Briefing.com: Hourly In Play (R) – 13:00 ET

Dec 17, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 17-Dec-09 13:00 ET

12:52

MEMS Memsic enters a definitive aggreement with Crossbow Technology to acquire commercial inertial systems and catalog wireless sensor network product (3.20 -0.06)

Crossbow Technology announces the signing of a definitive agreement for the sale and transfer of Crossbow's commercial, catalog, and distributor business lines to MEMSIC. MEMSIC will take over sales, engineering, and manufacturing of transferred products including Crossbow's commercial accelerometer, tilt sensors, inertial modules, FAA-certified aviation products, wireless sensor network modules, and the award-winning eKo product line for environmental monitoring.

12:50

HIL Hill International been awarded a contract by Qatar Islamic Bank (6.43 ) -Update-

Co was awarded a contract by Qatar Islamic Bank to provide project and construction management services for the iconic Qatar Silhouette Tower. The construction cost is approximately $400 million with a completion period of 16 months.

12:49

GLT Glatfelter Co receives favorable ruling in Fox River Litigation (12.01 -0.16)

The co announces that the United States District Court for the Eastern District of Wisconsin issued an opinion and order on several pending motions in the case captioned Appleton Papers Inc. v. George A. Whiting Paper, including the granting of motions for summary judgment by Glatfelter and the other defendants and the denial of motions for summary judgment by the plaintiffs. Co believes that the court's opinion and order supports its position on the merits of the case and, while subject to appeal, significantly reduces exposure to remediation costs for the Lower Fox River and the Bay of Green Bay... In the Court's Summary Judgment Order, the Court denied motions filed by Appleton Papers Inc. and NCR Corporation for summary judgment and granted the defendants' motions for summary judgment. The Court expressed its intention to enter judgment against Appleton Papers Inc. and NCR Corporation on all of their contribution claims, holding that "the Plaintiffs are not entitled to recover from the Defendants for their costs incurred in cleaning up damage caused by dangers the Plaintiffs created." The Court cancelled the pending trial, and will enter judgment unless the parties provide a reason not to do so in the next 30 days.

12:47

SPY Another round of new session lows for stock indices -- Dow -127, S&P -13, Nasdaq -28 -Update- -Technical-

Relative sector weakness on this move has been noted in Materials XLB, Shipping SEA, Casino, Airline, REITs IYR, Utility UTIL, Semi SMH, Networking.

12:46

EDAP EDAP TMS SA announces two major hospitals in Europe have placed orders for the Ablatherm-HIFU device (2.85 +0.06)

CO announces two major hospitals in Europe have placed orders for the Ablatherm-HIFU device. The Ablatherm-HIFU orders were placed by La Pitie Salpetriere Hospital in Paris, France, and Azienda Hospital in Pordenone, Italy.

12:45

UNG Sector ETF strength & weakness here @ midday -Technical-

Actively Traded Leading Sector ETF Plays:

Nat gas- UNG +5.5%, US Bonds- TLT +1.25%, BND +.25%, AGG +.25%, US Dollar index- UUP +1%

Actively Traded Lagging Sector ETF Plays:

Gold miners- GDX -5.5%, iShares Brazil- EWZ -4.25%, Gold- GLD -2.75%, Ag/chem- MOO -3%, Silver- SLV -2.75%, Emerging Mkts.- EEM -2.5%, China 25- FXI -2.5%, Steel- SLX -2.5%, Basic materials- IYM -2.5%, XLB -2.25%, Coal- KOL -2.5%, SPDRS metals/mining- XME -2.5%, RBOB gas futures- UGA -2.25%

12:45

UUP Dollar Index extends to resistance zone -Technical-

Aggressive upside follow through today for the Dollar Index with it thus far pausing near a resistance zone in the 77.75/77.85 area (Sep breakdown point 50% retrace of June-Nov slide) -- Click for chart. Declines back under 77.70/77.60 are needed to bolster the outlook for a short term top.

12:44

FCX Freeport-McMoRan slumps lower midday, eyeing last week's December reaction low of 76.11 (76.28 -3.17) -Technical-

12:35

NRGN Neurogen: Ligand will now also pay $600,000 cash to Neurogen stockholders upon closing of the transaction. (0.18 +0.00)

Ligand Pharmaceuticals (LGND) and Neurogen Corporation (NRGN) announced they have amended their merger agreement to increase the merger consideration payable. In addition to issuing 4.2 million shares of Ligand common stock (the maximum number allowed by the original agreement) and four series of contingent value rights, Ligand will now also pay $600,000 cash to Neurogen stockholders upon closing of the transaction.

12:31

CBC Capitol Bancorp announces it has entered into a definitive agreement to sell Mountain View Bank of Commerce (1.78 +0.02)

Co announces it has entered into a definitive agreement to sell Mountain View Bank of Commerce in Westminster, Colorado, a $46.2 million affiliate, to Cherry Hills Founders Group, a Colorado-based investment group led by Stephanie Bluher, in an all cash transaction

12:23

NBG Natl Bank of Greece: S&P takes negative rating actions on Greek banks re Greece downgrade (5.07 -0.17)

S&P placed its 'BBB+' long-term and 'A-2' short-term counterparty credit ratings on National Bank of Greece S.A. on CreditWatch with negative implications. At the same time, Standard & Poor's placed on CreditWatch with negative implications its 'BBB-/A-3' long- and short-term counterparty credit ratings on NBG's strategically important Bulgarian subsidiary United Bulgarian Bank A.D... The actions follow our one-notch downgrade and maintenance of the long-term rating on CreditWatch negative of the Greek sovereign (Hellenic Republic; BBB+/Watch Neg/A-2) on Dec. 16, 2009. Our weak near-term economic prospects for Greece incorporate a more pronounced and faster economic deterioration than we previously anticipated. Moreover, we believe that the challenges Greece faces in terms of fiscal adjustment and structural competitiveness issues increase the likelihood of a protracted hard landing for the national economy. This scenario could lead to a tougher economic and operating environment for Greek banks than the one we have incorporated into the ratings. In addition, we believe this scenario presents the risk of further deterioration in what we already expect to be compressed operating performance and weakened asset quality.

12:20

HIG Hartford Financial: Moody's changes The Hartford's outlook to stable (23.55 -0.58)

Moody's Investors Service has affirmed the credit ratings of The Hartford Financial Services Group and its key operating subsidiaries, and changed the outlook of the company and its subsidiaries to stable from developing. The change in outlook is based on the stabilization of The Hartford's financial profile as a result of improved capitalization and parent company financial flexibility. Moody's Senior Credit Officer Paul Bauer commented: "Even though The Hartford continues to have considerable challenges with its life operations, we believe that the group's overall credit profile has largely stabilized. Substantial holding company liquidity and continued strong property and casualty performance largely mitigates the risk of further negative developments with annuity guarantees or investment losses." The Hartford's liquidity and capital position has been boosted over the last six months by a combination of $3.4 billion in funding through participation in the US Treasury's Capital Purchase Program (CPP), and an additional $900 million in common equity. Also, the recovery in investment markets and reversal of elevated levels of unrealized losses have reduced near term strain on the group's life insurance subsidiaries.

12:17

DFS Discover Financial Services vacillating near its early month low (14.83 -1.59) -Update- -Technical-

Stock has dropped as much as 12% off yesterday's high with it vacillating near support in the 14.81/14.71 area (early month low, 70.7% retrace of Nov-Dec run).

11:56

GS Goldman Sachs slides slightly under its opening low in recent trade (161.49 -3.52) -Update- -Technical-

Its three month low from last week does not comes into play until at 160.72 -- session low 161.40.

11:50

WPO Washington Post's Newsweek to sell Newsweek Budget Travel (437.03 -3.47)

Newsweek, a wholly-owned subsidiary of The Washington Post Company, announced that it has entered into an agreement with an affiliate of Fletcher Asset Management, Inc. (Fletcher) to acquire all of Newsweek's equity interests in Newsweek Budget Travel. The acquisition is expected to close by December 31, 2009. The financial terms of the transaction were not disclosed.

11:50

DIA Dow -100 slips fractionally under early low, S&P -9.9 and Nasdaq -21 have not yet confirmed the move -Technical-

The worst performers in the Dow include: JPM -2.3%, AXP -2.2%, AA -2%, KO -1.9%, DIA -1.9%, DD -1.9%, HPQ -1.6%, CAT -1.5%.

11:43

COMDX Gold and silver tick to fresh lows as the dollar index makes fresh highs; gold now off $29.20 to $1107, silver is lower by 47.3 cents to $17.22

11:38

FGXI FGX Intl downgraded to Mkt Perform at Avondale following the proposed merger with Essilor International (19.48 -0.02)

11:31

SPY S&P 500 off the low but work needed to neutralize -Update- -Technical-

Highlighted the retrace/gap support (1098/1097 in The Technical Take and this morning with a modest push off the low noted. Sustained follow through above 1106/1107 is still needed to neutralize the weaker pattern off yesterday's high (Click for chart).

11:22

National Beef (NBP) postpones planned IPO due to current weakness in the IPO market

11:16

CJBK Central Jersey Bancorp resumes trading (3.70 -1.14) -Update-

11:14

PX Praxair joint venture was recently awarded a 15-year industrial gases pipeline supply contract (81.03 -0.78)

Shanghai Chemical Industry Park Industrial Gases Company, a 50-50 joint venture between Praxair (PX) and Air Liquide was recently awarded a 15-year industrial gases pipeline supply contract from Bayer Polyurethanes. Under the contract, Shanghai Chemical Industry Park Industrial Gases will further develop its existing industrial gas network and build a new HYCO plant, including a steam methane reforming unit and a carbon monoxide unit. The plant will have a total capacity of about 130,000 tons per year and is expected to start-up at the beginning of 2012. Shanghai Chemical Industry Park Industrial Gases will deliver HYCO gases to the Bayer Integrated Site Shanghai.

11:08

SEM Select Medical initiated with a Mkt Perform at Avondale; tgt $11 (10.02 +0.21)

11:07

KND Kindred Healthcare initiated with a Mkt Outperform at Avondale; tgt $24 (17.44 -0.10)

11:07

CVH Coventry Health Care lifts to fresh highs on a modest volume spike as it climbs above its Sep-Dec range/52-wk high of 24.84 (24.89 +0.64) -Technical-

11:03

CACI CACI Intl awarded a $24 million task order for C4ISR programs (47.07 -0.86)

11:01

C Citigroup edges out to highs of day; also seeing Relative Strength in Bank names such as PNC +1.56, MTB +0.87, SIVB +0.55, WFC +0.30, RF +0.17 (3.23 -0.22) -Update- -Technical-

10:54

SPY NYSE trading volume extremely heavy through the first sixty minutes-- See NYSE & NASDAQ volume chart -Technical-

First hour trading volume on NYSE is already up to 500M shares changing hands, an extremely heavy pace due mostly in part to the heavy volume seen in shares of C.

It is apparent that the floor trading volume in shares of the bank will skew data for the remainder of the session thus making it hard to deduce true volume patterns today.

On NASDAQ, we see trading volume running just ahead of yesterday's first hour tally, suggesting the bearish price action may be seeing some fund/institutional activity accompanying the 1% losses in the index following yesterday's 'bearish distribution' pattern. Nearly 471M shares have changed hands versus yesterday's 448M first hour total.

NYSE Vol. Chart (60 min)

NASDAQ Vol. Chart (60 min)

10:51

SPY S&P 500 -7.9 edges to new morning rebound high after hold near support -- Dow -84 and Nasdaq -20 still below their morning recovery highs -Update- -Technical-

See 10:10 update for daily chart

10:50

HRLY Herley Industries UK Subsidiary, EWsT, receives a $1.5 million contract award from Saab in Sweden (13.73 -0.01)

10:46

CJBK Central Jersey Bancorp and OceanFirst Financial announce termination of merger agreement (4.37 -0.47)

OceanFirst Financial (OCFC) and Central Jersey Bancorp (CJBK) announce their mutual agreement to terminate the agreement and plan of merger entered into by OceanFirst and Central Jersey without penalty to either party. Regulatory approval for the merger of Central Jersey with and into OceanFirst has not yet been obtained and the merger cannot be completed by December 31, 2009 as contemplated by the merger agreement. "We believed on May 26, 2009 that the combination of these two institutions was in the best interest of our customers, shareholders, employees and our communities. We still believe that today, however, the current environment is such that obtaining regulatory approval has taken much longer than we anticipated and has reached a point where we believe that continuing to wait for this approval is not in the best interest of either company." (CJBK is halted)

10:39

ORB Orbital Sciences initiated with a Outperform at Boenning & Scattergood; tgt $19 (14.16 -0.10)

Boenning & Scattergood initiates ORB with an Outperform and sets a tgt of $19. The firm believes that ORB's leading market share positions in the satellite and launch vehicle industry, strong track record and solid reputation combined with a strategy anchored by speed to market and affordability will enable the company to outpace the financial performance of its peers in the coming periods. Moreover, the firm believes the revenue ramp and corresponding expense wind-down related to the NASA commercial re-supply services contract will set the table for improving fundamentals which will start to take shape as early as 2010.

10:35

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

Actively Traded Leading Sector ETF Plays:

Nat gas- UNG +6.25%, US Dollar index- UUP +1%, US bonds- TLT +.75%

Actively Traded Lagging Sector ETF Plays:

Gold miners- GDX -4.5%, iShares Japan- EWJ -3%, US airlines- FAA -2.25%, Gold- GLD -2.25%, China 25- FXI -2%, Emerging Mkts.- EEM -2%, Ag/chem- MOO -2%, Coal- KOL -2%, Basic materials- IYM -2%, XLB -1.5%, Silver- SLV -2%, Global shippers- SEA -2%, RBOB gas futures- UGA -2%, Steel- SLX -1.75%

10:35

APD Air Products and DOE sign agreement for carbon capture and storage project in Texas (81.57 -1.07)

Co announced it has signed a cooperative agreement with the United States Department of Energy (DOE) and will now move forward on phase one of a potential two-phase program to conduct an engineering study and project plan to capture, concentrate and purify carbon dioxide (CO2) emitted from industrial operations for use in enhanced oil recovery work. The two-phase project proposes to design and construct a state-of-the-art system to capture CO2 from Air Products' steam methane reformers (SMR) located at a refinery in Port Arthur, Texas. Phase two of the project would propose to recover and purify the CO2 for delivery via pipeline for enhanced oil recovery in Texas. The phase one funding, valued at $901,874, will also further define the method of CO2 delivery to the pipeline.

10:32

COMDX Today's highs for nat gas, at $5.911, are its best levels in 11 months; currently up 37 cent sto $5.831

10:30

COMDX Larger than expected draw in nat gas data send nat gas sharply higher; now up 42 cents to $5.885

HoD at $5.895

10:29

CJBK Central Jersey Bancorp halted, news pending (4.37 -0.47)

10:29

GLD streetTRACKS Gold Shares slip to fresh gap down opening lows as it eyes a test of last wk's pullback low of 108.71 below (109.29 -2.30) -Update- -Technical-

10:27

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

NDX Best % Performers:

ESRX +1.75%, RYAAY +.25%, AMZN +.25%, CA +.25%

NDX Worst % Performers:

LBTYA -3%, JNPR -3%, FWLT -3%, MICC -3%, WCRX -2.5%, JOYG -2.75%, FLEX -2.5%, CMCSA -2.5%, JBHT -2.25%, CHRW -2.5%, ILMN -2.25%

NASDAQ TRIN @ +1.55

NASDAQ A/D line @ -1085

10:26

WPCS WPCS Intl Correction (2.85 -0.08)

WPCS was downgraded to Neutral from Buy at Merriman this morning, not Roth. Our upgrades/downgrades calendar has been edited to reflect the correct information.

10:25

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

INDU Best % Performers:

GE +1.25%, XOM +.25%, VZ +.25%

INDU Worst % Performers:

AA -2.25%, HPQ -2%, KO -1.75%, DIS -1.75%, JPM -1.5%, AXP -1.5%, DD -1.5%

NYSE TRIN @ +2.85

NYSE A/D line @ -1565

10:22

XHB SPDR Homebuilders sets new session high to reach unchanged (14.87 unch) -Technical-

MHK +2.2%, LOW +0.8%, HD unch, SHW -0.08, LEN -0.2%, MDC -0.2%, MTH -1.4%, PHM -0.9%.

10:19

MS Morgan Stanley drops to a new session low of 29.67, hovering modestly above the low for the week/month at 29.57 (29.67 -0.67) -Technical-

Note that its 200 day ema is not far below at 29.41.

10:19

BONT Bon-Ton Stores: Moody's upgrades Bon-Ton Stores (CFR to Caa1), outlook stable (10.51 -0.43)

10:14

HIL Hill International awarded contract by H.H. Sheikh Mohamed Bin Khalifa Al Thani to provide project mgmt services during construction of the Al Waab Mall project (6.57 -0.11)

10:13

TECHX Sector Relative Strength on bounce attempt -Update- -Technical-

The S&P has held near support (see 10:10 update for chart) with relative sector strength on the bounce (outperforming the S&P) noted in Housing XHB, Retail XRT, Semi SMH, Finance XLF / RKH, Energy XLE / OIH, REITs IYR.

10:10

AVY Avery Dennison's RFID inlays have passed the specifications and system tests (36.48 -0.78)

Co announced that its RFID inlays have passed the specifications and system tests and met the performance requirements established by the International Air Transport Association (IATA) for the tagging of luggage and bags at airports.

10:10

SPY S&P unable to hold on to data related bounce and sets minor new session low but holding near a secondary support -Update- -Technical-

The S&P has tested a gap support, a 62% retracement of the rally off last week's low and the trendline off the March-Nov lows in the 1098/1097 area (Click for chart).

10:04

RIMM Research In Motion shares trade to fresh first hour lows, shares in play all session ahead of quarterly earnings after the bell (62.90 -1.77) -Technical-

60 min. support in the 63~62.50 zone with the recent weekly/swing low @ exactly 62.53

10:01

SPY Stock indices rebounding after better than expected data -- Dow -67, S&P -8.3, Nasdaq -18 -Update- -Technical-

09:58

SPY Fresh session lows across the board for the stock indices -- Dow -85, S&P -10, Nasdaq -20 -Update- -Technical-

09:53

MRK Merck Correction: MRK acquired Avecia Biologics this morning, a unit of Avecia Investments (37.79 +0.04) -Update-

As mentioned at 7:43, MRK and Avecia Investments Limited announced that they have entered into a definitive agreement by which Merck will acquire the biologics business of the Avecia group through a Merck affiliate. Avecia Biologics is a contract manufacturing organization with specific expertise in microbial-derived biologics. Financial details of the transaction were not disclosed. Under the terms of the agreement, Merck will acquire Avecia Biologics Limited and all its assets, including all the company's process development and scale-up, manufacturing, quality and business support operations located in Billingham, UK. In addition to honoring all Avecia Biologics contractual commitments, Merck plans to engage in discussions with individual customers relating to their specific ongoing and future biological process development and manufacturing needs after the transaction is closed... Our original comment has been removed.

09:47

SPY S&P 500 opening slide pauses at support but limited interest noted -Update- -Technical-

The index dropped to a new low for the week but held near a support zone at 1101/1100 (50% retracement of rally off last wk's low, 20 day exp, congestion) and lifted slightly. Initial intraday resistance is at 1105 in front of yesterday's low/close (1107/1109). Failure to work back through these levels leaves the door open to further downticks with the next support at 1098/1097 (early month gap/62% retrace) and 1095.

09:44

AYE Allegheny Energy affiliates have priced $85.9 million of environmental control bonds (23.16 +0.01)

Co announced that two of its affiliates have priced $85.9 million (aggregate principal amount) of environmental control bonds. Allegheny expects the transaction to close on December 23, 2009. Net proceeds from the sale of the bonds will finance certain costs related to the construction and installation of flue gas desulfurization (scrubber) equipment at the Fort Martin Power Station near Morgantown, W.Va. The bonds will carry a coupon rate of 5.127 percent and are scheduled to mature in January 2030. The affiliates, MP Environmental Funding LLC and PE Environmental Funding LLC, will issue $64.4 million and $21.5 million of the bonds, respectively.

09:44

ECONX Reminder: Philadelphia Fed and Leading Indicators data due out in about 16 min at 10:00ET

09:39

AONE A123 Systems pushes higher off the open as it lifts up into its Dec high of 19.56 (19.40 +1.09) -Update- -Technical-

09:38

SNDK SanDisk displaying some relative strength, hovering near its Oct/52-wk high at 24.61 -- session high 24.58 (24.53 +0.14) -Technical-

09:37

XLE Broad based pressure with Energy/Commodity pacing the way -Update- -Technical-

The Dollar Index jump to a new three month high has led to energy/commodity downside leadership in the early going (Materials XLB, Gold Miners GDX, Gold GLD, Silver SLV, Energy XLE, Ag/Chem MOO). Finance XLF is also a laggard after estimate cuts.

09:37

PRIM Primoris Services acquired the Juniper Flats Quarry (8.14 +0.14)

Co announced that it has recently acquired the Juniper Flats Quarry, an 88-acre rock quarry located for ~$2.3 million in cash. Following the completion of the acquisition, the Company created Juniper Rock Corporation as a wholly-owned subsidiary for the purpose of producing and selling aggregates and other construction materials. The quarry has an anticipated operational life of eight to ten years and is expected to yield ~6 million tons of aggregates and construction materials. At current pricing, the quarry would generate total revenues in excess of $35 million over its operational life. "Juniper Rock is fully permitted to produce aggregates, we anticipate that this minimal capital investment, the quarry's location and its low operating expenses will provide a positive earnings contribution over the next few years."

09:36

FDX FedEx gaps down on disappointing earnings/guidance, slipping below its 20-day ema at 86.56 (86.01 -3.94) -Update- -Technical-

Price gaps almost -4% lower, below its 20-day expontial moving average at 86.55. Next key support area lies off the November high near 85.43.

09:33

NFLX Netflix shares gap lower out of the gate while potential incurring some technical/chart damage (54.13 -.95) -Technical-

Price now below the clear three week range floor surrounding 54.75~54.70 (may act as resistance now) as well as trading below the widely followed 50 day EMA/SMAs (54.75/55) for the first time since early Sept. 2009.

LoD now @ 53.83

09:32

GRH GreenHunter Energy executes second amendment to credit agreement on biodiesel refinery with senior secured lender (1.23 0.00)

Co announced the execution of a definitive Amendment to its existing Credit Agreement in the current principal amounts of $28.6 million and $9.0 million, the term loan and working capital line of credit with the Lender, respectively. The loan facilities are secured predominantly by the existing biodiesel refinery assets located in Houston, Texas. Pursuant to the terms and conditions of the Amendment to the Credit Agreement, the Lender has agreed to waive any claims of Event(s) of Default until March 31, 2010. GreenHunter BioFuels has successfully reduced the Company's total indebtedness due to the Lender by over $5.8 million during calendar year 2009.

09:32

WLK Westlake Chemical initiated before the open with a Hold at BB&T Capital Mkts (26.19 -0.13)

09:32

EPIQ EPIQ Systems announced continuing strength throughout its bankruptcy franchise (13.17 -0.01)

Co announced continuing strength throughout its bankruptcy franchise and a strong outlook into 2010. Highlights include: Co has been engaged to provide consulting services to two main Icelandic banks in moratorium, Glitnir Banki hf and Kaupthing Banki hf. The quarter ending September 30, 2009 had more new bankruptcy filings than any quarter since the enactment of new bankruptcy legislation in 2005. Co reiterates that it remains on target to achieve its 2009 financial objectives as previously communicated.

09:24

WM Waste Mgt announces plan to increase quarterly dividend payments by 8.6% to $0.315/share, up from $0.29/share (32.95 )

09:20

FACT Facet Biotech stockholders reject Biogen Idec tender offer (16.40 )

Co commented on the filing by Biogen Idec (BIIB) disclosing that the stockholders of Facet Biotech have rejected Biogen Idec's unsolicited tender offer and that Biogen Idec has terminated its tender offer. "We are pleased that our stockholders have agreed with our board that Biogen Idec's $17.50 per share offer was inadequate and did not fairly value our company and its prospects," said Faheem Hasnain, president and chief executive officer of Facet Biotech. "We will continue to pursue appropriate opportunities and, as previously disclosed, we have requested that our financial advisor, Centerview Partners, solicit additional third parties that may have an interest in a transaction that our board would find in our stockholders' best interests. In addition, we continue to offer Biogen Idec the opportunity to engage in due diligence discussions to determine whether Biogen Idec would make a materially increased offer."

09:17

LDK LDK Solar announces signing of an indicative term sheet for a minority stake in its polysilicon production plants (9.20 )

Co announces it signed an indicative term sheet with VMS Investment Group and its affiliates pursuant to which the Investors have agreed to subscribe between $50-$80 mln aggregate amount of redeemable and convertible preference shares of the Cayman Islands subsidiary, which is to be created to hold and operate LDK Solar's polysilicon business, valuing the entity at $1.30-$1.65 bln. The transaction will require a reorganization of LDK Solar's polysilicon business through which the assets and liabilities relating to the polysilicon business would be assumed by the newly created subsidiary, which will be wholly owned by LDK Solar. The terms of the securities have a two year maturity and are convertible at the option of the holders at a conversion ratio that includes an investment internal rate of return. The investment is expected to close by the end of March 2010.

09:16

NANO Nanometrics prices a 2.025 mln share common stock offering at $11/share (12.44 )

The co's founder is also selling 675,000 shares of common stock at a public offering price of $11.00 per share as part of the same offering.

09:13

On The Wires

TSYS (TSS) announces that Fifth Third Bank has extended its payments services agreement through a multi-year contract renewal. The renewal includes the processing of Fifth Third Bank's consumer and commercial credit card portfolios... Onstream Media (ONSM) announces an agreement with the Tarsus Group to implement and market Onstream Media's virtual trade show and social network marketing platform MarketPlace365 to Tarsus Group's more than 19,000 trade shows and 2,000 suppliers that are part of their Trade Show News Network... Emulex (ELX) and Alacritech jointly announce that the two cos have entered into a licensing agreement giving Emulex access to Alacritech's patent portfolio, including support for Microsoft's Transmission Control Protocol Chimney architecture for its OneConnect Universal Converged Network Adapters... CTS (CTS) aanounces that CTS Electronic Components was awarded a major new development and production program for piezoelectric micro actuators for data storage devices. Production is anticipated to begin in the fourth quarter 2010 with total revenues over the next three years to be ~$14 mln and over $10 - $12 mln annually thereafter... Beacon Power Corp (BCON) announces it has successfully connected and integrated an additional megawatt of flywheel energy storage on the New England power grid.. Corinthian Colleges (COCO) announces that it has signed an agreement with Massage Envy to offer conditional employment to Everest Massage Therapy graduates in the chain's clinics. Under the terms of the agreement, Everest will incorporate Massage Envy's requirements into the curriculum, and in turn, Massage Envy will grant interviews to all Everest Massage Therapy graduates who apply to work in one of the clinics.

09:13

NTLS Ntelos Holdings announces Jim Hyde to succeed Jim Quarforth as CEO (17.77 )

Co announces the resignation of James Quarforth as Chief Executive Officer and Chairman of the Board of Directors in connection with the Company's previously announced succession planning process. The Board of Directors has appointed James A. Hyde as Chief Executive Officer of the Company to succeed Mr. Quarforth. Mr. Hyde will also serve as a director of the Company.

09:12

OCLR Oclaro raises and narrows revenue guidance for December quarter; acquires WSS company Xtellus (1.34 )

Co raises gudiance, sees Q2 revenue of $91-$93 mln vs $90.9 mln First Call consensus. Co also announces it has acquired Xtellus, Inc. Under the terms of the acquisition agreement, stockholders of Xtellus will receive shares of common stock of Oclaro worth $33 mln, a portion of which will be held in escrow for 18 months to support Xtellus' indemnification obligations to Oclaro. The agreement also provides for a value guarantee under which stockholders could receive additional consideration subject to both the share price of Oclaro failing to achieve a certain price level at the end of calendar year 2010 and on the Xtellus business achieving certain revenue targets over Oclaro's corresponding 12 month fiscal period.

09:08

OC Owens Corning downgraded to Neutral at Longbow (26.49 )

09:05

S&P futures vs fair value: -7.60. Nasdaq futures vs fair value: -11.00.

U.S. stock futures are up modestly from their morning lows, but they continue to point to a lower start to the session. Meanwhile, Europe's major markets are also under pressure. That has led the EuroStoxx to a 0.7% loss. Banks are among the worst performers as officials from Europe's central bank move closer to forcing banks to provide more information about collateral for ECB loans. In Britain, the FTSE is currently down 1.1%. Retailers are weak after a surprise 0.3% month-over-month fall in November retail sales. Banks have also been pressured. That has Lloyds Banking Group (LYG) and Barclays (BCS) down considerably. In Germany, the DAX is down 0.7% as Deutsche Bank (DB) and Commerzbank slide. In other news, Germany will sell a record 343 billion euros of debt next year, the Federal Finance Agency said. In France, the CAC is down 0.8% at the moment. Energy giant Total (TOT) is a primary laggard, but it is joined by financial outfits Societe Generale, BNP Paribas, and Credit Agricole. In Asia, Japan's Nikkei slipped 0.1%. Banks like Mitsubishi UFJ Financial (MTU) were hit by profit takers, but Fast Retailing was a primary laggard. TDK offered support, though. In Hong Kong, the Hang Seng fell 1.2%. Bank stocks retreated for their third straight session as concerns for slower lending from Beijing persist. In turn, China Construction Bank and Bank of China fell to their lowest levels in more than two months. In mainland China, the Shanghai Composite fell 2.3%. The MSCI Asia Pacific Index lost 0.9%.

09:04

ATML Atmel announces proposed sale to LFoundry GmbH of manufacturing operation in Rousset, France (4.34 )

Co announces that LFoundry GmbH has entered into an exclusivity agreement with Atmel Rousset for the purchase of Atmel's wafer fabrication operation in Rousset, France. In accordance with French law, Atmel has presented the proposed acquisition to the employee representatives of the Works Council in Rousset. The Works Council is expected to render its opinion on the proposed transaction in the first quarter of 2010. If Atmel receives the approval of the Works Council, Atmel will seek authorization from its Board of Directors to enter into a definitive agreement with LFoundry GmbH. Proposed terms of the transaction were not disclosed.

09:03

CR Crane divests General Technology Corporation to IEC Electronics for $14.2 mln (30.90 )

Co announces that it has sold General Technology Corp, a subsidiary of Crane Co., to IEC Electronics Corp. (IEC) for $14.2 mln. G.T.C., also known as Crane Electronic Manufacturing Services, has revenue of approximately $25 mln and is located in Albuquerque, New Mexico. Crane Co. expects to record a tax benefit of approximately $0.09 per share resulting from this divestiture. This benefit was not included in the company's earnings guidance issued on October 26, 2009, of GAAP EPS for the full year 2009 of $1.90-$2.05.

09:02

ADPT Adaptec announced that Subramanian "Sundi" Sundaresh, Chief Executive Officer will leave (3.29 )

Co announced that Subramanian "Sundi" Sundaresh, Chief Executive Officer will leave the employment of the Company effective January 4, 2010. The Board of Directors has negotiated a consultant agreement with Mr. Sundaresh under which he will assist the company with the ongoing process to sell the Company's operations. The Board appointed, effective January 4, 2010, John J. Quicke to serve as Interim President and Chief Executive Officer of the Company. He has served as a director of the Company since December 2007. He is a Managing Director and operating partner of Steel Partners... The company also announced that it has retained Blackstone Advisory Partners as its exclusive financial advisor to assist in the potential sale or other disposition of certain assets of the company and its business operations.

09:02

BONDX Bump Better +19/32 3.523%...euro 1.4353...yen 90.0750

Bonds were bid in front of the data which was seen as generally improved, but not enough to offset the issues with Greece and a crumbling region. Treasuries were higher heading in and got an added bounce once the first leg of data came through. The uptick and the downward revision on the jobless claims for the week was seen against the upward roll on continuing claims, while the 4-wk moving average fell to 467.5K from 473K. The market may be able to ride the safety trade for a stretch, but moves at this point in the holiday season are questionable. The 10-yrs failure to take out the 4.62% yield may serve to drag as the trade retreats into a generally technical play. The curve has been sloped well flatter, having made a play for the steepest levels on record, having backed off to 273.5 on the 2-10-yr yield spread from nearly 278. The dollar has been holding its bid with the index at early September levels. The euro has been clobbered as the bad news out of the region greased the skids, trading back the 1.43 handle for the first time in 4 months and is aiming at 1.4295. The yen has been pushed back over the 90.25 per buck point and, even as the market looks for safety while against the euro its working back toward getting just 129 per. Data on tap has leading indicators and the Philly Fed (10) as well as the Senate Banking crews confirmation of Fed-head Bernanke.

09:01

CAVM Cavium Networks raises Q4 rev growth to 18-20% QoQ from 12-16% previously (21.20 )

Co raises Q4 rev growth to 18-20% QoQ from 12-16% previously; (we calculate this to be revs of $30.6-31.1 mln vs the $29.7 mln consensus). The updated ests do not include any incremental rev contribution from the acquisition of MontaVista Software. "Customer demand has been very strong and broad based this quarter with strength across all of our product lines. The enterprise and data center market segments continued to see very robust growth. New product ramps are in early stages at a number of tier-1 customers which is helping drive stellar sequential growth rates."

09:01

ELX Emulex and Alacritech announce license agreement for TCP Chimney Offload Technology (10.62 )

The co and Alacritech jointly announce that the two companies have entered into a licensing agreement giving Emulex access to Alacritech's patent portfolio, including support for Microsoft's Transmission Control Protocol (TCP) Chimney architecture for its OneConnect(TM) Universal Converged Network Adapters (UCNAs).

08:54

CXPO Crimson Exploration priced its public offering of 20,000,000 shares of Crimson Exploration common stock at the price of $5.00 per share (5.40 )

08:47

PC market returns to growth with double-digit gains expected through 2013, according to IDC

Buoyed by strong back-to-school demand, worldwide PC shipments returned to positive growth in the third quarter of 2009 (3Q09) with an increase of 2.3% after three consecutive quarters of decline. Consumer portables remained the key driver, with shipments increasing 33.5% from a year ago, while consumer desktop demand remained weak as the market continued its transition to mobility. The decline of commercial PCs also started to slow in 3Q09, providing a hint that IT spending will gradually pick up in upcoming quarters. Mini Notebooks (a.k.a. Netbooks) continued to see strong growth with a 37% gain over the previous quarter, while the Mini Notebook share of consumer portables increased to 28% from 14% a year ago. According to IDC's Worldwide Quarterly PC Tracker, the strong showing in 3Q09 and growth in key segments will lead to net growth of 1.3% for 2009 and set the stage for further gains throughout the forecast period. Looking forward, the market is expected to quicken the pace of growth in 2010. Emerging regions, which now account for half of the total market, will lead the way with double-digit growth for 2010 while mature markets are also expected to make steady gains. Desktop shipments will be roughly flat in 2010, while portable PC growth of 18.1% will continue to drive overall volume gains. The commercial sector is expected to rebound in the second half of 2010. Mini Notebooks will continue to grow, but at a slower rate, as the introduction of new ultra-thin portables will generate new growth points and limit the share captured by Mini Notebooks.

08:37

R Ryder System authorizes new anti-dilutive program to repurchase 2 million shares (42.86 )

08:37

On The Wires

Regulus Therapeutics, founded by Alnylam Pharmaceuticals (ALNY) and Isis Pharmaceuticals (ISIS), announces that it has obtained exclusive rights from the California Institute of Technology to inventions made in the laboratory of David Baltimore, covering methods and compositions for modulating microRNA-146 and microRNA-155... EnerNOC (ENOC) announces that it has extended its contract to provide demand response capacity to Puget Sound Energy through April 2011. Under the terms of the contract, EnerNOC, which first began providing demand response capacity to PSE under a pilot program for commercial customers in 2007, will continue operation and support of the program. In addition, EnerNOC plans to deploy new technology that will enable a select number of smaller commercial sites to participate, extending the financial and operational benefits of demand response to additional customers in PSE's service area... Nash-Finch Company (NAFC) announced the acquisition of warehouse distribution facility in Columbus, Georgia for its distribution business serving military commissaries and exchanges, representing a $20 mln investment in the first three years of operation... Generex Biotechnology Corporation (GNBT) recently initiated shipments and generated sales of its confectionary product line to The Netherlands, Australia, and New Zealand. The Company has established distribution arrangements in each of these jurisdictions to carry the products and ensure proper support and maintenance of marketing, sales, and continued awareness of the Company's product line in retail markets.

08:33

TOFC Tower Financial appointed Keith E. Busse as Chairman (3.93 )

Co appointed Keith E. Busse as Chairman, effective January 1, 2010. The current Chairman of the Board, Donald F. Schenkel, will retire as chairman as of the end of the year, but will continue to serve as a board member through his current term, which expires in 2011.

08:33

MSL Midsouth Bancorp, Inc. announces it prices its public offering of 2.7 mln shares of common stock at $12.75/share (12.97 )

08:32

BRLI Bio-Reference Labs beats by $0.05, beats on revs; guides FY10 revs in-line (36.64 )

Reports Q4 (Oct) earnings of $0.51 per share, $0.05 better than the First Call consensus of $0.46; revenues rose 26.0% year/year to $102.3 mln vs the $100.9 mln consensus. Co issues in-line guidance for FY10, sees FY10 revs of $417.1 mln, growth of at least 15%, vs. $413.77 mln consensus. "We are providing guidance that in 2010 our top-line revenue will grow at least 15% and we expect that our net income will increase by at least 20%."

08:32

UTA Universal Travel entered into a Letter of Intent to acquire Huangshan Holiday Travel Service (10.49 )

Co announced that it has entered into a Letter of Intent to acquire Huangshan Holiday Travel Service for RMB 20 million (~$2.9 million), 80% of which shall be paid in cash and 20% in shares of the Company's common stock. The purchase consideration may be subject to adjustment after completion of due diligence on Huangshan Holiday by the Company. Co expects the acquisition will provide it with a higher percentage of guaranteed allotment, group rate hotel rooms in the Huangshan Tourism District, which the Company anticipates will positively impact its margins and profitability. Universal Travel Group continues to explore additional acquisitions that are strategic and complementary to its business.

08:32

DRRX DURECT reports positive Ph. 2b data from POSIDUR clinical program (2.18 )

Co announces positive results from a 60 patient Phase IIb clinical trial of POSIDUR, a proprietary product under development for the treatment of post-surgical pain. Top line results from this study of patients undergoing arthroscopic shoulder surgery showed a consistent reduction of pain scores in parallel with a reduction of opioid use in favor of POSIDUR vs placebo. These reductions were not statistically significant given the size of the study. In addition, there was a comparable safety profile between the two groups in this study and POSIDUR appeared well tolerated.

08:32

TIXC Tix Corp and group of private investors purchase an additional one million shares from investor (1.62 )

Co announces that it Company, in conjunction with a group of private investors, acquired 1 million shares of the Company's common stock in a privately-negotiated transaction. This purchase is in addition to the 1.6 million shares that were previously purchased from the same private investor. The Company's purchase was made under its previously-announced increased share repurchase authorization.

08:31

SBH Sally Beauty announces the acquisition of Sinelco Group (7.67 )

Co announces the acquisition of Sinelco Group NV, a wholesale distributor of professional beauty products such as electricals, sundries, accessories and basic salon supplies in Europe, for approximately 25.5 m Euros in cash. Sinelco is based in Ronse, Belgium, and serves more than 1,500 customers in 35 countries through a product catalog, website and sales offices in Belgium, France and Italy.

08:31

SPY E~mini index futures see little reaction to weekly claims figiures, still churning near the GLOBEX lows -Technical-

ES -8.75

NQ -11

YM -60

08:31

YONG Yongye Intl. announces it prices its public offering of 8 mln shares of common stock at $7.50/share (8.29 )

08:30

PAET PAETEC Holding announces early payment of revolving debt (3.94 )

Co announces it has paid down $10 million of its outstanding revolving loan under its credit facility. The reduction in outstandings on the revolving loan under the credit facility is the second such reduction in the past six months, with a total reduction since the end of the second quarter equaling $20 million.

08:13

FISV Fiserv resumed with a Outperform at Credit Suisse; tgt $55 (47.47 )

Credit Suisse resumes coverage of FISV with a Outperform and sets target price at $55 after being restricted on FISV shares due to the sale of its Loan Fulfillment Solutions business to ISGN Solutions. The firm notes that although bill payment and EFT/debit continue to grow positively in the current environment, they do believe that a recovery in organic growth is going to take longer than previously anticipated as bank spending remains sluggish. As a result, they are reducing their FY10 revenue growth estimates to 2.0% from 3.7% and our FY10 EPS to $3.98 from $4.05 (consensus $4.06). However, despite top-line organic growth being tempered in 2010, the firm still believes that that FISV will be able to achieve at least 50 to 100 bps of margin expansion for the foreseeable future due to operational efficiency and a higher margin business mix.

08:11

ECONX Reminder: Initial Claims and Continuing Claims data due out in about 19 min at 8:30ET

08:10

On The Wires

The U.S. Department of Agriculture has awarded Unisys (UIS) a five-year, indefinite-delivery indefinite-quantity contract with a ceiling value of $25 mln to operate, maintain and enhance the USDA Rural Development Guaranteed Loan System and Guaranteed Underwriting Systems, which process billions of dollars in loans annually for individuals and businesses in rural America... ARIAD Pharmaceuticals (ARIA) announces the completion of patient enrollment in its pivotal, Phase 3 clinical trial of oral ridaforolimus, its investigational mTOR inhibitor, in patients with metastatic soft-tissue and bone sarcomas. The Company believes that this international study is the largest clinical trial to be conducted in patients with sarcomas... Level 3 Communications (LVLT) announces an agreement with GemNet, a Mongolian telecommunications and Internet wholesale provider. Level 3 will deliver high-speed Internet Protocol services in the United States to support GemNet's broad customer base of Mongolian Internet service providers... Jack Henry & Associates (JKHY) announces that Hope, Arkansas-based First National Bank has selected Jack Henry Banking's CIF 20/20 core processing system to provide enterprise-wide automation... SRS Labs (SRSL) announces that MSI has expanded its use of SRS Premium Sound, which delivers an incredible audio experience for music, video and gaming across any computer speaker configuration, within their latest SRS-equipped GT740 gaming laptop PC and the Wind Top AE2200 and AE2010 All-in-One PCs.... Express Scripts (ESRX) announces results of a study that examined the association of seizure risk among epilepsy patients after switching between A-rated anti-epileptic drug formulations. The study found no evidence that switching between A-rated anti-epileptic drugs, including brand to generic substitution, was associated with increased emergency room visits or hospitalizations for epilepsy... Wells Fargo (WFC) and SunPower (SPWRA) announce that financing has been completed on the 1-megawatt solar power system commissioned last month at the University of California, Merced. SunPower financed the system with Wells Fargo through a $100 mln sale leaseback financing program announced by the companies in June of this year... Synta Pharmaceuticals (SNTA) announces that it has initiated a Phase 2 clinical study of STA-9090 in non-small cell lung cancer...

08:08

KYO Kyocera Corp announces its solar modules supply approx. 40 MW at large-scale solar power plants in Spain (87.82 )

Co announces that it has supplied roughly 190,000 solar modules, equivalent to approximately 40 megawatts (MW), for two newly completed large-scale solar power plants in Spain.

08:07

ADGE American DG Energy entered into a Revolving Line of Credit Agreement (2.90 )

Co announced that it has entered into a Revolving Line of Credit Agreement with John N. Hatsopoulos, the Company's Chief Executive Officer. Under the terms of the Agreement, during the period extending to December 31, 2012, Mr. Hatsopoulos will lend to the Company on a revolving line of credit basis a principal amount up to Five Million U.S. Dollars ($5,000,000) in the aggregate. All sums advanced pursuant to this Agreement shall bear interest from the date each advance is made until paid in full at the Bank Prime Rate as quoted from time to time in the Wall Street Journal plus one and one half percent (1.5%) per year. Interest shall be due and payable quarterly in arrears and prepayment of the principal, together with accrued interest, may be made at any time without penalty.

08:04

APC Anadarko Petro announces another pre-salt discovery offshore Brazil (62.96 )

Co announces announced its second pre-salt discovery in Brazil at the Itaipu prospect in block BM-C-32 in the Campos Basin. The 1-DEV-15-ESS well encountered more than 90 net feet of oil in a high-quality pre-salt carbonate reservoir of similar characteristics and quality to the neighboring giant Jubarte complex. The Itaipu well was drilled to a total depth of approximately 16,300 feet in 4,400 feet of water... Anadarko, through a wholly owned subsidiary, holds a 33.3% working interest in BM-C-32. Devon Energy (DVN) operates the block with a 40% working interest and S.K. Energy Co holds the remaining 26.7% working interest.

08:03

ALNY Alnylam Pharma: Regulus Therapeutics has obtained exclusive rights for modulating microRNA-146 and microRNA-155 (16.95 )

Regulus Therapeutics Inc., founded by Alnylam Pharmaceuticals, Inc. (ALNY) and Isis Pharmaceuticals, Inc. (ISIS), announced that it has obtained exclusive rights from the California Institute of Technology to inventions made in the laboratory of David Baltimore, Ph.D. covering methods and compositions for modulating microRNA-146 and microRNA-155. Dr. Baltimore and his colleagues have shown that microRNAs miR-146 and miR-155 are key mediators of the inflammatory response. Modulation of these microRNAs could lead to a new method of treating immune-inflammatory disease.

08:03

SNIC Sonic Solutions raises $30 million (9.69 )

The co announces the public offering of 3,000,000 shares of its common stock at a price of $9.70 per share. All of the shares are being offered by Sonic under its currently effective shelf registration statement. Sonic will receive proceeds of approximately $27,174,500, net of fees and other expenses related to the transaction.

08:03

BQI Oilsands Quest announces private placement of 8.57 mln common shares of Oilsands Quest at a price of $1.05 per share (1.13 )

Co announces that it has entered into a non-brokered private placement (the "Offering") in which accredited institutional investors have agreed to purchase a total of 8.57 mln common shares of Oilsands Quest at a price of $1.05 per share for total gross proceeds to Oilsands Quest of approximately US$9 million. The proceeds of the Offering will be used for funding the testing program at our Axe Lake prospect and general corporate purposes. Specific allocations of the proceeds have not been made at this time.

08:03

MASI Masimo: New clinical study finds Masimo perfusion index predicts low systemic blood flow in preterm infants (27.96 )

Co announces that new research findings, published in the November 2009 issue of the Journal of Perinatology, show that Masimo perfusion index accurately predicts low superior vena cava flow in preterm, very-low-birth-weight infants, representing a promising method for continuous and noninvasive monitoring of systemic blood flow.

08:02

SU Suncor Energy responds to fire at oil sands upgrader; production is expected to be reduced by approx 120k-150k bpd (35.80 )

Co is assessing damage following a fire at one of the company's two oil sands upgraders north of Fort McMurray, Alberta. The fire occurred at approximately 10 a.m. December 15 and was extinguished within an hour. There were no injuries and no environmental impacts related to the incident. Appropriate authorities and regulators have been informed. Preliminary reports show no structural damage to the facility and the company currently expects repairs to take between two and four weeks. During the repair period, production is expected to be reduced by approximately 120,000 to 150,000 barrels per day (bpd). Suncor does not expect the incident to impact 2009 production outlook of between 290,000 and 305,000 bpd.

08:02

NSIT Insight Enterpr appoints Kenneth T. Lamneck President and Chief Executive Officer (10.71 )

08:02

IEC IEC Electronics announces the acquisition of General Technology Corporation for $14.2 mln (3.42 )

The co announces the acquisition of General Technology Corporation (GTC), an indirect, wholly-owned subsidiary of Crane (CR). GTC is a contract manufacturer located in Albuquerque, New Mexico. With revenue of approximately $25,000,000, GTC serves a number of leading customers in the military and defense markets. The combination will be accretive to IEC shareholders. The purchase price of $14.2 million has been financed with a credit facility from Manufacturers and Traders Bank. No Company stock was issued.

08:00

ORB Orbital Sciences awarded new contract for IS-23 Communications Satellite by Intelsat (14.26 )

07:54

GGWPQ Gen Growth Prop announced the next steps in the restructuring process (8.81 )

Co announced the next steps in the restructuring process following Tuesday's announcement of the confirmation of plans of reorganization for 194 GGP subsidiary debtors owning 103 properties associated with approximately $10.25 billion of secured mortgage loans and the pending plans of reorganization for 26 additional debtors owning 10 properties associated with an additional $1.7 billion of secured mortgage loans. As previously announced, confirmation of these additional plans is subject to satisfaction of various conditions, including receipt of the approval of the Class B holders or mezzanine holders of such secured mortgage loans. GGP is continuing to pursue a prompt resolution of approximately $3 billion of secured property debt remaining to be restructured. Concurrently, the Board of Directors and management are evaluating alternatives to reduce overall leverage and raise the capital necessary to emerge from bankruptcy in 2010. Financing alternatives include a public offering of GGP equity. In addition, the Board of Directors and management are considering all indications of interest in the Company.

07:48

MCS Marcus Corp reports EPS in-line, misses on revs (13.01 )

Reports Q2 (Nov) earnings of $0.07 per share, ex-items, in-line with the First Call consensus of $0.07; revenues fell 5.2% year/year to $83.4 mln vs the $84.3 mln consensus. Co states, "The third quarter is off to a solid start, with our box office up approximately 20% during the first three weeks of the holiday period. Besides the Twilight sequel, films that have contributed to the increase include The Blind Side and this past weekend's The Princess and the Frog. One of the most highly-anticipated films of the year, James Cameron's Avatar, opens tomorrow, and films such as Alvin and the Chipmunks: The Squeakquel and Sherlock Holmes are also expected to perform well during the holiday season."

07:47

FDX FedEx beats by $0.04, beats on revs; guides Q3 EPS below consensus; guides FY10 EPS in-line (89.95 )

Reports Q2 (Nov) earnings of $1.10 per share, $0.04 better than the First Call consensus of $1.06 and in-line with the co's preannouncement on 12-7; revenues fell 9.9% year/year to $8.6 bln vs the $8.46 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.50-0.70 vs. $0.84 consensus. Co issues in-line guidance for FY10, sees EPS of $3.45-3.75 vs. $3.46 consensus. Revenue and earnings declined as a result of lower yields, primarily due to a substantial decline in fuel surcharges YoY. Shipment growth, particularly in international express and at FedEx Ground, and strict cost controls benefited results. Operating margin was 6.6%, down from 8.2% the previous yr. "While there is some uncertainty regarding the sustainability of current demand trends after our peak shipping season, we expect our strong operating leverage to provide improved year-over-year profitability in the second half of our fiscal year. Effective cost management remains a priority and should continue to benefit results."

07:47

MET MetLife: Moody's lowers MetLife ratings (senior debt to A3); stable outlook (36.56 )

Moody's Investors Service today lowered MetLife credit ratings (senior debt to A3 from A2) and the insurance financial strength (IFS) ratings of its subsidiaries, including Metropolitan Life Insurance Company (MLIC), to Aa3 from Aa2. The rating outlook for the group is stable. "MetLife's downgrade reflects a continued build-up of factors that have incrementally weakened the company's earnings generation and financial flexibility relative to peer companies. We believe the company's earnings and cash flow coverage metrics will be constrained over the medium term, driven by the weak economy, elevated levels of investment losses, and lower than previous levels of alternative investment income."

07:36

SQNM Sequenom: Xenomics' preliminary investigation leads the company to believe Sequenom willfully manipulated its down syndrome data in its presentations (4.18 )

Xenomics (XNOM.PK) announced that an ongoing internal investigation by Xenomics' personnel of the events surrounding its licensing deal with SQNM in late Oct, 2008 leads it to conclude that Sequenom purposely misled the co- fraudulently inducing Xenomics into granting Sequenom an exclusive license to its transrenal technology. SQNM announced success in developing a Down Syndrome test in late 2008 was the principal factor in Xenomics' decision to exclusively license its core Transrenal DNA and RNA technology in the area of fetal diagnostics to Sequenom. Xenomics is presently suing Sequenom to recover the Transrenal DNA and RNA technology as well as for specific and general damages.

07:36

PFCB PF Chang's authorized share repurchase program of up to $100.0 million of outstanding shares of common stock (37.20 )

07:34

RAD Rite Aid beats by $0.08, reports revs in-line; narrows FY10 EPS and rev guidance in-line (1.33 )

Reports Q3 (Nov) loss of $0.10 per share, $0.08 better than the First Call consensus of ($0.18); revenues fell 1.8% year/year to $6.35 bln vs the $6.38 bln consensus. Co narrows guidance, still in-line for FY10, sees EPS of ($0.66)-(0.55) vs. ($0.57) consensus, from ($0.74)-(0.48) previously; sees FY10 revs of $25.6-25.9 bln vs. $25.72 bln consensus, from $25.7-26.2 bln previously. Same store sales for the quarter decreased 0.5 percent over the prior 13-week third quarter consisting of a 2.5 per cent decrease on the front end and a 0.4 percent increase in pharmacy. The number of prescriptions filled increased 1.5 percent. Prescription sales accounted for 68.6 percent of total drugstore sales, and third party prescription revenue was 96.2 percent of pharmacy sales.

07:33

NWS News Corp upgraded to Neutral at Pali Research (15.56 )

Pali Research upgrades NWS to Neutral from Sell. The firm believes that Avatar is going to generate incredible excitement over the next month and will not be a disaster profit-wise with the Fox film slate set to notably outperform expectations this year. Additionally, the firm believes that earnings estimates are going higher, even without outperformance in film. Furthermore, the firm's short thesis had been premised on the lack of growth post-FY2010. However, with earnings heading higher, shorting for an FY11 earnings miss simply feels pointless.

07:32

ATU Actuant beats by $0.04, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY10 EPS in-line, revs above consensus (17.60 )

Reports Q1 (Nov) earnings of $0.20 per share, $0.04 better than the First Call consensus of $0.16; revenues fell 17.7% year/year to $305.2 mln vs the $292.5 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.12-0.17 vs. $0.15 consensus; sees Q2 revs of $275-295 mln vs. $281.49 mln consensus. Co issues mixed guidance for FY10, sees EPS of $0.82-0.97 vs. $0.84 consensus; sees FY10 revs of $1.20-1.25 bln vs. $1.18 bln consensus. "First quarter sales and earnings per share, adjusted for special items, were ahead of our expectations. Three of the four segments saw year-over-year core sales improve sequentially, while the Energy segment's sales stabilized. Despite unfavorable segment mix and higher incentive compensation expense, consolidated margins were in line with the fourth quarter due to operating improvements, most notably within the Engineered Solutions segment. We were also pleased with the working capital management and progress on restructuring projects during the quarter. Overall, we are encouraged by the trends we are seeing in the businesses as well as the continued strong execution by Actuant's employees across the globe."

07:32

GENT Gentium announced the appointment of Khalid Islam as Chairman of the Board of Directors, who will retain his responsibilities as Interim CEO (2.22 )

07:31

AGU Agrium announces it has made "significant progress" with its planned brownfield expansion at its Vanscoy, Saskatchewan potash mine (62.51 )

Co announces that it has made significant progress with its planned brownfield expansion at its Vanscoy, Saskatchewan potash mine. The expansion is expected to add 750K tonnes of annual potash capacity to the mine, contingent upon final project approval which is expected to occur in late 2010. An Engineering, Procurement, and Construction contract was recently executed by Agrium with a Joint Venture comprised of SNC Lavalin Inc. and PCL Industrial Management Inc. to further develop the engineering and ultimately complete the expansion. Most of the construction work on the capacity addition is expected to be completed in 2013 and 2014. Some incremental capacity and related additional production is expected in late 2013. The majority of the capacity expansion is expected to be available in 2014, with full rates expected to be achieved in late 2014. The full 2.8 million tonnes of annual production capacity is expected to be achieved in 2015.

07:31

CONM Conmed Healthcare Mgmt announces renewed contract with Sedgwick County adult detention facility (3.19 )

Co announces that Sedgwick County, Kansas, has agreed to a renewed contract with Conmed for healthcare services at the Sedgwick Adult Detention Facility, covering the period of January 1, 2010 through December 31, 2014. With an average population of approximately 1,500 inmates, Sedgwick has been a customer of Conmed since 2006 and remains Conmed's third largest account to date. This contract will generate a base level of approximately $22.5 million in revenues throughout the term of the contract, with the initial annual rate of $4.5 million with price increases based on the Medical Services Consumer Price Index, capped at 3% for each of the four following years.

07:30

ANDS Anadys Pharma announces that ANA598 demonstrates positive 4-Week results at 200 mg BID (2.94 )

Co announced preliminary results from a planned interim analysis of data at four weeks for the first dose cohort, 200 mg bid, in an ongoing Phase II study of ANA598 in combination with pegylated interferon and ribavirin (SOC) in HCV patients. 56% of patients receiving ANA598 plus SOC achieved undetectable levels of virus (<15 IU/ml) at week 4, known as Rapid Virological Response or RVR, compared to 20% of patients receiving placebo plus SOC. ANA598 was well tolerated through four weeks, with no serious adverse events reported. An independent Data Monitoring Committee (DMC) has endorsed escalating to the second dose level, 400 mg bid, and this cohort is now open for enrollment. Anadys expects to initiate dosing in this cohort in January 2010.

07:25

On The Wires

The Macerich (MAC) announced dividend of $0.60 per share of common stock, consisting of a combination of cash and shares of Common Stock. Based on stockholder elections, the dividend will be paid in the form of approximately $5.7 million in cash and approximately 1.7 million shares of Common Stock... Agnico-Eagle Mines (AEM) announced gold production expected to average nearly 1.4 million ounces annually from 2011 to 2014 with total cash operating costs expected to average of approximately $393 per ounce and sees exploration upside with approximately $76 million of exploration expenditures budgeted in 2010, comprising 300 kilometres of drilling... -- On2 Technologies (ONT) and Google (GOOG) announced that the exchange ratio, or the fraction of a share of Google Class A Common Stock to be issued for each share of On2 Common Stock in connection with Google's proposed acquisition of On2, will be 0.0010... China Mass Media (CMM) approved the increase of authorized share capital from US$1,000,000 divided into 1,000,000,000 shares each to US$3,000,000 divided into 3,000,000,000 shares of a par value of US$0.001 each... SAP AG (SAP) announced that Valero Energy (VLO) has signed a global enterprise agreement with SAP that will create a tighter relationship between the two companies including a particular focus on collaboration on solution innovation and development over the next five years. Valero will work with SAP to combine both companies' industry expertise with leading product offerings from SAP to create a scalable, innovative and flexible global IT landscape across Valero's offices and 16 oil refineries throughout the United States, Canada and the Caribbean... Pall Corporation (PLL) is refreshing its five-year plan originally presented to investors in October of 2008. The event will take place on December 17, 2009. Co will announce that by the end of fiscal year 2013, it is targeting a four-year compounded annual sales growth rate (sales CAGR) in the range of 5 1/2% to 8% in local currency. Using current exchange rates for planning purposes only, the sales CAGR would approximate 7% to 9 1/2% for this four-year period. Earnings per share in fiscal year 2013 are targeted to range from $3.67 to $4.77... MEMSIC (MEMS) to acquire selected Crossbow Technology product lines. The purchase includes the non-military portion of Crossbow's Inertial Systems business lines and the Wireless Sensor Network "Mote" and eKo business lines. The purchase price of the acquisition is $18 million in cash and is non-dilutive to MEMSIC shareholders. The closing of the acquisition is subject to certain conditions.

07:18

HIMX Himax Tech executives purchase company stock (3.01 )

Co announces that Chairman Dr. Biing-Seng Wu and CEO Jordan Wu had recently increased their beneficial ownership of American Depositary Shares in the company. The Chairman and CEO had respectively purchased 577,200 and 333,800 ADSs in the company, through their respective affiliates, in the open market during the period of November and December 2009.

07:17

COMDX With the dollar index trading at fresh 3 month highs, gold and silver are weaker this morning and trading near their lows of electronic trade at $1120.20 and $17.41 respectively

Gold is currently down $15.20 to $1121.00 and silver is off 25.8 cents to $17.435.

07:08

SHLD Sears Hldg announces a $500 mln increase in its share repurchase authorization (75.73 )

07:03

BCE BCE Inc increases annual common share dividend 7% to $1.74 per share (24.85 )

Co announced a 7% increase in its annual common share dividend to $1.74 per share for 2010 as well as plans for the use of its year-end 2009 surplus cash balance that include a Normal Course Issuer Bid (NCIB) for up to $500 million and a $500 million special voluntary pension contribution.

07:02

GTE Gran Tierra Energy announces $195 mln capital program for 2010 (5.89 )

Co announces a a capital spending program of $195 mln in 2010 for exploration and production development operations in Colombia, Peru, Argentina and business development activities in Brazil. This budget includes the drilling of seven exploration wells in Colombia, four exploration wells in Peru and re-entry and side-tracking of a well in Argentina. The approved 2010 budget also includes funds for 2-D and 3-D seismic acquisition programs in Colombia, Peru, and Argentina and facility upgrades in Colombia and Argentina. Excluding potential exploration success, production in 2010 is expected to range between 14-16,000 barrels of oil per day (BOPD) net after royalty.

07:02

DDSS Labopharm initiates regulatory approval process for twice-daily tramadol-acetaminophen in Europe (1.81 )

07:02

YMI YM BioSciences and Therapure Biopharma announce contract (1.18 )

Co announces the signing of an agreement under which Therapure Biopharma will provide fill and finish services for nimotuzumab, the humanized monoclonal antibody licensed to YM's majority-owned Canadian subsidiary, CIMYM BioSciences, by the Centre of Molecular Immunology. Under the terms of the agreement, Therapure will formulate and fill nimotuzumab into sterile vials in their aseptic GMP certified and Health Canada licensed fill suite in Mississauga, Canada. The final product will be utilized by YM BioSciences and its licensees, Daiichi Sankyo in Japan, Kuhnil in South Korea, and Oncoscience AG in Europe for all activities and by Innogene Kalbiotech, YM's licensee in Southeast Asia, for global clinical trials. The agreement has been concluded between Therapure Biopharma and YM BioSciences and the implementation of the agreement will occur upon the finalization of the contract agreed with CIM.

07:01

GIS General Mills beats by $0.09, reports revs in-line; raises FY10 EPS guidance (68.29 )

Reports Q2 (Nov) earnings of $1.54 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $1.45; revenues rose 1.7% year/year to $4.08 bln vs the $4.07 bln consensus. Co raises guidance for FY10, sees EPS of $4.52-4.57, ex-items vs. $4.52 consensus, up from $4.40-4.45, ex-items. Foreign currency translation contributed 1 point of net sales growth. The contribution from pound volume was flat, including the loss of 2 points of growth from divested products. U.S. Retail pound volume grew 2 percent above last year's second-quarter level, which was up 5 percent. Second-quarter gross margin increased at a double-digit rate, reflecting strong operating performance and commodity costs that were below year-ago levels for the period.

07:01

EFJI EFJ announces that it will not make its previously announced goal of achieving operating profitability for fiscal year (1.34 )

Co announces it would not make its previously announced goal of achieving operating profitability for fiscal year 2009. Based on their current visibility into state funding initiatives, their fourth quarter order receipt pattern and related order-to-revenue conversion cycles, they believe their fourth quarter revenue and gross margins will be lower than previously anticipated. Therefore, they do not expect to be profitable for the fourth quarter or for the year. As a result, they may be unable to meet their fourth quarter Minimum EBITDA covenant under our credit facility. Firm says they are currently in discussions with their lender regarding this matter.

07:01

CFN CareFusion recommends rejection of mini-tender offer by TRC Capital (24.30 )

Co announced that it has been notified of an unsolicited mini-tender offer by TRC Capital Corporation to purchase up to four million shares of CareFusion common stock, representing ~1.8% of the shares of common stock outstanding. TRC's offer price of $23.50 per share is 4.62 percent below the share closing price of CareFusion common stock on Dec. 14, 2009, the last full trading day prior to the offer. CareFusion also noted that the offer is subject to a number of conditions, including the right to terminate in the event of a decrease in the market price of CareFusion shares. TRC has made numerous similar, unsolicited mini-tender offers for shares of other companies in the past.

07:01

ABAX Abaxis announces exclusive worldwide OEM agreement for a lateral flow avian influenza antigen test kit (23.77 )

Co announces that it has entered the production animal diagnostics marketplace with its first product, a rapid Avian Influenza Antigen Test. This is a USDA-licensed test for Avian Influenza Type A nucleoprotein antigen in chickens, turkeys and ducks. The disposable, non-instrumented device, providing results in 15 minutes, can be used in the field or in a laboratory of any size.

07:00

LB LaBarge awarded $18.9 million contract from Sikorsky for BLACK HAWK helicopter program (11.38 )

07:00

NBY NovaBay Pharma to receive increase in funding and support from Alcon (1.94 )

Co announced today that effective immediately, its partner, Alcon (ACL) has increased its on-going financial support of the company's research and development efforts by more than $2 million per year. The additional funding is expected to enhance NovaBay's pre-clinical and clinical development programs in the areas of eye, ear and sinus infections, as well as contact lens solutions. Alcon is conducting Phase 2 trials of NovaBay's lead compound, NVC-422, for the treatment of viral conjunctivitis, a type of "Pink Eye." The viral conjunctivitis trials are under way at 30 medical centers around the U.S. and expect to enroll approximately 250 patients.

06:56

FEED AgFeed Industries forms joint venture with Hypor (4.57 )

Co announces the formation of a joint venture with Hypor, B.V., a Hendrix Genetics. The new company, Hypor AgFeed Breeding Company will develop, operate and market a genetic nucleus farm in Wuning, China. Hypor AgFeed Breeding is owned 85% indirectly by AgFeed and 15% by Hypor.

06:55

FWLT Foster Wheeler announces senior leadership succession plan (29.25 )

Co announces that its Board of Directors has approved a senior leadership succession plan as summarized below. Effective June 1, 2010, Robert Flexon, will become Chief Executive Officer of Foster Wheeler AG. Flexon is currently President of Foster Wheeler USA. At the same time, Raymond Milchovich will relinquish the CEO role but will remain with the company and serve as Non-Executive Chairman of the Board and consultant to the company through October 2011. Umberto della Sala President and Chief Operating Officer of Foster Wheeler AG, has agreed to extend his tenure with the company through 2013.

06:54

WNS WNS appoints Eric Herr Chairman of the Board of Directors (14.66 )

06:53

OSTE Osteotech submits 510(k) application to FDA for clearance of its Duratech BioRegeneration Matrix (2.84 )

06:29

CYD China Yuchai forms joint venture with CIMC-Chery to expand heavy-duty diesel engine production in China (15.48 )

Co announces its main operating subsidiary, Guangxi Yuchai Machinery Company Limited has pursuant to a Framework Agreement entered into with Jirui United Heavy Industry, a company jointly established by China International Marine Containers Group and Chery Automobile and Shenzhen City Jiusi Investment Management incorporated Y & C Engine in Wuhu City, Anhui Province. The registered capital of the JV Company is Rmb 500,000,000. The key focus of the JV Company is the production of YC6K diesel engines.

06:27

KRA Kraton Performance Polymers prices 10.29 mln share IPO at $13.50 per share; below the $16-18 expected range

06:22

S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -13.00.

06:22

Asian Markets

Nikkei...10163.80...-13.60...-0.10%. Hang Seng...21347.63...-264.10...-1.20%.

06:22

European Markets

FTSE...5272.60...-47.90...-0.90%. DAX...5862.67...-41.00...-0.70%.

06:06

NBIX Neurocrine Biosciences announces sale of 4,784,689 shares of common stock at $2.09/share (2.27 )

Co reports that it has entered into a privately negotiated transaction to sell an aggregate of 4,784,689 primary shares of its common stock to affiliates of Venrock at a price of $2.09/share, raising aggregate gross proceeds to Neurocrine of approx $10 mln. Neurocrine expects the financing to close on or about December 22, 2009, subject to customary closing conditions.

06:04

BDSI BioDelivery Sciences announces positive Ph. 2 pain trial results for BEMA Buprenorphine (4.02 )

Co announces that the primary efficacy endpoint was achieved in their Phase 2 pain study assessing the efficacy and safety of BEMA Buprenorphine. The positive results follow BDSI's March 2009 announcement of favorable Phase 1 study results.

06:03

On The Wires

Merck (MRK) and Avecia Investments Ltd. announce that they have entered into a definitive agreement by which Merck will acquire the biologics business of the Avecia group through a Merck affiliate; financial details weren't disclosed... InterOil (IOC) announces the closing of the second stage of its acquisition of indirect participation interests first announced in September... China Yuchai (CYD) announces that its main operating subsidiary, Guangxi Yuchai Machinery has pursuant to a Framework Agreement entered into with Jirui United Heavy Industry Co., Ltd., a co jointly established by China International Marine Containers Group Ltd and Chery Automobile Co., Ltd., and Shenzhen City Jiusi Investment Management Co., Ltd Y & C Engine Co., Ltd. in Wuhu City, Anhui Province; registered capital of the JV co is Rmb 500,000,000.

04:16

AONE A123 Systems and SAIC Motor form joint venture (18.32 )

Co announces that they are entering into a joint venture with SAIC Motor, Ltd. The focus of the joint venture is to develop, manufacture and sell complete vehicle traction battery systems for use in hybrid electric and pure electric passenger vehicles and heavy duty truck and bus applications in the People's Republic of China.

02:22

APOG Apogee Enterprises beats by $0.18, misses on revs, issues FY10 in-line revenue guidance (14.49 )

Reports Q3 (Nov) earnings of $0.39 per share, $0.18 better than the First Call consensus of $0.21; revenues fell 25.2% year/year to $179.8 mln vs the $182.5 mln consensus. Co issues in-line guidance for FY10; sees FY10 revenue declining 22.0-24.0% from FY09 (translates into approx $703.38-721.89 mln vs $719.53 mln consensus). Co sees operating margin of 6.3-7.0%.

02:12

EZCH EZchip Semiconductor prices 3,863,050 common shares at $10.50/share (11.55 )

02:11

BAC Bank of America Board of Directors elects Brian Moynihan CEO and President (15.28 )

The Bank of America Board of Directors today elected Brian T. Moynihan as chief executive officer and president of the company. He will assume the office and join the Board of Directors following the retirement of Kenneth D. Lewis on December 31, 200

02:08

FUN Cedar Fair, LP agrees to be acquired by affiliate of Apollo Global Management for $11.50/share cash (9.08 )

Co announces that it has entered into a definitive merger agreement to be acquired by an affiliate of Apollo Global Management. Under the terms of the agreement, Cedar Fair unitholders will receive $11.50 in cash for each Cedar Fair limited partnership unit that they hold. The transaction is valued at approx $2.4 bln, including the refinancing of the co's outstanding indebtedness. The board of directors of Cedar Fair has unanimously approved the merger agreement and has resolved to recommend that Cedar Fair limited partnership unitholders adopt the agreement.

02:05

On The Wires

Cell Therapeutics (CTIC) announces that on February 10, 2010 the FDA's Oncologic Drugs Advisory Committee will review the New Drug Application for pixantrone for the treatment of relapsed/refractory aggressive non-Hodgkin's lymphoma... On2 Technologies (ONT) and Google (GOOG) jointly announce that the exchange ratio, or the fraction of a share of Google Class A Common Stock to be issued for each share of On2 Common Stock in connection with Google's proposed acquisition of On2, will be 0.0010... NV Energy (NVE) announces that the Public Utilities Commission of Nevada has approved three separate long-term power purchase agreements for renewable energy that will benefit its customers during the next 25 years... Shaw Comm. (SJR) agrees to purchase for cancellation 1.5 mln of its outstanding Class B Non-Voting Participating Shares, or approx 0.36% of the Class B Shares outstanding as of November 30, 2009, pursuant to a private agreement between Shaw and 3rd party seller for aggregate purchase price of $30.02 mln... Forest Labs (FRX) and Almirall, SA announce they have entered an agreement to develop, market, and distribute LAS100977 in the U.S.

18:48

TRCR Transcend announces pricing of public offering at $16.75 (17.22 -0.13)

Co announced announced that the public offering of 2,220,000 shares of its common stock has priced at $16.75 per share. The co is offering 1,500,000 shares of common stock and stockholders are offering the remaining 720,000 shares in the offering. The underwriters have a 30-day option to purchase up to an additional 333,000 shares from the Company and the selling stockholders. The co intends to use the net proceeds of the shares sold by it in the offering to repay the remaining $5.0 mln of its $7.0 mln term loan, fund new acquisitions and to fund working capital and other general corporate initiatives.

18:45

C Citi confirms it prices $17 bln common stock offering at $3.15 per share and prices $3.5 bln of tangible equity units at $100 each (3.45 -0.11) -Update-

Co announced the pricing of 5.4 bln common shares and 35 million tangible equity units as part of its agreement with the U.S. government and its regulators to repay U.S. taxpayers for the $20 bln the government holds in TARP trust preferred securities and to terminate the loss-sharing agreement with the government. The common stock priced at $3.15 per share, generating net proceeds of ~$17 bln. The tangible equity units priced at $100 each, generating net proceeds of ~$3.5 bln (about $2.8 bln counted as equity.) The combined offering of common stock and tangible equity units is the largest public equity offering in U.S. capital markets history. Upon completion of the offerings and the repayment of the $20 bln of the TARP trust preferred securities and the termination of the loss-sharing agreement, Citi will no longer be deemed to be a recipient of "exceptional financial assistance" under TARP... After giving effect to the issuance of the $17 billion in common stock, $3.5 bln of tangible equity units and $1.7 billion of stock compensation previously announced by Citi, as well as the repayment of $20 billion of the TARP trust preferred securities and the termination of the loss-sharing agreement, Citi's pro forma Tier 1 capital ratio at the end of the third quarter of 2009 would have been 11.0%, compared with 12.8%. The company's pro forma Tier 1 common ratio at the end of the third quarter would have been 9.0%, compared with 9.1%.

18:19

FLS Flowserve signs joint venture with Valbart to manufacture valves for Oil and Gas Industry (97.95 -0.71)

18:17

YONG Yongye International announces public offering of common stock (8.29 -0.16)

(Note: Co doesn't provide number of shares offered)

18:05

SM St. Mary Announces 2010 capital budget and production forecast (35.34 -0.02)

To announced that the total capital budget of $725 mln approved by Board of Directors; exploration and drilling budget set at $561 mln. Investment planned to be funded through operating cash flow and anticipated proceeds from divestitures; capacity available under existing credit facility to maintain or accelerate program. Roughly 40% of exploration & drilling budget allocated to Eagle Ford shale program; ~30% of budget dedicated to oil programs in the Permian and Williston basins. Over 20% production growth, adjusted for divestitures, from December 2009 to December 2010.

18:02

FUL H.B. Fuller agrees to issue $150 mln in senior unsecured notes (22.48 +0.61)

18:02

ABM ABM Industries beats by $0.01, misses on revs; guides FY09 EPS above consensus (19.98 -0.11)

Reports Q4 (Oct) earnings of $0.39 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.38; revenues fell 4.2% year/year to $868 mln vs the $900.6 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.35-1.45, excluding non-recurring items, vs. $1.32 consensus.

18:01

AZO AutoZone announced its Board of Directors authorized the repurchase of an additional $500 mln of the co's common stock in connection with its ongoing share repurchase program (157.99 +1.08)

18:00

SMBL Smart Balance announced that its board of directors has authorized a two-year stock repurchase program of up to $25 mln, to begin in 2010 (5.54 +0.08)

17:55

HLF Herbalife reaffirms FY09 and FY10 guidance below consensus (42.13 +0.16)

Co reaffirms guidance below consensus; co reaffirms previously issued full year 2009 earnings $3.19 - $3.22 vs. $3.23 First Call consensus; sees full year 2010 EPS guidance ranges of $3.50-3.65 vs. $3.68 First Call consensus.

17:37

TWX Time Warner announces agreement to acquire NDTV imagine (30.04 -0.10)

Co announced that its board of directors has approved the acquisition of NDTV Imagine Limited (Imagine) from NDTV Networks Plc, an indirect subsidiary of NDTV Limited. Imagine owns a leading Hindi general entertainment channel and other entertainment assets in India. The acquisition will be made by Turner Asia Pacific Ventures, Inc., a Time Warner company, and Imagine will become a key part of Turner's operations in the Asia-Pacific region.

17:25

APWR A-Power Energy: Shenyang power, US-REG and Cielo wind sign definitive agreement for 600 MW West Texas Wind farm project (18.67 +0.88)

Co announced that Shenyang Power Group, the U.S. Renewable Energy Group and Cielo Wind Power LP have entered into a definitive agreement for their ownership of a project company to develop a 600 MW wind farm in West Texas.

17:18

CNO Conseco announces pricing of public common stock offering of $4.75 (5.14 +0.33)

17:16

SCHL Scholastic Board authorizes further repurchase of up to $20 mln in common stock (28.47 +0.26) -Update-

17:06

TG Tredegar Corp appoints O'Leary As Vice President, Chief Financial Officer and Treasurer; Brickhouse Appointed Controller (15.37 +0.74)

Co announced that Kevin A. O'Leary, who served as Vice President, Finance of Tredegar Film Products Corp, has been appointed Vice President, Chief Financial Officer and Treasurer of Tredegar Corporation, effective December 11, 2009.

17:01

JNJ Johnson & Johnson: Ethicon announces definitive agreement to acquire Acclarent (64.80 +0.06)

Ethicon, a Johnson & Johnson company and a co in surgical care, and Acclarent, a privately held medical technology company dedicated to designing, developing and commercializing devices that address conditions affecting the ear, nose and throat (ENT), today announced a definitive merger agreement whereby Ethicon will acquire Acclarent in an all-cash transaction for approximately $785 million net of estimated cash on hand at time of closing. The closing of the transaction is subject to customary conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The boards of directors of both companies and the shareholders of Acclarent have approved the transaction... Upon closing, the transaction is expected to have a dilutive impact to Johnson & Johnson's 2010 adjusted earnings per share of approximately $0.03 to $0.04. The transaction is expected to close in the first quarter of 2010.

17:01

PFE Pfizer: Toviaz 8 mg was more effective than Detrol LA in treating urge urinary incontinence in patients with overactive bladder (18.41 +0.12)

Patients treated with Toviaz (fesoterodine fumarate) 8 mg extended release tablets had greater and statistically significant reductions in urge urinary incontinence episodes at week 12 (P=0.017) compared with Detrol(R) LA (tolterodine tartrate extended release capsules) in a placebo-controlled randomized clinical trial. The primary endpoint of the study was reductions in urge urinary incontinence episodes. This new study, published today in the January issue of BJU International, is the first head-to-head superiority trial specifically designed to compare the two medications. When looking at prespecified secondary endpoints, patients treated with Toviaz 8 mg had a significantly greater increase in the average volume of urine voided per micturition from baseline to week 12 compared with those who received Detrol LA (P=0.005). The differences between Toviaz 8 mg and Detrol LA in urinary frequency (P=0.380) and urgency episodes (P=0.054) were not statistically significant.

17:00

STAR Starent Networks receives clearance from the U.S. Department of Justice and Federal Trade Commission for acquisition by Cisco Systems (34.60 )

Co announced that the U.S. Department of Justice and Federal Trade Commission have terminated the mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to Cisco Systems' pending acquisition of Starent. With the receipt of this clearance the remaining regulatory approval requirements under the merger agreement between Starent and Cisco, providing for the acquisition of Starent by Cisco, have been satisfied. Accordingly, Starent expects the closing of the transaction to occur in the coming days. The closing day will also be Starent's last day of trading on The NASDAQ Global Select Market.

17:00

DAN Dana Holding announces agreement to sell Structural Products business to Metalsa (9.40 -0.03) -Update-

The co announces that it has signed an agreement to sell its global Structural Products business to Metalsa, the largest vehicle frame and structures supplier in Mexico. The operations and assets to be sold generated consolidated revenues of approximately $695 million in 2008. The agreement provides for Metalsa and certain of its affiliates to acquire the equity and tangible and intangible assets of the global operations comprising Dana's Structural Products business from Dana and certain of its affiliates for an aggregate purchase price of up to $150 million and the buyer's assumption of certain liabilities related to the business. The purchase price includes $130 million payable at closing, subject to usual closing adjustments; $5 million payable on the first anniversary of closing; and up to $15 million subject to an earn-out. Approximately 10% of the $130 million payment at closing will be held in escrow to support Dana's post-closing indemnification obligations to Metalsa. In addition, the parties will also enter into ancillary agreements, including a transition services agreement, supply agreements, and intellectual property license arrangements. Dana will retain and continue to operate Structural Products operations at its Longview, Texas, facility. Closing of the transaction is subject to government regulatory approvals and customary closing conditions. In connection with the completion of this transaction, Dana expects to recognize a pre-tax loss in the range of $150 million to $180 million, most of which is expected to be recorded in the fourth quarter of 2009 as impairment of the related long-lived assets.

16:58

HEB Hemispherx Biopharma addresses Ampligen manufacturing issues (0.58 +0.03)

The co states that on December 11, 2009, the Company, via its manufacturing subcontractor, in Spokane, WA, submitted comprehensive new data to the regional office of the FDA, Seattle, WA, which Hemispherx management believes demonstrate that certain manufacturing issues noted in earlier pre-approval inspections at the facility have been fully addressed. The referenced reports on Ampligen (Poly I: Poly C12U), an experimental therapeutic being developed for potential treatment of Chronic Fatigue Syndrome ("CFS"), are the combined work-product of the staffs at Hemispherx and its subcontractor. These are the same manufacturing issues sited in previous 10-Q's and the recent 10-K. These manufacturing issues were also part of a Complete Response Letter from the FDA described in a December 1, 2009 press release.

16:55

MLHR Herman Miller reports EPS in-line, beats on revs (16.78 -0.01)

Reports Q2 (Nov) earnings of $0.20 per share, excluding non-recurring items, in-line with the First Call consensus of $0.20; revenues fell 27.9% year/year to $343.7 mln vs the $334.5 mln consensus.

16:49

JAH Jarden made a binding offer to acquire the Mapa Spontex Baby Care and Home Care businesses (28.41 -0.34)

Co announced that it has made a binding offer to acquire the Mapa Spontex Baby Care and Home Care businesses of Total S.A. Under the terms of the offer, Jarden will pay approximately $500 million in cash, less any indebtedness assumed by Jarden.

16:46

PAYX Paychex beats by $0.02, reports revs in-line; guides FY10 revs in-line (31.50 -0.32)

Reports Q2 (Nov) earnings of $0.35 per share, $0.02 better than the First Call consensus of $0.33; revenues fell 5.3% year/year to $496.6 mln vs the $496.4 mln consensus. Co issues in-line guidance for FY10, sees FY10 revs falling 2-5%, which equates to ~$1.98-2.04 bln vs. $2 bln consensus.

16:42

NEWP Newport retires $20.2 million of its convertible subordinated notes (8.39 +0.17)

Co reported that it has used $18.7 million of cash to retire $20.2 million of its convertible subordinated notes. As a result of this transaction, the company's results for the fourth quarter of 2009 will be positively impacted by a total of $0.5 million due to the gain on extinguishment of debt and the lower interest expense for the period. In addition, due to the reduction in the company's total debt, it expects to incur lower interest expense in 2010 and beyond. Newport estimates that this reduction will result in approximately $0.03 of incremental earnings per diluted share in 2010.

16:41

OSIP OSI Pharm: Confirms that FDA Advisory Committee recommends against approving Tarceva for first-line maintenance use in advanced non-small cell lung cancer (32.89 -2.51) -Update-

Co confirms that the FDA Oncologic Drugs Advisory Committee voted 12 to one recommending against approval of the daily pill Tarceva for first-line maintenance use in people with advanced or metastatic non-small cell lung cancer whose cancer has not progressed (grown or spread) following first-line treatment with platinum-based chemotherapy. The FDA is not bound by the recommendations of its advisory committees and the agency is expected to make a decision whether to approve Tarceva for this use by Jan. 18, 2010. Co states,"We are disappointed with the Committee's recommendation and will work diligently to respond to the issues that arose today as quickly as possible. We continue to believe that having an oral, well-tolerated treatment option that can maintain the initial benefit from cytotoxic chemotherapy would be an important advance in treating advanced lung cancer and will explore further with regulatory agencies how best to pursue this outcome. We continue to hope Tarceva may be an option that could help more people with advanced non-small cell lung cancer live longer without the disease getting worse."

16:34

NDSN Nordson misses by $0.03, beats on revs; guides Q1 EPS in-line, revs above consensus (57.84 +0.87)

Reports Q4 (Oct) earnings of $0.85 per share, $0.03 worse than the First Call consensus of $0.88; revenues fell 20.4% year/year to $237 mln vs the $233.1 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.52-0.62, excluding non-recurring items, vs. $0.59 consensus; sees Q1 revs growth of 13-17%, which equates to ~$210.9-218.3 mln vs. $199.01 mln consensus.

16:33

MFA MFA Mortgage declared quarterly dividend of $0.27 per share of common stock, up from $0.25 per share of common stock (7.53 -0.13)

16:32

PBIP Prudential Bancorp of Pennsylvania announced Prudential Mutual Holding, the majority shareholder, approved the purchase of an additional 50K shares of common stock (9.49 +0.33)

16:30

IFON InfoSonics announces resignation of Chief Financial Officer and appointment of interim Chief Financial Officer (1.11 -0.01)

Co announced Jeffrey Klausner's decision to step down as Chief Financial Officer effective January 10, 2010. Mr. Klausner has taken a position closer to his residence allowing him to spend more time with his family. Roger Laungani, the Company's Corporate Controller since August 2006, has been appointed as InfoSonics' interim Chief Financial Officer as the Company begins a search for a Chief Financial Officer.

16:20

RHB RehabCare received regulatory approval for the acquisition of St. Agnes Long-Term Care Hospital (30.98 -0.31)

Co announces it has received regulatory approval for the acquisition of St. Agnes Long-Term Care Hospital from Mercy Health System. RehabCare announced its merger with Triumph HealthCare in November. The newly named Triumph Hospital Philadelphia will continue in its current location but will expand its existing scope of services.

16:19

ITRI Itron announces that LeRoy Nosbaum will retire as Executive Chairman (66.83 -0.77)

Co announces that LeRoy Nosbaum will retire as Executive Chairman of the Board of Directors at the end of the year, concluding 13 years of service with Itron, including 8 years as Chairman. Jon Eliassen, an independent director since 1987, has been elected Chairman effective January 1, 2010.

16:19

ORBC Orbcomm reaches settlement on satellite insurance claim (2.29 +0.09)

Co announced that ORBCOMM Inc. and its satellite insurers settled any and all claims relating to the Coast Guard Demonstration satellite and five quick launch satellites. The settlement is in the amount of $44,250,000, which equates to 88.5% of the maximum claim of $50,000,000 from third party insurers. ORBCOMM retains ownership of the two quick launch satellites still operating.

16:18

DOLE Dole Food confirms no Dole entities are addressees of theStatement of Objections issued by European Commission (12.33 +0.34)

Co confirmed that no Dole entities are addressees of the recently announced Statement of Objections issued by the European Commission, which alleges that a number of companies active in the import and marketing of bananas in Southern Europe had participated in a cartel in violation of the European competition laws. Throughout the investigation preceding the issuance of the Statement of Objections Dole cooperated with the European Commission in its inquiries, while maintaining that it had not violated European competition law.

16:15

LDK LDK Solar partners with GPR-SBTFC for developing and constructing 100 MW of PV plants in Europe in 2010 (9.20 +0.08) -Update-

Co has signed an agreement with Global Power Resources to develop and construct PV plants totalling 100 megawatts in 2010. LDK Solar will provide engineering, procurement, construction services and supply the solar modules. GPR will acquire the final ownership of the PV plants. The targeted 100MW of PV plants is expected to be completed by the end of 2010. The project pipeline, which will be carried out by LDK Solar, will involve all the European countries currently participating in national feed-in tariff subsidies, such as France, Germany, Italy and Spain.

16:12

KEY KeyCorp has been awarded $50 million in New Markets Tax Credits (5.74 -0.08)

Co has been awarded $50 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury as part of federal tax incentive program that encourages increased lending and investing in low- and moderate-income (LMI) areas. The new allocation is KeyBank's fourth, and it raises the bank's total amount received to $330 million since the program's inception.

16:11

BONDX Fed Up -04/32 3.601%...euro 1.4535...yen 89.7900

The FOMC was about what was expected, with a little color added to the economic related commentary, specifically regarding the labor issues ("deterioration in the labor market is abating"). The market was geared up for some scolding in that the Fed is sticking to its guns on the unwinding of liquidity measures and inflation remains subdued (and those pesky expectations in check), but they will eventually be seeing growth and will eventually raise rates. Treasuries were generally lower, although not in a big way, while the market saw flurries of activity on the day's data and the statement, things remain pretty wafer thin. The curve was wound to steeper levels taking aim at the historic levels seen in June, with the 2-10-yr yield spread running 276.5. The dollar was able to gun better following the release and the prospect of higher rates...sometime....in the future. The euro was knocked back to just over 1.45 and the yen was wound up to give up nearly 90 per dollar, but has pushed back to where it was pre-Fed. The day ahead has initial jobless claims (8:30) and leading indicators and the Philly Fed (10). They will also be voting on Fed-head Bernanke's confirmation in the senate (9:30)

16:10

MATK Martek Biosci reports EPS in-line, misses on revs; guides Q1 EPS below consensus, revs in-line (18.25 -0.16)

Reports Q4 (Oct) earnings of $0.33 per share, excluding non-recurring items, in-line with the First Call consensus of $0.33; revenues fell 3.1% year/year to $87.6 mln vs the $89.2 mln consensus. Co issues downside EPS guidance for Q1, sees EPS of $0.29-0.32 vs. $0.33 consensus; sees Q1 revs of $85-89 mln vs. $88.13 mln consensus. Co says, "With respect to fiscal 2010, Martek anticipates modest growth in infant formula revenues, most of which is expected to take place in the second half of the year, as penetration in the overseas markets is expected to outpace any decreases domestically due to declining birth rates. Moreover, meaningful growth is projected in the non-infant formula category during fiscal 2010 fueled, in part, by certain new customers that are expected to launch products in FY10. On an overall basis, the co expects growth in both revenues and profitability over FY09 with profitability growing at a higher rate than revenues primarily due to improvements in gross profit margins."

16:06

IIG Imergent provides update on Australian litigation (6.01 +0.01)

Co announces that the Federal Court of Australia confirmed a partial settlement between the Australian Competition and Consumer Commission (ACCC) and iMergent. The settlement entered resolves issues including sales disclosures made in Australia, compensation of Australian purchasers and all fees and costs incurred by the ACCC.

16:05

PRS Primus Guaranty purchased one million of its common shares in a privately negotiated transaction (3.26 -0.06)

Co announced that it purchased one million of its common shares in a privately negotiated transaction with one of its largest shareholders. The trade settled on December 14, 2009. The Company agreed to pay $3.20 per share for a total cost of $3.2 million.

16:05

SPN Superior Energy Svcs replaces expiring $350 mln share repurchase program (23.75 +0.38)

Co announces that its Board of Directors has authorized a share repurchase program of the company's common stock to replace the existing program which expires on December 31, 2009. The program will have an authorized limit of up to $350 million and will expire on December 31, 2011.

16:05

UTSI UTStarcom appoints Kenneth Luk Chief Financial Officer, effective immediately (2.03 +0.13)

16:03

PATK Patrick Industries completes new amendment of its credit agreement (2.46 +0.16)

Co entered into a fourth amendment to its senior secured credit agreement dated May 18, 2007. The Fourth Amendment includes the modification of certain definitions, terms and reporting requirements to better align with updated operating and cash flow projections for fiscal year 2010. The financial covenants were modified to establish new quarterly minimum consolidated earnings before interest, taxes, depreciation and amortization requirements that will replace the existing minimum one-month and two-month requirements beginning with the fiscal quarter ended March 28, 2010. Additionally, monthly borrowing limits under the revolving commitments were reset in conjunction with updated projected monthly cash flows for 2010. Borrowings under the revolving line of credit are subject to a borrowing base, up to a maximum borrowing limit of $28.0 million for fiscal year 2010. The interest rates for borrowings under the revolving line of credit and the term loan, and the expiration date of the Credit Agreement remained unchanged.

16:01

QCOM Qualcomm: Pennsylvania State Employees Credit Union Selects Firethorn for mobile banking services (44.69 -0.19) -Update-

Firethorn Holdings, a Qualcomm company (QCOM), announces that Pennsylvania State Employees Credit Union has selected Firethorn's mobile banking services for its more than 365,000 members. PSECU has more than $3 billion in credit union assets.

16:01

NANO Nanometrics announces it intends to offer shares of common stock (12.44 +0.05)

16:01

DLA Delta Apparel to acquire on-demand customized graphics apparel business (11.22 +0.07)

Co announces it has signed a letter of intent and expects to acquire substantially all of the net assets of Art Gun Technologies by Dec. 31, 2009. Through its technology or "virtual art studio", Art Gun provides shoppers the ability to design apparel products by choosing different styles, colors and graphics to create their one-of-a-kind customized garment.

16:00

ALOT Astro-Med's QuickLabel Systems acquires label company in North Carolina (7.43 +0.06)

Co announces that it acquired Label Line, a manufacturer of labels and tags located in Asheboro, NC, on December 15, 2009. Label Line will become part of Astro-Med's QuickLabel Systems brand. The co announced that, "The acquisition of Label Line is in accordance with the Three Year Strategic Business Plan we adopted in August which calls for us to make a few modest acquisitions that, along with internal growth, will drive our revenue toward the $100 mml mark. We expect this acquisition to allow us to realize approximately $5 mln in sales that will be accretive to revenues as well as earnings."

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