L.P. (MWE) and The Energy & Minerals Group, announced continued joint development of new natural gas gathering, processing, and transmission projects to support increased Marcellus production volumes in the northern West Virginia area of the Appalachian Basin. NGT&S and MarkWest Liberty are in discussions with a number of natural gas producers and intrastate pipelines regarding plans to provide new rich-gas gathering and processing services in association with NGT&S assets near its Smithfield, W.Va., compressor station.
16:48
ACL Alcon beats by $0.16, beats on revs; guides FY10 EPS in-line (156.50 -1.03)
Reports Q1 (Mar) earnings of $1.91 per share, $0.16 better than the Thomson Reuters consensus of $1.75; revenues rose 15.3% year/year to $1.72 bln vs the $1.66 bln consensus. Co issues in-line guidance for FY10, sees EPS of $7.30-7.55 vs. $7.49 Thomson Reuters consensus. Organic sales growth is expected to be in mid-to-high single digits. "Our first quarter results reflect another strong quarter with solid sales growth driven by continued market share gains in most major product categories, balanced contributions from all geographic regions and generally improved market conditions. Through the focused efforts of our entire organization, we also were able to translate that sales performance to faster growth in operating and net profit," said Kevin Buehler, Alcon's president and chief executive officer. "With this start to the year, we are on track to post solid results in 2010 that reflect sustainable organic growth and operational leverage."
16:46
NEXM NexMed receives FDA clearance for PrevOnco phase 2 study as first-line therapy for HCC (0.55 +0.11)
Co announced that the FDA has cleared the Company to proceed with the proposed Phase 2 trial of PrevOnco(TM), its proprietary cancer treatment for patients with advanced, unresectable hepatocellular carcinoma, or liver cancer. The FDA granted PrevOnco orphan drug status in August 2008, and in March 2010, NexMed filed its Investigational New Drug application for the product candidate. The Company also noted that in IND review communication, the FDA has given NexMed the opportunity to move PrevOnco directly into a Phase 3 trial that would support marketing approval, subject to positive study results.
16:44
WRB W.R. Berkley beats by $0.10 (27.84 -0.07)
Reports Q1 (Mar) earnings of $0.74 per share, $0.10 better than the Thomson Reuters consensus of $0.64. "Book value continued to increase due to a combination of our earnings and the improvement in the value of our investment portfolio. Given our already well-capitalized position, we elected to use most of the earnings generated this quarter to repurchase our shares at prices that we perceived to be attractive. In the long run, we recognize that creating value for our shareholders occurs when we build a better business that has good predictability, high risk-adjusted returns and the right amount of capital."
16:41
SNV Synovus announces $600 mln aggregate offering of common stock; announces ongoing elements of capital plan and announces rights plan (3.44 -0.10) -Update-
SNV announced concurrent underwritten public offerings of $400 million of shares of common stock and $200 million of tangible equity units (tMEDS), with a stated amount per unit of $25. Each tMEDS will be composed of a prepaid stock purchase contract in respect of Synovus' common stock and a junior subordinated amortizing note.... SNV also announced an offer to exchange up to 97 million newly issued shares of Synovus' common stock for any and all of its outstanding 5.125% Subordinated Notes Due 2017. Under the terms of the Exchange Offer, Synovus will issue a number of shares of common stock having a value equal to $900 for each $1,000 principal amount of 2017 Notes validly tendered and accepted for exchange. The Company also will issue to note holders who validly tender their 2017 Notes at or before 5:00 P.M. on May 7, 2010 an additional number of shares of common stock having a value equal to $50 for each $1,000 principal amount of 2017 Notes that are accepted for exchange.
16:40
AMP Ameriprise Financial reports EPS in-line, beats on revs (48.51 -0.54)
Reports Q1 (Mar) earnings of $0.81 per share, in-line with the Thomson Reuters consensus of $0.81; revenues rose 30.4% year/year to $2.29 bln vs the $2.22 bln consensus. The debt-to-total capital ratio attributable to Ameriprise Financial was 20.5 percent. The debt-to-total capital ratio was 19.3 percent excluding non-recourse debt, the impact of consolidated investment entities and the 75 percent equity credit for the hybrid securities.
16:38
TXN Texas Instruments beats by $0.01, beats on revs; guides Q2 EPS above consensus, revs above consensus (27.16 +0.49)
Reports Q1 (Mar) earnings of $0.52 per share, $0.01 better than the Thomson Reuters consensus of $0.51; revenues rose 53.6% year/year to $3.21 bln vs the $3.13 bln consensus. Co reports Q1 gross margins of 52.7% vs consensus of 52.9%. Co issues upside guidance for Q2, sees EPS of 0.56-0.64 vs. $0.53 Thomson Reuters consensus; sees Q2 revs of 3.31-3.59 bln vs. $3.22 bln Thomson Reuters consensus... Orders were $3.64 bln, up 66% from a year ago and up 12% from the prior quarter. Inventory was $1.28 bln at the end of the quarter, up $178 mln from a year ago and up $74 mln from the prior quarter. Capital expenditures were $219 mln in the quarter compared with $43 mln a year ago and $436 mln in the prior quarter. Capital expenditures in the quarter were primarily for assembly/test manufacturing equipment, as well as for analog wafer manufacturing equipment. The company used $504 mln in the quarter to repurchase 20.6 mln shares of its common stock and paid dividends of $149 mln. "Momentum continues into the second quarter as demand for our products remains strong, and we add more manufacturing capacity to support our customers. Production output is at an all-time high, and capacity is increasing each quarter in 2010 as we add 200-millimeter equipment purchased last year and as we ramp the industry's first 300-millimeter Analog facility, from which we will start shipments in the fourth quarter."
16:35
AEC Associated Estates reports Q1 funds from operations of $0.18 vs $0.21 Thomson Reuters consensus; revs $33.00 mln vs $31.79 mln Thomson Reuters consensus (14.03 -0.02)
Associated Estates sees FY10 funds from operations of $0.86-0.92 vs $0.89 Thomson Reuters consensus. "Our quarter end occupancy was a solid 95 percent. Our first quarter results are right in line with our budgets and our 2010 guidance. This strong performance is the result of a well positioned portfolio and improving market conditions."
16:33
DAIO Data I/O reports Q1 EPS of $0.08 compared to a loss of $0.05 last year; revenues increased 43% y/y to $6.3 mln; no estimates available (4.75 -0.03)
Gross margin as a percentage of sales in the first quarter of 2010 was 60.0 percent, compared with 55.7 percent in the first quarter of 2009 and 53.4 percent in the fourth quarter of 2009. The company's cash position at March 31, 2010 increased to $15.7 million. Delinquent accounts over 60 days have been reduced to $196,000 from $779,000 one year ago, with the overall accounts receivable balance of $4.7 million at March 31, 2010 and $3.2 million at December 31, 2009.
16:32
GGC Georgia Gulf adopts new shareholder rights plan (21.52 +0.57)
Co announces that its board of directors has adopted a new shareholder rights plan that will take effect upon the expiration of the Company's existing rights plan on April 27, 2010. The rights issued under the new plan will expire automatically if shareholders do not approve the new rights plan at the Company's 2011 annual meeting of shareholders. The new rights plan is intended to protect the Company and its shareholders from potentially coercive takeover practices and takeover bids that are inconsistent with the interests of the Company and its shareholders. The plan is not intended to deter offers that are fair and otherwise in the best interests of the Company and all of the Company's shareholders. Under the plan, the rights will initially trade together with the Company's common shares and will not be exercisable. In the absence of further action by the board of directors, the rights generally will be "triggered" and become exercisable to purchase common shares of the Company at a discounted price if a person or group (other than the Company and certain related persons) acquires beneficial ownership of 20% or more of the Company's shares or, in the case of a person or group that currently beneficially owns 20% or more of the Company's outstanding shares, an additional 1% of the Company's outstanding shares.
16:31
ATNI Atlantic Tele-Network completes acquisition of former Alltel assets from Verizon Wireless (55.64 +0.74)
Co announced that it has completed the purchase of certain former Alltel wireless assets from Verizon Wireless (VZ). The total purchase price was $223 million, which includes $23 million of acquired net working capital. The purchase was funded by a combination of cash on hand and borrowings under the co's current credit facility. The acquisition, which was completed through the co's wholly owned subsidiary, Allied Wireless Communications Corporation, includes wireless properties and licenses that serve approximately 895,000 subscribers in Georgia, North Carolina, South Carolina, Illinois, Ohio, and Idaho. The co currently expects that these properties will generate approximately $500 million in annual service revenues during the first twelve months of its operation of the assets.
16:31
CIT CIT Group to sell its vendor in Australia to BOQ (40.70 +0.91)
Co signed a purchase agreement under which BOQ will acquire Sydney-based CIT Group (Australia) Limited and CIT Group (New Zealand) Limited ("CIT ANZ"). BOQ will acquire the CIT ANZ vendor equipment finance business which operates in the IT and office market as well as the motorcycle and power equipment market providing finance to customers of a number of well known vendors. The transaction is expected to close in the second quarter of the 2010 calendar year. As part of the transaction, CIT ANZ intends to repay its outstanding fixed and floating rate notes.
16:30
JCP JCPenney commences tender offer for up to $300 mln of its outstanding debt securities (32.36 +0.36)
16:26
ALB Albemarle beats by $0.11, beats on revs (44.79 +0.13)
Reports Q1 (Mar) earnings of $0.74 per share, excluding non-recurring items, $0.11 better than the Thomson Reuters consensus of $0.63; revenues rose 19.3% year/year to $580.3 mln vs the $553.4 mln consensus. Co said, "The volume improvement in most of our segments again this quarter is an encouraging sign that conditions in our key markets have improved. As a result of the initiatives we undertook in 2009, we are better positioned to capitalize on opportunities in these markets if demand remains strong. We will continue to monitor key economic indicators and do our best to manage potential headwinds such as increased raw material and energy costs. We remain optimistic that 2010 will result in outstanding full year performance."
16:25
PRGN Paragon Shipping entered into shipbuilding contracts with a Chinese shipyard (5.01 +0.08)
Co has entered into shipbuilding contracts with a Chinese shipyard for the construction of two Handysize drybulk vessels, each ~37,200 deadweight tons, or dwt, and two Kamsarmax drybulk vessels, each ~82,000 dwt, for an aggregate purchase price of ~$111.5 million. The Company expects to take delivery of the Handysize drybulk vessels in the fourth quarter of 2011 and the Kamsarmax drybulk vessels in the second and third quarters of 2012. Co has the option to build an additional two Handysize and two Kamsarmax drybulk vessels with expected deliveries in the third and fourth quarters of 2012, respectively.
16:25
AXS AXIS Capital beats by $0.19, beats on revs (32.31 +0.16)
Reports Q1 (Mar) earnings of $0.67 per share, $0.19 better than the Thomson Reuters consensus of $0.48; revenues rose 6.9% year/year to $1.24 bln vs the $1.2 bln consensus. Combined ratio of 98.3% increased 11.7 percentage points compared with 86.6%, driven by the significant level of catastrophe activity this quarter. Diluted book value per common share of $34.56, an increase of 3% from December 31, 2009
16:23
UWBK United Western Bancorp rescheduled Annual Meeting of Shareholders from May 13, 2010 to July 30, 2010 (2.20 +0.15)
16:20
CHH Choice Hotels beats by $0.01, misses on revs; guides Q2 EPS; guides FY10 EPS in-line (38.87 -0.43)
Reports Q1 (Mar) earnings of $0.27 per share, $0.01 better than the Thomson Reuters consensus of $0.26; revenues fell 6.0% year/year to $107.4 mln vs the $110.3 mln consensus. Domestic system-wide revenue per available room declined 10.3% for the first quarter of 2010 compared to the same period of 2009. Co sees EPS of at least $0.42 vs. $0.44 Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $1.68-$1.72 vs. $1.68 Thomson Reuters consensus. The co expects net domestic unit growth of approximately 2% in 2010. RevPAR is expected to decline approximately 2% for second quarter of 2010 and decline between 1% and 3% for full-year 2010.
16:19
RCII Rent-A-Center beats by $0.10, beats on revs; guides Q2 revs in-line; guides FY10 EPS above consensus, revs in-line (25.71 +0.54)
Reports Q1 (Mar) earnings of $0.77 per share, including $3.0 million in pre-tax litigation credits, or approximately $0.03 per share, related to the Hilda Perez matter, $0.10 better than the Thomson Reuters consensus of $0.67; revenues fell 1.3% year/year to $718.4 mln vs the $706.8 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $670-680 mln vs. $672.87 mln Thomson Reuters consensus. Co issues mixed guidance for FY10, sees EPS of $2.60-2.80 vs. $2.50 Thomson Reuters consensus; sees FY10 revs of $2.725-2.780 bln vs. $2.74 bln Thomson Reuters consensus.
16:18
RIG Transocean provides Deepwater Horizon update (88.00 -1.89)
Co provided the following update on the Deepwater Horizon and the company's role in supporting BP Exploration & Production, Inc. and the Unified Area Command in stemming the flow of hydrocarbons from the well. The Deepwater Horizon is insured for total loss coverage and for wreck removal, to the extent removal can be carried out and is required. The total insured value of the rig is $560 million. The rig sank in the U.S. Gulf of Mexico after an explosion and fire last week, and it is now located on the sea floor approximately 1,500 feet northwest of the well center and away from any subsea pipelines. Transocean is committing all necessary resources to support ongoing efforts to stop the flow of hydrocarbons from the well.
16:18
HXL Hexcel beats by $0.04, beats on revs (14.62 -0.08)
Reports Q1 (Mar) earnings of $0.15 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.11; revenues fell 14.4% year/year to $263 mln vs the $259 mln consensus. Co says, "our previous 2010 planning assumption was flat to slightly declining sales due to uncertainty in our wind energy and regional and business aircraft sub-markets as well as concerns about aircraft build rate reductions for large commercial aircraft. While we still do not anticipate a near-term return to historic levels of growth in wind energy and regional and business aircraft, we are now more optimistic about large commercial aircraft prospects which accounted for over 45% of this quarter's sales. The apparent end of inventory corrections, recent announcements of modest increases in large aircraft build rates and good progress on new composite-rich programs leads us to believe we will return to year over year quarterly growth in total sales."
16:18
GVP GSE Systems acquires TAS holdings limited (5.69 +0.01)
Co announced today the acquisition of TAS Holdings Limited, which does business under the name TAS Engineering Consultants. TAS is an engineering consulting company specializing in electrical system design, instrumentation and controls engineering, automation engineering and safety consultancy. They also provide computer modeling services for major electrical generation and distribution systems including traditional and renewable power. The majority of TAS's customers reside in the petroleum refining, oil and gas, chemical, petrochemical, process and power industries.GSE paid approximately $123,000, and 123,000 shares of GSE common stock at closing and based upon current estimates will be obligated to pay an additional approximately $92,000 on or before September 30, 2010. In addition, if TAS attains certain pre-tax net income levels for the years ending December 31, 2010 and 2011, the shareholders of TAS could receive up to an additional approximately $1 million. GSE has the option to pay 50% of such additional amount in GSE common stock.
16:18
NANO Nanometrics announces follow-on shipments and qualification of UniFire for high volume production (10.51 0.00)
Co announced that additional UniFire 7900 metrology systems have been delivered and qualified by an existing customer, and are currently in production for high volume manufacturing process control of advanced wafer-level packaging processes.
16:16
ZN Zion Oil & Gas announces rights offering at $5.00/share (6.00 )
16:16
STR Questar E&P reports Q1 2010 production, raises 2010 production guidance (50.69 +0.08)
Co's subsidiary Questar Exploration and Production Company reported first-quarter 2010 production and provided an update on the company's recent well results in its core operating areas. Questar E&P reports first-quarter 2010 production of 51.5 Bcfe, raises 2010 production guidance to 212-217 Bcfe Questar E&P reported production of 51.5 Bcfe in the first quarter of 2010, an increase of 10% compared to 46.9 Bcfe in the first quarter of 2009. Natural gas comprised 90% of first-quarter 2010 production. During the fourth quarter of 2009, Questar E&P net production was 55.4 Bcfe. Fourth-quarter 2009 production volumes benefited from flush production from wells returned to sales after price-related shut-ins and curtailments in the second and third quarters, and the completion during the fourth quarter of an inventory of standing drilled and cased wells.
16:16
ANAD Anadigics beats by $0.01, beats on revs; guides Q2 EPS above consensus, revs above consensus (5.34 +0.16)
Reports Q1 (Mar) loss of $0.04 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of ($0.05); revenues rose 42.9% year/year to $43.5 mln vs the $42.5 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.01 vs. ($0.03) Thomson Reuters consensus; sees Q2 revs of $48.7 mln vs. $45.27 mln Thomson Reuters consensus.
16:15
ELX Emulex beats by $0.14, reports revs in-line; guides Q4 EPS in-line, revs below consensus (13.66 +0.35)
Reports Q3 (Mar) earnings of $0.30 per share, $0.14 better than the Thomson Reuters consensus of $0.16; revenues rose 33.4% year/year to $102.2 mln vs the $102.5 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.16-0.18 vs. $0.18 Thomson Reuters consensus; sees Q4 revs of $100-103 mln vs. $106.68 mln Thomson Reuters consensus.
16:14
AMGN Amgen appoints Robert A. Bradway president and COO effective May 11th (58.43 -0.45)
16:13
HMA Health Management beats by $0.02, misses on revs; guides FY10 EPS in-line (8.67 -0.19)
Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.17; revenues rose 10.3% year/year to $1.28 bln vs the $1.3 bln consensus. Co issues in-line guidance for FY10, sees EPS of $0.56-0.61 vs. $0.57 Thomson Reuters consensus.
16:13
RSH RadioShack beats by $0.03, beats on revs (22.91 -0.26)
Reports Q1 (Mar) earnings of $0.39 per share, $0.03 better than the Thomson Reuters consensus of $0.36; revenues rose 4.0% year/year to $1.04 bln vs the $1 bln consensus. Comparable store sales for co-operated stores and kiosks increased 4.7% during the 1Q10, compared with the 1Q09. The co ended the quarter with a cash balance of $871.8 mln. Inventories stood at $688.7 mln at the end of the quarter, up $18.1 mln compared to inventory at year-end 2009 and up $112.9 mln compared to the end of the 2009 first quarter. This increase in inventory is primarily associated with investments in wireless products in support of the strong growth in the wireless platform.
16:12
ACGL Arch Capital beats by $0.22, misses on revs (76.09 +0.09)
Reports Q1 (Mar) earnings of $1.78 per share, $0.22 better than the Thomson Reuters consensus of $1.56; revenues fell 6.7% year/year to $767.8 mln vs the $817.6 mln consensus.
16:11
USEG U.S. Energy updates oil and gas driling initiatives (6.05 -0.23)
Co announced results from two recently drilled prospects with partner PetroQuest Energy (PQ), both located in the Gulf Coast region, results from an initial test well in southern Louisiana with Yuma Exploration and Production co, an expansion of its drilling programs with PetroQuest and Houston Energy and an update on its Williston Basin drilling program. The co recently received drill results on the previously announced PetroQuest wells known as the Sugarloaf and Pacific Dunes prospects that were both operated by a large independent operator. The co was notified that both wells have been drilled to total depth, and both have been deemed to be non-productive. Total participation costs to USEG for these wells are expected to be approximately $3.6 mln. Looking forward, USEG recently entered into an agreement to acquire a 50% after casing point working interest in a test well with PetroQuest in the South Chauvin Field, located in Terrebonne Parish, Louisiana. Under the terms of the agreement USEG will be responsible for approximately 53.3% of the drilling costs, or approximately $2.4 mln. The co recently expanded its relationship Houston Energy, with USEG entering into an agreement to acquire a 10% after casing point working interest in initial test wells in up to five prospect areas in the Permian Basin in west Texas. Under the terms of the agreement, USEG will pay sunk land costs and fees of approximately $310,000. In addition, the co will be responsible for 13.33% of all drilling and completion costs, with the total 8/8ths costs per well estimated at $1.95 mln. The first initial test well is expected to spud no later than June 1, 2010 with a planned drilling dept of just over 13,000 feet. The Sedlacek Trust 33-4 #1H well, the tenth well to be drilled under the Drilling Participation Agreement with Brigham (BEXP), was spud mid-March, 2010 and is currently scheduled to commence completion initiatives on May 15, 2010. U.S. Energy's initial working interest in this well is approximately 44% (~35% net revenue interest). As with the previously drilled wells in the program, this well is targeting the middle Bakken formation, and was drilled to a total measured depth of approximately 20,000 feet.
16:10
EXTR Extreme Networks beats by $0.02, reports revs in-line; guides Q4 EPS midpoint above consensus, revs above consensus (3.52 )
Reports Q3 (Mar) earnings of $0.06 per share, $0.02 better than the Thomson Reuters consensus of $0.04; revenues rose 1.3% year/year to $78.2 mln vs the $78 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.05-0.07 vs. $0.05 Thomson Reuters consensus; sees Q4 revs of $82-85 mln vs. $81.50 mln Thomson Reuters consensus. "Third quarter revenue reflected solid performance in North America, where product revenue increased 30% from the second quarter, reversing a historic pattern of sequential revenue declines as we executed to our target for the quarter... We also posted positive net income and grew revenue-per-employee to the highest level since the fourth quarter of fiscal 2008."
16:09
VECO Veeco Instruments beats by $0.01, reports revs in-line; guides Q2 EPS above consensus, revs above consensus (51.06 -0.55)
Reports Q1 (Mar) earnings of $0.49 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.48; revenues rose 159.9% year/year to $163.2 mln vs the $163.9 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.78-0.90, excluding non-recurring items, vs. $0.59 Thomson Reuters consensus; sees Q2 revs of $220-240 mln vs. $195.88 mln Thomson Reuters consensus. Co said, "We continue to see strong momentum in our LED business. We believe our TurboDisc K465i MOCVD System has hit the market at the right time, offering high productivity and best-in-class yields. As a result, Veeco has been gaining share and winning business at many of the world's top LED manufacturers. To date, second quarter business patterns remain extremely strong, with multi-tool system orders being quoted at a large number of customers. In fact, several key Asian customers have already booked sizeable orders in April"
16:08
VLTR Volterra Semi beats by $0.08, beats on revs (28.19 +0.55)
Reports Q1 (Mar) earnings of $0.35 per share, $0.08 better than the Thomson Reuters consensus of $0.27; revenues rose 98.4% year/year to $36.3 mln vs the $35.1 mln consensus.
16:06
CNI Canadian Natl Rail beats by $0.05, reports revs in-line (63.41 )
Reports Q1 (Mar) earnings of $0.80 per share, $0.05 better than the Thomson Reuters consensus of $0.75. CN's favorable first-quarter results and assumption of a stronger economic recovery going forward have led the Company to revise its 2010 earnings estimate upward, even though CN faces the prospect of a higher than anticipated Canadian dollar. In percentage terms, CN is now aiming for solid double-digit growth in 2010 adjusted diluted EPS over adjusted diluted EPS of C$3.24 in 2009, and expects free cash flow in the order of C$1 billion for the year. CN's revised 2010 free cash flow outlook is a result of the Company's good first-quarter performance, its higher earnings forecast for the year, and cash proceeds from the Toronto rail-line sale.
16:05
Reports Q1 (Mar) earnings of $0.07 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $0.04; revenues rose 74.5% year/year to $28.8 mln vs the $28 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $28-31 mln vs. $28.95 mln Thomson Reuters consensus.
16:05
PQ PetroQuest Energy updates first quarter production guidance and updates operating activities (6.21 -0.10)
Co announced that it is updating its first quarter 2010 production guidance to approximately 86 Mmcfe per day from its previously issued guidance of 83 - 88 Mmcfe per day. The revised guidance represents an approximate 5% increase from the Company's production rate during the fourth quarter of 2009. Operations Update The Company has reached total depth on three horizontal Woodford wells utilizing the same pad. The Company expects to commence completion activities on the first of the three wells, a 6,562 foot lateral, in approximately one week, with first production expected in approximately two weeks. Production from the second and third wells, 5,256 foot and 5,391 foot laterals, respectively, is expected to commence in approximately four weeks. In addition, the Company has reached total depth on another horizontal Woodford well, a 4,305 foot lateral. The Company's working interest in these four wells range between 47% and 85%.
16:04
SANM Sanmina-SCI beats by $0.04, beats on revs; guides Q3 EPS above consensus, revs above consensus (19.22 +0.25)
Reports Q2 (Mar) earnings of $0.29 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.25; revenues rose 27.5% year/year to $1.53 bln vs the $1.51 bln consensus. Co issues upside guidance for Q3, sees EPS of $0.30-0.36 vs. $0.29 Thomson Reuters consensus; sees Q3 revs of $1.55-1.65 vs. $1.55 bln Thomson Reuters consensus. Operating margin for the second quarter was 3.7 percent, up 40 basis points, compared to 3.3 percent in the prior quarter and a 270 basis point improvement compared to 1 percent in the second quarter fiscal 2009.
16:04
AAN Aaron's beats by $0.01, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (23.25 )
Reports Q1 (Mar) earnings of $0.45 per share, $0.01 better than the Thomson Reuters consensus of $0.44; revenues rose 4.5% year/year to $495.3 mln vs the $485.9 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.37-0.41 vs. $0.38 Thomson Reuters consensus; sees Q2 revs of $445 mln vs. $446.77 mln Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $1.48-1.60 vs. $1.50 Thomson Reuters consensus; sees FY10 revs of $1.85 bln vs. $1.86 bln Thomson Reuters consensus.
16:03
MSPD Mindspeed beats by $0.04, beats on revs; guides Q3 revs above consensus (9.01 +0.35)
Reports Q2 (Mar) earnings of $0.15 per share, $0.04 better than the Thomson Reuters consensus of $0.11; revenues rose 52% year/year to $40.3 mln vs the $39.7 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $42.3-43.9 mln vs. $40.79 mln Thomson Reuters consensus. any. The company expects fiscal third quarter of 2010 non-GAAP gross margin to be approximately 64%, excluding potential patent sales, if any. The company also expects non-GAAP operating expenses to be approximately $21.5 mln in the fiscal third quarter of 2010.
16:03
HTLF Heartland Finl beats by $0.11 (18.10 +0.17)
Reports Q1 (Mar) earnings of $0.24 per share, $0.11 better than the Thomson Reuters consensus of $0.13. Net income of $5.3 million for the quarter; Net interest margin of 4.14% for the quarter compared to 4.04% in 4Q09; Net interest income increased $3.6 million or 12% over the first quarter of 2009; Nonperforming assets decreased during the quarter to $107.1 million -- Allowance for loan and lease losses increased to 1.96% of total loans and leases; Total loans increased $38.1 million or 2% since year-end 2009; Noninterest income decreased during the quarter as residential mortgage loan refinance activity slowed
16:03
NFX Newfield Expl Provides Operational Update; $700 million, 45%, of 2010 capital investments now directed to oil projects; 2010 domestic oil production expected to grow 20% over 2009 (57.15 +0.41)
Co provided a detailed update on operations in its core operating regions. Basins. Co now expects to invest approximately $700 million in oil projects in 2010, or nearly 45% of its total budget. This is a shift of capital investments to oil of approximately $200 million since the beginning of the year budget. At current oil prices, cos growing crude oil volumes are expected to account for about 60% of 2010 revenues. The re-allocation of the 2010 budget will have no impact on total capital investments, which remain at $1.6 billion.As a result of the re-allocation in capital expenditures, the Company's 2010 domestic crude oil production is expected to increase throughout the remainder of the year and grow approximately 20% over 2009 levels. Total co oil production is expected to be approximately 8% above 2009 oil production. Spending reductions in planned gas development programs will offset new oil investments.
16:03
WOOF VCA Antech misses by $0.01, reports revs in-line; reaffirms FY10 EPS guidance, revs guidance (28.37 -0.06)
Reports Q1 (Mar) earnings of $0.37 per share, $0.01 worse than the Thomson Reuters consensus of $0.38; revenues rose 4.7% year/year to $330.7 mln vs the $332.3 mln consensus. Co reaffirms guidance for FY10, sees EPS of $1.60-1.68 vs. $1.64 Thomson Reuters consensus; sees FY10 revs of $1.39-1.42 bln vs. $1.39 bln Thomson Reuters consensus. "The combination of lower margins at acquired animal hospitals, and a decline in same-store margins due to a decline in same-store revenue, has caused our animal hospital gross margin to decrease to 16.9% compared to 18.1% for the comparable prior year quarter, and our animal hospital operating margin to decline to 14.6% compared to 16.0% for the comparable prior year quarter. Our same-store revenue declined by 1.6% and our same-store gross profit margin declined to 17.4% from 18.3%."
16:02
IPCM IPC The Hospitalist reports EPS in-line, misses on revs; reaffirms FY10 EPS guidance, revs guidance (33.75 -1.03)
Reports Q1 (Mar) earnings of $0.35 per share, in-line with the Thomson Reuters consensus of $0.35; revenues rose 15.2% year/year to $87.7 mln vs the $89 mln consensus. Co reaffirms guidance for FY10, sees EPS of $1.34-1.43 vs. $1.42 Thomson Reuters consensus; sees FY10 revs of $352-361 mln vs. $363.85 mln Thomson Reuters consensus. "Our record first quarter results, including a 15% increase in net revenue, reflect our continued ability to grow our top line from both existing markets and new market acquisitions. As we grew our top-line, we were able to leverage our corporate overhead, which contributed to an 80 basis point improvement in our operating margin for the quarter."
16:02
SONO SonoSite misses by $0.01, misses on revs (32.71 -0.25)
Reports Q1 (Mar) earnings of $0.08 per share, $0.01 worse than the Thomson Reuters consensus of $0.09; revenues rose 7.9% year/year to $55.9 mln vs the $57.5 mln consensus. Co says "We believe we will see improvement in our international business. We have updated our revenue outlook for the year and now expect growth between 10-12%. We are also reaffirming our EBIT margin targets of 11-13%."
16:02
ULTA Ulta Salon Appoints Chuck Rubin as President and Chief Operating Officer (24.97 -0.39)
Co announced that Chuck Rubin will join the Company as President and Chief Operating Officer and as a member of our Board of Directors effective May 10, 2010. Mr. Rubin joins Ulta from Office Depot where he served as President North American Retail. Following a transition period of up to four months, Mr. Rubin will become Chief Executive Officer. Lyn Kirby will continue as Chief Executive Officer through the transition period and thereafter will provide guidance and counsel as a member of the Company's Board of Directors through March 17, 2011.
16:01
OMCL Omnicell misses by $0.01, beats on revs (13.74 -0.81)
Reports Q1 (Mar) earnings of $0.09 per share, $0.01 worse than the Thomson Reuters consensus of $0.10; revenues rose 3.8% year/year to $54.2 mln vs the $53.6 mln consensus. "I am pleased with our performance and results in the first quarter of 2010... Both domestically and internationally, our solutions continue to resonate with new and existing hospital customers who are seeking a trustworthy partner and expert advisor for adding the safest and most effective medication and supply automation capabilities to their operations."
16:01
CAVM Cavium Networks beats by $0.03, beats on revs (27.33 -0.10)
Reports Q1 (Mar) earnings of $0.14 per share, $0.03 better than the Thomson Reuters consensus of $0.11; revenues rose 103.9% year/year to $41.6 mln vs the $40.7 mln consensus. "Our record sales and strong sequential sales growth came from strength across multiple markets and geographies. We had record bookings again this quarter for both our chip and software businesses, which is an indicator of the strong trends we are experiencing. Furthermore, non-GAAP gross margins increased 450 basis points sequentially due to improved product mix and reduced manufacturing costs, and operating margins increased 470 basis points sequentially, which shows the continued leverage in our business model," said Syed Ali, president and CEO of Cavium Networks. "Design win traction was very strong, especially for recently introduced products including our Next Generation OCTEON II family of multi-core processors as well as our other key product families."
16:00
BKCC BlackRock Kelso Announces the Extension of Its Amended Credit Facility, Addition of New Lender (11.48 -0.10)
Co entered into an amendment to its $545 million senior secured, multi-currency credit facility.The amendment extends through December 6, 2013 certain existing lenders' commitments totaling $300 million, consisting of $200 million of revolving loan commitments and $100 million of term loan commitments.Subsequent to the amendment becoming effective, the Company received a binding commitment from a new lender of $50 million, subject to definitive documentation. The addition of this revolving credit commitment would bring the total commitments that extend through December 2013 to $350 million. Non-extending lender commitments of $245 million, consisting of $200 million of revolving loan commitments and $45 million of term loan commitments, mature on December 6, 2010 unless they are extended prior to that date. Pricing for outstanding borrowings made by non-extending lenders will remain at LIBOR plus 0.875% with respect to revolving loans and LIBOR plus 1.50% with respect to term loans.
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