Briefing.com: Hourly In Play (R) – 13:00 ET
Apr 28, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 28-Apr-10 13:00 ET
12:50
EWP iShares Spain drops to new 11 month low after debt downgrade (38.12 -0.97) -Update- -Technical-
Today's debt downgrade has led to a extension of the April leg lower with the July 2009 reaction low at 37.66 tested (session low 37.63) -- Click for chart. The EWP trades an averages of 287 K per day, today's volume is 725 K.
12:45
GDX Midday global & sector ETF movers-- Gold Miners lead & Solar Power lags here @ midday -Technical-
The Actively Traded Leading Global & Sector ETFs:
gold miners- GDX +3.25%, iShares Australia- EWA +1.50%, homebuilders & home construction- XHB +1.50%, ITB +1.25%, regional banks- RKH +1.50%, KRE +1.0%, financials- XLF +1.25%, IYF +1.0%, commercial banks- KBE +1.25%, base metals- DBB +1.0%, iShares S Korea- EWY +1.0%, crude/WTI oil- USO +1.0%, OIL +1.0%
The Actively Traded Lagging Global & Sector ETFs:
solar power- TAN -1.50%, iShares Germany- EWG -1.50%, heating oil- UHN -1.25%, iShares France- EWQ -1.0%, Yen currency shares- FXY -1.0%, platinum- PTM -0.75%, PGM -0.50%, global timber- CUT -0.75%
12:30
LIFE Midday NASDAQ 100 (NDX) strength & weakness -- Biotechnology & Semis lead @ midday -Technical-
NDX 10 Best % Performers:
LIFE, BRCM, ILMN, CMCSA, PDCO, WCRX, VMED, SRCL, HSIC, ISRG
NDX 10 Worst % Performers:
ATVI, FLEX, MICC, DISH, LINTA, FWLT, TEVA, URBN, STX, VOD
NASDAQ TRIN @ +1.45
12:27
JPM Midday Dow 30 (INDU) strength & weakness -- Financials still lead @ midday -Technical-
INDU 5 Best % Performers:
JPM, GE, BAC, XOM, PG
INDU 5 Worst % Performers:
INTC, MCD, BA, WMT, HD
NYSE TRIN @ +0.60
12:00
PSDV pSivida receives $15 million payment from Alimera Sciences (4.89 +0.19)
Co received full payment of a $15 million note, including an additional $225,000 in accrued interest, from Alimera Sciences, pSivida's licensee developing Iluvien for the treatment of diabetic macular edema. Alimera has stated that it intends to file the NDA for Iluvien this quarter and to seek priority review, which, if granted, is expected to result in a response from the FDA in the 2010 fourth quarter. If the FDA approves Iluvien for the treatment of DME, pSivida is due to receive a $25 million milestone payment from Alimera. pSivida would also be entitled to receive 20% of the net profits of sales of Iluvien.
11:55
European Markets Closing Prices: FTSE: 5586.6 -16.9 -0.3%, DAX: 6084.3 -75.2 -1.2%, CAC: 3803.5 -41.1 -1.1%, Spain's IBEX: -3.0%, Portugal's PSI: -1.2%
11:48
ABT Abbott receives FDA approval for once-daily dosing of Kaletra for treatment-experienced patients (49.82 +0.04)
Co announced that the FDA approved once-daily dosing of Kaletra for adult patients with HIV who have previously taken antiretroviral therapy. Kaletra once-daily dosing is already indicated for adult patients new to antiretroviral treatment. This gives treatment-experienced patients who have HIV that responds to Kaletra another dosing option as determined by their physician.
11:39
APD Air Products hydrogen fueling technology selected for warehouse environmental makeover at UNFI distribution center in Florida (77.29 -0.13)
Co announced that its hydrogen fueling technology for the material handling market is being installed at the Sarasota, Florida distribution center of United Natural Foods, Inc. (UNFI). Air Products' technology will fuel 65 fuel cell powered lift trucks that will be mobilized at the distribution facility moving consumer goods on a daily basis. The equipment for the 352,000 square-foot Sarasota facility, which serves as a regional distribution hub for customers in Southeastern United States, is targeted to be operational by the end of June 2010.
11:38
SPY Some follow through on Spain related slide with Dow -25 and S&P -1.5 joining Nasdaq -14 at new session lows -Update- -Technical-
11:29
SPY Stock indices drop after downgrade of Spain -- Dow +18, S&P +4.3, Nasdaq -4.2 -Update- -Technical-
11:26
TM Toyota Motor confirms voluntary recall on 2003 model-year Sequoia to upgrade program logic in vehicle stability control system (76.98 -0.01)
Toyota Motor Sales U.S.A. confirms it will conduct a voluntary safety recall on ~50,000 early-2003 Model-Year Toyota Sequoia sport utility vehicles to upgrade program logic in its Vehicle Stability Control (VSC) system. There have been no reported injuries or accidents as a result of this condition.
11:15
GWW WW Grainger raises quarterly cash to $0.54 per share, up from $0.46 per share (108.61 +0.46)
11:10
XLF Banking ETFs vacillating near morning highs -- RKH, KBE, KRE -Update- -Technical-
The XLF +1.8% and other sub-sectors (Insurance KIE +1.3%, Broker IAI +0.9%) are lagging slightly behind
10:58
JPM JP Morgan Chase edging back toward early session high of 43.40 after yesterday's hold near its 200-day sma (43.33 +0.92) -Update- -Technical-
10:56
C Citigroup edging back near early high of 4.52 after yesterday's late test/hold at its 200-day ema (4.50 +0.16) -Technical-
10:54
COMDX Gold trades to its best levels of the morning at $1171.00; now higher by $8.40 to $1170.60
10:51
WMT Wal-Mart holds on initial retest of yesterday's low at 53.53 -- session low 53.53 (53.68 -0.36) -Technical-
10:49
PNRA Panera Bread hammered after reporting, drops to new session low at the 80.00 psych level (80.17 -6.03) -Update- -Technical-
Chart support below is at its March peak/bull breakout point at 79.73.
10:47
QQQQ For the second time this morning the Nasdaq Comp -3.1 has set a new session low that was not confirmed by the Dow +25 and S&P +4.6 -Update- -Technical-
First level support for the Nasdaq Comp noted in The Technical Take 2468/2459 is still intact (session low 2461).
10:38
GOOG Google extends its recent weakness lower intraday as it dips down to challenge its Feb range/7-mth low here near the $520.00-523.00 area (521.17 -6.79) -Technical-
Would note that the stock is taking out its 200-day ema (near $529.00) with this morning's action, something that sellers have not managed to do since the buyers were able to reclaim that level last April... a notable character change.
10:36
T AT&T divests stake in Tech Mahindra; will maintain business relationship (25.72 -0.23)
Co announced it has divested its holdings in Tech Mahindra Limited. Per the terms of a 2005 agreement, on March 22, 2010, AT&T exercised an option over ~9.9 million shares, representing 8.1% of Tech Mahindra shares outstanding on that date. AT&T intends to maintain its vendor relationship with Tech Mahindra, which provides IT services to AT&T. "Our relationship with Tech Mahindra offers strategic advantages to AT&T, and we plan to continue to work with Tech Mahindra to meet AT&T's information technology needs," said Thaddeus Arroyo, chief information officer, AT&T. Terms of AT&T's contract with Tech Mahindra are not available.
10:35
ITB 1st hour global & sector ETF movers-- Homebuilders & Home Construction lead & Silver lags -Technical-
The Actively Traded Leading Global & Sector ETFs:
homebuilders & home construction- ITB +1.75%, XHB +1.50%, commercial banks- KBE +1.50%, gold miners- GDX +1.50%, financials- XLF +1.50%, IYF +1.25%, iShares Australia- EWA +1.50%, regional banks- KRE +1.25%, RKH +1.50%, insurers- KIE +1.25%
The Actively Traded Lagging Global & Sector ETFs:
silver- SLV -2.0%, VIX vol index- VXX -1.25%, Yen currency shares- FXY -1.0%, platinum- PGM -0.50%, PTM -0.50%, US bonds- TLT -0.50%, solar power- TAN -0.75%, RBOB gas0 UGA -0.25%, iShares Germany- EWG -0.50%
10:33
YHOO Yahoo! down for fourth session in a row but attempting to stabilize after testing its 50-day sma at 16.64 -- session low 16.65 (16.76 -0.17) -Technical-
10:31
EGN Energen beats by $0.01, beats on revs; raises FY10 EPS guidance (48.54 +0.45)
Reports Q1 (Mar) earnings of $1.62 per share, $0.01 better than the Thomson Reuters consensus of $1.61; revenues rose 18.8% year/year to $574.9 mln vs the $546.6 mln consensus. Co says it is increasing guidance largely due to solid first quarter results. Co raises guidance for FY10, sees EPS of $4.30-4.70, up from $4.20-4.60, vs. $4.43 Thomson Reuters consensus. "We are above our budgeted expectations despite falling short of expected production primarily due to timing issues. In addition, we have adjusted our assumed prices for our unhedged production for the remainder of the year to more closely reflect the current market outlook." Energen's new earnings guidance assumes that commodity prices applicable to its unhedged production for the remainder of the year will average $4.50 per Mcf for natural gas, $85 per barrel for oil and 92 cents per gallon for NGL.
10:31
UUP Dollar Index vacillating modestly under overnigh/11 month high -Technical-
The inverse relationship between the Dollar Index and equity market is not as tight as it was during 2009. However, periods of Dollar strength since Dec have still been associated with a drifting or slipping S&P (Click for chart).
10:31
OIH Crude oil ticks back towards positive territory following inventory data; now up a penny to $82.46
10:30
CPIX Cumberland Pharma partners in Canada with Alveda Pharmaceuticals to commercialize Caldolor (10.84 +0.19)
Co announced it has entered into an exclusive agreement with Alveda Pharmaceuticals Inc. (Alveda Pharma), a Toronto-based specialty pharmaceutical company, for the commercialization of Caldolor Injection in Canada. Designed to treat pain and fever in the hospital setting, Caldolor was approved by the FDA and launched by Cumberland in the United States in 2009. According to the terms of the agreement, Alveda Pharma will seek Canadian regulatory approval for Caldolor and, upon approval, handle ongoing regulatory requirements as well as product marketing, distribution and sales throughout Canada. Cumberland will maintain responsibility for product formulation, development and manufacturing. In exchange for the license to the product, Cumberland will receive royalties on future sales of Caldolor in addition to upfront and milestone payments as well as a transfer price.
10:28
BRCM 1st hour NASDAQ 100 (NDX) strength & weakness-- Semis lead -Technical-
NDX 10 Best % Performers:
BRCM +3.75%, XRAY +3.0%, VMED +2.50%, JOYG +2.25%, LIFE +2.0%, PDCO +1.50%, FSLR +1.50%, SHLD +1.75%, WCRX +1.50%, NIHD +1.25%
NDX 10 Worst % Performers:
ATVI -3.50%, AMZN -2.0%, VOD -1.75%, AAPL -1.75%, FLEX -1.50%, FWLT -1.50%, YHOO -1.25%, SNDK -1.25%, VRSN -1.25%, STX -1.25%
NASDAQ TRIN @ +1.40
NASDAQ A/D @ +425
10:24
JPM 1st hour Dow 30 (INDU) strength & weakness -- Financials lead through the 1st hour
INDU 5 Best % Performers:
JPM +1.75%, BAC +1.50%, CAT +1.50%, KFT +1.0%, IBM +0.75%
INDU 5 Worst % Performers:
MCD -1.0%, T -1.0%, INTC -0.75%, BA -0.75%, UTX -0.75%
NYSE TRIN @ +0.65
NYSE A/D @ +700
10:18
AMZN Amazon.com notches new session low of 139.13 to test support at last week's low of 139.13 (139.18 -2.84) -Technical-
10:17
PPL PPL Corp makes an aggressive extension lower following CNBC report (see 10:07); stock now down 5% on the day and making new 52-wk lows (26.32 -1.40) -Update-
10:15
IMAX IMAX and Warner Bros. sign up to 20 picture deal from 2010 through 2013 (20.34 +0.19)
Co and Warner Bros. Pictures, a unit of Time Warner Inc. (TWX), announced that they have completed an agreement to release up to 20 Warner Bros. films in IMAX's format over the course of the next three and a half years (from 2010 through 2013).
10:15
QQQQ Lagging Nasdaq 100 -0.3 and Nasdaq Comp -0.2 slip just slightly under yesterday's lows but the move has not been confirmed by the Dow +7 and S&P +3 -Technical-
10:15
X U.S. Steel Canada to sell Bar, Bloom & Billet Mill to Max Aicher North America (57.94 +1.31) -Update-
Co announced that it has entered into an agreement to sell the No. 1 Bar Mill and the No. 3 Bloom and Billet Mill located at its Hamilton Works to Max Aicher (North America) Inc., a wholly owned subsidiary of Max Aicher GmbH & Co. KG of Germany. The transaction is subject to the receipt of certain government approvals and other conditions. Terms of the transaction were not released. The balance of the operations at U. S. Steel Canada Hamilton Works will not be affected by the sale.
10:04
SAP SAP AG on defensive after reporting, vacillating near its 50-day sma at 47.11 -- session low 47.10 (47.10 -1.45) -Update- -Technical-
The 38% retrace of the entire Feb-April rally is at 41.00.
10:01
ARRS Arris cable products meet USDA 'Buy American' requirement (12.48 +0.10) -Update-
10:01
SPY Stock indices slip back slightly off early highs -- Dow +19, S&P +4.5, Nasdaq +2.7 -Update- -Technical-
Seeing relative sector weakness on this intraday move in Semi SMH, Internet HHH, Software SWH, Restaurant, Airline, Casino BJK.
10:00
FNF Fidelity National: Savana enters enterprise licensing deal with Fidelity National Financial for business process automation (15.24 +0.15)
Savana announced that it has entered into an enterprise wide license with Fidelity National Financial for its EPITOME Suite of business process automation software.
09:49
TECHX Opening Point Gainers/Losers -Technical-
Point Gainers: GS (+4.02), OC (+3.75), RKT (+2.99), JLL (+2.79), AIG (+2.31), AMED (+2.45), CP (+2.03), ROK (+2.25), TMO (+1.93), BRCM (+1.88), RGR (+1.84), IVZ (+1.78), DFG (+1.75)
Point Losers: BWLD (-8.76), PNRA (-3.98), JST (-2.24), RHI (-3.55), AMAG (-3.86), SMCI (-3.13), MHS (-2.88), NATI (-2.41), DVA (-2.39), CMP (-2.45), HTCH (-2.04), EEFT (-1.94), HZO (-1.27)
09:44
SPY S&P +5.6 and Nasdaq Comp +7.9 test/hold at first level resistance -Technical-
Highlighted resistances at 2482/2488 Nasdaq (high 2484) and 1189/1190 S&P (high 1190) and have seen a quick test and pause this morning. Second level resistances are at 2497/2508 and 1194/1196, respectively.
09:39
XLF Early sector leadership -Technical-
Helping pace the bounce in early trade are Finance (XLF +1.6%, KBE +1.7%, KIE +1.4%, RKH +1.5%) along with Housing XHB +1.9%, Coal KOL +1.3%, Airline +1.3%, Semi SMH +1.2%, Casino BJK +1.2%.
09:34
USEG U.S. Energy received a cash distribution of $1.1 million from Standard Steam Trust (5.82 +0.08)
Co announced that it has received a cash distribution of $1.1 million from Standard Steam Trust ("SST"). SST notified USE that the management committee approved a $5 million aggregate distribution on April 1, 2010. USE's 22.8 % share of the distribution was $1.1 million. The distribution resulted from a sale by SST of one of their eight projects to an undisclosed third party for an undisclosed amount.
09:33
BWLD Buffalo Wild Wings gaps down near its Feb low of 41.28 and stabilizes -- session low 41.23 (41.92 -9.09) -Update- -Technical-
09:16
JPM JP Morgan Chase to add 90 bank branches in California in 2010 (42.91 )
Co announced that it will continue its investment in California by opening about 90 new branches and adding more than 1,200 new jobs to California in 2010.
09:10
TEVA Teva Pharm announces launch of generic Flomax (59.70 )
Co announced U.S. Food and Drug Administration (FDA) approval and commercial launch of its generic version of Boehringer Ingelheim's Flomax Capsules, 0.4 mg, a product indicated for the treatment of signs and symptoms of benign prostatic hyperplasia. The brand product had annual sales of approximately $2 billion in the United States, based on IMS sales data.
09:10
On The Wires
RiT Technologies (RITT) and Stins Coman Inc., RiT's controlling shareholder, announced that they have extended the term of their convertible loan agreement, which was originally due to expire in June 2010, by an additional 12 months, until June 11, 2011. During this extended period, RiT may call for any additional portion of the loan... Level 3 Communications (LVLT) announced that is has issued an irrevocable notice to redeem its 10% Convertible Senior Notes due 2011 on May 27, 2010. The aggregate principal outstanding amount of $171,800,000.00 of the 10% Notes will be redeemed at a redemption price of $1,016.70 per $1,000.00 principal amount of 10% Notes, plus accrued and unpaid interest up to, but not including, May 27, 2010... Diamond Offshore Drilling (DO) announced its decision to redeem on May 28, 2010 all of its outstanding Zero Coupon Convertible Debentures Due June 6, 2020 at the redemption price of $706.28 per $1,000 principal amount at stated maturity, in accordance with the Indenture under which the Debentures were issued. On May 28, 2010, the redemption price will become due and payable and original issue discount on the Debentures will cease to accrue... Vitacost.com, (VITC) announced the opening of its new west coast distribution center located in Las Vegas, NV. The new 155,000 square foot distribution center replaces the Company's former 63,000 square foot Las Vegas facility, which is in the process of being closed. All products are now successfully being shipped out of the new facility... Internet Brands (INET) announced the acquisition of ExpertHub, a network of websites that connects consumers with attorneys and other professionals... HealthSouth Corporation (HLS) announced it has entered into a definitive agreement to purchase Desert Canyon Rehabilitation Hospital, a 50-bed inpatient rehabilitation hospital located in southwest Las Vegas, Nev... TeleCommunication Systems (TSYS) announced the issuance by the U.S. Patent and Trademark Office of patent number 7,707,407 entitled, "Encryption of Voice and Data in a Single Data Stream in a Deployable, Secure Communication System"... Premier Purchasing Partners has awarded a contract for patient cleansing and skin care products to the Advanced Wound Management Division of Smith & Nephew, a subsidiary of Smith & Nephew (SNN).
09:03
CFR Cullen/Frost Bnkrs beats by $0.04 (57.80 )
Reports Q1 (Mar) earnings of $0.79 per share, $0.04 better than the Thomson Reuters consensus of $0.75. For the first quarter of 2010 the provision for possible loan losses was $13.6 million, compared to net charge-offs for the quarter of $13.5 million, or .66% of average loans on an annualized basis. The loan loss provision for the first quarter of 2009 was $9.6 million, compared to net charge-offs of $5.7 million. Non-performing assets at quarter-end were $171.6 million, compared to $127.8 million a year earlier and $180.2 million the previous quarter. Non-performing asset levels, which peaked in the third quarter of 2009 have declined $49 million, or 22%, since that date. The allowance for possible loan losses as a percentage of loans increased to 1.53% at March 31, 2010, compared to 1.30% at the end of the first quarter of 2009 and 1.50% at December 31, 2009.
09:03
BEN Franklin Resources misses by $0.01, misses on revs (112.97 )
Reports Q2 (Mar) earnings of $1.55 per share, $0.01 worse than the Thomson Reuters consensus of $1.56; revenues rose 54.9% year/year to $1.41 bln vs the $1.44 bln consensus. Total assets under management by the company's subsidiaries were $586.8 billion at March 31, 2010, as compared to $553.5 billion at December 31, 2009 and $391.1 billion at March 31, 2009. Simple monthly average assets under management during the quarter ended March 31, 2010 were $561.2 billion, as compared to $534.9 billion in the prior quarter and $396.6 billion in the same quarter a year ago.
09:01
SRE Sempra Energy, State of California to settle energy crisis litigation; will reduce that quarter's earnings by approximately $96 million after tax, or $0.38 per share (49.02 )
Co announced that it has reached an agreement in principle with the state of California and California parties to settle substantially all of the remaining litigation related to the energy crisis of 2000-01. RBS Sempra Commodities -- Sempra Energy's commodities joint venture with The Royal Bank of Scotland (RBS) -- and Sempra Energy expect to settle the cases for a total of $410 million. Previously recorded reserves and receivables at RBS Sempra Commodities would fund the largest portion of the settlement. Sempra Energy has recorded reserves for the remaining portion of the settlement in the first quarter of 2010 that will reduce that quarter's earnings by approximately $96 million after tax, or $0.38 per share.
09:01
ELGX Endologix announces publication of consolidated long-term anatomical fixation clinical trial results (4.70 )
Co announces the publication of consolidated results from its prospective, multicenter clinical trials of the Company's Powerlink stent graft for the endovascular repair of abdominal aortic aneurysms using an anatomical fixation technique. The trial results demonstrate no aneurysm ruptures, no conversions to open repair, no device migrations, no stent fractures, no graft fatigue, no junctional endoleaks, no transgraft endoleaks, and 100% freedom from aneurysm-related mortality for up to five years post-implant. In addition, core lab evaluations found a low rate of limb occlusion, with significantly reduced or stable aneurysm sacs in 95% and 93% of patients at one year and five years, respectively.
08:53
MSO Martha Stewart beats by $0.09, beats on revs (6.84 )
Reports Q1 (Mar) loss of $0.07 per share, $0.09 better than the Thomson Reuters consensus of ($0.16); revenues rose 5.6% year/year to $53.2 mln vs the $49.7 mln consensus.
08:48
FLR Fluor to perform jetty boil-off gas recovery project for Qatargas (52.50 )
Co announced that it was awarded an engineering, procurement and construction management (EPCM) contract by Qatargas Operating Company Limited in Ras Laffan, Qatar. This EPCM contract is part of a project with a total capital expenditure of approximately $1 billion. Under a previous contract, Fluor completed front-end engineering and design and other services. Fluor booked its portion of the project into backlog in the first quarter of 2010. The new jetty boil-off project is estimated for completion by the end of 2013 or early 2014.
08:45
ORBT Orbit Int'l Power Group receives follow-on production order valued at approximately $460,000 in support of oil and gas services industry (3.80 )
08:45
SLXP Salix Pharma announced the FDA has issued a complete response letter regarding the New Drug Application for GIAZO (38.55 )
Co announced the Food and Drug Administration (FDA) has issued a complete response letter regarding the New Drug Application (NDA) for GIAZO Tablets 1.1 g. for the treatment of mild-to-moderate active ulcerative colitis in patients 18 years and older. In this complete response letter there are no requests for new pre-clinical or clinical trials. The sole issue raised in this letter concerns a deficiency of the manufacturing facility for this application. The manufacturer has responded to the FDA and continues to work with the FDA to resolve the matter. The facility only manufactures COLAZAL Capsules and GIAZO Tablets for Salix.
08:44
On The Wires
Integral Systems (ISYS) announced that it has acquired privately held Sophia Wireless for $2.5 million in an all cash transaction. The acquisition will be financed using the Company's existing cash available... Reed's, Inc. (REED) announced that it has reached its fourth private label agreement with a national wholesale grocer that distributes more than 6,000 products into over 3,500 independent and chain stores in 23 states across the U.S.
08:41
RCL Royal Caribbean beats by $0.06, reports revs in-line; guides Q2 EPS above consensus; guides FY10 EPS above consensus (36.30 )
Reports Q1 (Mar) earnings of $0.01 per share, excluding a $0.39 gain from a legal settlement, $0.06 better than the Thomson Reuters consensus of ($0.05); revenues rose 12.1% year/year to $1.49 bln vs the $1.48 bln consensus. Co issues upside guidance for Q2, sees EPS of $0.16-0.21 vs. $0.11 Thomson Reuters consensus. Co issues upside guidance for FY10, sees EPS of $2.15-2.25 vs. $1.80 Thomson Reuters consensus. Net Yields for the first quarter of 2010 increased 2.6% - versus guidance of approximately 2%. Net Cruise Costs per APCD for the first quarter of 2010 decreased 2.2% - better than expectations of approximately flat. Second quarter 2010 Net Yields are expected to improve approximately 6%, and for the full year 2010, Net Yields are forecasted to improve 4% to 5% due to improved business conditions offset by negative currency movements and the impact of the recent European travel disruptions. NCC excluding fuel are expected to be down approximately 1% for the second quarter and for the full year 2010. The company reported that the strong WAVE season that it was experiencing in January continued through the first quarter and that booked load factors and average per diems are running ahead of same time last year for the second, third and fourth quarters. "While the economy is still affecting our results, we are pleased to be reporting better than expected revenues and costs and we continue to see a gradual and steady improvement in the booking environment. This recovery, combined with our cost containment efforts and improving fleet profile, bode well for improvement in our returns on investment and our balance sheet in 2011 and beyond."
08:38
TCLP TC PipeLines, LP beats by $0.02, beats on revenue (40.26 )
Reports Q1 (Mar) earnings of $0.71 per share, $0.02 better than Thomson-Reuters consensus of $0.69; revenue increased 10.7% year/year to $17.4 mln vs $16.38 two-analyst estimate.
08:30
COP ConocoPhillips terminating agreement to develop Shah Gas Field (57.70 +0.16)
Co decided to end its participation in developing the Shah Gas Field with Abu Dhabi National Oil Company (ADNOC). ConocoPhillips had considered holding a 40 percent ownership stake in the project.
08:23
JMP JMP Group beats by $0.02, misses on revs (8.21 )
Reports Q1 (Mar) earnings of $0.10 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.08; revenues rose 4.1% year/year to $25.2 mln vs the $27.5 mln consensus.
08:19
IMA Inverness Medical beats by $0.01, reports revs in-line (37.20 )
Reports Q1 (Mar) earnings of $0.64 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.63; revenues rose 21.2% year/year to $515.3 mln vs the $517.5 mln consensus. Recent professional diagnostics acquisitions contributed $54.1 million of incremental net revenue, compared to the first quarter of 2009. North American influenza sales totaled $2.3 million for the first quarter of 2010, compared to $6.4 million for the first quarter of 2009 and $39.7 million in the fourth quarter of 2009.
08:12
LGF Lions Gate Entertainment comments on British Columbia Securities Commission decision on shareholder rights plan (6.62 )
Co urges shareholders to reject Icahn Group's offer and not tender their shares. "Lionsgate is disappointed by the BCSC's decision. The Company believes that its shareholders' right to vote is paramount and any decision to cease trade the Shareholder Rights Plan should have been withheld until Lionsgate shareholders had the opportunity to consider and to vote upon it at the Special Meeting of Shareholders on May 4, 2010..."
08:11
VRX Valeant to acquire Vital Science Corp. in Canada (40.67 )
Co announced that its wholly owned subsidiary, Valeant Canada Limited, has signed an agreement to acquire Vital Science Corp., a dermatology company located in Toronto, Ontario, Canada for approximately C$10.5 million. Vital Science currently has annualized sales of approximately C$11 million and the transaction is expected to be accretive in 2010. The transaction is expected to close in the second quarter.
08:10
MRNA MDRNA announces combinations of UsiRNAs in proprietary DiLA2 delivery technology show improved efficacy in bladder cancer model (1.24 )
The co reports data demonstrating greater efficacy in tumor reduction in an orthotopic model of bladder cancer with multiple combinations of two UsiRNAs as compared to single target therapy... To assess the impact of a multi-target approach on tumor growth in vivo, a survivin UsiRNA was paired with FGFR3, HRAS, or PLK1 UsiRNAs and compared to the survivin UsiRNA alone. All UsiRNAs were encapsulated in the Company's proprietary DiLA2-based formulation, and delivered directly to the bladder (intravesical) in an orthotopic cancer model. For the survivin/PLK1 combination, tumor bioluminescence and survivin mRNA expression was notably lower (~30% for each endpoint) when compared to a survivin alone. Similar results for tumor bioluminescence and mRNA were found with the survivin/FGFR3 combination. With survivin/HRAS there was a ~40% greater decrease in tumor bioluminescence and ~50% greater inhibition of survivin mRNA.
08:08
SLAB Silicon Labs beats by $0.07, beats on revs; guides Q2 revs above consensus (50.71 )
Reports Q1 (Mar) earnings of $0.62 per share, excluding non-recurring items, $0.07 better than the Thomson Reuters consensus of $0.55; revenues rose 51.4% year/year to $126.7 mln vs the $123.4 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $131-135 mln vs. $128.23 mln Thomson Reuters consensus. Strong performance for the quarter was led by the company's broad-based products, which were up 11 percent sequentially. Strength in networking equipment and customer expansion resulted in another record quarter for timing products. The embedded mixed-signal products also had a record quarter, with particular strength in MCU coming from recovery in demand among communications and industrial customers. Record development kit shipments were driven by wireless applications in home security, metering and home automation. "Q1 was a great start to 2010. Our products are delivering on the growth we had anticipated with very attractive gross margins. We are executing on a record number of exciting new product developments and have been able to attract an increasing number of talented employees to the company. Our financial strength is giving us the ability to continue to invest and capitalize on a number of untapped strategic opportunities."
08:07
CNST Constar announces resignation of Michael Hoffman; Ruth Mack to serve as Interim President and CEO (20.00 )
Co announces that Michael Hoffman has resigned as President, Chief Executive Officer and Director, effective today, to pursue other opportunities. Constar's Board of Directors has initiated a search for Mr. Hoffman's replacement. In the interim, Ruth Mack will serve as President and Chief Executive Officer effective immediately, in addition to her current role as a member of Constar's Board of Directors.
08:06
RZ Raser Technologies provides company update (0.83 )
Co announced that it is nearing completion and start-up of the bottom cycle project at its Thermo No. 1 plant in southern Utah. The changes re-direct a portion of the geothermal water coming out of the top cycle units and run it through PureCycle units currently sitting idle, allowing additional temperature to be pulled out of the geothermal water and converted to electricity. In addition, Raser has engaged a placement agent to monetize the remaining tax benefits from the Thermo No. 1 project with a new tax equity partner, replacing Merrill Lynch who was redeemed out of the project in December of 2009. The tax benefits result primarily from accelerated depreciation the Company is not in a position to fully utilize in the near term. These proceeds would be in addition to the $33 million the project received early this year as part of the U.S. Treasury grant program for the benefit of Raser and its financing partners.
08:05
CRY CryoLife misses by $0.01, reports revs in-line; guides FY10 EPS above consensus, revs in-line (6.05 )
Reports Q1 (Mar) earnings of $0.07 per share, $0.01 worse than the Thomson Reuters consensus of $0.08; revenues rose 11.2% year/year to $29.7 mln vs the $29.7 mln consensus. Co issues mixed guidance for FY10, sees EPS of $0.36-0.40 vs. $0.36 Thomson Reuters consensus; sees FY10 revs of $118-123 mln vs. $121.67 mln Thomson Reuters consensus.
08:04
MDCO The Medicines Co beats by $0.02, misses on revs (7.65 )
Reports Q1 (Mar) earnings of $0.18 per share, $0.02 better than the Thomson Reuters consensus of $0.16; revenues rose 2.9% year/year to $102.1 mln vs the $110.3 mln consensus. Co says global angiomax/angiox (bivalirudin) hospital demand reaches record high; Angiomax U.S. sales increased to $95.7 million compared to $95.5 million for the same period 2009, Angiomax/Angiox international net revenue increased to $5.6 million compared to $3.2 million for the same period 2009.
08:04
OSIR Osiris Therapeutics receives $1 mln milestone payment for Prochymal Development Progress in Japan (7.50 )
The co announces that it has achieved a $1 million milestone payment from its Japanese commercial partner, JCR Pharmaceuticals, for development progress made advancing Prochymal for the treatment of acute graft vs. host disease (GvHD) in Japan.
08:04
AVII AVI BioPharma secures increased funding of approx $4.0 mln (1.30 )
Co announces it has secured increased funding of up to approx $4.0 million under its agreement with the U.S. Defense Threat Reduction Agency to develop, in cooperation with the Transformational Medical Technologies Initiative of the DoD one or more of AVII's nucleotide-based drug candidates targeting the pandemic H1N1 influenza virus. The increased funding will support continued preclinical development of AVI's lead influenza drug candidate, AVI-7367, against H1N1 as well as its expanded preclinical evaluation against H5N1 (avian flu) and drug resistant H1N1 and H3N2 flu strains.
08:04
MDP Meredith beats by $0.04, beats on revs; guides Q4 EPS in-line (37.22 )
Reports Q3 (Mar) earnings of $0.69 per share, excluding items, $0.04 better than the Thomson Reuters consensus of $0.65; revenues rose 4.7% year/year to $353.3 mln vs the $345 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.61-0.66 vs. $0.66 Thomson Reuters consensus. Looking at the fourth quarter of fiscal 2010, total Company advertising revenue is expected to increase 7 to 8 percent over the prior year. This includes: Local Media Group non-political advertising revenue, which is currently pacing up in the high teens, and; National Media Group advertising revenue, which with two of three magazine issues closed, is expected to be flat to up slightly.
08:03
RVSN RADVision beats by $0.01, beats on revs; guides Q2 EPS above consensus, revs above consensus (6.53 )
Reports Q1 (Mar) loss of $0.03 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of ($0.04); revenues rose 13.7% year/year to $20.8 mln vs the $20.1 mln consensus. Co issues upside guidance for Q2, sees EPS of ~$0.01, excluding non-recurring items, vs. ($0.07) Thomson Reuters consensus; sees Q2 revs of ~$22 mln vs. $19.87 mln Thomson Reuters consensus.
08:03
NOC Northrop Grumman beats by $0.19, beats on revs; guides FY10 EPS in-line (67.18 )
Reports Q1 (Mar) earnings of $1.51 per share, $0.19 better than the Thomson Reuters consensus of $1.32; revenues rose 8.5% year/year to $8.61 bln vs the $8.07 bln consensus. Co issues in-line guidance for FY10, sees EPS of $5.75-6.00 vs. $5.84 Thomson Reuters consensus.
08:02
GLOI GlobalOptions Sells its Security Consulting and Design Services Unit To Guidepost Solutions (1.64 )
Co announces it eentered into a definitive agreement to sell SafirRosetti, the security consulting and design services unit of its Security Consulting and Investigations segment, to Guidepost Solutions, LLC, a leading provider of global investigative and security services, for approximately $5.25 million, consisting of $3.50 million in cash and a note with a face value of $1.75 million, plus contingent consideration of up to approximately $1.50 million, based upon the purchaser's realization of certain working capital targets. Bode Technology Group, the other unit in the segment, will remain with the company and the business segment will be renamed Forensic DNA Solutions and Products. The transaction, which has been approved by the GlobalOptions' Board of Directors, is expected to close by April 30, 2010, and is subject to customary closing conditions. GlobalOptions plans to use the proceeds from the sale for general corporate purposes.
08:02
FSLR First Solar agrees to acquire NextLight Renewable Power; total consideration for the transaction is approx $285 mln (128.36 )
Co and NextLight Renewable Power, LLC announce they have entered into a definitive agreement for First Solar to acquire NextLight, a developer of utility-scale solar projects in the southwestern United States. The acquisition includes a 1,100 megawatt solar project pipeline. First Solar will acquire NextLight in an all-cash transaction that is expected to be completed in the third quarter of 2010, pending the satisfaction of certain closing conditions specified in the merger agreement. Total consideration for the transaction is approx $285 million, subject to certain closing adjustments as provided in the merger agreement.
08:02
HL Hecla Mining beats by $0.05, misses on revs; maintaining its previously announced full-year production guidance (5.85 )
Reports Q1 (Mar) earnings of $0.08 per share, $0.05 better than the Thomson Reuters consensus of $0.03; revenues rose 46.1% year/year to $79.9 mln vs the $81.9 mln consensus. Hecla's is maintaining its previously announced full-year production guidance of 10 to 11 million ounces of silver with cash costs in the range of $1.90-$2.25 per ounce. Hecla's estimate of cash costs in 2010 is based on by-product prices of $0.80 per pound for zinc and lead. "This quarter's performance is further evidence of the strength of Hecla's mines and people. Strong revenues and lower unit costs drove the quarter's results. I am confident that Hecla will continue to be the lowest-cost silver producer and the largest U.S. producer. With the strength of our balance sheet and cash flow, we can fund our exploration and capital programs while still considering new opportunities."
08:01
IKAN Ikanos appoints Diosdado Banatao as Executive Chairman (3.09 )
The co announces that effective immediately Michael Gulett has resigned as CEO and president and as a member of its board of directors. Diosdado Banatao, the chairman of Ikanos' board of directors, has been appointed executive chairman and has assumed the role of interim president and CEO.
08:01
RTIX RTI Biologics misses by $0.03, misses on revs; guides FY10 EPS in-line, revs in-line (4.01 )
Reports Q1 (Mar) net of breakeven, $0.03 worse than the Thomson Reuters consensus of $0.03; revenues fell 2.1% year/year to $37.8 mln vs the $41.5 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.15-0.17 vs. $0.16 Thomson Reuters consensus; sees FY10 revs of $174.5-177.5 vs. $175.21 mln Thomson Reuters consensus.
08:01
SLAB Silicon Labs acquires Silicon Clocks and CMEMS technology (50.71 )
The co announces the acquisition of Silicon Valley-based Silicon Clocks, an early stage company creating innovative microelectromechanical system (MEMS) technology. Silicon Clocks' CMEMS(TM) (CMOS+MEMS) technology is aligned with Silicon Labs' efforts to leverage its CMOS-based timing products into high-volume applications such as consumer electronics.
07:53
CDCS CDC Software misses by $0.06, reports revs in-line (10.56 )
Reports Q1 (Mar) earnings of $0.28 per share, excluding non-recurring items, $0.06 worse than the Thomson Reuters consensus of $0.34; non-GAAP revenues rose 2.6% year/year to $51.7 mln vs the $51.6 mln consensus. First quarter 2010 application sales, which is comprised of license revenue plus new Total Contract Value (TCV) for Software-as-a-Service (SaaS) sales secured, increased 14 percent to $8.2 million during the first quarter of 2010, from $7.2 million in the first quarter of 2009. Total contracted and unrecognized recurring revenue at the end of the first quarter 2010 was $52.5 million compared to $49.2 million at end of the fourth quarter of 2009. First quarter 2010 license revenue was $7.9 million, and TCV for new SaaS contracts secured in the quarter was $0.3 million. Also the number of enterprise and SaaS deals in the first quarter of 2010 increased by about 18.7 percent to 299 from 252 in the first quarter of 2009 (which did not include SaaS). "We saw solid growth in application sales and recurring revenue despite the first quarter typically being lower than other quarters due to the seasonality such as customer's "budget flush" where they generally have less flexibility in capital spending."
07:48
MPEL Melco Crown Entertainment reports EPS in-line, beats on revs (4.72 )
Reports Q1 (Mar) loss of $0.02 per share, in-line with the Thomson Reuters consensus of ($0.02); revenues rose 162.2% year/year to $567.6 mln vs the $558 mln consensus. The increase in net revenue resulted primarily from the opening of City of Dreams in June 2009. Adjusted EBITDA was US$86.9 million for the first quarter of 2010, as compared with Adjusted EBITDA of US$21.3 million in the first quarter of 2009. "The combined rolling chip table games hold percentage (calculated before discounts and commissions) across City of Dreams and Altira Macau in the first quarter of 2010 was 2.9%, within the expected rolling chip hold percentage range of 2.7% to 3.0%. The co-wide mass market table games hold percentage (non rolling chip) in the first quarter of 2010 was 19.7%, which is above the previous target hold percentage range of 16.0% to 18.0%, but consistent with the mass market hold percentage at mass market focused properties, such as City of Dreams. Going forward, we target 18% to 20% for our company-wide mass market table games hold percentage."
07:44
On The Wires
NewLead Holdings (NEWL) announced that it has completed the first phase of its turnaround with the sale of three additional non-core vessels and the agreement to purchase one newbuild Post-Panamax vessel. Co's fleet has expanded by over 50%. In addition, management focused on improving profitability by bringing in-house commercial and technical expertise... Sapiens International Corporation (SPNS) announced that it has acquired Harcase Software, a provider of software solutions to the North American insurance industry. The purchase price, consisting of cash and stock, is expected to be in the amount of $6 mln to $8 mln, subject to achieving certain milestones... Molecular Insight Pharmaceuticals (MIPI) received a letter from The NASDAQ Stock Market notifying the Company it has regained compliance with NASDAQ's minimum market value of listed securities rule.
07:40
CFL Broadview Security beats by $0.08, reports revs in-line (42.55 )
Reports Q1 (Mar) earnings of $0.38 per share, $0.08 better than the Thomson Reuters consensus of $0.30; revenues rose 7.7% year/year to $146.5 mln vs the $146.1 mln consensus. The increase in revenue was primarily due to continued growth in the subscriber base and higher average monitoring rates. Monthly recurring revenue increased 8.0 percent at quarter-end over the prior year period to $44.8 million, driven by a 3.6 percent increase in ending subscribers and a 4.2 percent increase in average monthly recurring revenue per subscriber. The date for the special meeting of shareholders to vote on the proposed acquisition by Tyco International (TYC) has been set for May 12, 2010. Assuming the proposal receives the necessary shareholder approval, the transaction is expected to close on May 14, 2010.
07:39
SO Southern Co beats by $0.16, beats on revs (34.50 )
Reports Q1 (Mar) earnings of $0.60 per share, $0.16 better than the Thomson Reuters consensus of $0.44; revenues rose 13.4% year/year to $4.16 bln vs the $3.71 bln consensus. Positive earnings drivers included the amortization of excess funds set aside for the removal of retired equipment and revenues associated with the recovery of investments in environmental equipment. The positive earnings drivers in the first quarter were partially offset by higher non-fuel operations and maintenance expenses and an increase in the number of shares outstanding.
07:38
JBLU Jetblue Airways misses by $0.04, misses on revs (6.52 )
Reports Q1 (Mar) loss of $0.01 per share, $0.04 worse than the Thomson Reuters consensus of $0.03; revenues rose 9.7% year/year to $870 mln vs the $880.5 mln consensus. Revenue passenger miles for the first quarter increased 7.1% to 6.5 billion on a 6.1% increase in capacity, resulting in a first quarter load factor of 76.8%, an increase of 0.8 points year over year. Yield per passenger mile in the first quarter was 12.13 cents, up 3.8% compared to the first quarter of 2009. Passenger revenue per available seat mile for the first quarter 2010 increased 4.9% year over year to 9.32 cents and operating revenue per available seat mile (RASM) increased 3.4% year-over-year to 10.32 cents. For the 2Q10, PRASM and RASM are expected to increase between 6%-9% YoY. CASM is expected to increase between 12%-14% over the year-ago period. Excluding fuel, CASM in the second quarter is expected to increase between nine and 11% YoY. PRASM and RASM for the full year are expected to increase between 6%-9% YoY. CASM for the full year is expected to increase between 8-10% over full year 2009. Excluding fuel, CASM in 2010 is expected to increase between 3-5% percent year over year. Capacity is expected to increase between four and six percent in the second quarter and to increase between six and eight percent for the full year.
07:38
AFAM Almost Family beats by $0.07, beats on revs (38.61 )
Reports Q1 (Mar) earnings of $0.80 per share, $0.07 better than the Thomson Reuters consensus of $0.73; revenues rose 18.7% year/year to $81.8 mln vs the $79.2 mln consensus. "We're very pleased to report our first quarter operating results which truly highlight the strength of our underlying core business. Our VN segment generated 20% organic revenue growth over the same quarter last year... The recent passage of health care reform legislation now provides us with reasonable reimbursement visibility for the next three years. Combined with our strong financial condition and access to additional capital, this reimbursement clarity positions us to take advantage of our acquisition opportunities which have largely been on hold for the past year."
07:36
ETH Ethan Allen misses by $0.05, reports revs in-line (23.73 )
Reports Q3 (Mar) loss of $0.05 per share, $0.05 worse than the Thomson Reuters consensus of ($0.00); revenues rose 5.1% year/year to $147.3 mln vs the $147.3 mln consensus. "The 'Great Recession' has provided us an opportunity to examine every aspect of our business and undertake major improvements to all aspects of our vertically integrated structure. We have also focused on improving our liquidity. Our total cash, investments, and restricted cash at March 31, 2010 was $85 million; an increase of 61% since June 30, 2009... While we are gratified with the increase in booked orders during the quarter, the major progress in our initiatives, and the positive news of consumer confidence, we remain cautious as the improvement in the economy is still at an early stage with many uncertainties on the horizon."
07:36
SEE Sealed Air beats by $0.01, reports revs in-line; guides FY10 EPS in-line (22.76 )
Reports Q1 (Mar) earnings of $0.36 per share, $0.01 better than the Thomson Reuters consensus of $0.35; revenues rose 7.4% year/year to $1.06 bln vs the $1.07 bln consensus. Co issues in-line guidance for FY10, sees EPS of $1.50-1.70 vs. $1.60 Thomson Reuters consensus. "We look to higher volumes during the year to achieve a constant dollar sales growth rate of 4-6%, as new contracts, product applications, and a continuing economic recovery will drive sales growth. We expect to offset our revised full year average resin price increase in the low, double-digit percent range largely from our pricing actions, but also from productivity improvements and disciplined management of expenses. Although our original guidance was based on a stronger euro, we expect the strengthening of other currencies to neutralize a weaker euro. Thus, we have not changed our overall expectations for a full year benefit from foreign exchange."
07:34
VTR Ventas reports EPS in-line; guides FY10 FFO in-line (47.39 )
Reports Q1 (Mar) funds from operations of $0.67 per share, in-line with the Thomson Reuters consensus of $0.67. Co issues in-line guidance for FY10, sees FFO of $2.69-2.75 vs. $2.75 Thomson Reuters consensus.
07:34
ABX Barrick Gold beats by $0.12, beats on revs (40.67 )
Reports Q1 (Mar) earnings of $0.75 per share, excluding non-recurring items, $0.12 better than the Thomson Reuters consensus of $0.63; revenues rose 44.3% year/year to $2.56 bln vs the $2.43 bln consensus. Q1 gold production was up 19% to 2.08 million ounces at total cash costs of $442 per ounce or net cash costs of $342 per ounce, which were $42 per ounce and $62 per ounce below prior year period total cash costs and net cash costs, respectively. ABX is on track with its guidance to increase production in 2010 to 7.6-8.0 million ounces at lower total cash costs of $425-$455 per ounce or net cash costs of $345-$375 per ounce. Barrick expects to meet its full year copper production guidance of 340-365 million pounds at total cash costs of $1.10-$1.20 per pound. Q1 copper production was 100 million pounds at total cash costs of $1.05 per pound, which were 20% lower than the prior year period.
07:34
IACI InterActive misses by $0.07, beats on revs (23.17 )
Reports Q1 (Mar) net of breakeven, $0.07 worse than the Thomson Reuters consensus of $0.07; revenues rose 16.2% year/year to $385.9 mln vs the $350.2 mln consensus.
07:34
VPHM ViroPharma misses by $0.06, misses on revs (13.90 )
Reports Q1 (Mar) earnings of $0.26 per share, $0.06 worse than the Thomson Reuters consensus of $0.32; revenues rose 50.5% year/year to $90.6 mln vs the $92.5 mln consensus. ViroPharma is increasing the bottom of its Cinryze net sales guidance range and reiterating our expense guidance for the year 2010. For the year 2010, ViroPharma expects the following: Net Cinryze sales are expected to be $155 to $175 million. Research and development (R&D) and selling, general and administrative (SG&A) expenses, including the impact of SFAS 123R,are expected to be $125 to $140 million. SFAS 123R expenses are expected to be between $10 and $12 million.
07:33
SSYS Stratasys beats by $0.02, beats on revs (25.86 )
Reports Q1 (Mar) earnings of $0.14 per share, $0.02 better than the Thomson Reuters consensus of $0.12; revenues rose 21.2% year/year to $28 mln, ex-$5 mln one-time non-cash charge against revenue, vs the $26.5 mln consensus. "We are encouraged by the positive trends in our business during the first quarter and remain optimistic regarding the balance of 2010. Consumable revenue grew by 22% during the quarter, and could be a leading indicator of a sustainable growth trend. Although our optimism is growing, we remain cautious in our outlook and will continue to control our expenses accordingly. We maintain a healthy balance sheet, which is reflected in our growing cash balance, and we are well positioned to execute our growth plans going forward."
07:32
ATI Allegheny Tech beats by $0.01, beats on revs (54.40 )
Reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.23; revenues rose 8.2% year/year to $899.4 mln vs the $857.8 mln consensus. "We have turned the corner. Most of our markets are improving. We are seeing signs of recovery in our business: production schedules are filling, lead times are extending, and scrap is in short supply. With steady quarter-on-quarter improvement, we see 2010 as a transition year to the resumption of secular growth in our key markets."
07:32
LCRY LeCroy beats by $0.06, beats on revs; guides Q4 revs above consensus (5.78 )
Reports Q3 (Mar) earnings of $0.15 per share, ex-items, $0.06 better than the Thomson Reuters consensus of $0.09; revenues rose 24.9% year/year to $33.6 mln vs the $31.8 mln consensus. Co issues upside guidance for Q4, sees Q4 revs of $34-$35 mln vs. $33.45 mln Thomson Reuters consensus. Sees Q4 operating margins in the 8-9% range.
07:32
GD General Dynamics beats by $0.03, misses on revs (76.56 )
Reports Q1 (Mar) earnings of $1.54 per share, $0.03 better than the Thomson Reuters consensus of $1.51; revenues fell 6.2% year/year to $7.75 bln vs the $8.15 bln consensus. Company-wide operating margins for the first quarter of 2010 were 11.8%, compared to 11% in the year-ago period. Aerospace and Combat Systems margin growth was especially strong, increasing by 240 basis points and 180 basis points, respectively.
07:31
HES Hess beats by $0.56, beats on revs (63.35 )
Reports Q1 (Mar) earnings of $1.65 per share, $0.56 better than the Thomson Reuters consensus of $1.09; revenues rose 34.2% year/year to $9.22 bln vs the $8.11 bln consensus.
07:30
MYL Mylan Labs receives approval for generic version of Flomax(R) (21.36 )
Co announced that its subsidiary Mylan Pharmaceuticals Inc. received final approval from the U.S. Food and Drug Administration for its abbreviated new drug application for Tamsulosin Hydrochloride Capsules USP, 0.4 mg, the generic version of Boehringer Ingelheim's benign prostatic hyperplasia treatment, Flomax.
07:30
On The Wires
Herald National Bank (HNB) announced that on April 22, 2010, the Bank entered into a formal agreement with the United States Comptroller of the Currency. The OCC is the primary regulator for national banks. The formal agreement is based on the results of the Bank's first formal regulatory examination using the Uniform Financial Institution Rating System which assigns CAMELS Ratings... MoneyGram International (MGI) announced its return to Croatia today as Volksbank added MoneyGram's services to 28 countrywide locations. MoneyGram's return to Croatia follows MoneyGram's alliance with Volksbank in Serbia in 2008 and the opening of 33 MoneyGram-owned retail locations in Germany since 2006... Garmin-Asus, a co-branded alliance between Garmin (GRMN), and ASUSTeK Computer announced the Garmin-Asus A10, a touchscreen smartphone running on the Android platform that is for pedestrian navigation. The A10 is expected to be available in mid-2010 in Europe and Asia-Pacific.
07:29
ALNY Alnylam Pharma unit announced the presentation of new data at the Cell Culture Engineering XII conference (17.01 )
Co's Alnylam Biotherapeutics announced the presentation of new data at the Cell Culture Engineering XII conference. Alnylam Biotherapeutics was formed by Alnylam to develop RNAi technologies for application in manufacturing processes for biotherapeutic products, including recombinant proteins and monoclonal antibodies. The new data presented demonstrated the ability to achieve efficient delivery of siRNAs into Chinese hamster ovary (CHO) cells grown in one liter suspension culture and to achieve potent silencing of CHO host gene targets involved in both cellular apoptotic and metabolic pathways.
07:27
MWV MeadWestvaco beats by $0.11, misses on revs (27.25 )
Reports Q1 (Mar) earnings of $0.11 per share, excluding $0.03 in non-recurring gains, $0.11 better than the Thomson Reuters consensus of ($0.00); revenues rose 3.5% year/year to $1.4 bln vs the $1.45 bln consensus. The company is seeing improving demand trends in its targeted markets and products. Overall visibility beyond the second quarter, however, remains limited. The resiliency and pace of demand trends beyond the second quarter remains uncertain given continued economic challenges in the U.S., including high unemployment rates, stagnant wages and a weak housing market. The company continues to benefit from its market participation strategies focused on higher growth markets and differentiated products and its strong and growing positions in emerging markets. In addition, the company expects continued momentum from its transformation strategies and ongoing cost reductions to continue to be a significant driver of improved year-over-year performance in the second quarter of 2010.
07:18
RCI Rogers Comms reports Q1 EPS of CDN$0.69 vs CDN$0.57 Thomson Reuters consensus; revs CDN$2.89 bln vs CDN$2.89 bln Thomson Reuters consensus (35.08 )
"Our first quarter results reflect continued top line growth combined with good traction on cost controls. We delivered double-digit adjusted operating profit growth, margin expansion at all three segments, and a 27% increase in free cash flow," said Nadir Mohamed, President and Chief Executive Officer of Rogers Communications. "Our focus on wireless data and attracting and retaining higher value customers continues to pay dividends, while the improved results in our Media division reflect the actions we took in 2009 to improve our ratings and cost structure. Across the board we are off to a solid start in 2010." "At this point in the year we have no specific revisions to the 2010 annual financial and operating guidance ranges which we provided on February 17, 2010."
07:17
OC Owens Corning beats by $0.27, beats on revs; FY10 EPS could be as high at $2.00 vs the $.54 consensus (29.80 )
Reports Q1 (Mar) earnings of $0.42 per share, excluding non-recurring items, $0.27 better than the Thomson Reuters consensus of $0.15; revenues rose 17.8% year/year to $1.26 bln vs the $1.03 bln consensus. The Composites segment increased profits in the first quarter, demonstrating strong operating leverage. In the Roofing business, the strong momentum continued into the first quarter of 2010 with an increase in earnings before interest and taxes (EBIT) of nearly one-third over the same period a year ago. The Insulation business performed as expected, narrowing its losses despite continued weakness in the U.S. housing market. Based on continued strong margins in the Roofing business and improved results for the Composites segment, OC expects that the co's 2010 adjusted EBIT could be as high as $450 million, which equates to an adjusted earnings per share of about $2.00 (consensus is $1.54). In the Composites segment, the co believes that overall demand will continue to trend upward as global industrial activity improves. The rate of market recovery remains uncertain. The co expects to increase production to meet improved market demand, which will result in higher capacity utilization during the year as compared to 2009. Additionally, the Composites segment will continue to realize the benefit of various cost-reduction actions and prior price increases. The co expects strong momentum to continue in the Roofing business, as actions taken to increase margins in 2008 and 2009 will drive profitability in 2010. Owens Corning believes that margins in excess of 20 percent will be achieved in 2010. The co estimates that the Insulation business will narrow its losses in 2010, despite continued U.S. residential construction market weakness.
07:16
WYN Wyndham Worldwide beats by $0.04, beats on revs; guides Q2 EPS above consensus; increases FY10 guidance ranges (26.63 )
Reports Q1 (Mar) earnings of $0.34 per share, $0.04 better than the Thomson Reuters consensus of $0.30. Co issues upside guidance for Q2, sees EPS of $0.38-$0.42 vs. $0.37 Thomson Reuters consensus. Co raises its guidance ranges for FY10, now sees EPS of $1.56-$1.71 (vs. $1.60 Thomson Reuters consensus), up from the previous range of $1.48-$1.69; now sees FY10 revs of $3.6-$3.9 bln (vs. $3.66 bln Thomson Reuters consensus), up from $3.5-$3.9 bln.
07:13
EQT EQT Corp. beats by $0.08, beats on revs (43.78 )
Reports Q1 (Mar) earnings of $0.65 per share, $0.08 better than the Thomson Reuters consensus of $0.57; revenues rose 23.9% year/year to $322.7 mln vs the $308.4 mln consensus.
07:13
NMM Navios Maritime Partners reports Q1 EPS of $0.39 vs $0.36 Thomson Reuters consensus; revs $29.4 mln vs $28.61 mln Thomson Reuters consensus (19.75 )
"I am pleased with our performance during the first quarter we engaged in a number of transactions that created stability of Navios Partners by raising additional equity, adding vessels and reducing leverage. With the $62.4 million we raised in the equity markets, we purchased the Navios Aurora II, thereby increasing the average charter coverage to 4.1 years and reducing the average age of our fleet to 6.2 years. By consistently implementing our strategy, we have been able to steadily increase quarterly distributions by a total of 18.6% since we went public about 2.5 years ago."
07:10
WTFC Wintrust Fin beats by $0.15, beats on revs (39.44 )
Reports Q1 (Mar) earnings of $0.41 per share, $0.15 better than the Thomson Reuters consensus of $0.26; revenues fell 19.5% year/year to $138.5 mln vs the $128.5 mln consensus. The provision for credit losses totaled $29.0 million for the first quarter of 2010 compared to $38.6 million for the fourth quarter of 2009 and $14.5 million in the first quarter of 2009. Net charge-offs for the first quarter of 2010 totaled 119 bps on an annualized basis compared to 161 bps on an annualized basis in the fourth quarter of 2009 and 51 basis points on an annualized basis in the first quarter of 2009.
07:10
LL Lumber Liquidators beats by $0.02, beats on revs; raises FY10 EPS and rev guidance (30.60 )
Reports Q1 (Mar) earnings of $0.25 per share, $0.02 better than the Thomson Reuters consensus of $0.23; revenues rose 22.0% year/year to $151.2 mln vs the $146.5 mln consensus. Co raises guidance for FY10, sees EPS of $1.13-1.23 vs. $1.17 Thomson Reuters consensus, up from $1.10-1.20 previously; sees FY10 revs of $630-650 mln vs. $633.04 mln Thomson Reuters consensus, up from $620-645 mln. Co continues to expect comparable store net sales for the year to increase in the low to mid-single digits. Comparable store net sales for the first quarter of 2010 increased 8.0%, as strong consumer demand drove sales volume. Gross margin was 35.4% for the first quarter of 2010, a decrease from 36.0% in the first quarter of 2009. Gross margin was adversely impacted by certain shifts in sales mix, increased product costs, including domestic transportation and finishing costs, and selected promotional pricing designed to generate incremental consumer traffic.
07:09
JNY Jones Apparel beats by $0.13, beats on revs (22.68 )
Reports Q1 (Mar) earnings of $0.47 per share, $0.13 better than the Thomson Reuters consensus of $0.34; revenues fell 0.4% year/year to $887 mln vs the $866.1 mln consensus. Gross profit margin increased 390 basis points to 36.8%, reflecting continued careful inventory management. "We are very pleased with the results we achieved in the first quarter and the positioning and performance of our core brands. Sales for the first quarter exceeded expectations and operating margins increased in all segments compared with the prior year's quarter. Jeanswear margins were exceptionally strong, which is reflective of the group's execution and aggressive inventory management. Better Apparel and Footwear and Accessories were also strong performers, driven by higher gross margins. Our vertical retail operations results are much improved. We closed 63 retail locations this quarter and ended the quarter with 877 locations and are on track to close an additional 110 unprofitable locations by the end of 2010."
07:08
On The Wires
World Energy Solutions (XWES) announced it has helped United Natural Foods (UNFI) procure over 25 million kWh of electricity and renewable energy for its distribution centers in Connecticut, Massachusetts, New Hampshire and Pennsylvania... FiberTower Corporation (FTWR) completed its interconnection to DSCI Corporation, Inc. and has begun delivering wireless Ethernet service to select DSCI enterprise accounts... Targeted Genetics Corporation (Pink Sheets:TGEN) announced that its licensing partner, Celladon Corporation, has reported today that Celladon's first Phase II trial with MYDICAR for the treatment of advanced heart failure has met its primary safety and efficacy endpoints, as prospectively defined in the Phase II trial protocol.
07:08
PFCB PF Chang's misses by $0.10, reports revs in-line; reaffirms FY10 EPS guidance; announces cash dividend of $0.17/share (46.43 )
Reports Q1 (Mar) earnings of $0.38 per share, $0.10 worse than the Thomson Reuters consensus of $0.48; revenues rose 0.2% year/year to $310.4 mln vs the $310.1 mln consensus. Co reaffirms guidance for FY10, sees EPS of approx $2.00 vs. $2.03 Thomson Reuters consensus. The co continues to anticipate that fiscal 2010 consolidated revenues will be flat compared to fiscal 2009, including expectations of slightly higher average weekly sales at Pei Wei and slightly lower average weekly sales at the Bistro. The co intends to prospectively bolster its average ticket at the Bistro through fewer sales discounts and a slight increase to menu prices. Consequently, the co continues to expect fiscal 2010 restaurant operating margins to be consistent with fiscal 2009. The Company expects to open four new Bistro restaurants and three new Pei Wei restaurants during fiscal 2010. The co also plans to fully repay its outstanding credit line borrowings of $40 million and repurchase approximately $40 million in common shares under its current share repurchase authorization during fiscal 2010. The co's Board of Directors has authorized a cash dividend payment of $0.17 per share on the co's outstanding common stock.
07:08
ODFL Old Dominion reports Q1 (Mar) results, revs in-line (37.50 )
Reports Q1 (Mar) earnings of $0.21 per share, may not be comparable to the Thomson Reuters consensus of $0.17; revenues rose 7.7% year/year to $317.8 mln vs the $314.8 mln consensus. The Q1 results reflect a reduction in depreciation expense that was a result of changes to the estimated useful lives and salvage values primarily for the tractor and trailer fleet. Effective January 1, 2010, the estimated useful life for most of the tractors was extended to nine years from seven years, and the estimated useful life for most of its trailers was extended to 15 years from 12 years. As a result of the impact on depreciation from these changes, net income in the first quarter increased by ~$1.3 million, or $0.03 per diluted share, and the operating ratio was reduced by 66 basis points. Co expects an increase to net income in 2010 of ~$7.6 million resulting from these changes.
07:07
BCRX BioCryst Pharm beats by $0.10, beats on revs (7.03 )
Reports Q1 (Mar) loss of $0.06 per share, $0.10 better than the Thomson Reuters consensus of ($0.16); revenues rose 497.9% year/year to $26.1 mln vs the $19.6 mln consensus. The $21.7 million increase in revenue was driven primarily by the recognition of a $7.0 million milestone payment from the co's partner, Shionogi & Co., Ltd., related to its achievement in obtaining marketing and manufacturing approval of intravenous peramivir in Japan, a $7.0 million increase in revenue from the contract with the Department of Health & Human Services for the continued development of i.v. peramivir as compared to last year, as well as the sale of $6.4 million of peramivir active pharmaceutical ingredient to collaborators Shionogi and Green Cross Corp. In accordance with the license agreement with Shionogi, BioCryst also recorded revenue from royalties of $0.7 million related to Shionogi's sales of RAPIACTA in Japan during the first quarter of 2010.
07:06
DSPG DSP Group beats by $0.05, beats on revs (78.75 )
Reports Q1 (Mar) earnings of $0.11 per share, $0.05 better than the Thomson Reuters consensus of $0.06; revenues rose 40.6% year/year to $56.1 mln vs the $54.1 mln consensus. "We continue to improve our financial performance, and feel optimistic about our business outlook. Our first quarter financial results exceeded the higher end of our guidance range as better than expected revenues and lower non-GAAP operating expenses contributed to higher non-GAAP operating income. On the product side, we passed another milestone event by commencing commercial shipments of our XpandR multimedia platform, and anticipate the launch of additional XpandR-based products this year by leading consumer electronic brands."
07:05
ABD ACCO Brands beats by $0.02, beats on revs (9.15 )
Reports Q1 (Mar) earnings of $0.03 per share, $0.02 better than the Thomson Reuters consensus of $0.01; revenues rose 5.9% year/year to $310.8 mln vs the $296.2 mln consensus. The company continues to expect sales to be flat to slightly higher driven by share gains, which are expected to offset continued weak consumer and business spending. Based on today's exchange rates, foreign currency should further increase sales. The company continues to expect to expand adjusted EBITDA margins by three-quarters to a full percentage point due to an improvement in gross profit margin, which will be partially offset by an increase in selling, general and administrative expenses. Targeted free cash flow, after interest, taxes and capital expenditures, is still expected to be approximately $50-60 million.
07:03
GLW Corning beats by $0.10, beats on revs; raises expectations for annual growth of LCD market (20.12 )
Reports Q1 (Mar) earnings of $0.52 per share, $0.10 better than the Thomson Reuters consensus of $0.42; revenues rose 57.0% year/year to $1.55 bln vs the $1.52 bln consensus. Flaws said higher-than-expected retail demand for LCD televisions, laptops, and desktop computers in quarter one, along with an improved outlook for these consumer electronic products through the remainder of the year, "have led us to increase our expectations for the annual growth of the LCD glass market. We now forecast a range of 2.9 billion square feet to 3.1 billion square feet of glass this year, up from our original expectation of 2.8 billion to 3.0 billion square feet." This represents a year-over-year growth rate of 18% to 27%. In its Display Technologies segment, Corning expects second-quarter volume will increase in the mid-single digits for both its wholly owned business and SCP. Glass price declines in the quarter should be similar to the first quarter. The co said it plans on running all available capacity by the end of quarter two to meet panel maker demand. "Our first quarter was outstanding, driven by excellent results across nearly all of our major business units. We were particularly pleased with the performance in Display Technologies where we were essentially sold out. We are also encouraged by the growing market demand for Corning Gorilla glass for handheld and other electronic devices." Gross margin improved significantly to 47% from 42% in the previous quarter, and over last year's first quarter of 27%.
07:03
S Sprint Nextel reports EPS in-line, revs in-line (4.09 )
Reports Q1 (Mar) loss of $0.17 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of ($0.17); revenues fell 1.5% year/year to $8.09 bln vs the $8.05 bln consensus. Sprint lost a total of 75,000 net subscribers in the quarter. Driven by the best year-over-year improvement in post-paid gross subscriber additions and the highest prepaid gross subscriber additions in five years, the co achieved the best total company net subscriber results since 3Q07. Net post-paid subscriber losses improved year-over-year as the co lost 670,000 fewer subscribers than in the 1Q09.
07:03
CMCSA Comcast beats by $0.01, reports revs in-line (18.46 )
Reports Q1 (Mar) earnings of $0.31 per share, $0.01 better than the Thomson Reuters consensus of $0.30; revenues rose 9.8% year/year to $9.2 bln vs the $9.15 bln consensus.
07:03
ROK Rockwell Automation beats by $0.26, beats on revs; rasies FY10 EPS and revs guidance above consensus (61.27 )
Reports Q2 (Mar) earnings of $0.77 per share, excluding items, $0.26 better than the Thomson Reuters consensus of $0.51; revenues rose 10.1% year/year to $1.16 bln vs the $1.1 bln consensus. Co raises guidance for FY10, sees EPS of $2.60-2.90, up from $2.00-2.40, vs. $2.38 Thomson Reuters consensus; sees FY10 revs of $4.65-4.8 bln, up from $4.4-4.6 bln, vs. $4.55 bln Thomson Reuters consensus. "Given our second quarter performance and the ongoing global economic recovery, we are confident that we will return to solid organic growth for full fiscal year 2010. In the second half of the year we will increase our spending on customer-facing resources in our highest growth markets and innovation in our product, services and solutions offerings. Based on this outlook, we are raising our full-year fiscal 2010 guidance."
07:01
CHGS China GengSheng Minerals wins two fracture proppant export contracts valued at approximately $3.6 mln (2.66 )
06:47
BCRX BioCryst Pharm reports positive results from part one of its phase 2a study of BCX4208 in patients with Gout (7.03 )
Co announces positive top-line results from a planned interim analysis of its ongoing Phase 2a, randomized, double-blind, placebo-controlled study to evaluate the efficacy and safety of orally administered BCX4208 in patients with gout. The study's primary endpoint is the change in serum uric acid concentration after 21 days of treatment compared to baseline concentration prior to treatment. Part one of the study randomized 60 gout patients with serum uric acid concentrations greater than or equal to 8 mg/dL to placebo or to one of three different doses of BCX4208, a purine nucleoside phosphorylase (PNP) inhibitor, administered once-daily for 21 days. All three doses of BCX4208 demonstrated a statistically significant reduction in serum uric acid levels compared to placebo at day 22. BCX4208 doses of 40 mg, 80 mg and 120 mg per day showed median reductions in serum uric acid levels of 2.7, 3.3 and 3.4 mg/dL, respectively.
06:43
S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: +4.50.
06:43
Asian Markets</p>
Nikkei...10924.79...-287.90...-2.60%. Hang Seng...20949.40...-312.40...-1.50%.
06:43
European Markets
FTSE...5570.04...-33.40...-0.60%. DAX...6066.00...-93.30...-1.50%.
06:41
GIB CGI Group beats by $0.01, misses on revs (14.70 )
Reports Q2 (Mar) earnings of CDN$0.28 per share, CDN$0.01 better than the Thomson Reuters consensus of CDN$0.27; revenues fell 4.0% year/year to CDN$910.4 mln vs the CDN$923.7 mln consensus.
06:36
DEST Destination Maternity reports 2Q10 results; raises FY10 EPS guidance (31.01 )
Reports 2Q10 adjusted EPS of $0.61 vs prior non-GAAP EPS guidance of $0.33-0.45 and last year non-GAAP EPS of $0.30. Revenue was flat at $131.13 mln. Co projects FY10 non-GAAP adjusted EPS of $2.93-3.28 vs prior non-GAAP adjusted EPS guidance of $2.74-3.09 and FY09 adjusted EPS of $1.98. FY10 outlook: Co estimates net sales in the $534.0 to $543.5 million range, representing an increase in sales of between 0.5% and 2.3% vs FY09 net sales of $531.3 million. Co sees comparable store sales decrease of between 3.0% and 4.7%. Gross margin for FY10 is expected to increase vs FY09. Briefing.com note: No Thomson-Reuters estimates are available.
06:36
MHS Medco Health Solutions beats by $0.01, beats on revs; reaffirms FY10 EPS guidance (63.02 )
Reports Q1 (Mar) earnings of $0.73 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.72; revenues rose 10.0% year/year to $16.31 bln vs the $15.95 bln consensus -- primarily as a result of contributions from significant new client wins and higher prices charged by brand-name pharmaceutical manufacturers, partially offset by higher volumes of lower-priced generic drugs. Medco's generic dispensing rate increased 2.9 percentage points from first-quarter 2009 to a record 69.7 percent. The mail-order generic dispensing rate increased 2.1 percentage points to a record 59.3 percent and the retail generic dispensing rate increased 2.9 percentage points to a record 71.4 percent. Higher volumes of lower-priced generic drugs reduced net revenues for first-quarter 2010 by approximately $690 million, delivering significant savings to clients and members. Total gross margin for first-quarter 2010 increased 5.1 percent over first-quarter 2009, to $992.7 million. Co reaffirms guidance for FY10, sees EPS of $3.28-3.38, excluding non-recurring items, vs. $3.36 Thomson Reuters consensus.
06:33
DOW Dow Chemical beats by $0.13, beats on revs (30.07 )
Reports Q1 (Mar) earnings of $0.43 per share, excluding non-recurring items, $0.13 better than the Thomson Reuters consensus of $0.30; revenues rose 48.4% year/year to $13.42 bln vs the $12.93 bln consensus. Top-line growth was driven by a 16 percent increase in volume and a 17 percent increase in price. Sales increased in all geographic areas with increases ranging from 26 percent (Latin America) to 51 percent (Asia Pacific). Double-digit volume increases were reported in all geographic areas and in all operating segments versus the first quarter of 2009, except Basic Plastics and Health and Agricultural Sciences. The combined Performance Segments achieved a 26 percent increase in volume year-over-year, excluding Health and Agricultural Sciences, which was down from the record sales volumes of the first quarter 2009. "Our double-digit volume improvements in North America and Europe are positive signs that demand growth is returning to developed markets. Strengthening consumer spending in areas such as electronics, appliances and automotive, combined with strong growth in emerging geographies, are driving broad-based manufacturing momentum. This, coupled with our global operating rates returning to levels not seen since the second quarter of 2008, points increasingly to a sustainable upturn. "Some challenges remain in areas such as residential and commercial construction in developed economies, inflation concerns in high-growth emerging countries plus sovereign debt issues in southern Europe. However, consumer and business spending has balanced out these challenges. Overall the global economic environment is on a stronger footing and there are signs that this will continue for the foreseeable future. This is good news for Dow."
06:28
HYGS Hydrogenics announces settlement with American Power Conversion Corporation (4.66 )
Co announces that the Company has reached a settlement with American Power Conversion Corporation regarding the litigation previously announced in a press release dated November 17, 2009. Under terms of the settlement, APC has paid Hydrogenics $1,200,000, and both parties have terminated all pending claims with regard to this matter.
06:26
DTG Dollar Thrifty beats by $0.46, misses on revs; reaffirms FY10 revs guidance (42.32 )
Reports Q1 (Mar) earnings of $0.76 per share, $0.46 better than the Thomson Reuters consensus of $0.30; revenues fell 3.9% year/year to $348.3 mln vs the $361.1 mln consensus. Co reaffirms guidance for FY10, sees FY10 revs growth of 2 - 4 percent compared to the 2009 level which calculates to ~$1.576-1.607 bln vs. $1.61 bln Thomson Reuters consensus. Co says "Improvement in the overall economy, combined with ongoing recovery in consumer confidence and spending levels is expected to result in low single-digit growth in rental days in 2010. The Company believes that customer demand for its value-oriented leisure brands will result in moderate increases in revenue per day on a year-over-year basis. Lastly, based on current facts and circumstances, the Company now projects Corporate Adjusted EBITDA for the full year of 2010 to be within a range of $170 million to $190 million, an increase of approximately 70 - 90 percent from the 2009 level. (Briefing.com note: Hertz Global Holdings (HTZ) and Dollar Thrifty announced on April 26th that they signed a definitive agreement providing for Hertz to acquire Dollar Thrifty for a purchase price of $41/share)
06:24
WLP WellPoint beats by $0.28, reports revs in-line; provides FY10 EPS guidance; sees FY10 revs in-line (55.92 )
Reports Q1 (Mar) earnings of $1.95 per share, excluding non-recurring items, $0.28 better than the Thomson Reuters consensus of $1.67; revenues fell 2.8% year/year to $14.87 bln vs the $14.72 bln consensus. Co issues guidance for FY10, sees EPS of at least $5.99, excluding non-recurring items, vs. $6.14 Thomson Reuters consensus; sees FY10 revs of $58.5 bln vs. $58.84 bln Thomson Reuters consensus. Medical enrollment was 33.8 million members at March 31, 2010, a decrease of 724,000 members, or 2.1%, from approx 34.6 million at March 31, 2009. Most of the decline occurred in the non-Blue business, which experienced a reduction of 548,000 members and included the transfer of the Company's UniCare individual and group business in Texas and Illinois to another Blue Cross & Blue Shield carrier at the beginning of 2010. Medical membership increased by 165,000, or 0.5%, during the first quarter of 2010. This was driven by market share gains of 536,000 in National Accounts and BlueCard business, an increase of 56,000 in the Federal Employees Program and growth of 37,000 members in the Senior business. The growth was partially offset by a decline of 360,000 in non-Blue enrollment due to the transfer of business in Texas and Illinois, and continued economically-related attrition in the Blue-branded Local Group and Individual businesses. Outlook: Year-end medical enrollment is now expected to be approx 33.1 million members. The benefit expense ratio is expected to be approximately 84.3%.
06:18
SPNC Spectranetics reports EPS in-line, misses on revs; reiterates FY10 outlook (7.09 )
Reports Q1 (Mar) loss of $0.03 per share, in-line with the Thomson Reuters consensus of ($0.03); revenues rose 6.2% year/year to $29 mln vs the $29.4 mln consensus. The Company reiterates its outlook for 2010 full year performance. The co continues to expect revenue growth during 2010 in both the Vascular Intervention and Lead Management business units and expects higher growth rates internationally than in the United States. Excluding any impact of the Turbo-Tandem product launch, the Vascular Intervention revenue growth rate is anticipated to be in the low to mid-single digits during 2010 as compared with 2009. Including the impact of the Turbo-Tandem product launch, the Vascular Intervention revenue growth rate is anticipated to be in the high single digits to low-teens. The Lead Management revenue growth rate in 2010 as compared with 2009 is anticipated to be in the mid-teens. Laser equipment revenue and service and other revenue are expected to grow in the low to mid-single digits during 2010 as compared with 2009. Gross margin is expected to be in the range of 71% to 72% for the year ended December 31, 2010.
06:17
HST Host Hotels misses by $0.01, misses on revs; guides FY10 FFO in-line (16.17 )
Reports Q1 (Mar) funds from operations of $0.09 per share, excluding non-recurring items, $0.01 worse than the Thomson Reuters consensus of $0.10; revenues fell 4.7% year/year to $823 mln vs the $862.8 mln consensus. Co issues in-line guidance for FY10, sees FFO of $0.58-0.65 vs. $0.61 Thomson Reuters consensus. Co estimates RevPAR will increase 1.0% to 4.0% in FY10. Operating profit margins under GAAP would increase approx 100 bps to 220 bps. Co estimates adjusted EBITDA in FY10 of approx $750.0-800.0 mln. Operating results for the first quarter of 2010 were affected by costs associated with the repayment of debt and an additional accrual for the potential litigation loss related to the San Antonio Marriott Rivercenter. Operating results for the first quarter 2009 were affected by a gain on the disposition of one hotel, as well as non-cash impairment charges. The net effect of these items on loss per diluted share was a decrease in earnings of $11 million, or $.01 per diluted share, for the first quarter of 2010 and a decrease in earnings of $21 million, or $.04 per diluted share, for the first quarter of 2009.
06:15
RGS Regis beats by $0.05, reports revs in-line (19.77 )
Reports Q3 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.05 better than the Thomson Reuters consensus of $0.32; revenues fell 2.6% year/year to $588 mln vs the $589.4 mln consensus. "I would like to provide some insight into our current internal fiscal 2010 and 2011 expectations. For fiscal 2010, we now believe EBITDA should approximate $250 mln (consensus $259 mln). With a slow economic recovery, we expect a continued, gradual improvement in customer visitation trends throughout fiscal 2011. As a result, we believe same-store sales could be in the range of negative one percent to positive two percent. At these same-store sales levels, and before any investment to reinvigorate the Regis salon division, EBITDA should be in a range of $235 mln to $270 mln (consensus $282.7 mln). Our growth plans remain modest, and, consistent with fiscal year 2010 levels, we plan to build 160 new salon locations. We expect to spend ~$95 mln for salon and corporate capital expenditures and ~$25 mln for acquisitions. The 2011 capital expenditure budget incorporates ~$80 mln for maintenance, including an incremental $15 mln related to several new technology enhancements, including an upgrade to our current salon point-of-sale system. Finally, we plan to generate excess cash of approximately $55 mln to $80 mln during fiscal 2011."
06:12
TEL Tyco Electronics beats by $0.12, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY10 EPS above consensus, revs above consensus (29.20 )
Reports Q2 (Mar) earnings of $0.64 per share, excluding non-recurring items, $0.12 better than the Thomson Reuters consensus of $0.52; revenues rose 26.5% year/year to $2.96 bln vs the $2.93 bln consensus. Co issues upside guidance for Q3, sees EPS of $0.61-0.65, excluding non-recurring items, vs. $0.53 Thomson Reuters consensus; sees Q3 revs of $3.0-3.1 bln vs. $2.96 bln Thomson Reuters consensus. Co issues upside guidance for FY10, sees EPS of $2.32-2.40, excluding non-recurring items, vs. $2.04 Thomson Reuters consensus; sees FY10 revs of $11.8-12.0 bln vs. $11.72 bln Thomson Reuters consensus.
06:09
BRY Berry Petroleum beats by $0.04, beats on revs (31.98 )
Reports Q1 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.34; revenues rose 13.3% year/year to $167.8 mln vs the $155.7 mln consensus. Production for the first quarter of 2010 was 29,391 BOE/D, supported by a 500 BOE/D increase in crude oil volumes. Co expects total average production for 2010 to be between 32,250 BOE/D and 33,000 BOE/D with increases throughout the balance of the year coming from capital program and from the integration of Permian basin assets.
06:08
TMO Thermo Fisher beats by $0.09, beats on revs; raises FY10 EPS, raises lower end of FY10 rev guidance (53.68 )
Reports Q1 (Mar) earnings of $0.84 per share, excluding non-recurring items, $0.09 better than the Thomson Reuters consensus of $0.75; revenues rose 18.6% year/year to $2.67 bln vs the $2.51 bln consensus. Co raises guidance for FY10, sees EPS of $3.40-3.50, excluding non-recurring items, vs. $3.41 Thomson Reuters consensus; sees FY10 revs of $10.65-10.80 bln vs. $10.74 bln Thomson Reuters consensus. Q1 adjusted operating margin increased 200 basis points to 17.5%, compared with 15.5% in the 2009 period. "We had solid double-digit revenue growth in both of our reporting segments, as well as in North American and Asian markets. It's clear that we have emerged from the recession a stronger industry leader as a result of the actions we took in 2009."
06:05
PX Praxair reports EPS in-line, revs in-line; guides Q2 EPS in-line; guides FY10 EPS in-line, revs in-line (86.41 )
Reports Q1 (Mar) earnings of $1.09 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $1.09; revenues rose 14.4% year/year to $2.43 bln vs the $2.43 bln consensus. Co issues in-line guidance for Q2, sees EPS of $1.10-1.15 vs. $1.14 Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $4.50-4.65, excluding non-recurring items, vs. $4.64 Thomson Reuters consensus; sees FY10 revs of $10.0 bln vs. $10.1 bln Thomson Reuters consensus. Sales growth in the quarter came primarily from higher overall volumes in all geographic regions and foreign currency appreciation. Volume growth was broad-based across most end-markets. Chemicals, metals and electronics showed the strongest pick-up, while growth in manufacturing is lagging. Similarly, adjusted operating profit in the first quarter of $506 million grew 14% from the prior-year quarter.
05:20
HMC Honda Motor reports 4Q10 results (34.58 )
Co's consolidated net income attributable to Honda Motor Co., Ltd. for 4Q10 amounted to JPY 72.1 billion ($776.0 mln), an increase of JPY 252.1 billion from the same period in 2009. Basic net income attributable to Honda Motor Co., Ltd. per common share for the quarter amounted to JPY 39.78 ($0.43), an increase of JPY 138.95 from the corresponding period last year. Honda's consolidated net income attributable to Honda Motor Co., Ltd. for FY10 totaled JPY 268.4 billion ($2,885 mln), an increase of 95.9% from the previous fiscal year. Basic net income attributable to Honda Motor Co., Ltd. per common share for the period amounted to JPY 147.91 ($1.59), an increase of JPY 72.41 from the previous fiscal year. Co estimates FY11 net sales of 9,340 bln yen, an 8.9% increase from FY10. Co estimates net income attributable to Honda Motor of 340.0 bln yen, an increase of 26.7% from FY10. Co estimates 187.7 yen/share in FY11.
05:13
CEO CNOOC Ltd reports 1Q10 results (171.74 )
Co reports a total net production of 67.3 million barrels of oil equivalent, representing an increase of 31.9% year-on-year. Total unaudited revenue increased 118.5% to RMB30.49 billion. In the first quarter of 2010, the co produced 55.0 million barrels of crude oil and liquids, an increase of 30.4% year/year, and 71.6 billion cubic feet of natural gas, up 41.4% year/year. The production growth was mainly attributable to the production from projects that came on stream in 2008 and 2009 and performance of existing oil and gas fields.
05:11
NSTC Ness Tech beats by $0.02, misses on revs; reaffirms FY10 EPS above consensus, revs above consensus (6.97 )
Reports Q1 (Mar) earnings of $0.09 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.07; revenues rose 5.6% year/year to $133.3 mln vs the $135.7 mln consensus. Co reaffirms upside guidance for FY10, sees EPS of $0.43-0.47, excluding non-recurring items, vs. $0.40 Thomson Reuters consensus; sees FY10 revs of $575.0-585.0 mln vs. $569.81 mln Thomson Reuters consensus.
05:06
NDAQ NASDAQ OMX to close its pan-European equity MTF NASDAQ OMX Europe (21.77 )
Co reports that it has decided to close its pan-European multilateral trading facility operated by NASDAQ OMX Europe. The announcement was made following an assessment of the financial prospects of the NEURO business.
04:52
ALLT Allot Comms names Nachum Falek as new CFO (5.83 )
04:51
SII Smith Intl beats by $0.02, beats on revs (47.27 )
Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.17; revenues fell 11.3% year/year to $2.14 bln vs the $2.09 bln consensus. Increased drilling activity in the North American market was the primary driver of results and was broad-based, resulting in revenue increases in nearly all of the co's lines of business. Smith's oilfield-related businesses contributed a 22% sequential improvement in North America revenue. M-I SWACO gained 23% while Smith Oilfield improved by 21% sequentially. Driving the quarterly revenue gains in Smith Oilfield segment were drill bits and motors, as well as higher revenue from the cased-hole wireline and borehole enlargement services. The Distribution segment contributed significantly to the sequential improvement in both revenue and operating income as it continues to experience higher volume in its energy sector operations and better margins in part reflecting more favorable LIFO inventory cost impact. Consolidated revenue increased $154.0 million, or 8 percent, from 4Q09, while the M-I SWACO worldwide rig count increased by 10%. Nearly all of the sequential revenue increase was generated in North America, influenced by a higher level of onshore drilling and completion activity. Outside of North America, revenue was in line with the December 2009 quarter compared to a 2% sequential increase in rig activity.
03:56
RDS.A Royal Dutch Shell beats by $0.28 (61.07 )
Reports Q1 (Mar) adjusted CCS earnings of $1.57 per ADS, $0.28 better than the Thomson Reuters consensus of $1.29. Net profit was $5.48 billion, up 57% from $3.49 billion, in 1Q09. Revenues were $86.0 billion vs $52.2 billion in 1Q09. Oil production increased from 1Q09 to 3.59 mln barrels of oil per day. Production earnings were $4.42 bln. At refining, earnings increased 11% to $1.33 bln.
03:12
NUS Nu Skin beats by $0.06, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY10 EPS above consensus, revs above consensus (32.46 )
Reports Q1 (Mar) earnings of $0.48 per share, $0.06 better than the Thomson Reuters consensus of $0.42; revenues rose 22.9% year/year to $364.1 mln vs the $342.1 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.44-0.46 vs. $0.42 Thomson Reuters consensus; sees Q2 revs of $362.0-370.0 mln vs. $352.06 mln Thomson Reuters consensus. Co issues upside guidance for FY10, sees EPS of $1.80-1.88 vs. $1.78 Thomson Reuters consensus; sees FY10 revs of $1.44-1.46 bln vs. $1.43 bln Thomson Reuters consensus.
02:36
CKSW ClickSoftware beats by $0.02; beats on revenue; reaffirms FY10 revenue guidance (6.88 )
Reports 1Q (Mar) earnings of $0.11 per share, excludes items, $0.02 better than the Thomson-Reuters consensus of $0.09; revenue increased 35% year/year to $17.5 mln vs 16.24% consensus. Co reaffirms in-line guidance for FY10; sees revenue of $71.5-74.5 mln vs $72.67 mln Thomson-Reuters consensus.
02:23
UMC United Micro misses by $0.01, misses on revs (3.70 )
Reports Q1 (Mar) earnings of $0.04 per ADS, $0.01 worse than the Thomson Reuters consensus of $0.05; revenues rose 162.4% year/year to $842 mln vs the $870.4 mln consensus. Co reports gross margin of 24.6% and operating margin of 12.7%.
02:15
AUDC Audiocodes beats by $0.02, beats on revs (4.13 )
Reports Q1 (Mar) earnings of $0.06 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.04; revenues rose 18.8% year/year to $34.8 mln vs the $33.6 mln consensus.
02:14
SAP SAP AG reports EPS in-line, misses on revs (48.55 )
Reports Q1 (Mar) earnings of EUR 0.37 per share, excluding aquisition related expenses and stock-based compensation charges, in-line with the Thomson Reuters consensus of EUR 0.37; revenues rose 6.4% year/year to EUR 2.51 bln vs the EUR 2.55 bln consensus. Co expects FY10 non-IFRS software and software-related service revenue to increase in a range of 4% to 8% at constant currencies (2009: EUR 8.2 billion). Co expects FY10 non-IFRS operating margin to be in a range of 30% to 31% at constant currencies (2009: 27.4%).
01:56
WDC Western Digital to acquire Hoya's magnetic media operations (42.80 )
Co announces that it has agreed to purchase the magnetic media sputtering operations of Hoya Corporation and Hoya Magnetics Singapore Pte. Ltd. for 22 bln yen (approx $235 mln) in an all-cash transaction. The agreement includes a multi-year commitment for glass substrate supply related to these operations from Hoya. WDC is acquiring the facilities, equipment, intellectual property and working capital of Hoya's media sputtering operations, based in Tuas, Singapore, where it expects to employ the entire current workforce. Certain related equipment at Hoya's Nagasaka, Japan, research and development facilities is included. The acquisition is expected to close in the current calendar quarter.
01:54
EEFT Euronet reports EPS in-line, misses on revs; guides Q2 EPS below consensus (19.05 )
Reports Q1 (Mar) earnings of $0.32 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.32; revenues rose 7.0% year/year to $250 mln vs the $263.8 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.31 vs. $0.36 Thomson Reuters consensus. 2Q10 guidance reflects impact of the recently announced interchange rate change for Poland and assumes F/X raes remain stable through the end of the quarter.
01:51
JLL Jones Lang LaSalle beats by $0.28, beats on revs (79.04 )
Reports Q1 (Mar) earnings of $0.14 per share, excluding non-recurring items, $0.28 better than the Thomson Reuters consensus of ($0.14); revenues rose 17.5% year/year to $580.7 mln vs the $531.1 mln consensus.
01:46
UGI UGI Corp beats by $0.02; increases quarterly dividend to $0.25/share (27.09 )
Reports Q2 (Mar) earnings of $1.46 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $1.44. Co increases quarterly dividend 25% to $0.25/share. Co reiterates they will grow EPS at a a long term average rate of 6% to 10% per year and grow dividend at a rate of 4% per year.
01:37
JDAS JDA Software beats by $0.07, beats on revs (29.29 )
Reports Q1 (Mar) earnings of $0.38 per share, $0.07 better than the Thomson Reuters consensus of $0.31. Revenue increased 58% year/year to $131.6 mln vs $129.52 mln Thomson Reuters consensus.
01:34
GLF Gulfmark Offshore misses by $0.04, reports revs in-line (32.50 )
Reports Q1 (Mar) earnings of $0.25 per share, excluding non-recurring items, excludes tonage tax benefit, $0.04 worse than the Thomson Reuters consensus of $0.29; revenues rose 3.7% year/year to $84.7 mln vs the $85.2 mln consensus. Utilization in the Americas was 80% in the quarter, a 15% increase from the fourth quarter rate. Within the Americas, utilization in the Gulf of Mexico increased 19%, from 62% in the fourth quarter of 2009 to 81% in the first quarter of 2010. Quarterly utilization increased in the North Sea to just over 90%, but decreased in Southeast Asia to 83%.
01:17
FR First Ind. Rlty misses by $0.04, beats on revs; guides FY10 FFO in-line (8.44 )
Reports Q1 (Mar) funds from operations of $0.22 per share, excluding non-recurring items, $0.04 worse than the Thomson Reuters consensus of $0.26; revenues fell 19.4% year/year to $89.8 mln vs the $85.1 mln consensus. Co issues in-line guidance for FY10, sees FFO of $0.93-1.03, excluding non-recurring items, vs. $0.99 Thomson Reuters consensus.
01:11
On The Wires
Syngenta (SYT) announces that it has entered into a long-term multi-crop partnership with Embrapa, the Brazilian Agricultural Research Corporation, to advance solutions for Brazilian growers to improve crop quality and yield. The agreement will initially focus on opportunities in corn, cotton and soybean and will benefit Brazilian growers both large and small... CDC Software (CDCS) announces it has secured $30 million in new financing from Wells Fargo Capital Finance LLC, part of Wells Fargo & Company... Microsoft (MSFT) and HTC Corp. have signed a patent agreement that provides broad coverage under Microsoft's patent portfolio for HTC's mobile phones running the Android mobile platform. Under the terms of the agreement, Microsoft will receive royalties from HTC..
19:06
Futures are higher after hours with S&P 500 futures 0.59 points above fair value of 1180.21 and Nasdaq 100 futures 3.64 points above fair value of 2004.11
19:04
BXP Boston Prpts beats by $0.03, beats on revs; guides Q2 FFO below consensus; guides FY10 FFO in-line (78.12 -2.57)
Reports Q1 (Mar) funds from operations of $1.07 per share, $0.03 better than the Thomson Reuters consensus of $1.04; revenues rose 0.6% year/year to $379.8 mln vs the $365.4 mln consensus. Co issues downside guidance for Q2, sees FFO of $0.97-0.99 vs. $1.03 Thomson Reuters consensus. Co issues in-line guidance for FY10, sees FFO of $4.06-4.16 vs. $4.16 Thomson Reuters consensus.
19:01
BAS Basic Energy Services misses by $0.02, beats on revs (10.26 -0.21)
Reports Q1 (Mar) loss of $0.54 per share, $0.02 worse than the Thomson Reuters consensus of ($0.52); revenues fell 7.6% year/year to $143 mln vs the $138.1 mln consensus. Co said, "In 2010, Basic continues to anticipate that to sustain its existing fleet, its minimum capital requirement will be approximately $35 million. Capital expenditures for expansion and other replacements will be made as the operating environment improves."
18:59
AINV Apollo Investment Corp prices public offering of common stock at $12.40 (12.40 -1.17) -Update-
Co announces that it has priced its public offering of 15.0 million shares of its common stock at an offering price of $12.40 per share, raising $186.0 million of gross proceeds. The Company has granted the underwriters an option to purchase up to an additional 2.25 million shares to cover over-allotments, if any.
18:30
COG Cabot Oil & Gas announces progress in Susquehanna County (37.55 -1.88)
Co provided an update on its efforts to comply with the Modified Consent Order, along with additional information regarding its business practices as they relate towards the environment, water resources and the citizens of Pennsylvania. A rig is on location preparing to commence the required plugging operations in accordance with the MCO and all the published requirements. Additional technical operations will be included, all of which have been presented to the Pennsylvania Department of Environmental Protection. We expect to make significant progress, if not being complete with the plugging of all three required wells by the end of next week. In terms of the permanent water solution requirements, the necessary equipment started arriving on April 26 and is ready for installation. This solution is designed to remove methane, a constituent of natural gas, from the water stream before it enters a home. We are committed to resolving this issue with a long-term solution."
18:24
RRC Range Resources beats by $0.02, misses on revs (48.93 -2.23)
Reports Q1 (Mar) earnings of $0.16 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.14; revenues rose 16.5% year/year to $236.8 mln vs the $246.1 mln consensus.
18:18
BKI Buckeye Tech reports EPS in-line, revs in-line (14.38 -0.51)
Reports Q3 (Mar) earnings of $0.28 per share, in-line with the Thomson Reuters consensus of $0.28; revenues rose 11.1% year/year to $190.7 mln vs the $189.7 mln consensus. Co said, "Average selling prices of our products are expected to improve further in the fourth quarter. Also, in the near term, operational reliability and procurement of cotton linters will be the keys to building on the current quarter's success."
18:07
CBE Cooper Industries appoints new Senior Vice President and Chief Financial Officer (49.40 -1.53)
Co announced the appointment of David A. Barta to the position of Senior Vice President and Chief Financial Officer, effective May 17, 2010. Barta will report to Chairman and Chief Executive Officer Kirk S. Hachigian. Barta is replacing Terry A. Klebe, who announced his intent to retire earlier this year. Klebe has been named Vice Chairman and will continue to report directly to the CEO, serving on the Tools Joint Venture Board and working on other special assignments.
17:58
MTW Manitowoc misses by $0.07, misses on revs (15.13 -0.83)
Reports Q1 (Mar) loss of $0.08 per share, excluding non-recurring items, $0.07 worse than the Thomson Reuters consensus of ($0.01); revenues fell 29.7% year/year to $721.9 mln vs the $808.7 mln consensus. Co reaffirms foodservice revenues guidance to improve modestly over 2009 results. Foodservice operating margins to continue their solid improvement over 2009 levels; Year-over-year declines in Crane segment revenues to be significantly lower than the decline experienced in 2009; Crane revenues in the first half of 2010 to be lower than the first half of 2009; Crane revenues in the second half of 2010 to be higher than the second half of 2009; and, Full year Crane operating margins to be above the 3.5 percent trough margins that were experienced in 2003.
17:53
NFX Newfield Expl beats by $0.08, misses on revs (55.69 -1.46)
Reports Q1 (Mar) earnings of $1.19 per share, excluding non-recurring items, $0.08 better than the Thomson Reuters consensus of $1.11; revenues rose 74.8% year/year to $458 mln vs the $545.3 mln consensus. NFX announced that the Co intends to allocate additional capital in 2010 to its ongoing oil activities in the Uinta and Williston Basins. Newfield now expects to invest ~$700 million in oil projects in 2010, or nearly 45% of its total budget. At current oil prices, NFX's growing crude oil volumes are expected to account for ~60% of 2010 revenues. As a result of the re-allocation in expenditures, the Company's 2010 domestic crude oil production is expected to increase throughout the remainder of 2010 and is expected to be at least 20% above 2009 domestic oil production. Spending reductions in planned gas development programs will offset these new oil investments. Newfield maintains its capital budget of $1.6 billion. For the full year 2010, Newfield expects that its production will be in the upper half of its previous production guidance of 278 - 288 Bcfe, representing an expected increase of at least 10% over 2009 volumes. An intentional reduction in natural gas volumes in the second half of 2010 should be more than offset by our growing crude oil volumes.
17:49
AIZ Assurant purchases $150 mln catastrophe reinsurance coverage through catastrophe bonds (33.79 -1.15)
Co announced that certain of its subsidiaries have entered into reinsurance agreements providing for $150 million in multi-year, fully collateralized reinsurance from Ibis Re Ltd. ("Ibis Re"), a special purpose reinsurance company domiciled in the Cayman Islands.
17:44
SEA Claymore announced that as a result of not having reached a shareholder quorum, it intends to close and liquidate the Claymore/Delta Global Shipping Index ETF (SEA) (15.87 -0.45)
17:37
RPT Ramco-Gershenson misses by $0.04; co issues downside FY10 FFO's guidance (12.56 -0.41)
Reports Q1 (Mar) funds from operations of $0.25 per share, $0.04 worse than the Thomson consensus of $0.29; revenues fell 3.3% year/year to $30.8 mln vs the $30.6 mln consensus. Co issues downside FY10 guidance; co sees FFO's of $1.04-1.12 vs. $1.19 consensus.
17:30
BHI Baker Hughes: Justice Department requires divestitures in Baker Hughes' merger with BJ Services (50.94 -2.94) -Update-
The Department of Justice announced that it has reached a settlement that will require Baker Hughes Inc. and BJ Services Company to divest two specially equipped vessels and other assets in order to proceed with their proposed merger. The department said that the transaction as originally proposed would combine two of only four companies that provide specialized pumping services, called stimulation services, necessary for the production of oil and gas from wells in the U.S. Gulf of Mexico. Without the divestitures, the department said the transaction would lead to higher prices and a reduction in service quality.
17:23
AKS AK Steel announces pricing of $400 mln underwritten public offering of its 7 5/8% senior notes due 2020 (17.43 -1.56)
17:21
SURG Synergetics USA enters into a settlement and license agreement with Alcon (1.85 -0.01)
Co announced the signing of a pair of agreements with Alcon Laboratories granting Alcon a license to sell certain products manufactured by Synergetics for worldwide distribution on a co-exclusive basis throughout the extensive Alcon network and covering the terms of supply of such products to Alcon by Synergetics. The agreements also settle all litigation between Synergetics and Alcon (ACL).
17:15
SIRI Sirius XM Radio regains compliance with all NASDAQ Listing Rules (1.14 -0.05)
17:11
BHI Baker Hughes and BJ Services reach final agreement with DOJ and comment on timing for proceeding to closing their pending merger (50.94 -2.94)
Baker Hughes Incorporated (BHI) and BJ Services (BJS) have reached a final agreement with the Antitrust Division of the U.S. Department of Justice in connection with the governmental approval of the pending merger between the companies.
17:09
RNR RenaissanceRe beats by $1.14, beats on revs (55.37 -1.37)
Reports Q1 (Mar) earnings of $1.91 per share, $1.14 better than the Thomson Reuters consensus of $0.77; revenues rose 17.0% year/year to $379 mln vs the $362.3 mln consensus.
17:05
PPDI PPD Inc. announced its contract research facility in Athlone, Ireland, has been awarded manufacturer licenses by the Irish Medicines Board (27.64 +2.09) -Update-
17:05
DTE DTE Energy beats by $0.18, misses on revs; guides FY10 EPS in-line (46.87 -0.68)
Reports Q1 (Mar) earnings of $1.38 per share, excluding non-recurring items, $0.18 better than the Thomson Reuters consensus of $1.20; revenues rose 8.8% year/year to $2.45 bln vs the $2.58 bln consensus. Co raised EPS guidance for FY10 in-line, sees EPS of $3.45-3.80 vs. $3.51 Thomson Reuters consensus, from $3.35-3.75. Co said, "We are confident that if we maintain our steadfast focus on continuous improvement, customer service and a strong balance sheet, we can deliver 5 percent to 6 percent long-term average annual operating EPS growth while paying an attractive dividend."
17:04
NLC Nalco beats by $0.06, beats on revs; guides FY10 EPS (24.84 -0.55)
Reports Q1 (Mar) earnings of $0.31 per share, excluding currency devaluation, $0.06 better than the Thomson Reuters consensus of $0.25; revenues rose 10.2% year/year to $956.6 mln vs the $921.3 mln consensus. Co issues guidance for FY10, sees EPS of of more than $1.30 vs. $1.36 Thomson Reuters consensus. The Company continues to expect mid-single-digit organic sales growth for the year. Adjusted EBITDA is now expected to exceed $710 million for the yr.
17:02
AKR Acadia Realty Trust reports 1Q10 FFO of $0.25 vs. $0.25 Thomson Reuters consensus; reaffirms 2010 FFO guidance of $0.95-$1.00 vs. $1.01 consensus (18.66 -0.73)
Co states, "Along with the improving retail environment, the capital markets also showed continued strengthening during the quarter. While we believe these improvements bode well for both our existing portfolio as well as our redevelopment pipeline, we recognize that we are still in the early stages of this economic recovery and, thus, remain focused on maintaining the strength of our portfolio and our balance sheet. Furthermore, we believe that our liquidity and available discretionary acquisition fund capital puts us in a strong position to capitalize on potential opportunities as they arise."
16:56
SXL Sunoco Logistics misses by $0.39, beats on revs; announces the retirement of Deborah M. Fretz, President and CEO (70.17 -0.97)
Reports Q1 (Mar) earnings of $1.06 per share, $0.39 worse than the Thomson Reuters consensus of $1.45; revenues rose 61.9% year/year to $1.68 bln vs the $1.38 bln consensus. Co said, "Lower earnings from the prior year's first quarter were driven primarily by the absence of a wide contango crude oil market structure along with decreased refined products volumes which were impacted by planned and unplanned refinery maintenance activity. This reduction in earnings was partially offset by higher crude oil pipeline volumes and fees and improved operating performance at the Partnership's Nederland and refined products terminals. Contributing further to the reduction in earnings from the prior year's quarter was a $5.8 million increase in interest expense associated primarily with the issuance of Senior Notes in 2010 and $3.0 million of non-recurring expenses."
16:51
SXL Sunoco Logistics announces the retirement of Deborah M. Fretz, President and CEO (70.17 -0.97)
16:50
TRMK Trustmark beats by $0.02 (24.87 -0.66)
Reports Q1 (Mar) earnings of $0.37 per share, $0.02 better than the Thomson Reuters consensus of $0.35. Co said, "Trustmark continued to make significant progress in the resolution of its construction and land development portfolio in Florida. During the last 12 months, this portfolio has been reduced by 33.5% to $183.7 million. At March 31, 2010, Florida nonimpaired construction and land development loans totaled $148.8 million with an associated reserve for loan losses of $19.6 million, or 13.20%. Managing credit risks resulting from current economic and real estate market conditions continues to be a primary focus for Trustmark."
16:45
NEXM NexMed appoints Dr. Stephen B. Howell as Chairman of its Scientific Advisory Board (0.50 +0.10)
16:42
ULTI Ultimate Software beats by $0.01, beats on revs; guides Q2 revss ; reaffirms FY10 revs guidance (36.34 -0.24)
Reports Q1 (Mar) earnings of $0.09 per share, $0.01 better than the Thomson Reuters consensus of $0.08; revenues rose 14.1% year/year to $55.7 mln vs the $54.9 mln consensus. Co issues guidance for Q2, sees Q2 revs of approx $54 mln vs. $56.23 mln Thomson Reuters consensus. Co reaffirms guidance for FY10, sees FY10 revs frowing approx 18% YoY, which calculates to roughly of $232 mln (vs. $232.00 mln Thomson Reuters consensus).
16:40
CTS CTS Corp beats by $0.02, misses on revs; guides FY10 EPS in-line, revs in-line (10.52 -0.29)
Reports Q1 (Mar) earnings of $0.13 per share, $0.02 better than the Thomson Reuters consensus of $0.11; revenues rose 9.6% year/year to $129.4 mln vs the $138 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.52-0.60 vs. $0.55 Thomson Reuters consensus; co raised FY10 revs growth to 12-20%, which calculates to ~$558.9-598.8 mln vs. $578.00 mln Thomson Reuters consensus, up from prior growth of 10-15%, which calculates to ~$548.9-573.8 mln consensus.
16:40
WBSN Websense misses by $0.01, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (23.99 -0.97)
Reports Q1 (Mar) earnings of $0.26 per share, excluding non-recurring items, $0.01 worse than the Thomson Reuters consensus of $0.27; revenues fell 1.9% year/year to $81.8 mln vs the $82.6 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.26-0.29 vs. $0.29 Thomson Reuters consensus; sees Q2 revs of $83-85 mln vs. $84.29 mln Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $1.16-1.23, excluding non-recurring items, vs. $1.20 Thomson Reuters consensus; sees FY10 revs of $338-346 mln vs. $342.04 mln Thomson Reuters consensus.
16:34
VTNC Vitran beats by $0.04, beats on revs (13.73 -0.11)
Reports Q1 (Mar) loss of $0.06 per share, $0.04 better than the Thomson Reuters consensus of ($0.10); revenues rose 18.8% year/year to $165.9 mln vs the $163.3 mln consensus. Co said, "Our LTL segment improved shipments and tonnage at a double digit rate over the prior year first quarter. The growth rate for each month in 2010 escalated compared to the prior year month. As a result, March 2010 we posted our best LTL monthly operating ratio since June 2008."
16:34
PMTC Parametric beats by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs in-line; reaffirms FY10 EPS guidance, revs guidance (19.26 -0.53)
Reports Q2 (Mar) earnings of $0.20 per share, $0.01 better than the Thomson Reuters consensus of $0.19; revenues fell 5.7% year/year to $240.6 mln vs the $242.9 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.14-0.20 vs. $0.23 Thomson Reuters consensus; sees Q3 revs of $235-246 mln vs. $246.19 mln Thomson Reuters consensus. Co reaffirms guidance for FY10, sees EPS of $1.00 vs. $1.00 Thomson Reuters consensus; sees FY10 revs of $1.015 mln vs. $1.01 bln Thomson Reuters consensus. "Our PLM license revenue in Q2 was $30 million, up 107% year-over-year, continuing to highlight our leadership position in a large and growing segment of the enterprise software market." "Our pipeline for new business opportunities with new and existing customers remains strong. During the quarter we recognized revenue from leading organizations such as BAE Systems, EADS, Huawei Technologies, NASA, the United States Navy, and Vestas Wind Systems."
16:33
MSFG Mainsource Fincl reports Q1 EPS of $0.12 vs $0.04 Thomson Reuters consensus (8.28 -0.37)
Although it remains high from a historical perspective, the Company's loan loss provision expense decreased to $9.5 million in the first quarter of 2010 compared to $11.4 million in the same period a year ago. Also contributing to the increase in earnings year over year was an increase in net interest income of $1.8 million as the Company's net interest margin increased to 4.09% from 3.74% a year ago.
16:30
ARRS Arris beats by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line (12.38 -0.36)
Reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.20; revenues rose 5.2% year/year to $266.7 mln vs the $266.7 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.22-0.26, excluding non-recurring items, vs. $0.24 Thomson Reuters consensus; sees Q2 revs of $275-295 mln vs. $287.76 mln Thomson Reuters consensus. Gross margin for the first quarter 2010 was 42.2%, which compares to the first quarter 2009 gross margin of 37.7% and the fourth quarter 2009 gross margin of 44.8%. the end of the first quarter 2009 and the fourth quarter 2009, respectively. The Company's book-to-bill ratio in the first quarter 2010 was 1.19 as compared to the first quarter 2009 of 1.16 and the fourth quarter 2009 of 0.92. "The first quarter results and in particular, customer diversification, cause me to continue to be optimistic about full year 2010. Increasing amounts of data and Internet TV traffic, and the proliferation of Internet ready HD televisions coupled with the industry trends towards converged platforms for voice, data and video, present opportunity and demand for existing and new ARRIS products."
16:27
MRCY Mercury Computer beats by $0.28, beats on revs; guides Q4 EPS in-line, revs in-line (13.24 -0.64)
Reports Q3 (Mar) earnings of $0.16 per share, $0.28 better than the Thomson Reuters consensus of ($0.12); revenues fell 13.8% year/year to $43.6 mln vs the $42.3 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.25-0.28 vs. $0.28 Thomson Reuters consensus; sees Q4 revs of $58-60 mln vs. $59.70 mln Thomson Reuters consensus. Beginning with the first quarter of fiscal 2010, Mercury changed its non-GAAP measure for reporting financial performance to adjusted EBITDA (earnings from continuing operations before interest income and expense, income taxes, depreciation, amortization of acquired intangible assets, restructuring, impairment of long-lived assets, and stock-based compensation costs). Adjusted EBITDA for the fourth quarter of fiscal 2010 is expected to be in the range of $9.3 million to $9.9 million (consensus is for EBITDA of $9.8 mln).
16:27
SKT Tanger Factory reports in-line (42.56 -1.32)
Reports Q1 (Mar) funds from operations (FFO) of $0.63 per share, in-line with the First Call consensus of $0.63; revenues rose 1.6% year/year to $66.2 mln vs the $65.6 mln consensus. Co issues in-line 2010 FFO's guidance; co sees FFO's of $2.57-2.67 vs. $2.66 consensus
16:26
PNRA Panera Bread reports EPS in-line with preannouncment, revs in-line; reaffirms Q2 EPS guidance; reaffirms FY10 EPS guidance (86.20 -1.19)
Reports Q1 (Mar) earnings of $0.82 per share, in-line with the Thomson Reuters consensus of $0.82 and the $0.81-0.82 preannouncement; revenues rose 13.7% year/year to $364 mln vs the $364.8 mln consensus. Co reaffirms guidance for Q2, sees EPS of $0.81-0.83 vs. $0.84 Thomson Reuters consensus. The Company's second quarter fiscal 2010 Company-owned comparable bakery-cafe sales growth is targeted at 8.5% to 9.5% versus the comparable period in fiscal 2009. The assumptions underlying this comparable bakery-cafe sales growth target for the second quarter are transaction growth of approximately 2.0% to 3.0% and average check growth of ~6.5%, with average check growth consisting of ~2.5% price and 3.5% to 4.5% mix impact on average check. Co reaffirms guidance for FY10, sees EPS of $3.40-3.44 vs. $3.52 Thomson Reuters consensus. The Co's fiscal 2010 target assumes Company-owned comparable bakery-cafe sales growth of 6.5% to 7.5% versus fiscal 2009. This target assumes transaction growth of between 1.5% and 2.5% and average check growth of ~5%. Company-owned comparable bakery-cafe sales in the first quarter of fiscal 2010 increased 10.0% versus the comparable period in fiscal 2009. Company-owned comparable bakery-cafe sales increased 9.5%, 8.1%, and 12.7% in the fiscal 2010 monthly periods of January, February and March, respectively, vs the comparable periods in fiscal 2009. Franchise-operated comparable bakery-cafe sales increased 9.2% in the first quarter of fiscal 2010 versus the comparable period in fiscal 2009 (9.3% in January, 6.9% in February and 12.1% in March). As a result, system-wide comparable bakery-cafe sales increased 9.5% in the first quarter of fiscal 2010 versus the comparable period in fiscal 2009 (9.4% in January, 7.4% in February and 12.4% in March). Consensus for Q1 comps was +8.1%. Co reports Q1 operating margin of 11.6% vs 11.4% estimate and 12.9% last qtr and 9.0% prior year.
16:26
CCUR Concurrent misses by $0.17, beats on revs (5.93 -0.08)
Reports Q3 (Mar) loss of $0.12 per share, excluding non-recurring items, $0.17 worse than the Thomson Reuters consensus of $0.05; revenues fell 24.0% year/year to $14.6 mln vs the $12.5 mln consensus. "We reiterate our prior guidance that our revenue for the second half of our fiscal year will exceed our revenue for the first half of the fiscal year. We are seeing traction with our new three-screen offerings as shown by the execution of another multi-year contract with a North American MSO to deliver media data and advertising solutions as a managed service, consistent with the objectives of our long term strategy."
16:26
STR Questar misses by $0.02, beats on revs (48.07 -1.86)
Reports Q1 (Mar) earnings of $0.73 per share, excluding non-recurring items, $0.02 worse than the Thomson Reuters consensus of $0.75; revenues rose 6.7% year/year to $984 mln vs the $765.3 mln consensus. Questar now expects that 2010 EBITDA could range from $1.48 to $1.58 billion, up from previous guidance of $1.45 to $1.55 billion. Questar E&P 2010 EBITDA could range from $830 to $880 million, up from previous guidance of $820 to $870 million. The company also raised Questar E&P 2010 production guidance to 212 to 217 Bcfe, up from prior guidance of 210 to 215 Bcfe.
16:25
DVA DaVita reports EPS in-line, revs in-line (64.39 -0.47)
Reports Q1 (Mar) earnings of $1.04 per share, in-line with the Thomson Reuters consensus of $1.04; revenues rose 7.7% year/year to $1.56 bln vs the $1.55 bln consensus. Total treatments for the first quarter of 2010 were 4,294,121, or 55,768 treatments per day, representing a per day increase of 4.5% over the first quarter of 2009. Non-acquired treatment growth in the quarter was 4.2% over the prior year's first quarter. Currently they still expect their operating income for 2010 to be in the range of $950-$1,020 mln and they also expect their operating cash flows for 2010 to be in the range of $675 mln to $725 mln.
16:25
ECPG Encore Capital beats by $0.05, misses on revs (21.54 -1.16)
Reports Q1 (Mar) earnings of $0.44 per share, $0.05 better than the Thomson Reuters consensus of $0.39; revenues rose 14.3% year/year to $87.3 mln vs the $89.3 mln consensus.
16:23
LEN Lennar sells $500 mln of debt securities (18.94 -1.16)
Co announced today that it has agreed to sell $250 mlnprincipal amount of 6.95% senior notes due 2018 and $250 mln principal amount of 2.00% convertible senior Nnotes due 2020 to initial purchasers. Lennar plans to use approximately $200 mlnfrom the net proceeds of the sale of the senior notes due 2018 to fund purchases pursuant to its tender offer for a limited principal amount of its 5.125% senior notes due 2010, its 5.95% senior notes due 2011 and its 5.95% senior notes due 2013. Lennar will use the remainder of the net proceeds from the sale of the senior notes due 2018 and the net proceeds from the sale of the convertible senior notes due 2020 for general corporate purposes, which may include the repayment or repurchase of its existing senior notes or other indebtedness.
16:23
PZN Pzena misses by $0.01 (7.65 -0.01)
Reports Q1 (Mar) earnings of $0.08 per share, $0.01 worse than the Thomson Reuters consensus of $0.09; revenues rose 40.8% year/year to $19.2 mln vs the $19.3 mln dual-analyst est.
16:23
KONA Kona Grill beats by $0.08, beats on revs; guides Q2 EPS in-line, revs in-line (5.21 -0.12)
Reports Q1 (Mar) loss of $0.07 per share, excluding a $0.03 per share charge related to legal and prosessional fees, $0.08 better than the Thomson Reuters consensus of ($0.15); revenues rose 8.2% year/year to $21.1 mln vs the $20.1 mln consensus. Co issues in-line guidance for Q2, sees EPS of (0.06)-(0.01) vs. ($0.05) Thomson Reuters consensus; sees Q2 revs of $21.7-$22.7 mln vs. $22.02 mln Thomson Reuters consensus.
16:22
SBX Seabright Insurance Holdings reports Q1 EPS compared to $0.16 Thomson Reuters consensus; total revenue increased 14% y/y to $74.3 mln compared to Thomson Reuters consensus of $70.5 mln (10.91 -0.07)
The net loss ratio for the first quarter of 2010 was 70.2% compared to 66.1% in the same period of 2009. The net combined ratio for the first quarter of 2010 was 101.1% compared to 100.1% for the same period in 2009.
16:22
MIPS MIPS Techs beats by $0.02, reports revs in-line (5.02 +0.02)
Reports Q3 (Mar) earnings of $0.08 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.06; revenues fell 0.9% year/year to $17.5 mln vs the $17.4 mln consensus.
16:21
BGS B&G Foods beats by $0.02, beats on revs (9.95 -0.21)
Reports Q1 (Mar) earnings of $0.22 per share, $0.02 better than the Thomson Reuters consensus of $0.20; revenues rose 5.6% year/year to $125.2 mln vs the $122.3 mln consensus. Co raises EBITDA guidance for fiscal 2010 to $108.0-111.0 mln vs. the $104.2 mln consensus. B&G Foods expects to make capital expenditures of approximately $11.0 million in the aggregate during fiscal 2010.
16:21
BIN IESI-BFC reports Q1 EPS of $0.20 vs $0.16 Thomson Reuters consensus; revs $264 mln vs $248.87 mln Thomson Reuters consensus (18.62 -0.64)
"We are encouraged by our revenue growth and overall operating performance in the first quarter of 2010, driven by strong core price and volume growth, as well as higher recycled commodity prices. We enjoyed strong comparative growth on all of our performance measures including adjusted EBITDA, operating income, net income, earnings per share and free cash flow(B). These results are even more remarkable considering the challenge of inclement weather we faced in our U.S. south and northeast regions this quarter."
16:19
ININ Int. Intelligence misses by $0.01, reports revs in-line (19.92 -.23)
Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items, $0.01 worse than the Thomson Reuters consensus of $0.23; revenues rose 18.6% year/year to $35 mln vs the $35.1 mln consensus.
16:18
ATAC Aftermarket Tech beats by $0.05, reports revs in-line; guides FY10 EPS in-line (18.90 -0.81)
Reports Q1 (Mar) earnings of $0.35 per share, $0.05 better than the Thomson Reuters consensus of $0.30; revenues rose 29757.1% year/year to $104.5 mln vs the $104.4 mln consensus. Co issues in-line guidance for FY10, sees EPS of $1.75-0.95 vs. $1.84 Thomson Reuters consensus.
16:18
BLKB Blackbaud reports EPS in-line, revs in-line
Reports Q1 (Mar) earnings of $0.20 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.20; revenues rose 2.0% year/year to $76.2 mln vs the $76.6 mln consensus.
16:17
HGIC Harleysville Grp misses by $0.04, misses on revs (32.67 -0.51)
Reports Q1 (Mar) earnings of $0.28 per share, $0.04 worse than the Thomson Reuters consensus of $0.32; revenues fell 3.2% year/year to $239 mln vs the $241.4 mln. Book value of $28.29 per share; up 19 percent from a year ago consensus.
16:16
EWBC East West Banc beats by $0.06; guides Q2 EPS in-line (19.38 -0.40)
Reports Q1 (Mar) earnings of $0.13 per share, $0.06 better than the Thomson Reuters consensus of $0.07. Co issues in-line guidance for Q2, sees EPS of $0.13-0.17 vs. $0.13 Thomson Reuters consensus. "In the first quarter, the provision for loan losses decreased by 45% and our net interest margin expanded to 4.02% excluding yield adjustments. Credit indicators have improved substantially. As of March 31, 2010, nonperforming assets to total assets was down to 0.89% and charge-offs for the quarter decreased 51%. Further, the allowance for loan losses to total loans is a strong 2.93%."
16:15
CSGS CSG Systems misses by $0.01, beats on revs; guides FY10 EPS above consensus, revs in-line (22.54 -0.17)
Reports Q1 (Mar) earnings of $0.49 per share, excluding non-recurring items, $0.01 worse than the Thomson Reuters consensus of $0.50; revenues rose 5.5% year/year to $130.3 mln vs the $129 mln consensus. Co issues mixed guidance for FY10, sees EPS of $2.13-2.19 vs. $2.10 Thomson Reuters consensus; sees FY10 revs of $522-530 mln vs. $525.72 mln Thomson Reuters consensus.
16:15
RKT Rock-Tenn beats by $0.11, beats on revs (49.57 )
Reports Q2 (Mar) earnings of $0.70 per share, $0.11 better than the Thomson Reuters consensus of $0.59; revenues rose 8.2% year/year to $731.9 mln vs the $694.3 mln consensus.
16:15
BRCM Broadcom beats by $0.11, beats on revs; guides Q2 revs above consensus (34.82 -1.21)
Reports Q1 (Mar) GAAP earnings of $0.40 per share, $0.11 better than the Thomson Reuters consensus of $0.29; revenues rose 9.0% year/year to $1.46 bln vs the $1.38 bln consensus. Co reports Q1 gross margins of 52.5% vs 52.6% Thomson Reuters consensus; sees Q2 gross margin flat with Q1, in line with consensus. Co issues upside guidance for Q2, sees Q2 revs of $1.535-1.635 bln (+5-12% sequentially) vs. $1.42 bln Thomson Reuters consensus. "Our focus to increase expenses more slowly than revenue produced solid operating margins and record earnings per share." "Demand for current products, coupled with new product introductions, should enable us to deliver strong sequential growth into the second quarter. Our products for the Home, Hand, and Infrastructure are extremely well positioned to deliver sustained profitable growth and will benefit from both improved global demand and the increasing role of communications in a connected world."
16:14
PFWD Phase Forward reports EPS in-line, revs in-line (16.78 -0.02)
Reports Q1 (Mar) earnings of $0.12 per share, in-line with the Thomson Reuters consensus of $0.12; revenues rose 17.8% year/year to $57.5 mln vs the $57 mln consensus.
16:12
SIMG Silicon Image beats by $0.02, beats on revs; guides Q2 revs in-line (3.42 -0.22)
Reports Q1 (Mar) loss of $0.05 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of ($0.07); revenues fell 3.7% year/year to $34.3 mln vs the $31.1 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $37-39 mln vs. $37.90 mln Thomson Reuters consensus.
16:12
RSYS RadiSys beats by $0.09, beats on revs; guides Q2 EPS in-line, revs above consensus (10.25 +0.16)
Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.09 better than the Thomson Reuters consensus of $0.02; revenues fell 13.3% year/year to $67.3 mln vs the $65.9 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.09-0.14, excluding non-recurring items, vs. $0.11 Thomson Reuters consensus; sees Q2 revs of $70-75 mln vs. $69.37 mln Thomson Reuters consensus. The Co continues to believe that 2010 Next Generation product revenue will grow by 20-30% over 2009. The Company also continues to project its Legacy product revenue to decline by 20-30% from 2009 as older programs continue to roll off. The Company currently expects that Next Generation product revenues will overtake Legacy product revenues and become a higher percentage of total revenues by the end of 2010.
16:12
AFL AFLAC beats by $0.09, reports revs in-line; guides Q2 EPS in-line; guides FY10 EPS in-line (52.41 -2.32)
Reports Q1 (Mar) earnings of $1.41 per share, $0.09 better than the Thomson Reuters consensus of $1.32; revenues rose 5.1% year/year to $5.07 bln vs the $5.02 bln consensus. Co issues in-line guidance for Q2, sees EPS of $1.33-1.38 vs. $1.33 Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $5.24-5.56 vs. $5.34 Thomson Reuters consensus. "We are pleased with our overall results in the first quarter of 2010. As we expected, we continued to see strong sales growth in our largest operating segment, Aflac Japan. At the same time, we were not surprised by continued sales weakness in the U.S. market in light of ongoing economic challenges. However, we posted strong consolidated financial results, and earnings-per-share growth was again consistent with our expectation and objective. We remain confident in the quality of our balance sheet. Furthermore, we did not experience significant credit rating downgrades of our investments in the quarter. We are especially pleased with our capital position, and our capital generation in the quarter was strong. Realized investment losses in the first quarter declined from the fourth quarter of 2009. As a result, we estimate that Aflac's risk-based capital ratio exceeded 525% at March 31, 2010, compared with 479% at the end of 2009."
16:11
FLEX Flextronics beats by $0.01, misses on revs; guides Q1 EPS in-line, revs in-line (7.91 -0.21)
Reports Q4 (Mar) earnings of $0.16 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.15; revenues rose 6.4% year/year to $5.94 bln vs the $6.04 bln consensus. Co issues in-line guidance for Q1, sees EPS of $0.16-0.19, excluding non-recurring items, vs. $0.16 Thomson Reuters consensus; sees Q1 revs of $6.1-6.6 bln vs. $6.33 bln Thomson Reuters consensus.
16:09
USNA USANA beats by $0.12, beats on revs; guides FY10 EPS in-line, revs in-line (35.47 -0.22)
Reports Q1 (Mar) earnings of $0.62 per share, $0.12 better than the Thomson Reuters consensus of $0.50; revenues rose 22.4% year/year to $119.1 mln vs the $106.7 mln consensus. Co issues in-line guidance for FY10, sees EPS of $2.50-$2.60 vs. $2.50 Thomson Reuters consensus; sees FY10 revs of $470-$480 mln vs. $472.00 mln Thomson Reuters consensus.
16:09
SMCI Super Micro Computer reports EPS in-line, beats on revs; guides Q4 EPS below consensus, revs in-line (17.93 -0.96)
Reports Q3 (Mar) earnings of $0.21 per share, in-line with the Thomson Reuters consensus of $0.21; revenues rose 72.9% year/year to $189.3 mln vs the $182.1 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.20-0.23, excluding non-recurring items, vs. $0.24 Thomson Reuters consensus; sees Q4 revs of $192-202 mln vs. $197.38 mln Thomson Reuters consensus. Non-GAAP gross margin for the third quarter was 15.5% compared to 15.0% in the same period a year ago. Non-GAAP gross margin was 16.7% for the second quarter of fiscal year 2010. "We achieved another record high of quarterly revenues, which is the 4th straight quarter of increasing revenues, making the first 9 months of fiscal 2010 the strongest performance in our history. Supermicro has strong momentum going into the June quarter because of our growing brand strength, important OEM wins, new Westmere and G34 product launches, and growing revenue opportunities in Europe and Asia. Our global expansion to meet our worldwide demand now includes production capacity in Europe as well as our first production in Taiwan, which was added during the quarter. We expect our strong growth trend to continue into the June quarter and beyond."
16:09
AMAG AMAG Pharma misses by $0.30, misses on revs (36.83 -0.63)
Reports Q1 (Mar) loss of $1.15 per share, $0.30 worse than the Thomson Reuters consensus of ($0.85); revenues rose year/year to $13.3 mln vs the $16.8 mln consensus, up from $0.956 mln in the prior year's quarter.
16:08
RFMD RF Micro Device beats by $0.05, beats on revs (5.49 +0.13)
Reports Q4 (Mar) earnings of $0.16 per share, $0.05 better than the Thomson Reuters consensus of $0.11; revenues rose 51.4% year/year to $260.8 mln vs the $240.2 mln consensus. RFMD currently expects fiscal 2011 revenue and non-GAAP EPS to increase over fiscal 2010 results. Co says they are currently fully booked for sequential revenue growth in the June quarter and currently expects June quarterly gross margin to be consistent with March quarterly results. (Q1 rev est is $247.86 mln). RFMD currently expects transceiver revenue to increase sequentially in the June quarter and to begin a ramp-down in the September quarter. RFMD currently expects fiscal 2011 revenue and non-GAAP EPS to increase over fiscal 2010 results (current consensus is for FY11 of $0.52/$1.037 bln). RFMD currently expects fiscal 2011 free cash flow to be consistent with fiscal 2010 levels and to become net cash positive during fiscal 2011. RFMD expects moderate year-over-year operating expense growth in fiscal 2011 and cash taxes of approximately $6-7 million per quarter, reflecting the Company's improved outlook for revenue and profitability.
16:08
DWA Dreamworks Animation beats by $0.01, beats on revs (42.36 -0.63)
Reports Q1 (Mar) earnings of $0.24 per share, $0.01 better than the Thomson Reuters consensus of $0.23; revenues fell 38.5% year/year to $162.1 mln vs the $135.6 mln consensus. The Company's second quarter results are expected to be driven primarily by the performance of Shrek Forever After. The Company expects its full year 2010 results, which will likely be heavily weighted toward the second half of the year, to be driven primarily by the continued performance of How to Train Your Dragon and the performance of Shrek Forever After, which is scheduled to be released on May 21, 2010.
16:08
VOLC Volcano announces distribution agreement with AngioScore for the AngioSculpt PTCA Scoring balloon catheter in Japan (22.74 -0.53)
Co announced that it has entered into a distribution agreement with AngioScore for its AngioSculpt? PTCA Scoring Balloon Catheter for coronary indications in Japan. This is the first of what Volcano believes will be many products distributed by Volcano Japan, which now includes more than 50 direct sales representatives.
16:08
RBNF Rurban Financial announced the appointment of Anthony V. Cosentino as Chief Financial Officer (6.70 -0.11)
16:07
DFG Delphi Fin beats by $0.04 (26.23 -1.67)
Reports Q1 (Mar) earnings of $0.86 per share, $0.04 better than the Thomson Reuters consensus of $0.82. "Delphi continued to achieve record financial performance in the first quarter of 2010, with shareholders' equity and book value per share both reaching all-time highs. Our strong growth in operating earnings and attractive operating ROE were driven by robust investment performance and attractive underwriting profit margins. We were pleased with premium growth at Safety National, which continued to capitalize on our market leadership position and ongoing firmness in the excess workers' compensation market. Market conditions remain challenging for Reliance Standard, where continued high unemployment levels and our commitment to pricing and underwriting discipline have impacted premiums and production."
16:07
NSC Norfolk Southern beats by $0.09, beats on revs (59.64 -1.44)
Reports Q1 (Mar) earnings of $0.75 per share, excluding a $0.07 per diluted share deferred tax charge resulting from the enactment of recent healthcare legislation, $0.09 better than the Thomson Reuters consensus of $0.66; revenues rose 15.2% year/year to $2.24 bln vs the $2.11 bln consensus. Co say the YoY rev growth was primarily the result of a 9% increase in traffic volume. The railway operating ratio improved by 5.1 percentage points to a post-Conrail transaction first-quarter record of 75.2 percent, compared with 80.3 percent in first quarter 2009.
16:07
MRH Montpelier Re beats by $0.20, beats on revs (16.70 -0.28)
Reports Q1 (Mar) loss of $0.31 per share, $0.20 better than the Thomson Reuters consensus of ($0.51); revenues rose 18.8% year/year to $158.5 mln vs the $151.8 mln consensus. Fully converted book value per share was $21.36 at March 31, 2010, an increase of 1.5% for the quarter including dividends. The loss ratio for the quarter was 91%, which includes 15 points ($24 million) in favorable releases from prior years' loss reserves. The combined ratio was 123% for the quarter compared with 74% in the first quarter of 2009.
16:06
NATI Natl Instruments misses by $0.07, misses on revs; guides Q2 EPS in-line, revs in-line (36.12 -0.46)
Reports Q1 (Mar) earnings of $0.23 per share, $0.07 worse than the Thomson Reuters consensus of $0.30; revenues rose 21.1% year/year to $191.1 mln vs the $199.7 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.28-$0.38 vs. $0.32 Thomson Reuters consensus; sees Q2 revs of $200-$214 mln vs. $206.25 mln Thomson Reuters consensus. Co states, "The sequential decline was exaggerated by a shipping issue on March 31 that resulted in $5 mln of shipments missing the deadline for revenue recognition in Q1. The issue occurred because certain product shipments that were processed throughout the day on March 31, were not transferred to the company's freight carriers until two hours after the company's revenue recognition cut-off time, due to a delay in the completion of export documents. As a result these shipments were not recorded as revenue in Q1 financial results and will be recognized as revenue in Q2. Q1 orders were up 25 percent year-over-year, resulting in an all-time record for first quarter orders."
16:05
CSII Cardiovascular Systems receives unconditional FDA approval for ORBIT II coronary clinical trial (4.75 -0.10)
Co received Food and Drug Administration unconditional Investigational Device Exemption (IDE) approval, allowing the company to proceed with ORBIT II, a pivotal trial to evaluate the safety and effectiveness of CSI's Diamondback 360(R) System in the coronary arteries. CSI received conditional IDE approval for the ORBIT II study in January 2010. The pivotal trial will initially enroll up to 100 patients at as many as 50 U.S. sites, with the potential to enroll up to 429 patients. Dr. Jeffrey Chambers, an interventional cardiologist with Metropolitan Cardiovascular Consultants, Minneapolis, is the principal investigator.
16:05
BWLD Buffalo Wild Wings beats by $0.01, misses on revs; says improvement in same-store sales and moderate wing costs are key to meeting earnings goal (51.01 -0.23)
Reports Q1 (Mar) earnings of $0.58 per share, $0.01 better than the Thomson Reuters consensus of $0.57; revenues rose 15.7% year/year to $152.3 mln vs the $154.4 mln consensus. "We are experiencing softness in April same-store sales of (3.7%) at company-owned restaurants and (2.4%) at franchised locations. We are addressing specific unit performance as well as implementing system-wide strategies to drive sales. We expect to realize year-over-year cost savings in the quarter for traditional wings, as the market has declined steadily in the past few months. While we believe that our previously-announced net earnings growth goal for 2010 of 20% may be achievable, improvement in same-store sales and moderate wing costs are key to meeting this goal... We have a vigorous focus on the core elements of our brand that have been the cornerstone of our success and that have built loyalty among our Guests with our unique You Have To Be Here experience. Our diligence to improve our performance and build our sales and profitability will not waver. We are dedicated to maintaining our position as a leader by delivering wings, beer and sports in a fun and social atmosphere that will continue to drive Guest loyalty and the long-term success and growth of Buffalo Wild Wings."
16:05
CBI CB&I reports EPS in-line, misses on revs (24.14 -0.86)
Reports Q1 (Mar) earnings of $0.42 per share, in-line with the Thomson Reuters consensus of $0.42; revenues fell 32.9% year/year to $869.3 mln vs the $980.4 mln consensus. New awards totaled $560.2 million for the quarter, representing a diverse portfolio in terms of size, project type and location. As of March 31, CB&I's total backlog was $6.9 billion and cash and cash equivalents totaled $336.8 million. "We are pleased with first quarter results, particularly with our backlog performance, project mix, and strong margins. Beyond our financials, we are also proud to have completed several major projects during the quarter including the Shell ethylene cracker in Singapore and the South Hook LNG terminal for ExxonMobil and Qatar Petroleum. CB&I's future success is directly tied to the satisfaction of our clients and our reputation in the market. I'd like to personally thank all of our employees for their hard work and dedication in ensuring the successful start-up of these projects."
16:05
EPIQ EPIQ Systems misses by $0.01, misses on revs (11.99 -0.27)
Reports Q1 (Mar) earnings of $0.16 per share, $0.01 worse than the Thomson Reuters consensus of $0.17; revenues fell 6.7% year/year to $49.1 mln vs the $54.4 mln consensus.
16:04
DRC Dresser-Rand to acquire Turbo Machines Field Services; Closing is expected to occur in early May 2010 (33.73 -0.74)
Co announced that Dresser-Rand has signed an agreement to acquire the assets of Turbo Machines Field Services (Pty) Ltd. ("TMFS"). Closing is expected to occur in early May 2010. The acquisition is expected to be neutral to earnings in the first year and accretive thereafter.
16:04
RHI Robt Half misses by $0.01, misses on revs (31.40 -0.49)
Reports Q1 (Mar) earnings of $0.05 per share, $0.01 worse than the Thomson Reuters consensus of $0.06; revenues fell 10.5% year/year to $737.2 mln vs the $750.8 mln consensus. "We are beginning to see improvement in the demand for our professional staffing services as a result of better economic conditions in North America and abroad"... "First-quarter revenues for our staffing operations were up 2 percent on a constant-currency basis from the results we reported for the fourth quarter."
16:03
PRXL PAREXEL beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs in-line (23.94 -0.04)
Reports Q3 (Mar) earnings of $0.28 per share, $0.01 better than the Thomson Reuters consensus of $0.27; revenues rose 10.1% year/year to $291.2 mln vs the $290.8 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.29-0.31 vs. $0.30 Thomson Reuters consensus; sees Q4 revs of $294-304 mln vs. $297.84 mln Thomson Reuters consensus. For Calendar Year 2010, consolidated service revenue is expected to be in the range of $1.180 to $1.215 billion, GAAP earnings per diluted share are projected to be in the range of $0.99 to $1.09, and adjusted earnings per share are projected to be in the range of $1.10 to $1.20.
16:03
KSU KC Southern announced that it intends to offer5,000,000 shares of common stock (40.10 +0.84) -Update-
Co announced that it intends to offer, subject to market and other conditions, 5,000,000 shares of common stock in a registered underwritten public offering. The co intends to grant the underwriters an option for 30 days to purchase up to 750,000 additional shares of common stock to cover overallotments, if any. The co intends to use the net proceeds from the sale of the common stock, together with approximately $106.6 million of other available cash, to redeem $66.5 million principal amount of its 13.0% Senior Notes due 2013 for a total redemption price of $75.1 million, $70.0 million principal amount of the 12.5% senior notes due 2016 issued by its subsidiary Kansas City Southern de Mexico, S.A. de C.V. for a total redemption price of $78.8 million and $136.3 million principal amount of the 9.375% senior notes due 2012 issued by KCSM for a total redemption price of $139.5 million, as well as pay the expenses associated with such redemptions. The Co intends to use the net proceeds from any exercise of the overallotment option to redeem additional principal amounts of the 9.375% senior notes due 2012 issued by KCSM.
16:03
NAL New Alliance Bcshrs beats by $0.01, beats on revs (12.60 -0.01)
Reports Q1 (Mar) earnings of $0.14 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.13; revenues rose 14.1% year/year to $71 mln vs the $65.2 mln consensus. "Our first quarter results reflect our sound banking fundamentals and our core earnings momentum. We are very pleased with the success of the initiatives undertaken in 2009 and in the first quarter of 2010 to further improve our performance as reflected in record revenues and the growth of the net interest margin."
16:03
FLL Full House Resorts announced a favorable decision in arbitration
Co announced today a favorable decision in the arbitration proceeding initiated against it by Harrington Raceway, Inc. HRI claimed, in a June 19, 2009 pleading, that it disputed the minimum annual guaranteed payment to Full House pursuant to the management reorganization agreement between it and Full House dated June 18, 2007. The arbitration hearing was held in February of this year and the ruling was issued yesterday denying the claim, holding that HRI was not entitled to any credit or refund and that the minimum annual guaranteed management fee payable to Full House had been properly computed.The term of the management agreement is through August of 2011 and Full House expects to continue to receive at least the 5% minimum annual increase in fees as set forth in the agreement.
16:02
PRAA Portfolio Recovery Assoc. beats by $0.05, beats on revs (63.79 -0.13)
Reports Q1 (Mar) earnings of $0.91 per share, $0.05 better than the Thomson Reuters consensus of $0.86; revenues rose 22.3% year/year to $83.4 mln vs the $78.9 mln consensus.
16:01
TMK Torchmark Corp beats by $0.02; guides FY10 EPS in-line (53.38 -2.42)
Reports Q1 (Mar) earnings of $1.52 per share, $0.02 better than the Thomson Reuters consensus of $1.50. Co issues in-line guidance for FY10, sees EPS of $6.10-$6.20 vs. $6.13 Thomson Reuters consensus.
16:00
DVAX Dynavax Technologies Two Phase 3 HEPLISAV Trials Cleared by DSMB to Continue Immunizations (1.60 +0.16)
Co announced that the Data Safety Monitoring Board (DSMB) established for Dynavax's two ongoing Phase 3 trials for HEPLISAV has assessed subject safety data for 1,548 subjects that received their first injection and 1,225 subjects that received a second injection, and determined that the studies may continue without modification of the existing protocols. HEPLISAV is an innovative vaccine designed to protect against hepatitis B infection.
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